CI&T Inc

Technology is more than a device, system or industry.

Technology is built by people for people. It's built for people with desires and needs and ambitions.

By our people who are.

Talented. Curious. Creative.

Oh, the diverse. Our people use innovative strategy, design, and engineering to offer end-to-end solutions that help companies to quickly transform and scale their operations globally.

While we create AI-powered solutions, all we really want and what motivate us is... To make their tomorrow.

CINT. We breathe and build tech to make their tomorrow.

Good morning. Welcome to CINT Earnings Call for the fourth quarter of 2023. I am Eduardo Galvão, Head of Investor Relations at CINT, and it's a pleasure to be here to talk about our operating and financial results. With me on today's call are Cesar Ghosn, Founder and CEO, Bruno Guicardi, Founder and President for North America and Europe, and Stanley Rodrigues, our CFO. This event is being recorded and all participants will be in a listen-only mode during the company's presentation. After that, there will be a question and answer session for analysts and investors. If you'd like to submit a question, please send it via email to investors at cint.com. The presentation is available on the company's investor relations website and the replay will be available shortly after the event is concluded. Some of the matters we'll discuss on this call, including our expected business outlook, are forward-looking statements, and as such are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those expressed on this call. We caution you not to place undue reliance on these forward-looking statements because they're valid only as of the date when made. During this presentation, we'll comment on certain non-IFRS financial measures to evaluate our business. Please refer to the non-IFRS measures disclaimer for more details. Today, we announced that we will restate our financial statements for the year ended December 31, 2022, as we identified certain non-cash accounting errors related to deferred income tax liabilities associated with the tax benefit on goodwill. The corrective adjustments are non-cash in nature, will not increase the amount of income tax to be paid in the future, and are not expected to impact net revenue or profit before income tax. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from those preliminary estimates. Our agenda for today includes an update on our quarterly highlights followed by some of our business cases. We'll then talk about our people and our quarterly financial results. Now, I invite Cesar Ghosn to begin our presentation. Cesar, please.

Thank you Eduardo and good day everyone. It's great to be here again to talk about our results for 2023 and our business outlook for 2024. Past year presented us with a series of short-term challenges due to the economic landscape combined with the extraordinary opportunity to position CINT as a co-author of the next chapter in the digital revolution powered by artificial intelligence. As we navigate through this challenging year, we focused on the reinvention of CI&T by partnering with our clients and launching CI&T Flow, our AI platform for hyperdigital. As the founder and CEO, my mission is to accelerate our path to value creation with a strong commitment to the long term. This vision is reflected in our team's exceptional dedication, creativity, and resilience, showcasing our strength and adaptability more than ever. Now looking forward, technological advancements have opened up the realm of new possibilities for business to enhance productivity and establish a competitive edge in an increasingly disruptive landscape. My experience with large companies has shown me that the speed of change is directly linked to the speed of learning, both at the personal and corporate levels. To drive innovation, companies must focus on understanding the intersection of new technological possibilities and evolving consumer behaviors. The real disruption comes from leveraging both forces at the same time, as seen with the current adoption of AI technology. To accelerate change, companies must prioritize learning about AI capabilities and consumer behaviors in the AI-powered world. The key challenge lies in increasing the speed of corporate learning. That's the inspiration of this AI artwork based on Raphael's masterpiece, The School of Athens, symbolizing the spirit of the Renaissance and the pursuit of knowledge. By the way, I invite you to take a look at my Coloring the Future of AI series on LinkedIn. Moving now to our financial and operating performance in 2023. Our net revenue totaled 2.2 billion reais, a 4.1% growth at custom currency compared to 2022 within our guidance range. We have strengthened our relationship with existing clients, expanding the number of clients generating more than 10 and 20 million reais in revenue from 38 in 2022 to 50 in 2023. We ended 2023 with an adjusted EBITDA margin of 19.3, slightly better than in 2022, as a result of our diligence costs and expense management efforts throughout this period of lower growth. Finally, in 2023, we generated R$ 414 million from our operating activities, a solid figure that underscores the resilience and strength of our business model. CINT has a notable track record of consistent revenue growth, profitability, and robust cash generation. For instance, in the past years from 2019 to 2023, our revenue compound annual growth rate was a strong 35%. Over this period, our revenue distribution has shifted, with nearly 60% of our revenue now coming from mature economies, primarily in the US. This trend is expected to continue given the faster organic growth in these regions. Furthermore, a significant improvement was seen in the share of revenue from our top 10 clients. It decreased from 67% in 2020 to below 40% in 2023. We are confident in our ability to sustain our growth trajectory by delivering innovation and impactful results for our long-term clients. Steli will provide more details on our financial performance shortly. Now let's explore some client engagements and business highlights for the quarter.

GINT is proud to announce a new strategic partnership with Domino's Pizza, the world's largest pizza company and an icon among global restaurant brands, a digital innovator and prominent leader in the quick service restaurant industry. Domino's draws on decades of tech expertise to consistently offer exceptional customer experiences. CINT and Domino's have joined forces to lead the way in pioneering a next-generation digital ecosystem, sharing the goal of elevating an already thriving e-commerce landscape. United by a shared passion for commitment and pushing boundaries, the partnership aims to build upon Domino's digital sales technologies. The collective effort will help provide a more streamlined path toward novel consumer experiences, once again positioning Domino's ahead of market standards.

Working with Domino's reflects our shared commitment to pushing technological boundaries. Our focus is on elevating Domino's already quite successful digital ecosystem and empowering them to lead the market with unprecedented speed and innovation in customer experiences and e-commerce.

Join us on this journey, where strategic collaboration creates innovative pathways, delivering even more enhanced experiences for pizza lovers.

In a groundbreaking collaboration, CI&T led the design of a pilot mobile application aimed at transforming emergency response through inclusive design and AI technology. This initiative united four organisations with the shared goal of revolutionising emergency response systems. The principal challenge confronted by the project was to improve the accessibility of the VicEmergency app, ensuring its effectiveness for diverse communities. The project's overarching goal was to extend the reach of emergency services, acknowledging a diverse population composition with 30% born overseas, 27% conversing in languages other than English, and 17% living with a disability. CI&T collaborated with 2ME to develop an AI language solution that combines AI and human services for real-time translations. This ensured accuracy and quality control in delivering critical information. Insights from extensive user research guided inclusive design decisions making the app usable for diverse demographic groups. The collaborative efforts on Vic Emergency App have resulted in a pioneering solution that sets a global standard for digital accessibility in emergency response. By combining AI technology with design excellence, The project not only meets the immediate needs of Victoria, but showcases the transformative power of inclusive design in building trust, fostering cooperation and demonstrating the potential to save lives through innovative and accessible solutions.

Welcome to our latest update. We have gathered the most recent information and insights from our leadership team to share with you.

This is CINT's Global ESG Report for 2023. In it, we demonstrate how we uphold our Make Their Tomorrow motto by practicing sustainability, environmental responsibility, and respect for society and our people while operating ethically. For sustainability, we are proud to have neutralized our carbon emissions in all our operations this year. Due to our work towards net zero, the Brazilian GHG protocol program awarded us the Golden Seal of Quality. For people, we've achieved a significant milestone in our organization by having more than 50% of workers from underrepresented groups, including women, people with disabilities, and Black and LGBTQIAPN plus people. Also, we are committed to creating a supportive and autonomous workplace. Our latest career development program has been successful in providing flexibility and fluidity and connecting career aspirations for 94% of our employees, In the society portion, we're thrilled to have positively impacted 21,000 individuals through our sponsored programs. In the governance segment, we're proud to report that 100% of our people completed our code of conduct training. Additionally, we've attained new security and data protection certifications. Finally, we are pleased to deliver value for our clients through ESG-based digital solutions, incorporating responsible principles into their business strategies. As an award-winning company in digital services, we are backed by a robust ESG powerhouse, enabling us to deliver impactful social and environmental projects. To read our report, please visit our website.

We're excited to share that CINT has been recognized in the 2023 Gartner Magic Quadrant for Custom Software Development Services, a worldwide report. This prestigious research report evaluates providers' capabilities in custom software development to support digital transformations and build new products. It is based on rigorous criteria such as vision, strategy, innovation, customer feedback, and market presence. Being recognized in the report is an honor and a testament to our unique approach to digital products, which helps enterprises continuously advance their software delivery capabilities, creating value at the speed of need. We are also committed to developing transformational solutions through significant investments in AI and software engineering with the launch of CI&T Flow. We believe that this recognition further validates our position as a trusted partner for businesses that want to propel forward in the digital world. We thank our clients who trust us with their most challenging and strategic projects.

CINT UK launched Accelerating Digital Efficiency with the AI Multiplier, a report in collaboration with the Global CXO Institute. The report examines European enterprises' complex and evolving digital landscape and reveals the challenges and opportunities they face in achieving their goals. The report is based on a survey and interview with 100 digital business leaders from various sectors, Findings show that despite increasing technology budgets, with 59% of organizations reporting budget increases in 2023 and a further rise expected in 2024, many businesses are still struggling to meet their digital transformation targets. The report identifies the key areas where businesses are prioritizing efficiency in their technology operations, such as IT and data strategies, data management, customer operations and service platforms, cybersecurity, and e-commerce and payment platforms. If you want to learn more about the report and how generative AI can help companies accelerate their digital efficiency, you can download a copy at our website.

CINT Podcast is now humans of digital. In this new editorial segment, we will uncover how to decode the new world of humans in a digital native world.

AI is undeniably a revolution in our area in terms of technology.

It's 100% global relevant content.

What is AI? Why is the United States of AI? So this vocabulary is very important.

Revolution is not just, you know, one big stack, one super bullet. It's a journey that you're going to face all the problems.

Available on your favorite platform.

This is our latest news. Our aim is to continue providing transparent and relevant information to keep you informed and up to date on our latest developments and achievements.

CI&T Flow is advancing its beta version, reaching new clients in the era of AI human collaboration. By gathering new users, Flow becomes a stronger ecosystem exclusive to our people and current customers. 9 out of 10 of our most significant clients are currently utilizing Flow. All these major brands are exploring the potential of Gen AI and software development through comprehensive AI use cases. Our offers are also evolving to be powered by flow and an AI-first approach. The data and AI, the digital strategy orchestration, AI legacy optimization, and the AI roadmap offer examples of this transformative era of our business. In this way, we pursue to set our clients at the forefront of AI innovation, together.

Amazon Web Services AWS is the world's leading cloud computing platform that offers a wide range of services and tools for developers and enterprises. CINT, and Amazon Web Services have been working together since 2010 to deliver cutting-edge services of cloud migration, legacy optimization, customer experience, data AI and machine learning, and digital products. In 2023, we received the Rising Star Partner of the Year, Lanum from AWS, for our outstanding performance and growth in their cloud market, demonstrating our solid and prosperous relationship. We have also collaborated on projects with leading brands such as Ujuice, Bankopan, and C6 Bank. These projects showcase how CINT and Amazon Web Services can help clients transform their businesses, improve customer satisfaction, and leverage the power of data and cloud.

In 2024, we will continue fostering business together, unlocking new opportunities and driving shared growth in project revenue.

Hello, I'm Ikaeri and I'm an AI and machine learning leader at Cintiq. My role centers in overseeing the development and implementation of cutting-edge data and AI technologies, ensuring they are integrated ethically and efficiently. My focus is on not only identifying emerging technologies, but also crafting and enhancing the proposition to the eyes of our clients. Well, entering the AI career was challenging for me, especially when I was told that I would only learn AI if I left Brazil. However, I was determined to prove that it was possible to excel in this field without having to leave my home country. My ambition is to pave the way for those who come after me, making it easier for future enthusiasts in AI from Brazil and in the whole world to achieve their goals. Being nominated for the Google Developer Expert in Machine Learning and LinkedIn Top Voice in the field was a humbling experience. It's incredibly rewarding to see my work recognized by the broader tech community. What I'm most proud of is the tangible impact my work has had on people's lives, whether it's through helping clients to achieve their business goals at CNT, contributing to the AI community growth, or inspiring others through my content and projects.

I hope you enjoyed our client stories, updates, and highlights. Now I would like to welcome Bruno to delve into our ESG initiatives and global talent strategy.

Thank you, Cesar. And good morning, everyone. I'm delighted to join you once more. Today, we've released our second ESG report, which outlines our initiatives, actions, and objectives in the environmental, social, and governance realms. ESG stands as a foundational pillar at CIT, and the ability to articulate our thoughts and endeavors and share them with all our stakeholders is a source of pride and fulfillment for us. At CINT, we truly believe that our ESG approach reflects our core values and our belief in the interconnected growth of our business, our people, and society as a whole. Our ESG strategy is underpinned by a collective vision of fostering equitable advancement opportunities for all, providing education and professional pathways for underrepresented groups, and mitigating our environmental footprint to foster a more sustainable world. I encourage you to download and read our ESG report, which is now available on the Investor Relations website. In 2023, our initiatives continue to demonstrate steady progress. As we can see in this slide, we made important advancements in all three pillars, integrating these principles more deeply into our business strategies. Let me briefly describe our last year's accomplishments. In the environmental pillar, we're excited to share that we measure 100% of our carbon footprint globally. And most importantly, we neutralize 100% of the carbon emissions generated by our operations worldwide. through nature-based carbon removal projects. That's applicable for Scopes 1, 2, and 3, a great achievement indeed. Additionally, we've just launched our environmental policy, outlining the principles we're committed to following to further reduce our impact in key areas such as climate, waste and water management, energy usage, and our interactions with clients and suppliers. We're delighted to announce that we submitted this commitment to the Science-Based Targets Initiative. As a people business, we recognize that a diverse and inclusive workforce is a fundamental driver of innovation and success. In this regard, we're able to finish 2023 with a 50.3% of our people coming from underrepresented groups. Our commitment to diversity extends beyond our internal efforts. We actively participate in various social responsibility initiatives within our communities, aiming to foster practices that combat the marginalization of underrepresented groups. Last year, our initiatives reached 27,000 individuals, including educational projects to enhance program skills, financial contributions, and other initiatives. In the governance pillar, we've made progress in strengthening our practices, especially in risk management and compliance. We completed the ISO 27001-2022 certification process, which is related to security and data protection. We are proud that our processes and controls are fully aligned with the information security practices within this framework. Moving on to talk about our people. We're proud to have a team of digital specialists who continually strive for excellence and innovation. We're committed to fostering a culture of entrepreneurship, where creativity and out-of-the-box thinking are encouraged, and we believe that investing in our people is the key to our continued and sustained success. We finished last year with 6,111 CITers, which is relatively stable compared to the third quarter of 2023. In addition, our attrition rate remains at historically low levels, at 9.3, and for the executive layer, the attrition is even lower, at 3.6%. As we look towards the future and focus on resuming growth, we are excited to be able to provide opportunities for career advancement and development for our employees. People are our most valuable asset and we're committed to supporting them in their professional growth. As we pioneer the advent of AI within our industry, we're excited about the opportunities it will bring to leverage our company and foster innovation in a great sense of belonging among our employees. Together, we can achieve great things and drive our company towards success. I want to thank all CINTEERS for their continued support and trust in us as we work towards a brighter future for our company and our people. Now I invite Stanley to comment on our financial results.

Thank you, Bruno, and good morning, everyone. I'm pleased to once again present our financial results to all of you. In the fourth quarter of 2023, our net revenue stood at 522.6 million reais, a decrease of 14.6% year-over-year, primarily attributed to lower revenue from our top client and a decline in revenue from select clients within our acquisition portfolio. For the full year of 2023, our net revenue totaled R$ 2,233,000,000, representing an increase of 2.1% year-on-year or 4.1% at constant currency within our guidance range. We are pleased to report our continued focus on reducing client concentration and diversifying our revenue mix. One key reason for this strategic shift is our success in gaining wallet share within our largest clients. Looking at the revenue distribution by geography, North America remains our largest market, accounting for 44% of our total revenue in 2023. Mature Economies currently adds up to almost 60% of our total revenue, providing resilience to our business. LATAM represents 41% of our revenue and continues to be an important region for growth. In terms of year-over-year revenue growth, we saw positive trends in multiple regions. North America experienced a 5.9% increase, Europe grew by 9.1%, and Asia Pacific surged by 28.6%. While revenue from Latin declined by 5.2%, it remains a key area to leveraging opportunities for growth. Our revenue mix by industry verticals showcases our commitment to diversification. While revenue from financial services remained stable, we saw a reduction in revenue contribution from consumer goods due to lower revenue from our top client. Conversely, revenue from technology and telecommunications grew by 17.4% year-over-year, driven by the expanded client base resulting from our recent acquisitions. In 2023, we significantly improved the distribution of revenue from our key clients, reducing revenue concentration. The revenue share from our top one client decreased from 15% in 2022 to 8% in 2023, while the collective share of the top 10 clients reduced by 10 percentage points from 49.6% in 2022 to 39.7% in 2023. Looking ahead, this development signifies the diversification of our revenue streams as we broaden our client base and expand into new geographic regions and industries. Now, turning our attention to our client base. In 2022, we saw significant growth in our client base, both organically and through strategic acquisitions. As we look to 2023, our focus has shifted towards maximizing wallet share within our largest client, cultivating strong relationships, and continually expanding our market reach. This is evident by the expansion of the number of clients that are generating revenue exceeding 10 million reais from 38 in 2022 to 50 in 2023. Despite facing economic challenges, our net revenue retention rate remained strong at 96% in 2023, showcasing our ability to navigate tough financial landscapes. Over the past five years, our net revenue retention rate has been an impressive 120%. This underscores our resilience and our capability to consistently deliver value to our clients, adapting our strategies as needed, thereby fostering long-term growth and profitability. Moving on, allow me to provide an overview of our financial performance for the fourth quarter and the full year of 2023. Our adjusted EBITDA was 103.6 million reais in the fourth quarter of 2023, compared to 127.4 million in 2022. The EBITDA margin was 19.8%. For the full year of 2023, the adjusted EBITDA increased to $432 million, up 3.5% when compared to an adjusted EBITDA of $418 million in 2022. The EBITDA margin rose to 19.3% in 2023, slightly higher than 2022. Throughout 2023, our efforts were concentrated on identifying opportunities to optimize our costs and SG&A expenses. This enabled us to sustain healthy margins during this lower growth period. As we move into 2024, we remain cautious in managing our expenses to adaptively navigate the prevailing environment. Finally, in 2023, we generated R$ 414 million in cash from operating activities compared to R$ 161 million in 2022, an expansion of 158% year-over-year. This represents a cash conversion to adjusted EBITDA of 96%, demonstrating our robust capacity to generate cash from our core business activities. Such a robust cash generation allows us to reinvest in our business in strategic opportunities that will drive sustainable growth, such as the Flow platform and other AI-related projects. Now, I invite Cesar back to comment on our business outlook for the year coming.

Thank you, Stanley. We expect our net revenue in the first quarter of 2024 to be at least 520 million reais on a reported basis, assuming an average FX rate of 5 Brazilian reais per US dollars in the first quarter of 2024. For the full year of 2024, we expect our net revenue growth at constant currents to be in the range of minus 2.5% to 2.5% year-over-year. In addition, we estimate our adjusted EBITDA margin to be in the range of 17% to 19%. Thank you all for attending our call today. We now conclude our presentation and begin the Q&A session.

All right. Thank you all for attending our call today. We'll now begin the question and answer session. I'll announce each participant's name. Once you hear your name, please unmute your line and ask your question. Then when you're done, please mute your line. The first question comes from Eduardo Rubi from UBS. Eduardo, please go ahead.

Hi, everyone. Thanks for taking my question. I would like to better understand what you're taking into consideration for the revenue and margin guidance, please.

Thank you, Eduardo. I can get this one. In terms of revenue for guidance, I think we are considering that we are coming out of a very unusual year, so there is still uncertainty in the macro and corporate spending environment. And so we are planning a stable Q1 followed by incremental growth, not only in the following quarters of the year, but also in the following year. So resuming our standard growth trajectory. Primary drivers, I think I see two main drivers. First is we have some of our large clients gain traction. so to give you a data point our top 10 clients are expanding mid to high single digital uh there's to grow along the year and we have also a new client a set of new clients that landed we landed in the second half of last year that are now ramping up like Domino's Pizza, as you saw in our highlights. And also I would mention two, let's say, the risk factors in our projections. The first is our top one, 2023 top one client is now stable. That was one of the challenges of last year. And if you see our last 12 months, I think we gradually replace a number of small ticket deals, especially from the acquired portfolio with a good number of large clients. So these are basically the primary drivers for our revenue guidance. In terms of margin, I think we are expecting and projecting cost inflation combined with a lower price elasticity. And as we did last year, we are keeping our price cost discipline. So as you can see, now we're above average 2023 numbers of EBITDA and cash flow generation. And of course, we continue to invest in our teams in a way to prepare for resume growth and the AI CIG flow transformation.

Okay, thank you very much, very clear.

Thank you, Eduardo.

Thank you, Eduardo. Our next question comes from Gabriela Moraes from Itaú BBA. Gabriela, please go ahead.

Hello, everyone. Thank you for taking my questions. We have two on our side. The first one is regarding the financial restatement. Uh, do you expect potential for the restatement, uh, going forward or all the adjustments should be made at once? Uh, and the second one is also a follow up regarding the, the guidance. Uh, how do you see the recovering the service might market throughout the year? Like, should we expect a better. markets in the second half of the year. And also if you have some color regarding what you expect in terms of marketing environments for 2025 as well. Thank you a lot, guys.

Well, I can get the first one. Thank you for the question, Gabriela. Well, with regard to the restatements, we estimate that we will release the full earnings release in one week or so. And no later than the 28th of March, we will release the 20F. So we will furnish the restatements for the quarters within an additional 6K in the same date, the same 20F date. And, of course, the full-year restatements you will see in the 20F for 2022, right?

Just to add to that, Gabriela, it's important to mention that we expect all the adjustments necessary within these financial statements that we'll report with the 20F, so we do not project any further restatement going forward. It's already all contemplated in the announcement we provided this morning.

Let me address the second part or the second question. Thank you, Gabriela. In terms of the demand environment, I think we perceive a better environment when we compare to last year, the beginning of last year. Of course, with cautious optimism, we see clearly a better commercial activity and pipeline compared to last year. also an enhanced visibility for the first half of the year. And we still see some level of uncertain for the second level of the year. However, I think if my perspective is that the conservative investment in digital in the recent years are now become kind of evident in the competitive landscape. And if you add artificial intelligence, this equation is kind of inevitable, that companies in general will have to accelerate their digital strategy. So especially in the second half of the year, and in 2025. So this is my perspective.

Thank you a lot, guys. This is very, very clear.

Thank you. My pleasure.

Thank you, Gabriela. Our next question comes from Joey Zafi from Canaccord. Joe, please go ahead.

Good morning, gentlemen. Thank you for taking my questions. First one is I think I heard, Cesar, that you said that your largest client is going to be stable here in 2024. I was just wondering, you know, what is the outlook? for maybe your two through five customers? And then secondly, it may be a little early, but is it possible to quantify how many perhaps points of revenue may be coming in 2024 from AI-related projects? Thank you very much.

Thank you, George. Regarding your first question, I think our top one client is forecasted and we see as stable along the year. And we are seeing obviously a higher growth in our top 10. clients, we are forecasting mid to high single digital growth in our top 10 clients. So including the stable top one last year. So and the second question regarding our I think the way we are approaching AI is in such a comprehensive way that of course we have the AI specific projects, but in general, we are turning every single engagement in an AI engagement with CIG flow. Also, along the year, we expect 100 percent of our offerings will be somehow powered by AI, especially in the efficiency. perspective. So it's really, I think, by now, we have 35 of our larger clients already engaged with us with CIG flow. And also we are, of course, work hand in hand with these clients discussing their AI strategy and roadmap. around this disruption. So I think it's hard to predict, but I would say that probably by Q4 of this year, we probably will have 80 to 90% of all engagement of CINT somehow impacted or related somehow to AI. It's basically because our CINT flow strategy that is our end-to-end platform for producing digital solutions.

Great. Thank you, Cesar.

My pleasure. Thank you, Joe. So we have one question here via email. Could you please provide more context on the cash generation for the year and what should we expect going forward in that regard?

Well, I can take that one as well. Well, thank you for the question. Historically, we are running a business that generates a solid operating cash flow. 2023, it's another year in this track record, a year without M&A, a year with lower growth. and as a consequence, lower working capital demand. For the future, we should expect that we are in the range of 50% to 70% cash conversion from EBITDA, as we have been performing historically. And mainly because we expect the resuming our growth trajectory. So that will demand more cash in comparison to 2023. Seasonally, cash generation is stronger in the second half. So you would expect in the first half of the year a lower cash generation and towards the end of the year, second half, a greater amount of cash generation.

Thank you, Stanley. So that concludes our Q&A session. Thank you all for attending our event today. And now I invite Cesar Ghosn to proceed with his closing remarks. Cesar.

Thank you all for participating in our call. Thank you to my friends, Galvão, Stanley, and Bruno for joining me in this call. Once again, I need to thank all CINTs around the world for their hard work and achievement, and also to support this amazing trajectory of building CINTs. So stay well, and I'll see you soon.