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

So at Via, we're still affected by this loss, and we feel a lot of gratitude for everything she built and great honor to have been part of the strong connection with Brazil and Brazilians. So we would like to state our solidarity with all of the families and fans of [ Marile Mendoza, ] this artist that just died last week. We wanted to also mention this relevant event we disclosed yesterday about our labor claims and our credit our fiscal credits. We had to perform some structural adjustments in order to address the legacy and really reflect the current cost of these lawsuits and claims in our base. This adjustment reflects the current and recent changes as well as the scenario of the past 2 years as a worldwide pandemic. It was unprecedented, and it really impacted the social economic conditions in the country. The adjustments performed in this quarter do not keep us from keeping up a strong pace of growth and profitability at Via. Now we want to talk about our earnings. In the 9 months of 2021, we had a growth in our GMV that was very significant and robust. We reached BRL 32.8 billion plus 25%, if we were to compare the same period of 2020. This growth was leveraged mainly by the performance of our digital sales in 1P, 3P and the pickup from store, which represents 60% of the total per GMV in the year with the special highlight on the contributions in the marketplace, which reached BRL 4.7 billion in the 9 months of 2021, with an increment of 2.5 billion in the same period when compared to the previous year and a growth of 111%. The digital sales were set at 60% of the total GMV in the third quarter even with the stores 100% reopened, reinforcing our thesis that now our customers are omnichannel customers. And they buy wherever, whatever and however they want we continue to grow more than the market in GMV online, in line with our ambition of reaching at least [ 20% share in the market by 2025. ] We have 8 quarters of one where we gained market share. So market share could be measured through the EBIT costing fee, which certified these numbers. Besides this, at the physical stores, these numbers are also certified through GSK, which demonstrate a growth of Via above market levels with market share gains as well. Well, now I want to talk about each of our businesses, and I'm going to start off with our omnichannel strategy. We stated that 2021 will be the year of the marketplace at Via and certainly is the marketplace here. We gained scale in record time embedding over -- onboarding over 100,000 sellers. And now in the fourth quarter, we'll have another players entering in the international cross borders, which will be onboarding with thousands of new SKUS, which will solidify our strategy of an infinite shop with the constant objective of increasing recurrence, the lifetime value, adding new customers and reducing our cost of acquisition or [indiscernible]. When we talk about the online sellers, this is one example of an omnichannel approach and a strong point here Via the online seller can buy can sell, 1P and 3P, and they have contributed in an accelerated pace growth of our GMV in our marketplace as well as the acquisition of new customers. I want to bring on this next slide some real examples of sales that were performed on what's up in the third quarter. Our strategy here is really to offer the full scope of products. Ever since a customer that wants to sell some pastries and need some equipment to fry their pastries all the way to a small farmer that buys at a mini tractor. These examples are real. Real sales that are over 20,000 sellers performed in our stores. And they're celebrating the major increase in the assortment that they received to be able to rely even more to our customers. More and more, the expanded assortment will gain importance at Via. Checkout, the long tail share in the 3P products that have already increased 10 percentage points, reaching half of all of our assortment in the marketplace. We are in -- this is in line with our plan to increase recurrence, expansion of the base, reduction of the acquisition costs and greater loyalty among our customers. Now when it comes to logistics, well, our participation in our own network and the percentage of deliveries went from 16% in December 2019 to 56% in October 2021. And we did this with gains and efficiency and productivity because the total logistical cost for the year of 2021 is smaller when we consider the percentage of the net revenue even with greater share in digital sales. Our speed for delivery reaches 92% of the Brazilian GDP in up to 24 ounce. Still on logistics, we introduced many different initiatives with the option of exchanging items at a store for products acquired on the website, which came from a better use of our omnichannel approach. Our logistical services to sellers continue to advance. In the third quarter, 62% of the active sellers used our in Via system. In the previous quarter, this represented 50%. Our infrastructure continues to advance to be able to meet the robust growth of the omnichannel approach at Via. We opened a [indiscernible]. Finally, we also implemented an automation process for led to prepare for more online growth and our fulfillment. Now as we talk about innovation and new business opportunities, many of you have heard about open banking and open finance. Great. Going beyond retail was also in mantra that we launched at the beginning of our transformational process. The Via ecosystem would be constantly growing, and this translates this vision. We are going to establish associations, invest, acquire and accelerate and work with whoever can transform our business through this open Via Next innovation program, where we were able to incorporate 4 companies go public, [indiscernible]. These are companies that are focused on facilitating access to credit, debt payment and financial education for our customers. We have our eyes open to focus on investments in all types of companies that have a fit with our businesses and the lives of millions of Brazilians we relate to. Within this innovation vertical, here at Via, we have squads that really focus on accelerating our digital transformation and really disseminate this open innovation culture as well as connecting us with all of the start-ups to deploy immediate solutions. In the company. Now I'm going to talk about customer centric approach. We continue to advance in our strategy to really be customer-centered with a focus on increasing the value of this relationship over time, our LTV, through engagement generation initiatives with the brands that go through unique offers of content streaming, music, game platforms, partnerships with fast foods, partnerships with mobility apps and others. All of these benefits, if you add them, they're added to our constant offer of products, infinite shelf and greater ease to higher financial solutions through digital. So this entire portfolio of solutions and improvements in customer experience contribute to an increase in engagement, recurrence and loyalty. Our active customer base had an increase 10 year-over-year, reaching 28 million customers by the end of September 2021. The apps of the brands are the devices that can concentrate all of the initiatives with an app first mentality. So customers can take their platform for relationship in their pockets. And this strategy is on a crescent. And this year, we'll be launching our loyalty program for [indiscernible], which will now be part of this offer of benefits. About 75% of our accesses on e-commerce in the third quarter came from our apps, which were mobile or mobile side, an evolution of 10 percentage points in the comparison with the same period last year. A constant evolution and level of service, which is fundamental to support our evolution and the growth of our business platform. By the end of September 2021, our NPS consolidated for Via reached 75, confirming a positive trend and a growing trend in customer experience and assessments in the past 24 months. The NPS targets are part of the variable compensation policy for the entire company. Casas Bahia already have the [ 1,000 ] classification on Hecla. We are following the right place, right direction to follow this in these brands. So we also had a clear evolution in the scores for all of our marketplaces, going from a good to excellent assessment in September 2021. Even with the growth of the marketplace volumes, there are about 3 digits per year. Our partnership really established this vision of an increase in recurrence rates with the use of our app, customers that use the Casas Bahia, which is focused on streaming partners or the Advantage app, which considers other partners in different categories have conversion of about 1 percentage point above average. With the use of the app being 3x greater than the average. They open the app 3x more besides reducing our customer acquisition cost. And this works in a very simple way. As you perform a purchase, customer receive gratuity in streaming services, music or discounts and other services from partners. We already have gratuity with Paramount Plus, Microsoft with games on the game pass up make. And in the month of November, we will also have gratuity for HBO Max. And for the music [indiscernible], besides discounts on Fast foods and mobility apps. These and many other partnerships will come through 2022. Now as we talk about Black Friday, we are really prepared to stop a lot on this Black Friday. With our good commercial negotiations, our good inventory levels, which are all guaranteed. We are -- we have a strong volume of supplies. This will not be a problem for Via. We are more and more digital more than ever actually than in the previous Black Fridays, which will contribute to make this addition even better. This entire evolution will lead us to have a Black Friday that's even better than the previous Black Friday editions with all of our stores opened this year. When it comes to mobility, 100% of our sellers have smartphones on their hands to be able to perform the entire customer journey anywhere in the store with a lot more agility and service level for the delivery of these sales. Our pickup from store process was completely remodeled with the pre separation, and this reduces the delivery time to customers. The online seller will also have the possibility of selling extended warranties through the Me Chama no Zap platform, [indiscernible] WhatsApp. This gives us a possibility to increase profitability, where the average penetration of the sales of services in the physical store is about 10%. When you sell-through Me Chama no Zap, it's 1%. But now after this evolution, we have the possibility to scale up even more in the penetration of services sales through the Me Chama no Zap, increasing our profitability. This will be the first addition with the real infinite shelf in our marketplace. We already have 34 million items, and we will have all of the possibilities and opportunities that Calabro share with you when it comes to financial services as well in just a bit. So we started working on live commerce this year, and this will be a very important tool for this addition of the Black Friday. This is a live that transmitted through the app, and customers can perform the purchase through the app directly, so we have our sellers to help leverage the sale through the networks bringing content that's more humanized, demonstrating products and their benefits. Our lives have reached engagement rates and conversion rates that are a lot higher than what we've seen in the app through our natural normal purchase trends. So this year, our logistics have major evolution, in 1 and 3P. All of our stores are already integrated with our logistical structure. And it's important to mention that we have a strong expansion plan this year. Up until the back Friday addition, we'll have 65 new municipalities having physical stores, accelerating our service level, our deliveries and capturing even more online GMV. By the end of the year, we'll have 109 new stores, which will leverage the GMV growth in 2022 as well and in the future years as we plan to keep this pace of growth and store openings in the next years. We've invested a lot with in automation, systems to reduce the displacement and transportation time for products we added from sorters as well to have the correct disposal of the products to the transportation companies or stores. We already have this operation in San Bernado, Rio de Genero and Junjie. Now I'll pass it on to André Calabro, Bank CEO, to talk about our fintech and all of the advances that we've had in our financial services field.

Thank you. Roberto. Hello, everyone. Good morning, and I am Andre Calabro, the CEO of Banking. I'm really excited to participate in this earnings call and to share a bit of what we've done as we evolve in our platform for financial solutions. In 1.5 years, we've had our physical binocular, very strong. Our digital binocular that's scaling up quarter-over-quarter with a solution that can really leverage our capacity for acquiring customers and to expand our e-commerce. We have our digital account that's complete, and it's more intuitive and user friendly, using simple and adherent language. We launched our personal loan system with another offer for engagement and loyalty for our customers. Our Super app has over 60 offers that are all unique and are many apps for Casas Bahia, which was already responsible for over BRL 132 million in transactions in a few months. So our portfolio has been filling a gap that is very relevant and not very serviced by the Brazilian market, which is the low-income population in a very clear and inclusive way. But what I want to highlight here is that banQi is the Via instrument that will consolidate all of these initiatives in order to generate additional value for the Via ecosystem. We have already acquired the licenses for IP as a payment institution and also SCD, which will be a direct credit society or corporation. We have FIDC, which are for investments in personal loans and soon credit cards as well. We have also had some investments with partners and fintechs that help to accelerate our strategic road map. And we've also started the project to have licenses to requires, so we can provide our solutions to all partners, such as our marketplace sellers. In order to reach our value proposition, we have 5 verticals that are clearly under development. Consumer support for our Super app, which we call shopping banking with broad offers in products and services, possibilities for payments with credit cards from other brands, installments with our own binocular system and even the balance of the banking account and another credit card. Our credit vertical already has our personal loans and our digital [indiscernible] system and soon with our own credit card. So besides all of these possibilities, will all be available for our partners as well. With the use of our Credit-as-a-Service solution as well as at the physical and digital POS's for these partners. Our segment for companies and small businesses with our digital accounts for small companies with Crédit payment solutions that can support many micro entrepreneurs to sell more products and develop their own businesses. And all of this is supported by our digital account that's complete with bank services using clear language and an intuitive approach to have greater engagement among our customers with some tools to support financial education, personal finances, budgeting and investments. On this slide, I'm presenting a quick summary of our road map for the development of banQi. In 2020, we focused on making our account 100% transactional and user-friendly with the possibility for deposits, cash outs and performance payments as well as QR codes and instant payments like PICCs as well as the onboard for the seller with their first credit experience as they open up and start their first purchase. With this onboarding of the [indiscernible] system on the app, they can negotiate their late payments and perform installments and negotiations with future payments. So we started offering credit possibilities, personal loans and the digital binucleated system. Through our Super app, we also expand the offer of services and products with multiple options for payment. And the strategic front that's most important, which is including banking and all of the retail journeys for Casas Bahia, making it possible to open up a simplified bank account in our stores and e-commerce to having discounts and products, launching our rewards program with coupons and cashback options as well as other forms of payment through the shopping banQi. And now in the fourth quarter, we'll have the launch of our entity for small businesses and companies, which have a digital account, a small credit card machine and available credit. banQi will provide value generation possibilities for our ecosystem because it will leverage, as Roberto mentioned, an increase of our customer base with a customer acquisition that's a lot lower. To give you an idea, over 50% of the banking customers did not have any interaction with Via before they open their bank account. Another factor to consider is that banking will bring in a considerable increase in recurrence among our customers and a consequent LTV. And this also allows Via to access financial acquisitions that were not possible as a retailer before like open banking information provided by the Central Bank and data from customers to improve our offers of services and products. It also allows us to reduce costs in our ecosystem with the simplification of the customer journey in our stores and gateways for payment. On this slide, I show you the evolution of our banQi indicators that continue to demonstrate accelerated growth. I want to highlight the reach of almost 8 million downloads. We went over the 3.6 million customers opening bank accounts, and I'm referring to the 2 graphs on the left side of the slide now. So the graphs on our total transactions in TPV, with a growth of 15x and 19x, respectively, reaching a total of BRL 2.9 billion and BRL 1.4 billion. So I want to highlight our shopping banking that in the past quarter already reached BRL 72 million in transactions. And what's most important is that it was considered the digital account with the greatest level of engagement by the survey performed by Bank of America, which is called Fintech's Latam, about a month ago, which demonstrates that we've reached this level of 65% engagement with customers that have a banQi account. As we mentioned in the second quarter, we launched our personal loan for banQi, and we brought some of the first indicators that we consider to be very relevant. We've already reached the level of over 50,000 contracts and BRL 65 million produced till the closing of the third quarter. So with less than 3 months from the rollout. The default indicators are impressive with 94% of the customers paying up today. And when you add up 97% of the customers that are up-to-date are just a 30-day delay. So we can mention that these indicators are a market benchmark. It's important to remind you all that our rates are among the best in the market because our objective is to keep our customers active in our ecosystem. And I also wanted to mention that we've already started in this month of November, with the expansion of our loan offers to other audiences and customers to be able to scale up the personal loan product. But only someone that was able to teach all of Brazil to buy with a binocular system that [indiscernible] can offer credit with such security and confidence. So we have over 16 million customers with pre-approved credit and over 4.3 million anchored customers. Our production in the third quarter continued to evolve. In the graph on the upper left side, we demonstrate the achievement of BRL 1.8 billion produced, and we've already gone over BRL 5 billion under production in the year 2020. Our share in sales in physical stores is 30% on average, which is demonstrated in the bottom left. We brought to the Via ecosystem over 4.5 million new customers. And you can see how the binager is an important leverage for acquiring new customers. This information is on the upper right graph. And besides this, see that the recurrence of the product is extremely relevant. Over 51% of the customers that use the [indiscernible] system go back to acquiring other products with the same payment means. This demonstrates how our product is accessible, democratic, precise as we help our customers reach their dreams and a growth vector for active customer base. On this slide, I would like to highlight, especially our digital [indiscernible] system, the [indiscernible]. That has already reached BRL 530 million in production and a share of 4% in our online sales. It's important to demonstrate that the numbers of the production in the third quarter that we started accelerating with this product because we are very comfortable now with the indicators related to default that were presented. The digital [indiscernible] system allows us to break new customers besides a physical presence. We've already impacted 2,100 municipalities where we still don't have a physical presence. Besides this, we want to highlight an increase in sales conversions, which we demonstrated in the second quarter earnings call, whereabout 40% of the customers that have a purchase intention do not complete their purchase because of the lack of credit. Another important news is that we've just recently launched our digital [indiscernible] system for products in our marketplace as well. We are at an experimental phase. And in just a few months, we'll be scaling up the solution just as we've done for the 1P products. So even with a reduced store flow since the beginning of the year due to the pandemic, the [indiscernible] portfolio had positive advances with a growth of 38% year-over-year. And we were able to reach JPY 4.9 billion in our portfolio in the third quarter. The coverage rate on the portfolio of the biobetter PDD, had a reduction of 0.8 percentage points compared to the second quarter of '21 and almost 1 percentage point when compared to the third quarter of 2021. This reflects an improvement of the over 30 indicators and also the over 90 indicators. So another important highlight was an improvement in the levels of losses in the portfolio with 3.5 percentage points in indicated with a substantial improvement of 1.2 percentage points compared to the second quarter of this year and 2.9 percentage points that was better when compared to the third quarter of 2020. Just as in the previous quarter, we demonstrated that our strategy for growth in our portfolio intend to have greater profitability, mitigate risks and control default. To end my participation here, I'd like to bring in some other delivers in the third quarter. The banking currency and e-commerce impacted by which allows [indiscernible] customers to pay with an abuses they have purchased in [indiscernible]. The simplified offer of the bank account in the e-commerce journey, opening of a bank counter and leading to pick in the physical stores and e-commerce with the [indiscernible] brand. An important tool for sales comparisons and also a reduction of our transactional cost, a payment link for over 300,000 delivery people as a block, a reward banQi program, offering coupons for [indiscernible] in the shopping banking, and points in the banQi app use. And also our banQi wallet, which allows customers to start paying with credit cards from other bonds, a new U.S. for the banking and also the digital bioperator of Garo for sales in the marketplace. Now I'll pass it on over to Padilha as he gives you an update on the judicial claims and this is the object of a relevant event that we published yesterday along with the earnings good quarter.

Thank you, [indiscernible], and good morning, everyone. So some labor center reality on the effect all of the companies at the , this is also the case. So now we're going to an update of some labor cement. We have about 22,000 labor claims and losses. It seems like a lot, but it was already a lot more in the past. In 2017, we had 43,000 claim. In about 10 years, Via went through a major schedule changes to try to improve its operational certainty and financial efficiencies that delivered better results and returns for shareholders. We had many dismissed. Unfortunately, most of these businesses generated some kind of level. Although most of these claims are really have been ended. The company still has a [indiscernible]. And based on the actions we implemented this year, this situation should improve in the next year. In 2021, the -- it stopped dropping for the first time in the past 5 years, and we had an increase of 32% in the average ticket and 82% was entries of new lawsuits system in regards to 2020. Additionally, we had some adjustments in the provision system to reflect the changes in the profile of the portfolio and capture the variation in the average ticket. And this new model will consider other variables such as we stay time employed term of the lawsuit of each case. And due to this, we performed adjustment in the labor provision of BRL 1.2 billion. From this new scenario, we the main problems that led to a diagnosis performed by a consulting firm, which was completed in a record time for months. And we identified the main operational aspects and lack the gap in the legal management. We performed some understanding interpretation samples to understand the agile aspects and operational gaps. And then we designed an action time to avoid its fragile points and improve legal management and we defined a new accounting policy to improve the risk estimates as well. Another variable from this work were an improvement of the structure and how to conduct the processing claims in the company. structuring committee to have weekly monitoring of the labor claims and sit versus the action plan with the participation of the CFO, CEO and other directors from an Finally, but not least important, also strong governance at a corporate level. Our actions are intended to be based on 3 pillars, eliminating fragile and operational gaps, which were all mapped out and many solutions were implemented until the end of this year, improving the process for lawsuit claim management, reinforcing our structure of our legal team, increasing our capacity for defense and adopting new technologies and an improvement of strategies for agreement or settlements and the definition of a new accounting policy to improve the risk estimate. The forecast that we presented in this slide should be analyzed along with the relevant event that we posted yesterday. We've presented on this slide the estimates or the impact in the cash flow and in the financial statements for the first quarter of 2021, and the next years in [indiscernible] events. You can notice here that from 2024 onwards, the amount converge into consideration of a normalized level in line with the average in the market. Now I will explain in the next slide how the monetization of fiscal credits and tax credits will neutralize the impact with labor in VIA has some tax credits at a total of BRL 9.5 billion. These were $3.6 billion of ICMS credits and another BRL 2.1 billion. in people in credit as well as another BRL 3.3 billion in credit upon results. These credits have been accumulated by our natural operation in about 10 years. Most of them are related to the [indiscernible]. The tested in intelligence internally to be able to make it possible to monetize all these kinds. The main assumption is the ongoing growing growth of the revenue and the profitability. It's important to mention is that these monetization funds are monitored regularly by top management at Via and reviewed regularly also by our independent auditors. In the past quarter, the volume paid with labor claims are almost equivalent to the monetized value of the tax value. with a one-by-one ratio. For 2021, we understand that this pressure will be kept and from 2023 onwards, this should be more favorable for Via. So for every one we spent with labor claims, we should be recruiting and offsetting an of over BRL 3 in credit monetization. On this slide, I can show you an analysis of the sensitivity and the impact as estimated to the cash flow of the company and the proportion of this fiscal credit monetization for the period of 2021 to care. Our forecast indicates that the monetization curve for credit is a lot higher than the cash ex risk of the labor claims next year. I will now end this topic on the judicial claims. And in this part of the presentation, I'm going to talk about the financial performance and operational performance in the third quarter and its cumulative period of 9 months in 2021. I will be presenting the reconciliation of the impact of the traditional claims and labor claims and credit for taxes in the accounting results and I have a bridge considering operational results in the third quarter. The net income reported was marketed by BRL 638 million. not considering the effects mentioned, but when you continue positive by $101 million and go through 3 bridges in the next slide that can explain this effect. On this slide, I am presenting the main operational highlights adjusted in the third quarter and accumulated in the past 9 months for the GMV and the gross margin EBITDA and net income. The GMV was already mentioned by Roberto in the beginning of our quarter. The gross margin was 31% in this quarter with a growth of 1.5 percentage. In the 9-month period, the growth was 0.9 percentage points. Now our adjusted EBITDA in the third quarter of '21 or 7% greater or BRL 669 million with an adjusted EBITDA margin of [ 9.1 ]. In the accumulative 9-month period, the increase in EBITDA was 11% to BRL 1.7 billion. Our net income was at 1.4% in the third quarter and in the 9 months, it was [ BRL 1.8 billion ]. Now we have the gross margin rate evolved from 26% to 31%, with a positive variation of 1.5 percentage points. And as the main effect, I want to highlight the positive impact of default rate and some commercial negotiations positive contributions of the final related cards and the revenue from freight and assembly services. Now we're going to show you the expense bridge. We went from a share of 22.3% of the net revenue. And we went to 20.7% in third quarter of '21. Our SG&A was [ 22.3 to 22.7 ] with the variation that was [indiscernible] plan by the need to leverage the digital business. And now I'm going to go on to the net income bridge, which summarizes the results of the gross margin EBITDA, as already mentioned previously. In this page, what is worth highlighting is the operational results and the financial results, which reflects an increase in interest and a greater volume of discounts and receivables. On this last page, we presented management of the cash flow related to the past 12 months. where we end the third quarter with a solid cash position of BRL 6.43 billion, a small consumption of BRL 684 million and the main highlights was greater investments in working capital, $1.6 billion, a reflection of a more aggressive policy to supply -- has good supply products and the balance between the payment of and monetization of taxes and labor trend was brl 93 million positive as well as the variations of other liabilities and assets that [indiscernible]. Now we have a broader perspective of our with a cash position of BRL 6.9 billion, which considered BRL [ 530 ] million receivables. It's important to highlight the improvement of the debt profile of the company after we issued the debentures of BRL 1 billion in the quarter, which allowed us to extend our debt profile. And this cash position covers the sales for the next year as previous maturities. As you can see, these are really [indiscernible]. Well, this is what we had to share, and I will pass on the word back to Roberto for her final remarks.

Thank you very much. Thank you, Padilha. And I'm going to quickly mention some final comments here. via today is committed with government results and financial inclusion. We want to state that 2021 would be the marketplace here, and it has been. We gave scale and record timing onboarding over 100,000 sellers in our platforms and over 34 million recovery of our expansion has been essential to improve our omnichannel strategy. And we talk about expansion on the 19th, we will have a major launch. We're going to be launching our store that represent all of the transformation we had at Via in the past 2 years. This day will include all of the most modern aspect in with a full omnichannel approach in 1P and 3P. I'm talking about our [indiscernible] store, [indiscernible], which will assume at all of you, I will be invited to participate in his inauguration. Logistics at Via are a lot more than this physical. It's about technology and systemic integration supporting the operation as a whole. Our sale for growth continues to be connected with all of our principles and our ESG. Some solutions will be even more agonist in the equity. We continue to grow more than the market when it comes to online GMV, and in line with the ambition of reaching at least 20% market share in 2025. Everything we've done in every area follows this principle that bases on our strategy, which customers are of the total focus of this company. I want to thank you all for your participation. And now I want to move on to our Q&A session.

Quality of inventory, and one thing that has grown a lot, but maybe it's out of your radar's banking. So I want to understand how the digital credit origination has taken place. We've notices has gained traction. How should we consider this opportunity up ahead. And with this funding for banking, is it shared with this? So if the banks give you this kind of backup and suppose they consider banking with the same kind of risk as the traditional [indiscernible] later.

Thank you, Joseph. Thanks for the question. I'll start answering about Black Friday, and then I'll pass it on to [indiscernible]. About Black Friday Yes. We are extremely well supplied. We have supplies arriving still now throughout the month. But we decided to operate with a higher level of inventory. We force this a bit more now on the pre-black Friday period. We will not have problems with supply. We have a big assortment. It's really full and prepared for the Black Friday. This year, we had the advantage of having 100% of our stores reopened, with traffic and circulation in the physical stores already taking up a greater pace in most of the regions in Brazil. So our omnichannel approach will really be in our veins this year. And for the first time, we have a Black Friday with such a big marketplace, we have over 106,000 sellers, thousands of items. We're selling absolutely everything even many tractors really huge examples in the long tail of what we're selling. So yes, we are very optimistic with Black Friday, especially when it comes to having all of the stores opened and the quality of the inventory is excellent. And so we are foreseeing this, and we're really prepared for great Black Friday. Banking we have really been scaling up, and it's a priority at Via. So this is one of the verticals that we kind of package up all of our financial services in. So this is the trend with banking and pass it on to Calabro, who can give you more details.

Thank you, Roberto. Thank you, Joseph, for the question. And thank you, first of all, we're really happy with the acceptance and the growth of banking and how our customers not only found some very important solutions in Bank, but also, as you mentioned, the level of engagement with these customers and the usability of banking. So in regards to your question in my first -- in your first slide, we highlighted that Bank is the platform for financial solutions that we have been acquiring not only the necessary licenses, but also the necessary investment vehicles and instruments such as the FDIC, so that the financial instrument that bank can be an independent vertical. So we have 2 FDICs for personal loans and for credit partners. And both of these financial instruments will be independent from the instrument that you mentioned with the CDCI. So for this year, 2021, we started off with our own capital, and we've already highlighted this on previous calls that we have approximately BRL 300 million in our own capital to start the operations. This is how we began. And for [indiscernible], we are prepared with the creation of these 2 financial instruments, the FIDC that we structured in the beginning of this year. Thank you very much once again.

Now we will call on our second question from Victor from Credit Suisse.

I have 2 quick questions. The first one is about more of a physical store focus. And I wanted to know if you are already imagining some kind of a reaction in the same-store sales from the physical stores at the beginning of the fourth quarter. And based on what we already have and information or if we continue to have an environment that's reasonably challenging? And the second question to go back a bit One of the questions we received from many customers is a bit of the cash position issue. Padilha mentioned that this is not a big concern in the company in the short term. considering that all of the contact fetus can offset these labor claims and liabilities, but I think customers are going a little bit deeper in this topic. And they want to know if there's any risk of a need for additional cash or an increase in the anticipation of receivables and maybe even a follow-on. So I'm just transferring a bit of these questions we see from our customers.

Thank you, Peter. Thank you for the question. on the physical store topic. Yes, we started to notice something that's a little different than what we've seen -- sorry, my video one-off. About the physical store, we've started to see some signs a little different than what we've seen in the past 2.5 months. In our case, specifically, it's important to mention that every time that more and more it will become more complex to assess when it comes to what is online and what is physical. We've produced basically BRL 2 billion now in the third quarter through the online sales, the online sellers at the store, and he is relating with this environment that could maybe be in the store or out of and they're adding a lot of new customers into the pay. So more and more seeing they're becoming more complex because the sales are in the online environment, but they also grew the physical store sellers. So yes, we start noticing that there's a sign of improvement. Now there's a bit of a natural approach in having stronger concentration closer to the Black Friday with the seasonality that normally takes place in physical. And I think we're sitting in the right place when it comes to productivity in the stores. Then to take advantage of this point here, we also have some store launches. It's not very usual to launch stores in December in retail, but due to the pandamic effects and everything that happened. We have many store launches to take place from now until the end of the year. which is very concentrated during the Black Friday period and the month of December. Padilha?

So Victor, thanks for your question. We really wanted to share a slide at the end of the presentation in line with what we've already been mentioning in the last quarter. So you can notice that the cash consumption is basically the reason for us to have set up some inventories for additional safety due to the risk of a lack of supplies at the moment. So this recovery of the working capital and the rebalancing of the working capital is already underway. And in the fourth quarter, this will already show a strong recovery in the working capital. And an adjustment also in the inventory position really being a little more cash for the company. So the second item is not a from it an [indiscernible] estimate that we have been offsetting all of these cash exits for the labor claim with the monetization also of physical credits accumulated by the company over time. No. In the third quarter, this calculation was favorable by BRL 93 million there was more than BRL 1.2 billion of cash exit labor claims and over BRL 1.4 billion in cash generation to monetization of some visible credits, considering the company's largest thing and this in the past 12 months. And in the fourth quarter, we also expect to have this neutralization and [indiscernible] with the monetization of credit. So in this way, with the rebalancing of the working capital, the company will get back to generating cash naturally, and this will rebalance the cash position. So we don't see any need or an increase in capital or any other type of cash management in the company for these 2 reasons.

Padilha, just to complement your answer for is question. We also consider the average term for the payment of the suppliers of a head, which you didn't mention was the working capital increase in [indiscernible]. So you haven't been able to see this in the earnings call in the third quarter. You'll notice that from the fourth quarter onwards, when we negotiated our deadlines, and we have a strategic inventory also aso for Black Friday. So with these sales that we believe will be very positive, this will be normalized. So I think when it comes to working capital, it will be very clear to understand this market and that the situation gets a lot better in the fourth quarter onwards.

So the next question from Daniel with [indiscernible].

I have a question maybe a mix of a follow-up of 2 other questions about this issue with the expectations are very good and this year expectation. If I look at the research Black Friday, as we really have a strong desire, but a bit of an income restriction point. I wanted to know how you're considering this dynamic when it comes to profitability and how you'll be willing to also be a little more promotional to be able to have the sales conversion at the end of the day, these customers are also waiting on this due to the expectation with greater discount. So just to give a bit of this context, And when we consider this expectation, how are you looking at the demand for the next year because then redeem more challenging scenario it to mention that the cases are getting better, but we know that those would have a bigger challenge maybe due to their mix is as bad in my mouth there will be different dynamics because you have as well. But maybe you could just give us some of the expectation you have when it comes to profitability and also for next year, that would be good. And then another thing would be more of the timing. You mentioned that you're evolving with men. I don't know if you already have an expectation of when you're going to be launching this. So if you could just mention that. And the third point is that it was very clear this issue with the provision and all the points that you have mentioned very well. The one point that caused my attention a bit is an average ticket point. when you consider regular imagining 20,000 losses and claims, of course, you have more. But in these 20,000 versus [indiscernible] provisions called my attention a bit. I don't know if it's the lack of technical knowledge from my side, but what is an average check over last claim, maybe you involve expenses that players and consulting firms, is average ticket called my attention a bit. I think that's what I wanted to highlight.

Thank you for that question. I think I wrote that just because there was a lot of points here. Let's see when it comes to the Black Friday promotion, the market, and I've already been talking about this in my previous calls and the market is already very aggressive, and this will also happen in the Black Friday. We're not expecting any variation in the margins that are different than the behavior we've had in the last Black Friday. So we see this expectation of going through this Black Friday, being able to profitize the operation very well as we've done in the previous ones here. So now we are prepared with good offers and good inventory. So what you're mentioning on the commitment of consumer income is the reality. We have the big advantage here, which is banking and financial services. So we have the [indiscernible] system that can address the size of the installment that customers can pay for and handle fit to their pocket with very low default rates. And so we think this is an important tool. This is important for Brazil as well at all moments, especially at these moments when we have a scenario that is a little more complex when it comes to the physical stores, we have repurposed stores. So it up being just a store that makes sales. We don't look at the sales anymore as the store that makes a sale. We look at this as a big relationship center for consumers for logistical effect, and so that we can have the last mile process from the store. And this also interacts with the cost reductions in logistics and the productivity gain more and more. It's becoming important to have a support point to generate more speed and a reduction in comp as well as for tax planning purposes and fiscal planning purposes in the company. So these stores very important as a logistical point, and it's very important for customers to have this pickup point for 1P or 3P. And it's very important also to be able to have our dollars relating with the customers, whether they are banQi customers or whether they are online customers and our other people at the stores. So what we've seen is this inauguration process here, reaching over 80 new cities. And if you consider the amount of rate that the company has historically entering these 80 new cities in 1 year since the historical record for us, when it comes to accelerating our presence. Either new cities where most of them didn't have stores yet. This is new oxygen when we enter these cities. So this also accelerates our online business and facilitates our logistics op. And so we are very optimistic looking at the services meeting. And on the store of marginal then we have this invitation, if you could be at the store launch grade, if not soon after. And so we are counting on you with the credit card as well. But the store is the biggest example of digital that exists in Brazil. And here, we have these 2.5 years of technological acceleration that we had at Via. So we have presence of 3P items. We'll have a very big assortment, musical instruments has no relationship with our 1P inventory that will be available you can buy and will deliver soon after. This is just one of the examples of the store is certainly fantastic. And we side being super technological. It's been a very interesting trend for customers, and it will be a big event for customers. When it comes to fulfillment, we had the automation of [indiscernible]. And this was to prepare for to complete those do not place is now in the first quarter. We imagine that to be forced in this all of the challenges we have in the fourth quarter. So we prefer to concentrate in the Black Friday. The level of medication from the sellers from Via net isn't up growing its severely accelerated. So we're very comfortable with the fulfillment from the first quarter onwards. I'll pass on the words to Padilha, have I forgot anything, let me know.

Thank you. I'm going to explain a bit more on the average system. So 1 thing we receive a lot of labor cranes. The newer losses, the claims are a lot cheaper. They're mostly related to people left the company or retired at least the normal turnover in the segment and it's 2022 and it's natural now the first job of work until they finished call and then they ask lease the losses that are of this natural movement. It's a very low average ticket and the time when the company is cool. But most of our average pet that represents more than 90% of our provision comes from all [indiscernible], quite a while in being decided in the legal system due to a reduction of dismissals and 2014, '15 and '17 where Via went through a major process to reduce and outsource and digitalized entire sectors. So these people had a lot more years of experience in the company and average [indiscernible] was greater. And due to some issues with cash position. There was the maintenance of these losses along with in the legal system. So in the legal system, the losses are adjusted by the TR postponement like or conjunction of Silic and TR, But in some cases, when we had the size very low, it represented up from 200% to 400% of the CDI. So it really made the losses that were older very expensive. And they're being paid now and still in Penn all the way to the fourth quarter and a big amount of them will also be paid in 2022. So the average in the entire portfolio is about [ BRL 113,000. ] And these losses paid more time in the legal system. As it come up of people that worked in the company for many, many years are about [ BRL 400,000 ]. So this is a profile that we could spend sometimes trying to stratify the entire portfolio. But basically, the more expenses losses are through a lot from employees that have higher salaries, more time in the company or that were in the loss system for 5, 6 or even 10 years, that's why the rent between these new losses and the average of the entire portfolio.

So moving on to the queue here with the questions. I will call Elena from Itau.

My question for me to, is related to the category. So we've noticed the discussions with investors for the online players. Just a few when it comes to this category. We know that your 3P is really accelerated. If you could give us a little more visibility about the categories and the ones you are exposed you're more up ahead, how you're looking at this portfolio of categories that would be really good.

I will ask the selection team to add [indiscernible] here, and we'll pass on the question to him.

Thank you, everyone. We started this year, '21, very strongly with the marketplace. You probably noticed the growth in the amount of the sellers that we have on our pay. Now the second important pace step is to set fill all of our platform with this assortment. We reached 34 million SKUs already including the imported products in the U.S. and Asia with the cost or trade reality. And this year, we're going to be doing a lot more. It's all basic to start off all of our work with the long scale to help supply all of this restrain demand that are 3 brands have and the more traditional category results. And what we call a long tail here, here, which excludes the furniture and telephone categories and TV and video. And this [indiscernible] represented [indiscernible] of that was consumed and now it's rarely close to [ 50. ] So this is an education process that we do when it comes to the supply and also with our base of customers because they start interacting as Roberto mentioned. And we have everything, tractors and other small equipment. So it's a huge variety. And other with the marketing tools, we can work with a bigger assortment. So especially when it comes to the development of the categories, naturally, this is a very strategic pieces information. But let in we move along to be able to complement this work and the role of the marketplace Via together with what we do, which is very strong in 1P, the complementary vision that really redeveloped. This is the marketing orders and commercial work, it's a topic that is definitely very strategic. So what instead of discussing the development of the category that much, we apply this customer-centric approach. So the way we upgrade in the marketplace here in Brazil, a little different than what you are used to because we have this omnichannel growth. In Brazil, we have the call me on what put 20,000 sellers offering content in our marketplace. We are operating with the performance that also absorbed this and besides, of course, the credit, which is a characteristic [indiscernible]. And so the scenario of the marketplace that all of you guys know about is there before and after we begin the transformation process.

Thank you, Anton. Now I'm going to the call, Richard from Bradesco.

You may submit your question. So I have 3 points here about the anode in basin. If you could maybe talk about the model or credit scoring that you used and how they've been evolving over the past years? And what are the metrics you guys are using, so we can understand how this has been evolving in a brother way? So the second question may if you could maybe understand how you are looking at the participation in the share and Black Friday. I know 1P is important for sensitive negotiation. If it was 1/3 of the online GMV, but I wanted to understand how you look at this when it comes to the back pit? And finally, the provision I think you made it quite Clear the different efforts that are being implemented to reduce the risks regarding labor claim. I wanted to understand what is the risk of having another provision in the future related to the labor claim topic.

Thank you, Richard. Thank you for the question. I'm going to start off by 3P Black. And then I'll pass it on to Calabro, so you can talk about the credit engine models and then Padilha can answer the third one. So on the participation is, we're very excited. The first time we entered it resets assortment that we have. We get all of the difference as [indiscernible] mentioned on how we are handling our 3P, and the differentials that we're going to provide on 3P. We're also cementing the commercial difference was really in our bank, and we have a commercial team that is completely dedicated to provide the relations to put our sellers and the people. So just as in 1P, we are very well prepared to enter back and repeat it is not different. So we've been preparing for this throughout the last month. And we've been negotiating specifically for Black Friday and adjusting this introduction of the negotiation together with the sellers. So we're super excited. We believe that which is going to be a very different Black Friday for Via. And we have a broader assortment. And it's worth mentioning that so far, we haven't communicated to customers in the way we believe we could with this expanded department. So we're doing everything step-by-step, we are very close to being really geared towards the customer in a mass had way and show them that they find a solution for what they need. So we're super excited with the penetration of the [indiscernible] Black Friday, how we've seen the engagement of new customers and what they're going to bring in to these new platforms.

Thank you, Richard, for the questions. We have a very important tripartite which is the risk related to you all the conditions and offer because this tripod brings this to control results and also the conversion of the operator system and why this is so important. Because we use the binucleated system because it's part of this like a sales tool. And we have an internal base generally. So we use our internal base, so we also interrupt any data from these customers in the overall market. our team and development is all done with the internal team with our own engine and our own model. We have over 29 models that are operating, and approximately 3,000 variables that we're really deciding on the characteristics and profile. And this gives us the possibility to be able to have another 500 clusters or profiles so that we can offer our plate products. So we understand the dynamic is similar or it is the credit products are different. So one is related to the purchase of a product is a low fee. And we also price it in 2 different ways. So what's important to highlight here, we're working with a lot of care with the risk control and operability vision as well. And another factor is that it is a very important tool for customer acquisition, recurrence and it also leads to an increase of our LPP for customers. question.

So just to add on here and Richard's succession a bit, everything Calabro mentioned is based over 60 years of knowledge of the even cases in our basis. So we have a lot of knowledge on the customer you'd be able to serve as a basis for all of these models on this credit engine as well. And just another detail is that this is why with the digital and elite we've already over 2,100 municipalities already added over 4.5 million new customers and our tool is extremely robust, also for the acquisition of customers, which is very important in this quarter by quarter. all of our indicators are extremely stable or when I refer to default, you're either stable or better than some other players disclosed in the third quarter. So Richard, if there will be the need for an additional provision or how we can consider this up ahead? We mentioned in the relevant event on the release in the presentation, a prospective for the fourth quarter of 2022, '23 and '24 with the impact on results and cash. So this is a complex dynamic. It's very aggressive. And the [indiscernible] these labor cranes is very intense. If you're receiving more labor claims than dismiss hopes it the first year [indiscernible] where the inventory is not reduced, half of the new losses of claims are from professionals that are specialized in basically aggressively raising labor claims. Sometimes they offer anticipated payments to employees that are actively working in the company. They suggest these employees to start a lawsuit or claim or they refer someone at Via that wants to [indiscernible]. So this represented almost half of the applications or claims this year. but is not an easy target anymore. A lot of other companies are banks and telecom companies also had been in the past target of these situation the homework phase came more difficult targets and these companies to these professionals that cater new labor claims and try to promote this industry of claims are having a harder time to attack them. But of course, we still do expect a significant amount of law suits and claims for next year. And that's why we have this forecast and provision for our results, our earnings and our cash effect. So on new claims, there's still going to be a bit of entry or input pressure. The trend is that it will become more difficult, we will have more success. We end as we've increased our capacity in one of the action plans was to review all of our lead time and all of our partners and legal firms that for us so that we can be more efficient. This is already happening. And part of the process and expenses will come from the new claims, and our growing capacity to end ourselves. And also, there will be a bake of inventory 22,000 lost things part of them will be migrating to the last day of the trial where the average ticket is a little higher than the intermediate basis. So this forecast and the pace as a release already since it is used to combined efforts. And this is why we decided to view all this forecast But then from 2023 onwards in 2024, we believe that big wave of more expensive losses can that or through of the main claims reduction in structural portfolios have already made gone by. And we'll have a lesser of a smaller amount of costs to claim, they're a little cheaper. And we should be entering the market sees by '23 and especially '24. So the market an we're able to identify is about [indiscernible] on the metal, should you reach through this turnover of the entire more expensive portfolio and beyond the 2023 and '24. So we had foreseen, for 2022, some expenses between BRL 900 million and BRL 1 billion. And then from 2023 onwards, close to about BRL 500 million from Tanzania between $300 million and $400 million. And the trend is that it will be stable and may even drop a bit. And just an important thing to mention here that this big problem of labor liabilities in crane company or the big relationship with the past of the company. The company does not produce this kind of [indiscernible], the average is a lot lower, on average, return on return employees that have been in the company [ for 6 or 9 ] months. And I have average that connection it is definitely lower than in the past. Besides this. We really changed the way it relates to these new law suits claims. All of the defense have been renewed, some of the best offices in Brazil are participating in this process. And any on this side of the average ticket result to claim supported the charge is a loyal Premvia. So it's a big shift if we were to here with how this was handled in the past. We had many, many cases like this in the [indiscernible]. And who started with this claim allowed to just because there's one as arriving to perform. So like a direct gain, but this possibility makes us say more. So this reduction of 6,000 to 45,000 employees, we don't have to worry about the payment we just have a natural turnover. So the adjustments that were already made how we're set up with that's really growing, and it's not about a reduction anymore. It's now is to inaugurate our stores and not close down stores. Just to add on to this point, we also don't have the perspective of having additional leads in the calculation, especially due to the chart here that Padilha mentioned with the expectation of how we believe this will be the next year. So I think that is very clear. I wanted to mention also that we have video on the IR [indiscernible] also our QR code and our disputed material. That is a little more education on clear providing some more information. So you cannot use this as a [indiscernible].

Now we have Irma from Goldman Sachs.

We have some questions that we wanted to understand how you're considering the margins for 2022, 2023. And or we consider with adjusted margin maybe or long-term and long-term margin has already adjusted considering the level of provision whether they are labor, fiscal or all these other issues. So I have a difficulty here, which is in the past, of course, you had claims or losses that were not installed that you began. And I understand that obviously, this caused some kind of accumulation in this indexation times and other points and obviously, even increasing the average ticket. But when you look up ahead, maybe it would be interesting to consider how you will move along with demand considering a recurring provision. So when you place this and talk at all of this, where you get to with this EBITDA margin up ahead. And another question is really about the average take rate net of the discount in the last quarter. If you could maybe give me some impact on this. I think you have been working a bit on discounts, do you encourage the sales rep in the merchant to attract this kind of growth in the marketplace? So even future investments there. I wanted to understand how take rate is the net of the market -- in the marketplace, in the last quarter.

Thank you for your question. I'll start off here. So about the operational margins in the business, our expectations are that there will be an improvement at least this margin we have the better. So we are going to come in with all of the benefits that we just mentioned at Aliso in the marketplace. You have a lot of revenue and a lot of margins coming around when it comes to financial services and BanQi, Calabro mentioned the pileup that we've had, and this continues our going to be ramping up more and more with this security in confidence. So one is also accelerated gaining your market share with a very good margin positioning. And so the company is really well prepared to go through these different ways and trends with margin acceleration, but at least at these levels that we have been presenting today. So when it comes to the take rate of the marketplace, you've declared in the second quarter or the first quarter most year, we would exempt until certain level of revenue. So if we can get into our platform, if you know our platform and start working, and this happened in the first second and early quarter. Now we are having a turnover then in the fourth quarter, we already have this conversion more accelerated pace. So we already went on the take rate as close to 2.5% to 3% in this period where we were promotional cost seller. And now we're already talking about the rate about 7 points. And we started to normalize [indiscernible] notice saying that these benefits will be normalized. And then basically get back to the double-digit levels, consider normalized. But it's a [indiscernible] that we can spend the take rate to be just one of the components in our marketplace. We are not looking at a take rate as the largest component in our marketplace. We have a lot more to add when it comes to profitability with all of the financial services and our logistic and our ad program that is already going to be launched. It's a very [indiscernible] platform or so can have a to this recurring and the visitation numbers we already have. So we have many other sources of revenues that we have been developing step by step, so that this can be a market type, just as we had promised ad spend in 2019 and 2020 when we said we would be accelerating the marketplace, but it's going to be a sustainable marketplace. Our mindset is that we want to make money with this marketplace and assets that we have, I'm going to start off with Padilha so you can complement the position in the market. So I know that this is a question we can answer directly because obviously, you're asking about is more towards the future. But what I can say, the margin in the quarter adjusted without the effect of this past with the labor claims in this quarter was and the accrued amount is close to 8%. So when all of the other elements, that really makes us stand out when it comes to the gross margins and the EBITDA margins, which is already the biggest in the market, the biggest among our competitors are positive for growth. So we are now latest digital dedicated to our stores. Our physical stores is on a growth trend. The digital [indiscernible] also grow rents with collapsed many different numbers. [indiscernible] operator also services the marketplace also started in this quarter. So we have an avenue for growth ahead and all of the development for products and financial services within BanQi also demonstrate this. Another trend is positive -- a growing EBITDA margin due to these elements that are really connected to the financial service platform. So the contributions of the commercial margins are already well known. Via has this larger commercial margin in these segments. And we have many differentials all in size, our 1P is very strong. Our sales mix as well. We are the biggest sellers of furniture and this brings a higher contribution than selling electronics and home appliances. How this supports this very high level of gross margins and EBITDA margins with a positive trend.

[indiscernible], and your question now. I have your hand raised.

Thank you, Danny. I think the analysts have already approached many different points. So 1 point that was not mentioned so much ratio with competition. How we look at online retail we're monitoring some of the data. We see the number of downloads, especially among the Asian players I. wanted to know how you've noticed the evolution of this competition. And looking up ahead, how this could impact your recruitment process and this migration increase the amount of assortment in categories are currently on what to see how this impact is? And how about this quite clear. You've just mentioned that you expect this take rate should go back to double digits. Could you maybe share a horizon of what you expect as you get back to this level, it would be important.

thank you for the question. Yes, please notice a lot of players gearing up. And while many other players via continues to scale up. So Via has had some differentials that are very important in its portfolio. So not everyone will be able to sell BRL 23,000 tractor. Not everyone will be able to show a high take in the marketplace. We have been able to. And we have also been able to sell those tickets with the same, and transport item anywhere in Brazil in a very efficient and slick and cheap way. So these are important differentials. The markets in a moment, where you have international players placing a lot of money on the table. So when you put our money on the table, naturally, you have a lot of numbers left out. So we are doing this in a healthier way. We are growing strongly in the marketplace, and we've been able to put in time in this place. So we need to understand that the Brazilian authorities and also [indiscernible]. So we've had many good problems of fiscal agents, many problems with piracy. This is in the news, money series problem with non-certified and nonauthorized products. And so this has a deadline really. So we are searching for this growth in a very organized way, and we understand that in the long term, we have a winning path. So we can get into platform mentioning Rolex watches implying a bunch of pages. So this is not the customer, we are a competitor that we're focused on. So as all of this organized, it will be very important to have a recurrence with the customers, have a issue with this customer, have a level of services with customers, have customers in the city of Sao Paulo or customers all over Brazil. It's very important to have credit for this customer available. So these are tools that we have here, and we believe in this sustainable growth. We are not having any difficulty to add these sellers. Now that we have started accelerating the sales in assortment, we see a lot of sellers wanting to join us. our number is a lot greater than the numbers you're disclosing now, but I'm going to focus on numbers in this third quarter. So sellers want to be in a location where is the big flow level of services to our customers and where you can add a lot of sales. We have all of this, and we also have some facilitated. So we have a logistics expect to make it easier for them as a finale that helps the acquisition of this item. So we're very confident. And as we build this marketplace, that is sustainable. So a marketplace here that is a source of CMV margins and also Pay stores has a lot of recurrence and a lot of acquisitions between customers in value with these customers and a cost of acquisition reduction. So it's a big package here supporting our marketplace strategy. On the take rate, at the moment, when a moment they recover this, then we have this expectation by the end of the first quarter or the second quarter. we should be getting back to the double-digit level. But I want to reinforce this once again. The take rate is not our main target when it comes to profitability in the market place. Padilha, could you add on, please?

Thank you, Roberto. Besides the take rate, it is the consequence of all of our capacity to offer a value proposition for our sellers. When it comes to competitive advantage, we have a thesis that I think is important to mention. You should remember this and communicate to other numbers, we don't believe here in Brazil. This is going to be the winner takes it all here for this very big and it's complex. We're very close to the reality in India than in the U.S. And we have here a penetration that is very low for e-commerce [indiscernible]. So I want to summarize between 10% and 11%, depending on the stores. So we have a lot of room to grow. So beside this role that Via has been playing, we also plan to mention this addressable market of this e-commerce in Brazil. So we are positioning ourselves such an agnostic platform. So we offer with logistics committee service, our 1P, 3P but also sellers generate orders and other platforms rather on a website. Calabra mentioned that with banQi earlier. The operating with financial solutions for an also out of the platform. platform for ad was recently launched, and it also services our major advisers cross the peers in the marketplace and also the entire market that will be able to use this demand that is qualified. So all of this in the mid to long term will demonstrate that in the report of our ecosystem on amidst other ecosystem. Will not all be the [indiscernible] logistics and others will have the long tail of the [indiscernible]. We really believe in our differentials, and we think we're going to be a very relevant player.

Thank everyone. I promise that we will end our Q&A. I know this has been a long call and a lot of information here on the call, Eric?

Thank you, everyone I think which is more a follow-up of some other issues. So you mentioned the market price in the long tail. And if you could maybe just mention the sale of the issuer. And we wanted to understand the speed in this and how you've been able to transmit decisions for customers Via the channel for the purchase of these very diverse items? And the second point here would be one [indiscernible] going back to competition with Asian if you can maybe talk about the customer acquisition costs as you still noticed a greater weight in the media costs and if you still see some kind of an impact in this issue with the customer acquisition.

So thank you for the question, Eric. I will mention here, I'm going to [indiscernible] answer. When it comes to the customer condition costs, we already see special than what we had seen before. We are also considering all of these tools that we have here with the customer acquisition. And with this marketplace accelerating this infinite assortment and providing more customers, we have very powerful acquisition tool, and another one in banQi as Calabro mentioned the half of the customers that open up a base never had a relationship with as we consider -- Is there like CPS that never had a business this year and automatically become a customer for our Via banQi. So we are searching for many ways to raise and add customers in the bay that are not through the traditional means of the paid customer. We've had a lot of success in this point. and that a number of the customer base have been demonstrating crisis. Of course, you have pressure from inflation due to the amount of cash that they're lending to the market. But even with all of this happening, we continue to add many customers at wise a site reduction in this pressure. So I want to pass it on to Helisson here to add on.

I wanted to present this. We have some exchange when we talk about the marketplace in Brazil. or e-commerce, for example, 60% to 70% of GMV is generated a response for different categories that we are dominating. And they have a long tail on the Citicorp Mylan is very, very granular. This is a recent phenomenon where we absorb a bigger assortment, and we start having long sale as well. And on the average okay, it's a lot smaller, but the sales happen is the number that you published just now also, about 49% of the transactions in the marketplace are already long sale. When you consider the average ticket, and as GMV, it is smaller proportionally due to this mismatch. So what we're very excited about is the platform has been -- there was a strange demand. And our number of 108,000 is a number that has been growing a lot. And so this component was more [indiscernible], the bigger assortment and motivation in our brands, just giving some spoilers on our future campaigns. We start to mess that this mix in the transactions that we operate with. GMV has a solid pace, but in a constant way, so it's going to take a little while. With our strong 1P and is complementary we're going to grow a lot more in the market ends in the next years. And then we'll have the disclosure of your question later on.

I will submit a question here to Roberto, came from Morgan Stanley, and came through email. And so he want to -- we're talking about the recovery of expansion, and how we imagine that when we consider the demise has already stabilized itself continent ligation and Brazil.

When we're looking at this ahead what kind of O2O strategy we are going to be implementing when we expect the implementation for physical stores up ahead. So we should end this year with 109 to 110 stores that are newly nonrated our expectation on perspective next year, is also about 90 to 100 new stores -- We also have 3 stores and markets mapped out. And this is a continuity in sequence of [indiscernible] was not presently for with the vision of being the relationship center for customers and a big logistical part as well. So the store is completely repurposed. So everything we're testing now in our store or going to be opening in March now, the stores that they [indiscernible] for us. So we've created a store with 9,000 square meters of [indiscernible], which is like a big ad of all the innovations we're working on. So Everything we're testing and that we're checking, we can consider with replicable solutions or our other stores. and we have a lot of news coming around is when we consider the marketplace in our physical stores, right around all over Brazil. Now we continue to follow this inauguration process. We think that the stores are a statistical point of contact with this omnichannel pros. It's fundamental. We believe that this is very important and this will continue to be relevant. And this is a different product we have. I wanted to get back to 1 point on the previous question. Yesterday, I provided a press release and immediate mission where they talked about a study of what's going on with most of the platforms that are entering Brazil. and commercializing products. So I think it's very important if you can add this material in these interviews with McKenzie that we participated together with IPG and Mackenzie was hired to work on this, and we have over [ BRL 600 million ] potential that [indiscernible] going to be looking at. So great. I think this is the way to leverage this. We have no problem with competition here. We -- competition is positive, and it forces us to move on in this innovation trend to search for differentiation when it comes to this customer, but it needs to be fair. And so no doubt, the study is very illustrative and educational on the amount of taxes [indiscernible] not collecting or receiving because of the way commerce takes place on many e-commerce platforms in Brazil. So considering that the government is always searching for ways to increase tax revenue and in that it's not fair to have a competition model where one guy pays all the taxes and the other guy has a really easy way to have products entering with a 0 exemption tax payments, even with items that are more expensive, we are pretty demonstrated in this study with everything that happens behind [indiscernible] of many of the items that are having developed even from sellers that seems to be national. So we're increasing the volume of sellers that are national in many platforms. But these are sellers that brought in the product and in a way that was questionable. So this is a, I don't want to provide more details here, but I think it might sanction access is a later on, then you can also commit this to you as well. It's a very rich study and [indiscernible] company. And it will illustrate the sustainability of the marketplace share in Brazil. So from this perspective onwards? Now I would like to raise start an additional question. If not, we will end our call. Danny, do you have a final question?

I have no questions.

Perfect. So we're going to end this question. I want to thank you all for being with us so far and an important mission here. This is a company that has carried legacy the legacy and negative legacies. We have a big advantage here. which is having the positive legislate are greater than the negative ones. So the legacy pay are these negatives sees in the company, the positive, I guess is pay for the negative for the company. another important advantage. We have a team that is super resilient here at. And we have a team that's able to handle all of these legacies. And at the same time, advance and innovate in a very accelerated way. So we are creating a sustainable ecosystem that has customer presenter. And we are here to provide this 360-degree solution. So this is happening with Bank and with our assortment and logistics and all of our omnichannel. And so this is what we're creating here. We have this big team at Via. We want to thank everyone here for this experience and journey that has been super senior and they've been handling all of the likes in the company without losing track of the strong journey of acceleration and innovation and capturing new customers. here with a customer focus as well at the center of the company and the focus also on growth and results. This company has been, for the past 8 quarters, having growth above market levels even when we consider all of these cases. So imagine what the company will be when all of these legacies that are negative and they have a date and time difference. Negative legacy [indiscernible]. I want to thank you all, and thank you for being with us today. Goodbye.