Good morning, everyone. Thank you all for being here to see our Q4 results 2022. We obviously have the presence of our co-founders, our CEO, Marcelo Bueno, and also our CFO, André Tavares. I am the IR officer, and we have the team with us, Esther, Mateus. We are here available to talk about the results in detail. I turn over to Marcelo to start, and then we'll proceed. Marcelo. Good morning, everyone. Good morning Botafogo, André, the whole team. It's a great honor to be with you for this Q4 earnings results call. I should talk about how proud we are. We start a year 2023 on the 6th of May 2023. Ânima is completing 20 years of its foundation when we got together. On the 6th of May 2023, we have a year to celebrate it. I think it's also important before we start, a year ago, we were all discussing what the return to on-campus would be or in person. It's not just something that happened to us, it happened worldwide. Looking in retrospect, nobody had any idea as to what it would be like. We made a decision of starting 2022, quote-unquote, "Forcing our students to go at least three times a week on campus." Added to the decision of leaving from 19 systems to six at the turn of the E2A implementation, the main Laureate brands implementation. That was a year of great turmoil, and particularly regarding reducing or having them on campus at least three days a week. Over the first half of last year, it was great dissatisfaction because greater use of technology or not to improve learning varies according to areas of knowledge. IT, management, engineering, and even architecture, they wanted to use much more technology, hybrid education, than being in person on campus. Forcing them to be there three times a week was something that caused dissatisfaction. On the other hand, the health were willing to go. While in healthcare, they want to be on campus more frequently, so three days a week was too little. We noticed that. We corrected the course at the turn of the year. Today what we've noticed, I wanted to start this call talking about this as well. We've noticed that students like our value proposal very much. We see this half happening. This may be analyzed in dropout. Having our value proposal and with 97% closed, we see a trend. The choice made in the past of hybrid education, the joystick of our students being able to choose to go more frequently or less frequently on campus using more or less technology has been shown as the correct value proposal. We see this and we feel the stretch. I'd like to start by talking about this to greet everyone. Also we've been looking at the closing of the year. We have highlights of a company that had BRL 3.6 billion net revenue growth of 39%, almost 400,000 students total. Adjusted EBITDA BRL 1.1 billion growth of 57% and an EBITDA margin 30% + 4 percentage points of growth. Adjusted net income of BRL 250 million and operating cash generation of BRL 605 million. It makes us very proud. If you look at the year, we want to have a more macro view regarding 2022 and looking into 2023, we feel very proud. I've been insisting, of course, that there are two major avenues, increasingly more important to generate more value and also help us increasingly more to put the company where it deserves to be. First, with this choice of students being on campus more frequently, according to areas of knowledge, we're certain that we're going to have a spare physical building. We visited 101 addresses over the last months. We made several deliveries, and we optimized our physical use, which echoes in the optimization of cost and leases and occupation. This of course, we have certain fines of termination, etc., but this will be offset shortly. We have restructured our DNA structure. That made it simpler with the integration of Laureate with 12 reports. Now we have seven. All the domino effect up, down. Our value proposal, we have average ticket growing 8% of Ânima Core and 11% in Inspirali, which we have to transfer inflation as the minimum to the ticket. These are the main messages I'd like to open with and I'll turn over to André so he can proceed with the presentation. Thank you very much, Marcelo. Good morning, Botafogo. Good morning, everyone. With us here, all our IR team. The year 2022 was a quite intense year to us here at Ânima, and it was a year, I would say that the main topic was the advancement of the integration with the units that came from Laureate. Cultural integration, systems integration, process integration. Integration as a whole ecosystem that became the Ânima ecosystem. I said that we had several efficiency initiatives that will be even more visible in 2023 because many of them were actually captured along 2022. There is a part on our release there we address synergies in the Laureate acquisition, and we point out that we managed to capture that. I look at from the very beginning of the integration, and we actually check these accomplishments and synergies year- over- year, we get to BRL 305 million year- over- year. We look at December and December result, it work as the period we acquired Laureate, it's almost BRL 25 million a month in terms of synergies. This is very... As it's being captured over 2022, great part of it will be even more visible in 2023. Speaking of our year-over-year numbers, considering the cycle of our business, we always pay more attention to yearly numbers and half numbers. Well, we have differences quarter-over-quarter. It's always best to look at the results of our business, at least, per semester when we complete a cycle. Looking at the 2022 numbers, we had this net revenue of almost BRL 3.6 billion, above BRL 3.5 billion. Ânima Core is still the most significant. Its revenue was 62%. Inspirali and digital learning follow their growth path and gained more relevance in our ecosystem. Inspirali closing with 31% and digital learning with 6%, with a student base that got to 400,000 students. Quite positive news in terms of the year-end. It's a more consistent improvement with the numbers that we have been showing in terms of dropout, 3.6, 2.4 percentage points better than the same period previous year. In terms of gross profit and operating results, gross profit was practically BRL 2.3 billion, margin of almost 64%. Operating result, BRL 1.465 billion and Adjusted EBITDA of BRL 1.073 billion with a margin above 30%. Breaking down, as I believe, or as actually we've been doing for some time, breaking down our results for a better understanding of all of us to align the way we disclose and the way we manage the company, we give the visibility of our results on three levels: Ânima Core, Inspirali and digital distance learning. Those are businesses that have timings and features and indicators that are very unique. At Ânima Core, we highlight the continuation of the ticket above inflation control dropouts and remake of margins, even with the activities returning to on-campus activities. We observe the ticket is one of the point that we've been talking a lot for a long time with our investors. On our main focus points, we give continuity to this process of gross ticket 8% above inflation. We can also see the figures of net revenue and operating result of Ânima Core go a growth, especially in operating result over BRL 200 billion, getting to BRL 814 million in 2022. Moving on, we talk about digital learning or distance learning as quite fast growth rate, 42% regarding what we saw in 2021 in the student base and 21% in terms of revenue. Here in distance learning, we observe greater competitiveness. The expansion of our distance learning is very much focused on new marketplaces where our brands do not have such great recall as in the marketplaces where we have operations. As new entrants, we have to be more competitive in terms of the ticket, and this is the reason with greater competitiveness in the industry. These are the main reasons why we're seeing our tickets still at BRL 187, which is still below what we understand is the recurring normal for this line of business. On the next slide, we see Inspirali's results. It also grows. It has its own growth rate showing +10% in student base. Also growing its revenue with very small dropout, virtually zero, and getting 2022 over BRL 1 billion of net revenue, with over BRL 600 million in terms of operating reserve. To the robustness of its growth and its results. On the next slide, we also see our Adjusted EBITDA. It reached practically BRL 1 billion, BRL 101 billion 70. When we look at the reported numbers, we would have 0.2, considering the stability margin was smaller or lower, 0.2 percentage point. We had several localized events of earn-out, of provisions, especially once we've incorporated the assets and the institutions of Laureate to our accounts. If we take out the effect in 2021, well, we should have an EBITDA margin special of 4.3 percentage points to the current 3, 30.1% in 2022. When we look especially to Q4, we see this evolution of margin of growth of 2.4 percentage point of the EBITDA margin. Those localized events that I mentioned above are more centralized in Q3. For Q4 is a comparison that is much more, say, normalized. I believe that much of what we have grown in the third and fourth quarter of 2022, we will, especially regarding DNA expenses and these expenses and the improvement in liability management, we'll see this, all of this reflected in the results of 2022. On the next slide, we talk about our CapEx. We have gains of scale and the benefit of the dilution moving from 7.2% of revenue to 5.9% of our revenue in 2022, and with a very clear focus in digital transformation. In nominal terms, we almost doubled here investments in terms of digital transformation from BRL 78 million to BRL 130 million, an amount that is quite significant. That gives us the trust that we are preparing the company for forthcoming years for the strategy of being a company increasingly more digitalized in all its processes. Once we've seen CapEx, we can move on to the cash flow. We had free cash generation before financial expenses of BRL 604 million, showing how much we've been able to generate cash with our operations, representing 56% of cash conversion regarding EBITDA. Of course, we have a major challenge in the generation of results and cash incremental over 2023, so that we can put the company in the direction of organic deleveraging that is also fast and sustainable. I'd like to stress here that we end the year with a cash position that is quite comfortable, BRL 1.5 billion in cash. Mentioning the important intake that we had last year of BRL 800 million in terms of rates that were much smaller than we are observing currently with the deterioration of the credit market that we've observed early in 2023. Those are results, and there's a cash generation or operating free cash generation coming from operations that makes us feel very confident. I'd like to turn over to our IR officer, Botafogo, so that he can conclude the call so that we can open to Q&A. Perfect. Thank you, André, Marcelo. Thank you all for being with us today. We are disclosing or publishing the results of Q4 2022 as a whole with great sobriety and quite confident to know that the results are challenging. It was Q4 that was difficult. 2022 macro played very much against, especially Ânima Core. In our education business, we have quarterly fluctuations that are major looking quarter-over-quarter. This is even more significant. Q4 was difficult with the revenue down, with margins fluctuating quite a lot. We invite people to look at a perspective. Take a step back and look at the second half as a whole and the last 12 months. Variations quarter-over-quarter, they are different. When we look at the last 12 months, this is very important for us to look at our business. Here we share a chart. We've shared this chart many times in our releases, which is the evolution of our profitability since the second quarter of 2018, four years and a half. The first chart, we always presented it within the pattern of IFRS 16 reporting, as requested by many of you investors and analysts. We have ex IFRS 16 with the leases, a bit, the old way, cash proxy a bit. As we noticed in the first chance in normalizing the effects of the Q3 of 2021, right after, since the marketing lowered first the bleed quarter managing acquired asset, we had a lot of provisions. We reverted them. There were a lot of leasing which were earn-out several provisions. We came in very quickly as we reverted the provisions in Q3 as you followed our releases. This went up in the result in Q3 and impacted the last 12 months of 2022, second quarter 2022 normalizing. With that, we have these asterisks. Here we see that the margin, the Adjusted EBITDA margin, non-recurring for the last 12 months, has been growing continuously, practically. As we have a year-over-year comparison for us to exempt ourselves from seasonalities. The year-over-year comparison in the top chart has been positive in the past 15 quarters. With operating improvement, this greater perspective of looking longer period with the last 12-month margin, we see that we reached a record margin of 30.1% without paying leases. This margin is still below what we would like to have. There's still a lot to be done. It is important for us that quite calmly, we should understand that has been quite a visible improvement. What happens when we calculate the payment of leases? This is very important because one of the main fronts for us to increase our profitability is precisely more efficient management of physical spaces. With that, when we add leases to the math and we look ex IFRS margin, it's a chart that is like less simple. It has some more filters. You see clearly until the second quarter 21, the margin was continuously growing before the integration to the acquired assets. It drops before recovering again. What happened? Many of you know in detail that Ânima operated with about 8% of revenue in leases. The acquired assets were operating with 12% in revenue. As you combine both, increase the lease amount 10%. There's a drop of the EBITDA margin. Gradually, as we manage in a more efficient way, paying fines and delivering lease contracts and consecrating in specific campuses, we are able to resume this EBITDA margin ex IFRS, not only with the reduction of leases and also reductions of corporate expenses. We're going to detail that in a future chart. We get to a margin that is record EBITDA margin of ex IFRS 60 got to 20.5% in Q4. Considering the fact that they have been challenging results in 2022, Q4 was difficult in terms of results. We managed to improve in this viewpoint of 12 months better level since the first quarter of 2018. Not only that, we've disbursed over 2020 to BRL 145 million to hire a future improvement of profitability with the lease fines, cost of dismissing people or layoffs, corporate expenses, G&A expense, and expenses to implement the liability management, because it costs a lot at startup. When we issue a new debenture, it takes money from cash. The first allows us to have a reduction in the financing cost in the coming 12 months to start offsetting initial cost. The disbursement that increases net debt and the total disbursement, leases, corporate expenses, liability management has been BRL 144 million in 2022. On the next slide, we see how has the cash and debt of the company evolved. Talking about this topic of liability management. Last year, as you followed greatly too, exactly a year ago, 31st of March, with the effective creation of Inspirali, we issued BRL 2 billion of Inspirali at a Selic cost plus 160 to prepaid almost the totality of BRL 2 billion debt of Ânima that were Selic plus 465. Great reduction of cost and an extension of debt with a new debt of five years. Very similar, at the end of the year. The issuance of the BRL 1,800 million in December will allow us to pay what we have in terms more expensive debts, Selic plus 375, BRL 500 million. With the extension, that is about BRL 100 million, has a bullet of five years, BRL 600 million, and the remaining BRL 200 million is six, seven years. The amortization program that we see here on the chart, quite profitable for the company, which makes us very confident that we can have another voting of liability management of that debt of BRL 2 billion. That costs 206 basis points of premium on sale. As a comparison, the BRL 100 million that we issued in December at Ânima, that is more leverage than it's been. The cost of 165 basis points also make the main trash BRL 600 million. On the next slide, we see a topic that all of you here that know us quite well, is the core topic of our leverage. We notice on this chart that from the transformational acquisition of the Laureate assets, we came to a level six times the EBITDA. Level with the Inspirali project, with the DNA Capital interest, and creating Inspirali, getting BRL 1 billion of cash to Inspirali. Our leverage dropped to a level four, where we have been stubbornly around 4x EBITDA in terms of leverage. Here we have the bad news and good news at the same time. We can see, you know, the glass half open or half full. Despite all the efforts that you've seen in operating improvement, a gain in EBITDA margin to a record level, even though there's a lot to be done. We have improved profitability. Despite that, we haven't improved the leverage level. We still have high leverage. The good news is that at the same time, despite high interest that we are experiencing, unlike other companies listed, where the leverage is growing continuously, we managed to keep our leverage level. High cost, effort and management discipline, we're keeping the leverage at this level. It's also important to set a context that over 2022, those expenses that we referred to of almost BRL 145 million, they end up increasing the indebtedness level. They increase the debt in a benign way, let's say. It's a disbursement of cash debt higher than a future improvement. In the short term, it worsens our debt. To give you an idea, the BRL 145 million compared to BRL 700 million, let's say it's EBITDA ex-IFRS, it's 3.2x EBITDA, or 4x EBITDA of leverage, 0.2 EBITDA is there. This increase of benign debt in the short term to higher the improvement for 2023, 2024 onwards. What we've done so far cannot be seen in terms of the leverage, because at the initial moment we have this cash disbursement. Further on, we'll be able to collect quarter after quarter this improvement and actually in decreasing debt in the case of two of these items, lease and receivables, they're above EBITDA. They improve the denominator of the leverage. They reduce net debt and increase EBITDA. Obviously, in the liability management, the reduction of financing costs only improves the net debt, not the EBITDA. With this, I think we can resume a topic that is important to many of you investors on the journey of 2022. There will be a journey of much less glamour without major acquisitions, without greater strategic growth, with a lot of work door in-house, focusing on reducing costs, expenses, especially leases, general corporate expenses, focusing on reducing our financing costs to be able to higher the reduction of the leverage, better profitability, more value generation for shareholders, not only creditors over 2022 and over 2023 to 2024. This frustrating because we cannot see yet for the reasons we've described. We have the sobriety of acknowledging quite calmly so, but in a very frank, humble, modest way, that we know the results are much below what all of us would like to. We also know that we have been doing a lot. We're hiring better results. With patience and wisely over the next semesters, we hope to show in a very visible way to our investors that this improvement will be reaped over 2023 and 2024. That was the last slide. Now I'd like to turn over to Marcelo Bueno. We can move on to Q&A session. Thank you both. Thank you, André. Thank you, everyone. To wrap up, I'd just like to say that we have our general meetings to improve our board. We have some board members that are leaving, João Castanheira, Silvio Genesini. Greetings, Silvio Genesini, Castanheira. We like to welcome the new board members that have been appointed. We have a new phase of the board to support the management. In this new phase of Ânima, thank you all very much. It is important to highlight our diligence in this deleverage agenda that Botafogo talked a lot about, not only operationally, but also analyzing alternatives to generate more cash to the company, deleverage it, and bring more capital to it, and make the company increasingly more truthfully healthy, in line with what we believe. With this, I open to Q&A, thank you all very much for your participation. Thank you very much, Marcelo. The first question is from Lucas Nogueira from Morgan Stanley. Lucas, your mic is open. Hi, everyone. Good morning. Botafogo, André, Marcelo, thank you for allowing me to ask a question. Two questions on our side. The first one regarding the commercial strategy of Ânima Core. You made it clear that you have specific effect on the Q4. Looking at the semester, the revenue was flat. How do you evaluate the strategy of repositioning yourself looking back, and how should it be for the forthcoming quarters, this policy of price adjustments? The second question is the use of leases. It makes sense considering smaller demand for on-campus classes, as Marcelo mentioned. In a scenario of going back to public funding, we can observe a relevant decrease in the number of on-campus students with the current structure, or this would entice increase in investment? Hi, Lucas. Thank you for your question. I'm going to start and then, André and Botafogo, you can go ahead. Ânima Core, as I mentioned, we're seeing students want to use more or less technology to improve their relationship with the learning and teaching according to areas of knowledge. We see that Ânima Core shows that areas like IT, engineering, management, even architecture, students want to use more technology and less in person or on campus. Opposite of what's happening in healthcare, vet, biomedicine, nursing, et cetera. If you consolidate all of that, it's not that it is migration to distance learning. This is our value proposal that I want to reinstate here, that the fiduciary role, André and Marcelo Bueno, is to focus on cutting costs, simplifying. We have to stress here that we have felt that our hybrid value proposal of quality is increasingly more attractive. We're seeing students noticing this. This is not that it means that we're moving to distance learning. We're going to improve our ticket, putting profitability margins where we want it to be. We've worked a lot. Almost a turnaround, a special one in Ânima Core. It's almost completed, and we're going to reap the benefits along the coming quarters. If we have, as Brazilians, we expect that the new administration faces education that has an access policy to increase grade, that increases penetration. If it happens, we are prepared for that. I don't see increase in cost, 'cause even if this happens, we believe that there will be optimization to be made in the physical spaces. I think this is a message, because the use of technology, you can scale up. I don't believe that we're not working with the PS implementation. If it happens, we're ready to implement that and actually help the country be transformed through education. Just to clarify, on the part of ticket repositioning at Laureate, is there any catch up to happen or are both practically equalized? What about the next cycle? We had great difficulty with the systems integration. We can look in retrospect at 2022, especially the Laureate units. This made our summer process particularly last year. This year, this is not happening. The Laureate brands are very strong, very powerful. We're very optimistic regarding the power of the Laureate brands and certain that the Laureate pathway of those brands is not the pathway of lowering ticket and getting into price fights. Those brands are very strong, like ours, and it's very much proven. We have great space for us to continue. We don't have any silver bullets. This is the policy of ticket recovery in the integrated brands and those in reintegration. Just to add to this topic very briefly, Lucas, as we reposition tickets to the integration units in a place where they should be, just as you lower the ticket a lot, it takes some time to show up where we see the average ticket over the four or five years. We also have a contracted improvement as you keep the ticket on the new level, even though we have students in the third, fourth years that have very low tickets. No doubt we should see a continuity in ticket improvement of Laureate, the units that came from Laureate in the forthcoming years. I think it's also important to say that we're going to have the same policy in distance learning. We have implemented it E2A in digital. Our ticket repositioning technology will also be implemented there. From this, first quarter, distance learning, yes. It's been in operation since last quarter. It's a full integration phase of this policy that will be implemented there as well. A major point, Lucas and everyone, on this intake process, we're talking about intake. When we talk about the first quarter, our policy, we gave no previous news of intake at 60% in the journey of intake that is being completed. We've mentioned to many of you we were confident with the intake or summer intake process early this year, not through macro, because macro has not changed regarding previous quarters. We still have inflation, high interest rates. The confidence of consumers is not firm. Macro scenario has not improved, you must hear that from other companies in the industry, the different from micro is very sensitive from last year to now. As Marcelo mentioned, we had a management early last year to the cultural aspects of integration with large team of Laureate. There were aspects that needed to be better addressed. We had a systems integration, back office, front office, academic, RP, CRM of 19 systems. We dropped to six systems early last year, it was great difficulty that naturally impacted the summer intake process. It was the first major intake after the integration of Asset in June 2021. Early last year, the first quarter of 2022. This year, the process is the opposite. The machine is well-greased. Things are working very well. We're very confident, not for any macro different, but actually because of the micro of the Ânima management. Another point that is worth mentioning on what Marcelo mentioned of putting E2A in distance learning. Sometimes a point that escapes many people want to talk about distance learning. For every 100 students that pay the first tuition fee of distance learning in Brazil, we have six, seven, eight students that graduate. It's a composed dropout. Over 90% of students in undergraduate, those that have difficulty in the logistics of day-to-day in their lives 'cause they are older than the on-campus students, bit less income available for education, they drop out. There, this is a problem to France's proposal of education. They will not get a degree. They have no chance of social climbing and employability and also the business, because this is second point of view for shareholders, bad debt, and lack of cash generation. We generate better quality, that allows great engagement students in their education journey in distance learning. As what Marcelo said, is very important to put our proprietary technology of E2A within distance learning. E2A, I believe, will be key to provide more quality with more engagement, therefore, the students will stay on. At the end of undergraduate, certainly graduates. 15 students, we are significantly increasing the number of students that have a chance of having greater liability, more income. The impact to their lives will be very relevant, the impact to the business as well in terms of cash flow and bad debt will be very important. This is one of the great focus that we have in EAD or distance learning, to increase the quality of what we're delivering to those students. Right? Thank you. Very clear. The next question is from Marcelo Santos, JPMorgan. Marcelo, go ahead. Good morning, Marcelo and André and Botafogo. Thanks for the opportunity of asking questions. First question would be to talk about the profitability 2023. See the main moving parts, what helps, what disrupts, what is the viewpoint investors may have. The second question would be regarding the competitive environment of distance learning, how you see commercial aggressiveness of peers, ticket evolution. You talked a lot about on the release. I'd like to know a bit further on. These would be the two questions. Thank you. Thank you, Marcelo. I'm going to start here, you can add. I've been insisting here, Marcelo, that we are viewing with magnifying glass, with great energy, things that have been already implemented for 2023. I mentioned the previous question, basically turnaround that we made in Ânima Core. This is important. Also the certainty that we're going to have a physical space. We've gone through renegotiating, looking, and optimizing all our 101 addresses one by one. That means bringing Laureate. The levels Laureate used to work 12% of committed revenue on the lease and occupation to the Ânima levels. This is a fiduciary duty of reaping synergies that we have, we believe this is not enough. The Ânima levels were pre-pandemic. Post-pandemic, we see students want to use more or less technology according to their areas of knowledge. We're only certain of one thing. We have physical space. We have space for that. We've delivered a lot, many addresses, and we have various operations into our own operations. We have optimized, renegotiated all R&D's contracts, personally take care along with Daniel Castanho, with some of our partners to major renegotiations with the original keepers of the organizations, the Laureate acquired. This is an important agenda. The other one is simplify operating structure. We had 12 boards and now have eight. All that, you know, with a terminal effect. I would have magnifying glass on those two major agendas for 2023 and 2024. We've renegotiated our debt, as Botafogo mentioned. I think this is also important. We have found it's important for you to notice that the students are enjoying our value proposal increasingly more. Initially, people could think that with the pandemic, students would migrate to distance learning and lower ticket. This is not what has been happening. We see things differently, and we're going to show that over 2023. It's important for you to look at the numbers. We have 97% of the re-enrollment completed. It's important to say that students liking increasingly more our value proposal. I would look at that. Regarding distance learning, we have felt it's another business, much more competitive, but we have room for us to serve another group of people that Ânima did not, and reposition our value proposal where we believe in and implement be it a way in digital or distance learning to have a minimally acceptable product that we accepted and that it makes a difference in people's lives. They want to have more access. Positioning Ânima where it should be and implementing our methodology of recovering ticket and distance learning. We're going to give the price battle. We all know where it ends. I think, Marcelo, what is important in your question, I think it's key to our conversation today is that we're looking to get 2022's sobriety knowing of the result in terms of what we would have liked. At the same time, we're looking at 2023 with great, in a very constructive way, somehow with the joy that we went uphill in this marathon of the journey of the real economy that goes through hardships. We went uphill over 2022. Many things that was done that cannot be seen as BRL 145 million that we spent, and they still increase our debt, our leverage, and are not showing the benefits. After going uphill, we start noticing ahead this more, say, flat road. A lot has to be done. A second part of your question. A lot to be done in terms of lease management. We have a lot of optimizations we made. I'm going to give you one example here, and why physical space management is now performed by some less experienced executives. Marcelo and Daniel Castanho, and Marcelo's founder, have to think about the physical space. Not just a manner of, you know, renegotiating a lease contract and changing campuses. There's a way as to how these physical spaces or brick-and-mortar spaces will exist in terms of education. The large classroom where the student would get to take an elevator, get to the class, and once they're done, they close the laptop, and they go to the car, subway, bus, whatever. This should not exist anymore. Spaces are different. The campuses has to be more horizontal with more interactivity spaces or interactive spaces, lab, maker spaces. Students have to wish to be there. It should not be that building with, you know, students' desks that are no longer part of it. This is why it's led by Marcelo with the support of Castanho and other founding partners. For who I'd like to mention to Pep, our team that is used to doing that. Nobody likes to deliver buildings. Nobody likes to lay off people. The teamwork of people who have been doing this for a long time. Exactly. Students have to be happy with the new dynamic. It's not an easy thing. I'd like to acknowledge our team and people in operations, all the units in the regions. They're all engaged in this difficult and hard type of job that nobody likes to do. As Marcelo said, it's not good to dismiss people. We have a 20% in D&A and corporate expense. The company needs to be more profitable in terms of because it needs to continue living. May, Ânima is completing 20th anniversary. We're getting closer to this moment, as my grandfather would say, this life of 20 years of the company with great joy that we should reap in 2023 of what has already been done in 2022. A lot to be done in leases and corporate expenses, and also in liability management. As we've mentioned, we had two breakdowns in liability management last year. There's a third one that we have to negotiate, that Inspirali dimensions that is quite expensive, leaving this more complicated moment in credit market. There's no urgency for that. We still have improvements to be implemented this year, but we should start reaping good effects of what was done last year. Okay, Marcelo. It is with great confidence that we're moving into 2023, and I'd say with great joy towards this moment of two decades of journey of Ânima. Okay, thank you. Thank you. Next question from Mirela Oliveira from Bank of America. Mirela, your mic is open. Good morning, everyone. Thanks for allowing us to ask a question. Just a brief follow-up on our side regarding non-recurring expenses with leases, fines and terminations. Until when in 2023 should we see this kind of expense, and when over the year should we see the return of these reductions? Excellent question, Mirela. Let's start from the very sort of foot on the grounds standpoint. They're not over. We're going to have more recurring expenses of termination, lease termination. A lot to be done. Good news in the short term, it's still impacting. The general corporate expense reduction will only be intensified once we integrate the Oracle ERP that we're setting up now. We're putting all those systems that we've integrated from 19 to 60 within a corporate ERP for everyone that follow the company making those integrations, SAP, Oracle. It's a lot of work, and we need many people. There's a lot of redundancy, many things that have to be checked. You have to have a robust team and redundant one, and we're only going to be more assertive after this integration towards the end of the year. There's still a lot to be done, a lot of homework to be done in terms of general and corporate. There is a cost of liability management that depending on how we manage the Inspirali debentures, so they're non-recurring costs that will increase net debts, et cetera, as it happened last year. This year we have the improvement contract contracted to what has been. You see clearly on our release of payback of those new initiatives is around the year. If it is around the year, the trend, using a term that the regulators like to use much more than the number, the trend is that those BRL 145 million, they should be transformed about a year of payback around this amount of reduction of the disbursement over this year or increase in profitability over this year. Even if we have new expenses to hire and improvements for 2024, this year, this is offset based on what was done last year. It is great that you have asked this question, Mirela, so that we can show there is a lot to be done. There are still impacts and non-recurring, but there are benefits that offset those impacts from now onwards. Perfect. Thank you, Botafogo. I think we see some questions on the chat. Yuri Goulart from Trio Capital is asking some questions. The first one, you've shown a great advance in the corporate expenses in the quarter. Can you give us, shed some light in terms of what's happening from now onwards? Second question, regarding ticket, especially medicine, can you clarify a bit more why there was a drop in Q4 2022 over Q4 2021. Thank you, Yuri. I think they are good questions. Here, when we look at corporate expenses, we have a good examples of what Botafogo just mentioned, answering Mirela's questions of items that have impacted in a non-recurring way in Q4, but that will bring gains, especially for 2023. If we look, they are not seen in the 2022 results. If we look at corporate expenses over the year, we move from 11.3%- 11%, practically flat. When we make the comparison of the quarter-over-quarter, we move from 11.7%- 9.5%. Clearly here, this is one of the items, just as leases, this gain is shown in a more visible way, and our expectation is that should be extended over 2023 and the coming years. With regards to the medical school's ticket drop, the corporate expense is not very much related to our operating cycle. Other topics, revenue, tickets, student base, so faculty costs, they are intrinsically linked to our operating cycle. Here I invite Yuri. Well, if you actually look at quarter-over-quarter, the Inspirali ticket is flat, 0.9% negative. This depends many times on the time students join. Sometimes there are students that are taking courses at a lower ticket in a more, in a slow way. If we look at the quarter, which is a more stable measure, you will notice that in terms of undergraduate Inspirali, the ticket moved from BRL 746 to BRL 7.6, so BRL 8, so an elevation of 5.6%. We look at regarding those operating indicators, we look at this cycle on a semester basis, right, Yuri? Thank you for your questions. Inspirali follows here when we look at the semester and its trajectory of increasing the ticket. I think there's another question of Yuri talking about margin. That gives me the opportunity of saying the following: Your point is correct, Yuri. We look at 2021 over 2022, there is a sort of evolution of all the methodology of prorating or cost allocation at Inspirali that makes the numbers that we should expect and levels of margin that we should expect from Inspirali are much more similar to 2022 than those of 2021. I invite you to look at the margin in the case of Inspirali that is annualized because quarterly we have differences of bad debt and several other items that may vary. When you look at the year, you'll have a more normalized margins. Despite your question being regarding the quarter, your point is correct regarding the fact that we in 2022, with the entrance of DNA Capital, we had a governance evolution of this methodology of allocations and prorating of Inspirali. The 2022 year number of Inspirali is a number that is much more in line to our expectations ahead rather than to the 2021 number. Thank you, André. I think we have another question from Carlo De Hedda from Counter Insights. Could you please elaborate on the plans to be able to deleverage this year of double-digit interest rates? Is a capital increase planned? Would the control group not being diluted, sales of assets, sale and leaseback? It gives you some suggestions. Marcelo, André, could you elaborate on that? I can start here, Carlo De Hedda. Thank you for your question. I think Both are talked about deleveraging, and we started with a clear one. We sold assets, operating one, and we sold some real estate, and the market has turned. Interest rates moved from 2 to 14. What happened? We're analyzing alternatives long term. We should have alternatives that are better for the company, for its stakeholders. We have an agenda, which is analyzing alternatives. We have to gain maturity, and we'll implement them. Most importantly, it is for the company to generate cash. We have to make the company to deleverage by itself and also analyze alternatives in parallel that may make it happen faster. We are very sensitive to this topic, working on this indeed. Okay, perfect. I think we have somebody wants to spe ak. Caio Moscardini from Santander. Caio, go ahead. Hi, folks. Thanks for taking my question. I just wanted to ask you to give me more flavor on seasonality of Inspirali in Q4. It's not very clear to me why it happens in Q4. We hadn't seen anything that could point to this worse in a seasonality in Q3. Understand a bit better how these ticket margin seasonality, how it works. Also on the profit side, BRL 50 some million in the Q4 vis-a-vis BRL 60 million in the past nine months. I'd like to understand a bit how these things communicate amongst themselves. Thank you. Thank you, Caio, for your question. On the previous question, I would say that it is very clear considering the guidance that we have from our board, the directors, right, Marcelo? The levels that our shares are in addition to the operating deleveraging that we all have the duty of carrying out. We're always thinking about more creative alternatives, as we had in the case of Inspirali, that generate value to our shareholders. We no doubt see a follow-on as a possible scenario in the current market levels. To answer Caio. Caio, thank you for your question. Inspirali has a slow seasonal flotation, let's say, that is a bit less than the core businesses, but it's not free from certain seasonalities. Just as you have, for example, dropout rates in the case of Inspirali is much less and bad debt in Inspirali is much smaller. Those factors also happen in the even numbered semester quarters compared to the odd numbered quarters. Second, as I mentioned to Yuri, we have evolved a lot over 2022, especially with the entrance of DNA Capital and the governance of Inspirali. All the methodology of allocation and prorating in costs and expenses. In addition, Inspirali itself is also gaining greater representativeness within Ânima and allows the part of cost allocated to Inspirali to be a bit higher. I'd say I encourage you to look at Inspirali and Ânima as a whole, always looking to semester, year, which is our operating cycle, and where, especially in the semester, that's when more localized effects are set off and we have a clearer view of the performance of the company. Caio and André Botafogo, we founded the company 20 years ago. We are a partnership. We have duties. I, as a CEO, I have a fiduciary duty of deleveraging the company in terms of its operations. This is not a nice thing to do, but for those who want to be here in the long term have to be there. Deliver campuses, lay off people. We have to do that. This will generate cash. It will deleverage company. If we have to do this faster, we have to analyze things carefully and do things, as André said, do things that are more creative. At the levels where we are now, it doesn't make any sense for us to do it. This is our reality as a shareholder of the company, those that want to be here in the long term. Perfect. Thank you.