Ladies and gentlemen, thank you for standing by. Welcome to Armac's conference call to discuss results regarding the 2Q 2023. 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 the Mute Original Audio. We would like to inform you that this video conference is being recorded and will be made available on the company's IR website at ir.armac.com.br, where the complete material of our earnings release is available. We would like to inform you that the participants attending the conference will be in listen-only mode during the company's presentation. We will then open the Q&A session, when further instructions will be provided. Before proceeding, we would like to clarify that any statements that may be made during this conference regarding the company's business prospect, projections, and operational and financial goals, constitute beliefs and assumptions 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, CEO; Cássio Castardelli, CFO; and Gabriel Ferreira, Investor Relations Officer of Armac. Now, I would like to give the floor to Mr. Fernando Aragão, Armac's CEO. You may proceed, sir. Good morning, everyone. Thank you very much for attending the earnings conference of Armac. First, I would like to thank everyone who built this company, especially those in the front line that serve our clients with a lot of safety and energy from the north to the south, south of Brazil. In the Q2, we implemented the CapEx that was realized in 2022, that was still in inventory levels. Our machines are heavy duty, and their movements are complex, and we work in remote places. All this makes the execution of the CapEx to face operating challenges, and we see that after an acceleration of the CapEx, Armac needed a period for its maturation with the implementation of very important part of the inventory. Now their contribution came from the operations that, from initiatives of efficiency, are delivering controlled costs, even considering the high-speed growth. We are very happy with the results of the quarter, but we are aware that our company, made up of people who have a lot of courage, can deliver even more. We want to serve with optimum quality, from shareholders to our clients. With this, I turn the call to our CFO, Cássio Castardelli, to talk about the results of the company in this quarter. Good morning, everyone. Thank you, Fernando. Thank you everyone who are working at Armac, and thank you all of those who are attending the conference. Beginning the presentation of the results of this quarter, move on to page 3. In the Q2, we had a record of 9,852 assets. Half of 2023 was a CapEx accumulated of BRL 136, more important than this, we had an increase of productivity of 53%. That means that we have growth and capacity to rent, to serve new agreements. It's worth reminding you that in the second half of 2023, we realized the highest CapEx of its company and also in the market, with BRL 790 million. In this quarter, we show that we have the capacity to put all those assets into operation. In the Q1, we had a time of implementation in order to make all those machines operational, especially for the long-term agreements, whose implementation is more complex. As a result of all those implementations, we can see the consistent results in the second half of 2023, with a complete effect in terms of revenue is still to be captured in the future quarters. The gross revenue reached BRL 342 million, a growth of 36.8% in relation to the Q2 of 2022, and 7.6% quarter-on-quarter. The EBITDA of the second half was BRL 155 million, and the Adjusted EBITDA reached BRL 150 million, with a margin of 51.6%. Adjusted net income reached BRL 43.4 million, with a margin of 14% over the net revenue. The growing revenue, decreasing fixed assets as expenses as well, directing to non-core activities into all the activities directed the operations and serving the clients, are the main factors responsible for gaining this margin. Now moving on to page 4, we can see net sales. We added machines, especially in the yellow line, and the CapEx of BRL 400 and it was directed to long-term agreements. On page 5, we can see the evolution of the gross revenue, and the graph to the right will remain with the shares of long-standing activities, similar to what we had in the previous moments. On page 6, we see the gross profit of BRL 149.2, 54.7% higher than the same period of the previous year, and 26.3% when compared to the Q1 of 2023. On the right, we see the result of EBIT, which amounted to 48.8% when compared to the same period of last year, and 36.6% in relation to the previous quarter. Again, I would like to reinforce that the challenges have been met since we have new agreements that started to bring in new revenues for this quarters. The margins are still very robust and go back to the levels that show the efficiency of the business more than for 15% and 36.5% in terms of EBIT margin. On page 7, we show the EBITDA, a growth of 46.7%, amounted to BRL 150 million, and also 25% of growth in relation to the Q1 of 2023. The margin maintained at about 50%, a very healthy level, and good perspectives to decrease costs and expenses in the future. On the right, we see the managerial operational cash flow that amounted to BRL 85 million in the period, a growth of 19% over the previous quarter, and 53% when compared to the previous year. I would like to mention the quality of our receivables and a reduction of 6 days in the receiving term. On page 8, we see important increase in the net income of BRL 43.4 million. Adjusted net income had 24% of margin. Now, moving on to page 9, Armac completed with BRL 1.294 billion as net debt, and as expected, we received the leverage to 2.34x the EBITDA, even with a relevant investment that we made in CapEx and intense growth, in addition to implementation of new operations. On the right of the page, we can see the amortization schedule, showing the quality and the long-term characteristics of our indebtedness, as well as the average cost of the debt. That was 2.2x CDI. Lastly, on page 10, we have ROIC and ROE. It had been impacted by a lower operating results in relation of the base of assets that we acquired in 2022. However, as we implemented the operation and we gain in scale, our ROIC goes back to the level of close to 30%, and as in terms of ROE, we reached 24.5%. With this, I end the presentation. I would like to thank you for your attention and the trust you put in our management. I turn back for the question and answer session. Now, we are going to start the Q&A session. We would like to remind you that if you wish to ask a question, click on the Q&A icon and write your question in order to be online. You'll be notified when you need to unmute your microphone and ask your question. We would like all questions to be asked at all at once. Let's move on to our first question. It's from Lucas Davis, sell-side analyst with Santander. We're going to unmute your microphone for you to proceed, sir. Good morning, Cássio, Gabriel. Congratulations on the performance of the quarter. I would like to understand what led to this strong expansion of the margin in this period. The use of the fleet led to a higher productivity, but I would like to explain what are the other factors, and if those factors will be long-lasting, and if this margin can be sustainable, or if you expect any kind of accommodation in the following quarters. Thank you. Good morning, Lucas. Thank you for the question. Okay. From the viewpoint of increase of utilization of our fleet is correct the way you see it, but the most important point is the increase of the revenue. There also has been a movement of redirecting the resources. Armac prepared the different managerial structures.... We had focused on the support, which was more robust in the first months of last year and along the period of last year. As the processes, the systems get matured, we are more able to provide more automation, to put our trust in the controls, and direct all the resources to activities that corrected directly connected to operations. It was a combination, in fact. We did our homework in terms of maturity of the systems, the management and the systems, and the efficiency from the administrative viewpoint. Of course, we have all the disciplines in order to allocate the capital and, or everything that's required, and these are our core interests. In terms of long-lasting sustainability, we are likely to be around 50% of EBITDA in the following quarters. Maybe some fluctuations, which is natural for the business, but there was no effect that was different in, in order to improve this profitability. It was a control that we had in the SG&A expenses and costs that allowed the scale, and it can be diluted in terms of fixed costs. Perfect, Cassio. It's very, very clear. Thank you. Okay, now moving on. The next question is from Jorge Araujo, sell- slide analyst with Bank of America. We are going to unmute your microphone for you to ask your question. You may proceed, sir. Hello. Good morning, everyone. Thank you for the opportunity of asking questions, and congratulations on the results. I have two questions on my side. First is related to the productivity rate. There was quite a relevant increase in comparison to the previous quarter, it's distant from one year ago. What would be the normalized level that you expect, and the expected timing for you to reach that level again? My second point is related to SG&A. I saw that there has been an increase in the past year when compared to the revenues. I would like to understand if the corporate structure increase and all the processes that have been implemented have reached a level that the company considers to be sufficient, or can we expect an increase of structure headcount for the next quarters, or do, do you think we are going to have a gain scale in terms of SG&A? Thank you. Good morning. Thank you for the questions. From the viewpoint of productivity, this productivity reflects the larger occupation of the fleet, this is very interesting because this productivity, it had an increase in a scenario of a lot of CapEx. The CapEx of the Q1 of this year, 2023, was significant, more than BRL 260 million of accumulated CapEx. Even considering all this, we had an increase in utilization. From the viewpoint of potential, what you understood is correct. It hasn't reached the potential, because what we reached this quarter means that we have 90 days of revenues of all the assets that have been allocated. In other words, we see that there's going to be an increase in productivity in the next quarters that will convert into... will be close to 50 or higher than that. From the viewpoint of timing, we see this having some progress along the quarters. In the Q2, the CapEx was directed to agreements that had already been executed. We are not likely to have a lot of fluctuation in terms of productivity. From the viewpoint of SG&A, the company has been increasing its structure, supporting structures. When we talk about a marked structure, robust structure for the maintenance, a very bulky structure to provide support, when we mention this, we are not saying only the support to the machines, but we are talking also about a very strong structure to provide the business from the administrative viewpoint. 2022 was in a year when we increased the SG&A, yes. In the Q1 of 2023, we still had the completion of some structure that were being prepared, but we managed to put some resources from the administrative resources to the operations, to the activities connected strictly to the client. From the SG&A, we have many actions involved, so there are improvements that are going to be implemented. There is a number of initiatives that are likely to allow not only, let's say, SG&A to level off, but I can look at the SG&A to be projected with the business the way it is, and with a reduction in nominal terms, and this is the purpose, this is the goal we have.... As for the construction of the structures from the viewpoint of providing support to the controls and the management, it has already been completed, so we are going to seek a reduction and also sustainability. That was very clear, Cássio, thank you so much. Now, continuing, the next question is from Lucas Marquiori, with BTG Pactual. Your line is open. You may proceed, sir. Cássio, good morning. Hello, everyone. Thank you very much for the call. I have two questions to ask on my side. When we look at the previous quarter, we have still had the perception that the company needed to mobilize all the assets that were in the inventory, that had been acquired and have not been implemented, and we were able to see this being materialized in the Q2 of 2023. How do you expect this to be happening in the next quarters? Should we expect a reduction in the inventory levels and those properties which have not been implemented? The other question is related to the demand. We have been following especially the region of the Midwest of Brazil, and we understand there is a higher demand for the machines in order to cope with all those grains. Should we continue to be very encouraged in terms of the agribusiness? How do you feel the spirit of all those clients? I would like to know, what's your perception in terms of demand in the Midwest region of Brazil? Thank you. Hello, Lucas. Thank you very much for the questions. I'm going to answer them. I'm going to answer about occupation and utilization of our assets. In the Q2, the process started in a more accelerated manner. We had a rainy season in the Q1 that delayed our plans, so I would say that the Q2 was the beginning of this process, both in the machines that are in operation and also to bring in revenue. I understand we have some way to go, and there are some assets to be delivered and implemented. Not only that, all this requires a structure that needs to be implemented in order to serve the client. We understand that we still have some pieces of equipment to be put into operation, and some of them just started at the end of the quarter, so there is some results that we're going to be seeing in the next quarters. The CapEx of 2023, that was close to BRL 250 million in the first half of the year, has a lagging of implementation, which is just natural, considering all the agreements that we are focusing on: large clients, long-term agreements, low risk, low credit risk. It's just natural that we are have a lag in the implementation, so the CapEx that was executed in the first half of the year will be delivered and will bring in results to the company. We see that there is, there is an encouraging environment for the next quarters, and we count on the operating teams, who have challenges ahead of them, from the north to the south of Brazil. As to demand, in the agribusiness, generally speaking, all the sectors where we serve clients, where we provide solutions with high availability, security and safety, long-term agreements, all those sectors have demanded a lot from us. There's room to grow. In our current client base, we still have low penetration, and not only in the agribusiness, but also in the other segments which we serve. We understand that there's a high demand that's still to materialize. We have this internal challenge of executing the service as well, controlling the cost, so that we can give the right return to the shareholders. As to demand, we have not seen any limitations. Thank you, Lucas. Thank you. Good morning, everyone. Our next question comes from Renata Cabral, sell-side analyst with Citi. You may proceed, ma'am. Hello, good morning. Thank you very much for the opportunity. I have two questions on my side. The first one is in relation to the CapEx. Cássio mentioned that the CapEx of this quarter was realized by means of agreements, if I'm not mistaken. Let me see if I understood well, I would like to understand if this is going to be your attitude or your conduct for the next quarters in the long term, because I understand you still have some assets in inventory to be monetized. The second question is in relation to the competition. We understand that there's competition coming in to relay, and did you see any changes in the environment in terms of pricing or bids and all the other elements? Thank you. Good morning, Renata. Thank you for the question. From the viewpoint of CapEx... Yeah, it's right, your understanding... The 1st and 2nd quarters of this year, the CapEx was fully directed to agreements that had already been executed, contracts that had already been formalized. This does not mean that we are going to have a change in the strategy of the company or, or any, any changes in the directions of the company. The major part of the CapEx of last year was bad. No, that, that, that is not right. We have a base of assets that are being allocated and are being consumed. The reason why we directed 100% of the CapEx of this quarter... By the way, sometimes it's just a complementary CapEx for some specific agreements. The CapEx is 100% directed to this because we're still consuming that amount. From the viewpoint, point of competition, Armac is a company that is present across the country. In some segments, we have not observed any structural change in terms of competition. The company, it can deliver a very interesting ROIC, and we are very efficient in terms of cost to the client. This is our major goal. We haven't noticed any changes in the dynamics, not only in the yellow line, but in all the sectors, in all sorts of services and assets we use for our operation. Can I add something to what Cássio said in relation to the competition? The main advantage of our company in terms of competition that allow us to grow with quality, is because we offer the best cost, maintaining a very high level of availability and quality. To maintain the cost, there are some structural aspects that we have developing for more than 10 years. Armac is going to celebrate 30 years, because the company started with my father, we offer the best cost to the industry, this is something we have been building along the 30 years of our company. This is applicable still now. We offer the best cost to our clients, which is essential, considering that many of them work in the chains of commodities. Working with us, they have this competitive advantage, and we see that this is maintained with some challenges in this front. This is why the company has been growing so much. Thank you, Renata. Thank you, Fernando. Thank you, Cassio. Have a good day, everyone. Continuing, our next question comes from Gabriel Salce, analyst with Itaú BBA. We are going to unmute your microphone so that you can ask your question. You may proceed, sir. Thank you. Good morning, Fernando, Cássio. I have two questions on our side as well. I would like you to make some comments about the announcement you made together with the result, which was Luciana Marão as your Officer, to make your team more robust, and he has 25 years of experience in the heavy duty machines. What will be his focus in his 2-year term? The second question is related to what we saw in the release and the mix of assets. You said there's addition of 350 some assets, but there has been a decrease in the aerial platforms and some other generators. I would like to understand this change in the assets management, was it related to the age of those assets? How can we understand this different profile of assets, and what can we expect for the next years? Thank you. Thank you, Gabriel, for the question. In relation to the having Luciana on board, he's a professional with whom I have a lot of respect, and it's an honor for us, a privilege to have a professional of his experience. He's very experienced in the sector, and he agreed to be with us, and it's part of a movement that José and I have been considering, bring in professionals with more experience, who have a lot of experience, a lot of information. It's very important for us to have the office team to be more consolidated, especially in finance operations. We can see the results in a very materialized way. They bring in all that experience and their seniority. I'm sure that he's going to consolidate all the areas of the company, from marketing and client capture, as well as the execution of agreements and the relationship with the manufacturers. This is a very important role that he's going to perform. We are going to be working together. I'm sure this is a great asset to the company as well. In relation to the asset mix, well, the company is an allocator of capital. We have to focus on the areas where we have differentiated and sustainable return. We do this very well in the yellow line. Yellow line is a very broad market, which offers still a lot of opportunities. It's just natural that when we see the opportunity of changing our, the capital to areas which have more profit. It's just natural. We would like to be seen as a one-stop shop to the client, and some volumes of your, your platforms of forklifts will always be here, so that we can always offer a complete solution. We are going to divest capital to migrate to assets that create more value to the client. It's just natural that we should have this movement, and this is the reason why we have this slight change in the mix of our assets. Okay, Fernando, thank you very much for the answer. Have a good day, everyone. Moving on, our next question comes from Lucas Barbosa, sell-side analyst with Santander. We are going to unmute your audio, and you may proceed, sir. Good morning, Fernando, Cássio, Gabriel. Congratulations on the results. We have two questions on my side. I would like to understand how the company is moving in the direction of forklift. I understand that you had some forced turn in some agreements. I would like to understand this area, and I would also like to talk about the level of inventories in the dealers in Brazil so that we can understand whether there's any risk of a dropping price in the... You, you did something related to the dealers, but I would like to understand whether there is any risk of dropping prices. Lucas, as to forklifts, this is a segment where our max advantage of having a safe operation, high level of availability, efficiency, and efficiency are applicable because we have industrial clients that demand an operation which is of a high level. We like the segment. However, it's a segment which is much limited in, when we compare it to the yellow line segment. Forklifts do not break as much as those equipment of the yellow line. If we have to prioritize the resources, we are going to look at the yellow line. We look at the forklifts in a very positive way, and we also see some potential of growth in the long term, but it's a slower growth since the market is not as dynamic and it's also not as large. It's an interesting market, though, and we're going to continue present in the forklift market. In terms of the inventory and the dealers, we saw some more difficult moments for the industry, but I understand that this has already come to normalcy. Today, we see that there is availability of machines, but there's not a surplus of inventories. Because our purchases were made from the dealers, it was a moment when we took the opportunity at that time. This is not the pattern, so the pattern is to negotiate directly with the manufacturers. Okay, that was very clear, Fernando. Thank you very much. The Q&A session has come to an end. Our next conference to discuss the results for the Q2 of 2023 has come to an end. Investor relations team is available to take any questions you might have. Thank you very much for attending this conference, and have a good day, everyone.