Good morning. Welcome to GOL Q2 2023 results conference call. This morning, the company made available its results. After GOL's presentation, we will initiate the Q&A session for analysts and investors, when further instructions will be provided. This event is also being broadcasted live via Zoom, and may be accessed throughout the company's website at www.voegol.com.br/ir. We would like to inform that all participants will only watch the presentation, the event during the presentation, and then participants will also be able to send their questions on the platform, and they 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 of now, participants are free to submit questions throughout the Zoom platform. You just need to click on the Q&A button located at the bottom of your screen and type your questions. Before proceeding, we emphasize that forward-looking statements are based on the beliefs and assumptions of company's management and on information currently available to GOL. 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 conditions, the industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. At this time, I will hand over to Mr. Celso Ferrer. Please, Mr. Ferrer, you may begin. Good morning, everyone. We appreciate you joining us today. This morning, we post our Q2 2023 earnings release and a slide presentation on GOL's investor relations website. We will make just a few briefing comments here and shoot straight through your questions. Thanks for the great work of our team of Eagles. We announced record revenue and operating margin for our Q2, which is the seasonally the weakest one in the year. We were also recognized as the best airline in South America by APEX Passenger Choice Award 2023, crowning all the efforts of our best professionals in the industry. Also, according to Abracorp data, the Associação Brasileira de Agências de Viagens Corporativas, GOL consolidated its leadership in the H1 of the year as leader in the corporate market, demonstrating that business passengers prefer to fly with us. All of this reflects the strengthening of our network, both domestic and international, our unique low-cost business model and GOL differentiated brand. This reflects the consistent recovery in demand, currently more supported by leisure, with a gradual but slower than expected recovery in the corporate demand, which has brought an important contribution to our fare discipline. During the autumn period, we expanded our capacity by 14% over the Q2, 2022, reaching around 91% of our 2019 capacity, even surpassing 100% on selected days, highlighting the growth in São Paulo, connecting main largest airports and markets as our position to capture corporate passengers. We also connect new regional destinations with our own Boeing 737 fleet from the capital of São Paulo, both airports, to Caldas Novas, Caxias do Sul, Foz do Iguaçu, Juiz de Fora, Maringá, Presidente Prudente, Uberlândia, and São José do Rio Preto and Ribeirão Preto. This is the way to provide low cost and available and good fares for everyone in Brazil. In the international market, the company started to grow its flights at a stronger pace now, in 73% versus last year, reaching around 63% of its 2019 capacity, mainly in new flights from Gru to South America and from Brasília to Florida. Between April and June, GOL transported 7 million passengers in more than 55,000 departures. This represents an increase of 20% in both metrics compared to the Q2 last year. Our total unit revenue per ASK, our RASK, grew 12.2%, while our PRASK, passenger revenue per ASK, grew 8.9%, demonstrating the potential that the company has been unlocking in its revenue diversification initiatives. Yield grew by 9.5% in the period, which demonstrated that we have been delivering efficiency and dynamic management of our fares through capacity control. We maintain our discipline approach to cost to further drive productivity, as shown in our better efficient and productivity indicators. Excluding the effects of the cargo fleet, our unit cost decreased by 80% compared to last year. The unit cost, excluding fuel, remains stable, down approximately 1.5% on the same comparative basis. We kept our unit costs under control, even with a decrease in approximately 5% on an average tenth lane due to the growth in the number of departures, especially because we are flying more in shorter routes and also regional markets. The utilization of our operating fleet remain at elevated level of performance, reaching approximately 11 hours per day, an increase of 6% comparing to last year, while fuel consumption per hour of operation remain in line in the comparison in the same period. Our loyalty and cargo business have demonstrated improvements every quarter and made an important contribution to the results for this quarter. Smiles increased its total customer base by 8.3%, and reached over $1.2 billion in revenues, another sequential increase versus the previous quarter. The cargo unit, our GOLLOG, record even greater growth, more than doubling its quarterly revenue, mainly due to the contribution of dedicated cargo operations with Mercado Livre, which in this quarter, received the fourth dedicated aircraft from a total of six this year, with a potential to increase up to 12 planes. As a result, our cargo, loyalty and other revenues increased by more than 72% comparing to the previous year, reaching BRL 425 million. We continue to prioritize reliability, profitability, and strengthening our balance sheet. Consumer demand for air travel remains robust, and we are retaining our 2023 outlook for earnings per ADS of approximately $0.20, and net debt over EBITDA rate of around 6x. Although we have reduced our projections for the overall capacity for the year, H2 will be stronger, and we expect to intensify our efficiency and productivity metrics by reducing the number of non-operating aircraft, and we hope that with our low-lowest cost structure and commitment of our team of heroes to deliver the best customer satisfaction, we will further strengthen GOL's competitive advantage in the market. I'm now turning the floor over to Mario, who will present some additional highlights. Thanks, Celso, and good morning, everyone. I reinforce Celso's message of consistency in operating results. Our record revenues with margins above 20% on recent quarters. Our strategy is underpinned by a commitment to financial performance, with the focus on recovering the free cash flow for our current operations, we are going to deliver it with a combination of supply recovery, with consistent delivery of profitability. Talking about sales, we reached more than BRL 5 billion this quarter, the highest for the Q2 in the GOL's history, 7.3% above 2Q22, when there was a strong recovery in demand after a prolonged period of uncertainties due to the pandemic. Our yield and RASK also established new levels for the period, growing by 9.5% and 12.2% respectively, reaching BRL 0.47 and BRL 0.40. With an integrated and proven commercial strategy and the best people in the industry, we have significant opportunities ahead. The operating margin, EBIT and EBITDA margins reached 13% and 22.8% respectively. Our EBITDA in the quarter was BRL 947 million, totaling BRL 2.1 billion in the H1 of the year. The unit cost of fuel decreased by approximately 18%, mainly impacted by the reduction in jet fuel prices in the quarter, as a combined effect of a more stable oil prices and appreciation of the real exchange rates. This reduction in the cost of fuel was fundamental for reducing our total unit cost by approximately 8%. Since the beginning of the year, GOL has maintained our X fuel unit cost under control at levels that are similar to pre-pandemic period, with the resumption of productivity in our fleet, company will reach even lower levels for the H2 of 2023. The company's operating cash flow was approximately BRL 700 million. CapEx investments amounted to BRL 300 million, mainly to the recovery of investments with spare parts and engine maintenance in this quarter in order to prepare for the high season, to the entrance of high season. Cash flow from financing activities, including amortization of financial debt and leases, amounted to approximately BRL 670 million in the period. Our leverage in the quarter was 6.7 x, using the 7 x leases calculation, or 5 x under IFRS 16, a reduction of 1.1 x compared to the end of last quarter, and 2.8 x lower than compared to the end of last year, mainly due to the increase in our last 12 months EBITDA. Excluding the facts of the senior secured notes and rents, that number would be 3.5 x. We updated our financial forecast for the quarter, highlighting mainly the increase in EBITDA margin to 25%. We remain focused on balancing our capital structure, bringing consecutive leverage reductions, and therefore an improvement in the company's risk perception. I turn the floor back to Celso. Thanks, Mario. Our positive results in the Q1, combined with greater stability in the economic environment, position us to maintain the pace of delivering consistent results during this H2. We will continue to focus on initiatives that bring us greater diversification of our revenue sources. Especially on those that enable productivity and official gains to lower our unit costs. We continue to build on our strong foundations we have led over the past years. Remain focused on reliability, profitability, and strength our balance sheet. Throughout the recovery, we made structural changes to enhance our customer travel experience and better position GOL for success. We could not do this without our hard work of our team of heroes, who are responsible for our daily moments of truth with our customers. I am incredibly proud of their role in rebuilding the best performing airline in the region. Operator, you may initiate the Q&A section. Thank you. The conference 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 screen now, or at any time after this announcement. If at any time your question has already been answered before your turn, please press the same button, named now as Hand Down, to leave the queue. We advise that when you ask your question, speak close to your receiver from 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 and type down your question. Please hold while we pull for questions. Please hold while we pull for questions. Our first question comes from Michael Linenberg, from Deutsche Bank. Please, Mr. Michael, your microphone is open. Mr. Linenberg? Please open up your microphone. Can you hear me now? Sorry. Yep. Yep, great. I was on a different screen. Sorry. Good morning, Celso and Mario. I guess one question. I have two questions here. First, can you just speak to, on slide four, where you do have, on a corporate basis, you have leading share on a revenue basis, but also on a ticket basis. It looks like you're selling a lot more tickets than the revenue that you're getting. The question is, why are your corporate yields a little bit lower than your competitors? It may not to front-run the answer, but is it because of the mix? Maybe you happen to have more exposure in, in some sectors that tend to be lower yield, maybe education versus financial services, for example. That would be my first question. Hey, Michael. It's Celso speaking. Great to speak with you, and thank you for your question. Yeah, I mean, this is, we have a different mix, of routes and also a different mix of, APs. Mm-hmm. We have less regional, and we operate in a more competitive environment. Mm. Than some of our players. We, not only in the corporate, but in the overall segments, we tend to be more kind of a low-cost approach, offering more, attractive fares, and, but managing the unit revenues like you saw, for the overall, revenue basis. Here is. The main explanation is different advanced purchases, throughout the segments. Mm-hmm. The mix of routes. Very helpful. Just my second question, on the capacity reduction, as you head into the back half of the year, you did mention that it had to do with some efficiency moves or you wanted to reduce, you know, non-operating aircraft. Now, naturally, it would have some negative impact on your unit costs, because of less capacity. When I think about the reason why you had cut the capacity, it would seem like that that would be a positive for cost. Is there anything in there about just demand, or is it more fine-tuning the network? Thanks for taking my question. Thank you, Michael. Like I said, I mean, we are reducing the overall capacity, and I mean, we cut a lot of capacity in the H1 of the year to adjust on a route basis. Mm. For the demand we were facing. This is already there, and we are also have a Q2 lower than the previous share with the market in our first guidance. We are reviewing this now. The reason is, we want to create the right equilibrium in demand and supply. We are leading the discipline in the market here, and we are gonna keep this. Even though we are doing this, we are growing the H2 versus H1, because H2 in Brazil is usually stronger than the H1, and that's what we are seeing so far, from the July and sales from future sales now. We, I mean, there's still some segments like the corporate, that's not there yet. We have a stronger VFR, a stronger leisure, but we're still flying with 75% of the passengers that we had in the, let's say, business travelers overall. We want to adjust. We want, there's also an impact of shorter stance lengths in our case, that is more concentrated now on the 737 flying regional and some shuttles, which are shorter stance length. That, as you said, there is a combination effect that is, okay, we are gonna have increasing unit revenues, also some increase in unit costs. In our case, we want to reduce the number of planes that are out of services, so we are trying to address as much as we can. We return two aircraft this quarter, the Q2, then we will return more going forward. The overall cost for us will be reduced, even though we are flying less than what we previously expect. The main driver is to keep the market in well disciplined and keep the healthy environment on, on the fares. Very good. Thank you. Thank you, Mike. Our next question comes from Daniel McKenzie from Seaport RP. Please, Mr. Daniel, your microphone is open. Mr. Daniel, please, mute your. Great. Oh, hey, good morning, guys. Can you hear me okay? Yes, Dan. Yeah. Okay, good. You know, just following up on, you know, that point of better margins from, from here, you know, you've kind of laid out some sources of revenue and cost friction. How much of the revenue and cost frictions that exist today go away in 2024? You know, how should we think about the longer term margin targets from here? You touched on lease returns, you touched on the network. It, it seems like there is a hub relocation, so it seems like there are a lot of ASKs maybe that are not in markets that are mature at this point. Anyways, if you can just elaborate a little bit more, elaborate a little bit further on margin targets as you're thinking about the company longer term. Hey, Dan, this is Celso. Good to speak with you. We are still, I mean, in this recovering process from the, let's say, the worst years we had during the pandemic. We are still managing the ASKs and bringing, trying to maximize margins, as you see, and be consistent with our guidance as we go, managing unit revenues as a primarily source of profitability at this point. In our case, we still have idle capacity. We can still reduce the cost as we deploy more planes and increase utilization. Even though we are increasing step by step, I just said that we achieved 11 hours for a Q2, it is not bad. It's not what we want. Our model is to fly more than 11 hours. Our aircraft was made to do this. Our model is to do this. We expect once we have We left all this drag still on the corporate demand, and we start to deploy efficiently, more planes, but with more utilization, we expect to further reduce our cost and improve margins. 2024, for example, we see, I mean, we are doing everything we can to make sure that we have the right number of airplane. Quarter by quarter, we expect in 2024, we have the right size fleet, flying more hours, and reduce the unit cost. By then, we expect the unit revenues to stay stable. That's why we are trying to control and lead all the capacity discipline to keep the healthy environment, like I said. With that, margins, of course, will be better. Yeah. Let me just add one point, then, you know, the margins that we're guiding now for EBITDA for this year, that basically leads us to reach the break-even free cash flow for the current operations. That is an important collection point from where we were in the last three years of COVID, definitely. If you look back on 2018 with even lower EBITDA generation of BRL 4 billion, and now we're expecting to be more close to a number that's gonna be $1 billion, we're gonna be delivering something close to 30% of the EBITDA margin. Of course, we are still not there, but definitely, if you look to our consistency in the margins on the last three quarters, reaching that particular margins that we have this quarter right now, that's the number that we produce by still carrying some inefficiencies in our fleet. That is something that we are very focused to address. You saw in our results this quarter that we have a higher maintenance activities this quarter. This basically during the low season, where we start to invest on, you know, spare parts and engine maintenance in order to really prepare the fleet or reactivate some of the idleness of the fleet, some inefficiencies to start to deploy that preserved capacity during the H2 of the year. Imagine if we have been already off this inefficiency right now. We believe that we could better improve our results and our margins when we have addressing that. You know, we are working very disciplined in order to control our costs, our CASK, you know, under US dollar, that is similar to the pre-COVID levels. If you look from compared to last year, we have been continuing to improve our yields year-over-year. As we start to deploy those capacity that has been preserved, of course, we don't expect that our yields are gonna be continue to increase in a rolling forward basis. That scenario to continue to keep the discipline on yields and also to reach better levels of cost control, that's of course gonna be, you know, leading us to improve our margins, increasing the EBITDA and also reducing the leverage. Yeah. Perfect. With respect to 2024, can you speak to potential growth, just given the moving pieces around lease returns and, you know, Boeing delays? How should we think about growth next year? Hey, Dan, we think about, I mean, we expect to grow next year. Especially the piece that we are not growing this year. Basically, what we are trying to manage is the renewal of the fleet in a good pace. What happened is that we had the MAX grounding. We received a lot of MAXs at once. We achieved, like, 38 planes during the pandemic. We stopped to receive MAXs because of the delays. What we are trying to do from now on is... We are gonna start receiving MAXs now in August, the ones that were supposed to be received in the Q1 of this year. We are gonna start to adjust the fleet accordingly, one per one, or sometimes re-reducing even further the NGs. If we continue at that pace, our approach is conservative towards the deliveries, we will be growing next year, especially in international routes. We are working now with the whole group, the Abra Group, especially on international growth in the region, that will, on our case, will sustain important piece of our future growth. Okay, thanks so much, guys. Our next question comes from Stephen Trent from Citi. Please, Mr. Steven, your microphone's open. Good morning, gentlemen. Can you hear me okay? Yeah, Steven. Good morning. Oh, great. Thank you very much. Morning. Just one or two quick ones from me. I definitely appreciate, you know, you guys are partnering with American Airlines and you have connections with Avianca through ABRA. Just as a start, you know, we'd love to hear about your longer term plans, you know, for international expansion, which maybe go beyond the U.S., South America corridor and, let's say, Brazil to Colombia. You know, how should we think about sort of the longer term international opportunities? Hi, Stephen. Thank you. Thank you for your question. You're right, we work. Our model is to keep our fleet as it is on a simple fleet type, and we expand our international routes, leveraging on our partnerships. This is what we are doing with Air France- KLM on the Europe market, and what we do with American Airlines here. We are now going to do even more with Avianca. From where we are starting? We are starting from two airlines that are, they have the same model now, the low cost. Avianca is passing through a huge transformation in expanding its network with a super strong hub in Bogota. Most of the growth will come from the integration of those networks. It's all about growth. There's no overlapping today. We are studying a lot of opportunities in the region to make sure that we can go and strengthen the footprint that both airlines has. Like, we have Brasilia, we have Guarulhos, they have Avianca has Bogota, has a strong in the Central American market. We're gonna leverage those position and start creating flights to grow this network. We are, of course, bringing more customers, integrating the customer base, but also optimizing the fleet. Most of the work is to increase utilization and use, of course, GOL planes that today we have on the ground, and new deliveries that will come to be able to allocate those planes in this new market. The intention is to really operate as a single platform, two brands, but with a seamless experience. We had the, the, the past experience of doing this, even with legacy carriers, traditional carriers, like I said before. If you ask the GOL customers today who connect with American or Air France, they see us as, like, real partners. I think every GOL flight is an American, AFKL and Avianca flight. This is the way we, we are gonna approach the market. Of course, the, the Americas are the main, the main target right now. There's no plans at this point to fly to Europe or. We want to increase the flights in the region, not necessarily only to Colombia, but also for other countries, not Brazil and, and Colombia, but. New customer base for both airlines, with flights from Avianca and flights from GOL, will create a robust offer for customers for, in countries like Peru, Paraguay, Uruguay. Also Central America. This is what we are doing right now. We have a dedicated team now in our, what we call the network stream, that is looking for a five-year plan, and making sure that we can grow sustainably or strengthen the partnerships. Okay, appreciate that. Just one very quick follow-up related to that. You know, when we think about the longer term potential, you know, beyond sort of the expansion opportunities that you see, you know, could you envision with your partners, you know, on a longer term basis, maybe joint procurement of sustainable aviation fuel, for example, initiatives along those lines? Do you think there's a possibility to see that? Yeah. I mean, of course, with the airlines within the Abra Group, we are doing a lot of things together in the procurement, we are developing also the teams to do this. With the overall partnerships we have, this is the type of agenda that we want to build. I think on the environment side, on the safety side, there is always cooperation, especially among partners. That's an agenda that we are, of course, willing to develop with them. Okay, very helpful. Thanks for the time. Thank you. Thank you, Stephen. Our next question comes from Bruno Amorim from Goldman Sachs. Please, Mr. Bruno, your microphone is open. Hi, thank you very much. I'd like to follow up on the $1.5 billion financing with Abra. First of all, if I remember correctly, last time we spoke, you guys mentioned you had not withdrawn all the cash available under this financing. Just wanted to see if you could update us on that. Have you withdrawn more cash from that line? Second, I'd like to clarify one term of the agreement. I understand there is a conversion premium on the convertible instrument of 35%, which under certain circumstances could be 15%. Could you clarify, you know, is it a premium over what exactly? Is it the share price of the day of the conversion? Is it the share price over the average of a certain period? Those are my questions. Thank you so much. Okay. Hi, Bruno, this is Mario. You know, just remember that the transaction states that Gol can issue up to $1.4 billion, that includes up to $450 million cash available for the company, where we have been disciplined deploying this cash according to the necessities, and basically focusing on reactivating the fleet and, you know, essential activities as, you know, spare parts acquisition and maintenance activities. Up to the Q1, as we disclosed, we have issued $140 out of the $450, and this quarter we have issued additional $50 million. You can see in the financial statement that the total balance that has been issued so far is, you know, around $1.2 billion. Let's see, is increase of $50 compared to latest quarter. That basically has been deployed under maintenance activities. You can see also that increase in the P&L on the maintenance line. There's basically that, you know, the way how we'll be addressing some of the grounded aircraft and returning some of the idleness back. That's basically why that has been increasing the number on this line. Also reverting some of the provisions that we have already recognized in the past. You remember that back in 2021, we also recognized some provisions in the results, so we're also reverting some of those provisions against the income statement. That basically what has been utilized so far. From the 450, we still remains something approximately $250 million that has not been yet deployed, and is still available for the company, and we are utilizing this cash in such a way that Gol can continue to create value, generate additional credit. That's the number that we have right now. Sorry, what is your second question again, please? I just wanted to clarify, one term of the convertible instrument. In the document, it says, there is a conversion premium of 35%, which could eventually become 15%. I just wanted to clarify, is it a premium over what exactly? The share price at the day of the conversion, or the average share price over a certain period? You know, just wanted to clarify that. This is, this has not, not been defined yet. Of course, you know, the company has been working on that, but, you know, there, there's not exactly time. But, the conversion premium is above what is gonna be the exercise price of the, of the... At the time that we're gonna be issuing the echo, switching that SSN into SSN. When this change from SSN to SSN will take in effect, it's gonna be exercise price, it's gonna be a premium over the exercise price. If you look back on 2018, we already did an exchangeable senior notes at the time with the material of 2024. It's gonna be the same mechanism, same dynamic, of what we issued so far. We still don't have, you know, a timing about that so far. Thank you. Our next question comes from Pablo Mendoza, from Barclays. Please, Mr. Pablo, your microphone is open. Hi, thanks for taking my question. Just a quick follow-up on the, on the environment to increase your block hours. You are below 2019, and Celso has mentioned that they aim to return to the 11, 12 hours. How is that progression, and where should we see that happening? That's my 1st question. My 2nd question is a, a little bit of a follow-up of the 1st questions in terms of fuel and unit revenue environment for next year. Thank you. Hi, Pablo. We expect to reach this in the Q4. We were expecting to reach this in the Q3. The reason why we are reducing capacity for the year is because we are postponing this. We are adjusting capacity for Q3, adjusting Q4. In Q4, we will be flying like the operating fleet will be at the right level of utilization, which is even better than what we had right now, okay? That's where we are. It seems, I mean, you're asking about the revenue environment next year, which is in Brazil, it's tough to say, but for the first time after years in the industry, we can see that, I mean, there is rationality in the market. I mean, the three airlines, and we have different challenges, but we don't see a disruptive movement from anyone at this point. I think everybody understood the importance of this, and everybody's trying to maximize results and be able to navigate through a very volatile environment. We show this as an industry, especially in the Q2 last year, when the fuels spike, like more than 50% within the quarter. The industry respond very in a very good speed. That was the first time I saw, and I have been in the industry here for 20 years now, and that was the first time. Since then, we are assuming that this rational environment will keep that. We do our adjustments, like I said, we position ourselves as kind of leading the capacity discipline. We are cutting, I mean, we are adjusting as we go, not only... Not necessarily in the overall domestic environment, but in the route basis or in a hub basis, you can see that we change a lot, what we publish as a schedule. We do this because we, I mean, it's one of our strengths. We have a single fleet type, we can do, and we can move quickly and adjust capacity as it goes. Pablo, let me add one thing. You saw that in the H1 of the year, we have been able to keep the leadership in the corporate segment. That positioning will be very important for us to extract value. You know, with the recovery, expected recovery of the corporate sector in the H2 of 2023, where we gonna expect a more stronger rebound, given that we start to see some better macro indicators and, you know, especially what's been happening in the tax reform, that will lead, certainly, some, the high level of economy uncertainty that Brazil face until the H1 of 2023. My point is that, you know, most of that fair environment has been driven or has been supported right now from the leisure passengers, rather than the corporate. Corporate has been gradually improving, but in a slower pace. You know, leisure are somehow, in terms of the high and the low season, more sensible to prices. Any big change in terms of, in terms of capacity can cool down this demand. You know, what we have been doing, especially on what we indicated in the guidance in terms of, you know, reducing the capacity in order to improve that daily utilization of block hours per day, at the same time, you know, keeping adjusting the network in order to serve better those clients in the corporate routes, that's gonna be the key, you know, in terms of the future revenue trends going forward. We need to see how that mix of passengers is gonna be playing after all. In terms of what we have been doing as a role in the industry by, you know, keeping the capacity discipline, that is, what we have been showing as updates for this quarter. Thank you very much. Our next question comes from Stephen Trent from Citi. Please, Mr. Trent Stephen, your microphone is open. Hi there. You guys had already addressed my question, so I can let somebody else ask it. Thanks very much. Thank you. Our next question comes from Victor Mizusaki, from Bradesco BBI. Please, Mr. Victor, your microphone is open. Mr. Victor, please rejoin to the application and try open up your microphone again. Our next question comes from Gabriel Rezende, from Itaú BBA. Please, Mr. Gabriel, your microphone is open. Hello, good morning. Can you guys hear me? Yes, Gabriel. Good morning. Great, I just have a quick follow-up on Bruno's question regarding your debt instrument with Abra. Mario mentioned that you guys withdrew $50 million more this quarter, and that you have, like, $200 million more to be withdrawn from Abra, given the agreement that you have. How can we think about the pace of these amount being get by you guys? I mean, can we think about $50 million per quarter? Maybe in early 2024, you might have reached the $1.4 billion agreed with Abra or something like that? Could we think about something faster than that? Thanks. Yeah, no, you know, it's, we, we don't have, you know, specific plan that is gonna be 50 per quarter or 100 per quarter. Of course, we, we wanted to keep that available for the company proposals. You know, as you see in the Q2, this is a kind of a transition quarter for the high season, where we basically focus on investments for maintenance in order to prepare the fleet for the H2 of the year. Has been particularly, you know, a challenging quarter for this for the quarter, especially because the lack of availability of credit, you know, due to the big retail company that entered into distress from the beginning of the year. Usually this is the weakest seasonal inquiry, where industry needs to fund its operation through that, you know, basically from the working capital management. And that, you know, scenario that we need to start to invest CapEx for the H2 of the year. We now are gonna be moving to the more strongest seasonality quarter that's gonna be the H2 of the year. We have important initiatives that we wanted to deploy, especially in the Brazilian local credit market. There are some initiatives that we can, you know, if we're gonna be able to execute in the short term, we're gonna be able to better use the current assets that we have in our balance sheet. For example, receivables that grows along with the sales that has been increasing. Our focus is to better utilize the current assets. You know, we have some additional, you know, borrowing capacity, if we will, to access. It depends. Of course, you know, if we started to get into better margins for the H2 of the year, they usually should be positive for operating cashflow, and also being able to deploy those initiatives in the local market. Of course, that cash is gonna be preserved, but if this doesn't happen, we're probably gonna be utilizing in a very rational way. Again, this cash was not just... we wanted to use the in such a way that we can add some value creation for the company, like negotiations that we can generate additional credit, or maybe some gains for the company. Most of the discussions that we are having right now with some of the main stakeholders, that, of course, is going to be impacting in terms of the way how we're going to be deploying this cash. If you look for the very Q1, we have something around $100 million of this cash has been deployed net with the initial cost of insurance, and then now it's $50 million. We expect that, you know, the, the final of this cash is going to be somehow disciplined this way. Thanks, Mario, that's very clear. Just another quick follow-up. Can we assume that these senior secured notes will only become exchangeable notes after you reach $1.4 billion, or can they convert the notes before that? You know, we are working on the timing. I think most important thing is that, you know, GOL did that, so the main basis is to issue that, the convertibility to ESSN in the past. When you close the transaction in March 2023, we decided to issue a senior note, first, due to the complexity. In order to focus to provide the cash for GOL without the complexity of, you know, converting to ESSN. We already have the technology and the experience of issuing, as I highlighted back in 2018, with the ESSN of 2024. We didn't enter into this complexity because, you know, in Brazil, it's mandatory to offer those preemptive rights. The foundation of the company is to have the ESSN, the switch from SSN to ESSN, and that's gonna happen when certain operating conditions will be compliant. Not necessary, it need to be only when it's been deployed on 1.4, it could be, you know, with the SSN that has been issued so far, and then subsequently up to the material time 28. You know, additional conversion can be executed for the remaining piece that is still not being converted. You know, that is part of the initiatives of the company that has in terms of the leveraging process. You know, we, we still working on that, and when that happen, we're gonna be proper communicate to the market. Great. Thank you very much. Our next question comes from Victor Mizusaki. Please, Mr. Victor, your microphone is open. Hi, guys. I have two questions here. The first one, I think that in the press release, you mentioned that the plan is to redeliver, like, 13 aircraft in the H2. My question is, I mean, how much it'll cost, and if you can expect any additional cost with the grounded aircraft, that maybe you can resume the operations in the H2? The second one is related to your aircraft leasing liabilities. GOL has issued some structural amortizing bonds, and we can see that in the Q2, the company could also raise another seven to million rise with sale-leaseback. My question here is, if you are working on any kind of negotiations with the leasing companies in order to try to reprofile these payments? Thank you. Hi, Victor. How are you doing? It's Celso. What we have on the press release is only the contractual lease. If we don't do nothing, we need to return 13 planes. Of course, this is something that we call the flexibility we may have with the lessor, and also adjusting accordingly to the deliveries of the MAX. We will return more planes, but not necessarily the number, which is the contractual rate. What we did in the past three years, is sometimes we do early terminations with some lessor, sometimes we extend the plane. It depends of each of lessor. Each negotiation is something very unique, and it's also important to understand what the lessor wants to do with the airplane. We will, of course, return planes, like I said, but we are trying to adjust the number to the number of deliveries that we're gonna take, which we had a big delay, and now we're gonna start to take again deliveries. But we are adjusting quarter by quarter to make sure that we just return viable planes, if we take delivery of a brand-new plane. And that's the main tool that we have right now to adjust the capacity on the GOL side. Like I said, the movements we have done so far were very intense, to take delivery of almost 30 MAXs during the pandemic, and now starting to return some of the NGs. There is this adjustment at this point that we are trying to adjust and talking to every lessor about this. To your second question, I mean, still on your first question, how much does those it can cost? I mean, an aircraft return, as you know, it can be between $5 million-$10 million per plane. This is something that we are already working on. Like we have seen, the increase of CapEx that we had on this quarter, the deployment of the cash from the S, the SSN is basically to our fleet, is to buy parts and taking engines from the shops. That's what we are doing. Most of the planes to return to the fleet, also, like we have seen, we return some of the planes. The investment to return or to stay on the fleet are similar, and we are optimizing plane by plane, tail by tail. The aircraft lease liabilities, we have been doing those negotiations with lessors in the last three years. We intensified this last year with the issuing of the senior amortizing notes. As you have been seeing, some lessors are still increase their position there. Some early comers are there, but some others are coming and talking to us, and this is the way we thought. Not only this, but also the fleet renewal as a process, like you said, to address the liabilities we have with the leasing companies. This is our main focus right now. We wanted to find a final solution with the lessors, because well, what we had is, like, we had been negotiating, but the pandemic took longer than we expected. The market is not at the level that we were expecting, so we still have idle capacity, and this is a continuous negotiation with them, and we want to find like a, like I said, a final solution to address all the liabilities we may have. Thank you. Before we're reaching almost the limit of the call, but before asking to the next participant to make a question, there's some questions in the webcast platform here that, you know, basically are asking to discuss the refinancing strategy for the bonds, the 2024, 2025, 2026. I wanted to clarify this before the next question. This quarter, there was $26 million of the 2024 ESN that were repurchased. And that's reduced the current outstanding balance from the $68 million that was after the recent transaction that was concluded in March. The initial issuance amount was $425 million, maturing in 2024. That has been reduced to $68 million, so that additional $26 million now has been repurchased. The current outstanding balance now is 42%, so it's below 10% of the original issuance amount. That eliminate the prematurity risk that is associated to this bond. For the 2025 and 2026 bonds, in the 2025, still two years prior on maturity. That's not the company's top priority right now, neither the best usage of the cash. As we mentioned, we are focusing on really, you know, put the company back on track in terms of operational and profitability performance. That, you know, results and, and that, you know, delivery of, of margins that will, you know, take the company back to, positive operating cash flow generation, positive free cash flow generation, and free cash flow generation, that needs to come first. We allow us to think on the best way to address the other maturity. We have several alternatives, we've been doing in the, since, you know, the last years, as has been following us, for liability management to deal, with this. When the timing is appropriate, of course, we, we're gonna be, discussing that topic. The main priority right now for us is really to bring the company back on track, and that can, you know, lead us to a better way to address the remaining 2025, 2026 bonds. Brayden, you can, you know, ask another participant to make probably the final question because of the timing of the call. Thank you. Our next question comes from Alberto Valerio from UBS. Please, Mr. Alberto, your microphone is open. Thank you. Thank you, Mario. Thank you, Celso, for taking my question, the last one. My one would be regarding the operating aircraft and the maintenance. We saw an increasing in the level of maintenance aircraft since the Q1, similar level we see in the Q2. My question is, do you stop to capitalize part of that maintenance that you had as a program in the past? My second one is, what from that grounds planes that I think was 20 you still have on your feet? Thank you very much. Thank you, Alberto. Thank you for your question. What you are seeing is basically the maintenance expenses that we cannot capitalize because it are related to return of planes. Especially this quarter, what we saw is that the return, like I said, the return is an expensive event, and we cannot capitalize those as the plane is leaving the fleet. On the planes that we have on the ground, we still have 20 aircraft in idleness. We start to work on those planes, it's not that they are completely... I mean, we are starting to bring those planes back to maintenance, and most of them will be ready to return to operations or leave the fleet by the end of the year or Q1 next year. We are reducing as we go, and what we want is on the high season to use as much planes as possible. Like I said at the beginning of the call, one of the main synergies that we are expecting with Abra is to launch new routes of some of these certain capacity that we have, and jointly with both networks together. If you, if you remember, Alberto, back in the H2 of the year, we also had lower maintenance activities, that reduced the maintenance expenses during the third and the Q4 as compared to, in a year-over-year comparison. Most of that events related to the fleet, now has been addressing right now. As Celso mentioned, you know, this quarter we have two redeliveries, so that's, you know, basically padded those maintenance lines. In addition to that, you know, as I, as I mentioned at the beginning of the call, you know, we have some higher volume in terms of spare parts acquisition, and that this is basically expendable items, they're not subject to capitalization. Fantastic. You know, I was expecting that the redeliveries was linked to that provision that you made in the Q4 of 2021, but you have an extra than that one. Is that correct? You know, some of the provisions, you know, are related to certain aircraft, so we, we anticipated some of the provisions. Of course, you know, depending on what is gonna be the maintenance costs for, for that, can change slightly in terms of what's been provisioned in the past. You know, we have some, some benefits on this line that you saw that we captured because of those provisions that has been constituted during the H2 of the year. Because of the timing, you know, most of the provisions are also impacting this quarter as well. Fantastic. Thank you very much. Thank you. This just concludes today's question and answer section. I would like to invite Mr. Celso to proceed with his closing remarks. Please, go ahead, sir. Thank you all for your participation today. I hope you enjoyed today's webcast. Our investor relations and communications teams are available to speak with you as necessary. Thank you all, and have a great day. Thank you. This concludes Gol Airlines conference call for today. Thank you very much for your participation, and wish you a very good day.