Good morning, everyone, and thank you for waiting. Welcome to this video conference to present CVC Corp's Third Quarter 2024 Results. Today, we have simultaneous translation into English available. To access, just click on the globe icon at the lower bar of your screen, look for "Interpretation," and choose your preferred language: Portuguese or English. If you choose to listen to the video conference in English, there is an option to mute original audio in Portuguese. Just click on "Mute Original Audio." We'd like to inform you this video conference is being recorded, and it will be available at the company's IR website: www.cvccorp.com.br/ir, where you can find complete information about our earnings. You can also download the presentation. The link will be in the chat window, also in English. During the company's presentation, all participants will have their microphones disabled. After the company's presentation, we'll begin a Q&A session. To ask a question, click on the Q&A icon at the bottom of your screen and send us your question to join the queue. When we call your name, you will see a prompt on your screen to activate your microphone. Please activate your microphone to ask a question. If you have more than one question, please ask all of them. We want to remind you the information in this presentation and statements that may be made during the video conference, in relation to business prospects, projections, operating, and financial goals of CVC Corp, represent beliefs and assumptions of the company's management, as well as information currently available. Future considerations are not a guarantee of performance. They involve risks, uncertainties, and assumptions, as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect CVC Corp's future performance and lead to results that differ materially from those expressed in such forward-looking considerations. Today with us, Fabio Godinho, CEO of CVC Corp, and Felipe Gomes, CFO and IRO of CVC Corp. I will now turn it over to Mr. Fabio Godinho. Good morning, everyone. Welcome to CVC Corp's third quarter earnings conference call. This is Fabio Godinho, CEO of the company. On this slide, our financial and operating highlights in Q3 2024, which is the fifth quarter under this new management. The first time we released our quarterly results was in Q3 2023. So now we're releasing our quarterly earnings for the fifth time in Q3 2024. Lots of things happened in the company in these five quarters. So let me go through a few relevant lines, such as EBITDA and cash generation in the company in the third quarter of 2024. First, let us talk about growth. Super important for us: growing stores, growing confirmed bookings in our stores, both existing and new stores. We opened 90 new stores in Q3 2024 in Brazil and Argentina. So, 191 new stores opened in the first nine months of 2024. We hit the historic record of new stores opened in the last quarter, and now, again, for two quarters in a row, we exceeded the historic record number of new stores opened, both in Argentina and Brazil, showing that our franchisees feel confident in CVC business and in Argentina, also in Almundo business, even in a challenging macroeconomic scenario in Argentina. So we feel great confidence in our franchisees, both in Brazil and in Argentina. B2C confirmed bookings in Brazil up 10%. In the same quarter, the domestic aviation industry grew about 5%. So we're growing well above the industry in B2C. And in B2B, as we mentioned in previous quarters, we are now finally growing again. Remember that our strategy from day one was profitability first. In this third quarter, we delivered nominal EBITDA margin 11 x higher year-over-year compared to Q3 2024, and now growing top line year-over-year. So now we no longer see the comparison with mileage travelers. You know, so we are growing again, but the difference is that now we have the right take rate, the right profitability. So talking about profitability, a key priority for our management, the highlights this quarter, for the first time, our quarterly EBITDA exceeded BRL 100 million, so BRL 125 million over year, which represents roughly a 30% growth year-over-year, up by BRL 280 million. And the first nine months of 2024 versus the first nine months of 2023, 161% growth. In Brazil, year-over-year, EBITDA increased 60%, with B2B growing 11 x, and now also growing the top line, and B2B profitability growing 11x. Very much driven by Rextur Advance, our airline consolidator. So excellent uptrend in B2B, especially in Rextur Advance this quarter. Now, the great profitability is now coupled with growth in Q3, and this is what we expect from now on. Let me also highlight 30% EBITDA margin in CVC Corp consolidated numbers, which means 9% growth compared to last year and almost 40% EBITDA margin in Brazil, so now we can see again the numbers that CVC posted historically, you know, before the pandemic. I also want to talk about a few other numbers we delivered in this Q, which are now much closer to our 2019 numbers, and this is what we want. We want to go back to the same numbers we delivered before the pandemic, and we will, you know, especially a margin. We have already delivered this EBITDA margin in Q3, and there is more to come. Also important is our net income in CVC Corp consolidated operations. For the first time after 20 quarters posting losses, as you all know, everyone here could see the CVC depreciation because of significant disbursements, which do not represent our current run rate, very different from our CapEx in previous years. This non-cash item weighs heavily in our depreciation account this Q. Even with that, for the first time in 20 quarters, CVC has posted a net income again, both in Brazil and in Argentina, which represents a BRL 340 million improvement in the bottom line in the first nine months of 2024. An improvement of BRL 340 million in the bottom line is significant for nine months. All of this translates into a much better capital structure than we had five quarters ago. The highlight here, BRL 118 million operating cash generation in Q3 2024. As we mentioned in the first quarter, we delivered the P&L turnaround as we posted a positive BRL 93 million EBITDA we did in the third quarter of 2023. Now, operating cash generation depends on the balance sheet, so we knew it would take a bit longer because EBITDA had to grow, and then sales, we had to reduce the working capital, we had to improve our exclusive offerings, and all these efforts weren't successful. Let me remind you, in Q2 2024, we delivered more than BRL 30 million operating cash generation, and now with more improvement, we're delivering BRL 118 million cash generation in Q3 2024, up by almost BRL 210 year-over-year compared to Q3 2023. A relevant improvement because this is a key number we track in the company, operating cash generation. So after all the action we've taken to improve our P&L and the balance sheet, we begin to harvest fruit, and cash generation is the most relevant KPI for us in the company. Let me remind you that this BRL 118 million cash generation in Q3 2024, we go back to the same cash generation level of Q3 2019 when the company market cap was 6x higher than today's. So with that, plus our debt reprofiling, we had a BRL 239 million reduction in the company's overall debt. With that, our rating, you know, when it came out, it was seven notches higher than we had in S&P. We got a BBB rating from Fitch, which is fair to our company balance sheet, and the P&L today, you know, not the company we ran five quarters ago. So now we are back where we belong, right, with this credit rating and our debt reprofiling during this quarter, so extending the terms, reducing the cost. So now our current leverage is 1.2 x the net debt. This number, only a few people looked at our recent evolution, but as we can generate more cash, as we reprofiled our debt, as we grew EBITDA, the company's leverage plummeted. Today, it is 1.2x the net debt if you look at the EBITDA of the last 12 months, which is very low leverage compared to five quarters ago when we took on the company management. Now, talking about new store openings, and this is really important for us, combined, so we have brick-and-mortar stores combined with our digital stores and conversion in the store. Let me remind you that our conversion on digital is 1%, whereas it is 25% in the stores, so we want to continue to sell in this phygital format, not 100% online, because 100% online, our conversion is 1%, but when we begin on digital and finish at the store, and our client does not actually have to go to our store because we use our CVC Zap, the conversion is 25 x higher, and that's why we continue to open new stores. In Brazil, we opened 72 new stores in Q3, again hitting our historic record for the second quarter in a row, so now again, we exceeded the record number of new store openings. Let me remind you, since we returned to the company in June 2023, we've opened more than 230 new stores in five quarters. By mid-2023, 42% of our POSs were in capital cities, 58% in medium and small towns. Now, with the new store profile, we increase our presence in smaller towns with 68% of the new stores in smaller towns and 32% of the new stores in capital cities, so we are opening more stores in smaller towns because, you know, the key elements of sales conversion in capital cities is the CVC brand, top of mind in Brazil. Now, for the 14th time in a row, we got the Folha de S.Paulo top of mind award, most relevant award in marketing in Brazil. Again, CVC won the award in tourism and travel, so the CVC brand is key for a conversion, besides price, so in capital cities, especially the largest, São Paulo, Rio, Brasília, the elements for sales conversion are the brand and price. But in smaller towns, the brand is very relevant, but the relationship of our franchisees, you know, the regional relationships make a giant difference to help sales conversion. And while that's where the GDP grows faster, also the population, that's where Brazil grows, and that's where CVC can grow stronger with the power of our brand and the regional presence and knowledge from our franchisees in all states of Brazil. Also, in smaller towns, our market penetration is non-replicable. It's a competitive edge CVC holds in the tourist market. And we're growing, hitting store opening records thanks to new lower cost store formats, which can provide a quicker, more attractive return, Internal Rate of Return, and payback to our franchisees. We have modular stores, the kiosk, and the new light model we launched last year, which requires 70% less CapEx, 70% less OpEx, lower operating costs, and it's much simpler and quicker to set it up, just like the kiosk format. Lower OpEx, lower CapEx, higher IRR, and a shorter payback with the new store models. They're very attractive for franchisees, and combined with the phygital sales process, CVC is the only company in Brazil that can generate leads on the internet and convert at the stores, you know, with a high regional presence. This is an important benefit for franchisees and one of the reasons why we have been approached by traditional travel agencies wishing to convert their stores into a CVC store, because it's the only way traditional travel agencies can join the phygital world. By themselves, they have no scale to invest in marketing, to hold campaigns, do CRM, AI, also the CVC Zap service, the whole system, the whole technology framework and AI we provide to our franchisees to maximize sales on digital, at the stores, and in this perfect phygital combination. So that's why we have signed a number of new partnerships with Ipiranga Gasoline Stations, Assaí Wholesale Club. We've opened six modular stores. Atacadão, we've opened two stores, and we're opening more. Carrefour, Angélone Regional, and other retailers we're now signing partnerships with. We identify new potential POS. We've identified 800 prospective new POSs in hypermarkets, inside the stores or in the parking lots, near drugstores and shopping malls. So we are now looking for prospective franchisees. We have mapped 800 locations with a feasibility study, P&L. We just need new franchisees to open more stores in our ambitious POS growth plan for the next few years. Combining these elements with more stores in smaller towns are a phygital sales process, lower CapEx, lower OpEx for franchisees. So now let me tell you a bit more. We're opening new stores, but how are they doing? Because we have a very large number of POSs, and this year we will more than double our historic record of new CVC store openings, which was in 2018. CVC opened 128 stores, and now we will probably double CVC historic record. But how are these stores doing? What about their performance? Let me give you more details. Here we have a few examples of store reopenings. They had to shut down during the pandemic. We have new stores in capital cities, in medium and smaller towns. This is an example in Ribeirão Preto. We have seven stores, and this one reopened. The population there is almost 700,000 inhabitants, and its reach, you know, through a phygital sales process is approximately 1 million inhabitants. We reopened a store in May, and it has delivered 170% of our expectations, and 40% of its sales are phygital. We opened a new store in Aracaju. We have four stores. This is store number four in Aracaju, delivering 130% of our sales plan. We're growing well in Aracaju. In the whole Northeast, especially Sergipe, almost 30% of this store's sales, they start on the internet and finish at the store. But not necessarily the customer has to walk in the store. Most of the time, we use our CVC Zap to convert sales or other digital tools to help our sales force working in the stores, leveraging the original knowledge of our franchisees. We have two other examples of smaller towns. This is Dourados in Mato Grosso do Sul. We opened our fourth store there. The city has 250,000 inhabitants with a reach of 300,000 using our phygital sales process. We opened the store by mid-year. It has delivered 300% above our sales expectations, and 45% of all sales are using our digital sales process, and now this small town, which would have no coverage if we did not have our phygital process, a population of 36,000 inhabitants, Sarzedo in Minas Gerais. Now the reach can be 70,000 people in neighboring towns near Sarzedo. We opened in August 2023, and it has delivered 183% of our expectations with 46% of all sales on the phygital sales process. It shows our success in store reopenings, new stores in capital cities, more stores in medium and small towns, combining a lower CapEx, lower OpEx for franchisees and our phygital sales process. Our franchisees today no longer need customers to walk in their stores because customers can come in through their screens, through AI, and all the technology CVC provides. So our franchisees can maximize sales, converting the leads we send to their stores. I'll now turn it over to Felipe Gomes, our CFO, who will present our financial results in Q3. Thank you, Godinho. Good morning, everyone. I'll talk about our capital structure. I think we made great progress in the last few months in the company. We have been able to restructure our principal debt, the debentures. On this chart on the left, our higher rating, Fitch, recently assigned us a BBB, which is a great improvement for the company compared to the ratings we had in the last few years. This rating does not really exist in Brazil, but it is considered investment grade, so it means a lot to us. Here are some of Fitch rating assumptions in their report, and we highlight because they show Fitch has a very positive view of our company: margin and profitability growth, debt profile improvement, expanding tourist market. This is what they see, and we see that too. We are the leading travel agency with an important share of exclusive products, which has helped the company's working capital and sales. And Fitch also highlighted these points. On the right side, you can compare our debt before and after the debt reprofiling. So the light blue bar shows our debt before, and the dark blue bars show our current status after the debt reprofiling. These two charts show a nice summary. We had a debt of BRL 710 million. We recently prepaid BRL 160 million. So now our debt is approximately BRL 550 million in debentures. Before the debt profiling, the debt duration was 1.5 years. Now 3.1 years. So we've been able to more than double the duration of our repayment period. And the cost, it was CDI + 5.5. Now the cost is CDI + 4.5. And let me remind you, the original debt paid CDI + 7. So the company made an extraordinary payment to reduce the CDI from CDI + 7 to CDI + 5, and now CDI + 4.5. As of March 2025, we'll have a prepayment option, so the company will have more flexibility to think about a different capital structure in the future. Now let's talk about B2C. The chart on the left shows our confirmed bookings. So we had a 10.3% growth from BRL 1.345 billion in Q3 2023 to BRL 1,483 million in Q3 2024. Excluding the impact of the floods in the south of Brazil, the growth would be 12.4% quarter-on-quarter in confirmed bookings. In nine months, the increase was 8% or 10.3%, excluding Rio Grande do Sul. In the middle chart, net revenue take rate, a slight drop of 0.4% comparing Q3 2024 to Q3 2023 from BRL 218 million to BRL 217 million, explained partially by an extraordinary event in Q3 2023. You see the details in the release. Looking at the first nine months of 2024 versus 2023, we see a 9% net revenue increase and the take rate moving up from 12.6% to 13.1%. Now the third chart shows our share of exclusive products. Godinho spoke about it. It's very relevant. The company is working hard to grow this number. We're now closer to 20%, which is the target we pursue. We're closing Q3 2024 with 19.5% share of exclusive product, representing a 9.3% growth compared to Q3 2023. Further down, a few highlights. Godinho has already mentioned them earlier. So we want to increase our share of exclusive product, which helps our working capital, as we always say. Also important for us, which is the same store sales, growing 5% in stores outside capital cities are our focus now. We see the extraordinary effect in Q3 2023 when we had a positive impact of BRL 14.8 million in our revenue. Excluding this effect, the take rate in Q3 2023 would be 13.6%, more in line with Q3 2024. As we did last time, we're showing the impact of Rio Grande do Sul on sales and net revenue, BRL 25.9 million on sales and BRL 9 million on net revenue. Now talking about B2B, the chart on the left shows our confirmed bookings. This quarter was very important for us. We resumed growth in B2B top-line bookings. As we announced in the last quarters, we were waiting for a clean base quarter for comparison without the impact of mileage travelers and/or the new more profitable negotiation with agencies. So this is the first time we have a cleaner base of comparison, and we see growth with profitability. Excluding the impact of Rio Grande do Sul, the growth would be 2.1% in B2B. When we look at nine months, we see the impact of the first quarters of the year, you know, with the mileage travelers and the contracts we removed from our portfolio. We see a drop of 8.2%, excluding Rio Grande do Sul, 7.3% in the first nine months of 2024. Now looking at our net revenue and take rate, this is our focus now in B2B profitability. As we grew this quarter, we could deliver a 5% higher net revenue and a continued take rate increase reaching 6.3%. In the first nine months of 2024, our net revenue had a healthy increase of almost 16% versus 2023, and the take rate moved from 5.3% last year to 6.4% now. A few highlights below, also mentioned by Godinho earlier, net revenue growing, and this is profitability. Top-line growth again after a few quarters of negative result, a higher take rate and net revenue now coupled with a top-line growth. Also important for us, Rextur Advance, our airline consolidator, has resumed market leadership with the right profitability in our view. So it's also relevant to mention a growing EBITDA in B2B, almost 11x higher than Q3 2023. Now let's talk about Argentina. Despite all the domestic issues, we all know Argentina is currently facing political, economic issues. We have kept our positioning, and what we see in daily operations with our team working in the company, we see an improvement in the business environment in Argentina, and also we begin to see a few signs of economic recovery, which we expect will accelerate in the next few quarters. Despite all challenges, our EBITDA remains positive, strong cash generation, sound profit, and we're gaining market share too in the last few months. On the left chart, you can see confirmed bookings. We still see a drop in the top line, but it is a smaller drop than in previous quarters. In the first quarter, the drop was 50%. Second quarter, 30%-40%. And now the drop is 22%. And a portion of this is tax. There was a tax reduction in credit card payments in Argentina. So a portion of this top-line drop we see is this tax. When we look at the first nine months of 2023 versus 2024, the top line dropped 37% in confirmed bookings, excluding the tax impact, which makes no difference in CVC bottom line because it used to be tax. We had to fully pass on to the government. The drop was 19.6% comparing the first nine months of 2024 versus 2023. Now net revenue and take rate, we see a drop in line with confirmed bookings. Our net revenue in Q3 2024 compared to Q3 2023 dropped 22%. Take rate remains around 7.1%. Looking at the first nine months, we see a similar drop, 22%, but our take rate went up from 6.7% to 7.8% year on year. Now here, the highlights in Argentina. We spoke about this sales drop reduction. It's now falling slower. The drop has been reduced quarter after quarter. We expect it will soon turn around so we can begin to show growth. Despite the revenue and EBITDA drop in the first nine months, the company in Argentina posted a net income of almost 30 million BRL year to date up to September 2024, which is good for us. Another sign of improvement in the business environment, which points at hope for economic recovery, are these new franchise stores we have opened in Argentina. Like Brazil, Argentina has hit its record number of new store openings. In Q3 2024 alone, we opened 18 new Almundo stores, which is our B2C in Argentina, and 29 in the first nine months of 2024, so we closed Q3 2024 with 143 stores opened, all franchised in Argentina. Now here, we were helped by the working capital dynamics in Argentina, which brings a positive contribution, generating cash for the company. Now let us take a look at a few consolidated numbers, the combined net revenue of both Brazil and Argentina and expenses in Brazil. The chart on the left shows our consolidated net revenue and take rate this quarter, a drop of 3.2% in net revenue, mostly from Argentina, we've just mentioned. Excluding the impact of Rio Grande do Sul, the number would be close to zero, even with the impact from Argentina. In the first nine months of 2024, compared to 2023, net revenue grew 3.7%. Excluding the impact of Rio Grande do Sul, the growth is 5.8%, even with all the issues in Argentina. And the take rate is moving up in the company as a whole from 8.2% to 9.3%. The second chart is G&A expenses over net revenue in Brazil. This is only Brazil. We've been tracking this number closely. So we see a small increase of 3.6% this quarter, moving from BRL 135 million to BRL 140 million. And some extraordinary expenses, we see a detailed description in our earnings release. We maintain our commitment to control expenses below the inflation rate, preferably keeping it nominally flat. In the year to date, and here we can see it clearly, G&A expenses dropped almost 9% from BRL 465 million down to BRL 423 million, a significant drop. So G&A expenses over net revenue fell from 64% to 52.3% in the first nine months of 2024. Again, back to Q3, it closed the quarter at 45%, much closer to our target. The positive impact here came from restructuring our headcount in the last few months and continuous reviewing contracts. You know, that's something we do all the time to control G&A, as I've mentioned. Now, this quarter, we added another chart, which is sales expenses over confirmed bookings. So we can track this number as well. Very positive this quarter. We had a reduction from 67 million BRL last year to 52 million BRL now. So the sales expense over confirmed bookings ratio fell from 2.4% to 1.8%. Looking at the first nine months of the year, we see a drop from BRL 183.6 million t o BRL 155.2 million, a 15.5% drop in sales expenses over confirmed bookings in Brazil. Now, a few more consolidated figures looking at Brazil and Argentina. Some indicators, EBITDA and net income or loss. The main thing here, and we're happy to show this, as Godinho mentioned, since 2019, CVC Corp did not post a net income. Look at the first chart on the top left. This quarter adjusted EBITDA. Looking at Brazil alone, Brazil has grown practically 60% from BRL 74 million in Q3 2023, moving up to BRL 118 million now in Q3 2024. Our EBITDA margin moved up from 24% to 38%. In Argentina, as we've mentioned, EBITDA fell from BRL 22 million in Q3 2023 to BRL 6.5 million in Q3 2024, a 70% drop in EBITDA in Argentina quarter-on-quarter. And the consolidated number, Brazil and Argentina, a 30% EBITDA growth in Q3 2024, moving up from BRL 96.6 million to BRL 124.7 million, a consolidated margin of 34% versus BRL 25.7 million in Q3 2023. Now, the chart below shows our net income or loss. We can see a clear turnaround in Brazil, moving from a loss in Q3 2023 of BRL 111.3 million to a profit of BRL 1.5 million now, an increase of BRL 112.8 million comparing Q3 2023 to now. In Argentina, the net income in Q3 2023 was BRL 23.8 million, and now in Q3 2024, BRL 12.9 million. But again, despite the scenario in Argentina, we're still delivering a positive net income. In a consolidated view, we came from a loss of BRL 87.5 million in Q3 2023 to a profit of BRL 14.4 million now in Q3 2024. We grew BRL 102 million between Q3 2023 and now. The last two charts on the right, our adjusted EBITDA year to date, nine months, you know, Brazil and Argentina. So we reached 281.2 million in the first nine months of 2024, growing 161% compared to the first nine months of 2023 when we posted BRL 107.6 million. Our EBITDA margin went from 11.4% in 2023 to nearly 29% now. Adjusted EBITDA in the last 12 months, or LTM, is BRL 367.7 million now in 2024, so growing 228.6% compared to the LTM in Q3 2023, moving from BRL 111.9 million to BRL 367.7 million EBITDA. The net income year to date compared to the first nine months of 2023, when we had a loss of BRL 382.4 million, so now we have reduced the loss to BRL 42.1 million, which is an improvement of BRL 340.3 million comparing the first nine months of 2023 to now. Our final slide to talk about our capital structure. Again, very positive information looking at the company evolution in the last few quarters. On the left, we can see operating cash generation or consumption. This quarter, the company had a very good performance, reaching BRL 118 million operating cash generation. So this chart shows our evolution in the last few quarters from Q1 2023. So you can see our point of departure and where we are now, moving from operating cash consumption of BRL 274 million in Q1 2023 to positive operating cash generation of BRL 118 million now. If we compare Q3 2024 to Q3 2023, the line with the arrow, we came from a cash consumption of BRL 91 million in Q3 2023 to cash generation of BRL 111 million now on Q3 2024, a difference of BRL 209 million. Also nice to see, and Godinho spoke about that earlier, with this operating cash generation we had in Q3, we're now back to the 2019 level. Now, we had to wait a few years when the company could not show such a good operating cash generation. On the right, the overall indebtedness. We introduced this chart in the last presentation. You can see more details about the company overall debt. On the second line, highlighted in blue, our net debt. So we had a significant reduction of the company net debt between Q3 2023 and Q3 2024, moving from BRL 639.2 million to BRL 433.7 million. In one year, we reduced our net debt by BRL 205.5 million. Next, some relevant information about credit card receivables of the company. So we have more receivables in stock, which we can discount anytime if the company so decides. We moved from BRL 440 million to BRL 487 million growing BRL 46.8 million. It means we could not only reduce the net debt, but we have more receivables to discount. So in short, we had a variation, a change of BRL 13.7 million. In short, the company debt that plus receivables already discounted or that can be discounted, we can see a significant drop from BRL 991.7 million to BRL 753 million, an improvement of BRL 238.6 million. Also, key for us is the company leverage. According to our debentures and in agreement with our creditors, we look at our leverage as the company net debt over the last 12 months EBITDA. And in this quarter, we reached a more comfortable level of leverage in line with our strategy for CVC current capital structure of 1.2 x. So our leverage is 1.2 x the net debt over the last 12 months EBITDA. So this is the end of our presentation. Thank you all for your time. And now Godinho and I will be available to answer any questions you may have. Thank you. We will now open the Q&A session. If you have a question, click on the Q&A icon in the lower bar of your screen and write your question to join the queue. When your name is called, you will see a prompt to activate your microphone. So please unmute and ask all your questions at once. The first question comes from Victor Rogatis from Itaú BBA. Please open your microphone. Good morning, everyone. Good morning, Godinho, Felipe. Thank you for taking my questions. The first one, I'd like to hear about your expectations for your net debt by the end of 2025. And please let me know about the drivers of improvement, EBITDA and working capital. Thinking about G&A in Brazil, what do you expect in terms of evolution from now on in this line? So can we go below inflation in the next quarters? Hello, Victor. How are you? This is Felipe. Thank you for your question. I will answer both of your questions. First, net debt by the end of 2025, as you mentioned, EBITDA and working capital are very relevant. We will maintain the same downtrend we saw in Q3. I cannot give you numbers, but our net debt will continue to be reduced as we saw in the last two or three quarters. EBITDA and working capital for 2025 will work more on EBITDA than working capital. But in working capital, we still have room for improvement. Exclusive offerings, exclusive products, we can see they have a strong impact on the net working capital. We can grow more, not as quickly as we grew until now, but we still have room. So 60% from EBITDA and 40% of working capital will be the reduction in the next quarters. Now, G&A, we did not change what we already said. We want to hold expenses, keep them in line in inflation. When you ask if we can go below the inflation, you know, it becomes increasingly more difficult. We harvest the low-hanging fruit, and then it becomes more difficult. So maybe if we can keep G&A growing no more than the inflation rate in the next quarters, I think it will be healthy for the company. So at the end of the day, we will continue to see a drop. That's what we expect. Just a quick follow-up, Felipe, talking about G&A and inflation. And if you have top-line growth and more store openings, so G&A could reduce in relation to the net revenue below 40. Oh yes, our mantra is bring it down from 45, which we have already achieved, and keep it closer to 40. Okay, thank you very much. Our next question is from Rubens Couto from Santander. Rubens Couto, you can open your microphone, please. Good morning, everyone. How are you? I'd like to hear from you about your expectations on B2C in Brazil. This quarter, we begin to see better numbers. You've accelerated new store openings, improved product. You're growing above inflation when we make all the adjustments. How do you view what may happen in the fourth quarter and next year? Will you accelerate more as we've seen in Q3, or do you want to maintain the same pace? And one more follow-up question about expense. The selling line, do you want to keep the same level below 2%? Is that what you expect? Thank you. Hello, Ruben. This is Godinho. Thank you for your question. Talking about growth, I think it certainly depends on the market capacity and pricing dynamics, how the market will operate in Q4 and next year. In Q3, the market was reasonably challenging domestically and internationally. Airlines pushing prices down, which is of course good for CVC because then passengers want to go on vacation because passengers are sensitive to pricing, especially international pricing. Domestically, prices also came down, and it was difficult to catch up in terms of LPK, NESK, looking at the market. The growth in terms of the seats made available for sale. If you look at retail numbers, they did not really grow very much in July, August, September. It was not a very good sales season looking at airlines, and specifically in Brazil. This quarter was perhaps a bit more difficult. In October and this early November, we have seen an acceleration in demand. We will be better in Q4 than we were in Q3. Therefore, we believe there will be an improvement. Continuously, we're adding more capacity to the market domestically and internationally. In Q1 next year, the same trend will continue. This is good for us in terms of more seats domestically and internationally. Hospitality services enjoy a comfortable environment. Average rates slowly coming down. So we no longer see a strong growth of hospitality rates, which we saw both domestically and internationally. So now we see a drop, slight drop, but steady every quarter. So again, this is good for passengers who travel as tourists. We expect a growth in the next quarters in B2C compared to Q3. We expect an improvement. Ruben, about sales expenses, the answer is yes. 1.8%, round about this number. Yes, we want to maintain it below 2%. Maybe we will have some variation around 1.8%, and our growth will come from the top line. So we want to keep this number between 1.8% and 2% with the top line growing more in the next quarters. So then we will see an acceleration that really helps us. Thank you. Let me remind you, if you have a question, use the Q&A icon in the lower part of your screen and write your question to join the queue. Our Q&A session is now closed. We will turn it over to the company for final considerations. Now, I am very happy to tell you we have delivered the best quarterly results since we took on the company management five quarters ago. Let me highlight again one more record in store openings. Almost 70% of the stores are opened by existing franchisees already in our system, which shows they feel confident in our business. We opened 190 stores in Brazil and Argentina in this year to date. So this is at the same level of Drogasil drug stores, you know. No other retailers are opening so many new stores, and so that's important, and we want to highlight that. Our existing franchisees are continuing to invest in CVC. This is a good indicator. Again, double-digit growth in B2C, B2B growing again. Now, we no longer have that comparison with Mileage Travelers. EBITDA is 11x higher than we had before. Rextur Advance is resuming leadership as an airline consolidator in Brazil. EBITDA is three-digit EBITDA. So we've exceeded BRL 100 million. Cash generation, almost BRL 120 million, the same level we had in 2019, which was a target we pursued when the company valuation was 6x higher than it is today. But now again, we have the same level of operating cash generation first quarter with a net income and a dramatic reduction of leverage, which was relevant for us and for the market. We have reduced our leverage when we took the management early June 2023. The leverage was 5.7 x considering net debt over EBITDA. In five quarters, we're now at 1.2 x EBITDA. So the debt has been reduced. We prepaid, we've generated operating cash, we've improved our operating and financial numbers. All of that shows the deep knowledge this team has of the industry, and it shows the results, the successful results of our actions. This is the commitment we took on before our investors. Everything we promised, we are now delivering quarter after quarter. So now we have to continue implementing our strategy, more exclusive products, alternative financing, more stores, especially in smaller towns, using our phygital sales process. With that, we conclude the second phase of CVC execution plan. The first two quarters of Q3 and Q4 of 2023, we went back to basics: management adjustment, culture recovery, implementing the main strategies, control expenses. This is what we did. And then in 2024, we did our foundation. So we built the levers, the financial levers, strategic and operating levers. So in 2025, and from then onwards, we will have a new CVC for the next 50 years. We just had a meeting with the whole management of the company and also board members where we made it very clear, I mean, what view we have of our company for the end of 2027, so the next cycle of three years. Only in CVC, we had 103 action plans to be implemented in 2025, 2026, and 2027, focusing on five pillars where the company will focus in 2025 until 2027. Our third phase of focus on growth and innovation, but always taking good care of our profitability, which we want to further expand with our strategies. Now, the five focal points: one, technology advance, price competitiveness. We will reinforce our core business, and we have a few other levers for niche growth in markets we do not operate now. And all of that supported by a robust plan to engage our team, which our leaders will soon know about. We will have our leaders meeting this week, and we will talk about that. And we are also using our Balanced Scorecard with our leaders. So now focus on execution between 2025 and 2027. Focus on execution. This is our greatest strength in the history of CVC. Thank you all for your time, and see you in the next quarter. CVC earnings conference call of Q3 2024 is now closed. The investor relations department is available to answer any questions you may have.