Good morning, everyone. We're now going to start our fourth quarter of 2022 earnings release presentation. We'll also be talking about the 2022 numbers. My name is Nicolas. I'm our IR officer. We have Mr. André Veloso, Mr. Pedro Ripper, and Mr. Nicholas Baines with us. This presentation is being recorded. Participants will be able to listen to us during the earnings release presentation, and they will be able to see our speakers and our slide deck. You'll also have access to simultaneous interpreting into English. At the bottom bar to your right, you have the interpretation button, and you can choose your language there. The interpretation button on the bottom right corner of your screen and choose the option English. I would like to highlight that after the presentation, we will hold a question and answer session. Now I move back to Portuguese. Right after our presentation, we'll start our Q&A session, only for analysts and investors. We'll be handing out information on how to ask your questions then. Before we move forward, we'd like to say that any forward-looking statements made during this earnings release presentation regarding our forecasts, projections, operating and financial goals are based on assumptions by the board of directors, as well as on information currently available to us. They involve risks and uncertainty because they are related to future events, which rely on events that may or may not happen. Overall economic conditions in this industry and other operating factors could have an impact on our performance, leading to significantly different results from what we're talking about here. Let me hand it over to our CEO, Mr. Pedro Ripper, who will be making comments on the results of the last quarter. Thank you. Thank you, Nicolas. Good morning, everyone. It's great to be here with you once again to talk about the results of our last quarter, and especially to talk about an overview of 2022, and we'll be able to round up this cycle. Let me briefly talk about our business model. If you've been working with us for 1.5-2 years, you've seen how much Bemobi has transformed its business and diversified its revenue during this time. Regardless of that, we have verticals and pillars which we have been constantly changing, and we've been using certain business models for over a decade for them. Even though we included some business lines, we still include the essence of our business in them, which is B2B2C. We're also heavily focused on digital channels because over 90% of what we sell is from digital channels. We also truly believe that it's important to understand emerging countries and the profile of clients from these countries. We still believe in the value of being specialized by industry. We've been working on diversifying our operations in our original industry, which was telecommunications. If you've been looking into us, you know that we've also started working with energy distribution businesses and then financial businesses in the last year. We love working with the combination of competencies because that's where we can usually unlock a lot of value. I know this slide is very abstract, but it helps us structure how our thoughts work. This is the foundation for our future investments and many of the acquisitions we're interested in. Having said that, let me go over this very quickly. We are still, in a simple way, splitting our business into four different pillars. This is how we are able to go into details about these pillars, both for finances and indicators. Of course, these four verticals have other granular divisions. For example, we have the microfinance vertical, which has two different businesses or business lines: mobile credit services and mobile scoring, which is something newer. We also have microcredit or nanocredit, which we've been operating for two years. We can also think about how these different solutions overlap on our industry map. Of course, with telecommunications, we have almost a one-to-one relationship because this is where we were born. We see that other industries also have a lot of adhesion when it comes to the solutions that we offer. This applies to payment methods, digital channels, and subscription services. This is a live map. Over time, we'll probably add other industries, and we'll be able to fill it out. That's an overview. Let me talk about the quarter, the last quarter of 2022. At the end of the last quarter of 2022, we had 49 countries, seven of these countries were added in 2022. Two of them were added in the last quarter with Iraq and Liberia. Again, we're talking about emerging countries. With the B2B or B2B2C model, we work with 111 active partnerships. These are the businesses we work with so that we can have access to their end customers. We're talking about adding 17 partners in 2022 and three in the last quarter. We have 2.7 billion addressable customers in our addressable market. Regarding our business lines, at the end of the year, we had 90 partners for digital subscriptions. We had a lot of focus on digital carriers or mobile carriers. We added 12 in 2022, three in the last quarter. For microfinance, we were able to onboard three additional partners. We got another two partners in digital payments. This is another vertical. For platforms as a service or the SaaS market, we were able to add five new partners in the last year, 1 of them in the last quarter. Now, if we think about the three business lines where we have B2B, B2C models, we have KPIs to keep an eye on our end customers. Year-over-year, we grew 6% in digital subscription services. We had a bit of a seasonal effect in the last quarter compared to the third quarter of 2022. We're going to see a small impact here, which will accelerate in the first quarter of 2023 because of Oi. This is something that we had factored into our forecast. For microfinance transactions, we saw a 2% growth, almost 1 million additional transactions quarter-over-quarter. For payments we had robust growth. However, most of it was an additional month for M4U. Year-over-year, if we look at the Q4 of 2021, we didn't have a month of it from this M&A, so this had significant impact on payment solutions. Regarding revenues, we had 11% of growth year-over-year for our net revenue. Year-to-date, we grew almost 70% for the whole year. This is the first quarter where we're almost neutral when it comes to the effect of past acquisitions. Except for a month of new acquisitions, we're basically talking about comparing equivalent quarters year-over-year. With a yearly vision, of course, 70% has to do mostly with the consolidated model from the businesses that we acquired. If we think about the business mix or the revenue mix, we are really balanced. Brazil gained a bit more participation compared to other countries because of M4U. It gave Brazil a bit more weight. We didn't have any retraction from other countries. We had a bit more growth in Brazil because of M4U. Regarding families of services, we also got very good diversification. Payments is basically changing according to our original area in the company, which is subscriptions, and we believe that this division will be even bigger than digital subscriptions. We see a more balanced approach without focusing so much or as much in one single family of revenue. This is something analysts have been asking for, and we thought it was only fair to show this to them, especially for you to understand the outside impacts or the outside things that have an impact on our company. This is a quarter-over-quarter perspective, focusing on the fourth quarter of 2021, vis-à-vis the fourth quarter of 2022. Here we have three things that have an impact on us, and we'll be shining light on it for the upcoming quarters. First, whenever we work abroad, we're always going to be subject to foreign exchange impact. Whenever there's more valuation or appreciation of our currency compared to the currencies we work with, we'll have a negative impact on our foreign revenue. The opposite is also true. Whenever there's appreciation of foreign currencies, we're going to have a positive impact on our results. When we normalize our results, we would have had BRL 3.5 million more. The second outside factor needs to be highlighted, but it's probably not going to make sense in the near future because we're talking about two countries at war, Russia and Ukraine. Originally, they meant 5%-6% of our aggregated revenue. At the beginning of the war in March of last year, we had severe impact from these locations, which was not surprising. We've been talking about this impact. Year-over-year, we had a BRL 3.7 million negative impact. Most likely, as I was saying, a quarter from now, this won't have such an impact on us. This kind of adjustment will not make as much sense. This will not be as relevant. Now we have a new variable. We've been feeling its impact for three or four quarters. There's a deadline. We think this is important to show to you because it is compressing our numbers a little bit. In the B2B2C model, we establish partnerships with carriers. One excellent carrier we've had a partnership is Oi. Oi was really important to us in the past. It became increasingly less important. Now, as it's being sold to other carriers, we need to replace its revenue. Revenue from Oi starts disappearing. It starts being partially offset for the operators or from the operators who bought Oi. These changes is what we call the Oi migration effect, which is negative. Since we have a strong partnership with the other three Brazilian carriers, we're offsetting much of its impact. In practice, yes, we'll have this negative impact on a year-on-year overview. It's going to be with us for a few quarters. We think it's important to show this because it helps you to see what's happening with our business when we exclude these foreign factors or these outside factors. Also, in the business element, we have two points. As I was saying, in 2022, we had an additional month from M4U, which we call inorganic. We don't report it this way because our revenues are really mixed up. I think it is important to say that so that we don't have a wrong perspective on this. A share of it is real growth. Our official number is 11%, but we just want you to have a good visualization of the real growth that we've had and the impact of these effects to offset the negative impacts that we were talking about. This is not exactly what we wanted, even though it's robust growth. In a macro perspective, we need to understand how this growth came to be. Here we have something similar to this topic, but with a yearly overview. It's important to say that in the business part, we have even more growth from inorganic growth. We're talking about seven to eight months of acquisitions that didn't exist in the previous year, and we have organic growth as well. Over on the next slide, we see no other impact from acquisitions because acquisitions were already done and completed. You can understand the levers and the effects that has on us. Now let me hand it over to Mr. André, who is going to talk about other financial numbers since he's the CFO. Good morning, Pedro. Thank you. Let me talk about financial items. It's important for us to stress that we had a robust execution of our strategy throughout these quarters. Right now, Bemobi is a lot more diversified when it comes to clients, locations, and business lines. We've been able to translate this into efficiency gains. The first one at the top left is our gross margin. We saw 18% of growth quarter-over-quarter and excuse me, 76% of growth year-over-year. We're talking about 4 percentage points in the quarter and a bit over 2% year-over-year. This happens because of a more profitable service mix. We've been able to better explore synergies between our businesses. We've also had efficiency gains when it comes to digital payments. Some of them are recurring payments, and some of them are one-off payments, and they came from the last quarter. Let me talk about the operating expenses business line. We have 24% quarter-over-quarter, 108% year-over-year. Quarter-over-quarter, this comes from personal adjustments, also, as Pedro was saying, we had an additional month in the comparison basis for consolidated numbers from M4U. Yearly speaking, this comes from the impact of consolidating two operations, which had a business structure with an EBITDA margin under or below what Bemobi used to have. Can we please go back one slide, Pedro? For the Adjusted EBITDA, in this quarter, we have a 12% growth, getting to BRL 47.5 million, we had slight expansion of our margin to 33.4% of our net revenue. Year-to-year, we had a 49% growth, we got to BRL 180 million. These are historical record-breaking numbers for Bemobi. We were really happy to see them. Now over on the next slide, we can talk about net income. For this quarter, our adjusted net income was -5%. Obviously, this came to be because of the swap operation. About a year ago, we started the buyback of our shares. We ended up being exposed to fluctuations in the price of stock. We're talking about -BRL 6.6 million this year for that, or in this quarter, actually. We would have gotten to BRL 32.6 million without that. Yearly speaking, our expansion would have been 40%, and we would have gotten to 97.3% if we could exclude that. Right now, this has no impact on our cash, and it's not something final because these numbers from these operations will actually be concluded by the end of 2023. As we publish this result and as we build back our reserves, of course, we're going to promptly address this topic over the next quarters. Let me talk about operating cash flow. In the fourth quarter, we had a 10% growth here, and we got to BRL 35.1 million. This means about 74% conversion. Year-over-year, we saw 40% growth. This is really close to the third quarter, 73.7% of conversion rate. Finally, we can talk about our cash changes. Once again, we were able to increase our cash position really well, almost BRL 33 million compared to the previous quarter, the third quarter of 2022. In addition to EBITDA generation, we see the impact of financial results on our business, either because we have higher balances or higher interest rates. This allowed for us to make progress in the buyback program. Almost BRL 11 million in this quarter were focused on buyback operations. At the end of this quarter and at the end of last year, we got to this. A little bit over BRL 579 million in cash. We also approved dividends for the 12th of April. Once again, we'll be able to make our cash stronger for M&A projects, and Pedro will be talking about this. Let me now hand it back over to Pedro. Thank you very much for being here, and have a great day. Thank you, André. Let me give you closing remarks for 2022, and then we'll be able to answer questions. Looking back at 2022, I believe we can show that we finished this cycle by concluding the integration of the acquisitions we had. With M4U, we have payment solutions heavily focused on Brazil, our intention from day zero was to have quick integration. On day one after closing, we already had a plan designed for that, this is what we did. With reversed trends, we were able to enjoy synergies and reap other fruit. In the case of Tiaxa, either because of our digital distribution or the nature of services, even because of the earn-out agreements, we tried to make Tiaxa a bit more independent in the first year. In the last quarter, we saw the benefits of the integration of M4U, we did the same with Tiaxa. In the last quarter, we focused a lot of our efforts on finishing the Tiaxa integration, whether that's applicable to products with a single portfolio or teams or sales or go-to-markets or channels or even our brand. We phased out the Tiaxa brand and used the Bemobi brand. It was a very intense quarter. We think that this competency of not only buying companies well, but also integrating them well without destroying them and destroying synergies is relevant, and we feel strong and capable of doing that again in the future. You heard about margin performance, and it didn't come only from this, but it also came from this integration and from the use of these synergies. Another very important point is that up to the end of 2021, we were seen and we were, to a certain extent, a business only focused on telecommunications. We realized that many of our competencies could have been applied with little to no effort to other industries which had similar challenges, and we could leverage that. This is something we started to design at the end of 2021. In 2022, we were able to go from a hypothesis to practice. We went from zero customers, zero clients to two big partners, and we expect that this is going to have an impact on our results for this year. This is a really important milestone, not only because of what it is going to bring us, but because it goes to show that our business is scalable to other industries, which boosts our growth potential. It's also important to highlight that a part of our B2B2C model leads us to constantly look for new partnerships and for expansion. This brings about a growth agenda and a diversification agenda so that we're not too exposed to one single partner. Think about Oi. If we didn't have this strategy for diversification seven or eight years ago, we would have been in the weeds right now, because right now, Oi is just a hiccup, but it would have been a problem. One of the key items of a good B2B2C model is healthy diversification, and we keep on looking for that. We also had a very complex year outside of our walls. With a war at this scale, well, I can't remember of any wars in the last decades with so much economic impact. On the one hand, we have offices there, we have employees. On the other hand, we saw that with our diversification strategy, even though we were facing a very tricky situation with our partners there and with our employees there and with the foreign exchange challenges, we were able to offer a lot of consistency and not many bumps on the road, even though it was a really winding road for us. Number four. We obviously recognize that we are exposed to a different world compared to two years ago when we went listed, especially when it comes to access to capital and the cost of capital. We went from a world where there was plenty of capital and a lot of access to that, either through capital markets or other sources, to a world where we have scarcity in the access to capital. Capital is much more expensive now, which has an impact on every operation, including ours. In this world, generating cash and being diligent when it comes to costs is key to any company. I think this is helpful to us because if you've been with us for longer than two years, you know that we've always focused on this pair of things, growth and M&As, but also cost diligence. We're really comfortable in this new world. Of course, it is challenging, but I would say that we had to adapt our DNA only slightly for this new world. Finally, we were able to keep our original business in a healthy way with lots of efficiency. We were able to hold two acquisitions very cheaply at the time, in my opinion, and of course, being cheap or expensive is something relative. After two years, we have this cash, we had stock buyback, and we paid dividends. I think this goes to show how we look at capital allocation. Even though we think about the future, and even though we're always keeping an eye on that, we believe that having healthy companies with us with a lot of synergy potential is key. We've decided to have high cash. At our management, we truly believe that having cash in 2023 in the market we're going into, where there's scarcity of capital and a number of interesting businesses and interesting assets looking for capital and looking for ways out, is great because we believe we'll have good opportunities. I won't offer you guidance because, of course, that wouldn't be appropriate. We are very optimistic. We think that price rationality will come back to these industries, and we believe that we'll see assets that make sense and from which we could drive a lot of synergy. Our goal is to work again on our playbook, which is what we did at the end of 2021 and executed in 2022. This is something we'd like to do again for this next cycle, and we've been working really hard towards that in the last six months. Let me now stop sharing my screen, and Nicholas will help us with our Q&A session. Wonderful, Pedro. We can now proceed to our Q&A session. You can ask questions by raising your hand, so there's a button for that. You can send us your question in writing through the Q&A button. Our first question is from Marco Nardini from XP. Marco, I'm going to unmute you. I think I unmuted him. Hi, good morning, everyone. Can you hear me? Yes, we can hear you. Hi, good morning, Pedro, André, João, Nicolas, Bemobi team. Congratulations on your results, and thank you for answering my question. I actually have two questions. First, M&A. Pedro you talked about this in the end, and I'd like to understand the kind of speed we could expect from you in capital allocation. Also, what kind of vertical are you looking into, and how big are these companies? Second question, migration and integration of Oi clients for these three carriers. What kind of progress do we see there? I think we've discussed this in length when it comes to challenges, but it's become clear from your side and from your presentation that you were impacted by it. However, on the other hand, apparently, there are opportunities to explore. Could you please talk about this? Thank you. Thank you, Marco. I'm going to answer the first question, and João can answer the second question. Let me talk about the first question. I'm not trying to dodge your question, but what I can tell you is that we have total priority for it. One of the positive side effects of our change in management is that I had more time for this. We had João, we had a new VP for products and businesses. We decided to have a stronger management so that we could focus more on looking into these deals, because capital allocation is no cakewalk. What I can tell you is that our level of energy and attention may be even greater than before. Now, I don't know if this is going to lead into an M&A quickly. I can't say that, because we have a number of variables involved in this. We are confident that we are not going to try and rush a suboptimal M&A. We'd choose something suboptimal for sure, because being suboptimal is relative, but we are not going to close a deal that does not make sense because of a time pressure. Regarding the type of company, I would tell you that we have two options here. Of course, depending on the type of business, we need to think about synergy, of course. We can't just buy a business because of its price without any correlation to what we do, without being able to unlock value. This is the North Star for any business we look into. We need synergy. As I was saying, we usually appreciate synergy when it comes to revenue. With our channels and our partners, we want to leverage growth. Of course, we can think about that too. Having said that, we have a broad range. We've been looking into businesses in the payment solutions industry. We've been talking about payments and microfinances for a few years, but we also look at digital businesses or digital service businesses, which we think could bring us a lot of synergy, something similar to our business. We've also been looking into SaaS and PaaS, and we don't talk a lot about it, about PaaS, with pure software, with recurring revenue, but we are able to run it really well, and there's less fluctuation as well. We see that there are segments in the SaaS industry which are falling right within our competencies, and there's a lot of adhesion to our target markets. When we think about segments, we end up falling into segments that are close to our four business line solutions. With some M&As, we would be a little bit further from what we do today, but it's not as dramatic. Regarding size, we opened up a range and we gave us the luxury of looking into larger businesses. We're going to look into small businesses as well, should they make sense, but we want to double the size of Bemobi. Obviously we need to start looking into businesses that are potentially bigger than the ones we bought before. We also need more diligence for that, because if we make a mistake, we'd be at more risk. We think this makes sense. Relative sizes have changed as we grew. We're looking into big businesses now, things that were outside of our radar in the past. Marco, we have a broad range of possibilities here. The most important point is driving synergy from these M&As, and we need value that makes sense according to what we're going to drive from this new business. It's just going back to basics. João, could you please talk about Oi? Yes, Pedro, of course. Hi, Marco. Good morning. Good morning, everyone. Regarding Oi, you asked about the migration process. Well, it's basically done. We are at 98%-99% of our customer base. We've migrated it. We were very active in this migration. As Pedro was saying, we had a very robust partnership with Oi. We operated a lot of their services, and we were able to work on this migration to bring these customers to other carriers with the same level of service and with the same standard that Bemobi used to offer to Oi. Whenever we talk about risk and opportunity, what brings both of those about is actually the same factor. What I mean is that Oi had some very good practices for digital services, digital plans and payment methods. These were migrated to new carriers. Now, during this, of course, initially, you are negatively impacted because we had a more accelerated model for these digital activities. We migrated into carriers with a bit of a traditional model. However, this shows these carriers how important this is, and it's easier to have them focus more on this. In summary, what I'm trying to say is that part of what we used to do for Oi, which is different from what the other carriers do, which is negative impact for that. We're talking about TIM, Vivo and Claro, actually created interest in TIM, Vivo and Claro in doing that. We're seeing intense activity from these carriers looking at what Oi used to have and understanding that these are opportunities and that they could leverage this business model. This is really good because we are the ones who used to do it for Oi and who do it for smaller carriers at a smaller scale as well. Wonderful. Marco, at the end of the day, we have things in different directions here. As João was saying, there are things that Oi did and that the other carriers don't do as much, so that's negative impact for us. However, on the other hand, we basically had no microfinance for Oi, and we have it for other carriers. The net impact of that at the end of the day is still negative. The positive side of it is that the migration is basically over. Year-over-year, we're going to see less impact, and then it's cruise speed. Oi will no longer be relevant in our results. Was that clear? Wonderful. Nicholas, next question. We have Tiago from Itaú. Marco told me that he got disconnected for a bit, but I think he was happy with the answer. Hi, Tiago. Hi, Pedro. Hi, everyone. Good morning. Thank you for taking my question. I think you addressed a lot of what I wanted to explore regarding M&As, regarding opportunities. I have two questions. First, could you please talk about organic growth? You talked a lot about the M&As, but in your operations, how can you get more from your current assets? You do have a lot going on. Along the same lines, what do you expect from 2023? I think the company felt the blow of harsh circumstances like the Russia-Ukrainian war, the foreign exchange fluctuation, which is outside of your control. The war is probably going to stop being a factor in the future. Regardless of M&As, do you think we could see acceleration from your pure operations? Could you accelerate the revenue growth throughout 2023, or do you think you have a very challenging scenario ahead of you? I'd love to pick your brain on that. Sure. I won't go into guidance, but I'll try to paint some color. It doesn't make sense to go into guidance right now. Let's do it little by little. Yes. We don't know when the war will be over. In absolute numbers, it does hinder us, but in relative numbers, it won't be as heavy on us. I'm not an expert on macro politics, but things don't look good, and we are not counting on that. Now, foreign exchange is something we don't know about. If I did have information on that, I'd be trading right now. What I can tell you is that, yes, we're going to have headwinds from Oi, but this is not something new. This is something we've been dealing with for months and quarters. After we isolate this factor, I think we'll have good growth. By good, I mean double digits without Oi, with pure organic growth. Also, for many of the new things we're doing, especially payment methods, these are related to recurring plans. We're talking about making up our foundation. With a digital plan, you may have 1,000 subscribers for payments, and the next month you have another 1,000, but you have the previous 1,000 minus the ones that left. What I mean is that when we go into a new customer, a new client, we see that they have 10 million subscribers, and we think that we're going to grow overnight. That's not how it happens. We need to be patient. It may be frustrating even for us because we have two cycles. We have the foundational creation cycle, where we build up a base, and it takes us a while to do that. Growth takes a while. If this works well, we're going to be well-positioned for a very good 2024. We're going to keep an eye on that quarter by quarter. My second point is that the B2B2C model brings us a lot of advantages, but we also need to understand it. One up is that we have very good access with low acquisition cost to tens of millions of clients. We don't have to invest a lot in marketing or other expenditures, so we're able to leverage these companies. We have low assets, high margin, high cash generation, and investors love that. The problem with this model is that our scalability timing needs to be reconciled with the scalability and the execution time in our partners. We have limited control, even though we may influence them. We need to match our priorities from two different businesses. This is our day to day, and it's been for many years. Having said all that, yes, in 2023, we're going to have negative outside impact, but it's foreseen. It's something expected. That's why it's important for us to pinpoint that and know it with clarity. I think we'll have two digit growth and we'll be able to do better as the base for digital services grows. If we do what we want to do beautifully, I think by the end of the year, we'll have more accelerated organic growth than right now, regardless of M&As. This is what we want to do. Let's work on executing it now. Wonderful. Very clear. Thank you for your answers, Pedro. Take care. Take care. Next, Nicholas. We have a few questions in the chat. The first one has to do with the pace of adoption of payment solutions. Do we have an accelerated learning curve, or is this something that is going to take longer? For utilities, we're talking about energy distribution, and commercialization. Right now we have Energisa with its Fintech Voltz. We work with Energisa and part of its utility companies. In these partners, we have home customers, and we were focusing a lot on clients who didn't have many payment alternatives because they were not compliant with their payments. They were in default. In the case of Energisa, the solution came to be very quickly. It was very positive. We're running it basically all over the country. Adoption is in line with what we expected. It may be even faster. We're going to expand a part of these solutions to payments to clients who are compliant with their payments. In the case of Equatorial, since we're talking about a large territory, because we're talking about Brazil. We have an economic reality depending on where you are. Of course, northern states are very different from southern states. We saw regions that were doing really well and regions that were not doing well. Of course, this is not surprising. Whenever we have utility companies that are highly independent, we have not only end clients that are different, but end clients with different levels of access to digital services. We see a lot of variation there. I believe as Brazil goes more digital and more people use credit cards, for example, then we reap the fruit from that. Of course, we always need to tweak this and that and improve their journey and improve conversion. I do believe that we are working in an industry where market trends and behavioral trends give us tailwinds. In total numbers, we're not talking about a large number, but for example, João was saying that Oi was really good with digital payments, and then we felt negative impact from that. I'm happy with how we bet in this industry because it made a difference. It offset many of the other negative things. Even though we're talking about small numbers, they were big enough to make a difference vis-à-vis other negative impacts we had. We are on the right track. We are still going to expand in this segment in 2023. We're talking about a small share in this market, we still have a lot to grow. We can look at more international operations for this business for next year. Okay, next question. They are asking the evolution and speed of adoption of potential leverages for telecommunication payments. Of course, we have differences in digital top-ups, balance control. What's the potential for that? Wonderful. Nicholas, could you answer this one? Of course. I think this is kind of related to what Pedro was saying. We have these changes for Oi and everything that is happening with utilities, which is offsetting some of that. For most of our services or the partnerships that we have with carriers or utilities, our TPV is often gradual. We build a base. We're talking about a step-by-step process. It is not immediate growth. For example, with Oi, they had a very high TPV, which was highly consolidated. We brought some of it. We have to grow its TPV. There's huge potential in this industry. We were able to show it in our Bemobi day. We showed the size of this market for this TPV to grow and all the potential that's out there. However, we're talking about working on this growth. It's not something that's gonna happen overnight. Yes, speed is ongoing, it's constant. As we grow the base of customers who use digital payments, as we have cross ads with the carriers, with customers, as we have recurring payments, then our base grows, and then we have an initial speed for next year, which will be accelerated. We expect these spaces to evolve this year, either in utilities or telecommunications. Nicolas, do we have any more questions? Yes, we have a question regarding digital subscription services. We have a decrease in users quarter by quarter. Is this a sign that this is no longer the core of this business? No. This does not mean that it's no longer our core. On the contrary, we actually have some strategic uses. This is a good spearhead because it is an area with a shorter sales cycle and a good enabler. Remember the playbook. This is a good argument for them to try out our digital channels, for example, Loop. After that, we can show them the range of options that we have. This model or this playbook is important for digital services, not only as a business in itself, which could grow and bring revenue in, but it is a door opener for a first integration, which has made a lot of sense to Bemobi in the past years. It still makes sense. However, having said that, let me mention two things. João was talking about Oi, and Oi was one of our biggest digital services partner. We already see some negative impact, and we are still going to see this negative impact in upcoming quarters. We're going to see a different mix in our family of services. This is something that we'll see in this business line. As we change growth, that happens everywhere else, this will still be good. What also happens is that we are present in a lot of emerging countries. Of course, we're only talking about very macro topics like the war in Ukraine. Different countries, emerging countries are volatile. For example, Pakistan. Pakistan was really important to us. Regulations changed, and all of a sudden, we got to half of what we had there. This is no different from what we've seen in the past seven to eight years. We're used to ups and downs. Going back to your questions, yes, this area is still very, very important. We're going to see negative impacts from Oi. We're going to see a relative loss of potential in the short term because of that. In the medium term, it should do well. We think that in absolute terms, we're still going to see growth from this. Pedro, I think this is the end of our Q&A. You can start your closing remarks. Wonderful. Thank you everyone for spending this part of your morning with us. It's so weird. It's the 17th of March. We're talking about last year, and we're thinking ahead at 2023 and 2024. Our take-home message here is that we're trying to add another layer of transparency here so that you can see internal factors and outside factors. Even though our macro scenario is not simple, we are very confident. We're confident that the things we've been betting on are the right things. Of course, we're going to change gears whenever it's necessary. It's all in the game. Sometimes we bet on something that doesn't bring results. In average, for the things we've been talking about in the past months, we haven't given up on any of them because they still make sense. We're going into 2023 with the intention of concluding things with Oi because it is noise in our ears. We're also looking forward to seeing our base scaling up and obviously accelerating our organic growth. We hope to see you soon with our results for the first quarter of 2023. Thank you. Thank you very much, everyone. This is the end of our news release presentation.