Good morning, everyone. Thank you for waiting. Welcome to this video conference to present CVC Corp's Q4 2024 results. Today, we have simultaneous translation into English available. To access, please click on the globe icon at the lower bar of your screen, and then click on Interpretation, and choose your preferred language: Portuguese or English. If you choose to listen to the video conference in English, you have the option to mute the original audio in Portuguese. Just click on Mute Original Audio. We'd like to inform you this video conference is being recorded and will be available on 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 will begin a Q&A session. To ask a question, click on the Q&A icon or raise your hand 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 that 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 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. Therefore, they 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 looking-forward considerations. Today with us, the company executives, Fabio Godinho, CEO of CVC Corp, and Felipe Gomes, CFO and Investor Relations Officer of CVC Corp. I will now turn it over to Mr. Fabio Godinho. You may begin, sir. Good morning, everyone. Thank you for being with us in CVC Corp Earnings Call. Today, we will talk about Q4 2024. We have completed six quarters under this new management, including the last two quarters of 2023 and then the four quarters of 2024 we've just concluded. Looking at financial and operating highlights in Q4 and the full year 2024, we will use the same format of our last few presentations talking about growth, profitability, and capital structure on the first page. Growth, we delivered our commitment of late 2023. We had informally announced to the market we would deliver 300 stores, and we achieved this challenging and ambitious target. Remember, CVC record number was less than half of that in any year prior to 2024. We achieved this very important result showing the strengths of our business model and our alignment with the tourist market, our franchisees, and end consumer. We opened 301 new points of sale, of which 260 CVC stores in Brazil. We have returned to the top 10 largest franchises in Brazil in 2024, 30 new Almundo store openings in a difficult year in Argentina consumer market 2024. Even with that, we had the support of our local base of franchisees to continue investing in the business. The number of our stores increased by 25%, our footprint, planning for a recovery in the Argentine travel market in 2025. Yes, we want to be able to best capture this recovery with almost 40 new stores, plus two new Experimento stores, which is also expanding the number of stores. This was a very important delivery we are happy to announce. Now let's move on to growth in confirmed bookings in Brazil. We grew almost 20% in Q4 compared to Q4 2023. This improvement was distributed in B2C and also B2B. In B2C, we were growing already, but now this quarter showed the highest growth in B2C. That is, our growth has improved quarter after quarter. B2C grew 18.5%, and B2B now finally shows a significant growth too. The number was negative at first, then zero, then we grew a little last quarter, and now finally the growth is more significant, 17% over the same quarter last year. It is important to mention in Q4, the domestic market had approximately 6% increase in the number of passengers, according to ANAC data. We can see our bookings grew much faster than the local market. In B2C, we are also growing our market share of exclusive products quarter after quarter. We gained market share with more exclusive products, and in B2B, our market share grew 17%, while the market grew much less than that. Now we have the right margins, the right take rate. Yes, it is time for us to step on the gas pedal to grow faster as we did in Q4. You will see later on that our B2B take rate was almost 7% in Q4. In other words, it was the highest take rate we've had in recent quarters, coupled with the highest growth. B2B had a very good quarter in terms of growth and also profitability. When we talk about profitability, looking at CVC Corp as a whole and the annual profitability, we've had the best adjusted net profit since 2018, positive, almost BRL 54 million. Adjusted net profit, Felipe will further explain, but we replaced depreciation with our CAPEX level because our depreciation does not reflect our annual CAPEX investment due to effects from the past. As this is a non-cash event, we've adjusted according to the run rate we have today for CAPEX, which is a bit less than BRL 100 million, and then we have this adjusted net profit, which provides a much more current view of our true profitability now. These BRL 54 million represent an improvement of almost BRL 300 million in one year from 2023 to 2024, considering we took on the company management in the middle of the year 2023. We delivered a significant improvement already in Q3 and Q4 2023. When we talk about EBITDA, our full year EBITDA, Brazil and Argentina, so CVC Corp, was BRL 389 million, which has doubled compared to 2023. We must remember that we had the effect of the floods in the south of Brazil and a drop in EBITDA in Argentina. In other words, without the floods in the south, and if we had simply maintained the same EBITDA of 2023 in Argentina, we would have additional BRL 100 million, more or less, in our EBITDA, almost BRL 500 million in 2024 without these two temporary adjustments. The numbers provide an optimistic outlook for the coming years. In Q4 alone, we reached BRL 108 million EBITDA, exceeding BRL 100 million, growing 25% compared to Q4 2023. The increase was 124% in Brazil, but there was a big drop in Argentina. In Q4, Brazil had a strong EBITDA increase of 124%, or almost 300% compared to 2023. Brazil delivered a very solid EBITDA number, even with the floods in the south and with the B2B adjustments made during the year. Our B2C growth was also adjusted during the year, and then Argentina had a drop. We will talk a bit more about each business unit, but we plan to deliver better results in 2025. The EBITDA margin in 2024 was almost 30%, with an improvement of 5% over Q4 2023. In Brazil, the annualized number is now above 30%. Our EBITDA margin is returning to historical levels, the traditional profitability, the return on employed capital at CVC. Lastly, our capital structure, we had a free cash flow generation in the company before interest payments in the range of BRL 185 million, which represents a turnaround compared to 2023, almost BRL 615 million more cash flow generation than in 2023. Again, we took on the company management in the last six months of the year. If we compare to the full year 2022, we are talking about almost BRL 1 billion more cash generated from our operations, comparing 2022- 2024, and BRL 650 million compared to 2023. We see a huge impact in the company cash generation after we took on the company management, which is, of course, our goal here. This is what the market looks at. Mostly, this is a number that our executives monitor morning, afternoon, and evening. It's the company's cash generation. This is a very significant delivery, an important improvement, BRL 650 million year on year, into year an improvement of almost BRL 1 billion, and we will continue on this path. Obviously, if we improve profitability and we improve cash generation, the company leverage falls. In 2024, it came down from 2.1 times EBITDA to 2.6 times the EBITDA in the last 12 months. The company leverage is significantly lower, the company leverage. The next slide, strategic pillars. For those of you following CVC, and I know some are following in great detail, we always talk about these four pillars of competitive difference, as this is a long-term strategy we are building at CVC. Since we took on the company management, what do we talk about? We say we will increase the share of exclusive products, we will increase the share of non-credit card payments, we will increase the number of CVC store openings, especially in smaller towns, and we will increase the share of store sales. What have we delivered in these four pillars? We came from 10% exclusive product share of sales to almost 25% now. Recommended hotels is one of our exclusive product categories where we have more than 65% of our distribution concentrated in hotels where we have differentiated pricing, longer payment terms, differentiated availability with a priority for CVC, and NPS, you know, quality of service that is much higher for our customers. These products, air travel and hotels, only CVC has this offering. We are talking about almost 25% of domestic air travel, more than 65% in hotels, also domestic hotels. We can see a very strong uptake, growing faster than we planned, than we thought. Our sales of exclusive products in 2024 was quite successful. Non-credit card payment methods, we always said and will continue to say, it is a key pillar for us to help our customers break free from credit card payments. We believe the credit card limit is too narrow. It's not enough for all retailers. We moved from 70% credit card payments to 63%, which means non-credit card payment methods grew 7%, helping our customers break free from their credit card limits, where we have to compete with the drugstores, the supermarkets, all other retailers on the market, right? Our intent is to build a financial gateway specific for tourists, with different payment options available only at CVC. We have delivered differential progress in this metric in 2024. Now, about store openings, both CVC, Al Mundo, and Experimento, our B2C units in Brazil and Argentina opening new stores mainly in smaller towns, where we can leverage the CVC brand, leverage our franchisees' regional knowledge, and offer our exclusive payment options, but also where the GDP grows faster and the population grows faster, because this is where both Brazil and Argentina are growing much faster in smaller towns than in capital cities. We opened, I mean, 72% of the 260 new store openings are in smaller towns in Brazil, only 28% in capital cities, which were reopening's, in fact, after they shut down in the pandemic. These stores in smaller towns, yes, we're opening new territory, new markets for CVC growth, but this would not be possible, these 260 store openings, if we had not changed CVC sales format to Phygital. We capture the leads on digital and convert sales in the store. Because our conversion rate on digital is 0.5% or 1%, and using Phygital, it is between 20-25%, with an average ticket 50% higher. This is the value of our consulting at the store, and it has a financial impact on the company in terms of sales conversion, but also quality with a higher average ticket. At the end of 2023, we were talking about 11% when we adopted this new format. Today, digital plus Phygital share of sales is 40%. 40% of CVC sales are either 100% digital, or the process may begin on digital and end using digital tools, but receiving service from our franchisees. This is the way our customer wants to buy. They enjoy the ease of digital, but they trust human service and customized consulting to organize their trip the way they want in our stores, with no fear of making a big investment, knowing that if they want to make a change or reschedule or if something unplanned happens on the trip, they will have a consultant who will assist them in their journey end to end, from pre-sales, then sales, then post-sales, and when they come back to buy more from us. The point of contact is the CVC store, our consultants, our franchisees. We are making important progress in all four long-term strategic pillars with services only CVC can provide. Now, talking about the year and what we see going forward in B2C, B2B, and Argentina, 2024 was a year of great transition for CVC. You can see the sales growth in our three business units. The year started slow, and then we had an improvement. In Q1 2024, B2C grew practically zero. B2B dropped 20%, and Argentina fell 50% in Q1 last year. It was a difficult Q1. Although we had a positive profitability, in terms of growth, it was not what we wanted. We knew we could improve in every quarter, and that is what we thought would happen, and that is what we delivered, as our investors can see now at the end of 2024. Looking at B2C, it came from zero to a growth of 16%, 10%, and now the highest growth of all six quarters after we took on the company management. It was the only unit that had a net growth in 2024, 11%. In Q4, we grew 18% or 11% in the whole year. Of our three units, this was the only one that had a net growth. Now we have 260 new fully operational stores, which will have a ramp-up curve, of course. We have a bright outlook for B2C in 2025. This growth combined with over BRL 121 million EBITDA. We are talking about a growth of 115% in EBITDA from 2023 to 2024. We can see continued growth in bookings and a strong profitability growth. This will certainly continue in the last quarters, unless we have a very large macroeconomic change that we do not foresee. As we look at our Q1 bookings, we believe we will have a healthy growth in 2025, both in confirmed bookings and EBITDA. Now B2B in Argentina, where we had the biggest changes, we cleaned up our B2B customer base, beginning from Três Milhas, and this was huge. We made a dramatic take rate adjustment during the year. When we got it right, you know, after all of these adjustments in Q3 and Q4 2023, and in Q1 2024, after Q2 2024, we began to accelerate the company sales growth with lower cost and a much better take rate. Q2 shows a lower drop than in Q3, zero, and then in Q4, we grew 17% with a take rate of almost 7%. We grew profitability nine-fold during the year. In 2023, the B2B profitability was close to zero. We conducted this turnaround. We gradually achieved growth quarter on quarter. We delivered BRL 138 million improvement in EBITDA from 2023 to 2024. Even with this growth in Q4, during the year, this unit had a 3% drop in sales, which will not be repeated in 2025. 2025, this unit will also grow, as will also B2C, but now with the right profitability, which is what we got right in 2024. Many people demanded growth in all units at the same time in 2024. We said there was no rush because first, we had to get the right cost and the right take rate. We needed the right strategy and the right business model first, and then we would press the gas pedal to grow, which we did. Now, in Q4, in B2C, in B2B, breaking our growth record, breaking our take rate record, delivering a very good EBITDA. We conducted a huge turnaround in EBITDA in 2024, both in B2C and B2B. In Argentina, with a monetary tightening cycle led by the local government, now everyone following this feels more optimistic, and so do we. We had a 32% loss in volume during the year, but you can see the loss has decreased quarter after quarter. In Q1 now, we can see some positive numbers. Together, you know, our three units are expected to post top-line growth in the four quarters of 2025, with a substantial improvement in EBITDA also in Argentina, because even with a 32% drop in revenue, Argentina delivered positive EBITDA and had a net profit of BRL 24 million. When we hit the bottom, then we could see the resilience of our business model in Argentina, delivering positive EBITDA and a net profit of BRL 24 million. If we hadn't had this drop in Argentina and hadn't had the six-month problem with the flooded airport, our number here would be close to BRL 500 million, considering all three business units in 2024, which suggests a positive outlook for the future. Very briefly, our focus in 2024 was cash generation, cost adjustments, the take rate adjustment, delivering our strategic pillars, our competitive advantage, and only after that we started to accelerate growth, which we will see now in 2025, a year of investment in technology, innovation, and growth. That was 2024, quarter after quarter in a nutshell. Now our flight plan. When we took on CVC management, our initial five-year plan had three stages. The first in 2023, as you saw, we went back to basics. We adjusted CVC governance together with the Polis family, returning as our main reference shareholder, bringing knowledge, all the history, expertise, the legacy that has no parallel in the tourist industry in Brazil, and also contributing with board members who combine expertise in the tourist market and knowledge about corporate governance from capital markets. Only the main shareholders now have a seat in the board. Today we have a management. If you look at our company managers, we have unbeatable track record in the tourist industry, and we can see the return of our culture of passenger service, a passion for sales, strategic alliance with suppliers, coupled with a permanent debt renegotiation to reduce our cost. That was 2023. In 2024, we built our foundation to be the basis of our growth in the coming years. Our exclusive product share of sales went from 10%- 23%. Non-credit card payments went from 30%- 37% of our sales. We opened 260 new stores. CVC previous record was 128. We hit a new record number of CVC store openings. 72% of these stores are in smaller towns where the GDP grows, the population grows, the CVC brand awareness is growing. Almost 40% of our sales today are already in a new format, the Phygital format, leveraging CVC competitive edge. CVC is the only company capable to serve all of Brazil with a unique omnichannel business model. Now we have full control of our business in Argentina, the business model, the results, compliance, governance aspects of our companies in Argentina. We put in place a management team currently under Diego Garcia, a person we fully trust. He has the best track record in the tourist industry in Latin America. Diego and his team working there, they are not alone. They have the support from our Brazilian VPs also in Argentina. Product, operations, finance, legal compliance, and also technology. They have a dotted reporting line with. The team in Argentina has the support from our corporate VPs based in Brazil to help provide more support for this business, which will bear excellent fruit in the coming years. After delivering phase one back to basics in 2023, and then phase two when we built the foundation for the future growth of CVC. Now from 2025- 2027, phase three. We call it project 100, CVC 100 years. We've had operations for 50 years. The next 50 years, we will focus on growth and innovation based on three pillars. First, a profound technology transformation. Now the company is fully structured in the financial area. We start to have a little peace of mind to increase investments in the IT transformation together with strategic partnerships such as the one we have with CIT, and they will lead to complete transition from CVC legacy systems. They have done this kind of work at Itaú. We will transform CVC Cisdur, also a large partnership we are developing with Oracle and above all, our partnership with Amadeus. Many of our new systems will be developed together with Amadeus. We have a long-term agreement with them. Amadeus, if you do not know, is a EUR 30 billion company listed in Europe, the largest technology company in the tourist industry. Amadeus is making a big bet in Latin America on CVC. These are some of our current initiatives in technological transformation, which will unfold in a number of deliveries over the next three years. Second, price competitiveness. We will increasingly develop the lower price and both in domestic and international products. In domestic product, we have exclusive air and land products. Now, for international products, our partnership with the Everest Group and a few other system improvements will enable us to gain competitiveness. Of course, we cannot do all of this without focusing on people. CVC is an asset-light company, but we are very intensive in human resources, in human capital. We launched a full well-being program named Fluir, which includes physical, emotional, and social well-being for all our employees. This is key. CVC is all about relationships with franchisees, travel agents, and customers with our supplier base. It is important to have a program focused on our employees, and that is our Fluir program launched earlier this year. For us to do all this, we mapped 104 initiatives already underway for the next three years. We have a new PMO for project management working together with our consulting provider integration. All our initiatives for 2025, 2026, and 2027 have been mapped. Now focus on what we do best. Execution. Now I'll hand it over to Felipe Gomes, our CFO, who will continue the presentation. At the end, I will be here to answer your questions. Thank you all. Thank you, Godinho. Let's go over the numbers here. Godinho has already given us an overview of the company strategy and some of these numbers. I will try to be quick. As we did in recent quarters, first, we will talk about B2C. In Brazil, on the top left, confirmed bookings, which is sales for us. In Q4 2024, we had an 18% growth compared to Q4 2023, reaching almost BRL 1.7 billion in Q4 2024. In the full year 2024, we reached BRL 6 billion, a growth of almost 11% compared to the previous year. Removing the impact of the floods in the south of Brazil, sales would grow 12.5% in 2024 compared to 2023. The middle box shows our net revenue and take rate. In Q4, our net revenue grew almost 13%, exact 12.9%, reaching almost BRL 210 million and take rate 12.9%. In B2C, we reached BRL 750 million revenue, a growth of 10% compared to 2023. We closed the year with a 13% take rate in B2C. If we did not have the impact of the floods in the south of Brazil, the revenue would grow 12.8% year on year. Now, the third chart, Godinho explained in detail our share of exclusive product. We had 23.3% share of exclusive product in Q4. Also, a few highlights. The share of exclusive product up 7.7%. Black Friday sales were relevant. We had a 40% growth year on year. Whether we look only at Friday or from Thursday to Saturday or the whole week, we had a substantial growth in Black Friday sales. In the third box, the impact of the floods in the south of Brazil, BRL 82 million lower sales and BRL 16 million lower net revenue. Now, two awards that made us very proud at CVC. For the 14th consecutive year, we were recognized as top of mind by Folha, and we received the RA1000 CEO from Hekla Mieke. On the next slide, our B2B numbers, again in the same format. In the first table on the top left, our sales or confirmed bookings, we reached BRL 1.4 billion confirmed bookings in Q4 2024, up 17% quarter on quarter. In the full year, as Godinho said, in B2B, we ended up having a drop of 2.8% in total sales, reaching BRL 5.5 billion, but with a very large gain in profitability, which you can see on the second table there on the top right, showing our net revenue. In Q4, the revenue grew 18%, reaching BRL 100 million in Q4. Year on year, even with a 2.8% drop in confirmed bookings, our revenue grew 16.4%, reaching BRL 369 million in B2B revenue. A take rate of 6.6%, a very significant growth from 5.6% in 2023 to 6.6% in 2024, reflecting our strategy of working with more profitable partners. Without the impact of the floods in the south, our year-on-year net revenue growth would be 17.1%. The highlights at the bottom. For us, it's super important that this segment is growing again, as Godinho said a few slides ago. After we could get rid of low-profit agreements, we are growing again. RA, our air consolidator, has resumed its leadership in the industry. Today, it is the largest air consolidator in Brazil. The 18% increase in net revenue we just mentioned, the increase in take rate reaching 6.9% in Q4 2024, coupled with the EBITDA increase in B2B of BRL 138 million compared to 2023. Our next slide about Argentina, slide 11. As Godinho mentioned, we can see a drop in confirmed bookings of almost 18% in Q4, which is the smallest drop looking at the four quarters of 2024, reaching BRL 943 million in confirmed bookings, and in the year, a drop of 32%. Remember, we started 2024 with a 50% drop and ended at 18%. Revenue closed 2024 at BRL 2.9 billion, 32% lower than last year. Now, net revenue and take rate in Q4, there was a 30% drop in net revenue, closing Q4 with BRL 57 million net revenue and a 6.5% take rate. Year on year, we ended 2024 with BRL 223 million net revenue and a 7.4% take rate, growing 0.5% compared to 2023. Below, a few highlights in Argentina. First, a reduction in the sales gap, which we already mentioned. We started the year with a 50% drop, and we closed the year with a 17.8% drop in Q4. We begin to see signs of a recovery that will come in 2025. Despite a lower revenue, and Godinho also spoke about this, we have a positive EBITDA in Argentina and a net profit of BRL 24 million. In Q4 2024, we opened 10 new franchise stores and 39 in the year. We closed the year with 151 active stores in Argentina, which also shows the confidence of local entrepreneurs in the future of their economy and also confidence in our brand. Almundo is a market leader in Argentina and has gained significant market share in recent months. Considering Argentina's current favorable working capital dynamics, it ends up being a positive cash generation for the company. Now, slide 12, we can see a few consolidated numbers. The first chart on the top left shows our net revenue and take rate of Brazil and Argentina combined. This is CVC. Even with the decline in Argentina, we closed Q4 with 4% revenue growth, ending Q4 with BRL 366.4 million and a take rate of 9.3%. Year on year, the growth was nearly 4%, exact 3.8%, ending 2024 with a net revenue of BRL 1.3 billion at CVC and a significant take rate growth, moving from 8.5% to 9.3%. The yellow box shows what the revenue growth would be without the impact of the floods in the south of Brazil. We would have grown 5.3%. The tables below show information about Brazil alone. When we look at G&A to net revenue ratio in Q4 2024, we see a drop from 53.7%- 49.2%. The number is finally below 50%, which is the target we pursue also in 2025. When we look at this full year 2024, there is a very significant 10% drop in the G&A to net revenue ratio from 61.1% in 2023 to 51.5% in 2024, and also a drop in absolute numbers, almost BRL 40 million, from BRL 610 million to BRL 576 million G&A in 2024. Sales expenses over confirmed bookings. It's an important ratio for us in Q4, an increase from 2%- 2.2%. Here, there's a significant seasonal effect. The company decided to make a larger investment in Q4 for the Black Friday sales, also because Q4 had more store openings, and sales growth also caused a little more cost. When we look at the full year, which I think is more relevant here for us, we see a drop in the G&A to confirmed bookings ratio from 2.1%- 1.9%, and the absolute number also dropped 5%. G&A itself had a drop of 5.3%, which represents approximately BRL 13 million lower sales expenses. Two highlights here, as we mentioned, a 10% drop in this ratio, and also in sales expenses over confirmed bookings, we had a 0.2% drop reaching 1.9%. On the next slide, we show the EBITDA and adjusted net profit, both our consolidated numbers and a breakdown by country. In the first box on the top left, Brazil, a number that Godinho presented in the beginning, a 124% growth in EBITDA from Q4 2023 to Q4 2024, from BRL 46.4 million to BRL 103.8 million, an impressive growth. The margin followed suit, going from 17.3%- 33.5%, another target we are happy to deliver, always around 30% or more. In Q4 in Brazil, we were above this level. On the other hand, in Argentina, there was a very large drop in EBITDA from BRL 40 million in Q4 2023 to BRL 4.3 million in Q4 2024. Remember that we had a strong Q4 in 2023 in Argentina when President Milei was elected, so there was a greater demand for travel, and we had a good performance then. We see a drop of 89.2% in this quarter EBITDA. Now, looking at both countries, Brazil and Argentina, we can see a 25% growth in EBITDA this quarter, going from BRL 86.4 million last year with a 24.5% margin to BRL 108.1 million. This quarter saw an impressive EBITDA margin of 29.5%, very close to 30%, even with the difficulties in Argentina in 2024. When we look at the annual EBITDA of both countries, on the top right box, the growth was 100% in EBITDA year on year, from BRL 194 million in 2023 and a 15% margin to BRL 389.4 million in 2024 with a 29% margin. At the bottom of the slide, we are showing the adjusted net income. As Godinho explained, we basically removed the depreciation, which does not reflect the company today, and included CAPEX, which we believe is how the company will handle its investments, both in 2024 and in 2025 at the same level. After the adjustment in Q4 2023, we had a loss of BRL 15.4 million, and in Q4 2024, we had an adjusted net income of BRL 8.5 million, closing a gap of almost BRL 24 million. When we look at the full year, the number is even more impressive, as we went from a loss of BRL 238 million in 2023 to a net income of almost BRL 54 million in 2024. The difference is almost BRL 300 million in one year. Now, two highlights: the EBITDA growth, 100% year on year, expressive margin growth, 14%, and the highest adjusted net income since 2018, closing 2024 at BRL 53.8 million. Finally, on slide 14, the company's capital structure, another number we worked hard to deliver. Our executives look at this number every day, as Godinho mentioned. This chart on the top left shows our free cash flow generation. We moved from a cash flow consumption of BRL 636 million in 2022, then a consumption of cash flow of BRL 460 million in 2023, and now a positive cash generation of BRL 185.3 million in 2024. The difference is almost BRL 650 million between 2023 and 2024. This black dotted box shows the difference of an adjustment that we are making caused by a change in IATA payment terms, which had an impact of almost BRL 140 million, and it is explained in detail in our press release. When we look at the chart on the right, our overall debt, what do we see? The company's overall debt compared to the previous quarter. This is Q4 2024 compared to Q3 2024, but also Q4 2023 compared to Q4 2024. Looking at Q4 compared to Q3, we had a reduction of BRL 176 million in the company's overall debt because of our negotiation of debentures and early amortization of BRL 160 million, also interest payments, so a significant reduction in the company overall debt. We closed the company's cash position with BRL 400 million in Q4 2024 compared to BRL 383 million in Q3, so an improvement of almost BRL 17 million. The company net debt was BRL 241 million at the end of 2024 compared to BRL 433 million in Q3 2024 and BRL 414 million in Q4 2023. Comparing Q4 to Q3, we had a reduction of approximately BRL 193 million, which greatly improves our leverage. There are two factors: net debt reduction and EBITDA growth in the last 12 months. We ended 2024 with a leverage of 2.1 times net debt over EBITDA for the last 12 months, a reduction of 0.6 times. This is our lowest ratio since we issued the company debentures. At the bottom, two more numbers that are important for our day-to-day management: unanticipated receivables. The company closed 2024 with almost BRL 390 million in unanticipated credit card receivables, which, of course, we can anticipate whenever needed, and total anticipated receivables of BRL 1.6 billion in Q4 2024. When we add our net debt to the balance of receivables, we closed 2024 with BRL 916.8 million net debt, adding the balance of receivables. That's it. I will conclude now. Thank you. Now, Godinho and I will be available to answer your questions. Thank you. We will open the Q&A session. If you have a question, click on the raise hand icon or use the Q&A icon to rate 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, please. Our first question comes from Vitor Rogatis from Itaú. Victor, you have the floor. Good morning, everyone. Good morning, Godinho, Felipe, the whole CVC team. I have two questions. The first, thinking about exclusive products, you've gained share in B2C, so that should help working capital. I'm thinking about Brazil, but you spoke about this impact, the negative impact of shorter payment terms of IATA. Net, net, looking at all of these numbers, what's the working capital number for 2025? The second question, thinking about stores, what do you expect in terms of same store sales for the new stores open in 2024? What do you expect in 2025? How many new points of sales openings in 2025? Hello, Victor, this is Godinho. I'll begin from the second question about store openings, and then Felipe can speak about working capital. About our stores and same store sales, in Q4, the same store sales was about 7%. Thinking about the full year 2025, we believe the number will remain close to what we had in Q4, but it should accelerate in time. The average would not be so far from this number in 2025 in CVC B2C, but we will see an acceleration quarter after quarter. Ending the year a bit higher than this number for same store sales growth. Now, new store openings, 2024 was a very good year, and in 2025, we will continue strong in new store openings. We will continue to open stores, 80% in smaller towns. We've had important demand from smaller travel agents who want to convert to CVC. We will now have a dedicated team for this new demand to convert travel agencies because then you don't need a ramp-up period. They start already mature. We've had this demand, but I believe we will not repeat the same number we had in 2024. We will continue to deliver a high store openings number between, let's say, 100, in the range of 100, but not as many as we did in 2024 when we did 250 new store openings only in Brazil. Hello, Victor, this is Felipe. Thank you for your question. Yes, about exclusive products and working capital. Yes, exclusive products help us a lot. We've seen this in Q4. We've had this impact of shorter payment terms for IATA. The impact was BRL 140 million, so this was a negative impact, something out of our control. They reduced from 11 to 7 days their payment terms. The impact was BRL 140 million. Thinking about working capital in 2025, after this effect, you know, exclusive product will grow. Argentina will bring a greater contribution. We expect growth in Argentina in 2025. Net, net, as you said, in 2025, working capital will be even better than in 2024 if we think about the total number. In 2025, we will do better than in 2024, even in B2C. Now, just a follow-up. If 2025 will be better than 2024, that's only Brazil, not Argentina. If you think about Brazil alone, it will probably be similar to 2024, but if Argentina will also help, we will be even more positive. Only Brazil will be similar to 2024, growing in B2C. Thank you. Our second question from Mr. Wellington Santana from the Bank of America. You have the floor. Good morning, Fabio. Good morning, Felipe. Thank you for taking our questions. I have two questions on our side. First, can you give us some color on how you view this year on B2B, B2C, both Brazil and Argentina? What's going to happen in Argentina? Will we have a recovery in the first half of this year? The second question, the impact on financial expenses was a bit higher than expected. I'd like to understand these effects, you know, what are the recurring effects and what should we expect on this line in the future? Hello, Wellington. Good morning. This is Godinho. I will begin talking about our three business units in the first quarter 2025. The greatest growth is Argentina, well above our expectation. We expected a recovery and we will have an important year-over-year growth. Last year we had a significant drop, so we already expected a strong recovery, but actually it is above our expectation. B2B is also very strong. RexturAdvance is doing really well, RA. They are gaining more leadership every quarter. Trend, while they're growing 15%-20%, and we expect this growth to continue. Visual now begins to show growth as we expected because we worked hard to structure Visual. Now, early in 2025, we had a movement with a little uncertainty and loss of confidence on smaller consolidators. Now we have this flight to quality. Now we see a growth in CVC or companies connected to CVC Corp. Vizual, Trend, RA, even the multi-brand CVC will benefit from this flight to quality. Now, ending Q1 2025, we will see growth in B2B, significant growth in B2B with the right take rate also in B2B. On the other hand, B2C began January with airlines increasing their prices. We had an impact in January demand, and then we did not see a high demand. Some of these prices went back. You know, there are promotions on weekends and other kinds of price promotion. Now only short-term tickets have a higher price. CVC does not usually sell such tickets. In the end, it was good for us. Now we see a more heated demand in February, and in March we begin to see growth. We expect growth, but Argentina will grow more. B2B will be second, and finally B2C also growing. Hello, this is Felipe. Hello, Wellington. About your question on receivables in Q4, we had more, you know, more receivables. This is in line with the market. There are two points here. One, the prepayment of our debt in debentures. We renegotiated and we amortized BRL 150 million. Also, another BRL 40 million, so almost BRL 200 million were used to reduce our debentures payment. Also, the IATA BRL 140 million impact. More receivables anticipated, so more interest payments in this quarter. For 2025, if we do not have other extraordinary debt amortization, this level of anticipated receivables will be reduced, and it will go back to the levels we had in late 2023 unless we do more debt prepayment. Thank you. Thank you very much. Our next question from Mr. Ruben Couto from Santander. Ruben, you have the floor. Good morning, everyone. How are you? I have a few follow-up questions about the IATA payment term reduction from 14- 7 days. Will that continue? I just wanted to confirm. I think Godinho already explained you made a number of strategic adjustments. Your take rate is now healthy, so now you will press the gas pedal to accelerate growth, which seemingly is already happening. In B2C, is Q4 a good reference for what we can expect in 2025? As Godinho mentioned, can we expect that for the first Q of 2025 and the rest of the year? In B2C, can you give us an update on the market? You said you were growing above the market according to ANAC data. What about CVC market share in B2C? What can you tell us about the competitive market? I know we do not have a lot of data from the industry, but it would be great to hear from you. Also, if your market share in B2C, how it compares to the pre-pandemic levels. These are my questions. Thank you. Hello, Ruben. This is Felipe. My answer will be quick. Yes, the IATA change is global, and it will continue. It is not related to Brazil or CVC. IATA reduced their payment terms worldwide on average four days, so that will continue. Yes. Hello, Ruben. This is Godinho. Thank you for the question about growth in B2C in 2025. Look, Q4 2024, we grew reserved bookings 18.5%. I do not think we will be able to maintain such high growth on average for the whole year of 2025. I believe we will be below this number. If you look at same store sales, around about 7, maybe a bit higher, we now have 260 stores that will, of course, have their ramp-up curve. I believe we will not be able to deliver an average as high as we had in Q4 because if I move on to the second part of your question, comparing CVC to the market average in terms of ASK increase in the domestic market, we will grow compared to last year. The ASK of 2024 in the domestic market was 3.5% growth. In 2025, we believe we will grow more between 7% or even more in the domestic market. That is 100% more than last year, but still below two digits. On the international market, the ASK grew 15% in 2024. We expect a slightly lower growth in 2025, so mid to low double digit, let's say. Yes, double digit growth on the international market. We will continue to gain market share as we saw in Q4 2024, both in B2B and B2C. If you look at Q4 2024, we grew 18% in confirmed bookings, and the market grew 5-6% according to ANAC data. We grew faster on B2B and on B2C. We are gaining market share. In 2023, especially the first half of 2024, we had to make changes because if we want to grow, we must have the right finance, the right operations. In Q3 and Q4, we began to grow, gaining market share in both units. We believe this will continue next year. That's great. Thank you for the answers. Our next question comes from Mr. João Suarez from Citibank. João, you have the floor. Good morning. Thank you. Two brief questions. I'd like to hear from Felipe about working capital in Brazil being stable in 2025. If you're growing more, I'd like to understand what will help you grow. I mean, is it only exclusive product growing in terms of sales share? About, I mean, thinking about the management and trying to reduce the cost of your debt, what can we expect for 2025 to reduce the cost of CVC debt? Hello, João. This is Felipe. First, about working capital, our expectation is to maintain. Yes, and most of it will come from exclusive product. The greater the share of exclusive product in sales, we can see this improvement. Also preferred hotels or recommended hotels. When we have a bigger share of recommended hotels, because we have advantages in terms of pricing and payment terms, and we continue to renegotiate these agreements to have a longer payment term, also B2B will grow more and that will also help. B2C will also have a positive contribution and a few other minor initiatives. As we did a lot of homework in 2024, we have a bit of fine-tuning, for example, incentive to spot payments, you know, to cash payments. When we talk about non-credit card payments, most of these new payment methods are, you know, spot payments, cash payments. We have done a lot last year and we will continue in 2025. We will continue to have this same level of working capital without this effect of the IATA. Now, we have already prepaid part of our debt. Our debt has been reduced. If you think about these two lines, either debentures or the anticipation of receivables, receivables anticipation has a lower cost. During the year, we will monitor these rates, but whenever possible, our strategy is, you know, all the free cash flow generated, and even if we have more receivables, we want to prepay the debt. In March, with the renegotiation we made last year, we are entitled to prepayment of the debentures. That is what we will try to do, reduce our debt with debentures because the anticipation of receivables has a more attractive rate. We believe we will also have opportunity with private credit, maybe not now, but as soon as we see changes, we are always talking to creditors and looking at the market. That is great. Thank you. Now, just a follow-up for Godinho. How do you view the market talking about the acquisition of plazas? Do you see more opportunities for M&A or opportunity for consolidation on the market? I'd like to hear from you about that, Godinho. I believe the market is moving on a trend towards consolidation on digital and also in stores. As I said, smaller and medium-sized travel agencies, some faced problems, you know, and I'm talking about travel agents working on digital and also in bricks-and-mortar stores. A large number of passengers were, you know, left without a service. That was recovering because we had that with Undas, Três Milhas. Now, these two other smaller travel agents also had problems. Today, there is an article in Valor publication about more transparency because travel agencies, I mean, you, it's like a bank. You leave your money there and then you have a voucher to travel. When you are going to travel, you must have that promise fulfilled. You need confidence on this market and transparency. I believe we now see this flight to quality because of more economic turmoil and the interest rate is high, inflation is high. I believe that in the second half of the year, we will see other travel agencies having to shut down. Yes, I believe we will see more consolidation. Now, in terms of M&A, we continue doing business as usual. We are always looking at the market and we continue to gain market share in both B2B and B2C, as we mentioned. You can see that very clearly looking at the numbers of Q4 from CVC and the data from ANAC on the market. That's great. Thank you. If you have a question, you can raise your hand or write your question in the Q&A icon in the lower bar of your screen. Now, please wait. The Q&A session is now closed. We'd like to hand it over to Mr. Fabio Godinho for the company's final considerations. Well, folks, 2024 was a year when we made a lot of progress, but we still have a lot to do. We have great plans ahead in the company. Thank you all for your partnership in 2024. We have conducted a turnaround. We went back to basics in 2023. We built our foundation in 2024. We have a new business model for the next few years. That was successfully concluded. We made progress on all four strategic pillars of our new business model as we announced and as we mentioned in our interactions with investors. Now we will accelerate growth in B2C, in B2B, in Argentina. Now that we already have reasonable profitability margins and we believe the return on employed capital is now correct, that opens up new opportunities for us to invest more in technology. Always together with relevant partners such as Amadeus in this global partnership we now have with Amadeus. In the next few years, we will see a competitive edge for us in terms of our technology. I believe we will see more of that in the next three years. Thank you all. See you soon.