Good afternoon, ladies and gentlemen. Welcome to the conference call of Eletromidia to present the earnings release of the third quarter 2022. I would like to share with you some brief instructions before we start. If you need simultaneous translation, please select interpretation using the globe icon and choose the language of your preference, English or Portuguese. Video and the presentation will be shared in the IR website of the company, ri.eletromidia.com.br and with CVM after the market is closed. All participants are in listen only mode during the presentation. Immediately after, we are going to start our Q&A session and then further instructions will be provided. We would like to let you know that any forward-looking statements are subject to risk and uncertainties that may make such expectations not to become a reality or tend to be considered different from what was expected. They just express the opinion of the company when presenting them. We have with us Mr. Alexandre Guerrero, CEO, and Mr. Ricardo Winandy, CFO and IRO. I would like now to hand it over to Mr. Guerrero, who is going to start. Mr. Guerrero, you have the floor. Good afternoon. Welcome. Welcome to the conference call of the third quarter. I am Alexandre Guerrero, Eletromidia CEO. I'm here with Ricardo Winandy, our CFO and IRO. I would like to start by thanking all of you for being here with us. It's a pleasure to be here to share with you the results of the third quarter 2022, and the main highlights of the period. Now, looking to the advertising market, we can see a redesign of media investments and Out-of-Home, as we had been emphasizing, has gained more importance and more share with greater intensity with all the different plannings, just increasing investments in some specific categories and then giving us more access to more investments, brands which used to be outside our industry. It's an ecosystem which is getting more and more mature. It's interesting and sophisticated because it's being supported by delivery of results, and we are going to show you a little bit about what we have been doing. The national market, and considering Eletromidia within it, has started to benefit from the importance of having a consolidator, a one-stop shop concept in which we can address the main business challenges of brands in the Brazilian territory, making it faster, bringing data and metrics. Discipline of execution is absolutely key, and it has been the basis of our routine and all our management, always focusing on operational aspects and investments in technology. In addition to people, these are the main pillars that are going to guide our growth in upcoming years. The speed and the dynamics have made us become more prepared for the new market that we are building together in the national scenario of media. Just to make some highlights of our new journey, the first highlight is the financial issue. We have a record EBITDA generation of BRL 74 million in one single quarter, an operational cash generation of approximately BRL 50 million. Apart from interest rate payment, it amounted to almost BRL 100 million, precisely BRL 95 million. Ricardo Winandi is going to go into details later. These figures show that we can generate cash and deliver results consistently in a short period of time. The expansion of the core has been focusing on a number of initiatives. Execution of concessions that we got, such as in Porto Alegre, where there are 35 new bus shelters fully installed. As of next year, we are going to capture more revenues from this operation. Recife, another big news in the last call, we have already started producing the new digital clocks and the installation of the first one, which will be in January next year. The new street furniture in Recife. Organic growth of our panel has meant almost 1,000 panels in household buildings. We also emphasize digitalization of our own street furniture in São Paulo. It's our main line of investments for 2022 and 2023, focusing on street applications. This year alone, it received 400 new digital fronts. We've concluded the first step in 2022, and I'm going to show you what this transformation is, what we have provided in such short period of time. The expansion of core contributes to the creation of a robust, interesting, smart platform, always focusing on the national territory. In terms of technology, we kept on investing and developing our platforms with the sales models, which is much more sophisticated, bringing the same experience from digital to out-of-home. We are going to show you today the best example of results of one specific client which tested our platform. We are translating our investments into robust results, always supported by data and metrics. Our innovation hub, which we started this year and we have been really focusing on it, includes the first special project outside São Paulo and Rio, which was held in Campinas. Once again, showing that we have the capacity to scale and the media behavior going into other markets. Last but not least, seasonality of our industry. The market starts to understand the dynamics of our business. Our Q3 aligned with what we have planned with innovative experience. The main one to be highlighted is Rock in Rio, where we sold all our sponsorship quotas. It shows that the Once we have on-site events, once again, there is a new dynamics of city really benefiting companies such as ours, bringing a new perspective of the future in the short, mid, and long term, because we have a robust pipeline of events already negotiated for 2023. In the last quarter, 2022, the largest one is in place, the World Cup, which indicate an environment of good opportunities for a company such as ours. Speaking of opportunities, it's important to say that we have held our Tomorrowland upfront sales. There was a record of registrations, more than 1,500 people, more than double last year, where we showed the market some news about our industry, about our company, new projects, a number of successful cases based on metrics and data. Just to highlight a few, I'm going to show you the first collab partnership with TikTok in Brazil. Business such as this reinforce our vocation to work together with integrated digital platforms, having a very strong tool to reduce the cost of acquisition of brands in a very efficient way. The market has started to understand our capacity, not only creativity, but also execution. It has been translated into good sales volumes and the results that we present. Just to give you some more data about some of our main initiatives, digitalization of the streets of São Paulo. Here we have before and after. It's not only coverage of fronts, but above all, the opportunity that we have to have a more interesting design. Each point is a new digital front, all of them based on data and metrics for the advertising market. All of them sold through our data platform. It's an important change which shows what? When we look to the map of digital coverage in São Paulo and the static coverage, each orange point is a digital panel. This is a characteristic of our company, a mainly digital platform. The map of the city of São Paulo is getting more and more orange. It means that static fronts are losing space in the main city of the country. We are promoting a very important transformation in the short term. Now looking to our inventory, it can really help us leverage revenues and also publication of campaigns. It's something that we have been doing in Rio. We have been developing it for a while there. The reach of our digital panels on a typical week reach more than 80% of the population. It brings some light to what we see as one of our main challenges, but also as opportunity, taking this trend to the 10-15 main media markets in Brazil. By doing that, we can create a product that has national reach in the Out-of-Home industry, something that the advertising market has never done. Brands start having access to that in a very well-structured fashion. Now speaking of concession, this one is from Salvador. In the last call, we didn't show you that. We were just waiting for the confirmation. We were the winners and confirmed in both lots that were done. One for bus shelters, the other one for digital clocks. We offered the best technical proposition, the best price, and we were successful in both biddings. Now we are working on the legal portion of it to sign the contract and validate the documents. It reinforces the importance of having our presence and our key role in the Northeast. Together with Recife and our action in Fortaleza, Eletromidia as of 2023 will begin to offer a new product to the advertising market, which is well-structured and can be offered in the main capital cities of the Northeast of Brazil. Now let's look at our innovation hubs. Some creative pieces here, very important thing of our company and for the whole industry. Thinking about agency, advertiser, and Eletromidia, we can see an evolution of brands. They are really betting on creative ideas that can really come up with more bold projects, bringing urban connection and transforming the cities, bringing everything to a much more interesting level, much more than simply delivering media as one element. Just giving you a good example is what Ambev has done for the World Cup. It's at Avenida Paulista in São Paulo. Now we are delivering more on the streets of São Paulo. Finally, but not less important, speaking about Tomorrowland. The event that we had last month, we had a record number of registrations, as I told you. Just to give you more details of what we did at Tomorrowland and our innovation agenda, we announced that for 2023, we'll be in Lollapalooza, LGBTQIA+ parade, and also The Town. The market has access to the information with structured projects, and as such, everyone can get much better planned. There is a great agenda of regional events which are also going to be addressed, going from Porto Alegre to Manaus, and they indicate that platforms such as ours are very much connected with the industry of entertainment. The advertising market has to plan ahead and really take the best of these opportunities. Still speaking about Tomorrow, we launched together with TikTok, the first co-lab project in Brazil with this platform, which is a global phenomenon. It's important to show that not only TikTok and Eletromidia are innovating together and bringing to the market these initiatives, but also it's an action that involves production of content, distribution of media, data, and metrics. Now the commercial teams are working in coordination so that we can really benefit from the opportunities. Still doing Tomorrow and bringing the results of our platform, a very important category is retail, which has still just started making investments in our industry. But they've tested our platform considering our agenda of technology. For addressable market, the main estimates indicate very important investments of retail in upcoming years. We have seen some of the results that they shared with us. Interesting to note, 71% of the consumers recalled seeing an ad on our panels. 48% visited a store after they saw a campaign. More than once, Out-of-Home proves to be a key platform to generate traffic, knowledge, and brand awareness. 14% of consumers bought a product, so finally, conversion. I think that these results really support our vision of being present during the whole sales funnel. Market consideration, awareness, and finally conversion, all based on results. Now looking ahead and considering a very important agenda with ESG, we have recently announced a partnership with SoulCode, an edtech of Brazilian media, which offers tuition considering diversity. Eletromidia will sponsor throughout 2023 a number of boot camps helping training over 1,500 people. Another important piece of information is our compliance with the UN Global Compact, which has over 16,000 companies from around the world to disseminate best corporate practices correlated with human rights, labor, environment, and fight against corruption. Part of what we do in ESG. Now I'd like to invite Ricardo to tell us more about the company, numbers, and then I'll come back for the Q&A, and then later for the final remarks. Good afternoon, everyone. Thank you, Guerrero. Thank you for being here with us for the third quarter 2022. Let us start with our recent highlights. We closed the quarter with growth of 83% increase of our revenues over 2021, totaling close to BRL 238 million in the period, which is an add-on of BRL 70 million just in urban furniture, which shows the consolidation of the investments made, audiences picking up again, and relevance in the Out-of-Home segment. We've realized BRL 74 million of EBITDA in the period with 33% margin, 2.7 times the number we had executed the previous year. It's a result of improved revenue, operating leverage, and focus on higher margin projects. It generated net profit of BRL 30.5 million, net margin of 13%, 152% above the figure of the previous year, with relevant operating cash generation, BRL 50 million or BRL 95 million before payment of interest, with an increase of BRL 91 million over 2021. We closed the period with an increase of 11,300 new assets or 19% of our installed bases compared to the previous year, especially involving urban street, buildings, and with the execution of digitalization of our recent acquisitions. 5,600 new panels in buildings, especially residential buildings, getting to 29,000 advertising fronts, considering the addressable market, which shows very attractive margins. Comparing to the previous quarter, we added 900 assets, maintaining a very aggressive pace of expansion as we started in 2021. In urban or street furniture. We have multiplied by eight our presence as we acquired some companies of bus shelters in São Paulo and Campinas. We have installed new digital assets in these areas, and we have the rollout of new concessions, such as in Porto Alegre, where there are 75 new bus shelters, which has expanded also our bases in the area where there are bicycle stops. A total of 655 new digital kiosks, adding 342. Only the last quarter consolidating nearly 900 digital of those kiosks as street furniture in the main cities of the country. We are maintaining our action in a number of cities, and in the last quarter, we added 1,300 digital assets, getting to installed bases of 70,000 panels, being 48.7 thousand of them digital, or 70% of the total. The quarter, we came to 270. to BRL 237.6 million of gross revenue, 83% growth over the previous year, adding BRL 108 million in the period. In addition to more audience over 2021, there is the impact of consolidation of our investments and the growth of relevance of Out-of-Home in the advertising market, as there has been an increase in target audience and the use of technology for purchase and measuring of media. It involved our areas, including streets, so 5 times greater revenue, BRL 70 million in addition. In this quarter, it's the most representative segment, 36% of the total revenues as opposed to 13% in the previous year. In this year, there has been the consolidation of the investments in bus shelters in São Paulo with the acquisition of company Otima in April. In Campinas since January, in addition to increase of revenues in other properties. The new concessions such as Porto Alegre, Recife, and Salvador still have not produced any revenues in the period. As we have events again this year, the airports increased our revenues 92% as opposed to 2021, still running at lower flow rates than before. In shopping malls, in addition to the impact of the retail pick-up, we can see the network going back to a normal range. Over 100 shopping malls all over the country getting to 80% growth in this segment. In buildings, there is an impact of the gradual increase of commercial buildings improving on a monthly basis. In addition to increase of the target in residential buildings, so now we have more advertising fronts, leading to revenues 40% greater than before. Increase of revenue means that we now have on-site events such as Rock in Rio, where we had all our shares sold in September this year. In year-to-date nine months, we've had revenues of almost 20% above what we had in 2021, still waiting for the three main months of the year, already reaching BRL 580 million. Considering year-to-date, we have realized more than double of the previous year, adding BRL 296 million. It's evident that, yes, the sector is back in the game, plus the consolidation of our main assets. Even if we add the pro forma results of the acquired companies, we still see growth of 60% in gross revenue of the period. Nearly BRL 624 million in revenues in the first nine months of 2022, adding the performance of acquisitions in the first quarter. Regarding operating results, we have realized BRL 74 million EBITDA in the quarter, margin of 33%, nearly three times the number of BRL 27 million we had previous year, adding nine percentage points to the margin. Over the second quarter 2022, we've experienced growth of 68%, adding 10 percentage points to the 23% margin of the previous quarter. The result shows the increase of revenue in the period, plus the gain of representativeness of projects with greater margins, especially Out-of-Home and buildings, in addition to typical seasonality of the media industry of a positive effect on the second half of the year, especially on the last quarter because of retail, increasing target audience, and also an increase in marketing budgets. Year-to-date nine months, we've added BRL 144 million EBITDA, considering pro forma numbers with recent acquisitions. 3.6x the figures from last year with 25.6% accumulated margin as opposed to 12% in 2021. One hundred and four million plus in the results this year. With that, we have BRL 30.5 million in net profit in the period, 13% net margin, 152% above the figure from last year. More than 4x the number of the second quarter 2022, with nearly 10 additional points of margin. Year-to-date, we reversed the loss of the same period last year, BRL 400.6 million of additional net result, despite the impact of the interest rate increase in financial expenses. It was a period with strong operational cash flow generation, which is very typical in media. Generation of BRL 95.2 million of operational cash before paying half year interest rate, which is BRL 91 million, as opposed to 2021. Year-to-date nine months, we had a generation of cash of BRL 153 million before interest rate. Net operating generation was BRL 50 million in three months. We've invested in the period BRL 50 million, 31 of which to purchase equipment related to expansion of inventory, especially digitalization of assets in the streets of São Paulo, and purchase of equipment for buildings, and close to BRL 19 million related to deferred payment of acquisitions. In the quarter, there was an amortization of funding of 75 million, primarily related to half-year amortization of the debentures, thus raising BRL 101 million for cash replacement. We've also repurchased BRL 4.9 million of stocks according to our plan of rebuying shares. Get to the end of BRL 137.5 million cash, BRL 537.7 million of net debt, or 2.8x the accounting results of the past 12 months. Before I hand it over to Guerrero, before the closing remarks, I would like to take the opportunity to invite you, because next week on the seventeenth, we are going to have our Investor Day. It's going to be here in our auditorium in Itaim, in São Paulo. In addition to the key executives of the company, where we are going to present results of our business, we are going to have here Luiz Felipe Barros, who is a board member, and he's going to tell us about global media. He is a board member at Eletromidia, and he's widely experienced in the area. We are going to have a panel with some partners, advertisers. We are going to bring here some assets and special projects so that you can have the experience of Out-of-Home. We are going to share with you the links for those who would like to register with us. Come here or watch us online. With that, I would like to call Guerrero. Well, thank you. Very good. It's worth talking about the company, be in contact with our management team and understand more about the market dynamics. We are going to bring some agency owners, some client managers, who are going to tell us about Out-of-Home industry. November seventeenth, in the morning here in Faria Lima, we wait to see you all. Closing remarks, now we can go into our Q&A. This is a new concept, B2City. A little bit of what we believe in and the relation that we have with our cities, promoting the transformation of cities. It is a truth to our team and our company, and we've been dedicating every single day to have a sophisticated relationship. First, cash generation. BRL 50 million in the period after paying interest rate, as Ricardo said, so nearly BRL 95 million with interest payment. BRL 74 million EBITDA, so our company is back into the pace we've always wanted it to be, emphasizing the power of our business and consolidation of our industry. Digitalization of the streets of São Paulo, first steps already concluded. Now we are starting to see the benefits, especially in the last month and primarily in the last two months of the year. Part of a large journey of transformation for São Paulo and other large cities. We are also taking a key role in Northeast. With Salvador, we are closing a very important chapter of an agenda of national reach, which we've been building for street applications. Tomorrow, an event that for the first time gathered more than 1,500 people analyzing trends of Out-of-Home, showing the engagement level of the advertising market with the industry, with our proposition, somewhat different from what used to exist before. Finally, large events. We've already started delivering products for the World Cup. We hope Brazil can really perform well because our business is benefiting a business such as this. In addition to Black Friday, right? Which is going to happen now. With that said, let's open to the Q&A, and we'll be glad to answer your questions and considerations. Thank you. To start our Q&A session for investors and analysts, participants may send their questions in writing using the Q&A tool on the bottom part of the screen. To ask a question using your microphone, please raise your hand. When your name is called, you will get a notification to open your microphone. The first question comes from Bernardo Goodman. Good afternoon. Can you all hear me all right? Good afternoon, Bernardo. Yes, we can hear you. Good afternoon, Guerrero, Ricardo. Thank you for the opportunity. I have two quick questions. First, about the margin of the business. Thinking ahead, the margin increased significantly in the third quarter. The industry is going into a normalization after the pandemic. Unit prices going to normality. The company has also changed a lot after acquisitions and new biddings that you won. How can I really forecast the margins for 2023 and ahead? A second question, I've been really starting to analyze the sector now. I would like to understand the percentage of digital panel when I consider Eletromidia and its competitors. I can clearly see the difference between the panels, but understanding the market, you see, do other players prefer not to digitalize? Don't they know how to do it? Do they have any restrictions to making these investments? If you could tell us more about your competitors, that's my question. Thank you. Great. Thank you, Bernardo, for the question. I'm going to start, and then Ricardo will jump in. Speaking of digitalization, I think that this is an area where we can easily navigate because we started from pixel, right? Our first panel ever was digital. In Elemidia which we had joined in January was 100% digital. I think it explains our culture of being more digital than our global peers. When we compare against the main global initiatives, this process of digitalization of inventory has gained momentum now in our global market. Differently from here, we started digital, and this is why we have an inventory which is mainly digital. When we analyze business models such as Porto Alegre, Recife, and Salvador, and also the acquisition of Otima in São Paulo, digitalization is a chapter which is part of all our models. Our team knows how to work better with digital inventory and can capture the benefits that this kind of digitalization brings in production, exchange of campaigns throughout the day. Inventory digitalization is something that we can easily navigate, and we've always done that. Right now, we've been speeding up this agenda. Thinking about local market, we can see that small and mid-sized companies have also promoting digitalization, which is positive to our industry. Our industry will develop further if we have more companies moving towards the same goal. Digitalization, therefore, can be explained because of this characteristic that we have always had. Digital has been something common to our company. When we add a platform such as Eletromidia Ads, it just get so much powerful with quality that can be captured to publish campaigns, because then we can have that based on social behavior, one campaign early in the morning, another campaign in the weekends. Things that we can do with digital and can be properly captured. I'll ask Ricardo to talk about numbers, but revisiting our strategy, and we said that to the market, we made the decision in the past of speeding up street and buildings, our two main segments that bring more margin to the business. Residential buildings, which our main growth, and we've been doing that very consistently since our IPO, and street applications. Pre-IPO, we were present in three cities. Then in 2022, we'll be in 10 cities out of the 11 most important ones in the country. Those two factors contribute to seeing the company in the short term and in the long term as having better and healthier margins. Thank you, Bernardo, for the question. Just to give you a normalized margin reference, we can look at the last period before COVID in 2019 when we see pro forma numbers of Eletromidia and Elemidia and Otima. It used to be with a margin, EBITDA margin, close to 30%. 2022 on, our target is to have a margin close to that historical reference. Our growth in these segments of street and buildings, which have higher margins. Elemidia in 2019 when it was acquired, it was run at EBITDA margin of 45%. Even if you have a global reference, such as Focus Media in elevators, the margin is close to 40%. The same applies to street applications. Companies that operate with street also have EBITDA margins close to 50%. This change of product mix and the increase in these segments is what can help us get expanded margins, and we can get close to the global reference companies which have margins over 40% in the long run. Great and clear. Thank you very much. Thank you for your answer. Thank you, Bernardo. Next question by Thiago Kapulskis. Hello, Guerrero, Ricardo. Can you all hear me all right? Yes, we can hear you fine. Hi, Thiago. Good. How about you? Great. Thank you. It's great to have you here. My pleasure. Excellent results. Kudos to you. Thank you for presentation. I have two quick questions. Maybe it's something like a curiosity of mine. The IPO helped you. Yes, you were an advertising company, fine, but, have you got more known? Are you seen as a more robust player thanks to the IPO? Just out of curiosity. I would like to understand, because the fourth quarter is going to be different. There is Black Friday, World Cup specifically, right? Which is a big event. Could you please tell us what you expect to see? What have you got in terms of discussion yet? You've had a very strong third quarter, but could you please anticipate something about the fourth quarter? Could you give us an update on the integration of Adma? What is the pipeline of digitalization of the panels? I think you do have a great opportunity there. Thank you very much. Good. I'll go first. Thank you, Tiago. First, speaking of the IPO, it seems it was the other day, it was 21st February. Eletromidia is the first M with an M three, letter M. It gives us a number of challenges, especially in the investors market, because we have to tell the market about our proposition, business dynamics. In a first year of company with some normal life, beginning of the year, of course, we still had the shadow of COVID. I think the market is getting to know more about our company. I'm going to try to give you the back office look, considering trading. The fact that Eletromidia is the only publicly traded company in the advertising market has brought us a special position in the market because of governance, because of transparency, figure sharing. There are two companies that publish results, TV Globo and Eletromidia only. Because global media platforms do not publish here, and the Brazilian media companies do not share their figures. Really navigating up front like that and openly like that does have benefits. Our clients, some of them also publicly traded. Also the agencies part of large holdings can see our company in a different way, just considering it to be more sophisticated, knowing that our agenda is to make investments and development. We are part of an industry. We have to develop it and benefit from the development of the industry. We have learned every single day to really deal with the market and trading. I'd say it's something really positive in addition to the fact that we are taking the best of the consolidation window, which has started in the past, got more momentum in the past two or three years, and will probably keep on moving ahead in the next two or three years. We'll probably have an Out-of-Home market scenario in Brazil, which is much more consolidated and much more mature, and we want to be one of the leaders in this industry. This is what we have as our main focus. This is the experience of the IPO, very positive indeed. I can only see the upside of it. Fully agree. It has given exposure to Out-of-Home, so I see more people learning about the industry and interested in advertising. It's a very good question, Thiago. Thiago knows this market quite well and has helped us disseminate this industry. This is a market that has a number of specificities. I think we are giving more exposure to the industry, showing Out-of-Home getting developed because of that. In addition to access to the capital market, which helps us think even bigger. If we think about going international, we already have an opening in the capital market to help us structure there. It's in our short term plan, but it's definitely in the long term perspective. In addition to all the points that Guerrero emphasized, I think the exposure has helped us with the advertising market. Now considering the second question about digitalization, there is an important road map, not only for the streets of São Paulo, but also for all the new cities that we've got market in. A natural renewal of the inventory from analog to digital. In 2023, we are going to keep on doing it. Digitalization in São Paulo will move ahead. It brings a number of benefits. Higher quality sales with good service provision, and it contributes in the operational agenda of having maintenance SLAs which are interesting for the public authorities, and this is win-win to all players. We'll keep on doing it, São Paulo and also in other cities. New cities already start digital. Porto Alegre, for example, Recife as well, Salvador. Because this is what we believe, and this is what we've been building for the local market. We are always going to be analyzing price of sales, market demand, region, sales by target, where there are shadow areas in the cities to enhance digital inventory where the demand is greater. This is why we have our data and technology teams that has performed analysis. As such, operations can really expand based on data and distributing the fronts and panels all over the cities where we operate. Have we forgot something? Last quarter, yeah, actually. Without giving you a guidance because we are very careful about that, this is the main quarter of the year in terms of revenue generation and in production of results. The World Cup's bringing an important thing to our panel. We've negotiated all our shares for the World Cup. Black Friday also has an important role, primarily considering the retail. I believe it's going to be a great year, an excellent last quarter, and we are really moving towards the end of the year to close it really well. The market will understand the size of this company that has been created to start forecasting Eletromidia of the future. Anything else, Ricardo? The last quarter historically is very strong because of seasonality. Historically, it represents 35% of the total revenues of the year. With our operational leverage, most of our cost and expenses are fixed cost, so it also means increased margins. I'm sure it's going to help us come up with good annual results. It's very important for media, really, because seasonality is crystal clear there. Great. Thank you very much for your answers and thank you for the call. Thank you, Thiago. Thank you. The next question comes from Cesar Davanzo. Hello, everyone. Great results. Kudos to you. I have two questions. The first concerning the program, the Emergency program for the events sector. It's a 60 months program, if I'm not mistaken. You have joined that program. Has it impacted your results positively? With the new government taking office in January, do you think the program will change? Do you know what's the ideal point of digitalization of Otima? It doesn't make sense to digitalize 100%, so what this number will be? Thank you, Cesar Davanzo, for your question. Yes, we've joined that PERSE program. Our economic number is really listed there as one company eligible to join this program. So our company can include. There is an impact on taxes paid over revenue. This is exactly what the Emergency program brings. Also we don't have to pay income tax over the period. New instructions are being published, and we are analyzing the impact, and we are. We know that they are discussing for how long the program will be in place. Initially it would be 60 months, and depending on the regulations that are being published, we are working together with the tax, our tax specialist and legal department to decide what to do considering the new government. Now speaking of digitalization, thank you for your question. Each city has a different dynamic considering inventory and digitalization. It depends on how the market respond to digital inventory. We might have 100% digital inventory. Why not? If it's going to be within two years, three years, or five years, I don't know. It depends on market expansion and how we can really capture value. New models. For example, in Recife, we got there 100% digital. All digital clocks. This is what we considered in our model because it brings a number of benefits, as I told you today. Digitalization will keep on happening. It's part of the progression of our industry and our business. Those who don't do it will lag behind because clients want it because of all the benefits it contains. So we don't have a final number to share with you, but we still can see space to progress with digitalization in all the markets where we operate. Great. Thank you. If I may add just a quick question. We've seen, more circulation, more commercial opportunities. Do you know what's the ramp-up we can expect? Do you have any forecasts from your side? That's true. We've been observing that as well. Not only increased flows based on survey data, but also a new mood of advertisers. They are back into considering that which had been impacted by COVID. In 2023, we expect to have a performance greater than 2019, and as Ricardo pointed out, this is a segment that contributes with significant margin. We have over 100% market share. We are a synonym of category. We still have got upside to be captured. We expect to have regular revenues in the segment of commercial buildings. That's the segment they are speaking about, commercial buildings. Thank you. Great. Our next question from Leonardo Olmos. Hello, can you all hear me? Yes, we can hear you. I have two quick questions. First, concerning Otima, and Thiago had asked that. Could you give us more details about your CapEx for digitalization of Otima, and also about the reduction of panels quarter-over-quarter. There are 500, 600 panels. Will they go back? Now concerning the Northeast, can you give us more details about the strategy to Recife and Salvador, and any updates on the bidding in Fortaleza? Thank you very much. Great. Thank you. Let's see the expectations of Recife and Salvador. Recife, the first clock will be installed in December. All the others are being produced. In the first half of next year, we expect to execute most of the CapEx provided for concession. As commercial responses were positive, or as we have sold the sponsorship to two large brands in Recife, we have decided to anticipate that we were planning to do it in one year and a half, and we'll try to anticipate that to the first six months because we already have sold sponsorship in Recife. As of the first half next year, we are going to have the whole inventory put in place. In Salvador, we have a very realistic perspective of signing the contract in January, and then we are going to start the investment. Something that will be captured as of the first quarter next year. This is our expectation. It may change, of course, because these processes may get late or early, but this is what we are analyzing for these two markets. Now, concerning Fortaleza, there was a bidding process that had been published. It was canceled and postponed. We are observing it closely. There is a roadmap of 12-15 large bidding processes for the next 24 months. Some of them are in the streets, and we are observing that closely and expect to have big news shortly, still this year, to share with you. Fortaleza, we're still waiting for the new publication. The last question about the reduction of 600 panels. Yes. We acquired Otima, and it was completed in April this year. In the second quarter, it was the first period in which we consolidated the results and the assets of Otima. Since then, we have maintained the process of digitalization. 400 new digital kiosks are in the streets. First, we removed the static fronts which were placed there. We've been studying some bus shelters. There are still some premium localities that we can work, and we've been discussing where to properly allocate them. In addition, we've removed a part of that for maintenance purposes. Once we took over the operation of the new company, we are working together in improving the operations to improve the services provided to the city. We got the assets which were more depreciated, and now we are reallocating them after revisiting them. Great. Crystal clear. Thank you very much. Thank you. The next question comes through the Q&A. Hello. Great results. Could you please tell us more about the EBITDA margin comparing third quarter 2022 over the second quarter 2022? Could you please explain the lines of other revenues and net expenses? Thank you for the question, and thank you for being with us. First, let me talk about improved margins over the previous quarter. In the second quarter 2022, we presented an EBITDA margin of 23% as opposed to 33% in the third quarter. A number of factors are to be included. We've had an increase in revenues over the period. It's a 12% increase. Considering operational leverage of the company, as I told you, as we improve the use of assets, number of ads per front, and the average price per panel, we can translate that into results. With an expansion of revenues, our cost basis tend to vary very little, meaning higher margins. In the third quarter, there was a mix in products as well, a difference in product mix. Street segment became the most representative one, which is the one that has the highest margin together with commercial buildings, 36% of our total revenues as opposed to 30% of the segment of transportation. We changed that, and it has an impact on results. Because depending on the segment, there is an impact of variable costs. Finally, to explain the impact of other net expenses and revenues, we had a reclassification for submission. We allocated depreciation and amortization, especially over the acquisition, going from other net expenses to other accounts. It was just an exchange among lines within the same total group of expenses, and this is why you can see some credit at this line. With that, we close the Q&A session. I would like now to hand it over to Alexandre Guerrero for his closing remarks. Thank you all very much for being here with us. I would like to emphasize the invitation. Please come and join us on November 17, Investor Day here at Faria Lima. We are going to share with you all the data. It's an immersion at Eletromidia early in the morning, bringing people from the market. It's good to know more about our business, our management team. Hear from our customers, hear from advertising agencies, so please come and join us. We are highly focused on delivering results of a year that started very challenging, then it picked up on the second quarter of this year. Now the second half of the year can help us really deliver results based on what we've been building. We strongly believe in our business, in our assumptions, and we really want to be part of this agenda of consolidation and development of our market. Thank you all very much. Have a great afternoon. Thank you. The conference call for Eletromidia is closed now. If you have any questions, please send a question to the investor relations team, ri@eletromidia.com.br. Thank you very much for your participation. Have a great afternoon. Thank you.