Good afternoon, ladies and gentlemen. Welcome to the Earnings Release Conference Call of Eletromidia for discussion of results of the fourth quarter 2021. I would like to share with you instructions. If you need simultaneous translation, please click on the button Language Interpretation using the icon of the globe and choose the language of your preference, Portuguese or English. Video and the presentation of the conference will be shared in the RI website of the company, ri.eletromidia.com.br and through CVM after market closure. All participants will be in listen-only mode during the presentation. Right afterwards, we are going to start our Q&A session and further instructions will be provided then. We would also like to share with you that forward-looking statements are based on beliefs and assumptions of the company management that may or may not occur. They are based on information currently available on the date, and the company, therefore, is not expected to update them. We have here with us today Mr. Alexandre Guerrero, CEO, and Mr. Ricardo Winandy, CFO and Investor Relations Officer. I would like to start by handing over to Mr. Alexandre Guerrero, who's going to start the presentation. Mr. Guerrero, you may start. Good afternoon, everyone. Thank you very much for being here. It's a pleasure for us at Eletromidia to share with you a little bit about the year of 2021, especially the results of the fourth quarter 2021. We decided to have this conference call from our studio. The studio that I'm going to show you was created and conceived during the pandemic, so that we could have a more creative dynamic to our virtual presentations. We work a lot with map, photo, video, special projects, and having this studio brought us closer to the market. The good thing is, it's here to stay, and we have been using it not only for commercial applications, but also for other applications in our company. I am Alexandre Guerrero, CEO of the company. I've been in the project for 17 years. One of the founders of this company, together with Ricardo Winandy. I'm going to be here with all of you telling you about 2021, shedding new light and color on the challenges that we had in the previous quarter, talking about the future of our industry. Then we are going to have a Q&A session for any questions you might have. This process of transition we started five or six months ago, together with Eduardo Alvarenga, was very carefully built so that we could really take the best of this window of opportunity that would transform Eletromidia. Eduardo is part of the board of directors and also part of our Committee of Innovation and Strategy, so that we can carry on with our initiatives and also develop new fronts, always one step ahead, trying to understand the future of our businesses. I think the word that sums it up is continuity. Let me get here the slide changer. Now looking to our business as is, I'm going to tell you a little bit about what we have done and the main challenges we have faced since the IPO. First, February 17, 2021, when we had our IPO, Eletromidia was the first company in the Brazilian advertising industry to be listed at B3. A number of challenges and also opportunities being a company bringing innovation to the market, having a completely different understanding of our business. Since then, in March 2021, we got the concession of Congonhas Airport, flights, control of gates, 100% digital projects. In June 2021, we started our project called Trilhos Verdes, the main ESG initiative in our industry. It promotes not only the transformation of train stations into sustainable stations, but aligned with one of our purposes, which is to transform the cities where we work. In July 2021, we had an acquisition of Ótima, and we are going to tell you a little more about what has happened with Ótima. We've also conquered Tembici Brasília. It's a bike and street furniture project. In March 2022, we started setting up the operation in Brasília. Now we are going to start capturing value from this project, which was obtained in July last year. In October, we acquired NoAlvo, which is a new initiative in the area of technology, our second important pillar to take us to growth of our company. We have promoted a number of advances, and we are also going to tell you more about that. We've also had the acquisition of MOOHB, the main activity of street furniture in Campinas in the bus stop areas or the bus stop shelters. We have already got into the closing of the operation as of February. We put into place all this operation in Campinas with digitalization of inventory, something which is ongoing. Before the end of April, we want to have 50 of those screens and digital panels implemented in Campinas, a city which had no digital furniture, street furniture before that. In January, we launched our second sustainable station. In February, we got a concession from Porto Alegre also in the same street furniture applications. 1,500 of those bus stations or bus stops applications where we are going to manage it all in Porto Alegre. Thinking about the mid and long-term initiative of our company, and we're going to talk more about that. In Porto Alegre, we believe that in the second half of the year we are going to start putting into place these new furniture applications. Finally, but not least important, CADE, our antitrust authorities published in March so that we could complete the acquisition of Ótima with no restrictions whatsoever. This is what we've done. Now thinking about our three pillars of growth, and let me emphasize them, expansion of core business, technology, and additional business. These are the three main pillars of growth of our industry. In terms of core business expansion, our company before the IPO operated in three cities, but not very expressively in Rio. Now we are present in eight out of the 10 main cities that we plan to invest in 2022. Brasília, Belo Horizonte, Campinas, the new operation in Rio de Janeiro, over 100 digital panels, and Ricardo is going to tell you in our operation of Tembici Rio, Recife 100% digital, São Paulo with Ótima, and the operation in Porto Alegre. This is extremely important because working in the street applications is the main driver, is the main business division in our company in terms of ad investments. A leading company such as ours can already see in the short and mid-term all the modification of our core business in which street operations, street furniture applications will be the best way of generating revenues and margins for upcoming years. It is a transformation in our business, and this is also a great opportunity to keep on growing in the other divisions and really take a key role which used to be the fifth division of businesses. It went from fifth to become the first business generation pillar in our company. As to Ótima, we are going to complete the operation now in April to start to capture positive synergy of this operation. Ótima is playing a very important gap that we used to have, which is street furniture operations. We are talking about the main contract in Brazil, the largest in Latin America, and one of the largest in the world. Over 4,000 of these digital panels in São Paulo. When we are talking about this topic, there are two important issues. We are looking for long-term contracts. Just to give you some examples. In Campinas, it's a 17-year concession. Porto Alegre, 20-year concession. Ótima, 17 more years of concession. Long-term contracts, which gives us a different profile and different modeling for our business. Secondly, margins. All our contracts operate at a minimum margin of 50%. We see a business operation, which would be the first one in revenues and margin, and expanding and gaining more importance in our company. Now talking about Ótima, there is a great opportunity when we go into technology. We are thinking about not only a robust inventory management, but also bringing to that street furniture applications a model just anchored on our technology platform. Technology, which is the second most important pillar in terms of expansion, and we have evolved significantly. We acquired NoAlvo in October last year, and it has helped us speed up the learning and the implementation of technology initiatives. The two founding partners of NoAlvo, together with Catena, our CTO, are leading the digital transformation and a team of over 20 developers to create a ready-made platform to run from north to south of Brazil. Regardless of the size of the city and from the place where it is, from south to north, we have 100% developed platform. Since January, our sales team have been trained and now can sell and deliver to the market all our projects supported on data, metrics, with deduplicated audiences numbers. What we had said in the past has become a reality. This year we have the main initiative of our company, which is the launch of Eletromidia Ads, our marketplace. We've shortened the distance from the beginning of the project to our launch. Our expectation is short term. It's really transformational when we think about the scaling and the sophistication possibilities we'll bring to the industry. This is a real-time demo of our platform with heat map by affinity, flow generators, first-party data updated daily depending on social media behavior or mobile phone SDK. Delivering metrics with regular TV hit frequency. All the key elements and metrics that the advertising market needs to make decisions can be live-delivered through the platform. It's a new chapter of Eletromidia's history and a tool for the market to purchase, simulate, and implement in a much more well-structured and professional way. This is the main initiative in technology, which is our second pillar of growth. Now, speaking of expansion of core, this is a year where we've broken some records. Ricardo's going to tell us about revenues. When we think about organic growth, which are residential building applications, we had a record of revenue in 2021, 3,200 new contracts, 1,000 new contracts just in the fourth quarter 2021, and more than 5,000 screens fully installed. With technology operation and capture, we've just obtained the new client, monitored, installed, maintained, and commercialized. We've done that in large scale. In 2022, we started operating the year at the same pace. This kind of initiative and the effect it has on network just gains more and more momentum. We've talked about concessions, billboards, organic growth, and finally, our pillar for additional business. This is an example, probably one of the most interesting ones that we currently have. Not because it's part of our ESG agenda, but also because it's transforming the cities where we operate. We have recently launched the second sustainable station in São Paulo. This is a picture of Cidade Jardim station, where we have smart water collection, vertical gardens, solar panel, a transformation of all the urban applications using arts and recycling. This is Kobra graffiti panel. He painted the whole station. There are almost 300,000 sq m of Kobra. It is a great transformation of the city, and we want to take this initiative to other stations and also scale it up to other markets. The market is ready, prepared to embrace this initiative. It's good, not only because of ESG, but also because they are long-term contracts with important contribution margins. Another important. In Porto Alegre, our street furniture concession also has sustainable shelter applications, 70 precisely, in a new concession in the market, something that's going to happen in Porto Alegre. Now I'm going to ask Ricardo to come and show us the figures, and then I'll come back for the closing remarks. Thank you, Guerrero. Good afternoon, everyone. Thanks everyone for being here and your interest in Eletromidia. Let me share with you the main indicators of the fourth quarter. As Guerrero pointed out, it was a great quarter for us. Because as people got really free to move around because of the reduction of the restrictions due to COVID-19, we just got into expanding technology, into digitalizing our inventory, and we've had a record performance, which has translated into all indicators. 61,000 digital panels. A total of 61,000 panels, out of which 60% were digital. BRL 204 million in gross revenues, 68% over the same period the year before. Adjusted EBITDA of BRL 62 million with 35% margin. It was higher than what we had achieved the previous one, and adjusted net income of BRL 22.4 million, three times higher than the results in 2020. In addition to investments made throughout 2021 made in acquisitions, we have also invested into organic projects, especially in buildings and street applications. 6,000 digital panels were installed, 11% growth. 44,000 digital screens was our final number. Buildings had a whole 5,300 new panels. Also on streets, we installed 133 new digital kiosks in the streets of Rio de Janeiro and Recife, the largest digital bases in Brazil. We've also digitalized our bases of train stations in São Paulo. A very important contract we got in the beginning of 2020, and during the year of 2021 we put it into operation. We've also finished the installation of assets in the airport in São Paulo. Seventy-two percent of all our panels are now digital, as opposed to 69% in the previous year. In the quarter, we've broken a record of revenues, BRL 204 million. Even if you compare against the period before the pandemic, the fourth quarter 2019, there was a 14% increase. It was close to normal, right? It's now, I mean, the audience, the movement is now close to normal, but it's still below what it used to be in 2019. Even consider that we had a 14% increase, and we finished the year with an incremental revenue of fifty-seven percent growth over 2020 and BRL 24 million over the fourth quarter 2019. We can see the results of all the investments we've made. In 2020, we became the leaders when we acquired Elemidia, and we've been working to consolidate our solution as one-stop shop. As the audience is picking up again, we've been translating that into numbers. Here in the chart, we can see the gradual progression of revenues over quarters, so quarter-over-quarter, and seasonality as well, which tends to be higher in the last quarter of the year because of the holidays. The fourth quarter, there was a 57% growth over the third quarter, which had grown 55% over the second quarter. Second half of the year, it's twice higher than what we had in terms of revenue during the first half of the year. The performance of revenues, plus the operational leverage of the company, has taken us to a record performance in terms of EBITDA. BRL 62 million was our total EBITDA, as opposed to BRL 29 million the previous year. 36% margin, which means eight percentage point gains over what we had had in 2020. It can be explained by the growth of revenues from those pillars or those businesses that provide greater margins, such as street furniture, and also the performance of some other vertical initiatives, such as in transportation and airports. In the year, we closed with an EBITDA four times greater than what had been in 2020, with BRL 87 million EBITDA. Still considering that in the first half of the year, we were under lockdown restrictions because of the pandemic. Here we can see the margin progression, and we can see the pickup and the effect of seasonality quarter-over-quarter. Fourth quarter, we had a double of the EBITDA of the first quarter, which had already had a threefold increase. Quarter over quarter, we've had a 12 percentage point gains in margin, so from 12%- 36%. Finally, cash generation. Operating cash generation was BRL 41 million, which represents 65% of the EBITDA of the half year. It was enough to cover the investments that we had made in the period, comprising acquisition and CapEx, getting to BRL 484 million of cash. Financially, net investments of 3.4 x compared to 25.6 x in 2020, because we have obtained resources from the IPO and operating generation plus investments. Part of the resources will be invested again in upcoming months, especially with the acquisition of Ótima. That said, let me invite Guerrero back for his closing remarks. Thank you, Ricardo. Let me get the slide clicker here. As you can see, the last quarter 2021, back to life, out of home. This is how we've been calling it. I would like to share two pieces of information. First, some information which means a lot to us. It shows that the market has perceived our breakthroughs, indicating that we are on the right track. This is a survey published in February, ordered by Lumi e Datafolha. The market places Eletromidia as the fourth communication means or media platform that is the most recalled among agencies and advertisers. Which are the three first ones? Number one, just regular open TV, and two, major multinational digital platforms, which you are all very aware of. We rank number four. There is a player of out of home being so relevant and seen by the market as so representative. It really reinforces what we believe. We know the industry has huge space to keep on growing. When we look to global benchmarking in markets where there is a consolidated leader, a platform of metrics and data, the market is ready. Ready to scale up revenues, investments, and take the share of this industry to a twofold or threefold increase over the current levels. Here we have the closing remarks. 2021 was a challenging year. As I told you, we had two sides of the coin. On the one side, the challenges of the pandemic, getting people away from the streets. Secondly, on the other side, maintaining our discipline on execution. We've learned how to navigate throughout the years, dealing with the two sides of the coin at the same time. In the end of the year, we've realized the life was coming back into normality. The mood got somewhat better, and then we started seeing COVID through the rear mirror. Now we are going back to work in the companies, in the offices, et cetera. Secondly, the company's digital transformation is based on data and metrics. Eletromidia Ads, a launch which is getting closer, will take our company to a different level, bringing structured media based on data, metrics, as it had never been done before. We are ready for it. In addition to have a robust digital platform, we are ready, well set, and mapped throughout Brazil, and this is what we had done for the past months. Third point, execution of new projects when we think about street furniture applications. We used to have three markets pre-IPO to eight markets now with market leader position with two important characteristics, long-term contracts and contribution margin over 50%. Our company's changing its mix, getting much more sophisticated, and the street furniture, which will probably become the number one business of our operations. Finally, 2022, where we are going to have two very clear directions to management: execution. Put into place what we have obtained, what we have acquired, our strategy of street furniture applications and other business, maintain our growth strategy and innovation technology. This is what we've been doing, what we have been exercising, aware of the fact that we are on the right path and that we still have got room for great improvement, becoming a company that is much more relevant in advertising. We are now going to go into Q&A. Come here. Let's sit down. We are going to start now the Q&A session for investors and analysts. First question from Leonardo Olmos from UBS BB. The question is: We've seen a significant improvement in revenues for digital panels in the fourth quarter. Can you talk about it? Was it because there were more clients or because you charged more for space or there's greater audience? This improvement in revenue per panel was stronger in which verticals? And thinking about 2021, which of them can get even stronger recovery? Thank you. Good afternoon, Leo. Thank you for the question. You were right. We've had a significant growth in the fourth quarter, especially compared to previous quarters. It was present in all our vertical applications, 57% as opposed to previous half of the year. You can see it involved all business verticals because of increase in audience. People could go back to the streets and move around. There was also the impact of seasonality because the last quarter has a number of events in retail that favors the advertising market. In addition, we have also seen the results of some investments that we did in the beginning of the year, such as new assets in Congonhas and new buildings that received their panels throughout 2021. A number of impacts which were translated into number of advertisers and reduction of discounts. If I may add on, I think there are two important points here. First, in the fourth quarter, there was a very clear message of the market to our industry. There is the need to have out-of-home mix to improve the cost of acquisition because the cost of acquisition with the deep dive that we had in digital during the pandemic was really high. There was a demand of advertisers ready to come back to our industry, which came into reality at the end of last year. Some divisions were still suffering the impact of last year. Corporate buildings, most multinational companies are not back into their offices yet. This is a phenomenon that is picking up now, especially March this year after the period and bank holidays of Carnival and also corporate tourism. In the end of last year, differently from regular Brazilian domestic tourism, the corporate tourism was very limited. Now we have more corporate trips taking place inside Brazil and abroad. These were two categories still suffering the impact of COVID-19. This is what we have been observing now. Public transportation getting to normal flows, people going back to the corporate buildings. The street drives behaviors, and we are getting ready to that through the initiatives I've shown you, but also, through the metrics platform, which is going to give us data about audience in a much more structured fashion. It's not going to be where, but rather who. We are interacting with our advertiser about the audience and not the contact point. This is a process. Our team has been working towards that for the past two months, and each week there is a new learning from the market towards that. Streets have been driving behavior of the industry at large. There is a new mood of looking at COVID through the rear mirror, which is something good to us. The vertical business such as commercial buildings and corporate traveling are showing some initial improvement. Let me remind you that questions may be submitted in writing using the Q&A tool. If you want to ask a question, please click and raise your hand. Once you hear your name, you're going to get a notification to open your mic. The next question. Great results. When do you expect to see synergies with Ótima in terms of sales? It all points to having the closing in April. This is our expectation. Once we close the businesses, we'll be very ready for the integration, primarily of sales, because there is great complementarity, not only of people, but also of challenges with our two brands. Because Ótima fits exactly the vertical that we didn't use to have, which was urban or street furniture in São Paulo. Considering the trustee authorities requirements, we worked so that we could start getting the consolidation on day plus one. Once we have the final okay of the trustee authorities, we are going to start working as Eletromidia with the team fully trained to meet the demands of the market. The next question comes through the Q&A by Lucas Barela. I would like to reinforce that the wish list that we had for M&A has been fully covered. Ótima was one of the companies we had in our radar, as well as all the others, but we still have paying attention to potential interest partners of our core business, growth of inventory, digital transformation, bringing more data solution and metrics, as well as additional businesses. Our pipeline has paying close attention to that, and at the same time we've been working on our organic growth through building the applications and also focusing on the new concessions in all the segments where we operate. The next question comes by Henrique Goulart. What about the budget for new panels in 2022, considering the pipeline with Ótima, MOOHB, and the shelters in Porto Alegre? I'm not quite sure about the question, so we are going first to talk about revenues. There is a great opportunity to capture digitalization of inventory. In Brasília, for example, it started 100% digital. Campinas has 50 digital panels. Porto Alegre as well, and Ótima has a digital applications, and we are going to enhance it further using data and metrics to promote the transformation. The benchmarks of our company and the market show that digital adds value. It has a specificity of campaign, of technology and characteristics that provides greater occupancy and greater prices. As our company is the leader in this digital transformation, we believe we'll be absolutely ready to capture value with the digital transformation. The revenue by panel, even though the cost is the same for São Paulo and Porto Alegre, there are market specificities. A digital panel in Faria Lima will not have the same return on investment in the district Moinhos de Vento in Porto Alegre. Our models already have that media by market, understanding. We think about long-term or short-term payback curves depending on the market and depending on the advertising needs. A market in Porto Alegre or Brasília, which are 100% digital, there is a competitive advantage because there is no digital offer of digital street furniture in Brasília or bus station shelters. We are meeting the needs of the local market, which is already willing to make investments. Therefore, it may produce some upside or a shorter return on investment curve compared to a regular market behavior. These were the two sides of our answer to this question as far as we understood it. The next question comes from Salomon Carson. Using the microphone, you are ready to speak now. Good afternoon, Guerrero, Ricardo, everyone. Great results. I have a question concerning numbers. If you can please explain, Ricardo, about the accounting reallocation and depreciation, why you had it in the fourth quarter. Also the SG&A, which is close to 10 million BRL in the quarter. What is the nature of SG&A? Because most of the expenditures are allocated under cost. Just to understand the breakdown as is, please. Good afternoon, Salomon. Thank you very much for your question. First, concerning the accounting reallocation throughout 2021, we improved our internal controls, primarily involving our fixed assets. We worked on improving our financial statements by reallocating costs and expenses, depending on the asset. This is why we did it on the fourth quarter, aligned with our annual audit requirements. Concerning the nature of amortization, there is the impact of depreciation of the fixed assets, and as we invest throughout the year, it was BRL 77 million in CapEx. Everything impacting depreciation. There is also the amortization of intangible assets related to the PPA of previous acquisitions, such as the PPA of Elemidia. They are intangible, and they are amortized and end up impacting the results. These are the two elements that brought us to the BRL 10 million in the fourth quarter. Great. Thank you. I was talking about what had been allocated as expenses, the BRL 10 million under P&L. It will be your G&A of the company. It encompasses commercial expenses, administrative expenses, and there is a line of others. Is it what? Personnel, office, what do you allocate under this line? Thanks for the clarification. What is allocated there concerns also intangible assets of acquisitions. Non-compete among others. Which are allocated somewhere else or which are as G&A and are not perceived as cost. Contract, for example, assets in operation. In this case, they all got under cost. Great. One last question. You've also talked about the CapEx of BRL 31 million in the fourth quarter. Is it 100% correlated with the increase in number of panels, maintenance, or can we consider it 100% expansion of panels? Within this investment, it includes expansion of panels, some acquisitions. We complemented the acquisition of NoAlvo, for example, in the fourth quarter, which also had an impact on the number. Investment and equipment to increase our inventory. Whatever is required to make installations in buildings, purchase of new equipment for streets, the implementation of Tembici Brasília, that was part of the investment made in the fourth quarter, and also some impact of the digitalization of CPTM in São Paulo. Primarily enhancement of inventory. Maintenance, it would be probably amounting to 10% of the total. The next question comes through the Q&A by Guilherme Camargo. Good afternoon. Great results. Could you please tell more about corporate buildings? Are they back to normal? About Omicron, as January and February were hit by that, can we expect 2022 as a normal year if really the pandemic is gone? Ótima, can you tell us about revenues and seasonality? Is it going to just bring the consolidated margin up? Thank you. Thank you for the question concerning corporate buildings. No, they are still not back to normal. In March, it has been kind of a turning point, really. More of the companies going back to the offices, and there are two different behaviors. We have office applications or corporate buildings. Office buildings are smaller, buildings where you have professionals, independent professionals. They are back, about 70% of them. Now, corporate are large buildings, and we can see they are starting to come back as of February and March. We think that this is a business line that will maintain its flow of increase, and we are going to observe it closely and see if we are going to obtain the appropriate revenues from it. In terms of Ótima, we are very close to completing the transaction. We cannot give any guidance concerning margins. Ótima, as well as all contracts of street furniture, they tend to work with margins over 50%, and that's a very important asset. It's probably the main line of business, individualized line of business throughout 2022. As a consequence, we expect to have an additional contribution in margin, and this is something that had been priced internally so that we can capture that as of day plus one. There was also a question concerning Omicron. We are going to have really a short window of reporting the results between the last quarter and the first quarter of 2022. Fortunately, the pandemic has been really reducing its impact. Of course, the bank holiday of Carnival was canceled in February. Now it's coming back in April. We might benefit from it. We see advertisers really somewhat more positive than in the end of last year. Our industry, as Ricardo showed us, carries seasonality. This is a characteristic of the media industry. It's a given. Analyzing it throughout the year and, Mother's Day, Father's Day, Black Friday, Valentine's Day, Christmas. This year we are going to have the World Cup together with Black Friday. Considering the seasonality which is characteristic of the media industry, we really believe that, we are in line with what we had anticipated. The next question comes by Paulo Lopez through the Q&A. What is the perspective of increasing addressable market with Eletromidia Ads? Do you believe there is a great potential of reaching industries and advertisers that did not use to rely on OOH media? Paulo, my answer is yes. Eletromidia Ads is going to bring that to us, not only of having sophisticated deliverables to those that already, have been investing through media, giving them possibility to scale up the model to more markets in a more marked way. At the same time, bringing to the market a market which hasn't invested much but still has a great potential, let's say with global brands which they tend to invest just in specific KPIs. We are going to get to a new addressable market. There is this possibility. I'm thinking about tier one and tier two clients, large customers that can really transform the advertising industry. Thinking about large brands, there is huge potential. There is one process of really, teaching the market, showing results, proof of concept, really, and we've been doing that with our sales team on a daily basis. When the launch of Eletromidia Ads, which is getting closer and closer, we are going to put into reality this narrative that we are delivering. Soon we are going to deliver, so to speak, the remote control of our company to advertisers and agencies. They are going to simulate script, hit, frequency compared to other means. It's going to bring more knowledge to them, and then we are going to have a much more interesting conversation. We are going to come from a kind of commodity market to much more business challenge. How can I bring down a brand consideration? What's the frequency or reach levels that I need to deliver the business challenge? I believe we are going to get to a new market. We are going to expand the market that we have already achieved, and we are going to get opportunities to new brands to make investments, which they do not do today because there is no platform for them to do it. The next question comes from Felipe Forjaz, president of the Brazilian Association of OOH. Great results in 2021. Concerning Eletromidia Ads, it's a platform of data and metrics, including only the inventories of Eletromidia, or will it be open to inventories of OOH of third parties, such as in Marketplace? Felipe, thank you for the question. Great to have you here with us. Well, at first, the platform will be focused on Eletromidia assets. This is our focus, this is our development, and this is how we are focusing our best efforts. It is ready. Our inventory has been set and put into parameters, and there is a natural trend of developing an inventory and a platform which is broader. The platform may be a self-service platform eventually, and we believe it's going to help develop the whole industry. We don't expect that to be on D-Day plus one. It would be a further step, really. Yes, it may help with OOH ad media, out of home media to scale up our industry similarly to what happens in digital. It's a very interesting phenomenon, bringing benefits to the whole category and for advertisers which can see the media inventory available in Brazil. The next question comes by Jeff Warr. Thank you very much for the question, Jeff. Well, first of all, we went public during the pandemic when the whole industry was highly impacted. I wouldn't say there is anything missing really, but not everyone is used to the margins of, the industry and also, how we can generate cash. Because compared to our global peers, as you can see. These are industries that work with very high margins and high cash generation, differently from a 100% startup company, which has been well-established globally. Another important point to make is that this is a segment which, depending on the initiatives, it can pull up or it can enhance the investments of the industry as a whole. I don't think we should just limit to that out of home, and we've seen that. Guerrero, who has been 17 years in the industry, I've been here with media also for a long time, because as the market gets consolidated, more professional, it's just easier to buy media through digital initiatives. The whole industry is really enhanced, pulled up, and there is room for that in Brazil. In addition to that, we can see more inventories coming into the market all the time, such as what happened in Porto Alegre. It didn't use to be part of the media market before that. Sometimes it can be kind of misleading when we compare to a well-established market, such as TV, which is fully implemented. Very good point brought by Ricardo. Brazil is developing its understanding of consumptions. There is a pipeline which has been announced, but has no deadlines, but concessions of airports, for example. The concessions of Congonhas and Santos Dumont in Rio. Some cities in Brazil are starting to promote their operations of street furniture, such as in Porto Alegre. There is no media operator there. There are maybe say six or seven large cities in Brazil where that hasn't been promoted yet, and our industries are just going hand-in-hand with that. Having metrics, having digital platform, having everything to support this growth. Plus the new concessions, well-structured, long-term concessions, which really bring new companies, make investments in the long term. I believe that all these factors really serve as input to the market which is getting developed, not only industry to the market, but from advertisers who can see more favorable conditions and willingness to invest. Advertisers, when they see well-organized industry with parameters, with appropriate audit parameters, they start increasing investments, and this is what we have observed in Brazil. If we go through the main advertisers and new entry companies tend to increase their investments in out of home year-over-year. Of course, not during the pandemic, but there is still room for development from our side as the industry, and also bringing more technology for advertisers to keep on investing in our business. The next question comes by Felipe Guerra. Considering the scenario of digital transformation, is there any plan to increase digital plans for 2022? Well, Felipe, whatever we do, to some extent, involves technology, onboard technology or developed technology. Just to give you an example and give some evidence of my answer. Our company, since last year, has been working with DV360 platform of Google, the main programmatic platform in the world, working on sales and planning. We don't believe that's the only way of selling it, but it creates a new path of additional revenue. A brand that is just going to invest through that, programmatics. In the U.S., we go over recent data, and we can see the purchase of such media would be 14% of all digital out of home, and we are ready for that. Just seeing one avenue of growth, but technology is part of everything we do. It is our main initiative of investments and also of opportunities because we are just beginning this new agenda in the country. When we analyze the consumer's journey, which is something normally mentioned in our market, the journey is much more digitalized on the smartphones, out of home, throughout the whole day. Yes, we've been close to the innovation agenda. There are a number of initiatives ongoing in our department of technology with agencies, clients. Everything goes through innovation, and we are speeding up some of them. One of the ideas to create the committee that Eduardo is going to be part of, strategy and technology, not only the challenge of the management with global benchmark, testing models. There are a number of opportunities along these lines. We normally say that out-of-home is the last media that has remote control on hand. It is the last media that really controls consumers' journey, influencing and interacting daily with consumers from the moment they leave home up to the moment they are, let's say, flying abroad. Everything we do has technology, has development, and we've been working very closely and investing in it very significantly. Participants may submit your questions in writing using the Q&A tool. To ask your question using the microphone, please raise your hand. If your name is called, then you'll get a notification to open your mic. If there are no further questions, I would like now to hand it over to Alexandre for his closing remarks. Well, have a great afternoon. Thanks, everyone. It's been great to share with you the results of the fourth quarter, the breakthroughs in 2021, also what we anticipate for our industry and our company. It's great to now see the pandemic retrospectively because they've been two years which required a lot from us to keep on being disciplined in our thesis, in execution, but also thinking differently. We are very excited about what's coming ahead. It's a market that can get much better, much more sophisticated. Thank you very much. We'll be willing to interact with you on one-to-one, together with Larissa, our Investor Relations Manager, together with Ricardo. Thank you very much. It was a great talk. See you next time. The conference call of Eletromidia is closed now. Thank you very much for your participation. Have a great afternoon.