CVC Limited

Good morning, everyone, and thank you for waiting. Welcome to the Conference for the Publication of the Results of the Second Semester of 2024 of CVC Corp. I highlight those who need simultaneous translation, that we have this tool available on the platform. To access, just click on the Interpretation button through the globe icon at the bottom of the screen and choose your language of preference. Portuguese or English. For those listening to the video conference in English, there is the option to mute the original audio in Portuguese by clicking on Mute Original Audio. We inform you that this conference is being recorded and will be available on the company's RI website, www.cvccorp.com.br.ri, where the full material of our results is available. During the presentation of the company, all participants will be with the microphone disabled. Next, we will start the question and answer session. To ask questions, click on the Q&A icon at the bottom of your screen and write your question to enter the queue. When announced, a request to activate your microphone will appear on the screen, and then you must activate your microphone to ask questions. We advise that the questions be asked all at once. We emphasize that the information contained in this presentation and any statements that may be made during the video conference related to business perspectives, projections and operational and financial goals of CVC Corp. constitute beliefs and premises of the company's administration, as well as information currently available. Future considerations are not guarantees of performance. They involve risks, uncertainties and premises, as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors must understand that general economic conditions, market conditions and other operational factors can affect the future performance of CVC Corp and lead to results that differ materially from those expressed in such future considerations. Today, we have the presence of the executives of the company, Mr. Fábio Godinho, CEO of CVC Corp, and Felipe Gomes, CFO and DRI of CVC Corp. I would like to give the floor to Mr. Fábio. Please proceed.

Good morning everyone, this is Fábio Godinho, CEO of CVC Corp, and I would like to thank you for your time and presence here. Another presentation of our results, this time the second quarter of 2024. This quarter is a very important quarter for us, since we completed, at the beginning of June, that is, in the middle of the second quarter, a year of the new management. And this year is when it starts to mature. And we start to have, in our numbers, more important, more remarkable reflections of all the strategies that we have been putting since the beginning of these last 12 months, from the beginning of June 2023, when we went back to the company. So we made all the changes within those four pillars that we always talk about, governance, culture, executive team and strategy. Within the governance part, as we know well, Today we have a reduced council than we had before, with a deep knowledge of the tourism market and also of the financial market, thus giving much more assertiveness and agility in the decisions da companhia junto com o management. Isso sem falar no alinhamento de interesse entre todos os acionistas minoritários, uma vez que hoje no Conselho a gente tem os maiores acionistas da companhia. Então isso tem um alinhamento... very important to go forward, something that we value too much. Without a correct governance, no other aspect could have a positive impact. Governance is fundamental and we have always had this vision, the first thing we organized in the company. The second point is the return of the appropriate corporate culture, the culture that CVC Corp has always had, a culture of sales, a very strong culture, focus on execution. of proximity with the tourism market, with our franchises, master franchises, with travel agencies and with suppliers, and mainly with a pride of belonging by part of our team, of all our collaborators. So, it's about this pride of wearing the shirt of the CVC Corp brands, be it in Brazil, seja na Argentina. Então, governança que foi ajustada, cultura corporativa ajustada. Obviamente, o time executivo da CVC, CVC, como a gente sempre fala, é uma companhia leve em ativos, uma companhia asset light, então o time de gestão, ele é determinante para os resultados da empresa, foi determinante até agora para essa virada dos resultados da empresa nos últimos 12 meses e certamente fará muita diferença dentro da estratégia que nós estamos colocando pros próximos anos, né? Então, toda essa movimentação que nós fizemos nas peças aí do time executivo, isso tinha um efeito muito grande, mas não só nessa primeira linha de report pro CEO, né? Que hoje são... São 12 reports diretamente para mim, mas também em todas as 170 funções de liderança, né? Primeiro, a linha, segunda, terceira linha de report. Hoje a gente não só tem uma linha de comitê executivo muito fortalecida, né? E com os melhores profissionais de mercado dentro de cada vertical que tocam, mas também os níveis de baixo. Então, uma estrutura hierárquica para... sucessão desses outros cargos muito fortalecida e pronta para os próximos anos. E por último... the issue of strategy, as we always say, exclusive product, alternative form of financing, Fijita model sales and stores in the countryside. Exclusive products, little by little, we've been improving and you will also see, again this quarter, another significant improvement due to this and other actions also of the company's operational cash generation, there is already an improvement in the dynamic of turnover important now in the second quarter. Remember that we always say that there are the three gears for the company's cash generation, the take rate, the expense, the CAPEX and the OPEX, and the working capital for the company's operational cash generation. The take rate, the CAPEX and the OPEX had already adjusted and the working capital as a balance account, It takes more time to be adjusted, despite the working capital. This dynamic has already been much better in the last few quarters. It had not yet been positive, which was now in the second quarter. So, very much in function of this strategy of exclusive products, which not only improves the company's financials, the generation of operational cash, as a strategic point, owner of the company, so very, very favorable, which are products that only have in the CVC store, exclusive negotiations, both air and land, national and international, within the company's main destinations. The second fundamental point of our strategy, and that has also had some positive effect, will have more within the next few quarters, but it has already begun to have some positive effect not only in the working capital, but also in the top line stimulus, especially in B2C, forms the financing alternatives. not only the CVC table, something that we will not extend this penetration of the table, we are at a very low risk of inflation in our portfolio today, and we do not see an increase in risk, nor a very representative increase of what we already have today, but there are many banks entering our marketplace, many additional financing forms, Felipe will talk a little bit more about it later, So this also has a stimulus from the dynamics of the working cap, because we have a tendency to reduce the exposure of the CVC table, and also a sales stimulus at the end, because there are more people wanting to finance our clients, the packages for our clients, o que é muito importante. Então, dentro do propósito da CVC, como a gente sempre fala, nós somos uma empresa de turismo e o nosso propósito é prestar assistência ao nosso passageiro. Então, dentro de prestar assistência ao nosso passageiro, também uma parte da assistência é ele ter maior flexibilidade quando ele for pagar o pacote para uma família, que hoje é um ticket médio relevante, for any Brazilian family, it is very difficult for people to travel alone, so this bill comes for one, two, three, four passengers, so it is really an important ticket, and as a service to our passengers, it is also important for us to remove this family from the limit of the credit card and not consume this limit that today families use for consumption within their daily expenses. and not your annual vacation. That's what we want, to have these differentiated ways of financing and this is already happening. Third point, the sale of FIGITAL. We are improving more and more, we are gaining relevance in stores, the conversion is increasing, the lead acquisition cost is decreasing. So, we see a very important and positive learning curve here within sales. It is also an important factor of this very good growth that we had in the second quarter, especially in B2C. So, a lot of this is due to the improvement of FIGITAL and, finally, stores inside. We will talk a little bit about this later. The implementation of the strategy is already in rapid growth because Fiji, along with new store models, allows CVC to leave the previous strategy that it had before the pandemic to enter only in cities with 100,000 inhabitants, because it depended on 100% of customers to physically enter the store to buy. your package of travel. Today we can enter cities of up to 15 thousand inhabitants, we already have several examples that we opened stores at the end of last year and this year, well-known stores in cities between 15 and 25 thousand inhabitants, which was a new market for CVC, right? That opens a huge, huge market for CVC, we will be able to open stores in almost half of the municipalities of Brazil, when before we could, with the previous model, a model that was 100% physical, not digital, we could open stores in, at most, 10% of the municipalities of Brazil. We put this, this addressable market, times five. So this was the second quarter that we will start talking about the main highlights now. Well, going to the highlights of the results of the second quarter, we divided here a little bit in growth, profitability, and governance. In this quarter, we opened 60 stores, adding Brazil and Argentina in the second quarter, surpassing the historic mark of inaugurations at CVC Corp. Never since the beginning of the company's history All the companies together had opened 60 stores in a quarter. And also in a semester, CVC Corp has 90 new stores between the first and second quarter, which is also a record for the company. Closing, as we said, and entering a closure within a normal speed, they closed 12 stores, 6 stores in each quarter. So, it accelerated a lot the opening pace of stores, we already beat the quarter record of the history of CVC, we beat the quarter record of the history of CVC, within the normalized level of closure of... And also the important number, we opened 5 stores in Argentina in the first quarter and 6 stores in Argentina in the second quarter. This is super important to see this commitment of our base. de franqueados na Argentina, mesmo em função de todo o aperto monetário que está fazendo o governo local, a gente abrindo 10% de novas lojas da base que existia. Hoje a gente está com 125 lojas in Argentina, where we opened 11 stores in the first semester, a very turbulent economy semester, showing the resilience of our business. The highlight that we had here in the growth part this quarter was 16% growth in the confirmed reserves of B2C. We were coming from a more flat quarter due to the difficult comps that we had in relation to the first quarter of last year, which was a very large growth, but with a negative margin. We privileged, as we always say, margin due to the growth that was in the first quarter of last year, this year, and now we're back with profitability to print an important growth of 16% within B2C. We are talking about a same store sales in the 10% range. All the numbers, including all the problems and the catastrophe that we had, that Brazil had in the state of Rio Grande do Sul, que pegou cheio o mês de maio e o mês de junho, né? Pegou dois dos três meses, né? E dentro do B2C, as lojas do Rio Grande do Sul representavam 7% do nosso faturamento. Se a gente excluir the effect of Rio Grande do Sul, only the sales, not excluding the landings, the loss of sales for the landings in Gramado, this is not excluded, but only the sale of the stores of Rio Grande do Sul, the rest of the stores in Brazil, grew 21% from the second quarter of last year to this quarter, also taking the effect of Rio Grande do Sul, we have left a semi-sorcery of 10%, to 12%, that is, it was a month of quite solid growth. It is important to remember that, according to ANAC data, capacity within the domestic market grew by around 3% and the yield of domestic airlines in the second quarter fell by 9, 9.5%. So, the domestic market is falling globally, in terms of aviation, in the second quarter, versus the second quarter of last year, and the CBC winning 16%, which already starts to signal an acceleration of the market share gain. The international market also, in the second quarter, had a drop, of the rates of the order of 14% and 15% overall. So, it's a market that has been falling in price throughout this first semester, and then it has been stabilizing in smaller numbers, or flat, compared to last year, and then CVC starts to demonstrate a share gain, but with rentability adequate to the capital investment remuneration. This is a respect that we have, and that we have always confirmed this issue of not making growth at any cost, we prepared ourselves with adequate take rate, with exclusive products, within an adequate team, and then we start to deliver a better growth dynamic, with adequate profitability and with a better working capital dynamic, as we will talk a little later. Another important point here to be mentioned is the growth of the liquid revenue, which is the revenue that comes from the company's take rate, which grew 21% from the second quarter of 2023 to the second quarter of 2024. This shows a new market share gain with the recovery of the take rate. So, increasing sales, increasing the take rate. B2B is a... A clear example of this recovery, we are closing a gap that came in function of that comparison with miles and the organization that we did right at the beginning of last year, of the customer portfolio, customers with inadimplency that we took from the base, customers with very low or negative profitability that we also took from the base, and this at the first moment had a drop, of gross books, quite significant, but that was not reflected in the fall in profitability. Quite the opposite. So, as we had the strategy of returning to the separation of brands, we came, little by little, reducing the growth gap a lot, but with a profitability much above the previous year. A good example here, obviously, is the RA. The RA, in the first semester, In 2023, it presented a negative EBITDA of R$ 2.2 million. In the first semester of 2024, the RA is giving a positive EBITDA of R$ 58 million. This is only the difference of the first six months, even with a 10% drop in Gross Bookings, but with a drop of 10% in gross bookings, an increase of 40% of the liquid revenue and also a reduction in expenses. So it comes out of a negative 2 million EBITDA to a positive EBITDA of 58 million in the first six months of this year and now already... não tendo esse efeito da comparação com os milheiros, e também já voltando a tracionar e ganhar cheiro dentro do mercado de consolidação, a gente já mês a mês deve começar a apresentar números positivos já de comparação dentro do segmento do B2B, aí no terceiro trimestre e também no quarto trimestre em diante, ou seja, a partir desse segundo trimestre a gente já deve ter top-line gross bookings positivos. Bom, no tema de rentabilidade, o primeiro ponto é a manutenção do take rate dos patamares históricos desde que a gente entrou nessa faixa de 9%, então crescendo 1,6% versus o segundo trimestre de 2023, já nessa faixa que a gente entrou. that we have been positioning the company since the third quarter of last year, a very important adjustment EBITDA turn, but even so, with the adjustments being much less representative, we had a lot of balance adjustments, cleaning the house, fixing the balance last year, and this year, as well as the closing of stores, the adjustments in the P&L to the adjusted EBITDA, the non-recurring, are much smaller. So, for example, we presented here 70 million EBIT within all the companies of CVC Copium, an improvement of 87 million reais against the second quarter of last year. Just for you to have an idea, only in Brazil, the companies in Brazil, B2B plus B2C, left the second quarter of 2023 from a negative EBITDA of R$ 30 million to a positive EBITDA of R$ 60 million. in the second quarter of 2024, a turnover of R$ 90 million, only in Brazil's numbers. You also have, in Argentina, a quarter that was the worst quarter of the year, a quarter in which consumption, due to all the restrictive measures of consumption to lower inflation, which has been successful by the local government, but logically with a profound impact on the consumption of the Argentine people, and obviously within the travel segment, which is a discretionary purchase, it is impacted, even though it is In the worst quarter of the year, Argentina had a liquid profit of R$ 25 million, only in the second quarter of 2024, and positive cash generation. This shows the resilience of our business model also in Argentina. that even in the prior quarter of the year, gave a very substantial number of liquid profit, generating an important cash flow for the company. In Argentina, we also had a drop, gross bookings in the second quarter, also in the first quarter, but there were two factors, let's say, more or less half of this drop was due to the drop in the effective volume of sales, in quantity, in value, in the passes, and the other half due to the reduction of travel taxes, so the taxes, this does not impact the part of profitability and liquid revenue, which is just a pass-through in our panel, but the other half, this one, has an impact due to the reduction in the volume of sales, although we have already seen in recent months, in recent weeks, an improvement little by little, so we believe that the worst is behind in terms of the demand for travel in the Argentine market, and this year we are not only seeing a recovery of the volumes in the last weeks and months, as in this first semester we had a relevant market share gain according to IATA data. So when we recover, and that's what we're feeling now, we'll have a position in terms of market share in the Argentine market much more important than we had in the same period last year, 12 months ago. So, this is in relation to our operation in Argentina. Cash generation of 35 million reais, already counting the cash generation of EBITDA, already discounting the expenses with CAPEX and also discounting the variation of Working Capital. This is the highest number, the highest value of the cash generation of CVC Corp in the last 18 quarters. And, at the end of it all, which is a very relevant agenda for the executives here at the company, the adjustment of the company's capital structure, the structure to unhook the company. So, in the second quarter of 2024, we also had a reduction of R$ 345 million in the company's liquid debt compared to the second quarter of 2023. Well, in terms of governance, we had the election of Matheus Bandeira, who was already our advisor and a very active one, he has been getting to know the market and the CVC business model more and more every day. Today he is very present, he has participated in all the main discussions together with other advisors, Gustavo Paulos, but quite present along with the management, we chose Mateus as the new president of the board of the administration and once again CVC ranked as the best score of all tourism companies by the RA1000 board within the site, which is the reference of NPS for consumer, which is the claim here. So CVC, within its greatest purpose, which is to provide assistance to our passengers, this is an item that we value a lot, to be a leader in terms of quality and NPS by our customer, and we are already in the third consecutive quarter with the R.A.1000 seal of the claim here. Well, it's nice to mention our solidarity campaign that we did for the victims, due to this tragedy that affected the state of Rio Grande do Sul. As soon as we had this news of practically the closure of Salgado Filho, Salgado Filho closed on the first days of May. We only had one month within the second quarter. We talked to CEO of Gol, CEO of Azul, CEO of Latam, and also in a partnership with Jamef, one of the largest land carriers in the national territory, we made a campaign where all CVC stores worked as points of collection of donations for families affected by the Rio Grande do Sul disaster. the CVC organized itself as the largest private point in Brazil for the collection of donations to the state of Rio Grande do Sul. And with this, the largest campaign of the tourism segment, by far one of the largest campaigns of Brazilian retail, and we collected more than 236 tons for the families of Rio Grande do Sul. Well, within this section of the opening of stores, we had a growth of 41 stores in the second quarter of Brazil and 69 stores in the first quarter of 2024, breaking the opening record. and within the normal level, aligned with the normalized history of the closing company, which is around 6 stores per quarter. And then we already see that the opening of stores of these new safras already comes exactly within the profile married to our strategy. So, within the opening of the 2024 stores, there are practically 70% in cities of the interior, which is where the population grows more, where the GDP grows more, where there is much more adherence to the CVC brand, also assistance, also... in interest and demand for alternative ways of financing, combination of physical sales with the advent of digital, which is what we call FIGITAL, so these stores have already been very successful, especially our store that is 150%, 200% of the sales curve above what we were expecting. And a very good news is that more than 50% of these new stores are made by CVC franchises, demonstrating the strength and credibility of our brand, of our management with the current franchises. And then, within this quarter, that will have much more fruit in terms of this opening of the store, several contracts that we are doing with market chains, retail chains, drugstores and, among others, retailers, to make stores inside Store in Store and also stores in parking lots, stores together of the flea markets and hypermarkets too. So, several big networks in Brazil have been looking for us and we have signed several partnerships that are already giving results and that will be much stronger for the next few months. Well, within the general highlights of the second quarter of 2024, it was this, an important quarter in terms of growth of top line, growth of profitability, generation of positive operating cash, opening of stores, continuous cost reduction of the company, so a lot of news in this second quarter of 2024, based on all the back-to-the-basics that we did in the implementation of these strategies in the last 12 months, they begin to give a more pronounced result from this quarter as well. Now I pass the word to Felipe Gomes, who will talk, will deepen here within the operational and financial results of each business unit of CVC Corp in the second quarter of 2024.

A hug. Thank you for the word, Godinho, and good morning everyone. So, following here on slide 7, we highlight here the confirmed reserves, the liquid revenue and the company's take rate. So, looking at the top left, when we talk about confirmed reserves, in the second quarter of 2024 and the second quarter of 2023, an increase of 16%, going from R$ 1.273 billion to R$ 1.477 billion. Without the impact on Rio Grande do Sul, this growth would have been even greater, of 21%. When we go here to the top right, we see a very expressive growth there, of liquid revenue, ranging from R$ 126 million to R$ 149.5 million, an increase of 18.6% in the quarter, and when we compare the quarter to the quarter, also a very expressive increase of 16.6%. In the items below, we have the highlights here of 2024, these highlights have already been well explored by Godinho previously. Moving on now to slide 8, which is the B2B slide, we also bring here the comparisons, quarter against quarter, semester against semester, both of confirmed reserves and liquid revenue and take rate. In the second quarter 23, these confirmed reserves of B2B were 1 billion 466 thousand, and in the second quarter of 2024, 1 billion 395 million reais. Remembering here what Godinho has already said before, we have the question here of the millers, right, that the company decided to stop making this sale, this sale had been made until May of last year, so it's a little dirty comparison here, right, in quotes, and also the whole issue of focus on profitability, where we redid several contracts there with the B2B agencies, which also brings a little dirty comparison between the quarter and the quarter, but that now, from June 24th to the third quarter and on, this comparison begins to be more correct between one number and another. So, in the confirmed reserve in the quarter, a drop of 4.8%, also with the effect of Rio Grande do Sul, if we exclude this effect, it would be in the house of 3.2%, In the semester against semester, a slightly higher drop, 12.3%. And then it has to do with what we said, that this comparison starts to get cleaner in the second quarter than it did in the first quarter. So that's why in the semester the impact is still a little higher. When we go to the liquid and take rate revenue, which has everything to do with what was said in the focus on profitability in this B2B segment, We see this expressive increase in liquid revenue coming out of R$ 74.5 million in the second quarter of 2023 to R$ 93.1 million in the second quarter of 2024. And CEMES against CEMES, also a very expressive growth of 22.4%, coming out of approximately R$ 145 million to R$ 177 million. and a very expressive take rate increase, coming out of 4.9% in the first semester of 2023. Again, where we had the issue of millers, there were some contracts that were not advantageous for the company, coming out to 6.5% take rate, which gives a very big impact. And on the bottom line, the highlights of B2B, which again have been well explored by Godinho previously. We now move on to slide 9, which is the slide from Argentina. As said before, we have been noticing an improvement in the business environment in the country, but there is still a question of reducing the purchasing power of the population, which also directly impacts sales, although in recent weeks we have been noticing an improvement at this point. When we go to confirmed reserves, We have a drop here from the second quarter of 2023 to the second quarter of 2024 of almost 38%. When we look at the semester, this drop is bigger, which in a way already starts to show an improvement of a quarter compared to the previous quarter, from the point of view of confirmed reserves. When we look at the liquid revenue and take rate, in the liquid revenue this drop is even smaller, because there is also the question of... of sales with tribute, and this tribute reduced. As Godinho said, this was just a pass-through of revenue. So, that's why the drop in liquid revenue ends up being lower than in confirmed reserves. And maybe the good news here is that the take rate is still rising, going from 6.4% to 7.6% in the quarter-to-quarter comparison. When we look at the entire semester, We have a drop in revenue of approximately 22%, going from R$143 million to R$111 million, but with an increase in the take rate from 6.5% to 8.1%. I think the big highlight here for us in Argentina is that despite this drop, of sales and with an effect on EBITDA, the liquid profit has been showing strong in this quarter and in the year itself, which in a way also shows the business resilience there in Argentina. Moving on to slide 10, which is the consolidation of the CVC Corp's results, with a lot of emphasis here on the increase, mainly in EBIT, from quarter to quarter. Following the picture here, on the top left, we have the liquid revenue and the take rate. So, in the second quarter of 2023, the liquid revenue was R$ 269 million, moving now, in the second quarter of 2024, to R$ 294 million. an increase of 9.2% and, in the semester, reaching R$ 611 million, with an increase of 8.2% compared to last year. And the take rate going from 7.4% in the first semester of 2023 to 9.3% in the first semester of 2024, which reflects the company's strategy to focus on business profitability. On the top right, we also have fixed expenses and an indicator in relation to the liquid revenue of Brazil. Here we talk about the business in Brazil, so the expense falls. de 156,6 milhões de reais no segundo trimestre de 2023 para 142,4 milhões de reais no segundo trimestre de 2024, o que faz com que o indicador de despesa fixa por receita líquida caia de 78,1% para 58,7%. Quando a gente analisa semestre contra semestre, também uma queda de 329,3 milhões de reais para 283,4 milhões de reais de despesa fixa, with a drop in the 78.1% indicator to 56.7%. Below here, we have the analysis of the adjusted EBITDA in the quarter, in this highlighted picture. So, the company as a whole, CVC Corp, comes out with less than R$16.2 million of EBITDA adjusted in the second quarter of 2023 plus R$ 70.3 million of adjusted EBITDA in the second quarter of 2024, an increase of R$ 86.6 million of EBITDA, going from a margin of minus 6% to a margin of practically 24%. When we open between Brazil and Argentina, No Brasil, a gente sai de uma EBITDA de menos 31,3 milhões de reais no segundo trimestre de 2023 para uma EBITDA de 60,8 milhões de reais no segundo trimestre de 2024, um incremento de 92,1%. In Argentina, we have a drop of R$ 14.9 million in EBITDA from the second quarter of 2023 to R$ 9.5 million in the second quarter of 2024, a reflection of the drop in sales that we saw in the previous slide. O EBITDA ajustado acumulado do semestre, a gente tem um incremento em relação ao ano passado de 145,5 milhões de reais, onde a gente sai de 11 milhões de reais no primeiro semestre 23 para 156,5 milhões de reais no primeiro semestre 24, elevando a margem de 2% para 25,6%. We now move on to slide 11, which is the last slide of the presentation, where we bring here the cash flow and the company's overall revenue. On the left side of the cash flow, the great highlight for us here is the operational cash generation, that is, in the second quarter of 2024 we had an operational cash generation of R$ 34.7 million, which is the best cash generation in the company in the last 18 quarters, since the third quarter of 2019. and we ended the second quarter of 2024 with R$ 244.2 million, a drop against the second quarter of 2023, more explained by the entire debt service that the company did during this period, and with a policy of less anticipation of receivables, which is clear in the next frame, which is the frame of general indebtedness. So in this picture, if we go here line by line, in the first line of gross debt, a drop of practically R$93 million, quarter by quarter, going from R$891.9 million to R$799.2 million. millions of reais o caixa que a gente acabou de comentar né saindo de 646 para 244 milhões de reais e quando a gente olha essa métrica aqui de dívida líquida um incremento de 309 milhões de reais porém explicado pela toda a questão das antecipações recebíveis que são as duas linhas seguintes né então When we look at the unanticipated receivables, that is, the balance of receivables that the company has to use to anticipate an increase of R$ 380.9 million, leaving R$ 116.4 million of unanticipated receivables balance in the second quarter of 2023 to R$ 497.3 million in the second quarter of 2024. When we look at the balance of unanticipated receivables, that is, the value of unanticipated credit card receivables, we also notice an expressive drop of R$ 1 billion. reais no segundo trimestre 23 para 778 milhões de reais no segundo trimestre 24 ou seja um saldo de recebíveis antecipados de cartão de crédito inferior em 273.2 milhões de reais which reflects in this last line, which is the sum of the company's liquid debt plus these receivables, where there is a very expressive drop of R$ 1.181 billion in the second quarter of 2023 to R$ 836 million in the second quarter of 2024, that is, a reduction here of this general debt of R$ 344.8 million. Well, so we ended the presentation and now we are at your disposal here for the questions. We are at your disposal, both me and Godinho.