Good morning, everyone. Thank you for your time, so we can share with you in another quarter a little bit of the data and the company strategy. We come from another quarter of a lot of challenges and a lot of accomplishments, and also a quarter with many interesting perspectives, which is what we are going to share from now on. This slide is to give you an idea on our view on 2022, the first nine months of the year. When we think about the macroeconomic environment, I think the main factor here are the high interest rates and the pet inflation at high levels. In 2021, that was already the case. In 2022, the difference between the pet inflation and the IPCA index decreased. The positive news that we have here is that data from September is the best accrued data from the past 12 months. We clearly see a deceleration on the inflation on the pet segment, which naturally reinforces our positive perspective for 2023. A point of attention here is the effect that the inflation is causing because the inflation is not followed by the purchasing power on consumers, especially non-mandatory items that correspond to a large portion of our sales. They are being affected, as you saw in the past quarters. Our clear perception is that this level of interference has reached its maximum limit in the second and third quarters of 2022. According to all estimates we have as of the fourth quarter of 2022 and throughout 2023, the scenario will be one of a recovery of share for discretionary items. When we think about the pace of expansion of the stores, remember that we did an IPO, signaling that our range for the coming years was between 30 and 40 years, and 2022 was an unusual year. Saying that for the first time in the recent history of the company, we had a very clear guidance on the expansion of stores. We talked about opening 50 new stores in our 2022 guidance, and we are absolutely on track in that sense. One positive thing is that the fact that we are first movers in some important cities reinforces our belief that we are on the right track. When we look at the performance of this group of stores, we see that we are very comfortable in our ability to do this expansion the right way. Of course, when we talk about the average, there is some variation, and we are paying attention to correct this variations. On the average, everything is working fine, but we are at the same time keeping a close eye on those variations that happened. The downside of having 50 new stores is more pressure on profitability, and this pressure comes both because of pre-operation expenses as well as because of the maturation curve on stores. Aline later will be presenting to you a table that clearly shows the effect that the maturation curve has and its behavior in relation to our four-wall EBITDA, and that will give you a clear understanding on why we say that accelerating our expansion plan puts pressure on our average profitability. When it comes to our digital channel, we have 36% of digital revenue on the third quarter, another record level of digital share. One positive thing is that we continue to function extremely well. This plan that we have to open bricks and mortar stores as a way to capture new clients. Quarter after quarter, we have confirmed that opening new stores doesn't mean that we are investing only in the physical world. When we open new stores, we are investing in our omnichannel approach, which is a strategy that is fully working. The downside of that is that digital, and this has been stated since the IPO, there's nothing new here. Digital is profitable, but not as profitable as the physical channel, so that's another pressure on our average margin. It's important to highlight that even though it is less profitable, what has happened since the IPO is that throughout the past two years, we have been able to shorten the difference of profitability between the physical and the digital channels, especially by using techniques of productivity gain in the use of our resources to operate our digital channel. If we were not doing anything, the pressure would be much greater. We have been able to offset part of that pressure with productivity gains the way we manage our digital channel. Another important thing in the 2022 scenario is the integration process of the four acquisitions, which is in line of our proposal of having an ecosystem. As a positive side, we have the creation of this, that from the get-go has been producing a lot of materials, products and strategies for the launch of our private brand at a much superior level than we used to have. As a downside of the four acquisitions, we have a longer time than we had anticipated to fully capture all the synergies and to generate the results that we wish to generate. We know that this is a short-term pressure, it's a short-term effect, but right now, when we are working on the 2023 budget, we know that many of these things will be addressed more next year. To give you a more fair perspective on what is happening, we can say that we have a delay of around one year in the acquisitions, and we will be capturing the synergies with six, eight or maybe nine months delay of what we had anticipated. On the other side, we see long-term perspectives that are even superior than what we had anticipated in the moment of the acquisitions. We are very certain that we are on the right track with, of course, this short-term inconvenience. That of course does not please the market and does not please ourselves as well because of course we expected to deal with that faster. One of the main characteristics of our company's management is balancing three elements. Three elements that are extremely important for our management. Growth, innovation and profitability. These are the three elements that whatever we make, it would be a mistake to focus on just one of these pillars and believe that we should look at one of them in isolation in order to reach conclusions. If we look exclusively at growth, we would be making a mistake. The world no longer tolerates companies that only think about growing without being worried about profitability, and we are very happy about that actually because this has always been our mindset, even though in the past many didn't think like this. Thinking only about profitability in a highly fragmented market is also a mistake. Thinking exclusively about innovation drains CapEx of resources and short-term resources, so it's a mistake to focus exclusively on that. Not to think about it is also a mistake because in the long term, the competition of course will destroy you. We try to balance those three elements. In that sense, throughout 2022, we are a little bit more uncomfortable when it comes to the profitability element. We see that there has been a significant pressure on our profitability, as demonstrated in the results of our third quarter. We have a very clear perspective that when we look at the whole year, this pressure would be below 100 basis points when we look at a year-over-year number. Nevertheless, it is the maximum pressure that we understand as being a healthy one. Now, our understanding is that we should not have other elements that would continue to make that pressure stay with us, from 2023 in the future. Trying to balance these three elements, we are extremely aware and paying attention, everything in 2022 is focused on rebalancing the three elements, so profitability does not suffer in 2023, and that is exactly what we are going to do. Talking about growth now, we were the first platform to reach 200 stores in Latin America. We had 13 openings in the third quarter, 47 new stores in the past 12 months. 200 stores in 20 different states in Brazil. It's important to remember that each of these stores has an extremely strict governance process to approve the location. This is approved by the expansion committee and by myself. Then of course, those decisions are sent to our board committee, where people that are highly experienced, like Mr. Claudio Leal, who used to be the CEO of Droga Raia Brazil and who knows a lot about expansion, he's part of this approval process so we can validate each location of a new store. We're very happy to see that adherence is very important. It has been working quite well. Adherence is an average, so we are not comfortable by saying that adherence is okay. We try to understand the deviations, especially those deviations down where we have learning opportunities. In 2023, we can improve this process even further. I just I also would like to highlight that we are absolutely on track, and we are going to fulfill the guidance that was presented in the end of last year with 50 new stores in 2022. It's important to remember that right now we have 208 stores. Eight stores have already been opened in the fourth quarter, and we have entered a new state, which is the state of Maranhão in the northeast of Brazil. We opened our first store in the state capital, São Luís. This year we are entering also in other new state. Thinking about the digital revenue, for the first time in history, we have reached BRL 1 billion of digital revenue, which consolidates our position as leaders in the channel when we look only at the sale of products in the digital channel. When it comes to our CRM, this 87% of sales being identified is an important indicator, so we have a huge mass of data to work with now. The loyalty program, Minhas Ofertas, is a very strong point in our CRM, generating a lot of customization in the offers that we present. The new windows that we are adding is giving a lot of gains in productivity because the customer's journey. Our service level is extremely high. 95% of our Ship From Store sales are being delivered within one business day. Another interesting thing is I have a record NPS level on the Pickup From Store, which is the largest of the company among all the NPS segments that we assess. Just a fun fact for you to realize how important NPS is for our management. NPS a few months ago, the NPS for Pickup From Store was the worst indicator that the company had among all the NPS levels that we measured. We did a very strong effort in order to understand why this experience from the Pickup From Store was not being well assessed or was not as well assessed as the other experiences. This task force generated that in only a few months, this index went from the worst to the best position in the NPS levels that we assess. This effort of transforming our physical customers into our digital customers, we are able to demonstrate that when that happens, these customers spend between 50 and 50% more than they would if they would shop exclusively on our physical channel. It makes a lot of sense to encourage our physical customers or customers from our physical stores to shop via app as well. Talking about profitability, like I said before, there is a pressure happening here, even though it is a significant pressure. Considering the number of events that have taken place, our pressure is below 100 basis points than what we expect for this year. It's an acceptable level of pressure, but in our understanding, we must stop at that level. From now on, we are going to use mechanisms in order to stabilize our margins, so in the next years, we can grow our margin. In our understanding, there is no more room for our margins to continue to be under pressure. The four elements that have contributed to this pressure on our margins is inflation and its effect on our mix of products, our accelerated pace of expansion, the integration process of the four companies that we acquired, and the digital share, which continues to grow at an accelerated level. These are the four main factors that generate that pressure. Like I said before, when we look at 2023, we see many leverages that will contribute for this scenario to stabilize. We can start thinking about or start talking about the growth of our margin and no longer the reduction of them because of these pressures. When it comes to innovation, this is something that we hadn't mapped initially. This was a pleasant surprise that we had during the integration process, which is the Zee.Dog franchise model. A store has recently opened in the Barra neighborhood in the city of Rio de Janeiro. It's a profitable model for the franchisee and for us as well. With that innovation mindset of doing a pilot and testing and proving a concept and then roll out the model. In the case of the Zee.Dog franchise model, we are already thinking about rolling out these very successful stores that are bringing the Zee.Dog experience closer to consumers. When it comes to Petix with a few months of delay because of issues in China, we have received the machine, the piece of equipment that very soon will produce the slim hygiene pads. These hygiene pads were exclusively manufactured in China, but Petix would manufacture a different type of pad that was different from the one manufactured in China. There was a three-month delay in comparison to the original calendar because of issues that took place in China. I'm sure you're following on what's going on in the country. With this, now, very soon, we are going to start producing these hygiene pads, which I think will be a very interesting product, and that will remove this level of dependency of purchasing products from China or the need of keeping high stocks or high inventories because we purchase from China, and of course, it will reduce freight costs. This is a very good piece of news for profitability. Regarding Zee.Dog Kitchen, we are on track. The product is present in 100% of our pet stores and with an extremely positive feedback from the consumers that are purchasing it. We still have a long journey ahead of us, but until now, views are very positive. Still talking about innovation, we have created a vice presidency focused on services and roadmap that Masanori Shibata is occupying now. He has more than 17 years of professional experience working in human health, and it's almost like he has 17 years of working in pets. We have a lot in common. We are getting along quite well, and we are very optimistic about everything we have to do with services, with the business mindset that Mr. Masanori Shibata brings to us. We are very comfortable on the technical side of the business, which has always been led by Dr. Valeria, but we were missing a more business perspective and to have a focus on profitability, on ROI, something that Masanori will do with excellence in the coming years. We are very happy with his arrival, and we know that the short-term priority is mainly to improve the productivity of our existing services, to improve its profitability, so we can continue to invest in services in a healthy manner. Because without a doubt, this is another point of attention when it comes to the pressure on our margins, and we are working to relieve that when it comes to our services. When it comes to the roadmap of our loyalty program, we are creating new campaigns with more integration with services and creating a foundation so Petz becomes a one-stop shop with a single experience online, offline with products and services. Now, I'll hand the floor to Aline Penna, our CFO, so she can share a little bit of the figures with you, and I'll be back shortly for the Q&A session. Thank you very much. Good morning, everyone. I'll go quickly over the highlights, both for Petz standalone as well as for the Petz Group. The differences in the group, we include results from Zee.Dog and Petix as well. For Petz standalone, which is the line on the top, we have had a growth of 24.1% on the gross revenue of the company, highlighting a same-store sales of 8.1. It's important to mention that the comparison base is 21.8% of the third quarter from last year. More than that, we have a new metric. If we exclude some of the stores that were being renovated in this period, and if we don't look at the stores that had been impacted by the normalization effect, the adjusted same-store sales would be 15%. This difference between 8% and 15% is concentrated into 5 specific stores. These stores, like we mentioned in a couple of meetings, were stores that had a performance 1, maybe 2 times of what was expected for them in a complete maturation process. It is that normalization effect. Our same-store sales is much closer to 15%, and we see a slight improvement in this number in the fourth quarter already. When we think about our digital gross revenue, this is the main highlight of the quarter with a growth of 44%. We are talking about 36% of our revenue. It's important to mention that 36% is compared with 31% from the third quarter of last year. Quarter-over-quarter, something that we had presented before. When we look at quarter-over-quarter, there has been a 3.5 acceleration. This is one of the main highlights of this quarter, and later I will talk a little bit more about its impact on the margins. When it comes to our gross margin, even though the mix of food products and the mix of digital did not favor us, our pressure has remained at 30 basis points, which is quite reasonable considering the contrary forces. For example, the food mix year-over-year has increased 2.6%, so also a high increase. We don't see a recovery in accessories happening so strong. Up until now in October, we saw accessories growing at a higher level than it was, but not enough, not high enough to significantly increase its presence in the mix. Again, accessories have a much better margin. When we talk about the adjusted EBITDA, we're talking about a growth of 2.1%, BRL 74 million in EBITDA, which represents a margin of 9.3%, which means a pressure, yes, in comparison to last year. In the third quarter, we had record margins of 11.4%. When we look quarter-over-quarter, we are keeping the same level. Actually 0.1% above what we presented on the second quarter, and I'm sure this is going to be the trend for this year. Again, this pressure of 2% or the non-increase quarter-over-quarter has a lot to do with the new stores and the maturation curve that they have. I'm going to explain more about that in a few slides. When we look at the bottom line, we include Petix and Zee.Dog. Combined, they added about BRL 100 million in revenue with a consolidated growth of 63.5%. In terms of the gross margin, the pressure, instead of putting pressure on the 30 basis points for Petz stand-alone, we have a slightly higher pressure, much because of the consolidation process that Petix is going through. It has a gross margin from an industry, so it's a little bit lower. Combined with this effect of not increasing prices in the third quarter. In the fourth quarter, there will be an improvement in the margins for Petix as well. The price of pulp also impacted the third quarter results of Petix. When it comes to our adjusted EBITDA, 310 basis points of pressure, but it's flat when we look quarter-over-quarter, which is the main highlight that we would like to mention to all of you. I think we can go to the next one. We usually present these charts to you. The number of stores has increased 31%. The mix of stores is becoming more and more diverse. We have 48% of our stores outside the state of São Paulo. We see the breakdown here. We have a lot of stores being opened in the Northeast, in the Midwest and in the South of Brazil. So you can see how powerful our strategy is to move away from São Paulo and to reach other states as well. When it comes to the distribution of the age of the stores, we still have a lot of maturation to take place and a lot of dilutions of SG&A to take place, because today we pay rent and staff for many stores that on the curve are making 60% and then 80% of their potential in the second year. We are still carrying a little bit of this weight of having so many new stores. The message that we also wanted to highlight is that even though this difference in the age of the stores and the regional variation that we have, we have a consistency in return. We approve any location that has a TIR that needs to be at least 20%-21%, but we have a significant number of new locations being approved with 24%-25% TIR. We are comfortable and committed to keeping those levels. When we look at the great number of stores that have real data, and we compared with the feasibility analysis that we did in the past, we have an adherence that is really close to 95%, which means that we have a great ability of getting right the revenue of the stores. Not just revenue, but profitability as well. There's a table that we included, and I will show you in the coming slides. I think I've already mentioned what's on this slide previously. I would like to highlight the 37.9% of growth of the gross revenue of the Petz. The Petz Group standalone a little bit shorter, 24.1%. On digital now, like I said before, our share as Petz Group and as Petz standalone is close to 36%. I would like to highlight that when we look at the annualized revenue of our digital, for the first time, we have had a BRL 1 billion revenue. This is for digital Petz stand-alone. When we combine Zee.Now, Zee.Now had a wonderful performance in the quarter. We go beyond that amount. We are become absolute leaders. 70% of our digital revenue come from our app, 4% higher over last year, also great news. The number of subscribers continue to surprise us. We have a 48% increase in the number of subscribers, 6% higher over last year. Not only digital is growing, but our loyal customers and recurring customers are also growing in number. The number of total customers has also grown 20% year-over-year. Every time we open a new store, it's important to say every time we get to a new city, our value proposition becomes much more interesting because that customer used to buy from us or from the competition with very long shipping periods when we're talking about locations further away from São Paulo. When our store gets there, because of our omnichannel approach, we can deliver within 24 hours or even shorter than that if they pay a small fee. The number of new customers that we attract with a new store is quite high. What's key to the business is to make that customer that got to us through digital to become an omnichannel customer, because when they do that, they spend on average 50% more than an average digital customer. We increase revenue and the profitability of that new customer. That is what we are tackling, considering the growth that we have had in digital and the growth we have had with new customers. Our gross profit, we have had a good result in the gross margin with 30 basis points pressure, and the penetration of food products is still high. Still, it has increased now at 61.3%, which means an increase of 2.6% over last year. It's important to say that we don't see any indication of trade down, right? The opposite. Up until October, we saw a slight improvement. Of course, it never happens overnight, but we have observed a slight improvement on the share of super-premium products in the numbers. The other positive news is that inflation is at its lowest level. In September, it was close to 11% when we look at LTM, and in October, it went down to 10%. We have a much better perspective for next year to improve the mix of accessories and, as a consequence, mitigate even more the effects on our gross margin. I will focus much more on that stand-alone here. We are breaking down the numbers here. We are opening our pre-operational expenses to you. When we look at the quarter, we're talking about 70 basis points of pressure because of the 50 new stores. When you look at the nine months of this year, this number goes to 80 basis points in the accrued results. It's important to remember that last year, this difference was of 10 basis points less because I opened 37 and not 50 stores. This is an extra disclosure that we are now giving the market. I also would like to highlight the table on the right-hand side showing the unit economics numbers. Here you see the picture of our nine months per period, how many new stores per period, and the current profitability of each period of openings. From bottom up, sorry, you can see that the data are similar than what we have been highlighting. It is negative. We're at six months, it reaches a breakeven, and 12 months later, it reaches a four-wall EBITDA that is close to 10%. It gets close to 19% that we have always mentioned to you. I just wanted to highlight that this is the picture from today and from the past nine months. Well, nine months seasonality doesn't help us so much. When we look at these numbers next quarter with the 12 months, these margins tend to be a little bit better, just like it usually is in our fourth quarter results. This is just to show you how consistently we observe the new stores until today. On G&A, it's important to mention why our G&A has increased. We have had a consolidation of Zee.Dog taking place in the first quarter, the consolidation of Petix in the third quarter, and the G&A of 8.1% is higher in comparison to 6.9% from last year. Yes, there are acquisitions, but we also opened two new distribution centers. The first one was a distribution center in the city of Mauá, a small city. DC, sorry. At the end of the second quarter, we started operating the Hidrolândia distribution center, and now we are going to dilute a little bit more of those expenses. To offset a little bit of these pressures of having the DC and these additional rent expenses, we got more efficiency in our corporate and personnel management and in the personnel inside the DCs. From 22.2% - 23.2% in sales expenses had to do with the maturation of our stores and the maturation of our staff. Stores are still being diluted, and that concentration of a lot of stores in their first year of operation make them have the potential that is close to 60% of the total. We still need more time before that is diluted in the results. Finally, a little bit on our investments. We have made investments of around BRL 100 million in the third quarter, concentrated on the new stores. We opened a lot of stores. Also investments in technology and digital are around BRL 20 million. Nine million in renovations, maintenance, and other expenses, and a little bit related to our acquisition. When it comes to our leverage, we are in a very comfortable position, 0.5 net cash in comparison to our EBITDA in terms of net debt. We also, I'm sure you have noticed on the release that the third quarter was better in terms of the cash consumption, and it will continue to improve when we get to the fourth quarter because we are stabilizing the tactical stocks that we have taken and the inventory of imported goods. You remember that was an accumulation of arrival of imported goods, and as we sell through them, we are going to release a lot of cash for the fourth quarter of the year. Finally, just overview on Zee.Dog and Petix. Zee.Dog grew 16% on the quarter. I just wanted to highlight that pre-acquisition Zee.Dog had a private label operation with very low margins. We stopped that operation this year. If we were to consider these sales from the past, it's almost like it had decreased 12%. This is not true because these sales were not Zee.Dog products. Zee.Dog 33% year-over-year growth. The same hub sales also very strong at 23% increase. One of the most interesting things to mention in terms of the synergies with Zee.Dog is that on the first quarter of next year, we are going to pilot the hubs in connection with the pet stores. If the pilot works, we have been preparing for a couple of months, and if it works, we're going to have an interesting rollout of hubs in the second half of next year. This is the second-largest synergy, and I'm sure you remember that the first one was acquiring directly from the Petz. From Petz, not only from distributors. Petix has grown. It's growing well, 24% year over year. It still didn't have that effect on the price increase, so the margins change in October, and you're going to see that on the fourth quarter. Capturing synergies, the biggest element we have in terms of energy is the manufacturing of our Slim Pad. It's the best-selling SKU from Zee.Dog, and Zee.Dog acquires those products from China. That will no longer happen. We will have not only an advantage in cost, but in working capital as well. Because when I import products, I have worse conditions in terms of deadlines. These are very important synergies for next year. I think that's what we had to present you, and we can move on for the Q&A session. Sergio, I'll start reading the questions that we have received from our investors and actually from our analysts, and I will start with Luiz Guanais. He mentions the following: "Good morning. Would you comment how you see the structural margin for the next quarters and years considering the increase of penetration in digital and sales?" Would you like to take that, Aline? I can, sure. As Sergio mentioned in the beginning of the call, this year we are going to work with a margin with a maximum pressure of 100 basis points, and the idea is for this level to be the minimum level that we are going to accept from now on. We are going to focus a lot on profitability next year, and we are not supposed to have a margin lower than 9% from now on. I think there is the issue with opening new stores and the incentives on digital that we are going to work with. We are doing our budget right now, so we're not gonna write anything in stone now when it comes to the expansion margin. For the long term, we are even more constructive because we have the maturation of stores to happen. We also have the private label products that today it's at 7%, and it's supposed to double according to our long-term forecast. We know that private label products bring higher margins, at least 5 percentage points-8 percentage points higher than traditional products. Both the maturation and the cost dilution, the corporate costs like holding the DC, we are very optimistic. These margins are supposed to grow, going to low teens in the coming years. Just to add to what Aline has just said, and it's exactly that. Like I said before, we have those three elements that we need to balance. In the management of the company, we understand that we shouldn't go over those 9% profitability. It's almost like we're saying we are going to grow and we're going to innovate as long as it doesn't affect more than that in terms of profitability, and that is how we are planning the scenario for the future. We can have innovation, we can have a sustainable growth. Because a word that I've always used in the 20 years I have been in this company is rhythm. We need to figure out the right rhythm of expansion. Of course, we cannot ignore the external scenario with the high interest rates. Financing the expansion is more expensive, and we need to be disciplined to take care of our profitability in the best way. I think that this is the main message for this call. Important to understand that the second and third quarters, in our understanding, were the minimum levels that we expect in terms of profitability. Exactly, because for us to get to this pressure that is close to 100 basis points, our fourth quarter needs to have a pressure that is significantly lower than the one that we presented on the third quarter. Next question is from Ruben, from Santander, and it has to do with what we were saying before. Once again, e-commerce on Petz standalone continues to surprise positively. Can you give us a little bit more color in what you believe were the key elements for this acceleration and to the 36% of revenue? It seems like the channel is gaining strength quarter-over-quarter. I'm curious to know if you expect that your digital channel will reach 40% of sales or more. Hi, Ruben. Thank you for your question. Digital has been growing consistently. First, we had that scenario of 25% of share during the pandemic, and we thought that that was going to drop a little bit, and in reality it went up and it went 1/3, and now we are at 36%. We see that it's because of the extremely well-adjusted digital channel that we have. Above all, we have a very strong equation in terms of our service level. Customers, they buy a product, they get the product within two hours, or they get their products on the next day. They can pick up in one of our 200 stores. Every new store is another leverage for our growth in digital. This combination of factors has been working quite well. However, digital can be pretty much whatever you want it to be because investing in performance marketing, you just add more fuel to that, and you can make the level of growth that you want. Again, it's not just about growing digital, it's about having a balance in growing digital in a sustainable way with profitability. Like I said before, I think that this is the main focus that we have for this call. It's about balance. We are not going just to put the pedal to the metal and believe digital should grow in a way that would affect our profitability. We expect to continue to grow our digital sales, however, without compromising our profitability more than the levels that we have established as the limit. We're very happy with the performance we are observing. Again, it's all about balance because you know it quite well. Around the world, you see companies that have a significant share of digital, for example, in the United States market, companies that cannot actually present good results. We believe that this is not right for our company. We want to have a company that grows, a company that has good revenue, that is gaining share, but at the same time, that it generates results. This thing about giving up on results today to say that eventually it will come, we don't believe in that. Ruben has a second question I think it's important to mention is this. I appreciate the transparency and the distribution of the different formats of the pet stores, which was included in the release. In this context, how many of the 47 stores opened in the past 12 months are in the compact and express formats? Can you tell us a little bit more about the unit economics of these two formats, sales per square meter, and if the contribution margins are similar with the traditional experience store? Sergio, if you want, I have the numbers to add to your answer. But regardless of the numbers, and I'm gonna ask Ruben to please try to understand this. Many times there is a limit in the amount of information that we can disclose, of course, to benefit your understanding and an amount of information that can hurt us in terms of the competition. I have to find a balance there. I cannot open all the details that you're asking about. Otherwise, we're gonna give a recipe for the competition on which format is more interesting. What I can tell you is that we are very good at doing calculations. We do the calculations for each of the formats. We understand the profitability of each format and how we should focus more on one format than other based on the data science numbers that we have. Regarding the numbers, I hope that you and the other ones that are with us understand that sharing those numbers would be just opening too much information for the competition. We believe that we open a lot of information for the competition, but this one specifically, we are not gonna share. Okay? I think that one thing that we can say is that the idea of adding that table to the release is to say that we already have it. It's not that our stores are only major experience stores. Now because of productivity and efficiency, when we open a second, third store in a certain city, we open a store without a veterinarian clinic or without the grooming services. The idea was to show that we know how to operate these smaller stores. It's not something new, and it's not a consequence of digital being stronger or the changes in CapEx. We have a number of stores that focus more in products and or products and grooming services. One thing compensates for the other. As you have less CapEx, you can remove services, and the margin from services is inferior to the consolidated results. You can imagine that smaller stores can have, while services are not right there, we can still offset with smaller store because CapEx per square meter will be a little bit higher the smaller the store. We don't have any material differences in terms of profitability or tier, but we do have some differences in terms between the different formats. I'll go to the next question now. It's from Daniela Eiger from XP, and she asked a question about same-store sales that was answered in the presentation. Her second question is: in the health business, I wanted to understand if the new VP has been able to map the opportunities to be implemented in services, and what is the timing before that is translated into improvement in the results? Thank you for your question, Daniela. Masa, like I said in the beginning, the new VP. He came here at full speed. He's extremely proactive, and he was able to get a very quick understanding on the characteristics of our services. Luckily, we are very much aligned on the way he sees things, and his top priority is for us to make our existing market services profitable. At the same time, he has already hired an audit consulting, so we can, in terms of innovation, for example, thinking about the first quarter of next year, we can maybe start running our first pilot of a health plan. More important than the timing or the speed is the direction. I often joke about this. If you wanna go to Rio, you can drive at 50 kilometers per hour. If you're on the right road, you're gonna get there eventually. If you wanna get to Rio de Janeiro at 200 kilometers per hour, but you're driving, I don't know, south, you're never gonna get there. For me, what's important is that the new VP is on the right track, is on the right road. Our expectation is that starting in 2023, we will begin to see clear improvements in terms of performance. Again, like I said, we still have a lot of ground to open in services, and this is going to be verified in the beginning to be observed in the beginning of 2023. What's important is we are definitely on the right track. We have a question from Thiago Batista related to services, and he says, "The learning curve for this segment for health plans because of the complexity and lack of benchmark, wouldn't it be a risk for us to be behind in comparison to other players that are already exploring the segment?" Well, Thiago, thank you for your question. It was a great question. It's not the first time that this is happening. I just wanted to remind you and everyone who is watching this is that Petz was the last important companies in the pet segment to have an app. We were a little bit late on digital. It took us a long time to get there. There's one detail. When we started, two years later, we became leaders because that's our mindset. That's how we function. We think about investing on the foundation of what we do. We don't start building a house from the roof down. We are very concerned in creating a solid foundation, solid pillars, so then we can, you know, build the buildings. It makes a big difference when you see a building that appears out of nowhere with no foundation. Again, it's all about choices. I have zero concern about how in a hurry other companies are announcing that they have a health plan and they will dominate the health insurance plan market because honestly, I don't see the infrastructure to back that up. I only see a new building. You don't see anything of our own building. Rest assured, we are working on the ground. We are working on the foundation. Once we start building it, we are going to be leaders, even if it takes us a little bit longer. Again, no concern with the fact that other players are moving faster. The lack of data, even though a few players have started before, this is a market with a very low penetration. 90 billion pets with 50,000 of them having a health insurance plan. Lack of data is a reality that everyone has to face, and we have hired this consulting because we have an edge in terms of data because we have our Seres brand that has been operating for quite some time, and we know the cost of surgery, vaccines, and procedures. The idea is to use our internal intelligence because we have that vertical in our favor. Let's remember that the pet segment, the pet health segment is not regulated, so we can be part of that process. We can influence the regulation process in the future as well. We have two more similar questions from Andrew from Morgan Stanley and from Macruz saying, "First, thank you for providing the four-wall EBITDA by cohort. How have these margins that we see today, how do they compare to our initial expectations?" Again, it's about what I said in my presentation. We have a very high adherence, both in terms of revenue as well as in terms of profitability when we look at what we had expected in the dossiers that we published. Maybe we were more surprised in some topics than others. For example, stores that were approved in the cohort for 2018 and 2019, we were not mapping that digital would have such a big share. At the same time, we didn't map that the market would grow so much. In the end, the adherence is very close to what we had imagined in the beginning. I don't know if you would like to add anything on that. I think this is a great point to be raised because it is important to mention these things under a perspective. For example, let's think about the IPO, which is always an important reference for this, which was the moment in which we were presenting the company to the market. What did we say back then? We said that our four-wall EBITDA in our estimates was 21% for the mature stores, and we said that throughout the roadshow. But we said 21%, and digital back then had, I don't know, 7% of share in 2019. And then it reached a peak during the pandemic of 20%-25%. We said that in that context of 21%. Recently we have updated that because of the increase of share in digital and some other pressure factors, our best approach for the four-wall EBITDA is 19%. All right, we are two points worse, and these two points that had gotten worse since the day of the IPO, today, which is the best perspective that we can share with you, is that it is 19 and it's going to stay 19. Why do I say that? By the way, this is why we wanted to present a different cohort so you would understand what we see. That's what we wanted to show you. I want for anyone to look at that table and tell me why shouldn't it be 19? Because there you clearly see that if things continue to evolve as they are, that it is going to be 19. The four-wall EBITDA, because of the digital share, is 19. Oh, new things can happen. It can go up to 20 or to 18. Yes, but we need those new things to happen. For now, with the data that we have and with the mindset that we have for the 2023 budget, with this plan that we have so our profitability doesn't suffer any more in comparison to the nine points that Aline mentioned, for us it is pretty reasonable to continue with that premise that it's going to be 19% for the four-wall EBITDA. We have agreed that as of next year, once a year, we are going to present you with a perspective from the last year by cohort, which is a very transparent way with a lot of governance to share the four-wall EBITDA that we see from our group of stores. Year over year, we can follow if there's a trend of going up or not. Right now, we are very comfortable at 19%. That's all I can say. Sergio, I'm going to combine two questions, one from Macruz and then a second one because they're very close. You have been gaining e-commerce share consistently but with a poorer mix, focusing more on pet food. Do you think customers are concentrating the purchase of accessories from marketplaces? Irma has a similar question. Irma Sgarz from Goldman Sachs. What is the level of competition in the digital channel? Any improvements or the competition continues to be fierce? I think we can look at this through different lenses. The digital share, the mix of products on digital historically has always been like this. We have always had a share of pet food products much higher than accessories. Naturally, when we look at the physical channel, the recent share is also the same, and maybe this becomes more highlighted. Saying that people are buying pet food from us and accessories from a different store, I mean, eventually that might happen. Just one point of attention here that's very important. Within what's legal to do in the competition, we have no issues. No issues with pet food and no issues with accessories. Investigate what's happening with Petlove, Cobasi, and Petz. You're gonna see that one product's a little more expensive here, maybe a little bit more expensive with us, but it's regular price competition. When you look at marketplaces that follow compliance, that follow the rules of the game, I mean, no major surprises in terms of price differences as well. Accessories or medications, marketplaces that are benefiting from this law that is wrong in our opinion, in which they don't have to be held accountable for their products because of piracy, because of illegal products, there is a huge price difference. Unfortunately, you know, some customers, they don't care if there's an invoice or there's not an invoice, if the product is original or not, and they buy it. There's nothing we can do about that except what we already do. We use the agencies like IDV, which is the Retail Development Institute in Brazil, that gathers the 30 largest retailers in Brazil. We are working together in the front, working together with the Ministry of Justice and the Ministry of Economy in order to bring the right regulation for this absurd situation that is taking place. You as a seller, you can do whatever you want as long as you are inside one of these big marketplaces. If we think in the short term, this is of course an inconvenience, but in the medium and long term, I'm pretty sure this party will be over. Now, to answer the second part of your question. When you think about the competition on digital, I think the competition continues to be quite strong, yes. At the same time, a healthy competition, it's part of the game, and we are competitive conditions, so we are really comfortable with that, and I'll tell you why. In order for you to be competitive, you need to be leaders in terms of costs, and this is basic. It's basic management. No one can offer the best price if you don't manage your costs. So we are pretty happy because we have this cost equation quite well figured out through our omnichannel approach. We have the lowest cost to serve in the market. So we compete in very good conditions in the market and with healthy margins. However, if the market tomorrow goes down, it's going to be a much bigger problem for the competition than it will be for us. We are really comfortable with that. We have a question from Vinicius Pretto from Bank of America, and he talks about strategies and opportunities in private label. In the end, the two largest acquisitions that we have made were the acquisitions of the best brands in their category, so the market leader in accessories for pets and the market leader for hygiene pads. Answering Vinicius Pretto's questions, today, the company as a whole varies between 8.6% and 7% of the total in terms of penetration, and in just Petz, 3%. It's the 3% of Petz that we are going to work to increase the penetration even more, especially as of next year when we are going to have more and more products with the design from Zee.Dog with the department that we have created, PIS, the innovation lab, that have people, designers from Petz and Zee.Dog working together. Like I said in the beginning of the presentation, our private label is one of the drivers for growing our margins once the stores are mature. We have another question from Nicolas from JPMorgan, and he asks, "Would you give us a little bit more color on the growth expectations on the top line for next year, both for Petz and Zee.Dog?" Nicolas, thank you for your question. This is exactly what we're doing right now. We are working on the 2023 budget, so I cannot give you a number that we don't have it ourselves. We're working on it. But I can tell you that the budget that we are working on is a budget that is going to preserve minimum levels of profitability. At the same time, keeps a healthy growth level. The most important message is we are not going to accelerate our anything if it jeopardizes our margin. We are going to keep growth and profitability in balance. We have another question from Gustavo Nedel. Thinking the long term, is there opportunity for Petz to open stores in smaller cities with less than 50,000 inhabitants? In generic terms, probably not. Of course, there will be cities with less than 50,000 people that could be an exception because of the level of income would be interesting. I think that the rule is, I mean, is no. Again, no opening as long as we open a store in the traditional way, right? We all have other alternatives of entering markets that are not addressable from a store. We can create a hub for digital sales with a smaller CapEx investment to serve that smaller town or maybe think about a franchisee model using Zee.Now. There are many opportunities, many different ways to penetrate non-addressable markets, and they are being assessed. The fact is, and I would like to go back to your question to make that clear, is that we still have a very fragmented market. We still have a lot of room to grow. It's not because we have room to grow that we are going to put the pedal to the metal and grow everywhere in a disorganized way. We are trying to have growth in a consistent and responsible way, in a way to preserve minimum levels of profitability. We have one more question from Pedro, and he asks. Oh, just one thing about the last question. The store that we have in the smaller town we have is a town with around 100,000 inhabitants. Besides growing through opening new stores, are you assessing M&A opportunities? M&As is something that I have always mentioned. I've always said that we are always aware of M&A opportunities. Like I said in the beginning of the year, our absolute focus right now is on the integration of the four M&As that we did. It's all about integration and generating results now. I think to discuss new M&As without having addressed the previous ones is not the best way to manage the company. First, we need to have a good integration, a good engagement, and show the market our ability to do M&As and to generate results from them, and then we will think about new opportunities. Which doesn't mean that we are not assessing them. Just to make it clear, of course, we can assess them, we can try to understand what's happening because it's part of our job. Because if tomorrow a competitor does an M&A ahead of us, we need to be aware of what we lost. We continue to assess the opportunities in the market, but our willingness to do it right now is not so high. Because again, what matters the most for us now is integration, and then we'll go back to discussing new M&As. Final question from Irma from Goldman Sachs. Do you see a positive cash flow, the free cash flow concept for 2023, or are you still going to burn a little bit of cash? We are still doing the budget, so it's a little bit early to say. The message is the cash generation until the end of the year is going to improve a lot, both because of the elements that I said, improvements in inventory, in accounts receivable. We have been implementing PIX or the instant payment method with quite a lot of success. We do have a lot of things happening when it comes to the operational cash generation till the end of the year. Seasonality of cash generation is very positive in the second part of the year. For next year, once we have more clarity on the format of stores that we are going to open and then we'll let you know more about it. That's exactly that. Our cash generation is robust, but again, we also still have many investments to make. This is where we try to look at the overall context because it's one thing that we have interest rates at 2% a year, and it's a completely different story when the interest rate is at 14%. We need to be really aware of how much we want to grow in terms of generation of our own resources and how much are we going to grow with external capital. It's important to have that figured out because I apologize for repeating myself, but I have no other way to express what I think. It's all about balance. If we only think about growing and growing and only about expansion, very quickly tomorrow you can have 2x EBITDA, 3x EBITDA in terms of debt, and we don't want that. We want to have the right pace, the right rhythm. We want to be assertive. We want to open in good cities, good locations, and to make these new stores profitable, both in terms of physical stores and services. We have a lot of things to do in services in the sense of improving the generation of cash and in terms of growth. If in 20 years we became leaders in the pet segment, it was because throughout these 20 years, we didn't grow in leaps and then had to go back. We were able to keep a good pace. Pace is not linear. Sometimes you speed up a little bit, sometimes you slow down. Throughout these 20 years, we have always been advancing, and we're gonna continue to do that. Maybe we're not going to run as fast as we did in 2022. We might move at a different rhythm in 2023 when it comes to the expansion. In qualitative terms, for us it's very clear that we shouldn't accelerate the expansion. When I compare CapEx from one year over the other, we had no reason for the CapEx to increase. We are controlling the CapEx inflation quite well. We are making some adjustments in the formats of stores and efficiency, reducing aisles, increasing areas in the shelves. I think we have everything necessary to optimize spaces. We are starting to publish the behavior of different formats. CapEx for next year for new stores is going to be either the same or smaller because of the new formats. Again, we are not going to have a new distribution center like we had this year, something that, of course, has an impact. Moreover, this year we invested on CapEx for Petix. We acquired the equipment from China. I think next year will be different. Another important thing is that tax reimbursements. Today when we sell outside of São Paulo, we accrue credits because of this, the tax reimbursement. The fact that we have a new DC in Hidrolândia reduces that significantly. In terms of cash generation next year, once the Hidrolândia DC is on track and with the right volume, we tend to accrue less credit. We are in the process of using this credit that is accrued in our balance that until the end of the year gets to around BRL 100 million. We have those leverages that qualitatively should improve our cash for next year. Sergio, we have no more questions. Thank you, Aline. Thank you everyone who has stayed with us until now. It was a pleasure to have shared our strategy and information on the company with all of you. I would like to wish you all happy holidays, a great end of the year. The beginning of next year, we'll see each other again to discuss the fourth quarter and our prospectus for 2023. Thank you very much, and have a great Wednesday, all of you. Thank you very much. Thank you. Good afternoon.