Good morning, ladies and gentlemen. Welcome to the Eletromidia earnings conference call to discuss the fourth quarter of 2022. We would like to share some instructions with you before we start. Should you need simultaneous interpretation, please click the globe icon at the bottom of the screen and choose Portuguese or English. The video and the presentation of this video conference will be made available on the company's RI website, ri.eletromidia.com.br. We'd like to inform you that all participants are in a listen-only mode during the video conference, and after that, we'll open the call to questions and further instructions will be provided. We'd like to inform you that forward-looking statements are subject to risks and uncertainties that may cause these expectations not to pass or to be materially different from our expectations. These forward-looking statements are based on the beliefs and assumptions of the company on the date they are made, and the company does not need to update them. With us today, we have Alexandre Guerrero, CEO, Ricardo Winandy, CFO and IRO. I'd like to turn the floor over to Mr. Alexandre. Mr. Alexandre, please, you may begin, sir. Good morning, everyone, and thank you for joining our conference call to discuss the earnings of the fourth quarter of 2022, as well as for the fiscal year of 2022. In 2022, we had a better environment for the company and were able to accelerate the company in conditions that were virtually normal. People went back to the streets, and that is something that benefits a company like ours. As technology advances, this industry has been developing too, and that offers new opportunities for advertisers with data and metrics, allowing for projects that cause an impact to be created, also more sophisticated experiences and allowing us to reach a larger audience in a more accurate way. 2022 was the year when the OOH industry bounced back and we had strong levers this year. Major in-person events are taking place again. We have concessions going on, M&As and organic growth. We have installations of screens in corporate and residential buildings for that. All of that helped us improve our results. We have a record revenue of BRL 918 million. That is 35% higher year-on-year, and our adjusted EBITDA is BRL 273 million, 87% higher year-on-year. Both here are pro forma figures. This is a year where the industry bounced back and showed it was resilient, and OOH proved to be a very important tool for the brands, especially when we think about reducing acquisition costs. When we look at this chart, we can compare Eletromidia to the market. There are two key messages here. When we look at our 2019-2022 CAGR, we see a 37.5% increase, far above the market average and 5x the increase of the OOH industry. When we look at 2021 and 2022, the figures are even more amazing. The message is our company grows very quickly and can capture value in the advertising industry and advertising market. We can facilitate purchases, we can use technology to leverage levels of audience that are more interesting, and we can sell in a more sophisticated way. This is something that the brands have noticed that add value. We have three main pillars for our growth: core business expansion, additional businesses, and technology. We'll talk about these three pillars and how the core businesses have grown in the 2022 year. Since January 2022, we acquired MOOHB. We also acquired the street furniture in Campinas. We have acquired Otima, the main street furniture operations in São Paulo and one of the main ones in the world. We now have the bus shelters in Porto Alegre after the concession, the clocks in Recife, also the street furniture in the city of Salvador. We have started the Otima digitalization process, making the campaigns a lot more interesting for the brands and for the audience. We have installed over 4,200 screens in residential buildings, seven new malls, and the first mall in Recife. We can see that this was a year packed with achievements. When we look at the streets vertical, we see that it's the one that had the most benefits out of the five verticals we operate in. In the past calls, we have been saying that this is the vertical that can grow the most with the most potential, and as of 2023, it becomes the main revenue generating vertical. Also, the main one for margins. We'll show you some examples of these installations, bringing you some photos of these operations that started last year. In Porto Alegre, for example, we already have 195 bus shelters, 50 of which are sustainable, and 102 advertising panels. A substantial part of this operation will be ramped up in the coming two years, and then we'll be able to consolidate our presence in a city like Porto Alegre. We'd like to underscore our purpose, our belief as well to change cities. These are pictures from the old bus shelters. Can we even call these bus shelters? Now we have been transforming them. We have a new city. We're transforming the cities. We're overhauling these bus shelters. Now we have sustainable bus shelters as well, like this one. It has solar panels, it has windshields, it has got phone charging stations, and it's more accessible as well because we transform and we renovate the sidewalks as well. These pictures are meant to show the transformations we have been bringing about in the city. Recife is also an interesting example. We already have 20 clocks installed, 20 surveillance cameras, and 20 Wi-Fi hotspots. We already have some pictures from this project. Again, the idea is to share with you what we've been doing and give colors, literally, to the project that we landed last year. All of that will allow our company to get to a new level of media reach, especially when we think about the streets vertical. In Campinas, we also had a good milestone. We have 660, pardon me, bus shelters with 605 advertising panels. We see the Campinas project is really ramping up. Salvador is our most recent achievement. We installed the first bus shelter, which was designed by a local architecture office, and we have Elevador Lacerda helping inspire that. That will count on colors, curves, designs that inspire in the cultural heritage of Salvador. We're working in harmony with the architecture of the cities we're in. This starts now in June 2023, and will continue for the next 20 years in Salvador. Still talking about streets. You probably remember this, but before the IPO, we were present in three cities when it comes to street furniture. In 2021, we were present in four cities. In December 2022, this number climbed to nine. So, nine cities where we have street furniture. We leave a pre-IPO scenario where we're present in thee cities, and we're now present in nine cities with over 4,000 screens out of the 11 most important cities. Nine out of the 11 most important cities according to Brazilian statistics. That's very important to a company like ours, and this is an offer that the advertising market had never had access to. Still giving you more information about the history or the story that allowed us to get to the 2022 results. There are commercial leverages that I need to highlight. Again, we had in-person events taking place. Again, major events like Lollapalooza, one of the main music festivals in São Paulo. And in this week we have a new Lollapalooza edition and 100% of the shares have been sold. Also, our ads platform, and this is a platform that I'm gonna be telling you a little bit more about later on in the presentation. Also, Rock in Rio, this was a very successful project. 100% of the shares were sold. We had our TMRW event. That's a sales convention where we tell the market the main initiatives we had in the year or for the year of 2023. Our sales volume is over BRL 400 million for 2023. We also had the project of the six-time World Cup winner, like on their way to become a six-time winner. We also sold 100% of the shares, it was the best event in the year when it comes to advertising revenue. We had the first collab partnership with TikTok and Blast. You also understood what this project was. You got to know about it in our video conferences about the earnings result. We have brought this experience to OOH, which is the same experience that we have with the campaigns for our base. This allows for products to be leveraged, and it also lends itself to be connected real-time. We have over 20 Blasts sold for many brands in the course of 2022, almost two Blasts a month. I'm gonna show you some pictures to give you more context about the World Cup project. Or the six-time winner, Brazilian being the six -time winner, and we had Diageo, we had Itaú, we had many important brands involved. The partnership we struck with TikTok, this is a project that was funded by Ambev, and this is real-time content on the Eletromidia platform and in the TikTok platform, so with text and content. Eletromidia is really showing what we're here to do. We can really work well with integrated digital platforms, and we can reinforce, we can underscore the fact that we are a tool to reduce acquisition costs for brands, and we're more and more efficient by the day. The market notices our abilities, our capacities, and that is translating into excellent sales volumes, and Ricardo's gonna tell us a bit more about these figures in more detail. Talking about the innovation hub, we have leapt forward. We've multiplied our capacity and sophisticated deliveries. Here we have a few examples of creative projects that some of you may have seen during the year. Again, this is the ability of the OOH to go beyond the screen, right? We can use technology, we can use innovation. Technology has been transforming our business since the very beginning, and it is a key building block for a company like ours. Eletromidia Ads already has 13 agencies working full service to plan and buy media. All of the proposals available in the market are backed with data and metrics and indicators. Major brands have access to this very relevant information. Another thing I'd like to tell you is the dashboards that we're generating with our platforms. This recent initiative we start in the fourth quarter of 2022, and we now have all of the dashboards to monitor the audience targets, the impact per city, and the impact per vertical. All of that is available in real time for the brands and for the agencies. This is a tool that is not only important for you to monitor what you're doing, but also for you to be able to make adjustments, improve the campaign as it's going on, we can have better and better results and metrics. Alongside clients and agencies, we can partner up to address business challenges, all of that backed up by data. All of that is possible in a sustainable way. We have some of the ESG highlights here we'd like to share with you. When it comes to the environmental front, we have 50 sustainable bus shelters in Porto Alegre, the first sustainable bus shelters in Brazil. We are going to install over 3,000 garbage cans or rubbish bins in Salvador by 2027. The UN Global Comp act, that's a UN initiatives for companies to adopt 10 principles in human rights and anti-corruption. We value urban mobility, and Tembici is getting to more markets with us. We had a Material F act last week where we announced four new markets. We're going to conserve and preserve over 7,600 sq meters of green areas. On the social front, we have partnered up with SoulCode. We offer 1,500 scholarships for people in vulnerability and to our staff. We partnered up with the bank Santander to do that, and we want to encourage to foster local economy, and we have 100 bus stops in Capão Redondo with the Santander project, and all of that is made available for free for local for local commerce. We want the city to be transformed. We want the city to be better for those who live there. When we look at governance, we had our first investors day. We had almost 100 participants in person attending the event and hundreds attending it online. We wanted to tell the market about our company, about our main business challenges, and talk about some details that we cannot delve into in earnings calls. Eletromidia is a relatively new thesis, right? We've only been publicly traded for two years, and we're the only publicly traded company in Brazil in this segment. That opens up opportunities as well as challenges in our business, and this is very important. With that, we had the investor day that took place at the end of last year. We also updated our code of conduct, looking to have the best practices, perfecting our governance, as well as building an environment, pardon me, that's ever safer for our stakeholders. This is something new that came out recently. Globo is now a minority shareholder in Eletromidia. We are really excited about that. Globo is one of the biggest media companies and content production companies in Brazil, so having them as a shareholder is certainly going to add a lot of value for our discussions in the Strategy C ommittee and in our B oard of Directors. We just have to wait for the antitrust authority to approve it in the next 45 to 60 days, we should have this confirmation so that we can really start having this very rich exchange of knowledge, and so that we can look forward with this very important partner that is now with us. I'd like to turn the floor over to Ricardo, who's gonna be talking about the quarter results, and then we'll have our Q&A. Thank you, Guerrero. Good morning, everyone. Thank you for joining our video conference to discuss the earnings of 2022. Thank you for your interest in Eletromidia. We ended the fourth quarter with BRL 874 million in revenue. That's a record revenue. That's 79% higher than 2021. That was gross revenue, a 79% growth in comparison to 2021. That includes acquisitions. Considering the increase in revenue, the operating leverage and the sales mix, we were able to conclude the year with BRL 252 million EBITDA and a margin of 32%, 2.9x the number we had in the previous year, getting to BRL 273 million in EBITDA, considering the result of the acquisitions and with a margin of 45% in the quarter. This is how we conclude the year with an adjusted net profit of BRL 105 million, a margin of 13%, 8.5x the number we had last year. This was a year that was closer to normalcy. We had a growth of BRL 164 million in the generation of operating cash. That's a generation of cash of BRL 253 million before interest payment and a conversion of almost 100% of cash into EBITDA. Talking about our network. We got to 64,891 panels, and we added 4,200 digital assets. We had organic and inorganic growth, and this is the closest year to normalcy, and this allowed us to continue with our investment plans. 4,900 panels in the streets as we acquired the street furniture company in São Paulo, and 4,200 and no buildings in digitalization of the new assets. We saw a very good opportunity to increase the asset base or digital asset base in São Paulo, and we invested to triple the size of our network in the second half of the year. We installed over 400 digital totems in São Paulo. Over 700 new panels were installed, digital panels in the streets vertical only in 2022 alone. That's four times as many as we had at the end of last year. We also continue to grow in the residential building market. That's a relatively new product. We had 4,200 new elevators installed last year, 60% growth, and approximately 30,000 panels installed in the vertical. We also added seven malls to the network with 180 new digital panels, including these formats. We left two contracts when in the transport business, and in nine months, it only accounted for 2% of our gross profit. With that, we had a 5,400 panel reduction in transportation. Excluding this number, we had a growth of 9,300 panels in priority verticals, 5,100 are digital, and we ended the year with 71% of the network being digital. Our gross revenue. We had a record-breaking revenue figure with BRL 294 million in one quarter. It's 44% year-over-year, and the revenue was BRL 874 million in revenue, an increase of BRL 90 million in the quarter and BRL 386 million in revenue, that is additional revenue in 2022. This performance can be explained by the increase in sales, by the normalization of audience, and with the in-person events coming back in 2022, and also with the consolidation of investments that took place last year, as Guerrero explained. We saw growth in every vertical. The main highlight is in the streets vertical. We grew 5x, basically 4.8x than we had in 2021, and the vertical is now 33% of our revenue, no longer 10 as it used to be. That was through concessions and digitalization of the network and also acquisitions that we had like as Otima and MOOHB. We now have a 77% increase in the mall vertical this year. In buildings, we had an increase of 32%. In corporate buildings with in-person work bouncing back, as well as in residential buildings. As for airports and transport, audience is coming back, and there was a relevant impact on these verticals, and we saw 39% and 24% increase respectively year-on-year. Lastly, when we include the pro forma revenue of the acquisitions we had in the year, in 2022 as well as in the comparative base to 2021, we had BRL 918 million in gross revenue with a 35% increase in comparable basis. In line with historical seasonality in the segment, we had a quarter-on-quarter growth that is very important in the course of the year. We had 24% growth comparing the fourth quarter to the third quarter, even terminating the transport contracts in the last quarter. The fourth quarter is normally a good quarter for media, with more audience and due to the many retail events. The first quarter is normally a weaker quarter, and there is normally an increase between the second and third quarter as we see here on this chart. We can see our performance in sales and our outlet mix. Our adjusted EBITDA is BRL 124 million, and the EBITDA margin is 45%, doubling the result we had in the past year with a 9 percentage point increase in margin. We end the year with BRL 252 million EBITDA with a 32% margin, 2.9 x the number we had the previous year, with 11 percentage points increase in margin. We ended the year with BRL 273 million in EBITDA and 33% margin. This is an approximation of the base result closest to normalcy in the company. That without the rollout of many of the concessions that have been announced, such as Recife, which is one that had the first installation in December. Salvador, and the first installation is going to be in the second quarter of this year. Porto Alegre is also in its infancy, and we have investments in digitization that were made in Q4 2022, and there are four new locations that we're going to be in with the bicycle-sharing company, Tembici. When we look at the quarters, we also see that our EBITDA has also been growing quarter-on-quarter. We see that there's an impact from the operating leverage as well as a change in the asset mix, with projects that have better margins being our focus. We had a 66% increase in EBITDA quarter-on-quarter, when you look at the fourth quarter, and a 12 percentage point increase in margin. This result can be seen in the company's net income. We had BRL 73 million in net income at the end of the year, in adjusted net income, so a net margin of 27%, BRL 55 million additional to what we had last year. A BRL 105 million at the end of the year with 13% net margin, BRL 12 million in 2021 with 3% in margin. This is the performance that we had in spite of the increase in financial costs and the increase in the Selic interest rate. We've also seen an improvement in the working capital. We have BRL 164 million above the figure we had in operating cash comparing 2022 to 2021. In these 12 months, we had BRL 253 million in cash before the payment of interest, pardon me, and it's a 100% EBITDA improvement year-over-year. We had investments in the amount of BRL 277 million, especially because of the Otima and MOOHB were companies that were acquired. We also paid concession fees, including the upfront payment that we had for the concession in Recife. In 2022, we have allocated a substantial part of the IPO resources, right, the proceeds of the IPO, and we also have increased the company's digitization when it comes to network. We have invested in total BRL 494 million in this period, focusing on projects that aim at growth and future growth and future results. We have amortized the ventures and loans amounting to BRL 168 million. It's recomposed in part by a capital raise of BRL 100 million in the year. 16 million shares were bought, and we end the year with our cash at about BRL 169 million, and a financial leverage and net debt over EBITDA that is 2.1x. I'd like to invite Guerrero back to the final remarks, and then we can open up for the Q&A. Okay. Thank you, Ricardo. I'd like to highlight some other messages. We had a significant expansion of our core business when it comes to the streets vertical that was historical in our performance. There's also an important progress that we see in street furniture. We'll have a new company basically with over 1,500 panels, digital panels available. Eletromidia Ads is going to take our company to a new level, selling with technology and audience. This is a platform that our commercial team already uses every day with 100% of our proposals. EBITDA is very strong. BRL 273 million, pardon me, in EBITDA, with a very strong cash generation. BRL 153 million in cash, in operating cash in 2022. We're a company that generates cash and grows margins. I believe now we can start the Q&A session. I'd like to wrap up the call, just highlighting the discipline we had in the execution of our plans ever since we had our IPO two years ago, to really build a new Eletromidia that still has great avenues for growth and development. This vision is coming true. We can see the results. The first full year that we have had to present to the market, and slowly but surely, you can also see more and understand better how our company functions. I'd like to thank our team who's been relentless in devoting themselves and working hard, also our partners and clients and of course all our shareholders and the Board of D irectors, all of them support us in our growth and in the main discussions. All right, let's start the Q&A session. We're available to answer any questions you may have. Thank you. We'll now start the Q&A session for analysts and investors. You can send your questions in writing using the Q&A tool that you can see at the bottom of the screen. If you would like to actually ask a question using your microphone, you just need to raise your hand. Please wait while we collect the questions. Our first question comes from Bernardo Guttmann from XP. Bernardo, please. Good morning, everyone. Good morning, Guerrero, Ricardo. I've got two questions. The first one has to do with your dynamics for margin. You're capturing now the benefits of this better operating leverage in this time when everything is resuming, but we have also had some contracts terminated. What do you expect now for 2023? The second question has to do with the macro environment when it comes to the activities at the start of the year. We're getting to the end of the first quarter, so it will be great to hear from you if the business plan is as per the expectation or if there's any change in the expectations, maybe any underlying concern, a drop in trust or the economic slowdown that we have had. As Ricardo said, the first quarter is seasonally weaker, but you have a weak base of comparison in 2022 as well. I'd like to understand what the comparison could be. This is what I had. Thank you. Thank you for your question, Bernardo. I'll start, and then Ricardo can complement it. Thinking about the margins, your first question. Without a doubt, the best use of our mix, considering the growth of assets where we have better margins, that improves the company's indicators. This is something that we started seeing more in the second quarter of 2022, and it really gained momentum in the fourth quarter of 2022, especially when you think about the streets vertical. We believe this is a trend that is going to continue in 2023 and get stronger with better margins, considering also our growth in the streets vertical. We'll also be capturing some benefits from the acquisitions, right? Ricardo can also talk a little bit more about that. As for the first quarter, people say there's a crisis brewing, but we decided we're not gonna be taking part in this crisis. The whole team isn't taking part in this crisis. Jokes aside, we don't give guidance, of course, but the first quarter was a very good quarter. In April, we're going to have our first quarter earnings call. There is a back wind for the industry with OOH, and we have to take the most out of it. We showed a slide with the CAGR for 2021 and 2022, right? We're very optimistic about the performance in this year. We're very optimistic with our interactions with brands. We have basically zero churn in 2023. When you think about the main customers, the main clients, we have remodeled the commercial department for some of our friends. Also thinking about how we sell and the audience, the ads are getting better and better, the growth in new geographies. It is, it really is a scenario that makes us confident that this crisis is gonna be weathered if it does come, and it may be to the side of our business, right? It won't be so impacted. We're confident, we're disciplined, and very attentive to possible improvements and growth. Just to complement the question around the EBITDA margin. We had 45% in EBITDA margin in the last quarter. Of course, the fourth quarter is seasonally the strongest quarter we have in the company. Other quarters with lower revenue also have lower margins. The year has got 33%, which is comparable or even higher than what we used to do when we compare the acquired companies in 2019. As for our main focus when it comes to projects with better margins, we isolate Eletromidia, for example, focusing on buildings or Otima in street furniture. They had a margin that was over 40%, that's what we're going to be pursuing. We won't achieve that in 2023. There's still a lot of projects being rolled out, we plan to get there. Of course, the first quarter, seasonally, as you said, Bernardo, is weaker when it comes to revenue, that reduces our margins too. We had a very good first quarter. It's clear. Thank you. Thank you, Guerrero. Thank you, Ricardo. Thank you, Bernardo. Lucas Chaves from UBS has a question. You may start your mic, Lucas. Thank you, Guerrero, Ricardo, for taking my question. Congratulations on your results, I've got two questions as well. On the Investor Day, you talked about some opportunities to expand the core business, right? You spoke about 25 cities, 50,000 buildings. How do you see that in 2023? You mentioned that you're already in nine cities. You're present in nine cities. When it comes to expansion of the core business, right? As per what you said in the Investor Day. My second question has to do with CapEx. If you think about the Otima assets as well, what are your expectations for 2023? Thank you for your question, Lucas. Well, that's right. The core business expansion continues to accelerate. We published our Material F act with Tembici, allowing us to go into new capitals. There are new concessions, public and private concessions, that are gonna be confirmed this year. If they are confirmed, we're going to be joining these concessions. We're going to bid. There's organic growth also installing screens in residential buildings. We understand that the scenario will continue in the coming three years. We have two to three years ahead of us that will allow us to consolidate, the opportunities remain in the verticals that I mentioned, these are the verticals that have the best margins for our business. Would you like to talk about CapEx, Ricardo? Okay. As for CapEx, we have invested in devices and equipment. That was a BRL 83 million investment, we expect to increase this investment in 2023. We have been very disciplined when it comes to capital allocation in this period where interest rates are higher. We have been very cautious in our capital allocation discussions. We plan to have a marginal increase in 2023, investing mainly in the assets where we see a short-term return on investment. We also have the concession fee payment that has to do with the Salvador concession. All right. That's very clear. Have a great Friday. Thank you. Our next question comes from Thiago Kapulskis from Itaú BBA. You may unmute your mic. Hello, everyone. Thank you for taking my question, and congratulations for your results. My first question, I know that we still need the antitrust approval when it comes to the transaction with Globo, right? If you could, talk a little bit about synergies and what you can do. New partnerships beyond the ones that you already have for content distribution. Anything that you can really say about this is going to be interesting to me. Also if you can talk a little bit about your pipeline for new geographies in 2023. 2022 was a very intense year, right? With a lot of new things taking place. You had a lot in your pipeline that you executed. Do you think that 2023 is going to be an intense year as well, or is it gonna be a bit quieter? Thank you. Good morning, Thiago. Thank you for your question. As for the Globo investment in our company, we need to wait for the antitrust authority approval. In the next 20, 40 to 60 days, we should have this confirmation. Globo is going to have a seat in the Board of D irectors and a seat in the S trategy Committee. Globo is one of the largest media companies in the world, one of the largest content production companies in the world. Having them in our strategy discussions in our board is very valuable for the company. We haven't planned anything when it comes to synergies or commercial models with them. This step is a very good sign. We're really excited because that really shows we're on the right track. It shows that we can have a good type of complement when you see Globo going for one part of their journey and we're going for the other part of the consumer's journey. This can really take us to opportunities that aren't so obvious. These discussions can open up ideas that are not that obvious, and that's what we have for the partnership with the Globo TV station. As for your second question, there is a challenge this year to implement the concessions from the past years, especially from 2022. There should be new opportunities. They are being mapped. Of course, we're not gonna mention them for strategic reasons, unless they're already public. There are other inorganic opportunities that we're attentive to. The cost of capital is higher, and that needs to be taken into account, but there are countless opportunities out there. A company like ours that has been accelerating growth since 2013 with our main growth avenues, we're going to continue to execute and seize the best opportunities that make sense for the present and for the future of the company. I think that we can have a year with many opportunities, but we are only talking about the public ones for now. That's very clear. Thank you very much, Guerrero. Thank you, Ricardo. Congratulations on your results. I would like to remind you that if you'd like to send a question in writing, you can use the Q&A icon at the bottom of the screen. If you'd like to actually ask a question using your microphone, you can raise your hand so that you can unmute your mic. Please wait while we collect more questions. We have a question from Rafael Santos. Do you believe that the use of data and Eletromidia Ads contributes to the average ticket to the clients? How much so? How does that impact margins, and how should that behave in the future? Thank you. Thank you, Rafael, for your question. Good morning. Sales with data and with indicators is very useful, not only for companies like ours that will focus on best use of inventory, but also for the client, because the client can be more and more accurate. If a client is more accurate, the client is happier. If the client is happier, the client invests more. This is a virtuous cycle that allows for better structured and better offers to the brands. That doesn't necessarily go through the average ticket, but through an increase in general investment. Establishing a good relationship with the brands and agencies is important, and setting the investment at the right level, all of that can increase revenue. And we're looking less to the margin. What we're looking towards is how to sell better. That's what we're putting our efforts into. How can we be more efficient with the brands we work with? We believe this is a virtuous cycle that will feed back into more investment. This should be more and more sophisticated as time goes by, because as we use the platform... I mean, when you create a platform, it is perennial, right? You'll be able to implement and deploy improvements to sell more on scale. The platform allows us to grow on scale, and that is transformational. We can be a company that is multiplied or grows a few fold its own size in the future because the platform is feeding us with data that allows us to grow our business. We have one more question from Rafael Santos. Concessions often reduce profit margins because we have many companies competing for the same business. What do you believe is the item, the competitive edge that Eletromidia has so that you can keep the high margins that you already have? Thank you for your question. We're a national company. We're present in 20 different states, in 78 cities, and we operate in five verticals that allow us to sell in a standardized way, especially when it comes to digital advertising. That creates a network effect that is very beneficial when we see it from the advertiser's perspective, because they can follow their marketing strategy with less attrition. A player can have a nationwide campaign that is 100% digital. We can then get better investments from the companies because we become more relevant in media decisions. Whenever we speak about going into a new city, a new geography, we don't necessarily have to create operations from scratch. We don't need to hire a CEO, a CFO. We don't need to create everything for that location. With that, we can really make use of the synergy. We have been investing heavily in technology to improve how we sell not only to larger advertisers, but also to small and medium-sized advertisers. That also helps us become more competitive when we're talking about concessions or anything that has to do with bids, for example. Again, if you'd like to ask any questions in writing, you can use the Q&A button. If you'd like to ask your question per audio, you just have to raise your hand and wait to be unmuted. We have a question from Hiury Goulart from Trilha Investimentos. The consolidated margin from Eletromidia is result from the verticals mix of the company, and that changes quarter to quarter and year to year. Thinking more pragmatically, in what segments do you see changes or movements in the margins? Thank you for your question, Hiury. When it comes to buildings and streets verticals, we are going to grow physically and economically. These two verticals can grow with more elasticity and better margins. The other verticals have a commercial model with fixed price and transfer, and that drives the lines of how much you can capture in terms of margin. Buildings and streets are the greater verticals where we have the business models being a bit different. We have increased our inventory in some verticals, and that has an impact on the revenue as well. The sales mix won't change so much quarter by quarter. We have been increasing the inventory in some verticals specifically. In each segment, as Guerrero said, we have an operating leverage that is substantial, and a substantial part of the costs are fixed. An increase in revenue has an impact on the margin. We'll continue to focus on projects with better margins. That will allow for a better consolidation. We're now concluding the Q&A session. I'd like to turn the floor over to Mr. Alexandre Guerrero so that he can make his final remarks. Alexandre, please. Thank you, everyone. Thank you for joining. Eletromidia would like to thank the whole team. You've been helping us build a more interesting company, help us generate results and value to all stakeholders and transform cities. We'll continue very confident and on our journey, working hard to have a company that is more interesting. Our RI... IR team, pardon me. Our IR team, myself and Ricardo, we're available for any conversation. If you haven't ever been to our office, we'd like to invite you to come, and it would be great to talk to you. Enjoy your Friday and the weekend. Thank you very much. This is the end of the video conference for the fourth quarter earnings and 2022 fiscal year of Eletromidia. Thank you very much. Have a great day.