Good morning. Welcome to the conference call of JSL to present the earnings release of the second quarter, 2022. We have here with us today Mr. Ramon Alcaraz, CEO of JSL. Mr. Guilherme Sampaio, CFO and IRO. Right now, all participants will be in listen only mode. Later, we are going to start our Q&A session and further instructions will be provided then. If you need any support during the conference call, please ask for help of the operator by pressing star zero. We would like to tell you that the conference call is being recorded and translated simultaneously. Before we move on, we would like to clarify that forward-looking statements that may be made during this conference call with respect to business prospects, forecasts, operational and financial goals of the company, are all based on beliefs and assumptions of the executive board of JSL, as well as currently available information. These beliefs and assumptions involve risks and uncertainties since they relate to future events and therefore depend on circumstances which may or may not occur. General economic conditions, the market and other operational factors may affect the future performance of the company and lead to results which may differ materially from those expressed in these forward-looking statements. I would like now to hand it over to Mr. Ramon Alcaraz. Please, Mr. Alcaraz, you have the floor. Good morning, ladies and gentlemen. It's a great pleasure to be here to present the earnings of JSL for the second quarter of 2022, which I already anticipate to you were excellent, even in a very adverse quarter. It was only possible thanks to the diversification of our services and sectors, which brings resilience to our results in addition to the strong bond we create with our customers. We have prepared a graph where you can see the balance between dedicated operations and our freight transport. Being dedicated operations more of an asset-heavy, whereas freight transport asset-light kind of business. We also have warehousing with very expressive growth, reaching 13%. Urban distribution, the so-called last mile, which reached 9%. Besides, we show you the different segments where we operate. There is primary industry of paper and pulp, steel, mining, which add together lead to 24% of market. Balancing against the other end of logistics, that is retail, here represented by food and beverage amounting to 22%. There is also business with consumer goods, automotive industry with 15% and 17% respectively, in addition to a number of other segments that add up to 22%. Let me now describe our results. We closed the quarter with net revenues of BRL 1.4 billion, 52% over the second quarter 2021. I would like to highlight that more than half of this growth, 27% specifically, resulted from organic growth. Our EBITDA reached BRL 251 million, more than double of that we reached on the second quarter 2021. Margin of 18.3%, 4.5 percentage points higher than that of the second quarter 2021, showing resilience in our margins and financial balance. Net income of BRL 34.2 million and record ROIC of 15%, 2.3% above the number obtained in the second quarter of 2021. I also highlight our rating upgrade by Fitch to AAA and BB above Brazilian sovereign. I also highlight what we have already announced, the acquisition of startup Truckpad, a company in the digital world that for sure will bring several gains to us as a product and as a technology gain for JSL. Going to the next slide, I would like to show you our proven capacity of execution, such as assertiveness of the growth strategy with the consolidation at a new level of scale. The net revenue from services grew 52%, as I have already said, primarily with the consolidations of the operations of Rodomeu, TPC and Marvel and strong organic growth. The organic growth, in fact, based on investments in the renewal and expansion of the fleet of Fadel, a company that has already been consolidated for more than two years, Marvel and Rodomeu, which are recently acquired companies. That has really changed the level of the operations. An increase in the volume, mainly in the areas of food and beverage, steel, mining, paper and pulp, and automotive industries. A stronger negotiation of prices, which has been essential during this period of constant price increase of inputs, development and implementation of new projects. I highlight, in addition to the 52% growth quarter-over-quarter, there was 50% growth comparing the first half of 2022 against the first half of 2021. If we analyze the second quarter of 2022, we have already reached net revenues of BRL 5.5 billion and gross revenue of almost BRL 7 billion. Now going to the next slide, let us highlight our organic growth. 27% consolidated growth quarter-over-quarter, and 35% of which resulted from the five acquired companies. Looking ahead and going to the next slide, I would like to highlight the significant amount of new contracts adding up to BRL 1.4 billion in the second quarter. The good news is that this has an average term of 47 months. As a consequence, its revenues that will be reflected in upcoming quarters. Out of the total BRL 780 million in contracts signed for the expansion of the South African operation, multiplying our business in that country fivefold. Another very important point is that 91% of these BRL 1.4 billion resulted from cross-selling. That is contracts signed with our own clients. In addition to the balance in the four segments where we operate, dedicated operations, freight transport, warehousing and urban distribution, in addition to another varied sectors. I now hand it over to Guilherme Sampaio, CFO of JSL. Guilherme. Thank you, Ramon. Good morning, everyone. I will start with the net revenue that closed the quarter with BRL 1.4 billion, already showing part of the work of updating prices of our contracts and also by the implementation of contracts we signed and have signed since last year. It means 52% growth in relation to last year and 8% over the previous quarter. Going into details, the revenues include the effect of total consolidation of TPC and Rodomeu, that were partially consolidated in the previous year and of Marvel. As Ramon pointed out, there has been organic growth within this revenue, which amounts to 27%. The five operating companies that we bought grew 35% when we compare them against themselves. Now going to results. First, I would like to highlight the excellent work that our operations team and the commercial team have been doing in all companies of the group. As Ramon said, this quarter was one of the most challenging ones, where we had to face, once again, the increase of input prices, mainly fuels and lubricants. To demonstrate this increase, we showed a chart on the right where you can see the increase of diesel prices of 155% when we compare it against the price of January 2021. An important point that I think is worth highlighting is that I'm going to make annual comparisons, taking into consideration the recurring figures, as in the second quarter of 2021, we recognized the credits of PIS and COFINS over ICMS bases. I use the same figures that we have already disclosed as adjusted in the last year's release. We closed EBIT at BRL 185 million, with margin expansion of 4.4% as opposed to the first quarter 2022. EBIT margin closed the quarter at 13.4%. EBITDA ended the quarter at BRL 251 million, 18.3% margin, which is an expansion of 4.5 percentage points over the second quarter of 2021 and 1 percentage point versus the first quarter of this year. What we are saying, we've doubled EBITDA while we grew 52% our net revenues. Net income ended the quarter at BRL 34 million. Undoubtedly, with the impact of financial costs on our debt, but also with benefits from operational improvement and the scale that the company has achieved. We chose to continue executing our strategic planning and to transform the size of the company, but with a lot of discipline. This has been demonstrated with the evolution of our return on capital, which reached 15% considering the last 12 months. This is a number that has doubled since the IPO, and it has been progressing quarter-over-quarter. As we are talking about discipline, let's go into the next page where we have more data about net CapEx, with BRL 221 million in the quarter. It's important to highlight that due to the mobilization time of projects, this CapEx has not yet been reflected in our results. 74% of CapEx is for expansion. It is related to more than BRL 2 billion in contracts closed this year that will be part of our numbers in upcoming quarters. As I said in last quarter, the market moment has been very favorable for JSL, given that we can bring new projects thanks to our investment capacity, access to credit, and also access to assets. Now speaking of capital structure, we closed the quarter with a net debt of BRL 3 billion and leverage of 3x EBITDA, which is our reference for financial covenants and 3.4x EBITDA considering the last 12 months. Please bear in mind that we no longer have the impact of PIS and COFINS credit observed in the second quarter of 2021 in the last 12 months of our EBITDA. However, if you consider the annualized number of the second quarter, our leverage reference is 3x. On the next slide, I show you our amortization schedule. We have BRL 640 million in cash and BRL 500 million in committed lines that we have not drawn yet, with a liquidity of 10x short term and enough to cover the debt service until 2025. Average term of net debt is 5.2 years and the cost after tax, 10.7% in the quarter. Very important news to comment on is that Fitch has revised our corporate ratings to AAA in Brazil and BB on global scale, above Brazil's sovereign rating. Very important points that were highlighted leading to the upgrade were JSL scale, growing EBITDA, robust capital structure, and diversification of our portfolio of services, which brings the necessary resilience to our results. The upgrade has made us very proud, and it shows that we are on the right track. That said, let me hand it back to Ramon so that we can carry on with the presentation. Thank you all very much. Ramon. Thank you, Guilherme. Now I would like to highlight our main sustainability indicators for the quarters. Brazil, in the unit of Lençóis Paulista, ranked maximum in SLA for the second consecutive time. At Bayer, our client, we were recognized as having sustainability through the project Revita Bahia. Another item that I'm very proud to highlight, and I was few weeks ago visiting one of our clients, Braskem, where there are more than 100 employees working there in the plant. We celebrate together, ourselves and Braskem's team, for 1,910 days without accidents with leave, which makes us really proud. Congrats to JSL team that operates at Braskem. Another point that I would like to highlight and makes me very proud is that Fadel and TPC, which together have almost 10,000 employees out of 25,000 employees of JSL, have been received by Great Place to Work, recognized by its own employees in a climate survey for being among the best companies to work in. Awarded by Great Place to Work for the Great Place to Work, considered one of the 100 best companies to work according to Great Place to Work. Fadel also obtained for the fifth consecutive year, Great Place to Work, not only in Brazil, but also in Paraguay. It's no coincidence that I have mentioned results, customer satisfaction, and employee motivation. I have said since I joined JSL that I understand that for a company to be considered an excellent company, it has to be supported by a tripod, results, people, and customer satisfaction. I would also like to highlight some indicators. 243 women in leadership positions in the second quarter, 21.6%. It means 3.5 percentage points of expansion when we compare against 2021 and 11,300 hours of training in the program, if you want it, you can. I was recently in Parauapebas, in the southern region of the state of Pará, where we have some operations in mining, and I had the honor of delivering a diploma to 45 young people from this program, integrating them into the job market. Now I'd like to highlight what we have been doing with Truckpad. It's a company that has recently been acquired, as I mentioned when I started. Thinking about JSL, we have already achieved digital acceleration with systemic integration with JSL, providing more visibility to our clients and operational efficiency. Integration of trucker bases and cargo programming for more volume to the truckers on the one side and more opportunities to our shippers. Offering new services to customers with new technology-based solutions and solutions to truck drivers with financial services and benefits. With this, we give technology benefits to JSL, visualization and tracking benefits to our customers and a larger freight base to our independent truckers, leading to a much more efficient ecosystem. Now to close, I would like to talk about some of our actions going forward. We believe we have a continually developing ecosystem. We want to continue supporting the organic growth of the acquired companies, taking advantage of their expertise and specialization and the investment capacity of JSL. We believe that the market momentum is very favorable for organic and inorganic growth due to our proven capacity of execution and of investments. It positions us at a very differentiated level, but always operating with discipline in capital allocation so that we can maintain growth with profitability. Open and constant dialogue with our customers to maintain the financial balance of the contracts, and this is possible on two fundamental fronts. Renegotiating prices whenever necessary due to input price increases, but without losing sight of the fundamental action of cost reduction. Only then we can continue to be efficient and offering competitive prices. We will strongly continue in accelerating the process of digital evolution of JSL, focusing on service level offered to our customers, development of new services for customers and truck drivers using the basis of Truckpad platform. That said, I would like to close our presentation, and we are here, Guilherme Sampaio and I, for your questions. Thank you all very much. Ladies and gentlemen, we are now going to start our Q&A session. To ask a question, please press star one. To remove it from the line, please press star two. The first question comes from Luiz Capistrano of Itaú BBA. Ramon, Guilherme. Good morning. Thank you for taking my question. I would like to address a topic with different fronts. What really attracted my attention in your results, which were extremely positive, but an important highlight is the volume of new contracts in the second quarter. I'd like to hear from you some points. First, to understand about the recurrence of these new contracts. Has there been any concentration that you already expected, or is it the new commercial pipeline pace that you have joined and we can expect that similar amount in upcoming quarters? A second important point, as you highlighted yourselves, most of these new contracts resulted from clients where you were already working with. Does it mean that you are expanding the share of wallet within these customers and getting market share from your competitors, or are clients being expanded and taking JSL along with them? Now, another point concerning the impact of new contracts and what it means in terms of leverage, because at first there's going to be CapEx, and then in terms of covenant, the run rate will take somewhat longer to be observed. As a fourth element, if you could please tell us more about internationalization. Almost half of new contracts resulted from your foreign operation, which has gained more representativeness. I'd like to understand from you what are the next steps and what we can expect. Are you going to keep on growing like that in this specific market or in other markets? Also about the economic aspect, do you already have a strategy of gaining more market and the operation there does not offer the same margin as you have here in Brazil or whether or not the BRL 700 million already include the JSL profitability margins. Good morning, Luiz. This is Ramon speaking. Thank you very much for your question. We are also very satisfied with the volume of new contracts in the second quarter 2022, BRL 1.4 billion. We have been announcing quarter-over-quarter significant volume of new contracts. That has been recurring especially for the past four quarters. It doesn't mean, of course, that it's always going to be like that, but we've been surfing a very positive wave in the market. Why is that? For some specific reasons. First, because we have good execution capacity, undoubtedly. Secondly, in this moment of high interest rate and scarcity of credit, companies such as JSL can really set apart from medium small companies which do not or cannot invest as much as we can. So that has made a difference. Now, speaking of this specific quarter, BRL 1.4 billion results, we have grew in different segments. This is something interesting. We grew significantly in food and beverage, and BRL 780 million in South Africa is specifically in this industry, but we've expanded in others as well. For example, automotive industry. Even though the automotive industry has been impacted by all the economic scenario, but we have expanded in the international transportation of parts for car manufacturing in Argentina, which is an Asset Light segment for us. We have been using all and benefiting from all opportunities of the market. Your second question is whether, in terms of volume of contracts and current business, would that mean absolutely new contracts? Yes. Different growth within the same customers. As we are very close to our customers, negotiating different fees, considering the increase in input prices, which is always complex, right? Price negotiations are usually hard, but at the same time we can consider different alternatives. We have been quite successful in doing it. In these clients, we tend to have gains in market share. We've been growing significantly. Going back to what I said when we started, our execution capacity and our capacity of making investments. Now, the third question, leverage, right. I'm going to ask Guilherme to answer, and then I'll answer the fourth question. Well, Luiz, you are right when you talk about the run rate of our leverage. We are speaking about BRL 450 million of CapEx in the year half and something that the market knows. There was a delay between the realized CapEx and seeing the numbers in our results. Yes, if we make a simple calculation, we are speaking of a reduction of leverage within CapEx, which is going to be sizable till the end of the year with cash generation and EBITDA impact. Yes, you can expect a change in leverage because the CapEx is going to be then accounted for in our results. Now, fourth question about profitability of the new contracts, especially the international ones. Characteristic that we prefer when we go into foreign operations, operating somewhere else and not transportation from Brazil to other countries, such as, for example, the example I gave to Argentina. When we are purely foreign, it's long-term contract. We are not taking risks in other countries. In Paraguay and South Africa, we are operating with long-term contracts associated with specific CapEx level. What is the advantage? There is a parametric formula within the contracts that protects us from fluctuations, input prices increase, or even volume fluctuations. We cannot run the risk of investing in South Africa, and then there is a change in volume, and we had no support. My answer is yes. There is guaranteed profitability in this contract, similar to other contracts we operate in Brazil within the same format. I think we have answered all the questions. If not, please let us know. Great. Thank you very much. Very complete, comprehensive answer. Thank you. Thank you, Luiz. Next question, Victor Mizusaki, Bradesco BBI. Good morning. Great results. I have two questions. The first one concerning margin. There is still any cost that is going to be transferred into prices, which would mean expanding margins in upcoming quarters. Second, question, going back to South Africa. In the amounts that you announced for new contracts in the second quarter and in South Africa, is it only one single customer or are you already operating with different client s there? Victor, thank you for the question. First, let's talk about costs, still limited costs that are being renegotiated. Oh, yes. In addition to the impact of inputs price increase, the second quarter has been impacted by some spot increase. For example, increase in diesel prices, which impact the beginning of the second quarter, then another 14% increase at the end of May, just mid-quarter. It means a problem, of course, because there is an immediate impact. Price increase is announced today. Prices are there tomorrow to be paid, so it takes time to renegotiate with clients. Approaching them, renegotiating and all that. There is inevitably a delay. My answer is yes. There are still some price adjustments that would be required, and we are going to see the effect now in August and September in the upcoming quarter. Now, concerning South Africa, we've been expanding within the same client, but there was a fivefold increase. We started with a project in the beginning of the year. It was just an experience, a different, really different country, different culture, different from growing really in our neighboring countries, right? Like, Paraguay, Argentina or Uruguay. South Africa is completely different culture. It was an experience, both to us and to the customer. It's been very successful. We've already grown five times in contracts till the end of the year with additional perspectives to grow, not only South Africa, but a number of other African countries. Great. Thank you very much. Ladies and gentlemen, let me remind you that to ask a question, please press star one. The next question comes from Victor Mizusaki, Bradesco BBI. One more question, if I may, concerning new clients. We've seen an increase in the second quarter. Can you please give us more details about the industry where these new clients operate on? What type of services that you can see more demand in terms of new clients? And are you getting contracts from other players, or do you think that these are clients now starting to outsource logistics? Victor, thanks for your question. Well, we've grown in different fronts. As I told you, there are new contracts with the same clients, but we have also got new customers. We have had expansion in storage. For example, warehousing with JSL. We have closed very good contracts this year, or through TPC, which is a recently acquired company. It's an area which has been expanding significantly. We've also have an expansion in the automotive industry despite the trying time. Retail overall, food and beverage, has been expanding and so have we. I can tell you that regardless of increasing volumes, we have gained market share compared to our competitors. It goes back to what I said to Luiz. It is related with our execution capacity and also our investment capacity. It has really made a difference. There is a highly segmented market, as we've always emphasized. JSL, even though being the largest and much larger than the second or third company in the market, it amounts to only 2% of the market. It means that there are a number of small and mid-sized company, over 200,000 companies that are registered operating in this business. Our investment capacity really makes a huge difference. Our new customers and current customers are looking for that kind of capacity, and that's how we've been takin g the best of it. Great. What about the pipeline for M&A? Well, Victor, as we've already emphasized in previous occasions, the pipeline is determined by Simpar Group, which has a specific M&A department so that operational companies can really focus on organic growth, which already has a huge challenge in hands. What we have observed is that we have a broad pipeline. I believe the market still has great opportunities. In unstable situations, we have to constantly analyze the opportunities. We have our strategy of organic growth, and we strongly believe that we might have good news shortly. Great. Thank you. We are now going to start answering questions through the webcast platform. This is Guilherme, and I'm going to read the two questions that we have got through the webcast, and then Ramon can answer them. First, by Danilo Canguçu. He's an investor, and he says, "Good morning, everyone. Great operational results. Congrats. I would like to know a bit more about the expansion plans abroad in strong currency markets such as U.S. and Europe. Thank you." Good morning, Danilo. Thank you very much for your question. Thank you for congratulating us. We've been doing our best so that our results can be striking to the market. Now, concerning your question about internationalization, we are highly interested in it, and we have progressed in this area, running good pilots for international transport from Brazil to foreign, to neighboring countries or in completely independent business in Paraguay. It started two years ago, and, we have expanded significantly. Now, South Africa, having the possibility of expanding to other countries in the continent. The main advantage is that by doing that, we focus on clients that have affiliated companies in other countries. The customer in South Africa, in addition to operating in other African countries, there are companies of the same group operating in the U.S. and Europe. This is something positive. Our results of execution have been attracting the attention of these countries. They've been approaching us. Yes, we want to operate in countries of strong currency, as you pointed out, and we believe that shortly we may have good news along these lines. Now, carry on. Daniel Marcato asks, "In South Africa, is there demand for other clients? Can you please tell us more about that? What have you been doing differently off of the Truckpad? What it means in terms of revenue and EBITDA for the platform." Daniel, good morning. Thank you very much for the questions. I'm going to start with South Africa. Yes. There are a number of possibilities, and we've been approached by other companies in South Africa and companies in other countries of Africa. I don't want to sound arrogant, but what we've been noticing is that companies in these countries, the companies that operate in our industry in these countries are still performing below our performance levels. We've had a five-fold increase in South Africa, not because there are no other companies there, but rather because we have differentiated our operations. I don't want to sound arrogant, but we work differently, and that has attracted their attention in South Africa and other African countries. We've been approached by a large food industry from Angola. We are going to visit them. Huge opportunities. These are countries where there are no companies with our capacity of execution, so we've been attracting their attention. Now, going into the second question concerning Truckpad. We have high expectations in two main areas because the acquisition of Truckpad focuses on two independent lines, transform the product of Truckpad into a profitable product, so really monetize the product. The startup created a good product, but it hasn't been monetized. As a company in which this is what we do, we are going to monetize the product, and that's the idea. Especially because JSL is in the real world of logistics and transport. We know what the market needs. We can feed back through Truckpad to do it. We've been doing that. Improving the product so that it is a product appreciated by the users, so shippers, independent truckers and truckers. Now, at the same time, Truckpad can bring to JSL a feedback on technology. We believe that with Truckpad, we can walk further and faster towards technology. We've been doing that. We've run some tests to improve our app. Giving more capacity to our independent truckers and autonomous truckers, regardless of who the cargo belongs to, ourselves or other shippers. Giving more visibility about the freight to our customers. This is all Truckpad technology. Just to give you a few examples. We believe that these two initiatives will be beneficial to Truckpad as a product and to JSL to speed up its path towards more technology. Great. Thank you, Ramon. The next question by Thiago Duarte of BTG Pactual. Good morning. Great results. Congrats. I would like to know more about CapEx. There was a forecast of BRL 700 million of net CapEx for 2022, and just the first half, there were nearly BRL 500 million. Is it possible that the company will go beyond BRL 700 million initially forecast? Thank you. I'm going to answer this one to you, Thiago. This is a topic that we constantly focus on. You are right, we have given a forecast of CapEx for this year. What we see now is a market with opportunity for great projects. Ramon talked about the opportunity that we have in the market to gain more projects, thanks to our investment capacity. If it's good CapEx, fine. If we have to update the guidance, we'll do it. There is still room. There is room. We still have net CapEx of BRL 492 in the year, and it all depends on our capacity to sell assets in the period to stabilize and counterbalance it till the end of the year. Yes, we are going to inform the market, certainly. Ramon, there is another question by Wilson Borges of XP. Congrats on the great results. I would like to know about the perspectives of diesel price drop, the main component of road transport, and the impact it will have on competitiveness. Will it be reflected into new negotiations with clients in terms of cost reduction? Thank you for the question, Wilson. Unfortunately, diesel and the decrease in price is very different from the increase in prices. 120%-130% increase in the past 12 months. What we see announced, it's not even the reality; they are just minor reductions of just one-digit reduction in prices. It hasn't led to any renegotiations because the impact hasn't been significant yet. But let's be optimistic. Let's believe that in the medium term, there is effective reduction of diesel prices. If that's the case, being as balanced as possible, we would call clients for new renegotiations so that we would maintain our competitiveness. If we can reduce internally at the same proportion, we can maintain our margins. Being Brazilian, I want it to happen. It would be good to all of us, reducing the impact on inflation rates, et cetera. If this is going to happen, well, then I'm not sure. Thank you, Ramon. Another question by Danilo Canguçu. I would like to know whether there are new initiatives with BBC Bank in addition to payment of freight. Well, Danilo, BBC, as you know, is a company of our group. It's independent from JSL. It's not an arm of JSL. It's an independent company that has become a digital bank. It has reported very significant growth with record rates on a monthly basis with leasing CDB operations, regardless of JSL. Now, speaking of JSL, yes, we believe that BBC can bring additional benefits in addition to the payment of truckers. It has been doing that, but we can grow further. Renegotiation in the gas station so that truckers with a BBC card can pay lower than those who do not hold that credit card or in Truckpad. Getting finance line for small truckers because shippers pay the freight for long freights, and sometimes the company cannot grow because there is no working capital. Even for independent truckers that are going to work with a company differently from JSL, where they would get to pay on spot, they could use BBC as a credit company. I believe BBC can improve our ecosystem as JSL, and as such, they would keep on growing, considering that they have their own goals and purposes. Let me go back to the operator because I think there is one more question. Am I right? Yes, there is another question by Ygor Araújo. Ygor Araújo from Genial Investimentos. Good morning. Great results. Very strong operational results. I would like to ask a question concerning the market moment we are all experiencing. We know that high interest rates impact the inflation and open more opportunities of inorganic growth. As you said, that you are considering new business opportunities and expansion of market share. Let me understand. Thinking about 2022, 2023, will you be focusing on trying to gain market from your competitors, market share from your competitors through new contracts or through acquisitions? I would like to understand your perspective on it. Where do you anticipate best opportunities? Through acquisitions or through gaining market share? I'm talking about 2022, 2023. You see, Ygor, I think that the main advantage of having an independent M&A area in the group is exactly that, because Guilherme and I and all our team do business as is. If there were no acquisitions, we have our robust goals of organic growth in our business, our commercial and operational teams are always eager for new business, gaining market share, with major opportunities or going into new markets such as international markets. We just move on as if there would be no inorganic growth, and we have delivered very significant results. At the same time, as we've emphasized a number of situations, there is a strategy of the group of inorganic growth, so things together produce excellent results. What's our expectation for upcoming years? We want to have significant organic growth, and we can see the market with a number of opportunities, as I've listed before today. At the same time, we rely on our M&A area to also make significant acquisitions for inorganic growth. If I may jump in and ask a second question, especially because now some acquired companies require a renewal of fleets. Do we expect a gaining margins, because of operational, operations or operational initiatives and renewal of fleets? What would be the margin from now to the end of the year that you would expect? This is Guilherme. Yeah, you can expect good results, especially because we are speaking of two things. First of all, our three companies, which are as said, Fadel, Marvel and Rodomeu, we've doubled the fleet of those companies, and it means all the benefits of the group in purchasing inputs, really impacting margins. The scale bringing down the SG&A of the company, helping with the margins and also the support for the operation. Yes, of course, our expectations not only is to keep on growing fast, but also expanding profitability in each of the companies. That's great. Thank you very much. If I may just wrap up what Guilherme has said. This has been the reality. Acquired companies have been showing significant growth. We talk about 35% growth in the last quarter with sizable margins. Great. Thank you very much. Congrats on the results once again. Thank you. Ladies and gentlemen, to ask questions, please press star one. If there are no further questions, we are now going to close the Q&A. I'd like now to hand it back to Mr. Ramon Alcaraz for his closing remarks. Well, thank you all very much for your interactions, for your questions. It's something that really helps us share what we've been doing. We all know it's not easy. It hasn't been a simple quarter, but we are sure that upcoming quarters are not going to be any easier. Guilherme is tired of hearing me saying that if we cannot control the wind, at least we can control the thread and the sails. This is why one of the sailing boats succeeds in the race. We want to sail better and be ahead of our competitors. Our actions are always focusing on discipline of cost, austere management, efficiency, do more with less, agility, careful negotiation with our customers. It's no use believing that we are always going to have 100% of price increase transferred to our customers because sometimes we get less competitive. We want to be agile in our negotiation with clients, and we want to focus on cost reduction. By doing that, we have better margins and maintain competitiveness. This is related with efficiency. Well, expansion of Truckpad and knowledge about it, according to what I answered in some questions. Just to conclude, since the IPO, just to give you a known date, we've doubled the company in terms of revenues and volume. We can see future growth but always providing profitability. This is what I do as part of my work, Guilherme is, and the whole team. I would like to take the opportunity to thank the work of the team during the quarter. I haven't done that on my own, neither has Guilherme. It's the result of our team, commercial, operational teams, so I'd like to thank and congratulate them. Let's move ahead, and we are highly excited for the upcoming quarter. Thank you all very much. The conference call of JSL is finished now. Thank you all for your participation. Have a great day.