Good morning, and thank you for waiting. Welcome to the teleconference of Petz Center Comércio e Participações S.A., Petz, for the discussion of results referencing the third quarter of 2021. Together with us today are Sérgio Zimerman, the Founder and CEO, Aline Penna, CFO and Director of Investor Relations, and Matheus Nascimento, Senior Manager of New Business and Investor Relations. This event is being recorded, and all participants will only be hearing the teleconference during this presentation. After that, we will open up for questions and answers when more explanations will be given. If any of you need any help during the call, during the teleconference, please ask for help of an operator typing asterisk zero. This event is also being transmitted simultaneously via the internet via webcast by means of video conference. It can be accessed www.ri.petz.br. The respective presentation is available there. The recording will be available right after the close. All participants in the webcast can register on the website any questions they might have for Petz, and we will ask them at the end of the presentation by the IR department. Any declarations that may be made during this conference relative to business forecasts, operations, operational and financial results are beliefs and projections of the administration of the company, as well as the information are currently available to Petz. Considering this structure, these are not guarantees of future performance, and they involve uncertainties and assumptions 'cause they refer to future events and things that may or may not happen. Investors and analysts should understand that general conditions, market conditions, and other operational factors may affect the future results of Petz and may bring them to different results than those expressed in the future considerations. We would now like to pass the word to Sérgio Zimerman, CEO of the company, who will initiate the presentation. Sérgio, please go ahead. Good morning. Good morning to everyone. Thank you all for your time. Before going into the actual results, the third quarter results of 2021, I would like to make a comment and speak a little bit about the moment in which we are living and a little bit of the perspectives for the sector. We, in all of this period of a year and so forth, It's a moment which we pass along our results to the market, a market still under pressure and still stressed. At these moments of stress in the economy, inflationary stresses, the dollar exchange rates, the interest rates, we have a history interesting about the segment, the Petz segment. I normally say that the Petz segment, it is very resilient, an important resilience. It's not that it's immune to these things, but it's clearly resilient in relation compared to other retail segments. Always remembering the years of 2014 and 2015 when Brazilian retailing fell sharply, fell more than the GDP, and the Petz segment at that point in time was positive and continues to be in every moment of difficulty in the economy. At this moment, when we're presenting, we confirm this perception, first of all, of this pet segment, and secondly, our position in the segment. We see clearly that during these 19 years of history, systematically, we have performed better than the pet segment overall. This is what we call double resilience, a double protection against these moments of stress. We have the protection of the segment in which we're inserted, and in second place, our performance, which in 19 years uninterruptedly has been above the pet segment overall. Having made these initial considerations just to give you a little context of this presentation of the third quarter that will corroborate this question of the resilience in adverse moments. Starting now, expansion. The third quarter marked an important fact, which was the mark of 150 stores in every region in Brazil. We are now represented in all five geographic regions. Another important point was the advance of the Seres brand. Three new hospitals arriving in three units and nine states. Here in relation to Seres, we have done a consistent work, gradual, of spreading, of making it the biggest level of veterinary hospitals in many states of the federation of the Brazilian country. Here we have a platform, the omnichannel platform, continuing to surprise, continue to break records. One more record, one more quarterly record which we'll present today about our omnichannel usage, which is consolidating this platform as a benchmark in the Brazilian market and even a benchmark in the world market in the pet segment. Among all types of retailing, surely we are among the platforms, the omnichannel platforms most successful in the retail world. Here also reminding you that we continue to accelerate the construction of our ecosystem. We have announced the Cansei de Ser Gato, and we announced Zee.Dog, which is also under completion in this half. We also have more news in this area, which we will shortly be announcing. Another important point is the record of revenue. We reached BRL 2.3 billion in LTM. This is a growth of more than 50% year-on-year, and approximately in terms of absolute values, this delta is BRL 790 million. Just in the delta of our growth is equal to what would be the third-largest company in the sector. Just the difference is if we had built the third-largest company in Brazil in our sector. Here also in the aspect, the important structural aspect is that even though we've had a relevant change in the physical channels and the participation in the product mix, thinking, weighing more on food rather than non-food and all this inflationary scenario, we continue to be profitable in levels that are absolutely healthy. This is our principal proposal for the growth of the company. We want to grow and consistently. However, we've been very careful so that this growth does not destroy all the profitability built up over these last years. Following along, we have, as I highlighted, a record in digital penetration, 31% in third quarter 2021. Remembering the pre-pandemic was 7%, during the pandemic was 25%, and we thought with the worst of the pandemic behind us that this 25 would pull back a little bit. What happened was the exact opposite. We advanced after the worst moment of the pandemic. Now in the third quarter, we hit 31% participation of digital sales and overall sales, and continuing with profitability. Here we also have a record in the level of omnichannel usage, 87%. Of every BRL 100 sold in our platform online, 87% are expedited through a store, whether it be ship from store or store pickup, click and collect. Here we've also had record revenue and profitability in the digital world. It's important to mention that since the moment of our IPO, we have said that the platform is scalable and profitable, and we have proven that, quarter after quarter, presenting improvements in the level of services and also showing how profitable this initiative of omni-channel usage is. Always remembering that we're in a constant process of evolution. In the third quarter, we have evolved the index of omni-channel usage. We include the shipping from store in a larger radius above what we had a few years ago. Now we are delivering above 5 km, and we started that implementation in the third quarter. When you buy, for example, in the interior of Goiás, instead of leaving from the city in São Paulo, this can start leaving from one of our Goiânia stores, and this will optimize the question of freight and improve our level of service. Here also, very important is that our level of stockouts has leveled off at controllable levels. In spite of all of the problems with the supply chain in China and so forth, we continue to have stockouts which are extremely healthy. More than healthy stockouts is the dispersion of this stockout absolutely consistent in all regional geographic regions and states of Brazil. We've been careful with the indicators, operational indicators to be very well homogenized over all of our nationwide expansion. Another important aspect is the interaction with the client. This experience, omnichannel experience, we've invested a great deal week after week, month after month in the sense of offering a better experience, and experience is more and more fluid between different segments, different channels, and the different products and services. This has been the work of our part of our systems so that the consumer experience can be more and more less problematic with more and more acceleration. It's been an absolutely continuous process, but it's worth pointing out here that in the client journey, customer journey, we were able to roll out in the third quarter an initiative of the My Offers program, which has been an absolute success. Clients have received our offers with a great deal of enthusiasm since these offerings are customized consumer by consumer, customer by customer, absolutely in accordance with their profile. We can also talk about the digitalization of services, the question of the grooming and the scheduling of the grooming, which is working very well. It's already been rolled out to our entire network. The question of operational efficiency. We've digitalized this efficiency with several examples that we're going to show going forward. The advance in the ecosystem. With a notice, a very good news which you will see during this presentation, which we'll pre-share with you, and all of the part of data analysis, analytics, generating insights and strategies so that we can always be on the route of what the pet owners expect from our network. Of these 150 stores that we now have, we have had 35 new openings in the last 12 months. Currently, we have 153 stores. Actually updating it, we had three more that have opened in the fourth quarter. We already have 153 stores. 150 is the end of the third quarter. At the end of the third quarter, we had 153 stores. We have, in fact, new stores being inaugurated in the fourth quarter, but they're not in the presentation. There are stores in 18 different states. Here for the first time, 40% of stores, new stores outside of São Paulo. 42% of our stores are now outside of São Paulo. 10 of these new stores, of these 10, seven were outside of the state of São Paulo, which shows our commitment to the geographic spreading out of the company. We're totally committed to quarter after quarter make a big company that is more and more national in scope. Another important aspect is the evolution of the NPS, which continues hitting records in spite of this high level of growth which we're having. My offerings have been a huge contribution in the clients' perception, prices and service, and the general perception of the company. Remembering here that in the third quarter, we opened two hospitals and one hospital in October, totaling 13 hospitals in all in nine different states. Here, sharing quickly the case of Manaus, which for us is emblematic of how important it is to be the first to arrive in a new city, how important it is to make this spreading, this geographic spreading out. Manaus was the third best inauguration in the history of the company for the month. From the first month of operation, it's the third best in the first month that we've ever had of more than 150 inaugurations. Remembering that when we went to Manaus, the level of service, which up until then had depended on the existing platform forms, including ours, took 10 or 15 days to make a delivery beyond the extremely high price of freight. Today, we're able to do this without any additional freight costs in one day. One business day. This delivers in one business day. The perception for the people of Manaus is extremely strong regarding to this change. Having given all of these situations which we're placing before you, we're very satisfied to, as we communicated a little bit earlier today, to be sharing with the market a guidance for the opening of 2022. We changed the guidance which we had, which was of the IPO of 30-40 stores, and we are saying that next year we will open 50 new stores in 2022. This revision is due to the context, the more complex context of the economy, which encouraged us to accelerate. Encouraged us to accelerate because the strategic importance of being the first to arrive in a new city and the opportunities for commercial locations, which in very difficult moments of the economy are available, are moments that will never come back. We're absolutely committed with expansion and with the construction of pillars, long-term pillars. The short-term noise, beyond not meaning anything or any lowering of our expectations, in this case, has caused a revision, upward revision in our projections. It's looking at the coherence of the IPO. We were asked by many investors, "Why don't we accelerate our expansion?" I said, "Because the expansion location and the operation after the store's opening, that it's easy to open and hard to operate." We learned this year that nonetheless, we're still breaking record after record. We're still opening stores in these locations and it also not only did not deteriorate, however, is actually at record levels, which gives us the necessary comfort to announce this guidance for 2022 and with the certainty that we will maintain a consistency of the operational indicators, which are very, very good. The NPS level, just for those of you to give you a better idea, it closed at a record at the end of the third quarter. It ended at 76, the highest ever. Compared to 75, which was the number of the third quarter of 2020 and 71, which was the third quarter of 2019. Just to give you a little bit more important information, when we talk about dispersion region by region, this 76 is the average of Brazil, but the oscillation is between 72 and 77, which shows that we have a very, very low level of dispersion in the quality of operation in the different geographic regions. If we open state by state, this dispersion is very low. Here, the online platform. Remembering how we have made significant advances in the online platform, we have the strong conviction that we are reaching the leadership of this online market. Due to more technical criteria, we can say that we're in a technical tie with who was always the leader in the sector, which is a pure player. However, we took away all of this difference from this pure online play and in just two years. Remembering that in 2019, we were one-third of the size of the online digital sales leader, and in two years, we can say with all comfort that we're in a situation of technical tie with them in terms of digital sales. With two years to advance and to consolidate our leadership in various aspects, we already have the leader in mobile factoring. We're leaders in grooming center. We're leaders in veterinary service, in hospitals, multi-state hospitals, and only lacks to be leaders in the digital channel. We have 31% digital penetration, 87% of that is omnichannel. We have grown our subscriber base by 3 times. We now have 230,000 subscribers, recurring purchases, and also reaching a new record of participation in the overall sales of the company. This means that 23% of our revenue is coming from these subscribers. This number is also absolutely growing as well as the participation of the digital channels through our app. 65% of our digital sales today happen through our app. This increase of 140% year-on-year, which shows that we're absolutely on the right track, and we have an app that the consumers like and offers a good fluid experience, and that the subscription works in an absolutely without bureaucracy as well as the eventual with one touch, you can cancel or suspend your subscription, which leaves the tutors, the pet parents very comfortable as far as being able to, as far as not being trapped into this app. We more than doubled the users, the active number of users on the app. We're reaching almost 1 million users on the app, 260,000 users. On the area of the digitization, remembering the My Offerings program, Minhas Ofertas, the scheduling through app for grooming services, Appjobs, which is important for us to make our workers be absolutely integrating the digital and the self-checkout project. Several quick things about our offerings. There's been an increase, the tripling of offerings to clients as activated offerings. These clients who use My Offerings, they have a higher level of NPS because it's an experience which they're being very well served in this experience, and they have rates of repurchasing, which is higher. They try new categories. The average ticket is higher. The cash margin is higher. This is a huge goal that we had. This My Offerings is something that's being extremely winning thing. As I said, we're absolutely unsatisfied. We are always looking to continue improving the assertiveness of the My Offerings as well as the question of navigation and the experience of the pet parent in the My Offerings program. The scheduling of grooming services, we rolled it out in July and for the entire network, and we already have 15% of all of our scheduling in a newly launched program. In some stores, it already reaches 50% of their scheduling. This is also another success in the digitalization of the company and more importantly, the people that use this scheduling service tend to give very, very positive feedback with the ability of being satisfied with whether they're satisfied with it. They are very satisfied. This creates a very positive cycle because it supports our physical store and the reception, which becomes much more attentive to those who are physically present in the stores, trying to schedule something. We're gonna always work with this in the sense of thinking about the integrated journey of this client, whether it be in the physical store or with a cell phone in the palm of his hand. Appjobs, talking about productivity, integration of our collaborators and everything that we're doing has become an essential tool for work. We are making various inclusions where more and more of the process for the collaborator is digitalized, and in that sense, he has much more facility in having a store pickup or the routines, the operational routines of the store. Nonetheless, there are retailers who haven't even started using the planogram, and we're already in the step of being at this point developing so that the planogram will be totally digital for our workers. We're actually way out in front in the question of operational indicators. Still in relation to the user experience in our physical stores, the self-checkout has been an absolute success. We already have here a self-checkout in more than 30 stores. Remembering that up until now, we're the only operator in the pet segment in Brazil, perhaps in the world, 'cause I don't know, I don't remember of having seen any other retailers around the world that use self-checkout in the pets segment. We're innovative to have this function to the client, and it has been absolutely successful. More than 30 stores already installed, and in those stores where it's installed, it represents more than 40% of the coupons. It's a very, very important aspect. It's a gain in productivity. On holidays and Sundays where you have a lower level of team, you have the compensation of having the self-checkout diminishing greatly the question of lines in this moment of higher stress. We continue to be strong, ready to roll out the self-checkout, especially in the more, in the busier stores. The ESG here, only good news. We are very strong in our ESG focus, especially looking at the Adote Petz. We have improved the question of the digital experience, noticing all of the integration of information, so that we can do this through the digital platforms. All of the adoptions which are available on the network, so that they can be directed to a certain store to do an adoption to a pet, which makes more sense and a higher level of adherence to what they're looking for. It's as if the client was able to visit all of the stores simultaneously at the same time to know where he should go physically to be able to do a more assertive adoption of a new pet. Here in part, this is also. We also passed the number of 55,000 pets having been adopted. Together with Editora MOL, the biggest specialized sticker editor in the world. Success after success. We did the sticker album, Animals of the World. We sold 330,000 of these albums. To give you an idea, I went to check out the most sold books in Brazil. The bestseller sold at the same time 90,000 copies. A best-selling book sells 90,000, and we sold 333,000 albums. We raised more than BRL 280,000 just with that project with our partner NGOs. Ache o Bicho 3, it's the third one. 160,000 have been sold, with 90,000 already sold in the first month. In a partnership with the Arredondar, in two years of project, we have reached more than BRL 1 million raised to be donated to these partners, NGO partners. Now in a scenario which is extremely positive in all of the operational indicators, the perception of the clients. Now to the financial results, I'm gonna pass it over to Aline Penna, our CFO. After that, I'll come back to add to the presentation. Aline, go ahead. Good morning. Good morning to everyone. Looking at the financial results, the growth of our gross revenue went up by 42.5%. We also mentioned this as compared to the third quarter of 2019, where we already had a very strong in 2020. Compared to 2019, we grew 150%, 15% in our revenue. In the digital sales, a very high level of growth, 73% compared to 2020, and 753% versus the third quarter of 2019. We spoke a great deal about the digital in our mix. Last year, in the same quarter, it was approximately 25%. It went to 31% right now. The omnichannel usage went from being practically half and half store pickup and half click and collect, half click and collect and half the store delivery, also close to 40% the gross profit. The EBITDA, adjusted EBITDA, which go in line with the pequena positive variation in relation to gross revenue and almost 100% of growth compared to 2019, and the net profit overcame the growth of EBITDA in that period. On the next slide, we talk a little about the expansion of our store network. In this quarter, we opened 10 stores in two hospitals. Of these stores, we opened seven in regions in which we were not currently located, which shows our strategy of spreading out over the whole country. As Sérgio mentioned, our new guidance, the idea is to continue densifying and spreading, but much more spreading than densifying. Our stores are still very new, so we have more than 50 stores to mature, new stores to join maturants, in maturation. It means that we have more and more stores outside of the Rio-São Paulo eixo, axis, so it become truly a national network. In the next slide, we bring again the growth of gross revenue. The base of comparison compared to the third quarter is 51% growth, and the same-store sales very healthy of 21.8% in the same period in the quarter. It's also important to point out the growth of Seres, the veterinary centers, which was 35%, even considering the strong base of revenue in the previous quarter. The grooming grew up by 40%, but here it's important it had a weaker base because of COVID, and we haven't yet seen a full recovery, 100% recovery in the stores, because in some parents are still preferring to offer their grooming services at home. This tends to improve towards the end of the year. Talking about the digital platform, as I mentioned, we reached 31% of revenue, which is our record of digital revenue, almost BRL 200 million in digital revenue. We continue being leaders in the number of downloads, whether it be on Google or the App Store. Not only downloads, but also visits to our site. Leading the A and B companies who are our peers in the Brazilian segment. We're talking about the profitable and scalable platform. In spite of the growth of profitability of revenue, we had some slight pressure on our gross margin for two reasons. One principal reason is the digital. When we put digital going from 25%-31%, these margins are slightly lower in the digital channel. We talk about 6%-7% difference in the margins on digital sales. In this quarter, and specifically, we sold a little bit more food. The food category was 63%. This also generates a small pressure on gross margins, more than compensated by operational leverage in terms of EBITDA. We had a strong reduction of SG&A costs, and it was the first in the last five quarters we've been able to diminish our selling expenses. A very important point, we spent more due to the readjustment, the levels of rental adjustments and a little bit more on freight because more and more we are spreading out. We wind up having more costs for delivery all over Brazil. The operational margin much more than compensated for this increased expenses. The growth in EBITDA, we have a 10%, which is an improvement compared to the third quarter of 2020. On the next slide, we talk a little bit about our investment. As I mentioned, a great deal of our investments are concentrated in new stores, 10 stores and two hospitals. Around BRL 11 million, the investment in technology systems, et cetera, to offer everything for the client and here in-house. We just want to combine that inside the company. Talk a little about the leverage. We're in very comfortable levels, even though we are working in financing to talk about the new guidance of stores to see what are the best in those probably the next months. I've got another one for some update, but we're going to make an update about our ecosystem. Taking back the Cansei de Ser Gato for production of content. We have excellent promoters. They have a very faithful audience. Beyond that, they make the design of exclusive products which have been very, very successful. We're gonna bring on a next slide, on slide 20, some of the new updates that we have in just these few months of operation together with them. It's been growing at an accelerated rhythm. We have interactions very close with all the areas of the company. They have received several awards and highlights from Spotify as one of the best podcasts related to the animal theme, the pets theme. The calendar is something that is very interesting because even though it's something analogical for today by today's standards, it still generates that sensation. The client goes to the store to get that calendar because they're afraid it will run out. What we see is that we've made a tremendous action in our Rua Augusta store in São Paulo on the last weekend. They had four-hour lines so that the cat owners would be able to find these things for their pets. We had several shelves of CDSG products which sold very quickly, sold out very quickly. The replacement of the shelves had to happen 3 times as much as normally in the category during a day. In fact, we received a huge flow from other states, fans of CDSG who came to buy their products and pick up their badge, which is issued for free. About Zee.Dog, we bring a little bit of an update on the integration of Zee.Dog. We're planning an integration. We're looking at all the fronts of financial back office all the way up to the supply, logistics, and sales. In fact, including international sales, and we have several pillars which we would like to bring in to you. We have a front, a distribution front, which is the app of Zee.Dog. We have a very, a strong synergy in the leveraging of commercial situations with pets. We bring this to Zee.Now. It's the biggest financial synergy that we gained in this business, and we have opportunities to use our Petz stores to leverage the deliveries of Zee.Dog. There are several hubs in which we can multiply this by our number of stores, our 153 stores. There's then all the question of expanding the assortment of products which Zee.Now offers, which today is still a little bit limited and can be an infinity of products which Petz already offers to its clients. Compared to Zee.Dog, we bring an assortment of Zee.Dog products to the Petz stores. We have it complete, whether it be in the Petz universe. We have the potential that we have not yet put as a certainty, the investors have not put into their account, which is the natural food through the Zee.Dog Kitchen, which may be launched in February, which could be something very, very positive. We know several international players who already operate in this segment and who have valuations of millions of dollars. Of course, we're going to test it and keep you all informed about the movements in this front. It is a real power move, as they say, because they believe in it. Finally, for the pet products themselves, we already have our private label. We want to leverage the expertise in sourcing and importation and to have the synergies, financial synergies and very differential products from the Petz brand. On the next slide, talk a little about the Zee.Dog Temple. It was released by Zee.Dog on this last weekend. It was a very busy weekend for our company, for our acquired companies. It's an 800 sq m flat, a unique experience. With the words, you can only feel what it is by going there, Zee.Dog. On the next slide, we have see how this launch was. More than 3,000 came to the store in seven hours of an event. There was a two-hour line to get into the store. Hundreds of dogs were present. We also had the public of Cansei de Ser Gato, the public of them, both for Zee.Dog as well as Cansei de Ser Gato, were a huge community effect, and we're very, very pleased with that. Finally, I'm gonna pass it back over to Sérgio to talk about our new acquisition. We just announced that a strategic partnership with Alexandre Rossi. Stop with the spoiler, Aline. Let me announce the surprise. Okay. Now I'm gonna pass it back over to Sérgio. Thank you. Thank you, Aline. Yeah, Aline gave you this update about Cansei de Ser Gato as well as Zee.Dog. During all this time, we have said specifically at the beginning of this year that we are updating our vision to be recognized worldwide as the best pets ecosystem by 2025. We are constantly monitoring the possibilities of M&A, which makes sense for the construction of this ecosystem, especially focused not only on an ecosystem which will offer points of technology and whose focus is technology, and where you have a marketplace of services which only works to sell integrated services, but has no connection with the quality of the services offered or either with the responsibility for the services offered. In this sense, I'm very proud. I'm very pleased to present what we concluded just this morning. We completed this operation, and we announced it to the market, which is a strategic partnership with Alexandre Rossi and the purchase of Cão Cidadão, Citizen Dog, a company founded by him, which was without any doubt an absolute reference in the pets market. By the way, as a coincidence, on Monday, on the 8th of November, he won the prize, award of being the main influence in the pets segment and most important influence in the pet segment. He is the author of the Intelligent Training, a bestseller, which is many years ago. An absolute reference in the theme of training. His participation in [audio distortion] and TV programs is very well known. He's very well known. He became very well known on a program called Dr. Pet on RecordTV station. He was a reference in the Domingo Espetacular, one of the highest levels of audience within that TV program. Currently, he participates in the É de Casa from TV Globo with recurring participation, speaking about training, dog training. Remembering that he and Estopinha e Barthô together have more than 6 million followers. Absolutely a reference in relations to the social networks. We have done events, spot events with him in our stores. The stores are become absolutely loaded with people. People want his autograph, want a photograph with him, wanting to meet Barthô, and wanting to meet Estopinha because they are absolutely celebrities in the pets world. Here, looking a little bit more detail about what was done, we acquired, first of all, the Cão Cidadão company. We are acquiring 100% of the stock of this company. It's the biggest franchisee in Latin America as far as training, home training. More than 70 trainers, more than 5,000 classes given per month. More than 100,000 families have been attended since the beginning of the platform. We are addressing one of the services, complimentary services to our ecosystem, which is the attention with training. We're very happy to have acquired by far the best platform that exists for training within Brazil. Naturally, with all of these possibilities that this opens for scalability of this system. We have as partners Alexandre Rossi and Emerson Duran. Today, we also have, among the social networks, almost 500,000 participants. His partnership with us strengthens our ecosystem with several perspectives. Talk about pet training, the production of content of Alexandre Rossi is an absolute reference in the well-being of animals, as well as the question of his qualified audience that he has. When we look here at the question of our ecosystem as a whole, we see that the Cão Cidadão brand will help to consolidate our presence in the digital world. It helps a lot in the services area. It helps in the content area. It helps with the adoption area. Alexandre Rossi will develop a methodology to help the adopter and the adoptee and an adopted animal to have the best possible fit, as well as the question of small businesses and franchises. Which comes with Alexandre. This partnership with Alexandre Rossi means that he will help to do the authorization of all of our services that we acquire, such as dog walkers, dog sitters, hotel care, daycare. We have here a series of situations in which we said we're missing, and starting from this contract with Alexandre Rossi, we have him to help us to do the re-registration of all these services, to accompany all these services so that we can not only sell the services, but above all, be responsible for the services offered. The principal themes of the transaction was that it was a one hundred perc-- it was an acquisition of 100%. Alexandre Rossi and his brands have exclusivity with Petz for the dissemination of their products and services. A very important point, Alexandre Rossi, due to the name that he has and fame, is quite utilized by the industries and for the retailers in general. Up until today, he has been doing presentations for the competitors. Starting with the agreement signed this morning, Alexandre Rossi will spend at least the next seven years to become absolutely exclusive in relation to his retail operations. We have closed with the best reference in the pets world, with reference to training. He has all the credibility and the necessary credentials to do the use of our and other services, the registration and approval of new services. He will be our ambassador to help to organize these services. A point that I want to mention here again, it's not just a matter of services as some competitors mention. Here we are, we're gonna put in the next quarter services very gradually, but we're gonna tell to the owners of these pets, "You can count on our services. We guarantee that statistically the chance of you having a problem is lower, but if you have any problem, you can take it easy 'cause Petz will solve it." We're not gonna put this in the hands of a third party. We're not gonna leave the pet parents in without help. They will know exactly with who they're dealing. This is a fundamental difference that you as an investor understand the difference between what our ecosystem is versus the ecosystem of the competitors. This point is absolutely central to our understanding, our strategic understanding of what we're doing. It's for that reason that, once again, we take a little longer to do it. We don't think we have to be the first to do things, but we have to do things right. First of all, surrounding ourselves with the best in the market, Zee.Dog, Cansei de Ser Gato, and Alexandre Rossi. We're not talking about a team. We're talking about a national team. We're taking the best people in the market in each individual area of activity, and this to set up an ecosystem is an ecosystem which is born with the right directions and with a mindset, the correct mindset in the sense of thinking of it that there is a pet owner who's gonna hire this service and utilize these services, and above all, he needs to be absolutely prioritized and respected. Respect for us is this relationship from the day of the hiring until the satisfaction with the services that are being offered. It's a strategic partnership. Alexandre has online courses of dog training, and starting today, we start to become the exclusive sales representative of those courses, online courses. It's also very important because here you have the possibility of utilizing all of modern tools, all technological tools that the online use permits, so that we can take this message of training to many, many more people. A lot of incentive in the transactions is done with stock, which generates an incentive for Alexandre over the next seven years, will be involved in the construction of this ecosystem as well as an earn-out absolutely tied for that we reach our 2025 vision. What I can tell you is that this acquisition crowns our strategy of ecosystem entering into an area which was still undone, and with this acquisition today becomes very well covered and with a great deal of precision, but also with great deal of responsibility, we will be rolling this out over the next quarters, the services, as Alexandre is comfortable with them about the use of these services and the acquisition of the services which will be offered. For all of your attention, I thank you very much and your time, and I'm available for any questions you might have, as well as Aline and Matheus available to answer any questions you might have. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. To make a question, please type asterisk one. Our first question comes from Luis Felipe from BTG Pactual. Good morning. Can you please comment on the pass-through of prices in your supply chain? Could you repeat the question, please? I didn't hear it. Sure. Please could you comment on the space for pass-through of inflationary increases in relation to your supply chain? Thank you for the question, Luis. The question of the pass-through to prices, we've been... We've seen inflationary pressures, but at the same time, we have also passed this through to the prices of our products in a very objective way, which is to see that the gross margins which have demonstrated a very low oscillation and not forgetting that this situation has to do with a change of the channels from online, which is more occupying a bigger part, especially in the third quarter. Food was also very representative and as such, nothing to do with the fact that we are not passing through inflationary increases. What happens is that naturally the consumer, when he receives this, when he sees this inflationary pressure, he has to prioritize to give the food to his dog and not lower the quality of the food. At the same time, maybe he might give. If he gave 10 treats and maybe he gives seven, he gave him three clothes, he gives him one to compensate his ticket so that the entire inflationary increase does not hit him yet. In this sense, it's very important that structurally, we have the equilibrium in our margins. The margins of food, which are basically balanced with the non-food margins, has been essential so that the overall margin does not suffer when the mix changes as we have seen in the third quarter. As far as the supply chain questions, we have had indicators of stock-outs. Prior to the initiation of this process, we had levels of as high as 7%. When we reached the state-of-the-art in pre-pandemic level, we reached 2% stock-out, which was the lowest level in our history. With the pandemic and the problems of supply and raw material which started to appear, we went as high as 5% stock-out. Currently, for several months now, we've been able to stabilize that, and we're now at a roughly 3% stock-out. Why all this data? To give you the context of what was the effect in a very objective way about the problems with our supply chain. 2% was the pre-pandemic, which was the state-of-the-art, the best moment. With the pandemic, for several months, it was 5%. We're improving our logistics, which is a very important indicator, but it's not the best we've ever had, which was 2%. An important thing, more than that 3%, is to say that this indicator is extremely homogeneous overall five geographic regions and the 18 states in which we are currently operating. This indicator which we follow weekly to know the quality of our portfolio. If I could add one thing about this first point, we're not immune to the oscillations of quotations in the market, but we are quite resilient when we say that 80% of our product mix is food, hygiene, and pharmacy, which also helps a great deal in answering Luis's first part of Luis's question. Our next question comes from Maria Clara from Itaú. Thank you all very much for taking my questions. Congratulations for the results and for the management. In the name. The entry into new segments of laboratories, veterinary laboratories and other payment means, has this become a reality? Can you talk more in detail about these initiatives? I'm sorry the audio is a little bit rough, but I can give you the answer. Thank you, Maria Clara, for your question. Let's start here in the Seres brand. At this moment, we have a consultancy working on that. We are addressing the question of how we're going to go into the laboratory, the veterinary lab world. If we go in through Seres, through acquisitions. However, we understand that we looked at several targets to make the best decisions. We only have the certainty that we're going to go into this area. Why? Because we want to verticalize through our hospitals and our clinics and the offices, the veterinary offices and the laboratory world when we did a benchmarking trip to the greatest. The laboratory part was extremely essential in this question of operating veterinary services. That's why we're focusing much more on that. With that, this constitute the basis so that we can look at this and how we will release our healthcare plan. The healthcare plan is highly connected to what I just said about the acquisition of CDSG and Alexandre Rossi. It's much more of the same strategic planning. We don't wanna make a healthcare plan such as several that exist in the market, which remind us of all they remember is to charge the premium every month, but they do not have a strong commitment that this pet owner will be attended the same way as if he was paying in cash from his own pocket. We don't agree with that. We think that healthcare plans to be good has to be a good plan. It's the one that you pay every month, and on the day when you are needed, you are attended exactly the same way as if you were utilizing or paying in money. You're gonna use your healthcare plan for payment. It's more. It takes more work. It's not just to go out selling healthcare plans. We wanna have all of the responsibility, all the caution to launch excellent options to democratize the access of pet owners to a veterinary care of high quality. We believe that with this, greatly in this, that this route of opening hospitals in several states, the question of the pillar of the laboratories will make it possible for us to have by far the best healthcare plan for pets in South America. If I could add also, when we think about a verticalized structure, it's important the entry of Lilian in our board, which reinforces this component strategy, which is within the construction of an ecosystem for our group. Lilian Machado has added greatly to our board. In fact, the consultancy who is doing this study was an indication of Lilian, who has this as his advisors, and we're very happy with the development of this consultancy to deliver what we need to know to make these decisions. Our next question comes from Joseph Giordano from JP Morgan. Good morning, everyone. This is Sérgio Alini Mateus. Thank you for taking my question. Just to talk a little bit more about the acceleration of expansion. Yeah, we're gonna open 50 stores. How do you think going forward about this growth? Are based on an absolute number of stores or is it an internal goal in terms of area expansion? The next question is, how have you seen the return on these new stores? Seems that the expansion is going much better than you expected. When we look at the numbers, the contribution of these new stores has been much higher than we imagined. The question is if we should think a little bit perhaps about a sale at a higher level of sales, which or what would be a mature store? Finally, I wanted to explore a little bit the structure of capital going forward, looking at the CapEx of the company, 'cause on one side we have this acceleration going on. We understand there's a stock and it doesn't require much cash, but there's more aggressive expansion. How should we look at this, at these investments going forward? Thank you, Joseph. Thank you for your questions. Okay, let's go. The guidance that we're giving for 2022, where we have comfort, is the inauguration of 50 stores next year. In fact, it's correct when we add that these new stores are performing better than expected. This has happened within our projections. This is very strongly associated with the question of acceleration of payments. What's happening is a retroactive feeding of this. When we go to cities that are absolutely new, we're talking about Tocantins, Manaus, Natal, Aracaju, all of the cities, new cities that we enter, we already are known because of our digital platform and our social networks. Because the store already grows, already opens as news in the city, and it feeds retroactively our digital sales. When you'd see if that should be incorporated into our model to improve the sales, level of sales, I answer no. It shouldn't be added to that model, and I'll explain why. Why I think that I would not use this premise, because it could distort the model. When we make our projections, we consider the influence of the primary, secondary, and tertiary areas of a certain store. When we have the first store in that city, we have the benefit of reaching more than those three primary, secondary, and tertiary areas. We're advancing to areas which are very superior to what would be in a more densely occupied city. By our own expansion or the participation of our competitors, so it's not only healthy that we discuss these premises. We need to evaluate, first of all, stores in cities where we already have the competition, versus our own expansion. Even though there is this benefit in states within these new cities, this benefit is not necessarily perpetual. It doesn't mean that we're gonna add more stores in these cities to consolidate this leadership. As such, the economic results of that stores tends to be a little bit different in the medium term. That's why it's important for you to use the average of all stores. As far as the other point, which is the necessity for working capital, in fact, we are exactly at this point in time evaluating the best alternatives for financing of this working capital. We have an increase in working capital due to M&A, the acceleration of expansion, more investments in technology, and we are evaluating what are the best alternatives and what makes the most sense for the investor, if it's taking on debt or making a follow-on. Looking at this and making the best decision to be able to finance this expansion which has been undertaken. Thank you, Sérgio. We wanted to remind you that the CapEx is the average CapEx of our ten stores is about BRL 5 million per store. So it's an increment, and the maximum would be something like BRL 50 million for these 10 stores. Reminding you that to make a question, just dial asterisk one. Okay, we close now the questions and answers. I would like to pass the microphone back to Sérgio for his final considerations. Sérgio, please go ahead. Thank you. Thank you, Aline, Matheus, Marcos, everyone. I wanna thank publicly the entire team who did not spare any efforts to be able to announce the Cão Cidadão and Alexandre Rossi. This partnership with Alexandre, the acquisition of Cão Cidadão is a project going back a long time due to all the admiration that I have for Alexandre. We're very, very happy to be able to have placed Alexandre in this company along with Rodrigo, Tadeu, Felipe of Zee.Dog, and Amanda and Stefany of Cansei de Ser Gato. We are really truly focused on bringing people, exceptional people to this service. When we put this, of being known worldwide as the best ecosystem in the pet segment in 2025, we were not kidding. This wasn't just. We weren't just thinking. We were thinking big, but not thinking outside of what we could do, but we understood how viable it was. If you look at a dream like this, you only bring it about by surrounding yourself with the best. We're very, very happy to be able to have announced when we talk about the construction of our ecosystem, expecting that. We can only continue giving good news to the market. I will close here in the same as we started off. This is a segment, pet segment. When the market is good, when the market is everything going well, it's good, but it doesn't stand out from other segments. However, when the market is stressed, especially in the retail area, then you'll understand why this pet segment is different than the other segments of retailing. Very different. I'm extremely positive with the thesis of resilience that this market offers. Thank you very much for all of your time and an excellent Tuesday afternoon to all of you. A big kiss to everyone. The video conference of Petz is now closed. We thank you for your participation, and have a good day.