Thank you for standing by. Welcome to Armac's Conference Call to discuss Results Regarding the Fourth Quarter of 2022. For those who need simultaneous translation, 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 preferred language, Portuguese or English. For those listening to the video conference in English, there's an option to mute the original audio in Portuguese by clicking on Mute Original Audio. We inform you that this video conference is being recorded and will be made available on the company's IR website, where the complete material of our earnings release is also available. We would like to inform you that the participants attending the conference call will be in listen-only mode during the company's presentation. We will open the question-and-answer session when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, projections, and operational and financial goals constitute beliefs and premises of Armac's management, as well as information currently available to the company. Forward-looking statements are no guarantee of performance as they involve risks, uncertainties and assumptions, and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions, and other operating factors could affect the company's future results and could lead to results that differ materially from those expressed in such forward-looking statements. Here with us, we have Mr. Fernando Aragão and José Aragão, Co-CEOs of Armac, and Mr. Gabriel Ferreira, Director of Investor Relations. Now, I would like to give the floor to you, Mr. Fernando Aragão, Armac's CEO. Please, Mr. Aragão, you may proceed. Thank you. Good morning, everyone. Thank you very much for attending our video conference to discuss the Results of 2022. I'm going to start thanking our clients for the confidence they have been placed on us since we have critical services involved, so there's a lot of trust involved. Thank you so much for our businesses for 2022, all the suppliers with whom we did a lot of businesses along the year. Thank you so much for the relationships we have established and all our employees, team members. 2022 was a company year when we multiplied by times times the size of the company. I have to put this into perspective because more than the results that we're posting for the quarter. We have a company that multiplied by twofold in the year, cash generation, profits, and that involved a lot of sweat of all our internal companies. This has been a very challenging year for all of us, and we know it was so important not only to deliver on the commitments we made, but also to occupy the spaces we have in the market and also optimize the comparative margins. This is going to be a historical year because we are not likely to multiply by two the size of a company within a year. We would like to thank everyone for being part of this, and we are very grateful as leaders for everything that happened. In relation to 2023, providing a little context, we are having a first quarter with a rainfall rate which is quite relevant. Clearly, this will generate impacts, machines find difficulties in operating. The first quarter still has an income growth below of the capacity of the company. Having said that, the commercial teams have made or executed many agreements. We are operating very strongly in different sectors. We are totally taken up in terms of operational capacities, and this is something that make us very proud. We have the most important contract executed with 600 million of backlog to be performed, and the backlog of contracts to be performed are over BRL 4 billion. The first quarter has been facing some difficulties in terms of growth. As of the second quarter, the company has been taken up in terms of commitments to grow. We are very optimistic for 2023, and we are likely to post larger growth to the company. This is driven by the use of machines that have already been acquired, and they are implemented and ready to be operational along the year. This is the agenda for the year. We are going to have a conservative allocation of capital considering the macroeconomic context. As the inventory starts to be operational, occupancy rate will increase and the company will deleverage, we will have a new cycle of investment just beginning. After this brief introduction, this brief context of what we expect for 2023, I'm going to turn the call to Gabriel Ferreira for him to deliver the presentation for the 4th quarter of 2022. Good morning, everyone. I will now start our earnings presentation by going through the highlights of the quarter and the full year of 2022. Starting on page three, we ended the quarter with a fleet of 9,483 machines and equipment for rent, an addition of 3,258 assets throughout 2022. To that end, we had a record CapEx of BRL 1,258 million in the period, accounting for an average monthly organic CapEx of BRL 105 million, a growth of 49% when compared to the average of year 2021 when we invested BRL 70 million per month. As to gross revenue, we posted yet another record, having broken the barrier of BRL 1 billion in the year, closing 2022 with sales of BRL 1.05 billion, growth of 143% when compared to 2021, and an impressive 8.5x jump when compared to the BRL 124 million we recorded in 2020, just two years ago. Moving on to EBITDA, we ended the year with a result of BRL 457 million, an increase of 132% when compared to the BRL 197 million posted in 2021. Regarding adjusted EBITDA, which excludes the results of the sales of assets, we recorded the same trend, ending the year with BRL 434 million, a growth of 122% versus 2021. We generated BRL 149 million a year net profit, 155% growth compared to what was delivered in 2021. We have the quarter's highlights. In the fourth quarter of 2022, we added 660 pieces of equipment to the fleet, for which an investment of BRL 250 million was made. We exceeded the BRL 300 million mark in one quarter for the first time ever, ending the fourth quarter of the year with BRL 308 million in sales, a growth of 12% compared to the previous quarter and 66% compared to the same quarter of 2021. As for EBITDA, we present a similar trend with a total EBITDA of BRL 136 million, growth of 8% in relation to the third quarter and 74% in relation to the same quarter of the previous one. Adjusted EBITDA generated in the quarter reached BRL 126 million. Net income for the quarter was BRL 51 million, a growth of 31% compared to the previous quarter and 97% compared to the same quarter of 2021. Adjusted net income for the quarter was BRL 33 million, a difference of BRL 17.7 million when compared to the accounting net income, an impact generated by a positive accounting effect from the merger of BAUKO, which took place in November 2022. Moving on to page five, we look into the details of the rental fleet and CapEx. Discussing our rental fleet, we ended the year with 4,483 machines and equipment for rent, an addition of 660 assets in the quarter and 3,258 assets in the full year of 2022. To achieve such growth, we invested BRL 250 million in the quarter and a record of BRL 1,258 million in 2022. 11% growth compared to the total investment for 2021, already considering the two M&A processes completed in the period. Considering the organic CapEx alone, we present a growth of 49% compared to the BRL 842 million invested in 2021, sorry. Moving to page six, we would like to draw our attention to the chart on the top left side, which shows the company's growth since 2019 when revenues totaled BRL 68 million. The CAGR company's revenue over the period 2019 and 2022 was an impressive 149% per year. According to our surveys, we were the company with the highest EBITDA growth in the period, considering all the companies listed on the Novo Mercado, Nível 1 and Nível 2 of B3's corporate governance. We ended the fourth quarter of 2022 with a total revenue of BRL 308 million, BRL 290 million of which came from rental activities and the remaining BRL 19 million from sales of assets. As a result, we were able to end 2022 by breaking through the barrier of BRL 1 billion in annual revenues. With one billion and 50 million invoice and BRL 990 million from rental activities and BRL 60 million from the sales of assets. When we look into the distribution of these sales, we notice it remains very much in line with the previous quarters and with the company's long-term strategy, with 6% of revenues for the quarter of 2022 coming from sectors of longstanding activities and the remaining 40% coming from operations in the infrastructure sector. The consolidated results for the full year of 2022 show 61.6% of revenue coming from sectors of longstanding activities, compared to 64.6% we delivered in 2021. We now move on to page seven to discuss the company's gross profit and EBIT. We ended the quarter with net income of BRL 130 million, a growth of 16% when compared to the previous quarter and 69% when compared to the same quarter of 2021. As regard to our margins, we managed to present a small gain of 1 percentage points in relation to the previous quarter, ending the fourth quarter of the year with margins at 49.9%. Analyzing the results for the year, Armac presented a gross profit of BRL 425 million, accounting for a growth of 128% compared to the BRL 187 million delivered in 2021. In EBIT, we ended the quarter with a result of BRL 83 million, a growth of 1.5% compared to the previous quarter and 55% compared to the same quarter last year. This growth, which was lower than the other metrics, is due to the lower EBIT margin presented in the quarter of 31.8% compared to the 35.6% presented in the previous quarter. This impact on EBIT was driven by two main factors. First, because over the second half of the year, we adopted a corporate structure that will prepare the company for the property, plant, and equipment of BRL 2.4 billion as we ended the year. We still have approximately BRL 700 million of these in inventory, making the SG&A share in the company revenues increase in the short term. Over the few next quarters, we are likely to see a dilution of those costs as inventory starts operating. The second important impact we have on our EBIT is related to the conservative depreciation policy adopted by the company. Even though we know that our machines have a market value much higher than what they are shown on our balance sheet, we chose to maintain a linear depreciation instead of a dynamic depreciation quarter on quarter as we could have. In the fourth quarter of the year, we depreciated not only all the machines that are in operation, even with a market value higher than the book value, but also BRL 700 million in assets that we carry in our inventory at the moment, which generates a relevant impact on our EBIT while these assets are still not operating and generating revenue. Moving on to page eight, we delve into the company's EBITDA and the operating cash of the company. We ended the quarter with an EBITDA of BRL 136 million, leading us to an EBITDA of BRL 457 million in 2022. As to adjusted EBITDA, which excludes the results of the sales of assets, we saw the same trend, ended the quarter with a result of BRL 126 million, a growth of 7% in relation to the previous quarter and 64% in relation to the same quarter of last year. In the full year, we presented an adjusted EBITDA of BRL 435 million, a growth of 122% in relation to the BRL 196 million presented the previous year. Analyzing the margins, we see the same impact that I described on the previous slide with a greater impact of the SG&A in the period. We ended the quarter with an adjusted EBITDA margin of 48.3%, down three percentage points from the 51.2% delivered in the third quarter of 2022. Moving on to the company's managerial operating cash generation, we observe the impressive result we have in the year ending 2022 with a cash generation of BRL 431 million, which accounts for 99% of the EBITDA generated by the company in the same period. Moving on to page nine, we discuss the company's net income. Net income for the quarter was BRL 51 million, a growth of 31% when compared to the previous quarter and 97% compared to the same period of 2021. It's crucial to point out here that there was a non-recurring effect of BRL 17.7 million in the period. We're referring to a positive accounting effect of the incorporation of BAUKO, which took place in November 2022. As a result, adjusted net income for the fourth quarter of 2022 was BRL 33 million. In the consolidated year, we ended with a profit of BRL 149 million, a growth of 156% compared to the BRL 58 million posted in 2022. Considering the same non-recurring effect, adjusted net income for the year was BRL 131 million. Moving to page 10, we discuss the company's indebtedness. Here, I think it's worth briefly walking you through the work we've done throughout the year, which led us in a comfortable position to begin 2023. We started the year with 12 different lines of debt in our liabilities. Many of them dated back from the before the IPO, when we did not have access to the conditions of the durations and costs that we have today. As a result, we decided to prepay many of these instruments and replace them with those in the capital market, replacing liabilities consisting of 12 lines with an average pro forma cost of 3.5% and an average duration of 42 months, with liabilities now comprising just five lines at the end of the year, with an average pro forma cost of 2.8% and an average duration of 52 months, an impressive improvement in all the conditions of our debts. Regarding the leverage metrics, we ended the year with a gross debt of BRL 2,065 million and a cash position of BRL 938 million, resulting in a net debt of BRL 1,126 million. Considering now the EBITDA of the last 12 months, the company's leverage was 2.46 times. Considering the EBITDA of the last quarter, we have a run rate leverage of 2.07 times. To settle those doubts, we maintain a conservative cash position of BRL 938 million, balance enough to honor the amortizations of the principal until the second half of 2027. With the restructuring of the company's liabilities and the issuance of the third debenture held in November 2022, we enter 2023 in a comfortable cash position without the need for short-term funding, reducing our reliance on the credit market at present. Moving on to the 11th and last slide of the presentation, we come to the profitability metrics. The company's ROIC ended the quarter at 27.7%, a reduction of one and a half points in relation to the previous quarter, driven by the same reasons that I discussed on EBIT, but enhanced here by the same impact on the denominator. Bear in mind that BRL 700 million of a fleet of BRL 2.4 billion were still in stock at the end of the year. We ended the year with an ROIC, an average one of 27.9%. In terms of ROE, we observed the same impact which resulted in the impact of 20.9%, a reduction of two percentage points compared to the 22.9% delivered in the previous quarter. In the year, we posted an average ROE of 20.4%. We conclude our results presentation. I would like to thank everyone for attending the call, we open our Q&A session. Thank you. We are going to start the Q&A question. We'd like to remind you that to ask a question, you must click on the Q&A icon at the bottom of the screen and write your question to get in line. When being announced, a request to activate your microphone will appear on the screen, you must unmute your microphone to ask your question. We kindly request that the questions be asked all at once. Our first question comes from Gabriel Thimann, sell-side analyst. Gabriel, your line is open, you may proceed. Good morning, Fernando, José, Gabriel. Congratulations on the results, thank you for taking my question. I have two questions on my side. The first, if you could make some comment on the competitive scenario. We understand that there is an addressable market which is very broad for your segment. I would like to know how this all has behaved in terms of market share and other players, et cetera. The second question is related to depreciation. We understand that our market depreciation tends to be higher or superior than the other players of the sector, it seems to be a more conservative approach. I would like to understand this difference if you could provide more color on this. Thank you. Thank you, Gabriel, for the question. I'm going to answer the first question, and then I'm going to turn the floor to another one to answer. Taking this opportunity to discuss about competitive from a broad perspective. However, I'm going to convey a message in terms of the company strategy, as I mentioned in the message before. Going straight to answering your question, Armac has a business model which is not, it's not a rocket science, but there are many factors that would connect many things into a single one that would. We have specific knowledge on mechanics, on the market share as well. We have this passion for the sector involved in different sectors, which is also related to our history, and also because we have a culture of a company in the mechanic segment. What do I mean by that? We have always had competition since we started, since we founded the business three years ago. Most of those players are recycling in the market. They were already present in the market. They were already quite large. Some of them grew organically a little bit. We have always faced the competition that is now recycling themselves. At the end of the day, it's good for the sector and more specifically for us, talking about our market. It's good for us because that would make us adopt a posture to work, which is quite interesting. When you have competition pre-pressurizing you would generate a spirit in the company, a group, a team spirit that would bring this way of playing games to the table. The market's quite polarized. Our business is to continue being the most efficient player that provides the best service to the client with the best structure and with the most at stake on the game in the sector. The more noise we hear from the competition, the more interesting it will be for all of us. Now answering the second part of your question and talking about the perspective and the context. The company has been growing, as Fernando mentioned, at a very fast pace in the past six months. We reported BRL 1 billion in 2021. The company would sell BRL 100 million. We are moving at a very fast pace. We learn how to manage the business in a short time. We have to consider the size of the company, but also we have to consider that there is a restriction of capital. We have to be more conservative, and we have to manage the company in a different way than we used to do in the past. It's like a train, even though it's at a faster speed. It's difficult to move from 200 km per hour and reduce it to 100 km per hour. We have to redefine the priorities all in all. This all makes me very optimistic because we have the data, a data infrastructure which is very powerful. We have people qualified to analyze all those data. We have control of the company so that when the external scenario would allow, when the capital cost would allow, we would be able to accelerate, to step on the gas, and really implement our business model at a very quick pace. If we accelerate again, it's going to be to the detriment of the competition. Our market is likely to expand at a greater speed than the market. These are the reflections I would like to share with you, and I'm going to pass the floor now. Good morning, everyone. Once again, thank you very much for the question, Gabriel. Yes, depreciation tends to be higher, larger than those of the sector because of the policy that we adopted. Instead of evaluating the residual amount, we decided to depreciate our plant equipment in a linear way until the linear amount comes close to zero. Instead of absorbing the benefits of lower depreciation now, we want to absorb this impact diluted along the time. In the future, when we actually will sell any of those assets, we'll see the impact. Of course, there's an impact on the short term on the income, especially on the sales of the company, on the income of the company, because depreciation generates results. If you look at the percentage of our plant and equipment line, we see that there was more than 7% at play, 3%. The profit is cannot be comparable when we analyze other companies in the sector. This is an option that we decided to adopt to be more conservative in our approach and diluting this effect through all the time and leave the benefits for the future. If it's not clear, we can go deeper into this later. No, it's very clear. Thank you. Our next question comes from Gabriel Rezende, sell-side analyst of Itaú BBA. Your line will be open. Gabriel, you may proceed, sir. Can you hear us, Gabriel? He may be facing some audio problems, so I'm going to move on to the next question. The next questions is from Renata Cabral, sell-side with Citi. We're going to open your audio so that you can ask your question. Renata, please, you may proceed. Can you hear us, Renata? Hi. Sorry. Good morning, everyone. Thank you very much for taking my question, and congratulations on the results of the year. I have two questions on my side. I would like to know if you could comment a little bit on how much the inventory that you have is operating. I refer to the opportunistic CapEx because I understood that you saw a good opportunity to use the CapEx in the third quarter. How has it been going? How is it playing out for this year? Specifically, I would like to understand this major agreement that you have just executed and how much of the CapEx was allocated in this. If you could provide some information on what's the demand is like and what to expect along the year, because you made some comments on the economic scenario. At the same time, there is a very large addressable market, so I would like to know how those two things communicate. Thank you. Hello, Renata. Thank you very much for asking this question. As I said before, we built this inventory, as you mentioned, in an opportunistic way with acquisition values which were very relevant. Machine prices have not gone down, and in some cases, there were some adjustments up, upwards. It was an investment which was very good to the company, so we have been carrying this inventory. As I mentioned in the beginning of the call, the first quarter had the impact of a lot of rainfall. Some agreements were waiting to be implemented, so they did not start in the quarter because of this rainfall rate, which was very high. Most of the implementations are going to be concentrated on the second and third quarter of 2023. As I mentioned in the beginning of the presentation, this large contract is the largest sole contract that has ever been executed by the company. It's a new client. It's a contract that's going to be implemented in the third quarter of the year. These are very complex and critical services to be provided to the client, and the labor needs to be skilled and trained in order to operate safely. Our guideline to do businesses with safety requires an implementation term that may take six months. When we look at everything that we've been doing, the commercial area, and this has started last year, so we hired all this inventory. The work of the commercial team has already done its homework, hiring all the equipment and all the plans already in place. There are other areas of the companies that are going to be involved in order to implement those actions so that the client is not going to feel anything during the transition. As I said, sometimes this kind of work will take about six months. We expect a very small portion of this inventory to start operating because of all the factors that I mentioned. We even had some problems related to the port. Because of the rains, they faced lots of challenges. The inventory is nearly completely hired, and we're going to start operating, especially in the second quarter and in the third quarter. Nearly all the inventory has been contracted. Yes, we have all the conservative approach. Some CapEx is going to be used along this journey because the machines have already been reserved. They are going to start being operated just in the future. We are not counting on this inventory when the new agreements are being signed. Some levels of the CapEx will exist in order to meet the needs of what's coming in so that we can operate in the future. As I said, this is a journey. It's a migration from the first quarter to the rest of the year, which is tougher. We are more optimistic for as of the second quarter of the year, considering everything that has already been contracted. We are in the process of putting all those machines to operate safely to the client. This is the focus of the company for this year. I hope I answered your question. Yes, you did, Fernando. It was very clear. Thank you very much. Have a good day, everyone. Thank you, Renata. Our next question comes from Gabriel Rezende, sell-side analyst with Itaú BBA. We're going to open your line so that you can ask your question. Gabriel, please, you may proceed. Can you hear us, Gabriel? Maybe Gabriel is facing some difficulties to open his microphone. We're going to move on to the next question. Our next question comes from Marcelo Arazi, a sell-side analyst with BTG Pactual. He says, "Congratulations on the results. When calculating what would be the reported yield, we divide the gross revenue by the fleet in the period. We see a drop quarter-over-quarter and year-over-year. What would be the main factor for this variation in your performance? Okay, perfect. Marcelo, thank you for the question. The main factor in order to understand that this yield drop when you make the calculations using the accounting figures is the inventory that the company is carrying over in the balance sheet, and it's already allocated in the balance sheet for the fourth quarter, BRL 700,000 million of machines which are not being operated now. If you compare to the previous year or if you compare to the previous periods, we did not have this inventory. If you compare the results, you will see that the inventory levels have grown considering what the amount we used in the fourth quarter. The dynamics of variation in terms of productivity and the revenue as a% of property and equipment, it is related to how much inventory we are carrying. When we observe the pricing, we see that the rental rates are very healthy. There is also some space for price recomposition so that we can focus on our target EBITDA margin. The occupancy of the fleet when the company has a very high level, and that's why the productivity is impacted. I hope I have answered your question. Our next question comes from Gabriel Rezende, sell-side analyst with Itaú. We are going to open your line. You may proceed, sir. Hello. Can you hear me now? Yes. Now we can. I'm so sorry. I had a problem in the system. My question, in fact, is a follow-up. Fernando, you've just mentioned your aspects about productivity. Productivity has some pressures down, and it may go back to the 78% that we saw in the previous quarter. The second point that I would like to touch upon, in the release, I read the information about the 150 talents that generated a level of friction. I would like you to discuss a little bit more about this. What's the friction that you refer to? Of course, from 1,000 you moved to 4,000 employees, quite a significant growth, and how the adjustments are like to play out in the next quarter. I would like to know if there was any impact on the margin. Thank you. Thank you, Gabriel, for the questions. In relation to the productivity, it's right that we understood the revenue generation of the company is impacted when we have this high level of rainfall. These are one of the factors that impact our results. The machines are already placed in the clients. When operations start to go back again to its normal activities, the inventories are going to be directed to the operations as of the second quarter. Yes, the trend that you mentioned makes a lot of sense. In relation to the tension that was mentioned in the message we conveyed to you and the number of talents that we proudly attracted to our company to join us in this journey, we just wanted to provide you with some context in the long term. Of course, it's not easy for a company to move from 1,400 employees to 4,000 people in the period of one year and a half. With this increase in the number of headcount, we are likely to have challenges, and adjustments are needed. They have to have time in order to have enough legacy to move on to the next challenge. If a company is growing by 2.5% in a year, so there's a new challenge every month posed to each person, and this creates some tension to the people. This is not ideal for their careers. We think if the company which has the ambition of building something that is going to transcend our generation, because this is our purpose, we have to have a very solid base, and this is made of people. The people are the ones who know the business, they have experience in different areas. All this process takes time, and if you do not have that time where you're multiplying your size by 2.5 times. People may not have enough time to create a legacy in that function and then move on to the next challenge for their career to move up. Because we do not have this time, since the company is multiplying itself, tension is created by in people's lives, in people's career. Yes, I understand there's a gain in efficiency that the company is going to capture in the medium and long terms as everybody who is on board with us will mature. This is valid for all of us. For me, for José, we are humble enough to recognize the average age of everyone, which is quite low. It's a young team. We are going to improve with the best companies, with the best leaders, with the best benchmarks. We mentioned this only to provide with this context, and I believe that 2023, that is the year when we are not going to grow at the same pace. We will then have time to mature all the talent so that they are going to occupy all the job positions that are going to be created. We are going to continue growing at rates higher than the average, but we believe that what is going to happen in the future, we will be able to develop the people who are on board already. Thank you very much for the question. It was an excellent point to be addressed. Thank you for the answer. A quick follow-up, if I may. All these new hires would encompass different areas, back office, commercials, or are we talking about mechanics and workers as well? Yes. The company as a whole. Operators. Well, you see, we usually say we are a company of mechanics, but we are basically talking about the ones who are in the front line providing good service in a safe way. Operators, mechanics, drivers, and administrative talents, people planning the company. We are talking in general terms. We are talking about the speed of hiring all the employees as a whole. Okay. Thank you very much and congratulations. The Q&A session is closed. We would now like to give the floor to the company's final remarks. Thank you very much, everyone, for the trust, for the confidence. All our shareholders, some of them have been with us for a long time, and some of them have just joined us. You have our commitment and our humility to continue improving, to deliver results, and create long-term value. We report results on a quarterly basis, but we always try to be focused on the next years, on the next decades, creating solid foundations and balance this with satisfactory results of the short term that would allow us to reinvest in the short term. Count on our dedication, and thank you all. Have a good day, everyone. The video conference of results referring to Armac's Fourth Quarter of 2022 is closed. The investor relations department is available to answer any other questions you may have. Thank you all participants, and have a nice day.