Welcome to our session here for Q&A. Thank you all for your participation. Just to remind you that we publish our earnings and documentation on our website in CVM, with all of the results about the third quarter, and also a video showing all the slides of this presentation, with details about each of these initiatives, our results, our cash flow, and our short and long-term visions of the company. First of all, we would like to quickly go over a recap with the main messages we tried to share during the presentation and also during all of our materials. Let's move on with the slides. So to the first slide, let's start off with some accountability here on our track plan that we presented on the 10th of August. We had presented a plan that was very bold for BRL 1 billion and many different initiatives, and now we're going to bring in some important advances with all of these different initiatives. So first, as all of the levers are in on time or even being done a little before what was originally planned for our transformation plan. So our business management model is already considering the new levels of margin and cash flows, which is fundamental for our transformation throughout the next quarters. A reduction of the stocks, which took place quicker than what we imagined. From this BRL 1 billion, we were able to bring in over 70% already in the third quarter. Our forecast was half in the third one, half in the fourth one, and so reduction of stock also with the SKUs that really generally have strong turnovers and good margins, and the total reduction is BRL 1.5 billion. If we compare the third quarter of 2022 to 2023, so we're talking about reaching 90 days. We reached 89 days of stock, and we haven't had a worsening, just actually there's an improvement. Stores are very well supplied, and this is fundamental, so we don't have any kind of negative impacts on our sales and stock. So third place, we're really prepared for Black Friday. When we look at the high turnover stock with good quality, it's new and fresh. We're even a little better than in the past. The big reduction was the products that have a lower turnover and a little more aged in our stocks. This is very relevant, and the total impact on the cash appears in the next few months, where you have the payment terms for the suppliers. We've reduced this. The third point is the reduction of the 6,000 positions, and so we've already brought in some personnel gains, but the full contribution will take place from the first quarter onwards. Marketing expenses with more efficiency, and so here you have efficiency went up a lot. If we see the marketing investments on the revenue, we reduced this by 30%, so very relevant efficiency gains and focusing on core and what generates value. Important to mention that in some channels, such as the marketplace, we reduced investments. They continue to grow. Considering the strength of the company's brand and our organic growth as well, we've been really working towards increasing our organic growth and SEOs, so we can have a healthier revenue. Then when it comes to reviewing our store footprint, we had 38 store closings, and we already adjusted three DCs. And so stores are on time in full, and DC, DCs are taking a little longer, but the rest of the stores will do after Black Friday and Christmas, which are high seasonality grids, where we're going to try to burn off some stock and have higher performance. So migrating some of the categories with negative margins from 1P to 3P, that's also on time, and we're migrating to 3P very well without too much of a loss in sales in the third quarter. Then, another really important point, which is the launch of the first FIDC by Grupo Casas Bahia. So this is for the buy now, pay later system, the CDC. We filed it on CVM, our SEC, and now we already have our pilot project with 5 stores operating in this funding model, to allow us to migrate with our full bank limits funded through the CDC to FIDC throughout time. So we're going to be working on the rollouts to all the stores, and we should be operating this full first quarter onwards. Then the reduction of 400 basis points, considering the monthly seasonality while we agreed to the providing a lot of management. Also, the final transition of some tax issues, and it was about BRL 676 million, which is a follow-up of BRL 643 million, which is important to some to get more to 65. BRL 643 million, which is important to some to get more to 65. Because reduction, 65. Which makes in the past that it says you paid advertisement reductions, actions have risen 14%. You pay the optimal loans, and you don't have any banks that cut down the limits. So, part of this is operational, and part of this is a reduction of the limits of the CapEx. We've already brought just in our investment plan, we had a reduction of very significant, over 60%. And this is a sustainable CapEx for the company. When you think about BRL 400 million, as we communicated, instead of BRL 1 billion we were spending previously, and this is super sustainable. We focus on the company's core, UX, SEO, and some other logistic optimizations that are definitely going to be a competitive advantage to allow for the company's growth. Another bit of important recognition, which was the Casas Bahia brand as total Top of Mind in home appliances and stores. That's really strong recognition, reinforcing the company's brand potential. Having said that, the plans we bring on are also the main focus of the company with the indirect cash flows. We brought in this demonstration that everyone can help with the transformation and the transformation process and its impacts on our plans and the cash flow of the company. All of the objectives of this first year of work were really focused on improving our cash flows. When you look at this cash flow, it's positive. And we also. Here, we have the free cash flow. This is what the transformation plan bringing in, and our objective is to bring in the group. We're aware of the challenges that we have in short term, and we have this robust plan to transform this cash flow. As we talk about this robust plan, we're going to be discussing the transformation plan. So on the 10th of August, first column, and total impact of BRL 1 billion in the EBIT of the company. Now we're bringing in new levers that will add up to that 160 million. Here we have some of the smaller levers, but two big important ones on the top, which is first penetration of services. As I mentioned, extended warranty, insurance, and installation, home appliances. This has a really good margin, so we had this pilot to verify what are the best practices for sales and conversions, and now we're going to be replicating the service. It's far from being the full potential of the company, but we're going to bring in the situation, and then we'll be able to generate about BRL 200 million more in revenue with the services, and it's going to be very important for our EBIT. So here, variable costs, this is what's left to the company. So almost what—except for the taxes, right? Then you have the revision of the indirect contracts. We had some workshops, reviewing all the indirect contracts. Now, we deploy the permanent capital task to assess all of the RFPs. So we centralized this. We had a lot of people that tried to create RFPs. Now we have less people that can do this, like one people per board, and all of those that are over 100,000. We have C-level in this committee to assess if this RFP is really necessary. And if you, we have a report sent to me, and I can veto some of these RFPs that I don't think are relevant to the group as well. We have a lot of opportunities, and we're being quite conservative. We have a reduction in these indirect costs as well. So over time, the full capturing of these levers will probably take place around the end of 2024. So as we cancel these contracts, we'll have some renewals as well, and most of them, you have to wait for the contract to finish, so you don't pay the fines, and then you bring in major savings. Having said this, I want to mention a really interesting point. We're in November, we have Black Friday going on. We're just missing a few days, and then we have a really interesting shift when we talk about reinforcing Casas Bahia to focus on core and the store engagement team here. What the impact would be, this branch shift. It was a huge impact. Your team is super engaged. I I invite you all to visit our stores. Besides unforgettable conditions, you'll see the level of engagement and the connection to customers, which was impressed. The amount of people seeing people, all those saying, because the store dedication to you already provides connection, and the group is already connected. I've already talked about the bonds, so the store is really full of products. We're-- have a Black Friday, it's going to be great. We'll be exploring all of the omni-channel advantages, and the main difference is that all of retail is more rational, considering the macroeconomic challenges, and we don't have this excessive stock issue. So when you look at the issue, the last Black Fridays, sales were really high because it was a point in time where you have to sell. But we're not at the level yet, and we've already burned off the excessive balance, and we have a healthy stock. So it'll be more rational. We have important advantages, and we'll bring some sales and some incentives. Pretty good, but it's going to be very fresh where you look in terms of the positive margins and actually. So it's going to be great, and of course, you always have to look at the fourth quarter with the first quarter. Quarter looks great, but in the first quarter, well, we're coming into proper Black Friday. We're excited, and so, and we're already watching the TV. It's Black Friday. So we're talking the TV. It's Black Friday. So we're talking the TV. It's Black Friday. So we're talking about our short-term vision here, and, First, what we want to reinforce, we request this time, so we want to reach BRL 2 billion, plan to allow for some cash in the next. I think it's BRL 1.5 billion is enough to finance our free cash flows, and of course, we'll be in other levers in 2025, and the company will search for possibility to bring reference when it comes to growth and reach and transfer plans doing very well. Even a little better than what they expected, with possibility to advance to the more uncertain levels. Second point, there are some third quarter. As I talked about challenges like cash flow, this is. We have some challenges, how these are, which will be in line with kind of strategic. When we talk about line with kind of strategic. When we talk about reshaping profitability that's in line with our long-lasting sustainability, allowing for us to, in 2025, deliver profitability that's really good and a good return on equity capital, and that there's some really good updates when it comes to allowing for some investment. So our focus here is really concentrated in the short term. I want to highlight that there's a possibility for some targets, and so some levers are doing a little better. It's going to maybe before, and so maybe that could be a little better. We're trusting on our confidence in this transformation plan and our strong alliance also with our suppliers and partners that have really been leveraging on our sales and these core levers. So they're really good, and we're going to be able to really position ourselves even more in the first reason. Then, of course, we have a cash flow that's very confident about, and that, of course, we are confident of this transformation by the end of 2024. So thank you all for your presence. Now we'll begin with the session. We also have Sérgio, our investor relations, Elcio our CFO, and Gabriel, our investor relations head, to be able to answer any questions. Thank you all so much. Gabriel, do you have, can you gather those questions? Okay, Gabriel. Your first question is from Pedro. And Pedro, you may proceed. Oh, I think it worked. Oh, I think it worked. Thanks for the presentation, Renato. Thanks for the presentation. We have two questions. The first one is about the type for the consumers and the core credits. After this first 40 days in our fourth quarter, with a drop in the interest rates, do you see any kind of impact with higher tickets or dependent on credit? And so if you feel like anything getting better, that's the first question. And then a bit of the cash dynamic in the fourth quarter. So we saw some important advances in the transformation plan. We know it's a little shorter, and when it comes to the dynamic for working capital. And so if you could give us some color of the cash in the short term, that would be great. So, yeah, okay, and I think now we're back. So first, audio, but thanks for the questions. First of all, we still don't have this feeling of, like, an improvement in demand when we actually show impact on sales in the third quarter, having the market share. When you see that, we share month-over-month, but even with stores being very resilient, kind of, keeping up the volume of sales and online losing sales. So when you look at the core categories, it continues very pressured, and not much of a perspective on improvements in short term. So we have a transformation plan considering this best, and this is confirming itself, and then our expectation is some kind of an improvement in the second semester of 2024. We have perspectives of improvements from a macro perspective when it comes to credits for consumers. So of course, a drop in interest rates helps. And so, this helps also to unleash the pent-up a little more, and maximize the sales. But from a demand perspective, we still see the same kind of scenario in properties, home appliances; it's all very pressured. Now, they asked us to give us a little color on the fourth quarter. What we've seen is we want to use 2023 to improve processes. So we even had some provisions that are going to be a little more conservative than have almost zero, because we don't want to have any risks in 2024. So it's better quarter as we change, it is the favorable of the. We have Christmas and everything, so it is better. Then from a margin perspective, it's not gonna be a reference necessarily, but we do have some write-offs, and we the impact of the costs, we have 30% of the balance that will still be sold in the fourth quarter. Black Friday, we there are some opportunities for adjustments, but we also have some additional discounts, and when we look at the fourth quarter, it's still not so concerning with the income statement of the company. We're just concerned about the cash flow. But we do start seeing some improvements in the cash. The cash reduction was very significant, and we will continue to have some improvements to the company to be in a very positive way. It is a very important step to help organize and start off at another pace. It's important to mention that we're talking about a very big company, so we have 44, and you don't transform the company in a single quarter. We have to have a few quarters. That's why we call it the Via 2025 plan. Now, it says by year 2025, it's a plan where we're going to transform the company till the end of 2024, to have a 2025, where our vision is to be a reference when it comes to return on investment capital. We really want to start off there. Whatever we can fix up now, we'll do, and we'll have some cleaner quarters, that'll make it a lot easier. So the first and second quarter, without a need for adjustments, where we would exclude these non-recurring items. Our focus is to, and a big focus on fixing things up and having more discipline in 2024 without any kind of risks, and then continuing the plan that we're very confident about. Thanks. Thank you, Pedro. Now our next question is from Nicolas at JP Morgan. Nico, please. Thanks, Succar. Thank you, Renato, for taking our question. We have two actually. Renato, you talked about how you're already deploying many initiatives in the restructuring plan, and you also talked about some things that were maybe a little easier to deploy over time. And I want to know if you were able to map this out or identify any additional risks in the plan that you just mentioned, or something that maybe was a little more difficult to execute within the plan? And my second question is, from a supplier perspective, how has this conversation evolved now that Via has a structure level that's a lot lower than what it had in the past? Thank you very much. Well, Nico, from a risk and complexity perspective, the most complex level that we had was the FIDC. When we talked about launching it, a lot of people, we had a very tight schedule. So the cash coming in at the FIDC level, so that we can have an FIDC that's really safe. And so this was the biggest challenge we had here. From a complexity perspective, it was really well implemented by the team with the partnership, the FG, and we're able to set up an FIDC that's currently a reference in the market when it comes to criteria and bringing in a lot of fraud prevention aspects, more criteria for even more discipline and governance and the availability of credit. Since we already have this very positive history, which will bring in performance that's even a little better to our buy now, pay later, besides the funding, which is then also safety for investors. That was the biggest risk, which is where we wasted a bit more time on getting everything right, so we could have a good FIDC, and now things are progressing very well, and we should guarantee that we have no mistakes or errors in the system. Then we'll have to measure this to adjust things, but if there's any adjustments, like a freeze in Black Friday or then we can have more stuff being put on for production. If we need to adjust, we have some tests, but if necessary, it's going to kind of get in the way a bit more to be able to fix and accelerate the rollout to all of the stores. But I hope that in January, we'll have all of the stores operating with the FIDC financial instrument, which will allow us to migrate a little quicker. If it gets a little later, it will take a bit longer to be able to be February is the risk that we have to look at. And from a structural perspective, others, the risk is with the operational leveraging. So we must work to make this all take place and improve our cash flow, and then keeping the relevance of the company in the core categories. We continue to gain share, and the market's pressured, that's going to be less of a structural impact. When things get back, we'll be able to capture even more growth. So that's going to help us. But then in the short term, we must measure rupture and losses because the discipline went into our stock with the opportunity to optimize risk mix, right? But being in a lot of impact, so we need to monitor this to not have any additional ruptures. Things are doing well, under control. We're aware of the business, we're daily monitoring of the risk. So we can go through them, performing things well. I think the team has been definitely excellent at execution, and that makes me very confident that we're on track and that we'll really be able to have a big transformation over the next quarters. Great. Thank you, Nico. Our next question is from João from Citibank. João, you may proceed. Okay, thank you, Deborah. Good afternoon, everyone. I wanted to thank for this opportunity here with this question on the FIDC. And Renato, what does this bring in as opportunities? It's very transformational for the company, right? You have this new funding source to provide credit to consumers. I understand that there's a process that's really interesting because you migrate the CDC to the FIDC, and so I want to hear about the opportunities to capture sales through this new source of funding. I want to understand, once you keep, you keep the percent of subordination, and you're saying that you have a potential to reach BRL 1.5 billion in the FIDC, what would be the resources that you would be able to—that you would need to keep the 20% subordination? Then I want to hear about cash generation also, and talk about the net situation of the tax assets you had. So before you completed things, it kind of offset things, and you didn't really see the monetization. So I want to actually hear about this and how this took place. Did you have to sell some assets, some tax assets, and what should we look at in the future? And then finally, sorry for going over time here, but I want to just mention, when do you think there are enough cash to pay off the rest of the debt? Okay. Thank you, João. Great questions. And we'll start off with number one about the FIDC benefits. It's kind of what you mentioned, but after Elcio, we'll talk about this. It's of course, a new way for us to capture business within from banks, which are corporate credit with the Casas Bahia risk for funding, high quality of reference, because when you're migrating this to an FIDC, the first thing that happens is flexibility with the banks to increase duration, which is the capital costs, and even bring in some flexibility to have additional resources, to reinforce working capital, since we'll have a more conservative cash policy. So that's a huge benefit. And from a sales perspective, as you mentioned, we are losing currently some sales, so there's still room, being about BRL 250 million more in sales in the buy now, pay later. Of course, a little more, and if we consider the potential, it's a lot greater. So we're being more conservative in our, in our participant. Where do we want to grow? We want to grow and improve with the best rating we have, where the rates are a little lower, profitability is a little lower, but the risks are practically zero. So it's a lot better than growing where the profitability is really good, but you have a lot more risk, depending on the variation in macro scenarios and economic conditions of those customers. So we do see potential to sell more and penetrate more, especially in categories that suffered more, which were properties. Sorry, furniture, where we have a big penetration and major leadership, but that dropped a lot from a perspective of market demand due to access to credit. Consumers are postponing this when they're not in a comfortable position on available credit. So the sum of low interest with FIDC funding will allow us to get back to growing in furniture and increasing our share, which is going to be very important for the company's margin. Now, I'll let Elcio talk about the monetization aspects and then also about the cash flow of your third question here. We have a plan that in the second quarter of 2024, we're already having this. When we look at cash burn in 2023 and the free cash flow minus payment of interest, which is our main target, in 2023, we look at 2024, it's already going to be a lot smaller. So our forecasts are like situation we're in 2024, it's still negative, but we have a more positive end of the year, and then we start transferring cash from 2024 to 2025. There's some transformation because the, our labor legacy liabilities and other things that add up to over BRL 1 billion in 2025, regardless of our execution. It's just about the maturity timing, that are already on track. So we expect that we'll have a second semester that's really different, and we're already, operating in another level. So we'll have other discussions, of cool stuff going on, that we're still keeping in the oven, so that whenever it's the right moment, we'll be able to accelerate with. Elcio, if you want to get into more details and bring in a little more on the FIDCs. Are you on mute? Or we can't open up our mic. So, host, can you please open up your mi- our mic? Okay. Hi, guys, thank you for the question. I wanted to read some points here from Renato, and then I'll get into the FIDC. As you mentioned, with like BRL 5 billion, it's going to allow for credit limits. That's really important to highlight that the profitability of the FIDC remains with the company with these subordinated quotas. So all the difference in the spread we have between what we have versus the funding costs and default and losses remain with the company. So that's really positive in our results, and we don't have any kind of change in regards to this, unless you're gonna flex, flex lines or provide additional growth that we can achieve. But what, what I wanna mention about the FIDC that's also very important is the structure that was built in, which mentions it could be the model. We dedicated a lot of time and effort, time was actually short, but a lot of efforts from all of the teams, for structuring IT, and the store teams as well. So that first of all, what's important is that we should not modify the processes. They need to be very transparent to our sales team, and customers will not change the level of sales. We wanna increase actually this within processes and the effect, the FIDC structures are very robust to address this success case, as not mentioned, for a lot of people pay their their bills in cash at the store, so it's super important to have this, structure for a bank correspondent in our 1,100 stores, that whenever a customer is gonna pay in cash, he can have already, write off this on the FIDC. So we already considered this, backwards up, and this also gives us some legal safety as well, and that's really significant. So we have, like, a digital biometrics for 100% of the cases that will also reduce this substantially when it comes to fraud. So there's different phases and levels of protection and safety for different aspects that we're really proud of. Well, when we consider the deployment of this FIDC, it's gonna segregate the corporate risks and receivable risks, which is really important. So we need to reduce this, this BRL 5 billion of exposure and corporate risk that we have with the banks. And then, and see, it's not like Casas Bahia is going to the capital market, actually. Here, it's the risks that's in the FIDC, and you guys know this well, but we do actually reduce our exposure of credit as a whole in a broad way. So that's very positive, and it creates more flexibility for us. Then the second topic about cash generation is we really added a lot of strength and efforts on our tax teams to monetize and consider that we have a lot of tax assets, as you noticed, that we're growing over the time. And so especially for ICMS, and we had its effort already being taking place with even more emphasis to see what we could do to accelerate this monetization, because once again, I think it's part of our transformation plan to consider this. And if we can monetize this, to be able to perform this plan. So this is an important initiative, and we continue to monetize this with the carve-outs and sales to third parties. And we have the second part of logistics and tax operations and how we can optimize these issues in our logistical model with something that we can complete as a whole. I think it's important also because we have the third point that also helps a lot. We talk about stocks a lot, just cash generation, et cetera. But it brings this benefit at a collateral level that's very positive because we buy less, and so we have less credit, we can. And we sell more, and that accelerates our debit. So by the actual nature of the operation and reduction of the stocks, facilitate traditional monetization here on our specs. So I think it's a set of things. It's not like a single initiative. We'll continue to accelerate, of course, maybe not at the same magnitude, at this, at this aspect, but we'll continue to search for efficiency. We were able to achieve BRL 1.5 billion in the last 12 months, and we're gonna try to still search for testing the operational efficiency, looking at the level of ruptures, because we also don't want this. But whatever we can optimize in the working capital as a whole is clearly gonna be observed here. Okay, perfect. Thank you, Elcio. Thank you, Renato. The next question is from Danniela Eiger at XP. Danny, you may proceed. Thank you very much, thanks for taking my question. Actually, I have two, which is about the competitive scenario, and I want to switch this. And so, about the players, also when it comes to this. And so, about the players, also when it comes to the assortment and the new players, we have seen the Mercado Libre, Amazon also working on some other more mechanical movements in this sense as well. So how have you felt this scenario? And also the second point, based on the news that came out yesterday about the 1P categories, I think there were 23 mentioned in the article, and have these 23 already performed an adjustment with, or are there more categories that you plan to map out, okay, and how this will play when it comes to the company's strategy as a value proposition? Do you think you're gonna focus more on 1P and do more omni-channel with the stores and maybe 3P would lose a bit of relevance? How do you imagine the strategy of what the company wants to be, and also when it comes to the positioning versus others? Okay, thank you for the question. We're seeing this competitive scenario that's very rational. I think no one can perform, like, major bets. Everyone's being a lot more rational. But of course, what impacts us more or not, the generic platforms today are starting off. We already had some movement coming in. Of course, Black is a moment where you sell a lot of our category. So the items have the greatest added value, where people wait for Black Friday to be able to buy. So you don't have, like, a big shift in this volume, but from phones and screens and all of that, then you have a lot of volumes as well. So it's just color attached when you announce it like this. So I think the strategy is, you don't see someone having a very consistent strategy, and that's something that kinda gets in the way, and they are categorized. The competition with the regional players and the dealers that also have how many channels has been rational in economic conditions, and we're all on the same page. And when we look at a shift in categories, when we presented, we have twenty-some categories, 23. A lower ticket average ticket, and we migrated to 3P. And some other general items that we migrated. What's the strategy? We're gonna grow. We're going to grow in 3P, but we're gonna be focused more on core. So it even incentivizes a bit because you can imagine the purchase strategy, if we were buying 50 different models of refrigerators and not to buy 50, buy from one supplier. So now we have many, but sometimes you have, like, 10, whereas where you're making more money, you can concentrate volumes and have very competitive conditions. So with the others, I could sell through 3P. So at the store, for example, the other order and delivered at the customer spot, if it was already in core categories. But now, of course, you have these accessories in of the core categories, right? So when we talk about earphones and all of this, yeah, we can sell it. A more generous 1P, just we will end it, right? We have a lot of customers. We stop doing, stop subsidizing. So investing not too much, providing free freight and performing all these conditions, like installments, no interest purchase, without paying for it, doesn't make sense, right? So, we have seen that 3P has possibilities for growth, and there's also this migration factor. There is not investing for 3P. Consider our value proposition and helping specialists in core categories. So it's biggest when it comes to selling television, headphones, furniture, and when you look at the offline, we have all of this. This is our duty, right? To have reference and scale and being very competitive. So whether it's 1P or 3P, maximizing our value generation. We have some advantages also when it comes to ROI, and for some items, it's gonna make sense. Most items, since we have a huge customer base, 30 million active customers, then it's gonna sell. So we can sell beer, diapers, and all without incentive. Could have investments? Yes, but it's been at a cost that I can fit in. So if my commission is 13% to sell it, then my operation may cost 20. How much can I spend to have a contribution margin? It depends, right? Are you gonna have installments and what's the freight like? So when I work on that, I make a little more, but there's more margins to invest a little more. So that's grown a lot to this marketplace. The marketplace, and, there's one point I didn't mention here, but the level of service when it comes to 1P improved a lot. So I also mentioned that customers arrive. Oh, now you have to buy everything, and I have to see what you do. But in the beginning, we were fighting over being able to make low prices very different. The timelines for delivery were also very different. So that's all eased where we put a mixed point of service. We are very competitive, but from a focus perspective in the company, our investments are gonna be focused on the company's core and these categories. The rest is more organic, and considering our scale, it tends to keep existing and have a bit of growth, but it's gonna be a more normalized growth, and this is what we're seeing. Excellent. Thank you. Very clear. Thank you, Danny. Thank you. The next question is from Irma Sgarz from Goldman Sachs. Oh, sorry, I think we put in the wrong person. Okay, now it's Irma. Thank you for taking my question. I want to ask about, first of all, on the shift at the partnership with the Globo and the card so that we talked about normally in the short term, but how are you going about this partnership and possible expenses, or impact one-off in the fourth quarter still? And my second question is just about the BIN operator, but by what I saw and understood with the previous comments, you were still having a very relatively conservative approach, and now you have more flexibility, and you explained this really well. But by what I understood, you're still focused on the risk categories that are a little safer. So I just want to understand about the moment you're in and this risk appetite within the BIN operator. Also, this balance between both products with branded co-branded and BIN operators, you know, different publics. Okay, thanks very much. First of all, the card. We had worked on this new contract, and there's a perspective for targets and results. Until we consider, we put this on track, we're still a little bit lower than the estimate, so when you consider the performance of the third quarter, then we understood that it would make sense to work on the distribution. But if you look at the volumes for October, there are already numbers that are a lot stronger than what we had done before. So we have this second generation plus, we improved the process, launched new card with the Elo, caused by a fast card. It's also quite interesting, and we have some levers that really show that we have to look at this. Maybe even specific but, and I wanna look at the second quarter, first quarter and have the best opportunity up ahead, but we've tried to have this of this first quarter, then there could be some provisions, but maybe not as stated. But we're working on not having to have any. We have this, we are putting their goals, their plans, companies really be able to cover this, work towards a reverse to be very conservative here. We're still trying to keep what we mentioned in this. So it's possible process and other processes into two weeks, and then start off as possible. So potentially, still plan that doesn't allow us to have mistakes. We can only get it right, so that's why we're more conservative. But to your second question, we talk about BIN operator. We understand that there's a lot of opportunities for growth. We know how to do things well. We provide credit to a profile that's not very normal. Interesting credit, since this differential and being able to control this. But we'll always be very careful. We always have a lot of this, you can never jump around. And although we have this people that is dominating this credit topic, we have a rich model with loyalty for our customers. This is very unique, just like the banQi operator versus other products in the market. But we want to be conservative, we want to grow in our ratings and rather have growth targets a little less aggressive, but not have any risks than the opposite. So, the appetite for risk is low, and appetite for good business, of course, is always high. Thank you. Okay, thank you, Paula. Perfect. Thanks. Thank you, Irma. Our next question is from Andrew. Hey, thanks very much for the question. I'm curious about the e-commerce behavior around the stores you've closed, any effect it's had on GMV, and based on this, if it changes your view about what the right store count, more or less, could be longer term? And then second, just quickly on 3P take rate, we saw it continued to move up in the quarter. So curious your view on how much room there is to increase take rates from here. Thank you. Yeah. Thank you, Andrew. Obrigado, Andrew. I believe you have translation, right? So about B2C and 1P related to the closing of the stores. I don't see a connection in the type of volumes from B2C and 1P related to the closing of the stores. Closing of stores is something that's very one, and it can impact the, but in the GMV of the physical stores, we can more, of course, use this, but it's kind of offset by this. We don't migrate everything, but we do migrate from 40%-60% of the store, and so from a margin perspective, it would make sense to have this closed, too. The other ones we're already mapping out for some that we think really make sense, but I just want to clarify, we're talking about, and there's a recovery. So about the second question, we understand there is an opportunity for improvement, and not only negotiations and increase take rates, but also opportunities. Some of this, this is considered, and so normally, I charge this up. And so with fulfillment, it tends to increase when I add more services, like, the market competitive perspective, and we're at a level, that's too ideal or not ideal yet, but it does allow for some growth with margins for the sellers and opportunity for us. So the growth of the 3 P is, I know it's not that directed, but it helps with the growth, the fact that the revenue is growing. That means that it's so competitive. If we start suffering a bit, that means I have a little bit that I might be trying too much. So we know that this through to migrate versus 3P and some items before that makes sense to migrate and that can maybe maximize our 3P revenue. And so some of them, the commissions are above average. And, depending on how I can do this, I could have a take rate. Let's, It's not a part of a structured plan where we see, like, a material change in the take rate of the company. Okay, thank you very much, Andrew. Our next question is from Eric at Santander. Please, you may proceed. Hey, guys. Good afternoon, thanks for taking my questions. On my side, I wanna look at 3P as well and explore this a bit more in our strategy optimization. When it comes to the sellers you wanna attract, dynamic with more bigger sellers and smaller sellers. Or if you would continue to differentiate yourself with a smaller of higher tickets, and then to bring in sellers, also increase the conversion of the sellers in this platform versus your platform or other so much. So, great question, Eric. In our vision, we already have the amount of sellers that's quite significant. So we have a lot of SKUs and a lot of sellers. But we understand that actually, there is an improvement in the conversion, even if you work with more discipline in the amount of sellers and the amount of offerings for the same item. So having only the best offerings is better than having all of them, and when you look at the level of service, especially. So we're not gonna risk the company's reputation, getting sellers that generate costs because you have to pay off possible operational mistakes. So when you are a platform that's too generalist, you have to invest a lot, and if there's any problem, you have to, you just pay for it and have to solve it. So that's not our idea. Our appetite is a little smaller, and we have 3P that's more concentrated and high quality, and it grows organically and not with investments. So the investments of the core need to kind of impact 3P, because for customers, they don't really know what 3P is. So when they go in and research, "I wanna buy a refrigerator," they see, and he sees this model of a refrigerator, and he says, "Okay," automatically, he's gonna see some 3P. He'll buy this, and then quite frequently, I'm gonna be delivering to him, but it's a 3P. And this is worth this value to television and so, and so, as well as some properties, sorry, where there's a lot of furniture, and then it makes sense to have 3P. So online, 1P and 3P kinda mixes up a lot. When you have base capital and you have this additional margin, it pays off capital, plus logistics, and all this. But is it better to do 3P? So our main focus here is a lot more category-based in our core categories than 1P, 3P versus 3P. This is just about what commission you have, what's the cost, and then we optimize this. In the physical stores, then, of course, you have this still accelerated and that change into maximize performance, and that's where our strong—our strength is. So when we see our product in physical stores, and so we've been performing a lot better, and we have possibilities to continue to evolve a lot. Okay, thank you. Perfect. Okay. We have no other questions now, but there's one point from Andrew that maybe you could finish answering, which is about the store network in the long term. And then you can have the comments and finish. Okay, thank you. About the store footprint. Thank you. In the long term, we expect to grow the footprint of stores. We ensure that the market is always growth is even a little greater in the online. But if you look at the trend, see how we go to work with the stores, if you look at the market share in the offline market, it's very big. But if you look at regions out of the Southeast, we're at 12, and here it's a lot more than five or four years ago. The opportunity for growth and our market share in Midwest region, North, and Northeast is really big. We're actually opening up stores. So, when we look at our last slide, we see there's an opportunity to open up a lot of physical stores. We have 200 cities mapped out that should have a Casas Bahia store. And we're just not gonna open this now because we're only gonna start expansion once our cash flow is a lot higher than, is actually generating cash flow for the company. Then this additional cash, I can, of course, invest in opening stores. And And so this is the beginning of 2020, when we start expanding stores, and of course, is not being macro transformation. And so then, of course, we anticipate this. So the base scenario, where we expand in 2025, the company should grow a little more on the outlets, on the online, if it's the mid- to long-term, and where our growth is mostly in the outlets. So we're preparing a plan for the long term, and this is already under discussion. We have pretty good alignment in this level, with the levers in the mid- to long-term. So the transformation in the short term is essential. I'm not trying to bring this long term yet, because you really wanna guarantee the focus and transformation of our cash flow. As we enter the second quarter of 2024, we should have some exposure on the strategic fund of the company. Some of the levers we see to maximize the value that will allow us to reach our ambition of being a reference in ROI and in cash market. We are aware that to become a reference, we must have a robust ROI, robust cash generation, and growth. So we're not keeping back on the third pillar. We are just pushing this third element a little more towards 2025, so we can discuss the growth levers after our transformation of the company's cash flow, and we're already experiencing this at the moment. So once again, I wanna thank you all for your participation. If you have not seen the videos and all the material, I'd invite you all to watch. It's really cool and full of interesting information. And of course, our IR team is available as well to clarify questions. Thank you all very much. Have a good day. Black Friday is there, and let's go. We have incredible conditions and prices, so buy a lot, okay? See you.