Movida Participações S.A. (MOVI3) Earnings Call Transcript & Summary

We're going to -- we gave you all some questionnaires. Hope it was prized 2020 with the best presentation of the year. This is supposed to have a prize again. So you have to answer. Welcome, one more Movida Day. Now, Renato Franklin, that is going to be commander of the day. Thank you all for being here.

Thank you. We are going to concentrate here. We have a great message. This is -- we have great numbers and results in our structure, and especially, positioning that we have today. That is the consequence when we see in the short run various benefits for the company. In terms of the perception of value of the brand, our cash flow and value. I'm going to give you more information. So we will have trust reliability. We also -- and we have perception. But I want you to concentrate that our sector, what is our company and where we are heading and what we did, and where we're heading to show you how we are comfortable with the company and confident. I speak quickly, but just tell you shortly of our story. We did a little video about the last 9 years, especially with the IPO in 2017 and how things are. Let's see the video. [Presentation]

Sorry. I think the video each time I see it, I get very emotional about it. You accompany this history of Movida and we've done here since the beginning of our path. We are -- can you help me with this technical issue? We want to bring and tell you what we did since the beginning. What are the differential for our construction? I'm not aware of our organic growth from 20,000 -- 2,000 and transforming the company the way we have done this. I believe Movida has transformed the sector in Brazil very differently. And I think everyone recognizes this. And this slide shows us the big differential. What is our differential? People, and we had this carbon-free program. Before I arrived, this comes from the DNA of the company because there are different people here and sustainability, which we're very recognizing to get prizes and award. This is our devotion, and yes, this is so important. And to see this and market this opportunity to create a business model that is to the client and not to the fleet but for the experience of the client and this brought ruptures, disruptions for this market. And so when we began and we bought Hyundai HB. Don't buy that car. It's a colored call. You have to buy a cheap car, that's wide. But there's no market for automatic cars. But everything that was a challenge and new generated fear and then it was practice of the market and the growth of the market. Everyone would say, how did you grow so much without even stealing people's clients? Because we grow bringing new clients to the market. This DNA has focused on the client, bringing innovation, novelties and bringing an experience -- a different experience. We -- digitalizations in the first 2 years, we were the only company that used to communicate through iPhone. It's very different. Now we are a leader and that we are bringing this. Our focus is this and agility and our ability of execution. We are showing and everyone sees that we are delivering. We have mistakes, but we deliver much more and quick. And who does this? Of course, very quick, we have some little mistakes, but we correct them and generate value. And what's important is we got this through the scale and the challenge of Movida is different than what it is today. When you start to structure, smaller structures and you see our directors here, we have a more robust structure than we had before, which challenges each one with a specific focus. We had to open 2 stores a week and we needed more money. So you will see it during our presentation. '23 is the calmest year since the beginning in 2014. So it's not in the mind. It is macro scenario, and we will show how the cash flow is different from now on. The challenge, the infrastructure, we're going to show you with details. We can grow 20% of the fleet without even opening a store. It's another execution challenge. Our challenge is to decrease price and see the prices and then -- and we will see how this will happen. But we will see about the price. We will try to pass this on to you during the presentation. And also sustainability. This is important for us, and we have recognized this. Each time our clients want this differential, we have the opportunities to choose. We want a contract in a price that is feasible, and also it must be feasible and sustainable. When we look at the future, and also we see in the past the journey, 2,400 cars, we grew in the 65,000 cars when we did the IPO. We also did the IPO here with many people. In all these moments, we had some noise in the market. That we did a growing plan. It won't pass 10,000 cars. We won't do IPO. And now there will be stealing of cars, but we continue growing and rentability and growing. And when we had this year that we did in the last years, 109,000 to 212,000 cars, we did this without equity movement. We have a view of market to see the value of the car to purchase and to see it differently with the demand of the clients. And at the time, we wanted SUV and it wasn't available. This is what we saw. We bought a mix that was available. It was more expensive, but we knew we were generating value for the company, bringing clients, 2 million clients, bringing from here to here, 1,100 only in 2022, especially buying cars that would raise the price, that we use this money to invest in the company. This gain of the purchased cars was able. So we doubled the company, maintaining our leverage stable and growing. This is what we're going to show you and also how we are positioned differently today because I had a mix, more premium to grow clients. And I have a great opportunity to sell a more expensive car and sell a cheaper one. So it's a better cash flow. These are the messages that we are going to tell you during the presentation, and also what the company is today. And it is important to see, we constructed a company organic growth of BRL 8.6 billion, and now it's BRL 10 billion. So when with BRL 3.4 billion, almost BRL 4 billion. And so what company does this? And the CapEx is done, the growth is here. And so the big parts are buying cars, the others, and we are just -- we are 6,000 collaborators. And robot has registrations. You create a registry robot and then you put this in the system. We have consultancy that offer automation of back office. And they say, and you have great digitalization process. There's still a lot to do, a lot to improve, but there's a big differential in the company that is here and permits us to have comfort. And I would like to show you something that's important. This is our new organizational structure. We are changing in consolidating and for the company, every cycle, we're going to strengthen our company. The last Movida Day, we had also important evolutions. Now we are organized for -- with senior executives and with focus and responsibility to each BU and transversal areas. We have today is not Renato and Edmar that are doing CFO role but we have Jamyl that's with us since the beginning in Rent-a-Car. We have Felipe that is with us for a short period. But now with him, he has senior directors that are all dedicated. We have Seminovos with Daniel that is purchasing this. We have 3 businesses that are independent companies. This is important because everyone is scared of CS. They did a transaction, and it was done by João Bosco. Of course, we are a company and everything consolidates. There's no distraction and there's a little more of synergy. This Portugal Drive On Holidays is independent to executives that we were going to bring you here to them to organize, but there's a lot of other challenges there, and it's always with privilege work. And this is going to give you visibility. We regard the steps and that was CEO, and we brought Pedro de Almeida. But he was CEO for great car rentals. And now he's in Portugal. These are people that don't distract us or neither of us here in this room, the same thing with SAT where we had the opportunity to -- and we are going to also introduce you another here in charge of tracking revenue and also generating experience. And on the other side, we have at the operation level transversal that generating all the functions and with more integrity as we are growing. So the structure that we have available today, it has to be more comfortable and generate more value than we do today, reminding you that we generate values and strong delivery. When we look to the future, yes, we are very excited, although we have a macro expectation with high depreciation. We lived through a year with a different scenario. Our history here in the last 9 years is a macro scenario that demands and because it demands challenge, high interest rates that makes people rent cars more than buy. So the fundamental -- the target of our business are even stronger and very important for us. This, for us, is -- this is the basis of our company. We are representing 6,000 people -- but Movida represents 6,000 people. There are many different people passionate for what they do. And then when we receive you, we want to comment on the energy. I'm only a mirror that reflects this energy. The knowledge that we have, sometimes, we joke that sometimes we should receive award because who gets these awards are the people, only representatives of the company but the recognition of the population that knows what we are doing, how hard we are working. And I'm going to show you a little bit of each business and who is having all of our business, and then we will go into our technical challenges, and I'm going to call Jamyl to start. Okay. Jamyl, your bald is different. You're a different person.

Okay. Good morning. It's a big pleasure to be here with you today. First, I would like to introduce myself. A few of you know. My name is Jamyl Jarrus. I am Director of the wholesale of Rent-a-Car, Movida. Been working for the last 21 years, 9 years in Movida. Renato and I were the first one to join a company that was already focused on the client and we made this -- all the transformation, assembling different teams, focusing on the climate and the client, working for the client. I'm going to focus to show you the potential for this market and making a simple comparison with other countries. Here on the right side, we have the penetration over the population. Brazil, 7%. 21 years ago, when I joined the market, maybe another century. Brazil, where it was a very low 5%; U.S.A. below 8%; Peru, 10%; and Canada, 9.7%. Today, we have a capacity of growth of penetration population, very high rate. We have the possibility of more rentals per person on doing more negotiations with the same person. And we have also a third sector in our business that is to bring international tourist increment and explore this niche. And what we are doing at Movida in the last 8 years in the international market, we already have expressive gains with a very healthy team, but we still believe that Brazil as a whole has to do more, and we are going to raise these figures. Renato mentioned this. A couple of years ago, we did not only divide shares. We are not looking for slices of other people. We developed this pizza with quality, with the French services, believing and bringing layers of clients and now making -- showing you these figures. These are the figures that we have here in Brazil, 545 rented cars. And we look at the same. If we look, we have a growth of 17%. So I'm not saying that this is an easy task. My boss thinks that my work is easy. And what we did up to now. So again, with the best teams, sales, operation, marketing teams and we have contact with our clients. We see how this -- how it is easy to work with all this good team. As I was mentioning here before, we used to Rent-a-Car and we rented the car only when we got at U.S. For instance, I used to rent a huge car in the U.S. when I got there. But now today, we already have this range here, all of this range here in Brazil. Fruit of our strategy during the pandemic. Pandemic was not good at all, but we're focused on the car, our cars became stronger, a strong business during pandemic. And our work culture was favorized. This is -- these are estimates of ABLA that mentioned 23% of growth for next year with huge possibilities of growth. And our next slide, please. I am going to summarize in 3 points. Strong growth. I've been working in this market for the last 21 years, and I never saw this market grow below what the Brazilian economy grew, strong growth, resilient, very resilient when -- in the pandemics. But when we see this and what concerns to us, the first segment of tourists, we've cars -- rented cars before hotels and airplanes. I'm not seeing that this is also airplanes was positive because people travel when they get to their destination, they rent-a-car. Of course, if they don't have trips, people will not rent cars. But if well, we won't have airplanes flying. And when we, unfortunately, we reached below 5%, people had to choose the cars. Our families had to rent cars. And there was no problem. And so that this was possible. And they started exploring traveling by car in a different way. This mix is believed strong growth, resilient in a very promising markets from now on. And what did we do in the last years? We added more of 1 million customers. We have the possibility of penetrating the Brazilia. Prices transformation, very important. We had to change these prices. Cars also -- the price of the car, of course, assemblers raise the prices. We have strong inflation at our doors. We have to transform these prices. At this point, we were the main characters and this is -- we did well. And our clients when they see the benefit and cost in renting a car, we are not talking about the pacification. We are talking about cost benefit because what concerns the delivery and the prices. We have the best services in the market. Speed, digitalization and the best product and our prices are far below our competitors. And where are we heading to? Selective growth. We want to grow in the best sectors and the sectors that deliver a medium ticket. And when we divide eventual rental and monthly rental, I will show you the price of day -- on daily basis. So we have to start working on a daily basis. And I think it doesn't mean that we're not working on the commercial side, but we have to make a larger transformation. Also, we have the evolution on the tools of the yield management. During the pandemic, we had the first offers of new models. We gained new models, we bought new models to have a different mix. We are now going back. Luckily, our market makes us believe that this is going to grow even more and manufacturers have been assembling new models. So these are cars of entry, and we are again doing this mixed transformation store and delivering this to our clients. And also, of course, the best benefit for our clients. Again, I'm going to show you our differentials, Movida differentials, and not to mention and already he mentioned everything what is in this slide. But today, we have the most modern fleet in the country. Capillarity in all the states of the federation. Agility and the whole process of the stores. We have a web check-in that we implemented in the second month of the pandemic. Nobody was stuck. We had a check-in in their smartphones of our clients and that they had -- in 60 days we were able to put our app that's client satisfied. We are pioneers in the attendance of the market delivery plus e-commerce. During our discussion, we observed that companies and the great wholesalers. We're delivering more during the pandemic to our houses. So I used to see in front of my building, there is a new fleet arriving there. I'm not going to mention the models but there were cars 2014, 2018, '20. There was not a standard of pattern for all the fleet. So we aimed at a client of Movida cars. And we saw that the dealers, we need a new and unified standardized fleet. We closed agreements with the wholesalers, but Brazil is such a strong country, and small and medium companies are the ones that are supporting this market. Small companies were not able to apply 180,000 cars, but they were able to buy many more motorcycles and rent people to deliver their services. And they first rented to accept this as payment. The first 1 to make decarbonization and they are rentals. And before people talk about SGC, Renato said, Movida was already thinking and SGC and sustainable and was a rather already offering for its clients. And this was relevant during the pandemic. We and we clients, we woke up to this. We are participating in decision. It is a contribution for our foreign clients, part of the client and part from our side because we are also sharing what we can do. We have opening agreements through the tablet where clients when we -- clients have to deliver cars and getting a plane became much more easier. We have flexibility and [ finalization ] to the client. And this also -- and this -- without stopping, this was an exclusivity with Sem Parar, this we have exclusivity. 4 years ago, we -- because we weren't able to do this because they did have no technology. Nowadays, we call the business, and we are doing very well with our clients. Here, diversification that I mentioned to you and then there is the eventual medium ticket 2022, now it's 54%. The medium ticket -- monthly medium ticket. This is the transformation. We have a high volume of monthly cars rented. So we have this average ticket in this process during 2019 and 2022. And we still are growing. I'm still growing in this segment and a lot. It is very important that our client recognizes that we have a good project and remains with us because we rendered good services and our prices are good. And now we reached BRL 139 to an average ticket of BLR 150 this month, this year. And we're still working in interest rate inflation. So we have to work on this specification. Here is the balance of our sales. In 2019, we had 65% of our dailies, 35% in monthly dailies. And this -- our clients were more time with the cars. This was a characteristic of the purchase of the -- in the pandemic, and we went to more than 75% in pandemic and now we go to better levels in the average ticket. And your interested, the average ticket that is higher. The slide shows in our corporate market, something important for Brazil. We say about individuals in the corporate market in Brazil is enormous. And this is a characteristic and this is very positive. In the week, we have more corporate. And in the weekends, we have individual people. And this changes and it is divided between these 2 markets, and this makes it very more potential. We had 77% in the corporate market and the average ticket. And so the client continues with us. So we're growing average ticket, gives a bigger revenue of 185% in facing the growth. Our competitors grow but not like us. This is a slide, final slide, the highlights, and this is important for us to see that we do 243,000 changes of tariffs every day, 83%. This is percent of our corporate clients are flowing rates. In Brazil, no corporate client had fixed rates 12 months. We started this movement. It has been doing well and it's good for us and client. It's more -- it is also more right in terms of the moments, BRL 3,200 is the revenue per car, 67% of the contracts are digitalized. So the opening and closing in the tablet, BRL 139 is our average ticket in the last semester and that we are going to BRL 150. And this is also -- we have more than 250 stores, but we have the coverage of the network that [indiscernible] of 96%. 96% of the passengers that are in -- go down in an airport. We have a store in these airports. And so this is it. And just to reaffirm, we still have a promising future in retail. Thank you very much. Felipe, sorry.

Good. Okay. Hello, all, I'm Felipe Zogbi. My story in the last 8 years, I've been in front of expansion operations in a big pharmacy company. In 6 months, I am in this company. And I'm happy to join you all with so much energy and the opportunity to be with you to speak about long range. I'm going to bring you little bit of the view of this channel, which this is a channel of prosperity and a proximity with our clients, and also it reflects the DNA of our group to understand the need of the client, do his journey a long range. This has been transforming. As you know, we grow the ticket of 2022, 1,300 of ticket and already in 2022, near 1,900 of ticket. This shows our strength to grow in services quality and different kind of fleet and positioning in prices. And also, we go from a volume of 40,000 cars and we arrived to 180,000 cars in the year of 2022. So this, when we look at this in the long range when fleet and speaking about signature cars, and also, we see we have a view and appetite, very big to advance in this market. [indiscernible] is going to speak about the fleet and now I'm going to speak about the signature car, the subscription car, and also which market. We're speaking about retail market of 2 million cars a year. And we believe that when we bring this to the rent -- retails 1 million cars where we can obviously have a change in behavior of the society about subscription cars. We've seen this in the last years, and this is worth -- this is the DNA by being pioneer and innovation. We started in 2019 and we have been successful in this channel. We believe in this very much and we will be a leader in this transformation mindset in this market. In terms of Movida fleet, it's a more mature market in Brazil, enormous 8 million cars in corporate cars and this has 6% of this penetration. This means a market that's enormous for us to advance. In 2022, what did we do for long range? It was a lot of opportunities. We renegotiated in pacification. We have more services, more proximity to understand the client. We had the opportunity to be recognized by our clients, and this has to do with pricing. And we see that the fleet is not only of big companies but our teams were very strong in the medium countries and B2B companies. And so from 2022, we have a diversification very strong, but also the whole journey of services, the support journey, the stores, Lucas will speak about services. We have to grow and have good services. We have to have quality. We did this homework in 2022 and our clients recognized this. In 2023, what are we going to do? One more step in this journey of digitalization. More information for the client. And in the journey of consumption, and this is what we want to focus on. So we can have a more diversified in various channels. This is the focus in the terms of 2023. In numbers, about digital strategy. Just to give you an example. Since the moment that we face digital in a new site, new staff getting close to digitalization, we accelerate. The conversion of our channels, we implement CRM tools to be able to have a closer contact with the client. We transform data into action so we could deliver better products. So we grow to transform and leads in the last 2 years with this strategy. This is very important, but we have to generate results. And this is all this investment in the last years. And so we grow from '20 to '22 to 17%. Our basis of clients grows 50%, not only big ones, but also medium ones. We diversified a lot. And also, when we see the fleet by client, we went from 34 to 27, 23 that we can pulverize with these new channels and depend less on big accounts. They are important for us, but also it's a strategy that we want to be present nationally in all levels of company. And here, going to speak about subscription cars. And this market is very spoken about with these new assemblers entering. But remembering, in 2019, we are in this channel. We are going to invest a lot in 2023. Because the DNA of Movida brings this experience of the client of innovation of change and pacification. And we're going to bring this to subscription. This is in our blood, in our team. We're going to deliver this with a lot of quality. The digital money that we will present to you soon in this journey is also great, and we will be able to see this in the pan, in the web since the moment of this experience of this service. This is so great. More quality to deliver to the client, without doubt guaranteeing efficiency to guarantee profitability. Growth of 91% since 2020 and the results superior to more than 500%. This is a new market, and we are going to be pioneers in this journey. And this is it, my part. And now João is going to speak about the fleet. It was a pleasure being here today with all of you. Thank you.

16 years with GTF, hence and with the first contract with 528 cars. It's a pleasure to be here to speak with you. There are some things that we saw -- did in 2022. We maintained leadership and success in bids, and we participate in 5 competitors -- competitions. We have a growth in the fleet and amplified which was important in capillarity, in the country and service. So when we don't go to a state or municipality, when we have little competition. But when it's bigger and where we can have scale and growth and conditions, more competitivity there we are, and we follow this with this growth. And what do we believe for the future where we're heading. So the public competition, as you all know, is a backlog that's very important, and it is immediate. So it's a big volume of implementation and CapEx. And we believe in the sustainability of new contracts for the future. The scale, of course, is a challenge for service and also challenge in innovation and efficiency and nothing more than being in Movida that faces this and contributes and we are altogether facing this. So let's speak a little about the numbers of 2022, the CS fleets. We have 601 clients, 42% of growth, new clients, expansion in 4 states. 959 contracts. This also shows that we are also growing. And also, we have 53% more than 2021 with 386 contracts higher this year, more than 10,000 vehicles. 220 public bids, and we still have a few more occurring. We have many competition, 59% more than we had in 2021. 95% of electronical bids, and this is so important. The success rate, 59% of what we participate we have won, 16x more than our second competitor shows the ability that we are developing along the years from the first contract in 2005. Lots of work, lot of recognition but we have positioned ourselves very differently. And so on the right side, what we believed in and why we have grown so much. Also, the survey shows 900,000 vehicles in state and government. And this is also in terms of the 520,000 that we put in the target market in cities from up to 100,000 inhabited. So -- and the average age, it's very advanced, and we believe that the governments are going to seek efficiency and they want good service and quality for their services that they are hiring. Everyone is very sensitive to this when we speak about outsourcing. And this is also very important to get a good part of this market. I'm going to talk now a little bit here. I would hear of the overview of the '22 against 2021 but an incorporation that happened in July 2021 against the figures of September and our third semester. We grew 112% in clients by contract, our base clients. This shows 94%. This shows the dilution. Of course, we like big clients. It is important. We are very well positioned for big clients, but the issue of dilution of by segment or by agreement is also very important. Our operational fleet also grew more than 52% figures until September. And our total backlog, we grew 71% showing that we are very well positioned towards 2023. And we are doing a lot in the long range. I'm not very good as Jamyl to speak, so I'll show you now a short video. [Presentation]

CS fleets present in the market since 2009 is the most important fleet in attending clients and public center and mixed economy with sustainable growth, solidity, capillarity, we overcame challenges, and we maintain accelerated growth. We have more than 200 bids, more than 59% more than in the year 2021, a growth 52% and the revenue servers, 42% more client, 22% growth in our operational fleet, a company 100% transparent. And with practices, our world now we have working in bids 100%, monitor electronically with restricted excess. Policies that are certified by independent companies. And our transparency portal releases our bid in the public center since the bid until the termination. Totally transparent and recognized by the UN Global Compact as 1 of the 4 most important governance actions in Brazil. With total transparency. We are CS fleet, a Movida company in Brazil.

Hi. Good morning all. It is a pleasure. My name is Daniel Morroni. I think that all of you know me. I work with new vehicles. I've been here for the last 1.5. My background also was also worked in the automobile industry for 25 years, services, sales and wholesale. I'm going to show you here a little bit of our business. But I want to tell you about our new conquers I'm going to talk about the Seminovos markets and to the size of the Seminovos cars. We have a data that spin out that shows the size of this market of the sales of Seminovos cars. We rent only the Seminovos cars from 1 to 3 years. Used cars is -- so for Seminovos cars is 1.3 million, and the total market is 10 million cars. So to give you an idea of how pulverized, how spread this car of Seminovos and used cars. As a reference, I wanted to show you the evolution of the Seminovos cars, meaning from 1 to 3 years, we have lots of possibility to sell all these cars. And our sales market share, we are building our brand of Seminovos in the market. And we have a very important evolution of this market share from 4% last year and ending this year with 6.4% of market share in the participation of the market. In semi-used cars, huge market for us in full growth. So you can see that we still have a huge space to work and also to release our breadth. Another very important data as how much we are prepared to sell our cars. This is a very different product, the market change and not totally that we have a target. We have to sell what we have in our stock and our sales stores have to be ready to sell their store. This is a very significant change. Our average ticket of total sales from BRL 43,000 to BRL 76,000 -- BRL 77,000. So this mix change, but the -- this mix change because our mix change and our stores are prepared to service this differentiated public. 70% were -- 39% of USV (sic) [ SUV ] and 7% above BRL 65,000. Our network is prepared. Our team is prepared to sell the product. Many people doubt our capacity on making this kind of sales but we are showing that we are prepared, and we are conquering not only volumes, participation in the market and changing the profiles and being ready for this new profile. This is a very important data that I wanted to share with you. And our next slide, please. Also wanted to talk about and what we did. We raised our participation, our volume of sales. We expanded and standardized our stores, and we look like car dealers looking -- showing a different journey toward journey. I'm going to show you some photos. We have a larger big exposition, exposure of our brand and to show who Movida is we have our own car dealers. We have to have the largest bid of Seminovos cars. And also, we are focused on the channels and digital tools. Where are we heading to? We want to maintain our sustainable growth in sales, but also in wholesales. And also, we want to digitalize and simplify the journey of our clients, also to improve our journey with our clients. A little bit more of details of what we are, who Movida is in our differentials. This is very important because we are talking about quality, product quality. We transmit trust. We have 1-year guarantee. None of our competitors do this today. We also have -- also have a kind of documentation that proved that our cars are okay. That are all -- we have also a different concept of stores and standard stores that serve the clients well. Most modern fleet -- be -- we today have the most modern new cars in the market. This is very important for our new client with semi new cars with the car best maintenances. We have digital DNA. We have a 100% integrated side, and we sell 100% online product without the interference of the human being, everything is done on site. We have integrated and synergy between operations. We have a platform of trading, platform to sell our cars in the wholesale market. Something very important to mention that we are under an umbrella of a group where we have a lot of synergy among -- we have car dealers. We have our own bank, our -- a carrier. Everything brings synergy and efficiency to our work. We have our exclusive [indiscernible] to serve our clients and to serve our clients and our store owners. And most important of all, we have an engaged and prepared team, motivated and passion for what they do and finally, and I would like to focus on our clients and our focus on the client with our [ INPS ] semi-new cars. We are the only car rental with this certificate. Everything that we did today and what we did -- we are expanding our stores. We were used to be 69 and now we were 70, and now we are ending this year with 89 -- with 70 new cars. And 1 of the main -- the main retailers, and we represent 50% of sales. Here were the openings here, what we had only an idea of the standard and the kind of stores that we are prepared to serve. And this is very important when you sell semi new cars. Also highlighting of what we did this year, we reinforced and we met or -- we modified. We focused in digital tools from [indiscernible]. Our site, we have more than 318% of interactions, more 11,000 through apps with our sellers. We have more than 700 sellers in our stores, how you release to explore our brand and digital and off-line channels. We both plan of CRM. We have a giant database, very, impacted more than 2 million clients this year. Also we having our own bank, where we have finance plans. And we had a new plan, Movida For Your Whole Life where you have 2 years without paying and you can change your car at every 3 years. Total flexibility to our clients to buy a new car, in investments in the CRM tool for the management of the portfolio of our clients, our retail client. We have the broadening of the portfolio of our client, retail clients, more capillarity and more clients in [indiscernible]. And finally, we launched a new digital platform to sell our cars in the retail segment. And to finish my presentation a little bit of our focus, where are we heading? We are going to expand our stores. We see that we are present in the main places, in the main cities where we make a difference. So we will continue expanding our retail stores. We also are going to raise our sales and our retail platforms. This generates more margin, modernization and simplification on our sales process. This is a huge -- different rentals, good attendance, agility, speed. We are going to focus on this modernization and to improve the quality and turnover of our assets with the implemention with our training centers with our cars will be better, and we will become more efficient in our attendance. We have a new system of phrase. This is very important also because the more we assertive. We have many roles that are monitoring the market and the prices do this kind of pricing. We have more than 200 different models in our stock, and we have a new model of pricing that we will launch in January. We have a more assertive distribution focus and profitability and focused in assertivity, focus and dedication of all our markets. We are very optimistic that we have a strong growth, releasing our brand and becoming each more a reference to our consumers when they will look to buy a new -- semi new cars. 2023 is a very promising year and Lucas is here -- Thank you very much.

Good morning all. I'm Lucas. I'm in Movida since the beginning of the year. Before I was operations in electrical and food business. And before I also had experience in operations in telecom. And so this is a new challenge. I'm going to show you that we have challenges for the next year, especially. And speaking about 2022, we concluded the opening of 49 stores. I'm going to show you now we're opening new style of store different than we did years ago. More infrastructure for the activation, more comfortable for the client. Also, we revitalized 80 stores for this new concept, I will show you some pictures and you will understand the new store more comfortable and the ability to deal with the vehicle, so it could go back to the rental and also reduction in cost for the fleet and all the line of operation and our scale and optimization of the supplier and also digitalization of the process. And also the service process, we were able to digitalize this. It is quicker to have a car with us and also 65% of the contracts that are processed in long term are digital. So this could be web check-in or through tablet, various tools and also -- and because of all of this process that we are doing with the stores and the investment to have everything more agile and digitalized. And for our team, we were able to get at [ INPS ] of 83% in Movida. And this NPS is with the evolution for 2023. We are going to continue doing store expansions. We have an infrastructure to be able to deal with the growth of the fleet. We are going to continue with the stores and digitalization will continue. We will advance also not only in digitalization for the client, but also internal digitalization for us for proactivity. Also, we have initiatives that very efficiency in the process of the assets. And so like this, we will be able to process and prepare the car we [indiscernible] for the sale of semi news. All the stages of this asset, we were doing important investments to be able to do this quicker. And also, obviously, you will see our store today is able to do the treatment of the store without selling -- without having to go to outsource than like this or for gas and like this, the car is ready quickly for rental. And so just a little more info, some highlights. Speaking about expansion, not only opening new stores, but it's a different store than we had in the past. So we have fuels, maintenance. We have also cleaning to do quicker cleaning, of course, a better service and also that brings comfort for our client. The preparation center we have invested in very dedicated, so we could do the preparation of the car. So we are going to make available for semi news. We do this in very agile ways and not depending on outsource. Digitalization is also something important. We have been evolving 2022 was a year important, 65% as I spoke. And obviously, this is going to make us be able to be more productive in terms of service. I'm going to show you in the next slide a little of our new store. Here is a store of Port [indiscernible] Airport, where recently, we inaugurated in 2022. You can see that there is a bigger space, kid space. There's also a service area that is more spacious. It permits a lot of agility. And also, we have a moment of a lot of people, and they come all at the same time. So -- and the vans are always prepared to bring the client to our store. And as I said, important, it is also important for the turnover of the asset. And so if they need to -- and everything is in our area, and this is available for rental. This is a big challenge in terms of efficiency for next year with the operation part. And this, of course, costs money. So we are going to bring more infrastructure for the process to have availability of the cars with lots of focus in the service for our client. That is always the center of our challenges. Okay. Thank you very much. Renato is going to speak about...

Okay. Thank you very much, Lucas. Each 1 has its own responsibility, challenges. I'm going to speak about drive on holidays. And we already -- you had the opportunity. I am reinforcing this in Portugal. We have a small market, very fragmented, a big growth because we are reinforcing this. We have many sources, but 6% of this tourism is Brazilian. Brazilian tourism in Portugal is growing. And the European tourism is less because of pandemic. Of course, the big part is of Europe. It is important to contribute with Movida for the business in Portugal. This is the distribution in the cities. We are present in the main airports and we are going to grow in the city for other niches of [indiscernible] like corporate, subscribed -- subscription. There it's only for leisure. So what we have there that is different. We have a leadership which is independent and the standard of store is this way, as you can see. It's this above, which is their brand. We are going to change. This is the project. And so this is the drive with this Movida brand. And so the client will feel that it is in the same group, but with an independent management and brand. We in March are going to have all the stores in the standard and then we liberate our site to sell there. We have authorization and all that. We want to guarantee that the service standard is what the Movida client is used to. And so we have to bring this there. There's also things that we're going to bring from there. We have 3% of [ Idec ]. And so those that are -- we're able to increase the offering of stores -- of cars, sorry, and we are having offers and the relation is that we're having negotiations. This is helping to have more cars there. And at the same time, they are dealing with this, doing all this. You can do a little. The assembler wants this and it could be interesting. So we are going to open alternatives. I brought a bigger picture of a store. This is a real store, a big store. It's not like this, but it's great. The drive is small. This was just a picture. And so we are -- it is going to remain with this look of Movida that is similar to the store in [ Porto Alegre ] this year of drive. We have changed some points there because of the growth that we are expecting in some of the important stores of drive. I just wanted to show you this quickly. And then we were going to introduce the 2 executives. Now Jorge is going to speak about SAT. Jorge is with us and is setting up this challenge to give value to the company.

Good morning. My name is Jorge Bau. I'm going to speak about my past. I was the founder of Sascar and I started in 1999. And I stay until 2009 when it was sold, and we started with a very small capital investment. And than when I left there, I founded CMS together with [ Bradesco Seguros ]. I stayed until the end of last year. Then, was invited by Renato to participate in this new challenge and bring to the company a difference in relation of the service. And also I am the CEO of 2017 since last year, and I maintain the 2 companies as responsibility. And now I have this new challenge to optimize an excellence in terms of operation, optimizing and being able to make benefits for all. That was a company that was created in 2022. The goal is to improve services but not only Movida but also the group and also the market. And so we verticalized the assistance part in its 24 hours. It is done by us, not only by Movida, but for the whole group. So what we have service and quality to be able to give important actions. And also for this client, and this should be a big differential. We have technology. We have a technological platform from China. We're going to produce equipment with software that will be internalized that we developed this year. And also, we're going to increase the level of service. Also, we're going to optimize costs and also operational efficiencies. Speaking and to give you the idea of what we are going to do, the connected car from 1 point to the other. When we will have this available from the assemblers, we're going to install our equipment. This car will have its own history since the moment that it was implemented in terms of rental washing. We're going to parametrize this process the life cycle of this car. We're going to put alerts, and we're going to work with the preventive issues, correcting things that are outside our curve. We're going to do everything through an automized system, giving quality to the company and also differential, and this will be in operation and consequence [indiscernible]. Besides the part of doing this all management of the operation, we are going to do the recuperation and also [ fraud. ] And so we will be sure that this is all internalized. So our software will bring rise for the company in terms of this. I think this is to tell you what we are really doing with the SAT. Thank you very much for your presence.

Thank you, Jorge. And so thank you very much.

Thank you all. So the structure, we are dedicating to every pillars in the company. That's why we are going now to a more interesting, showing you numbers, figures. So everybody have their own people working. So we are talking of asset management. This is a company that we already saw this. This is part of our business. But in Movida, these management assets allowed us to have such a good strategy and have a 1 million client. So we are going to show you what happened with the prices of new cars. The process of new cars are raising. We had accumulated inflation more than the normal, 23% accumulated inflation while number -- the normal figure was 4.5%, more than the double. But this is already stabilizing in 2022, [indiscernible] is stabilizing. And our message is, even in the challenging scenarios. And when we saw these prices, the prices of the new car never drops. You're talking with all the assemblers for the most part of the beginning of 2023 is one, there is no less help. There is no drop in the prices. New cars will not have drop on prices. They will still continue raising. So we'll have more -- the inflation will be more -- we have more inflation, 7%. But there, I think that we have good chances. Our scenario today has all this renovation of the production needs. So in the beginning of the year, everybody said we are not going to produce cheaper cars and cars that have a larger margin of profit. But this is not happening because with the inflation of the new cars and the power of purchase of the Brazilian is not enough to buy new cars. They were producing cheaper cars. So when we are talking about this is -- I'm going to talk about the prices of semi new cars and 0 kilometer cars. But the prices of the semi new cars is dropping. This is not -- we don't work like the stock market. It drops, but they have a limit when you have the percentage month to drop in the drop. In January '19, there was no pandemic. The dealers have a little discount but then they get, 1%, then a little drop. This is 2019, and a drop of let's say, 0.5%, depending on the model of the car. That has the drop in [indiscernible]. Now what we see, we have a stronger -- we had stronger figures in the adjustment. And we have another [indiscernible]. This means normalization. Of course, we have a macro scenario, challenging scenarios. But with the reduction of the IPI, we don't see too many huge changes, but the normalization. But on the other side, when we look at our business, where the [ VP ] drops here, what happened here, in the lower part, they talk between each other. And my -- the sales decision has to do with the lower part. When I see the orange line in the production and the gray is the licensing. So you see the stop, what is the left over. Everything -- every time the orange is above means that we have more cars available, more discount. Pandemic people buying with discount. Pandemics, you start licensing, you have not large production, less discount. What we have today, again, glued. So that's why we have the discount in the middle of the year because you produce more stocks. Our reality today is that many times, I have cars that I foresaw that I was going to sell that was to sell to BRL 70,000. When a brand-new car is BRL 75,000. So with my semi new, I would reduce [indiscernible] but meaning that I am going that also about my semi new cheaper. But then I have to have the depreciation of a new -- my car when I was going to change to get a new car. When I look at 2022, obviously, I say I'm going to renovate with more cars. I have to see new cars, the new cycle project of course. And I have the adjustment and this interferes in our sales strategy, buy strategy. And this is a very good moment. And why? Because this is what we can see now because the purchase mix, we used to buy 70% of the cars of the entry cars. This was pre-pandemic. 2019, this was reduced. And during 2021, we bought less than 30% because we had demand for these cars or basic cars and potential for valuing and availability. We bought this car. And now what is happening, things are going by because we have access to this more expensive cars. Take a look at the difference between October, November, we are more buying more potentials or 0 point. And we look at November, we had more than 90% where with additional offers of the 0 point cars. When I have a company looking what's going to come is much better, it's much better because I'm going to buy a cheaper car and sell more expensive. And now we're going to detail this pricing.

Good morning to all, Edmar. I'm working here for the financial area of the company. Well, people could only know me through the Internet. I'm not [ Jamie ] because I'm [indiscernible] than I am. And this like we have been showing and this is going to communicate to another session and showing the challenges. And what happens? And this is going to make understand a little bit of what goes on. The first point, as Renato mentioned during the pandemic, we had a different strategy that the prove drive, we more than doubled the size of the company in our revenues. And now we are facing a moment. And where offer is going to allow our class dynamics is completely different than what that used to be in the last 2 years. Looking at this slide, basically, we are saying that every time that I used to buy a better car, I had to make an effort that started in 2021 with BRL 5,000, BRL 10,000, this is the basic history. And we had BRL 24,000 and then we started dropping in the middle of the year when we said that we would decrease the CapEx. And here, this was the result of our second semester when we were going to reduce the CapEx either in the amount or the price of the car. And the last semester show that every BRL 24,000, it became 12% and what we are shorter today are the figures of the last 2 months. So -- and in the average, you can already see that was BRL 24,000 is already 0. The CapEx here in our renovation changes the dynamics, the compared -- and this happened fundamentally in the short term, where I had to renew 74%. And I had to place BRL 20,000 in each car. The same account now according to this top is going to be close to 0 in a very short time that it would be BRL 1 billion that I have money in cash that will be reduced flow to anything. So this is very important to understand the dynamics of the cash flow of the company. As we anticipated in order to tell the market very clearly, this is already happening. Dependent the trend -- the trend is there, but the threshold changed. And we are close to 0 now. So this decides our -- the dynamic of our cash flow. When we look at rate, where we have -- the effect is positive and this trend continues. We have another threshold of purchase because the efforts in negotiation and purchase adequate to the strategy and sales is there -- is already ahead that we already have, and we have to sell it. But -- and we don't have only 1 brand. We have an old brand. Only to remind you, if Daniel showed you that the average price is above BRL 75,000. This price include retail, direct cargoes to the wholesale. This is simple mathematics. See, if there is already BRL 80,000, I'm not buying it for BRL 70,000. These numbers already became positive figures. With this [indiscernible] because this mile store is going to sell a car above BRL 100,000. Our store is selling above BRL 100,000. When we say BRL 70,000, this includes our mix, our wholesale, but with the smaller new average ticket. And this means that we are selling and supporting ourselves. The model that we invested with more comfort, with more experience prove that we were right. Our strategy is very well -- It costs a little bit more of CapEx but also shows a more competitive advantage. And our main commitment of value generation. We are here to value -- to generate value. So we don't have the commitment to roll. We are now committed to generate value, and we are going to talk more -- a little bit more about this commitment. Let's see here our chart. Okay, our people really work hard. Here, I'm going to show you the cash flow. Okay. Now on previous slide, if we understand the dynamics already changed and very quickly. The dynamics of 2 years ago changed in the last 6 months. What we have here now. This is basically to show you again, but what we generated before the growth and this is an indicator of the sector. Here, this is the orange line and we show the innovation CapEx that again reflects what I just said, BRL 20,000, typically to make the renovation of a car. But in the margin, we are already showing 0. What is the effect of all this. In 2021, after the cash flow generated, including renovation CapEx was negative. It's also the dynamic of the '20, it became negative because of the dynamics of larger expenditure in the innovation of CapEx. When I see 2022, it's only the effect of the last trimester, it already became [indiscernible] deposit. So we have BRL 1.3 billion in 9 months of the '22 compared to the whole year of 2021. But this dynamic that we are showing now presently where the reposition of the renovation of CapEx is much smaller, the generation of cash before growth goes above BRL 2 billion. But what is the great task that we issue. The great point is the change, is the change of threshold of the company. If you look before the pandemic, we had more than BRL 100 million EBITDA -- annual EBITDA that were 2021, this was another that we had to issue the bond. Today, we are doing this every 3 months -- every 2 months at the same level that we did, in the same year. So we multiply that by 4 EBITDA. So the fleet doubled, our clients raised 40%, 50% in the rate of active clients. But when you look at the EBITDA, we are talking about a multiplication by 4x EBITDA. So we look forward, where we hear a sensibility in the of -- and the dynamics change also. Again, I used to have a negative cash before growth. And now I generate approximately more than to ability. So we have a delta more than BRL 2.5 billion without changing anything at all. Our main message is BRL 1 billion in 9 months and the 12 months is even. And another important message is the capacity of the company to generate cash very quickly without already fuel. You can really opt not to reduce your fee. How are we going to -- how can we grow without [ AGCO? ] It's because our business have an asset, liquid asset with the equity. We generate BRL 2 billion cash in 3 months, and our threshold is our baseline. And today, we generate a double that is why we don't have any concern or restriction in cash point of view. We have liquidity, but our cash flow, BRL 1 billion is already positive from '20, from '21. We were changing our fleet from cheaper to more expensive. Its new flow represents that we have more BRL 1 billion. And today, we have a higher raise. We are not doing any simulation. We are doing an exercise looking back 9 months because this is very important because during our conversation, I can see that our cash flow is not very clear to all of you. To talk about -- we bring in the trimester of 2020, showing that the EBITDA of rentals was BRL 270 million, and now we are at BRL 800 million just in the rental of incorporating still the increase of prices that we are incorporating. And so Jamyl said about the famous BRL 150 at the end of this year that we launched this challenge a few months ago, but we hit BRL 139, but we're going to get to BRL 150, trimester month. The fact is when you look at the half of last year, we are speaking of doubling the rack tariff. Just for you to know what we're talking about, 1.5 years ago, when we launched the challenge of changing the baseline of the tariff of BRL 75, now we are now facing BRL 150. Why? Because we need to, no way out. We have to increase, and this reflects a decrease of the rental. This year, the rental is going to continue growing with proportion [indiscernible], but the growth of the rentals will increase -- 15% reduces the percentage because the basis grows. There will be a growth in EBITDA in terms of rentals. It will compensate the semi news, which is in terms of margin and nominal EBITDA because it grows through the scale and the ticket of sales, diminution of the issues with semi news. We always like to think the guidance that we have 2 years, help me if I'm wrong, where when we launched guidance to get to 600,000 cars, 260,000 cars. We didn't expect that it would be the way it is. Let's remember we're in a scenario of interest rate of 2%, 3%, and no one thought it would be 14% in this scenario of economy and political that we are today. But the big issue today, in 2 years, we already -- we are 2/3 of the way, we launched and started running after the ball. We had to grow, and this was our guidance, 150,000 cars, 140,000 and whatever. And so we hit 95,000, 88% of growth in relation to the day we launched this goal. This means that from now on, we have options to grow less. Grow 1/4 already what we grew. And so we grew 88%. Now we have to grow 22%, 50,000 cars a year. Now we have to grow 50,000 cars, and we will deliver the guidance without saying that the change, the transformation of the price of the car, change the size of the assets -- the base assets. So when we looked at the past and we saw established guidance 260,000, the value of the car is not the same today. To get to the guidance is much more that we had programs of less than 2.5 years ago. Just to remember the guidance, we have the opportunity now, as Renato said, and other directors mentioned to focus on operational efficiency and gain profitability and take away the pressure of growth which happened in the last 2 years. And this is a message that appears for many of you when every time we make a meeting, follow-on here when we're going to need follow-on because it's already 3x of growth of EBITDA. We doubled in terms of the assets because this was a change of make sure that we don't have. So when we grow 50,000 cars a year, having EBITDA stable. Now the challenge is 15,000 cars, 7% but this is 1/3. But in the relative, it was 40%. Now it's 7%, 1/10 of the growth. And look, it is more selective. We don't have to accelerate as we said, 1,000 cars per month. Now it is different. I could grow selectively and the prices will raise, we'll get to what we want. That's we have to have -- we have to do a stable -- go stable, leveraging. There's a lot of work, a lot of execution. It's complex, but it's more comfortable from now on, it's different than what it was to get here. Additionally, just to remind you, the public is -- of equity public, we invested a lot in the credit market. And this market showed available and open to the company. So just bringing you some numbers to remind you how we were able and what we did. And so here, 2020, this is when it starts the pandemic. And so we got 1,800 for liquidity, and we started to grow. When you see the last 2 years, the accumulated is BRL 14 million. In the year 2020, we overcame BRL 15 million of capturing. So we have support when we speak about credit. Not only in volume, which is very important because we transform the EBITDA into fleet. But also in instruments of market. So if the international market is in for the first time and also the individual market and also the agencies in development and also with BRL 5 billion in cash flow with a deadline of superior 6 years and less growth, as you can see, not of cars -- car by car. But as CapEx changing the baseline in short period of time, we are going to change the capture of -- this takes away a point where people also question us, but what about the cash flow of the company and the need of capturing this change? We did what had to be done. And so now this was a mountain. We already went up the mountain. Now we're on the way down. That's it. We went all the way up and now we're going down and the movement. I'm 4,000 feet. So there's no oxygen, the difficult phase where we had the problem is in the history of the company. If you take all these figures, these numbers and project that the EBITDA is going to grow and our generation of cash flow and growth is going to double or triplify, you will see that the necessity of capturing is what was in the past, a fraction of the past. I'm speaking about a number, 25%, something like that, if it's that number. So once again, this tranquility of numbers with substances for you to have clarity that our strategy has the beginning, middle and end. And this strategy, what's important to say, we speak in a while, and we are a leader in operational margin in terms of revenue per car and now we have a point that is we are in terms of capital. Our decision to grow and take advantage of the market, bringing new clients and create a better company. This generated a stress that even with the best balances, it sort of delayed the capital cost. So now we have more options in terms of capturing and more discretionality in terms of the management of debt. This permits us, of course, the scenario is different from 2 years ago, but we can reduce the capital cost and close the gap for us to be in terms of generation of value, which is our commitment. Said this, now we have the part of innovation and sustainability, just to go through these values that are Movida. When we see Movida and reminding you of everything that we do, we use the collaborative system since 2017. This is a lot of interface with start-ups that bring improvement in process. We changed our approach 2.5 years ago. Instead of investing in start-ups which is not our business, but to use what's in new and bring it in the company to gain operationality and efficiency. We have invested a lot in digitalization. I'm not going to repeat this, but we believe and we create the [indiscernible] in the mobile commerce and all digitalizing all our processes that have a store that is completely digital. We are the streaming of cars. It's not a Netflix that only has subscriptions. You could buy the film, you could pay 1 per month or sort of like a streaming company, very flexible, lots of content. This is Movida with all the service for our clients and each client has its service. This is great. And this is something important. There's a lot in terms of innovation, in terms of sustainability. And we reinforce this. This comes before we arrived here. It's in the DNA of the company. That's why we are recognized. There are various indexes, certifications and commitments that make us different. And this is very important. It has given us a lot of exposition. And also in the part of recognition, we are in the right ways. And I have to highlight the growth of the brand Movida was valued in 2022. This is of the any brand in Brazil, not only of the industry, it is in terms of value of the brand in Brazil. It's not a reward from a magazine. It's a recognition from the consumer that there is a differential. That's why we were able to transform the price and our services are recognized and not we double the price but we doubled the volume. And so this is different than just only charging the price. This gives us comfort. So if we have a market, we are going to have a just price for our business. And now this is an optional in terms of growth because we are recognized various ways and highlight of MIT as we are one of the best places and innovative to work. Many recognitions that we didn't bring here. And obviously, I joke and I say I am suspicious. We have [indiscernible] price, you're going to vote again. But I am considering that we have the best IR staff. And many of you, we have the RIs marketing. All of you worked so much to be able to be here. But this is so important. Very good. And the -- let's say, from the presentation is to give the highlight to Renato, which is an inspirational leader and that has gained prize -- award of a best executive of the year. It's award, not mine. It's of the staff award. People that vote for me, don't know me, saw me once or another, they are looking at Movida. It's the value of the brand. That's why we got the award, that prize of executive and CEO, but this is a work of a team, and it's more important for you to know this. So if we are opening so many stores a week and doing so much, everyone takes care of each thing, and we're all working together because the last highlight is Renato, but I have to tell him this highlight of Renato that has brought to the company and inspired us every day to do what we did and what he does. We speak of him. He always sort of says, "No, it's not me like [ Fernando's ] success is the first step of weakness of failure. But we have many things to go through. Let's do it. And so let's what -- want to speak of the highlights, which are the main messages that I want to leave you to have a summary that we presented here. These are the 7 highlights that are here on the screen. In terms of the positioning. We are not doing the same things that our competitors did, new solutions, but we are growing and bringing new clients and allows -- allowing the company to deliver on the results. I'm going to highlight the fundaments of the market. Our market has a lot to grow. And we should grow 23% a year. This market, we have a space to 30%. But we -- this will not happen, not only due to us. But we -- our prices are going to be fair, and we will have the return. Is this is what you see, and this is the sustainable growth, I already mentioned the structure that we obtained is very important. I am repeating everything so that you will keep on not forgetting that was said today. And our proposition of value is recognized by the client. We grow a lot our level where we grew 77% in the [ quarantine ]. If I will charge more than the other ones, I wouldn't have this charge because you deliver values and you charge the fair price and our team is doing well, and that's why they choose Movida. And when we change the scenario during the crisis, we were different than our competitors. This is our greatest differentials. When the market started to think about selling cars, we already were doing this. And we -- when they started, they wanted to buy, we already have bought everything. And the end shows that we were right. We would talk about solid balance with high liquidity and a strong operational evolution. And this is a very good scenario and also maintaining our guidance that were made in a completely different moment. But even with these figures, we raised [ 25% ]. This is our main guidance to 2025 will be maintained. And now I am open now to our Q&A session. Ed, would you like to join us again. Thank you so much for being here today.

Okay. We already have one question here. Do we have microphones in our audience, yes. Lots of microphones, a lot of questions.

Good morning. Thank you very much. My name is Pedro Bruno from [indiscernible]. I would like to talk and discuss the evolution of tariffs of that was sensing [ 150 ]. And also the rate and the cash flow, the CapEx. If you buy a cheaper car and selling more expensive, you reduce the need of cash. I would like you to talk about the rates here in this context because I don't -- I think, but raising the average rate with buying cheaper cars -- and what are you waiting? Are you waiting a higher evolution more than [ 150 ] in tariffs?

And -- but this raise and raise, I'm sorry, it's really rates in the sense of being fair, as you mentioned before, and in this context. So we have 2 effects. So if you look price by price, we have a raise in [ percential ] the value that you see is smaller because you have this mix of plans. But this mix of -- that is more eventual than monthly, the eventual. So always going to be the double, it's going to be more than 3x. But at least more than the minimal monthly tickets. So this affects mix. So if you see only on the bad side, all prices are going to raise 20%, 25%. And obviously, in December, January, of course, we have end of the year. But for the next year, price by price is going to be more expensive. You have the facts of the mix of fleet but you have the effect of eventual versus monthly that compensates the effect mix. So the mix is going to be -- the tendency of prices is going to be raising the price with the trend of the minimum average price in all [indiscernible], the heck, the dynamic of -- the dynamic tariff because our other business also so important, we are renewing almost 80% of our content with the tickets with BRL 2,300, BRL 2,500 that used to be BRL 1,600. So as you change, they grow also. So you have to change the whole base to see a higher ticket only to complement the heck of the macro on the choices of the segment. So I would rather have less enthusiasm to Uber and more to the eventual and that would help us in the medium tariff. Jamyl brought us a very important figure that is transforming. It is a dynamic rate for the legal person. We have more than 80% that are adhering to these tariffs, meaning that if you have a corporate dealer, so during Carnival, you will not get the BRL 250 car. You will get a discount. But when you look at we're going to choose where we want to be present and what do we, I am clearly gives the idea the perception that we are going to grow our tariffs. And I really feel very comfortable because the [indiscernible] 100% from last year, 150% from this year worked very well inside and upside. These were figures that we already got. What are the figures that we hit to look for at the end of the line. No, it's this or the other one. So [indiscernible], and we are dealing very well. We are achieving all these figures due to our fleet and our infrastructure and our technology, the level of service that we can deliver. I have no doubt that the [ wheel ] will continue growing.

Alberto Valerio from the UBS. You send us a couple of information, valuable information and for our analysts. You mentioned about the pricing. It will not drop for next year. I would like to deepen a little bit this issue. Next year, we will have the [ L7 -- L6 motors ] are leaving no more on the market. So more -- the popular markets will no longer be manufactured. So what can you expect of the fleet? And these -- are this 80% sustainable that you mentioned for next year? And with the negotiation that you are doing with the manufacturers.

Yes, so we have more availability. We will be able to buy a very good mix, very well aligned. And we have -- we don't have no closed deals yet, but we are discussing already. We have a lot of discussion. But with adequate mix, mix will not be the problem. Well, inflation, yes. The assembly -- in assembly, assemblers are saying 7% for [indiscernible]. We are not talking about model by model because the [ average price ] will a little bit more -- a little higher. If you put golden voyage and you substitute for [ Paulo ], this will be a slight difference. And each different -- each industry has a different strategy and what concerns mix. When we look ahead to 2025, something different because the regulatory demands will be even higher. So this is going -- what makes us more competitive -- and this was we'll make the change of our fleet. But this is a trend that structurally, I believe that the industry will become less basic with the macro scenario less pandemics and the interest and the credit. The industry has to look inside and to see exactly what we need to produce cheaper cars. So for the first time, for the first time in the second semester, we have more direct sales. And when we look at next years, all -- everybody believes the direct sales will be more relevant, and we have assembled in that 60% of the sales in direct sales for the whole market because they foresee growth in the market, but they also see us growing more. So they think that this offer is going to become viable because I'm not going to grow because interest rates are high. So everything it is possible as long as -- so we do have options because we are only going to grow if everything makes sense to us.

[ Mendes ] from JPMorgan. To that -- I would like to one about the 0 kilometers and growth that are the indicators of the fee today in size and more -- the challenges, as you mentioned, in 2019 and compared to the last 2 years, and there's a lot of potential. So what for you did not work? And what do you think is going to work in the nearby future?

Your first question on the amount of cars, we will not be able to answer, this is legitimate. Okay. Is the general comment -- Renato's going to comment 0-kilometer cars is a credit product. So it needs to have a very aligned credit, and we learned a lot through this journey. We -- for us, it could be -- could we grow more? Yes. But you open the papers and you see the banks are releasing less credit and manufacturers also. So in the point of view of the structure of the product, we have a target public, very interest. This is typically [ AB ] public with a good line of credit. And what we can see, the renovation happening very positive data, very preliminary. Operationally, we other cars do not work well, and this is going to add value. This is -- and the point of view, this is not a very good figure. But until now, all the indicators are very good. But when we talk about demand to the potential, we are doing sales according to our plan. We have space to sell more, but we choose to be more conservative. And we choose because they are strong because if you buy the car and then you sell, we can do 100,000 cars. So we choose to be conservative in the credit to have any kind of evolution. And we also in the point of view of capital of assets in order to buy before. And we have the aim to be excellent to see all the complaint. Our 0-kilometer cars, we offer completely different cars from the other companies. And because we don't want to frustrate the client and keep preparing cars. This business allows us to grow gradually in a more sustainable way, generating value, preparing the company, we still have chunks of the processes that are not [ durable ]. That depends on human. So we have an army that has doubts and digitalize all this process so that our journey will become scalable in the point of view of operation and to grow more. We have a huge market. We have more than million cars in the retail, yes. The great part of the cash counters could be to migrate because the financial account at the end, we have to see they will sell our clients to see if it's more to -- it's better to rent, but many people don't know this kind of business. So this market is growing a lot, which is very good because we are growing in such a way that one way will not be supportable, but this is going to create awareness, more demand. And with this, we can later on consolidating this market because that even though we started earlier. So because the credit is more controlled, the problem is when you have a higher scale of 100 to 100, 200 companies, cars acting.

And what about strategy outside of Brazil? Of course, it's small today, but you have a metric or have a specific size out abroad?

It is in terms of opportunists. It is part of our strategy -- we would like to have 25% in strong currency and this is long range. We don't have a pressure to do this quickly. So yes, we consider alternatives. We evaluate the investment of every additional car and in each business. So when you consider Portugal, yes, the market permits to grow in cost of capital that is lower and also generation of value or spread in terms of capital more than here. And while this is -- it will grow a little, it will be transformer, no. But other countries, it depends. We will go slowly where the opportunities appear and it makes sense. And so this has no impact here because the person there and the team there will be able to manage this without compromising anything in Brazil. Our plan is Brazil, but we have this plan because this is an optional we will validate each growth and what this means. And let me just reinforce one is to understand and to attend the client, focus on the client. And then this is so important and to have guarantee that the service in Portugal is exactly how we want it to be. And so the important is to do it correctly, right, conquer the market with service and it is differential. And so this will happen naturally.

Okay. All I am [ Gabriel from BBVA ]. And from my side, the first Renato commented briefly about provocations of the assemblers to do buyback program. We saw this program abroad with the resale guaranteed and so Seminovos. And this is with -- risk is with the assembler not with the location. If you can please explain this? And the second point, the follow-up about internationalization, how do you see the assembler as a global client or regional? Is it possible that you could do this outside and negotiate with the ability that you have here? Or do you compete with the plans? And what is this opportunity that you have?

First question about buyback, why don't we have it here? Because of capital here, it's different. And the resale, it depends on the concessionary, outside the assemblers have their own network. And so they control this. And so they could do this very naturally, the provocation that is coming from abroad. And they also want to find an alternative to the big discounts that will be necessary for the volumes. There is a growth in terms of brands. Some are more aggressive than the others, and this makes sense for other alternatives. Now there's the discussion globally to have some support from abroad to find to make feasible a buyback that makes sense for us and them, still nothing concrete, but this is an ongoing discussion, and we have to do this together, but the entities are independent. Something is Latin America with the assemblers and different than the United States and Europe, which is done differently, what exists? Who are you talking to? Can you imagine drive? You're not going to speak like they speak with the president of assembler. So if you have a president of assembler, I can open the door. Let me present you to these people, not even I'm going there. So I put these 2 guys together. An introduction and life will follow. You take a look, you're going to buy 20 cars a month. We're going to make agreement, 250 cars a month. Different here, which is volume. They also want to gain market. It's more aggressive. You go into the strategy of the company. And many times in assemblers, Portugal is work -- it's a work, it's a channel. This access to the matrix of the assembler it is helping. It helps the production. It helps the offers. It will give us a differential in Portugal, not like the scale here, it's different but it will be the way that it does and could work in Portugal, for instance, the quality of the credit. Can you imagine the challenge of growing alone and now the challenge of growing in terms of the balance with Movida. It also helps in the general outlook.

Good morning. I'm from [ Filato ] from Credit Suisse. Congratulations for all the directory and the results. I would like to speak about the change of mix. And also, I would like to see the numbers of cars to the basis of capital invested. I know the change of mix is favorable in terms of liquidity in fixed rates. But if I would have a gap in a car, that was bought cheaper than a sold car. I'm reducing the allocated capital, and I could relocate in terms of cars. So your discussion what I understand it's not the moment to allocate additional capital. And then I would like to understand if this is a [indiscernible] in facing the cost of capital because we are in an environment of high interest rates and how -- what about the discounts. And I would like you to speak of these dynamics and the goals of these effects of mix. And if you expect 2023 that this gap -- is this sold that is more expensive? And what is the effect of the average rate of RAC?

Let me answer some issues. All our conversations, our conversations among us, the ROIC is always 100% present. So we look at everything, but we have to deliver ROIC. So this is the first point. And the second, what you spoke about the mix of fleet. In our view, once that we see space to growth of tariffs of rate in a base of less capital, this will bring ROIC because being newer in terms of service presence and everything that we spoke about price and client. And so in our view, that is going to happen and it starts to happen in the middle of 2022, we are going to be able to deal with this rate, continue to push the tariff. And at the same time, deal our capital -- our base of capital, less in terms of less growth of before. So it's where we are going because once again, 100% of our conversation and financial issues, we speak about ROIC and speak about ROIC. And this effect is of the RAC. And so this is -- we increased the revenue and increasing revenue exchanging old cars for new cars. And this is higher cars very predictable. It makes us selective. We're not going to enter into a big bit because to do madness to buy and scale, we don't have to do this today, but you saw the strategy that we did in digitalization, bringing many clients and the return is higher. And then yes, there is investment of capital. There's no restriction in investment. It's an option our condition today is comfortable. It is not restrictive. So we have options of growth. And if we get to the opportunity with ROIC, with spread and the cost of capital without and then people think it's going to go down. And so this is what people are seeing. If you have return, and we can price why not grow. There are not problems with the growth. We believe that this growth will be less because of passing on of the price and also focused and concentrated in the long-term business, like the growth of ROIC and this reduces investment of capital.

My question is in relation about the discount with the assemblers. And how do you, in fact, are seeing the scenario comparing with pre-pandemic and also your main competitor because it was very -- your message was very great in terms of growing less. But no one would imagine that this would put into risk your -- look, in terms of relative -- could you please explain great.

In the short period, this is helping us. You have to think this automotive industry doesn't have the flexibility to adjust quickly. It has a production plan. It has to deal with it. When I decide, I'm not going to grow because I can't have this possibility, I have an offer of 250 cars and say, want to buy 80, 170 cars flying around, you can't fly. So then there's a dispute. But what about my volume? What about the deadline? So there is a negotiation. The scale is what's important. But our sale today is what we can do with good negotiation. Because we have people that have to guarantee the autonomy, and we don't have to do this today. So I am able to be calm and disciplined. Of course, in another case, scale is important. That's why we are always taking care. That's why we built the strategy in the last 2 years because we saw what was different with the [indiscernible] of cars. But with 200 cars, it's even more different. And today, I can't even buy from all the assemblers that want to buy -- that wants to sell us. So the negotiation is on our side because we -- and during the pandemic, things were different. We have a larger price, but we're still [ evoluting ] and we are getting close to the competitors and some of the assemblies, we have more discounts and the other ones now and life goes on.

And could you tell us about the difference?

We didn't -- we -- I don't know exactly what the difference. I'm telling -- I'm saying today that I want the same discount in the same term. Today, we already made some spot purchases but there is a -- there were different models that we used to buy during the pandemics that we were able to buy. Others, we are not going to buy. We were going to be able. I can't tell you exactly which of this model. We -- I think that it's going to become a little bit worse and what concerns because we're going to end the year with a higher stock and they have higher stocks, and we will be able to deal better. We reinforced the purchase of cars. We have [indiscernible] on our team now. And we have 200 years of assemblers working here together and we are -- they are going to help us also not discount only for the discount, but only the timing of the purchase -- because I wanted to stress the optionality, the options are on our side now.

Thank you very much, Movida for the event. We understand the dynamics of to buy and sell, the dynamic is good for cash. If it could explore the dynamics for the result of the seminovos for the next [ trimester ] because as far as I understand, we had the dynamics in the last semester where the smaller discount and a more premium mix would be compensated by the rate. And also, we have more 2 or 3 trimesters in -- embedded in this mix and time goes by, the prices of the new cars do not help as much. So I would like to understand it is that in the next 2 to 3 trimesters, will we have more pressure due to EBITDA? And how does Movida or the rates and tariffs and rates? And because the market is very concerned with this new macro. How are the due dates for debt and pricing?

So let me start with the second question because this is a very, very important topic. In our presentations, we have roughly saying we have BRL 1.3 billion of debt. So we are talking about BRL 2.5 billion. For a company that has an EBITDA of almost 4 million. So what is the percentage of EBITDA that I have to renew? It's only a fraction of EBITDA, we are talking maybe 30%. But on the long run, as I mentioned, of BRL 5 million in cash and BRL 1 billion on accounts receivable and all the operations that we learn in the group and all the attempts of the financing attempts. We had BRL 15 billion in 3 years to refinance BRL 1.5 billion. So thank you for your question because I have all the figures here in my head, but it's good for you to know the liquidity, the amount and the risk of refinancing and see that the figure, this is very small. Even in a harsh scenario, we are able -- we have the possibility, I would say. We're very comfortable compared to the average of the market. That's -- and we are prepared for this. We -- when we were questioned -- when we started to renegotiate our debt but we wanted to enlarge our profile. And this is the proof. We have BRL 1.2 billion of higher EBITDA, and we have BRL 55 billion in cash. As for your first question in the margin for Seminovos. It's not that I have more passionate to [indiscernible], we are reaching normality. I don't think we're going to reach 2 digits EBITDA for Seminovos. We are going to work with 1 digit in the middle of the way. Maybe 1 lower digit. This is the normal for Seminovos cars. Yes, we do have. What you're seeing in the country that all car we have [indiscernible] of cars that have a very good positive image. So they push our result and the [ FGTS ] cars that even car that are depreciated still are very much above the real price. So we have many, many cars to be renewable. So they are written off to renew our fleet, this is going to depend the result but normal is going to reach 1 digit in the EBITDA and a relative contribution in Seminovos. But we sell more new cars, so the index -- nominal index is smaller. But if you have to look at nominally and you look at it 1 year ago at B2B 250%. It's a little bit -- it's going to go on happening because we are [indiscernible] the volume and raising the medium value and expense. As we said 3 years ago, no, we are not going to reach. We are going to reach probably -- we already have 6% or the trimester 5%. The average ticket will be more or less 4%. But if you look at pre-pandemic, this would be 6 points. This is very relevant. So depreciation is going to grow. So you see how much you lost a discount and so on. So this vis-a-vis the conditions for purchases in 2023. You have different kinds of depreciation according to discounts. If we have no models, so the only benefit will not come from discount. It's going to come from the mix that even with the average discount a little bit lower, the mix will make that the margin, the sales will become -- will increase, it will be better than our competitors. So we -- what we have to do is to do the correct buying to buy the right cars in order to have a good.

Only as a follow-up, would you be able to -- what is your expectation as to expectations of the RAC of BRL 8,000 for the 2,000, 3,000 [ semesters ]? And what would be the normal levels in the purchase?

I think what we are doing today, we discuss a lot. We see sales projection and so on. We do not control the Seminovos. But if there's a macro scenario falls, and the person -- if they sell the car because the people -- because they still need money, this affects depreciation. We do not have to do this. But according to the structure, but the market maybe could be affected the Seminovos cars. Our vision is what is in the balance sheet that you can see. It can grow worse or better. But what will this do? You know it will change the price. Our strategy of [ price ] also represents a risk. If this is not raising too much, I don't know if this is going to grow, but you have to pacify this, especially in long-term agreements. So you change the price and constantly grow growth. That's why is this our best moment, these options allow us to be safe and to have the right price. In order to grow with the right price, we will grow, and there is no problem. But we understand the priority is to guarantee that we are being conservative and [indiscernible] everything. And [ Roger ] complementing is that in the last 1.5 years in the market change, we are looking at rental prices because this is our [ influencer ] lines because we have more in the market rental, the record rental we can influence and we can them much more. It's so important that we continue the small movement in order to see how in the long term this will work. Therefore, what we think that, that structurally rentals will have a more important role in the structure and the result of the company in the long term. One or 2 questions more.

Just a quick doubt, just to conclude the selectivity of growth the selectivity of growth that we saw in the RAC. Is it worth for the consolidated if it's going to privilege the fleet so we can pass on the price? And the second is using your -- when you said the long-range goals. In fleet, you already went through the peak of the mount and now you're going down, but that goal of [ 1.3%, 1.6% ] is a little of profit because what part of the mountain are you on?

[ Lucas ], it is maintained. We have all the numbers of the guidance. And the price that we put is that we will continue. There will be an important evolution in the margins. And so when we see the pricing in long term of the interest rates, it does -- we don't do different than others. And so we will base on that in 2 digits now, but this is what we see. Once again, what we see is that with the scale that we have and all the efficiency that we have to capture, we will be able to deliver this. We were discussing this yesterday when we did the IPO in 2007, the sector didn't go to 40% EBITDA. And so 2018, maybe 40% would be -- will be proxy. But everyone is operating with 50%. There's 10, 15 points of rentals in the last years. Why won't we continue gaining -- still we have more efficiency to gain. For instance, [ Lucas ] spoke about the turnover of the fleet pricing. Jamyl has the homework to fight with the agencies in terms of commission. This wasn't done. This is an industry that is beginning, how it is paying its intermediate people. And so we have a lot of work to do. We're only in the beginning. So we say we're going to have profitability in terms of rentals. This is our line. Look at our scale. We just doubled, but there's still -- we have many things to do this. So in the volumes. So everything that you changed in terms of the models, you gain efficiency and you diminish the costs. And so if you compare 2019 with 2022 and divide with the revenue, you will see the efficiency. Then we have the gain of the 20 points of the margin in terms of rentals. And still it wasn't captured in terms of the growth of last year and everything that we are doing in terms of the more of a structure that is more centralized. These gains of operational efficiency will bring an incredible gain in terms of the interest rate. The time of maintenance to demobilize itself. There is money that is a lot. So we have things that are comforting that we can say that are very well organized. And this is better than what we had a while ago. Now we have a clear plan to get where we want to get. [ George ], for instance, he set up [indiscernible], but he started with 100,000 cars. We already have 100% of the cars already screened. We don't speak about this. They assisted 24 hours, which is something national. If it is -- it was done in the last trimester. But [ George ] is already responsible for responsible to 200,000 cars and trucks. This is being done for the whole group. The scale is done. We are going to capture this. And there's a lot of money. And if he was making 10%, can you imagine.

Victor from Bradesco. This is in relation of the [ SAT ], which I would like to ask you are seeing more options in terms of revenue or of maintenance of depreciation? And looking ahead, how can this contribute to the ROIC?

The upside for us comes from the level of service. It goes to the experience of the client in 24 hours. We just implement, can you imagine the disruption, we gained 10 points without the process, how it is [ IPS ] in terms of market, when you look -- so we have a gain in service, the proposal of our value. So it makes us have different prices from the competitors. In terms of screening is to recuperate bigger cars. The industry is losing cars. They steal a lot of cars. I'm speaking of we recuperate our cars because we have a structure to recuperate the stolen cars because this is a problem in Brazil. And there is a big space of return as the loss is 10%. And so this is in the bottom line. And this is a commitment to recuperate the cars also. And then you have extra revenue. It brings a contribution to the ROIC for service, but it isn't where is our focus. Our focus is to deliver more service to the client, like this, there is a difference. There are companies, big companies that we don't have the whole fleet . And so what we want is to put our system in the whole fleet and for you to gain and price this correctly, only you know this. So if who loses money or to price the risk, that's why everyone -- when you have a bigger basis, you can do this because you have information working with our clients. This is what we want to do in terms of value.

I am from [ Philippe Nelson ] from Citi. My colleagues asked various times. But there's one question more in relation to the allocation of capital in terms of the scenario that you talked about, in all the operational areas and cash flow and also in the commentary in the beginning, there exists a dysfunction in the market today. How do you see this? How do you see the companies looking at the prices of the stocks? Are you going to buy them? Or what are you going to do? Or there's a kind of view about the policy of dividends in terms of the payment?

First question, tenth store, go over there to our tenth floor joking, sorry. And so our portfolio investments in the location, we're going to see where is the more return. Like other companies in our group, the decision is upstairs. We have maintained programs of buying stocks and we rebuy to the [ brand ] for the executives as part of our payment, the policy of dividends should -- no big change of what we have practiced in the last years between 50% and 38% is what we are seeing during the year. And now once again, in being repetitive as I am, a dynamic of cash different, make it easier for our payout here.

Two questions. First about Uber you spoke, it's a big market. Do you think ROIC is less? Or is it an issue of availability of cars? And maybe next year, they'll have more cars available in a better price and condition and this could be an avenue of growth. This is the question about Seminovos. Can you speak about the dynamic of next year in terms of wholesale and resale in the opening of stores, retail? And if there's some kind of variation to increase this number.

First, Uber is a big market. Of course, we always spoke that Uber is a buffer of growth and our positioning of Seminovos is to have the newest car in Brazil. This is the only Seminovos. This is a great value. That's why put because it goes to the wholesale. In terms, we have a product. It's to have the best product for the client. But I charge more because my strategy is not to grow in this market, but we have to be prepared when we want to grow. We do pilots, we have cars of [ second ] cycles, and this can make sense according to the scenario of the market. Now if I have -- I sell in the volume I want to sell, it's cool today. But this is a market [indiscernible] alternatives. If we grow a lot and there are pressure in the Seminovos, we can make it longer and get a 1,300 million cars to 5 million cars. So yes, it can be an alternative. We are prepared. We're doing pilots and discussing products but still it is a business as an alternative for us. The ROIC that we have with the price we have is very good. It doesn't give growth. So we have to diminish because of the price of the competitor. And so this we are seeing in short period doesn't make sense, but this is a business with not much fidelity. I prefer when I see it's going to generate more value for us. Just complementing, think that Uber for us, for the app, is an alternative. It's not central in our strategy. And during the years, everything that happened from RAC of exhibition of 10% to a number of 5%. So we can make this occur. We could do this, but it's not central in our strategies. This is very important for you to understand. I don't depend on Uber to do everything we do. And about Seminovos, we want to -- we know it is important to have, this is also important for the retail. If I don't want to sell because I have too much RAC, so I can also deal with like fixed cost and also because of the profile of the people, it's good. And I can guarantee good quality cars in the Seminovos cars, and I do everything that we do for value. And for this, we will open a few stores and continue growing of cars in these stores. We say 50%. And then we can calculate this. More than 3,000 cars anyways. And this will grow. And it should be more, of course, but it is growing. And remembering, [ Lucas ], that during -- the slide shows this in the last 2 years, what happened was a big growth in fleet and this we are including CS, but naturally, we have a pressure to sell in the wholesale, maintain 50%, we are growing. This is the mix that we have today. This -- our retail is very good. It has given a lot of lead, much clients. And so this is a business that is helping us to have a turnover with our cars. And I used to joke and we were in 1%. So -- and if we doubled it, so we have to do. But we are very happening and we are very happy with the performance, then having an executive that is dedicated to each part of the business. Thank you very much. I don't want to pressure at you all, but it's time to stop, but I see everyone is super happy here. Thank you for the audience, full of people. I was very surprised. Everyone is here. We have so used to home office and online. And here, we have everyone here and we are very proud of this. And thank you all for being here, the partnership, and you guys are always with us. This is the sixth year of IPO. And so we do this -- this is the bulk of 50 years of [ IBMEC ] this is the association of the professionals of the market. And this is -- we had 50 years and there are some important information. We could time with this with, I see a great group of people that are with [ IBMEC ] here, and I want to thank you all the partnership, the commitment of you, with the equity of the information and transparency and bring the public here, everyone, at the same time, congratulations. Thank you for the partnership. And this is the sixth consecutive year -- congratulations for your work. Thank you very much.

Thank you all for your presence and for the wonderful day here. Thanks. [ IBMEC ] is important for the transparency and we were speaking with some investors, and you were speaking, we came in the market when we did IPO. It was not a sector, it was a company. The amount of data that we give you, so you can model it, transparency that we deal with everything, makes it easier, and it makes it more feasible for each one to do its modeling and understand the strategies and where to bet on and what is happening with the market. Our goal is to always give information, so you feel the same comfort and security that we have in our business plan. Thank you all for your presence. And we're happy that everything we did together, but happier than we are going to do even better. Thank you all very much for your trust. Let's go. Let's face it. Let's do it. Thank you all very much. [Statements in English on this transcript were spoken by an interpreter present on the live call.]