Good morning, welcome to GOL's first quarter 2023 results conference call. This morning, the company made its results available. After GOL's presentation, we'll start the question and answer section for investors and analysts when further instructions will be provided. This event is also being broadcasted live via Zoom and may be accessed through the company's website at www.gol.com.br/ir. We would like to inform you that all participants will only be listening to the conference during the company's presentation, participants will also be able to send their questions on the platform that will be answered by the management during this conference call or by GOL's investor relations team after the end of the conference call. As now, participants are able to submit their questions through the Zoom platform. You just need to click on this Q&A button located at the bottom of your screen and then type your question. Before proceeding, we would like to emphasize that forward-looking statements are based on the beliefs and assumptions of the company management, and on information currently available to GOL's. They involve risks and uncertainties given that they are related to future events and therefore depends on circumstances that may or may not occur. Investors and analysts should consider that events related to the macroeconomic scenario, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. At that time, I will hand the floor over to Mr. Celso Ferrer. Please, Mr. Ferrer, you may proceed. Good morning, everyone. We appreciate you joining us today. This morning, we post our Q1 2023 earnings release and a slide presentation on Gol's IR website. We will make some brief comments and shoot straight through to your questions. As you saw our numbers, 2023 is off to a strong start for Gol with a record net operating revenue, recurring EBITDA and yields. Delivering safe and reliable air travel remains our top priority, and no airline does this better than Gol. I would like to thank you, our Team of Eagles, for all they do for our customers each and every day. Their dedication, professionalism, and hard work are the foundations of this company. We delivered consistent operating results, even surpassing the fourth quarter last year, which is usually our peak seasonal quarter. In the first three months of 2023, we transported approximately 8 million passengers to more than 200 markets, totaling more than 57,000 departures, an increase of 17% comparing to first quarter last year. We now have a flight every four minutes taking off or landing at Congonhas, one of the most important Brazilian airports. We continue to improve our operational efficiency. Supply, measured in ASKs, grew by 11% over first quarter 2022. Simultaneously, with an improvement in load factor by 2.3 percentage points to 83.3%. The utilization of our operational fleet increased by 6% and reached 11.7 hours per day, which is consistently with the utilization we used to have pre-pandemic. Around 40% of this quarter ASKs were produced by Boeing 737 MAX aircraft, which provide improved efficiency in fuel consumption per hour operated. GOL continues to be the airline with the lowest unit cost in the region, even with a spare capacity to further dilute costs. Our objective this year is to resume the high fleet utilization and increase its productivity by investments and bring back all of non-operating aircraft. We remain committed to improving our operational efficiency, leverage by increasing aircraft utilization. Combined with a winning proven business model, we will sustain our unit cost advantage over the competitors. The expansion of our offer in the domestic market with an increase in regional flights and in international routes remain a fundamental piece of our plan for profitable growth. In the domestic market, we reached to a mark of 70,000 additional seats during the Carnival holiday this year, which were mainly allocated to Salvador, Rio de Janeiro, Recife, and Fortaleza. At the peak of the holiday, we reached 790 departures per day, about 10% above the average of departures in 2019. In the international market, we continue to resume our capacity, registering a growth of around 250% comparing to first quarter 2022. Focus on the increase in our presence in markets like Argentina and in the United States. This quarter, we also announced the codeshare agreement with TAAG Airlines of Angola, which adds 13 new international destinations for our customers. Our recurrent unit costs, excluding fuel and the operation of our cargo fleet, reached $0.039, 7.4% higher than the previous quarter, where our offer in ASKs was slightly higher due to the market seasonality. We reached record yields and RASK. They had growth of 32% and 36% respectively compared to first quarter last year, even higher than 2019. Our unit revenue RASK grew by 38% comparing to first quarter 2022. Moving to Smiles, our loyalty program, we had an increase in our customer base by 8.4% compared to first quarter 2022, and a record sales of BRL 1.2 billion. We recently launched Smiles Viagens, a new travel agents which will enable customers to customize tourism packages easily and effectively through a single platform. The new service enables customers to create travel and leisure activity experience, provide the opportunity to purchase completely packaged air travel, hotels and tours with the added benefit of using Gol's strong network, which provides use of all the main airports in Brazil. Our expectations in that Smiles Viagens will be one of the top five largest online travel agencies in Brazil within the next five years. As for our cargo units in April, GOLLOG, fourth cargo aircraft entered into service, leveraging the partnership between Gol and Mercado Livre. With four Cs, an initial fleet of six cargo aircraft in operation, and an expansion option up to 12 aircraft in the coming months and next year. Our ancillary revenues increased 84% over the first quarter last year. Compared to first quarter 19, Smiles practically double its billing, and GOLLOG expects to reach BRL 1 billion this year, compared to approximately BRL 530 million last year. In the first quarter, Gol had a record net revenue, which means 53% and 4% above of first quarter 2022 and fourth quarter 2022 respectively. During this quarter, we also returned three Boeing 737 NG aircraft in our fleet. We also conclude the private placement of Senior Secured Notes due in 2028 with the Abra Group, Gol's controlling shareholder, in the amount of up to $1.4 billion. This operation was transformational, reducing liabilities, extending debt to matures, and increasing cash flow. We are well-positioned to grow our operating results and cash flow in 2023 and 2024 with our leading brand building on a foundation of service and operation reliability, and delivering financial results that create significant long-term value for our stakeholders. I now turn the floor over to Mario, who will present some other highlights. Please, Mario. Thanks, Celso. Good morning, everyone. Revenue for the quarter was a record. As mentioned by Celso, we continue our capacity recovery movement. Together with our focus on maintaining profitability, we once again deliver a strong operating results. Our yields and RASK reached also record values and increased by 32% and 38%, respectively, reaching BRL 0.485 and BRL 0.438. We achieved growth in the average ticket fare, supported by strong demand from leisure passengers. Our sales in this quarter reached BRL 5.4 billion, 33% higher than registered in the first quarter of last year, even considering a seasonal reduction in sales during the Carnival week, which did not occur in 2022. Our recurring EBIT and EBITDA margins reached 17.1% and 25.2%, respectively. Our recurring EBIT totaled BRL 1.2 billion in the first quarter of 2023. As we plan to maintain this new level of yields and expect to have further dilution of unit costs together with the resumption of supply, we maintain our financial projections for 2023. We continue to be impacted by high fuel prices that is around 25% up compared to first quarter of last year, which ended up being a decisive factor in increasing our recruiting unit costs on the same basis by around 20%. As for the cash flow, in the quarter we had BRL 5 billion of operating inflows. This generating an operational cash flow of BRL 1 billion, excluding interest expenses on debt, despite the impacts in the fuel price increase. As mentioned by Celso, with the placement of the Senior Secured Notes due in 2028 with our controlling shareholder, Gol retired approximately BRL 5.6 billion in debt and opened a new source of liquidity of approximately $450 million. With this transaction, Gol reduced its leverage by 1.6 times to 7.9 times in the methodology that use seven-time leases, that is six times under IFRS 16. Using pro forma numbers in IFRS 16 and excluding the Senior Notes, 2028, Gol's leverage was 4.6 times. The total liquidity increased by 36% to BRL 4.4 billion. We will remain very focused on balancing debt reduction opportunities and investments in the business while achieving the appropriate levels of liquidity, leveraged by the consistent recovery in our operating results. The company's successful liability management during the pandemic positioned us into a leading position with the lowest short-term debt ratios among our competitors. I turn the floor back to Celso. Thank you, Mario. We continue to be optimistic about demand, even now for the second quarter, seasonally the weakest of the year, we reaffirm our commitment to initiatives that increase productivity and maintain profitability. As the industry leaders with a proven strategy and the strongest execution track records, Gol is well-positioned to build on its momentum in 2023. We are confident in our ability to deliver significant improvement in earnings and free cash flow going forward. In closing, I would like to thank you again for the Team of Eagles, for the elevated service they provide to our customers every day. I'm incredibly proud for their fundamental role in rebuilding the best performing airline in the region. Operator, you may initiate the Q&A session. Thank you. The conference call is now open for questions from analysts and investors. If you have a question, please click on the Raise Hand button located at the bottom bar of your Zoom screen. If at any time your question is answered before it's your turn, press the Hand Down button to leave the queue. We'll ask you that when your name is announced, speak close to the receiver of your device so that everyone can hear you clearly. Participants can also submit written questions throughout the platform. Just click on the Q&A button located at the bottom of your screen, then type your question. Please hold while we'll pull for questions. Our first question comes from Michael Linenberg from Deutsche Bank. Please, Mr. Michael, your microphone is open. Okay. Can you guys hear me? Yeah, Mike, go ahead. Celso, Mario. I guess I have two questions. One, congrats on a good March quarter, a strong March quarter. Where can you just run us through on the liability management/restructuring, what are the next steps? I know that there is an anticipated rights offering, and I think it has to occur within a certain time frame. Can you just sort of in, you know, broad terms, tell us what to expect over the coming, you know, I guess it's really over the next 12 months or so on the timing on that. Thank you. Then I have another question. Hi, Mike. This is Mario. Hey, Mario. Hello. we are pretty focused on continue to deleverage the company and reach that level five times leverage. As we mentioned that if we exclude the senior note 2028 on the calculation with the current EBITDA that we're expecting, the leverage gonna be going down to five times. You remember that on most of the times that we presented as a future plan in terms of leverage in order to get back to more normalized leverage, that's gonna be our main focus. We don't have specific timing to do that. You know that Abra has the, you know, the time in order to decide in terms to make the second step in terms of these exchange with Senior Secured Notes over the course of the maturity up to 2028. That, you know, decision in terms of rights offering, we expect to do this very, very soon, but we don't have a specific timing. Definitely we're gonna be focused to do this. Okay, that makes sense. That, that it's, that's, it's an Abra decision, but it sounds like it's gonna happen, you know, sometime in the imminent future. My second question is just in the release, you highlighted that there were some adjustments that were made to the network, and you specifically called out Congonhas, Brasília, and Rio. I guess, Celso, this is sort of like a two-part question: With Azul adding a lot of new service in Congonhas, you know, like what has been the competitive, you know, any sort of noticeable competitive changes in that market? Is this re-network restructuring that you referred to in the piece, it maybe just, you know, rebalancing your aircraft between those three airports? Thanks for taking my question. Thank you, Michael. Good morning. Good morning. First thing, what we call the restructuring is not, I think restructuring is a strong word. I think what we are doing is as we grow the ASKs and as we go through the seasonal movement in Brazil, which is normal for the year. We exchange, we invest in one airport more than the other, and then we go. For Congonhas, we are operating our full capacity there, which means one departure or landing every four minutes. We have a very strong network in place right there. Azul entering this market. Actually, Azul launched three new markets, which is Brasília, Porto Alegre, and Curitiba. What we are seeing so far is that Azul came more in a cautiously approach, rational approach to those markets. Our main concern right now regarding Congonhas is the operational capability of the airport itself. The new capacity came without significant improvements on runways, on taxiways. We may have a new X-ray machine, but we don't have enough buses, we don't have enough taxiways. The airport is crowded at this point. Okay, okay. Our main concern is with the level of service to our customers at this point, and delays. We are investing in our operations right there. We are running within the same OTP marks of the competition in Congonhas. Mm-hmm. That's what we want to improve. The big concern is for the high season, how can we, as a Brazilian sector of aviation, can dealing with this very busy airports, not only Congonhas, but also Santos Dumont. At Gol, what we did is we are isolating Congonhas and Santos Dumont within a system where we can operate those two airports in a very high-frequency mode, all the shuttles from Congonhas and also launching new shuttles from Santos Dumont to other places. We can isolate this, let's say, this aircraft from the rest of the network that normally runs with a better on time performance, better regularity, and that's what we are doing on Congonhas and Santos Dumont. Great. Thanks, thanks for that comprehensive answer, Celso. Take care. Take care. Thank you, Mike. Our next question comes from Daniel McKenzie from Seaport Global. Please, Mr. Daniel, your microphone is open. Hey, good morning, guys. Can you hear me okay? Yes, Dan. Good morning. Okay. Yeah, excellent. Congrats on the quarter. You know, I guess my first question here, we had a better than expected first quarter, yet you left the full year outlook unchanged. I guess my first question is if that's just conservatism. Then secondly, to clarify the, you know, sort of the earnings roadmap from here to get to the full year profit, you know, it looks like when fares drop, there's a surge in demand. I'm just wondering if you can speak to pent-up demand and the pace of the corporate recovery from here. I guess, you know, is the, you know, the... As we think about the roadmap for this year, is it just simply one more challenging quarter before we exit on a steadier profit footing and is that a fair characterization, I guess? Hi there. Good morning. It's Celso. Thank you for joining us, thank you for your question. Yeah, first quarter was better than expected on the revenue side. As always, we have been adjusting capacity to look at how was our network in January, then in February, we cut almost 30% of the capacity that we flew in January to February. We are managing the capacity to make sure that we are gonna leverage results in a way that we are flying with higher load factors than the industry. We are doing exactly what you said, which is, I mean, we are inside the aircraft today. I mean, we have different segments and one more inelastic, which is the corporate, which again, corporate is not there yet. We are improving quarter by quarter, but it's always behind a little bit of our expectations. The good news is that on the leisure side, on the VFR side, we have been able to stimulate the traffic and fly with 83% load factors. We have different pricing strategies for the same flight. We have fare bases, which is for the segments more in the inelastic segments, the short APs, whereas we are still stimulating demand because I agree with you that there is, I mean, a lot of people who wanna fly and the growth we expect for the high season months and to reach our guidance is exactly based on that. I mean, there is demand. We are, of course, cautiously adding capacity, making sure that we don't lose control on the cost side, especially on the fuel prices. I mean, we had a very bad experience last year when the fuel spiked, and we had, like, our flights already sold. We are being very cautious to make sure that we have the right booking curve building process for the every flight. We expect to keep the yields at this level. I mean, we don't expect a big change in the macro yield level. During the seasonal months, we expect to sometimes stimulate more the, let's say, the low entry level of the curve, whereas keep the fares on the short APs at a very high health level. We are seeing the competitors also, on a more rational approach. Yeah, that's perfect. Thanks. Another question here. It looks like CapEx has largely been financed, the question is, you know, can cash build from here, or is the priority to keep cash essentially flat and, you know, instead de-leverage as fast as you can? Hi, Dan. You're right. Our priority is to keep. You don't expect that the cash is gonna be changing significantly over the course of the year. Every surplus of cash is gonna be reserved in order to reduce the backlog of maintenance that you know has been one of our main priorities since the end of pandemic. We are now delivering the results, but remember, they're still carrying some idleness on the fleet. When we can address that idleness, and put back all the aircraft that is no operational right now under operation, and we have this capacity deployment over the second half of the year that, as Celso mentioned, you know, most of the profitability has been concentrated by building that profitability in the second half of the year and depends on those investments that's gonna be required to put back those aircraft. That's gonna be the main priority. The cash is gonna be reserved for investments and continue to leverage the company. Yeah. Perfect. Thanks for the time, you guys. Thank you, Dan. Our next question come from Stephen Trent from Citi. Please, Mr. Stephen, your microphone is open. Yes, good morning, guys, and thanks very much for taking my question. I apologize if you already mentioned this, as I ended up joining the call just a little bit late. I was curious, when we think about the Smiles program and the revenue generating today, you know, what's sort of the view on a long-term basis regarding how big this program could become? Is there potential for Smiles to actually collaborate, for example, with your partners at American Airlines? Thank you. Hi, Stephen. Good morning. Celso speaking. Morning, Celso. Morning. A very good question. I mean, the numbers of Smiles are really, really growing. Like I said, it doubled the size since 2019. I mean, we have already started an international expansion of the program, so we now have Smiles in Argentina. We have a management there, we have a company there, and we like that model. We will probably continue on the region, expanding the program. In Brazil, we are expanding the services. We are launching new products every day and make the program even more attractive. I think the main big step forward will be with Abra, where we have been working now really, really close to the Avianca team and also with the Abra management, to make sure that we address all the synergies possible. The synergies on the Abra Group will be focused on revenues. I mean, we are not talking about two companies that has a tremendous overlap that we will start to cancel flights to make sure that we will have pricing power. That's not the strategy there. The strategy is to create value. In that specific question, we are talking about the two top two frequent flyer programs, LifeMiles and Smiles. With this group together now, we think we can grow a lot the size of Smiles within the region and the customer base. Great. Great color. Really appreciate that. If I could just kinda wiggle one more in, just very quickly. You know, the U.S. airlines, there's a lot of talk up here about how demand patterns have changed and how ticket purchase patterns have changed and less close-in bookings than there used to be. You know, I'm wondering from a high level, if you could provide a little color on, you know, what you're seeing in your markets. Thank you. Good question, I'm also following what is happening in U.S. My impression is that, I mean, some steps behind what is happening in U.S. I think the corporate market in U.S. recovered faster than ours, and now they are starting to see this differing pattern, how they book, et cetera. While in our case, we are still not there. On our corporate side, we are still between 75% and 80% of the, let's say, previous demand, pre-pandemic demand. While we have large corporates, still at 50% of they used to be, so... We are seeing slightly growth in the corporate quarter-by-quarter. We don't expect for the second quarter right now or even for the third quarter right now, a similar pattern that the domestic U.S. are seeing because we are still recovering. I think that we still have this upside on the corporate to be incorporate into our bookings. Okay, I'll leave it at that. Thanks for the color, Celso. Thank you, Stephen. Our next question comes from Matt Roberts from Raymond James. Please, Mr. Matt, your microphone is open. Hey, good morning. Thank you all very much for the time. My first question is on your capacity planning, and how you're thinking about that. I mean, for 2Q, I think scheduled that I'm looking at 17%. Is that accurate? How do you foresee that progressing throughout the rest of the year? Sorry, Matt, can you repeat your question? I'm not- Yes, sir. Basically, just on capacity planning, how you're looking, you know, each quarter to get to that full year target. 2Q, I'm looking at, you know, scheduled data is at 17% year-over-year. Is that accurate? How you expect that to trend throughout the rest of the year? Okay. No, I got it. Yeah, we are confident with the guidance we put in place. Besides the challenges we may face with MAX delivery, we still have planes on the ground that we can, and we are focused on this and bring those planes back. The idea is to set the same number of aircraft flying independently if it's a MAX or NG for the second half of the year. The growth that we are talking here is basically on the high peak seasons that we have here is July and especially the fourth quarter of this year, where we normally fly much more than the low season. As you know, we have managing capacity on a more aggressive way than the competition month by month. The growth will be much more concentrated in those high peak months. Exploring new opportunities in international markets as we are now a part of Abra. The synergies will be through network expansions. Very helpful. Thank you for the additional color there. Quickly, on the status of the ticket tax suspension, do you expect that to get extended beyond May, or how are you thinking about that? Thanks again for the time. Matt. We expect to be extended, basically because yesterday we had an approval on our in our Congress. There's still a progress approval to be made by the Senate next week, but we are confident that this tax exemption will stay for until 2026 at least. That's an upside regarding our projections now, because we only. We had, of course, the benefit on the first quarter, but we were not projecting for the entire year yet. Very good. Thanks again for the color there. Let me take the opportunity to. We received some questions on the Q&A platform. Let me put some of the questions out here on the webcast. There's a first question that is asking to provide more color about the increase in CASK, CACU, the main driver, compared to the fourth quarter, and how we should expect to be in the second quarter of this year. Basically, there are mainly three drivers, two drivers that impacted the increase on the cost. First is related to maintenance. You can see there's increase around 80 million BRL of maintenance compared to last quarter. That was basically related to the anticipated redelivery of some aircraft. We were expecting to return four aircraft this year, where basically three aircraft has been concentrated in the 1st part of this year. Two aircraft has basically postponed from the 4th quarter. You probably see 4th quarter in terms of the maintenance line being much lower than was the historical trend for this line. That was postponed now to the 1st quarter. Also we have basically some of the contracts, especially for passenger services and airport fees, has an impact of annual increase in terms of inflation in Brazil. You know, in this quarter, even though we carried the same number of SKs in terms of departures, was a little bit higher, so we carry more passengers, and also, we make some adjustments in our stage length. We reduce the stage length in order to deploy more directly routes, having more higher departures than what we have basically in the fourth quarter that have more connection routes. That's impacted passenger service and airport fees as well. We expect that the CASK ex-fuel is going to be neutral to the first quarter. Basically, we have the seasonality within the year. In our guidance, we expect that the CASK ex-fuel in US dollars to reach a level between $3.5-$2.6. As long as we start to continue deploy the capacity that has been preserved during the pandemic, we still have the opportunity to further dilute our costs and have CASK ex-fuel in the second semester of this year lower than the current quarter. Everything is on track. Nothing was deviating in terms of what to expect in the projections, as most related to the season. The second question that basically most of we received here in the Q&A session was how much of the $450 million was entering during the quarter, and when expect to obtain the approximately $300 million of not received. We have around $140 million that has been recognized this quarter. $40 million has been basically proceeds, costs for the mission, and the remaining was basically what we already lent this quarter. There's no specific timing for the remaining $300 million. Most of those proceeds is gonna be invested in the company over the course of next quarters, according to the necessity in terms of the investment necessity of the company. There's no any restrictions, but there's no specific timing on that. While the operator continued to work on prompting the questions, there was one additional question as well. That was how advanced the ticket sales remain very high at BRL 3.1 billion. How the booking curve is now behaving between the second quarter 2023 compared to second quarter 2019, and how we expect this booking curve to evolve. As we have been consistently delivering in all quarters, our load factors has been achieving levels beyond 80%. This first quarter, we have a very strong load factor at 83%. We expect that this 80% load factors continue to be consistently delivered over the next quarter, into a yield that is higher compared to 2018. The booking curve right now for second quarter has been in the same pace, where we have been controlling the capacity for the second quarter. We expect that by matching the high season the second semester of the year, we expect that capacity gonna start to ramp up over the course of the second half of the year in order to reach almost the stable or flattish level capacity compared to 2019 in the second semester of the year. I see more people in the queue of the Q&A session. Please operator, you can move on. Our next question comes from Pablo Monsiváis from Barclays. Please, Mr. Pablo, your microphone is open. Hi, thanks for taking my question. I just wanted to have a little bit more visibility on the working capital evolution. It's kind of a follow-up on previous call, on previous question, sorry, about the booking curve and the air traffic liabilities. What should we expect for working capital to behave for the next three quarters? Thank you. Pablo, thanks for the question. We expect a more neutral working capital going forward. Receivables is gonna be continued to grow according to the increase in terms of the revenue. The revenue gonna be increasing as a combination of the capacity. Additional capacity is gonna be stronger for the second half of the year. They're basically not additional capacity, but the capacity has been preserved since the beginning of pandemic. We are matching that capacity deployment according to the expected more stronger demand that is usually in the high season of second quarter and second semester. Stable suppliers payables. We expect to continue to maintain payment terms with most of the stakeholders. We expect to be neutral in terms of working capital, where most of the cash generation that was gonna be embedded to the beach that is gonna be focused on the investments and the CapEx that was needed in order to go operate the company with the capacity expected for the second semester of the year. Okay. Thank you very much. Wait while we pull for questions. There's one question that we already answered in the Portuguese webcast, but they're gonna be repeat here and maybe Celso you can emphasize that. What is the impact of the ticket tax exemption for the first quarter and what you expect the balance for the year? There's also one other questions that is, are the yields coming under any pressure with lower fuels or is the industry holding price? Please, Celso. Thank you, Mario, for the question. The tax exemption was already in place for the first quarter of the year, which generates around BRL 130 million in net revenues benefit. If we had the approval, we expect to be an exemption of BRL 500 million year round. 130 in the first quarter, 500 would be the total number for the 2023 guidance that we share. It's important to highlight that this is not on the guidance, so why we still need to wait for the approvals. In your second questions, if there is any pressure on yields because of the fuel prices. My view is that the fuel prices are still very high, so there is a volatility. In February, for example, we had 10, 13% increase in the fuel pricing in Brazil. Now we have 10% decrease. If you look at the level of the, what we are paying at the fuel pump is still quite high, so I don't see room for any yield reduction because of that. I think any yield pressure will come from overcapacity. That's why we are leading those rational movements market by market. We're not talking about, let's say, the domestic as a whole, but market by market, making sure that we keep the unit revenues at the right momentum that the industry needs at this point. There's two remaining questions mostly related to cash flow. First is how we are guiding the cash flow for this year and how has been compared to 2019. Back in 2019, if you looked in terms of EBITDA expectations, that EBITDA was delivering back in 2019, that was around BRL 3.9 billion, close to 30% EBITDA. That was the number, a margin that generated free cash flow. We are expecting now 24% that related to the expected rental payments, the net CapEx of BRL 600 million, and also the financial expenses of BRL 2.1 billion that was gonna be delivering a neutral free cash flow this year. You know, that is basically neutral, and we expect to continue for the increase, you know, along the next coming years. As we mentioned, that expected EBITDA is gonna be important to really put the company in terms of leverage below five times, considering the current debt structure that we have in our balance sheet right now. There's one question that is how much is the current receivable due to lessors in the first quarter? That number is has been neutral compared to the fourth quarter. As you saw, back in December, we issued $196 million, around $200 million of Senior Secured Amortizing Notes. That was basically a refinance of the commercial debt that we have with lessors that has been switched to a private placement instrument that support the company in order to extend by almost three years, 3-4 years, most of the maturity that is gonna be falling in terms of repayments of the deferrals in a much shorter tenure. Most recently, we also disclosed a re-tap. Additional notes of $26 million of additional deferrals that has been included into this structure. Besides that number, you know, what you see in our balance sheet, that is around $100 million is the number that is the volume of the leases is still not included in this transaction and has been negotiated between the company and the lessors. Those are the questions that I received here in the Q&A session. Please operate it, getting back to you if not have any additional questions so we can move forward. Thank you. This concludes today's question and answer section. I would like to invite Mr. Celso to proceed with the closing remarks. Please go ahead, sir. I hope you're enjoying today's webcast. I would like to take the opportunity to thank you again, our team, for the incredible quarter that we just released at this point. I mean, step by step, we are bringing back the whole Gol profitability and also productivity. Thank you very much again. Our investor relations and communications team are available to speak with you as needed. Thank you all, and have a great day. This does conclude Gol's Airline conference call for today. Thank you very much for your participation, and have a wonderful day.