Good morning, ladies and gentlemen. Welcome to the conference of ClearSale, where we will discuss the results of the Q4 of 2021. In a moment, all the participants will be connected as listeners. Later, we'll open a session of questions and answers when we'll be given the instructions to participate. Please remember that this conference is being recorded and the recording will be available on the website of IR of the company at the address ri.clearsale. The presentation of the slides which we utilized is also available on the site of relations with investors of the company and in the CVM site. Before continuing, I would like to clarify that any declarations that may be made during this conference relative to perspectives or business negotiations, business provisions based on the current expectations of management. These expectations are subject to changes due to macroeconomic conditions, market risks and other factors. With us today, we have Bernardo Lustosa, Director President, CEO of ClearSale, Alexandre Mafra, Financial Director, and Renan Ikemoto, Investor Relations Director. I would like to pass the microphone to Dr. Bernardo Lustosa. Please, Bernardo. Good morning, everyone. It's a pleasure to be here with you to give us the results for 2021 together with the fourth quarter of 2021. We are very happy with the results of the year. They are completely in line with what we have proposed to investors during the entire roadshow. A year of much learning, a lot of compliance, a lot of governance, things that non-listed companies don't have to concern themselves with, many, many audits. We're learning how to deal with all of this better. A year of great acceleration, and we did not expect the concretization of the IPO to bring this acceleration. That's why at the end of the Q1, when we felt that the IPO would happen, I called the executives and we all talked about a mindset of the pre-IPO mindset, which I call this mindset, and we started to accelerate the company with our own cash and so that we could reap the fruits of that in the future. We then understand that reaching the end of the year with a structure practically complete for growth and for the growth of the company. Now I'm gonna bring to you the numbers that corroborate this. Now, starting with some great news. Last night we received the acceptance from Mercado Livre, the leader of Mercado Pago, to be able to promote a note to the market, a notification to the market of our signing of a contract with them. For many years, investors have spoken with us about and say, "With such a huge databank, Mercado Livre, the biggest e-commerce in Brazil, and does the risk management in-house, isn't that a tendency?" With the backtests realized and ClearSale showed that the network effect that we generate would generate value for Mercado Livre. We closed an anti-fraud contract, a ThreatX contract, which is our product incubated in the area of open innovation, anti-phishing, takedown monitoring of marketplaces, et cetera, and Business Trust, which is the fraud of companies defrauding other companies. It's great news for us. Now 10 of the 10 largest e-commerce retailers either with physical delivery in Brazil are ClearSale clients. We're very proud of that. Talking about the proceeds of our IPO, everything that we thought about doing during the year in the different verticals and the different avenues of growth, starting with e-commerce, we started to invest a great deal in scalability and availability of the interface of the solution for the databank, which shows that it can be shown. A demonstration of this is that we went through Black Friday with no occurrences, with 100% availability and scalability. We customized our products to attend other segments. As the plan was mentioned, there's still lots of e-commerce in Brazil to be captured. For example, content, digital goods, delivery, food delivery, tickets, lines, and so forth. We're customizing this to be with SLA Express to address these more digital sales, addressing pharmacies, et cetera. This is just an example. Many projects, efficiency and innovation projects. We did the migration 100% to the cloud. We changed our dialer for the best dialer, which is the Avaya. We tried the two-factor authentication through WhatsApp so we don't lose clients who are more used to communication via WhatsApp than in SMS. We made an integration so that we would be able to know when the chip of a telephone was changed to know if there was a swap or not, which is a type of fraud that could pass through our platform, our Data Trust platform. It will no longer pass. We will no longer escape. We designed an architecture to attend e-commerces that don't have CPF. Many e-commerces are arriving in Brazil and don't ask for CPFs to do transactions. We made an architecture of hot phone plus, in other words, an algorithm of artificial intelligence which says, "Ah, great, this telephone is really this CPF's telephone." But what is the chance of having a fraud even so? It would be a self-fraud or a friendly fraud. We captured all of the effect of the network effect within the architecture, scalable architecture, making that so that any order from any store or any bank proposal works as information for the other clients for an e-commerce very small that has just entered the base or a small fintech who has not yet used the risk analysis done. Each one is doing their own. You can use the risk analysis of the entire base. All this seeing what? What's important is in the fraud. What's important to reduce the total cost of fraud, which is by doing a rereading, remembering here the fraud, who loses with fraud, the cost with false positives. In other words, when we do not make a sale for a good client because of a fear of fraud, cost with suppliers and cost with internal teams and prevention teams. This is the total cost of fraud. Who minimizes this is the best product, and we have the best fraud product in all the regions in which we have tested it. We have seniorized our commercial team, separated by business units to e-commerce, fraud application, and international, which is already separated, and the open innovation area through our Explore function, which is already separate. We have specialized it by sectors. We made the Acelera project, which with a lot of training, separated by business units, where we challenged to do BRL 360 million more of ARR in 2021, and we reached that goal. That was a huge victory for us financially. We focused a great deal on negotiations 'cause many times e-commerces lose, especially the retailers, because the banks are now more tranquil. They ask them not to readjust by inflation, but this in the context which today would give a 10%, which would be equal to giving a 10% discount. We also are firmer within us. We also matured and have a much more professional marketing than we had previously. We did a rebranding of the brand. We invested more in PR, content, account-based marketing, and to encircle our decision makers with our principal digital prospects, digital performance, events and marketing, product marketing, so that we can reengage, remarket, and become. Because we have some products which are quite old with old combinations. We hope this year to change all of that and make it more efficient in each area. We also had Acelera which will focus greatly on alliances, and as we assumed this, it was a gap that ClearSale had, a big gap which we had, and it is already presenting growth, but we expect much more in that area. Gonna act in new business in the area of new business, we closed the year with a historically low churn of 2.7%, which is low not only for ClearSale, but it's also a historical record for ClearSale, but also is a benchmark for the market and in the market of software as a service. When we go to the onboarding area, which I prefer to call fraud application, what is this? When someone solicits a credit card online, opens up an account online, a checking account online, a telephone line, pay TV, cable TV, vehicle financing, digital accounts, app accounts, all of this has identity theft, and here we accelerated greatly. It was part of our proceeds to invest a lot in our platform of Data Trust, which I presented together with the launch of our brand, as you can see in this video on the site of ClearSale in the IR section. In the IR section, we have developed the components. Data Trust is a platform which has several components and which we try to define the orders with the least possible friction. We are already commercializing Documentoscopia and Know Your Customer and background checks. We did the acquisition in 2022 of Beta Learning, bringing 110 professionals, technology professionals, a company with a cultural fit which is very high and which also works in the formation of new technicians, new technology technician, laypeople, people who were laypeople up until then, making it possible for us to anticipate a movement of possible, shortage of amount of labor in this area, shortage of talents in this area. On the credit area, we are having a very positive surprise because more and more as our database increases, we have more effect, more network effect, and we are able to know the digital consumer. With that, our credit score helps together with the scores of our clients to separate more. In other words, to have less non-payment with the same rate of approval or to have a higher rate of approval with the same level of non-payment. It has been a pleasant surprise. We now have 15 clients here that it wasn't even a separate growth avenue. We may study transforming this into a separate growth avenue, and we are now transacting BRL 50 million in proposals per month in this credit score. We amplified the commercial force by 71 people year-over-year and more than 30 people since the IPO. As I mentioned, we started an acceleration before, and this was really motivated by a metric of software as a service, which is mandatory for the LTV in the relationship LTV/CAC. These are some of the points of attention that we see in our onboarding area. The acceleration of Data Trust, bigger investments in distribution and promotion, and upsides in credit are the principal highlights here. When we talk about e-commerce, international e-commerce, our priorities have always been, first of all, growth in Latin America. In parallel, we do make our healthy operation in United States and Canada, and after that, to find solutions in other countries, test solutions in other countries outside of the Americas. We're very, very focused on Latin America because here there's a, an index, a rate of fraud which only ClearSale can solve. We have restructured this area. We did a chess game of people there, the commercial and marketing of Latin America and the US and Canada. We hired in 2021 a head of partnerships, alliances, a head of enterprise sales for Latin America. We have used more and more of the synergies of Brazil's international synergies, and we're in the final phase of the hiring of a commercial head, a general commercial head for Latin America. Remembering that we had a delay because we had a name that was ready, but he gave up, and so we had to start over again. We believe that we will fill this space this week so within a month that person will be able to start with this. We acquired in the U.S. Chargeback Ops, which is a company, a recovery of chargebacks when we're able to prove that the client asked for a chargeback fraudulently and using the data that he always used in the same for a good purchase, we can share that with the bank. It was an important acquisition because this Chargeback Ops already has a portfolio of clients, more enterprise clients in the U.S. It's a small company, but which has. So we can cross-sell both of Chargeback ps for ClearSale as well as the opposite. We're putting one more product in our portfolio, and we can improve our operating margin of the company, bringing part of the labor to Brazil and still have a more brand awareness in the U.S. as a Brazilian company buying an American company. It also has a very good cultural fit, which we always think is important. They're from Salt Lake City. They've had the opportunity to be sold to another company, but Steve spoke with me, and he said, "I want this to go a long way." So I chose ClearSale to make this sale. We chose to sell to ClearSale. We continue leading the rankings here of G2 Grid in all sizes of e-commerce as the best software of fraud prevention, which gives us the confidence that we have the best product and a commercial acceleration which is slightly below which was projected in not in 2021, but in general. We can be moving more quickly. It's purely commercial because the product that we have is the best in every region in which it's been tested, as I said. Our area of open innovation, which is Explore, is quite a bit more mature. We now have the phases here, and a committee decides with each pitch of the entrepreneurs which initiatives will go through that phase. We have the discovery, prototyping, pre-scale, and operation. We already have two initiatives in pre-scale focusing commercially, which are the ThreatX and Business Trust. Health insurance and marketplace are already in the phase of prototyping. We were chosen by LIFT, which is an innovation project of the central bank among 49 suppliers, if I'm not mistaken. ClearSale was chosen as one of the nine to participate in this project, which includes, for example, the digital real, which is a cryptocurrency based on the real in Brazil. It will be mass banking of Brazilians. We also have insurance in general in the phase of discovery and research. We doubled the headcount and tripled the quantity of clients between July 2021 until February 2022. We're very happy here. We have slots for more initiatives, and we have processes structured to incubate other things that are interesting here, starting from new investment theses that may come along. Speaking of people, diversity, culture, diversity first. We have diverse groups internally which are managed by the employees themselves for diversity. We have the group of Negritude, which is the Black employee group, the group of gender equality, PCD, LGBTQI+. All this driven and inspired by the area of human resources, which is but managed by the actual employees of ClearSale themselves. We continue gaining awards even in a hybrid environment. We believe that we dominate the hybrid environment with almost 100% remote because I measure this. I bring these new employees and they tell us they keep saying the same things as when the environment was in the remote environment, which we have a strong culture, respect for people as a humanized company. We have people win awards as a humanized company. We're on the list of the Great Place to Work for 10 years now consecutively since we applied the first time, and in rankings better and better. We've won awards of Women in Tech as Endeavor entrepreneurs. The awards continue to come without making any effort. No direction. We just apply and let the employees respond to the questionnaires with no goal for that. This is just a reflection of our internal culture. Speaking in terms of governance, we made a complaint channel which is so that everything can go well in the company, so that things arrive where they need to get to, avoiding any problems with the hierarchical levels or with the exposure of people. We worked a lot with the employer brand, the training of the attraction of talents to ClearSale. We're in a partnership with FURIA. For those of you who don't know, FURIA is a team of video game players. Sometimes when I don't want to see my football team, I say, "No, I have to see the game of FURIA." He was enchanted. He wants to work in ClearSale and in a few years when he, when he's in the labor market, and this is the public that we're reaching now. The game is more and more representative. People use a lot the Great Place To Work for that, for the attraction of talents. We are in the metaverse. We have a ClearSale virtual building in the GTA game, so people can go in and play inside the ClearSale building. We have a sports championship which has poker games, first-person games. Yesterday we had a session. Just yesterday we had a session, and this is one way that we have to bring people closer, even in a remote environment. We make several webinars on technology to attract this type of professional, which is the most difficult time to attract, and we have had a lot of success, and we will have more and more this brand as an employer beyond the action for the culture that we have which continues to manifest itself spontaneously within the company. We're making various programs of inclusion and education, the program of trainees in which 60 people have joined the company. Two programs for acceleration of young people based on technology and Beta Learning which we acquired is doing a program for training called ClearTech, which takes laypeople from the company not trained in technology and trains them to become technologists. We are training technological labor in analytics, machine learning, and all of this, and it is right here in the core of ClearSale. Speaking about these acquisitions which we have done, I've spoken about them, but I wanted to reinforce that they are totally in line with the proceeds that we spoke about with investors during the roadshow. For example, acqui-hires or when we acquire a company and we bring together the talents of that company and eventual opportunities for international expansion, inorganic expansion, which is the case of ChargebackOps. We continue looking at opportunities and structuring the company to do this in a way that is more active in accordance with the investment theses, which are for now the same as what we talked about during the IPO, but may suffer changes because the strategy of ClearSale is alive and we discuss it every single week. Going into the numbers here. We closed 2021 with BRL 458 million in net revenue. This between Brazil and ClearSale LLC, which is controlled, a controlled company, the international part of the company, and 32% of growth year-on-year. If we compare it with the growth of Brazil, with the CDI, with inflation, we beat all of those indexes. We're happy with that. The company's happy with this. I'm happy. The executives are happy with this. It's not easy. We could have arrived to grow 37%. We couldn't have grown 37% if it wasn't for the difficulty that we have dealing with fraud at this time. We're at an economic moment which is complex. E-commerce no longer grows as fast. Fraud has digitalized, it has professionalized, and the fraud attempts have doubled in relation to what they were previously. We have had some discounts in performance which you will see reflected in all of this presentation. How much it would have been if we'd had the same performance and in the indicators that we had in 2020. We grew 32%. It could have gotten to 37%. Unfortunately, this year we weren't able to. We have war rooms dealing with that 'cause it's not enough just to beat the competitors. The benchmark of ClearSale is ClearSale, and we wanna put ourselves at a level where we've always had our fraud indexes. We will do it. It's already giving results, and it's not the first and not the second, not the fifth time that we have encountered problems, new standards of fraud in the market. In all of these cases, we solved this and came out much more innovative than we were previously, and that's why ClearSale is a supplier that can solve fraud from Mexico with indicators much better than our than our global competitors. The revenue of onboarding is a huge highlight. We grew 57%YoY. Onboarding and fraud application, which makes it possible for this to be one of the best sectors of ClearSale's in the future going forward, as I will show you going forward. The revenue from e-commerce in Brazil grew 23% YoY. Could have arrived at 29% if it hadn't been for the discounts per performance and the international e-commerce grew 42%. If we look at a smaller base, it's not so aggressive, but it's better than what we've had in the past. The first effects of the restructuring are already happening. When we talk about new sales, we tripled our sales goals for 2021, talking about acceleration, the promised acceleration. We reached 87%, additional 87% compared to last year in terms of ARR, added ARR being 112% in the onboarding, fraud application. In other words, it more than doubled. If we take what we added of recurring revenue, monthly recurring revenue annualized of the onboarding, it's already more than all of the sales of onboarding for 2020. That is definitively our biggest avenue of growth, which is proven here. The churn I talked about historically, by its low as a reference in the market, and it demonstrates the trust that clients have in ClearSale, which is part of our values, part of our DNA. We increased the commercial headcount from 160 to 231 people. Even so, we maintained an LTV versus CAC considering only 5 years of permanence and 10.5 times. The rules of software as a service tell us that when you have an LTV CAC greater than three times, you have to explode your commercial area. That's why we have not saved any efforts. We have squeezed our margins because we're gonna receive the fruits of this going forward, as long as there's a market. Both in onboarding and e-commerce, we see lots of market to be reached in the onboarding, and we feel that it's only crawling. It's a run for market share. We're not going to, because of the moment of the economy, take our foot off the accelerator in any case. On the Rule of 40 of global ClearSale, Brazil plus the U.S., where we've had a loss, we had 36% in realized numbers, remembering that 40 is the attractive. If we hadn't had these performance problems, it would have been 44. If we look at this number just in Brazil, in other words, if we had not decided to invest internationally, we would have 41 and 49. The United States, the international area is a decision that we bet on, so we invest in it, and we can understand as a Brazilian company, attractive for investments and receiving investments, one of them is the international expansion. When we look at our net revenue, we had growth a little bit slower in the fourth quarter due to a series of factors. For the year, as I said, we grew 32%, and we could have grown 36% if it were not for those problems, those performance problems with fraud, which we consider punctual. That means that our projected revenue, which is possible to be reached if when we come back to the levels of indicators, of fraud indicators that we had previously, and we're already heading in that direction. It's a reflection of we have to look at several quarters going forward this year. E-commerce in the fourth quarter grew only 1%. In the year, it grew 22%. It could have grown 29%. We have market research. We have the Ebit which says 27%, NielsenIQ|Ebit, and it says that e-commerce grew to 26%. We could have captured even more than that. Unfortunately, the difficulties of treating fraud made it impossible for us to get all this, but we did get 22%. Onboarding had 57% growth, and on the year, 34% in the Q4. E-commerce international in dollars, both in the quarter as well as in the year, was 41% growth. We wound up with 32%, and it could have been 36% in a scenario where fraud had been resolved, and which will certainly arrive shortly. As onboarding is the principal avenue of growth, this is a slide that demonstrates that. Here is the breakdown of current revenue, and this here is the breakdown of added ARR of new sales. We can see that the slice of coming from onboarding is much bigger than in the current. Here we see why we see this as an avenue for growth and the revenue of ClearSale tends to come from that which is on the left to that which is on the right. Let me just go over here. Take a sip of water. When we look at new sales, as I said, on average, we have grown 87%. If we look at onboarding, 11%. Here we have the distribution quarter by quarter. These things are seasonal. They are very large accounts. ClearSale is a company with a concentrated revenue, so it varies greatly in oscillations between the quarters according to the cycle of sales of the large accounts which are in production, and they're entering into production. This here gives us a general panorama. As you can study this more carefully in detail, the fourth quarter was a little bit weaker than it usually is. I think we had also this fall off in relation to 2020, but this is normal. At the same time, the first quarter, we sold 5.5 times what we sold last year. When we look at the quantity of clients, we grew by 1,660 clients from one year to the next, a growth of 40.3%. We have many alliances which are already formed, large quantities of clients for ClearSale, many in the e-commerce and in the onboarding. We're very focused on large companies, so the growth is very effective. No, it's not very effective, and the international is bringing lots of new clients as well. It's important to remember that our churn was 2.7% compared to 4.2% last year, even with a client base that was higher. This is all fruit of a restructuring of the company which was reflected in fixed costs. 'Cause it's not enough to sell. There's a whole chain. When I invest in the commercial for sales, I have to invest in after the sale and customer service, customer success. I have to invest in delivery, technology, analytics, operation of human analysis, so that when this client enters, I will be ready to attend him, generate confidence, and capture his gross margin. All of this is an investment that comes over time. It was planned, a compression of margins, and, as you will see. Our gross margin fell in the fourth quarter from 54%-30%, and for the year from 50%-37%. This has several explanations. One is the one that I just gave, but it's also reflected in two ways. One is an acceleration of the technical team, which is what will support the entry of these new investments which we are doing and get these clients up and running with quality and generating confidence, which is our principle. Working in 2020 with a quantity much, a very suboptimal number of operators generating contingencies and hurting our indicators in the e-commerce sector. What happened? The pandemic happened, so the e-commerce grew by 100%. We should have doubled my capacity and my labor but in the human analysis area. While this didn't happen, it generates a breach that with a gross margin, an undesirable gross margin. Much more due to the effect of 2020 than in 2021, we had this fall off, and with these chargeback discounts and the doubling of the cloud that we already had and ended in 2021, we would have been able to have a fall of 50%-41%, which would be simpler and more easier to digest this year. If we look at this, the gross profit, the orange line on the graph is 2020, and the black line is 2021. The gross profit coming from BRL 171 million. If I had not lost the revenue from the performance, it would have gone up more BRL 5.6 million. If I had not had this duplicity of cloud, which is non-recurring, I would have gone up another BRL 8.9 million if I'm not reading the wrong line here. We have an adjusted profit of BRL 194 million, and if I take away these fixed costs, many of which are for structuring of BRL 81.5 million, it would given us a contribution margin, the direct margin just with the direct cost of operating of 61%. Which is lower than last year because of the quantity of analysts, which was a suboptimal number of analysts in 2020, which was very strong, and also due to the structuring, the difficulty of dealing with fraud, more difficult frauds, which involved more orders analyzed manually. These things have high ups and downs as time goes by. Even so, 61% contribution margin, which is something very healthy. To understand what this was, who are reading our financial statements and is now seeing an EBITDA of -61.9%. Of this, 23.4% are expenses which happened because of the IPO. These are fees from the banks, payment of commissions, lawyers, offices, etc. So this is all non-recurring. Normally, the EBITDA is not an accounting measure. Normally you exclude from the EBITDA the non-recurring expenses. We have BRL 48 million in provisions or variations of provision for incentive programs, long-term incentive programs. This, for us, is an investment in the future so that key people in the company which are gonna add much value to the company going forward are with us today. We have to provision all of these programs and incentives for long-term at the present moment. This has zero impact on cash. Zero cash impact. There's no cash effect. If we take these two, if I remove these two effects, the zero cash effects of this and this one, which is a non-recurring, we get to an adjusted EBITDA of 9.5%. If I take another non-recurring expense was the duplication of the cloud, it goes to 18%. Investing international was a decision that ClearSale made which generated a loss of BRL 21. If it was just to look at the Brazil EBITDA non-recurring of BRL 40, and if I had still been able to capture the revenue by not giving discounts on the billing, we could have arrived at BRL 54.7. It's just to understand what's written here and what it all represents. The cash impact of all of this was only BRL 52 million, even though it seems to go from -61.9 to 54.7 or to 40.2. This is just for us to understand when we see EBITDA and not be afraid, not be scared by some things that we see there. Talking about expenses, we grew by nearly 100% in the fourth quarter, plus 15.6 of those are provisions for PLR or adjustments for provisions that do not impact. We, in other words, we would have growth of 66%. Of course, we continue the restructuring. We ended the year with the company totally structured, quite almost completely structured for growth. Looking at taking away these PLR provisions, 56% growth of costs of fixed costs, remembering that here we have all the structuring as well as to be a listed company along with the others which I mentioned. The EBITDA in the fourth quarter is negative by BRL 24 million when we adjust it for the cloud duplication and the adjustments in revenue. We have to remember that there's a provision everything of PLR, one is hitting in the fourth quarter, and we're gonna pass the provision as monthly next year. The $6 million of losses, international losses are here. They wouldn't have to be here if we hadn't invested in international market and all of the commercial commissions of the second half of the year are here, and should be divided between the last two quarters. We're gonna start doing next year. All of this would give us an EBITDA at the end of negative 10%. At the end of the day, you'll see that what we consumed in operating cash even leaving the company totally ready for growth. Totally no. 85%-90% ready for growth that we want to continue making next year, the growth we continue having next year. For the year, as planned, we had a contraction of EBITDA, a compression of EBITDA in a quarter of -16% to -17%. I already spoke about the adjustments, but for the year, we finished with BRL 9.5 million. If I take away the effects of the cloud duplicity, which is non-recurring, capture this revenue, we could have closed at BRL 33 million of EBITDA. But we had a fall of 74%, so we're close to breakeven. In other words, we're not using up any cash, which is where I'm going to go now. Speaking of cash flow, we raised BRL 770 million in the IPO plus BRL 50 million that we had. In round numbers, BRL 820. 40 were spent, non-recurring expenses, costs of the IPO itself. 20 is the loss of the ClearSale LLC. Less ten and ten, which is what we, in fact, really burned in our cash, where we said that we would invest the proceeds in the acceleration of growth and compression of margins. Here we have about 750. In other words, we have all of our cash on hand. The market is saying that the second semester, the second half, the sources of private investment will also be drying up due to this macroeconomic picture in the country. 2022 will be more complicated because all the variables, interest rates, credit, non-payment by families, inflation in basic items such as food, fuel, make the discretionary consumption diminishes and the offer of credit diminishes. This impacts the e-commerces and impacts the banks and impacts the fintechs and impacts ClearSale. We're here with almost all of the proceeds that we've raised to make new acquisitions as well as other investment opportunities come along. The net debt is close to BRL 102 million. A lot of this was captured prefixed at 10%. Doesn't make any sense to pay that debt. We are perfectly lined up in terms of cash with almost all of the proceeds of the IPO, what we proposed and what we've done up until now, and eventually to build other growth theses in the Explore operation or outside of it. The final message that I would like to leave with you is that we have proposed to do one thing. We were coherent. We started to do the acceleration prior to the IPO. We delivered all of the new sales that was proposed. We hit our goals. We had the margin compression, yes, perhaps a little bit bigger than we estimated. The process of IPO, we said that it would take six months, that things aren't so precise, but we did have margin compression, which left us structured, ready, and ready to grow in 2022. This growth will be easy? No, because we depend on the orders that come to us. As I said, every economic scenario is hurting that. The onboarding, the fraud application and are running after markets. It doesn't make any sense to decelerate this. We have our own inflection, our J-curve, and to try and come out on the other side well much better positioned than all of our competitors. With ClearSale ready when the economy comes back, we'll have captured everything that we wanted instead of because of that or because of a quarter, several quarters taking steps backward. We've always been a company focused on long-term growth. We chose in the allocation of funds, investment funds, basically long only. If 70% or more of our investors are on the board, nobody's sold any stock. Everybody understands the context of the market between coming and going, and we're very confident looking at the long-term future. Thank you very much. Okay, thank you. We're gonna now start our section of questions and answers. I wanted to tell you that in order to you have an app on the bottom of the screen, Q&A. Please send your questions to there. Send a message there, and that you wanna participate, that you would like to make a question, and we will then open your microphone, okay? If your question is called, I have access to the question here on my cell phone, and we'll open the microphone. Okay? Please go ahead. I'm gonna give you a few minutes to send your questions, and then we'll start. Now, the first question I have is from Carlos Herrera of Condor Insider. He says, "Yes. Hi. I have two questions. First, do you estimate to continue growing your team during 2022? In relation to revenue, what's the percentage of SG&A that you should reach this year?" I'm gonna answer more qualitatively. It's difficult to talk about percentages, but the SG&A we divided into two areas. One is the commercial area, and while I'm generating new sales with a low churn rate that I have, and which generates this LTV and this cost of acquisition, and this is in levels that are high, and as long as there's market, I'm not gonna stop investing in commercial. How much? I don't know. We're not gonna make a giant jump and then come see the LTV kind of go down to two and be unsustainable. So we're taking steps and growing from there. As far as the other part of SG&A, which is the administrative and financial, we still lack a little bit in the financial area. Being a listed company demands a lot from the financial area. Maya is here to talk about that, how complicated it is. We have a financial structuring, which is still not complete, and it should grow. I don't know how to give you that percentage right now, and we're not giving any guidance at the moment on that. Does anybody like to add, or can I go to the next question? Carlos Herrera, in the second question he says, "How are your processes with the acquired companies, with the acquisition of ChargebackOps in the U.S.? Are you studying entering the new geographies?" I think that's what he means. No. We already have a process designed for the recovering of chargeback in Brazil, but it is, it's in parts. We're gonna use basically the recovery of chargeback in the U.S. for U.S. and Canada, use the access that they already have, the confidence that they already have in the market to do upselling, do cross-selling with ClearSale, but it's not as tropicalizable as you would think. The United States and Canada, you're able to dispute and win a dispute with the bank easier than here in Brazil, here in Latin America, and principally in Mexico. Perfect. We have here Gabriel Morais from Itaú BBA, who would like. I'm gonna open the microphone. Please go ahead, make your question. Good morning, everybody. Thank you for the call. I have a few questions here from my side. First, the question of margins. I want to understand your mentality looking at the first quarter, the first half of the year, and basically with the e-commerce a little bit slower, but we've seen some effects from the Q4 were non-recurring that affected the margin. Just wanted to understand how do you see the margin with the first half of 2022? This is my first question. Without giving any guidance, I can explain qualitatively what we can expect. E-commerce has grown at rates more conservative than in the last year, which is expected in a moment post-pandemic, where everything is opening again, and a part of the team that had migrated to 100% to e-commerce is now going back to consumption in physical stores. The discretionary consumption has fallen for all the motives that I explained. For that reason, the base revenue, the revenue from the clients, existing clients should be compressed, and we will adjust the marginal area, but we won't be able to take away the costs of structuring the company because we're focused on the long term. We should have margins very low or even negative. It's part of what we proposed to make a J-curve, but also to capture the effects going forward. On the part of onboarding, which is where an avenue of growth, we should have possibly a fall in revenue, in the base revenue because of the difficulties of access to credit, then all the processes that we have authenticated with our which are connected to approval of some credit in some way, whether credit card or credit accounts with overdraft limits or financing or personal loans, et cetera. The market does not permit us to grow that we grow so much, recovering so much of our margin, and these effects, these performance effects, like as in the case of the chargeback, they take time to get to us and discounts come later. They still should impact the first and second quarters of this year, of 2022. Okay, that's clear. Last question very quickly. In relation to churn, we see here that there's been an improvement in relation to last year. I wanted to understand that you have in the accumulated for the third quarter in 2021. I wanted to understand that this increase here in the relation of the quarterly relationship. Sincerely, I can't answer. I don't know that detail. The churn, the way we look at it always goes accumulating over the entire cycle. It's natural that when I compare the third to the fourth quarter, I carry forward the clients which I've lost during the year already impacting on the last quarter. It's not just the new churns. These are clients that we lost in the last quarter which impact on this indicator. [Entendi.] Okay, that's very clear. Thank you. Obrigado. Thank you, Gabriel, for the questions. Have one here from Andrew. I didn't know your final last name. From Emerging Variant: "Are you considering the repurchase, the stock repurchase? This was discussed in the board?" I'm gonna come back to remembering that the board of ClearSale today, within that board, we have approximately 70% are the company shareholders on our board. We have no profit reserve for the repurchase of shares otherwise we would have done it due to the incentive programs that we will need these shares, so it has to be done via swap with the banks. These are things that cost money. We understand that the investor didn't invest in ClearSale so that the company itself to repurchase its own shares. We understood in the board, the board took the decision to not do any repurchasing discussion, principally for the financial instruments and also because we don't wanna decide on the part of the investors what to do with their money. For now, we're not planning it. When we have a profit reserve, then yes, 'cause then we'll have other options. We'll have stock for the long-term shares when we have a profit reserve, retained profits. We have another one here from Ernesto Gachido from Bank of America: "What are your expectations for the Rule of 40 this year and your seasonality?" It will depend greatly on the economic context during the year and our capacity for performance, which we are sure that we will recover while... Whether this will reflect is in the same way that we look at this, it will depend on the offer of credit. It's difficult to say about the Rule of 40 with the growth. The growth seems to be challenging this year for all the economic reasons that I mentioned. Then we're gonna have to be careful looking at the growth and with the relative margin. There is a mentality for that in the company already, a plan for that in the company. Thank you, Bernardo. We have one here from Daniel. He doesn't put his last name or the company. The program with long-term incentives, will they have a long-term relevant impact in the in this line for the 2022 results?" All of these have vesting or cliff, the impact for 2022 is very small. It's provisioned. The effect on the cash effect for 2022 will be minimal. I don't know if you have any idea how much it will be. The effect on cash will be about BRL 2 million-BRL 3 million this year, which are several programs which are being vested right now. Very good. I have one more from Daniel. "In relation to the worsening of the chargeback operations, what's the expectation for 2022? What are the motives that caused this reduction of the results in 2021, and what actions is ClearSale taking to avoid this again? The fraud attempts doubled during the pandemic. E-commerce only grew 27%. Just by the simple volume, let's put it like this. If you sell 100 orders and one is fraud, that's 1% fraud. If you sell 50, just to give an example, an educational example, if you sell 50, then it's 2%. All by itself, the index grows when you have an increase in the number of fraud attempts against a lower level of growth. We have a war room set up, as I said. ClearSale does not compete with competitors. We compete with itself, with ourselves. We have a healthy index of fraud that we discuss internally how to resolve fraud, placing the rate of success of the fraudsters so low that he gives up. He'll go get another job or go fraud other companies that are not protected by ClearSale. We have the action plan with several results, which I have observed and while I accompanied this completely. I was in the IT area of ClearSale. I was in the analytics area, so I accompanied this project and I see success. However, it takes time to reflect itself in the business numbers over time, and it can transform into a success fee in the Q3. For the quarter. I'm gonna have to close off now because of our time. If you still have any other questions, please get in contact and our team is at your service to answer your questions. Now due to the time, we're gonna have to close. I wanted to also thank the presence of Dr. Bernardo, presence of Renan, Ale. Thank you very much for your answers and for your presentation. The teleconference of ClearSale is closed. Have all a good day, and thank you very much.