Good afternoon. Welcome to Unidas conference call, where the results for the first quarter 2021 will be presented. At this moment, all participants are connected only as listeners, and later the question and answer session will be opened when further instructions will be given for you to participate. Unidas will also open space for media professionals to ask questions. This conference call has simultaneous interpretation into English, and questions can be asked normally by participants connected abroad. Questions can also be asked over the Internet through the webcast platform. It is worth reminding you that this conference call is being recorded. The audio will be available as well as projections. Operational and financial goals regarding its potential growth are forecast based on the expectations of the management in relation to Unidas future. Such expectations depend on the performance of the industry, the general economic performance of the country, and the conditions of the national and international markets. They are subject to change. Today, we have Mr. Luis Fernando Porto, Chief Executive Officer, Mr. Marco Túlio de Carvalho Oliveira, Chief Financial and Investor Relations Officer with us. I would like to give the floor to Mr. Luis Fernando Porto. Please, Mr. Porto, you may proceed. Good afternoon, everyone. Welcome to the Unidas first quarter 2021 results conference. Marco Túlio, our CFO and IRO is with me here today. We started our first quarter 2021 looking to evolve increasingly more our operations. Even with adverse situations, we continue to grow strongly, demonstrating our resilience and our commitment to the strategy adopted and which has been presenting the current results. As part of this strategy, we continue to invest in all segments with emphasis in the first quarter on the launch of important products and features for car rental customers. We launched the Unidas Pass, which is the automatic paying system in tolls, mall gates, and parking lots. This benefit is already available in the Unidas fleet vehicles, and customers can use it whenever they want to go directly through these points of automatic payment, avoiding queues and gaining practicality and agility in their day-to-day. On the next slide, we launched the Unidas Weekly Uber, which is the weekly fare rental for app drivers. In this modality, customers have some special advantages that are 100% digital hiring plus direct payment with the earnings of trips made by Uber. Special conditions. Finally, on slide four, we bring more comfort and connectivity to customers with Unidas Wi-Fi, which can be hired on daily or monthly plans, and that keeps our customers 100% connected to the internet with the possibility of sharing for up to five simultaneous users. Our customers will be able to use geolocation applications, surf the internet, and access social media without actually worrying the ending of franchise, since the internet is unlimited to us. In addition to continuing to operate a high level, we bring more and more benefits to our customers, whether increasing the range of products or adding value to existing services, thus demonstrating Unidas DNA in moving people and businesses with efficiency and excellence. Profile at the end of the quarter. In the top chart, the company's consolidated fleet totaled a final balance of BRL [166,120,000] in the first quarter 2021 for the acquisition of new vehicles, which represent an amount of almost 16,000 new cars in the quarter with what we had agreed with the automakers. On slide seven, we will talk about the results of the fleet management or outsourcing segment. In the first page, or part of the slide, we see another consecutive record break in the total vehicle hire in this first quarter 2021. The global volume of contracts remains above 700 million, remaining consistently at very high levels, including regarding what was disclosed in the last quarter of 2020. Compared to the first quarter of 2020, we have presented an important growth of 93.1% in the total of contracted vehicles, reaching 11,000 cars against 6,000 cars in that quarter, and more than doubling the global value of contracts, reaching BRL 725.3 million, with a growth of 137% vis-à-vis first quarter 2020. This consistency is the result of an exceptional commercial structure added to a fleet management market that continues to grow quarter after quarter, reflecting the record volume of vehicles in dispute for the second quarter of 2021, which went from a base of 45,100 in 2020 to 73,000 in the same period this year. Now on slide eight, in the top chart, we present a new record break in daily volumes in the first quarter 2021, with a growth of 15.9% and a record in the average monthly rate that reached BRL 1,767 per vehicle, an increase of 17.4% against the first quarter 2020. In the lower left chart, the utilization rate for the segment in the first quarter 2021 reached the level of 97.4%. On the side, we present the record in the net revenue from fleet outsourcing, which moved from BRL 395.3 million this quarter, a significant annual growth of 35.2%. In addition to this exceptional growth, we ended the quarter with a record volume of new contracts backlog of approximately 21,000 cars already contracted to be implemented. These results, added to the growing demand for fleet outsourcing, give us full confidence in the growth potential of this segment. On slide nine, we will talk about used cars, starting with an industry analysis. The top chart shows that the market for used vehicles with up to three years of use presented an annual growth of 8.3% in the first quarter 2021, increasing its representativeness in the used vehicle sales market in the country. The price increases made by the automakers added to the reduction in the offer of new cars, the increase in the demand for the purchase of cars, and our evolution in the management and intelligence of the sales channels generated an increase in the prices of used cars that is reflected in our record ticket of BRL 35,100 per car sold in the quarter, an increase of 47.5% growth compared to the first quarter 2020. On page 10, the increase in the ticket per car sold added to the slightly higher sales volume, resulted in a net revenue from used cars from BRL 908.3 million with an increase of 47.8% vis-a-vis the first quarter of 2020. In the chart below, we present our portfolio of stores with one new wholesale store opened this quarter. In relation to first quarter 2020, we had the opening of seven new stores. We now move on to slide 11. The car rental segment continues to evolve consistently. The continuous growth in the demand for rental remained firm in this first quarter, even with the leisure and business travel segment operating at levels well below the pre-pandemic era. We ended the quarter with a growth in all indicators, which in our view, reinforces our belief in the enormous growth potential of this service. In the first chart, we show a 3.1% growth in the number of daily rates, reaching a record volume of 4.6 million daily rates in this quarter. This growth was limited by the unavailability of new vehicles for the operation. The increase in the number of daily rates was accompanied by a recovery in average rates, which moved from BRL 70.6 in the first quarter of 2020 to BRL 73.1 in the first quarter 2021, which represented a growth of 3.5%, as seen in the lower right chart. As we have done in the past quarters, the company has managed to grow while maintaining high levels of efficiency in the management of its assets, as measured by the occupancy rate, which ended the quarter at 82.6%. Moving on to slide 12. The first chart shows the evolution of the RAC net revenue, excluding franchises, which totaled a record amount of BRL 303.3 million in the first quarter of 2021, 4.7% higher than the first quarter of 2020, impacted by the increase in the volume of daily rates and average fares. In the lower chart, our service network ended the quarter with 256 stores, of which 208 are owned stores and 48 are franchise stores. In this quarter, we had the net opening of eight owned stores. Finally, it is worth noting and highlighting that even with greater restrictions resulting from the lockdowns at the end of the quarter, our occupancy rate ended March at a level above 80% and the average rate close to BRL 70, reinforcing our confidence that our business will have a rapid acceleration once the leisure and business travel segments return to pre-pandemic levels, according to our view. I now hand over to Marco, our CFO and IR Director, to comment on the financial results. Thank you, Luis. Good afternoon, everyone. Moving on to slide 13, we present the evolution of EBITDA and margin. I would like to highlight that for the first time in Unidas history, we've exceeded the level of BRL 500 million of EBITDA in a quarter. Consolidated recurring EBITDA in the first quarter of 2021 reached a record level of BRL 528 million, with a growth vis-à-vis first quarter 2020 of 68.6% and reaching a record consolidated EBITDA margin of 75.1%, an expansion of 22.7% points compared to the previous year. An important highlight for fleet management, which, in addition to growing 35.2% in net revenue, delivered this growth with an expansion of 3% point in the EBITDA margin, reaching the margin of 67.5%. In the rent a car or RAC, we saw the constant recovery of the annual margin, which this quarter expanded 1% point, reaching 43.2%. Lastly, we continue to benefit from the high demand and the increase in prices of used cars to reach the record margin of 14.1%. On slide 14, we have a record of consolidated EBIT with totaled an amount of BRL 411.9 million in first quarter 2021. The EBIT margin expanded 30 percentage points to 58.6%, benefited by the EBIT margin of both segments. In car rental with an expansion of 34.7 percentage points and reaching 53.8%. In outsourcing of fleets with an EBIT margin of 62.3%, an increase of 23.8 percentage points. On slide 15, the recurring net financial result totaled BRL 78.2 million in the first quarter of 2021, an increase of 11.4% in relation to the first quarter 2020. While its share in relation to the net revenue decreased by 0.7 percentage points and reached 11.1%. The accounting financial result was BRL 96.3 million, given the impact of BRL 18.1 million non-recurring impact generated due to the early settlement of certain debts of the company in the first quarter of 2021. The cash effect of these expenses was BRL 8.1 million in the quarter, and the remainder has only accounting effect since it refers to the lower funding costs. In the chart below, I highlight the highest recurring net income ever achieved in the history of the company, representing almost 3x what was achieved in first quarter 2020. Profit for this quarter reached an amount of BRL 231.4 million, an increase of 190.9% in relation to the previous year, and with a record net margin of 32.9% vis-à-vis the 13.3% of the first quarter 2020. Now on slide 16, the company reached the ROIC record of 14.9% this quarter, allowing it to reach a record spread of 11.9 percentage points, which resulted in an annualized ROE of 25.1%, demonstrating the consistency of the operation and the Unidas' ability to evolve quarter by quarter. In the chart below, we ended the quarter with a comfortable cash position of BRL 2 billion, equivalent to 102.9% of debt commitments for the next three years. With a robust cash generation, we were able to continue reducing the leverage measured by the net debt to annualized recurring EBITDA to the level of 2.08x. This appropriate capital structure gives us peace of mind to continue accelerating strong growth in both our rental segments in the coming quarters. Now I hand over to Luis. Thank you, Marco. Before going to our question and answer session, I would like to make my final remarks. I would like to once again express my satisfaction with the results presented. We remain faithful to our strategy and our long-term vision, and this has been rewarded by quarter by quarter with excellent results. Demonstrating that all the investments of time and money made daily by the entire Unidas team is rewarded with the results of this first quarter, which presented levels higher than the results presented in the whole first half of 2020. These exceptional results, both from the point of view of financial as operational results, further reinforce our full confidence that the best is yet to come and that Unidas is very well prepared for an even more promising future. To conclude, I would like to thank the continuous, intense, and exemplary work of our team, which even under adversity excels quarter after quarter and allows us to thus achieve the results we bring at this moment. Count on me, on Marco, and the entire investor relations team for any further clarifications on Unidas or our market. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session with investment analysts and investors. At the end of this session, we will have another one exclusively for the press professionals to ask a question. Please press star one. To remove your question from the list, press star two. Our first question comes from Mr. Lucas Laghi from XP. Good afternoon, everyone. Thank you for taking my question. First, congratulations on your excellent results. I'd just like to take a bit from you. If you could go into detail first regarding the growth in the GTF segment. We've seen strong acceleration vis-a-vis previous quarter. Can you clarify where this growth comes from? Unidas has a relevant growth in this segment, or would it be more on the average rate in the quarter? There has been a resumption of corporate GTF that is more operational. Second point, if you, on the other hand, could comment on the deceleration on Rent-A-Car RAC, which has been a choice of the company prioritizing segments with more return on GTF or whether it's been a market move. I'd like to understand the growth dynamics in both sectors or areas. Thank you. Thank you, Lucas, for the two excellent questions. Well, GTF growth, we worked quite hard in the past years. You, great that you've noticed the multiple channels that Unidas has developed. What I can say regarding this growth is strong growth, sustainable, and coming from all channels. The average ticket growth and the increase in investment is the result, obviously, of these new products. We have a higher ticket in the sales of Special, Agri, Agro, and Livre and Truck. We have a truck division at Unidas. I wouldn't highlight specially anyone. Obviously, we are pleased with the performance of our Livre, which is under a subscription car, but we wouldn't say that this is the result only of this product. What we have, it's an explosion, a burst of sales, result of this powerful platform that Unidas has today with various products, meeting customers in whatever they need, and obviously, with a very strong development of the car rental culture also in companies. This is what we are living currently. Very strong market ally to this culture, added to a structure that is the most complete one in terms of structure in Brazil with a commercial power. This added to this spectacular growth of 35% with a powerful highlight, increasing the EBIT, the margin, the ticket, and the profitability of this channel in a very consistent way, as I've said. GTF is that. The acceleration of RAC, unfortunately, as you know, we have restriction in the number of cars also aligned to the strategy of Unidas. We have grown a lot the occupancy rate. We've realized that it's very profitable for the business, the Rent-A-Car business, to work on an occupancy rate that is higher and undoubtedly, the market that suffers the most when there are moves of lockdown and restrictions and other restrictive measures. We are actually setting privilege to the three channels, used cars, RAC, or fleet. We don't have a preference for one or the other because our project is a long-term one, not because a product is more profitable, we're going to do this or that. Obviously, we are giving the right privilege to the three products as long as we have no impact on profitability. Profitability is something that we'll not let go. It is important for the relevant investments of growth that we have been having. The deceleration, the acceleration of RAC in our view, has been the result at the end of the quarter as we had the more stricter restrictions in the early March. It's something more specific or time-specific, and compared to the growth of used cars and fleet, it may seem little. We're coming from a quarter compared to last year, when there was no pandemic with very little impact, with an impact in March that has disrupted the growth in this business. The good news is that all our segments, sales and Rent-A-Car, are performing higher than last year. We believe it's a matter of time so that we have more cars and our Rent-A-Car may have a strong growth pace as it had before the pandemic. It's not a demand problem. Unfortunately, it is the strategy of the company with the effect of lockdown in some cities and obviously the lack of cars from the automakers. Thank you very much, Lucas. We're always available to you. Thank you. Perfect. Thank you very much. Our next question comes from Mr. Victor Mizusaki from Bradesco BBI. Hi, good afternoon. Congratulations on your results. I have two questions. The first, Luis, thinking about the reopening scenario after the vaccination of COVID, we'll see the growth in RAC. A major one can come also from airports. Can you comment a bit, how much is this represented pre-COVID pandemic and now today? As you've mentioned, the OEMs, what's the conversation with them to normalize deliveries over the second semester? The second question, the press release, you've mentioned the possibility of increasing depreciation over 2021. When can we start viewing that in Unidas bottom line? Thank you. Thank you, Victor. For the questions, first, we don't open the mix of RAC products. Undoubtedly, what's happening is that those channels of individuals at airports and also of businesses, those are the channels that are suffering the most. Here in our business, we have an expectation, as you say. In the second semester, we have two major factors for rent a car, which is an expectation of improvement with the vaccination and the circulation of people. People will be circulating more and more at ease, and the delivery of cars by the automakers. Despite not being able to tell you what the mix is, you are totally right to imagine that. What is happening actually in the rent a car channels with a smaller turnover of passengers in airports. We have a great expectation when vaccines are at a higher percentage in the population. That should happen in our view. In the third quarter, we should have a recovery in the second semester that will be quite good of these projects that will provide a new growth for rent a car. As the delivery of the automakers, as I mentioned in the previous answer, we have contracts with the automakers, and despite all the difficulties, they've managed to deliver what was promised. Some actually delivered fewer cars and others delivered more. Overall, we've received a number of cars that was within our budget and within agreed with the automakers. I'd like to restate this. We have a very long-term relationship with the automakers, and we have a long-term view that coincides with their vision. We are having partners for a long time, for a long time, Unidas has always privileged contract partnerships. We have a growing curve for the next quarters of car or vehicle deliveries, and we believe it will be a very special time because we're going to receive more cars. Consequently, we have the opening of airports and a mitigation of restrictions in the cities. We thus have an expectation that this ensemble will bring us a second semester even better than the first. For OEMs, this is it. Lastly, the increase in depreciation. For depreciation in here to try to better explain this, what we believe in this business of depreciation, we have three, say, seasons of vehicles. Vehicles that have been here for a longer period, no longer need to be depreciated. We have a depreciated value that is much smaller than what we are actually selling the cars at. We have vehicles that have entered along 2020 that have a smaller depreciation result of the increase in the cars from 2020 to 2021. We have the cars or vehicles of 2021 that have normalized depreciation. Our strategy since the pandemic has been the following. At every evolution and increase of used car prices, we have been reducing depreciation, and then the RAC and fleet dynamic have a difference because the turnover of the fleet is 12-18 months, and for fleet is 30-35 months in the current scenario. For each channel of ours, we move in a different way because the dynamics is different, and we do this car by car. It depends on the make, the model. It depends on various factors that effectively you will fortunately only get the average of the depreciation. The result of this increase in RAC is an expectation of ours for the next year, which despite the price of used cars being high in our perception, we want and will have a long cycle of good margins in used cars. We're being conservative. Actually, we could do less, but this is a feature of Unidas. We believe that depreciation is the best way to be conservative in a car rental company because it is a cost that makes you not to lose money until you sell the car. If we depreciate a car 100% and in a year's time it's sold by 50% more, or if it is sold for 70% more, only then will we gain or lose. This is something that we've been doing for a long time, and we use the depreciation rate to plan future margins of our business in used cars and consequently of car rentals. The three seasons are working in such a way that vehicles have been sold with zero depreciation. New vehicles came in with normalized depreciation, and some vehicles have smaller depreciation. The rent a car dynamic was to increase in the first quarter because it's a more short term business. The fleet, we've made an adjustment that was negative from fourth quarter to this because we have some room in these cars for the first season, not early depreciation. From now on, you certainly can expect that our two businesses increasing the depreciation in the forthcoming quarters. This should not impact our margins and this should maintain for a longer period than 2021, the used cars business very healthy. We're not promising here that we'll be able to maintain these rates at the current levels, but certainly you will take a long time to see depreciation rates. Sorry, you're going to take a long time. Margins in a bit of used cars close to 01 as it was the policy before the pandemic. I've talked a bit about the depreciation, I'd also like to talk about the fact that Unidas is a new company. A year ago, we had another type of dynamics in the assets. We maintained a occupancy rate at rent a car that was much lower, and this today is something we don't see the need. Even if we have cars, we don't intend to reduce the rate below 80%. We also have this scenario of inventory of vehicle sales that was quite different from the pre-pandemic period, and we don't intend to go back to that scenario. If you realize the sum of it all makes Unidas to be a better company that better manages its assets. This is seen in our profitability and ROIC that reached almost 15% this quarter. We've learned lots of things over the pandemic period, and being conservative in the depreciation rate will give us its longevity in this model of current used cars policy. We have a saying that it's very hard for you to climb a very high hill, but if you prove to yourself that you managed to do that, we don't like to go uphill twice. We've learned a lot and we're going to use depreciation. We're going to be conservative so that this used car cycle lasts longer than only 2021. This is the depreciation dynamics that I must mention to you, Victor, and to everyone listening to this here. Thank you very much for your participation, and we're always available to you. Thank you. Our next question comes from Mr. Rogério Araújo from UBS BB. Congratulations on your results. I have two questions. The first, just to check whether the [GTF] count makes sense. In the past previous calls, you talked about 10,000- 12,000 vehicles close to ready for delivery in 2021. You closed over 11,500 and delivered a bit above 11,000. Practically delivered the same number that you managed to close. You have those 10,000- 12,000 vehicles in queue with part of this canceled. The second part in this topic, you've also talked about contracts for the second quarter increasing 62% vis-à-vis the second quarter. In 2020, you closed 5,000 cars. Can we imagine that perhaps you close 60% over 8,000 in closing contracts second quarter and 10-12, you'll get practically 20,000 second quarter. Obviously, depending on the delivery of vehicles, does it make sense, 20,000 cars in the second quarter in the queue? Then I'll ask the second question. Thank you. Thank you, Rogério. You understand the mechanics. I cannot just promise to you that I'm going to deliver the 20,000 cars that are in the backlog because I depend on getting the cars from the automakers. Maybe we cannot deliver all of them, but your calculation is correct. We have a large backlog and you'll see to be delivered result of the sales that are quite strong, especially starting second semester last year. The math is correct. We have about 20,000 cars in our backlog or even more, but I cannot actually promise you that they're going to be in the second quarter because we depend on the deliveries of the OEMs and the timelines take longer than we expected. Canceling happens, of course, we lose the bid in the contract. Since it's a market move, it's not just Unidas that has the lack of vehicles. This has not been happening a lot because it's no use canceling with Unidas because they won't be able to get a car in another car rental company. Canceling is not a problem to us now. The problem again is the delivery time of cars by automakers that makes us deliver our cars a bit later. Your reasoning is absolutely correct. This is what's happening. Perfect. Second point regarding RAC. We have a mismatch between operational fleet and end-of-period fleet. One had a four and the other one end of period, 70%. You sold a lot of cars at the end of the quarter, and this may impact the volume of rented cars in the second quarter this year. What are the expectations of receiving car vehicles for RAC in the second quarter? Well, you've noticed it quite well. We've reduced because as I've said, March with the closing and, well, actually the lockdown, so we had a reduction in rent a car. It suffers directly when airports are shut or stop. Operation of the cities are locked or there's lockdown in the cities. We acted fast because we have contracts that reassure us so that we can go back to cars with a resumption of Rent-A-Car. This is already happening. Rent-A-Car is resuming or recovering quite well in April in our businesses. This is quite normal from Niaon. If it closes, RAC suffers. If it opens, it gets back with important or major recovery. It's just a maneuver to better use the asset, as I've mentioned to you. We are very much focused on asset management, and this brings differentiated return, and this to us is very important. We've discovered a mechanism to operate, and we'll not let it go. The mission of all of us is how can we get to the long term with these margins and this mechanism, and we have the whole strategy ready so that this happens. Perfect. Thank you very much. Thank you, Rogério. Our next question comes from Mr. Régis Cardoso from Credit Suisse. Good morning, Luis, Marco. Thank you for taking the questions. If you allow me two topics I'd like to discuss. First, the dynamics of assets. It was being a quarter of fleet reduction with very strong margins in used cars. Despite of negative cash generation, I'd like to understand if this is an issue of new cars that come at an average price much higher than what's being sold. It's going to consume a net investment. If you imagine what the relevance this impact may have over time, or if not, or if there's another explanation, perhaps related to confidence regime or cash regime. Perhaps you can comment on the fleet regime linked to the cash flow of yours. The second topic is a follow-up on the previous questions. This reduction in RAC and fleet has been significant. Understood from your previous comment that's been intended. It's been a strategic move. I'd like to understand the following. At what speed can you re-compose this fleet? Again, this point of mismatch between operational fleet and total fleet. I'd like to understand what mechanism led to that, the reduction in cars for sale in the stores of used cars. I have more operational and rental and RAC that keep on operating. Is this mechanism different or perhaps of purchasing? If you could comment in this sense, I would be grateful. Thank you. Hi, Régis. Thank you for your question. I'm going to talk about the first one. Then I'll hand over to Luis to talk about the second to you. Speaking about cash burn, that is your point. That's very much linked to the end of your question. When you talk about cash-competence or time. It towed 16,000 cars. We sold close to 16,000 cars with an efficiency of approximately BRL 200 million. That should be the difference respecting the mix difference. Let's say that's the cash difference for reinvestment. Looking in a parallel of this quarter. When we look at the first quarter. You see this cash burn that you mentioned, this is certainly a mismatch matter of how much you pay and how much you buy for. If we take the fourth quarter, if we see the sales of 20,000 cars and the 30,000 new cars with 10,000 more cars, which was the increase in the fleet in the fourth quarter, most of those cars are paid in the subsequent quarter or even one or another as longer term, two quarters later. This quarter, if you look at our balance sheet, you can clearly see that we have a reduction that is quite strong in the liability line of automakers payable. We have generation is quite strong, but when you have this purchase that is strong with the next quarter, you have more expenses or more spending. If we bought 16,000 cars, half the fourth quarter and the first quarter, the second quarter, we don't have it there. It's clear in the balance sheet, we don't have so much to pay. How does it behave ahead? We'll always have an average one the next quarter, strong growth, and we'll have the need for cash for investment. What is the very positive side of this link to that we have been highlighted, which is funding and generation of better growth and margins as it's been the margin of outsourcing of fleet that we've mentioned, the margin of Rent-A-Car recovering from above what we've seen in the past. All of this helps us to have room to grow with no need for equity. The need for cash for growth is natural. To sum up, I think the main point is a matter of cash in terms of confidence and the dynamics is more or less a payment on average 60, 90 days after the acquisition. Second quarter, we shouldn't have so much pressure. Third, fourth, depends on what we manage to buy as cars that are new for our fleet. I hope this is clear to you. I'll hand over to Luis now. Very clear. Thank you. Good afternoon, Régis. The second is the following. We have a tranquility to rebuild the Rent-A-Car fleet. As I said, we have contracts and we have a budget mechanism here that is very sound and it's been like that for a long time. We have contracts with the automakers. Adapting to demand of the OEMs, and they have been saying with us couldn't be different, that they are going to gradually increase their production. If they increase their production, obviously there are more cars left for us. We are quite confident that over this year that you're going to see the RAC fleet being composed and growing quite strongly in the second semester. This is a way of needing us to be conservative because if this business of ours has the largest drop when there are lockdowns or when cities are stopped, and we believe that with the vaccine and the second semester, we should have fewer possibilities or likelihood of having these phenomena. We should have expectation of higher occupancy rates and not keep the old fleet and this causes problems to customers and higher costs to us. What happened in the second part of your question was the following. If we have remaining Rent-A-Car cars and used cars, all we have to do is get from Rent-A-Car and move to used car sales, and that's what has been done. Our used cars inventory is quite low. We get a car from Rent-A-Car move to used cars, and then we put a Rent-A-Car move from used cars, and there is sort of constant flow between one and the other. In this quarter, when the pandemic pressed Rent-A-Car, we moved to used cars. This is more or less the dynamics and the resumption is actually programmed and we have very positive expectations for the second semester in the Rent-A-Car segment. Just to follow up to understand a bit better this last point. Your comment that reduction of the non-operational fleet was not because of demobilization for exclusion. I understand that they should have come from the side of receivables or receiving cars and the mobilization of new fleet. Is that so? Yes, it was actually demobilization. We received the new cars, obviously. When the pandemic started in March, lockdown started. Some contracts of new cars rather than our receiving in March, we received in April. There's a mismatch. Nothing that justifies what you're asking. What I'm saying is, when the cars started to be left in the Rent a Car stores over March, we took cars from the operation of RAC and we sold the cars. That's it. Okay. That was the dynamics. Okay, understood. Why? Because if we wouldn't know how long they would remain that to recover, and we had cars arriving in April, why should I just keep cars waiting at Rent a Car? I take them, and then in April, I replace them. Super clear. Thank you. Congratulations on your results. Have a good day. Thank you very much. Greetings. Our next question comes from Pedro Bruno from XP. Good afternoon. Thank you for the space. Luis, I'd like to ask you if you'd comment, please, a bit the dynamics of implementation of subscription car and Unidas Livre or Free Unidas, not only from the standpoint of growth and cost, because this is a relatively new car. Since you've been pioneers in this product, it's quite new, and understand it grows at a high percentage on a base that is smaller compared to other parts of the mix of your JDF. You've had quite significant growth, as has been said, along with the margin increase. It was just to understand whether, in fact, it makes sense to imagine that it doesn't have a cost impact that is relevant or representative result of this big growth in the beginning of the project. Just to understand if this reasoning makes sense and if you could make comments on this line. Thank you. Pedro, your analysis is perfect. The Free or Livre is a product that has no cost, especially when it's implemented. Usually, customers that use this kind of car are individuals that drive less than the average of businesses and Rent-A-Car product. In our experience, this product is not a product that impacts costs. Much on the contrary, it is a product of light use, so you're correct in your analysis when you think that we have no cost pressure. The margin gain is no doubt our business model of always seeking operational leverage. When you manage to grow 35%, huge growth, we obviously have the obligation within Unidas to capturing this operational leverage. That's what you've seen in the margin. More fantastic than growing 35% is to grow 35% and increase the margin to 68% EBITDA, because we were around 65%, 64%, and so it's growth with margin result of the operational leverage free, does not bring cost to the short-term. It is the product equal or even better to the fleet product. Okay, perfect, Luis. Thank you. Thank you, Pedro. Since there are no more questions, we're going to move on to the webcast Q&A session. Good afternoon, everyone. We're going to start the Q&A from the webcast. The first question is from Fabiano Vaz from Nord Research, he asks the following: How do you see the market at the RAC front and also JDF after restrictions imposed by the pandemic in the first quarter 2021? Thank you, Fabiano. We have noticed in Rent-A-Car, while we had the lockdown, almost all large cities in Brazil, we had a drop of approximately 15%, hard and fast. JDF was not impacted neither on sales or the dynamics. What worsens is unfortunately the logistics you had. For example, some places for preparations to deliver cars and the Truck would not arrive, would not be able to go out. We have an impact of delivery and the delay in delivery of cars that we've been living over this time. Lots of things in the backstage of the business that unfortunately are not shown in the numbers and are disrupting us greatly. Like this, when you stop, the city come, the truck cannot go in, cannot go out, so you have a car stopped at the automaker already with a license plate. We have an impact in logistics, and RAC dropped about 15% and quickly when we had the lockdown. The good news is that also as we had the reopening in early April, we recovered quite fast. If there's lockdown, it drops quickly. If it is opened, it grows fastly. That's what you've seen over the past quarters. We don't have great novelty to us, because we've had it. We have structure to work and home office to have distance delivery to sell at a distance. We know how it operates, of course, there is this drop. The drop last year, let me remind you, during the pandemic, when we had the same thing as this year, was a drop of 60%. Now we're talking about 25% of the drop compared to what we had last year. Nothing that hurts us. Of course, we could have grown a bit more, made a bit more money, but it is not something that hurts us. Thank you very much, Fabiano, for your question. We move on to the next question from Joaquim from BCI. He asks two questions regarding the average purchase price. Last year, Unidas had an average price second semester, BRL 55 for RAC, BRL 65,000 for GTF. Now, if you report BRL 71,000 and BRL 69,000 respectively, what can we expect for the whole year? Are those the new purchase levels for RAC and GTF? Second question, how do you explain the difference regarding Movida, the reported average price close to 70%? Unidas is buying car models that are more expensive, or what is happening to RAC specifically, or rent a car? Thank you. Good afternoon, Joaquim. Thank you for your questions. Okay. If we imagine that the cars over this period must have had their prices raised about 10%, part of the investment is obviously related to the price increase in the brand-new cars. Rent-A -C ar, this is justified, and obviously there is a demand that is higher for smaller cars, and automakers are delivering a mix. This says a bit it was the price increase and the other effect is the car mix. In GTF, well, you can imagine that this level will be the new one. Why? Because it's a product mix. As you realized in other questions and answers, you have new channels performing that have a higher ticket, and with a higher ticket, we can invest more. In GTF, it's a product mix. In RAC, it is part the increase in the price of brand-new cars and also product mix. As to your comparison to Movida, I'd rather not comment on it because I don't have enough information that allow us to, or allows us to compare ourselves to Movida at this point. I'd rather not make a wild guess, otherwise I would be inducing to some kind of error. This is our conclusion on your questions. Thank you very much, Joaquim. Moving on to third question of Bruno Oliveira from AutoData. Could you inform us on the current delay time and deliveries of the automakers? Thank you. If you talk about delay time, I cannot answer you that because what happens, you may face problems happening. You may face problems due to lockdowns. Some automakers delay production, others have stopped or shut down production, as you've seen in the press. The delay time is not what we measure. What we have is number of brand-new cars to receive every month. Obviously, this is a partnership. It's not set in stone that we have to receive 1,500 cars from X automakers. Sometimes there's a bit more, there's a bit less or fewer. What I may say is that in the four first months of the year, we received on average everything that we had in terms of commitment with all the automakers. In other words, we have no delay in the delivery of cars in the first four months. Everything that we had estimated, we have received. What's been happening is that the car delivery timeline of the automakers is from 90 to 120 days, some cases being even six months. When you ask for a car now, we have contracts that we signed in the past, so the time varies according to market dynamics. Up to now, we have the joy of receiving the average of cars programmed for the first four months. This is what reassures us to say that our fleet should improve in terms of growth and renewal for the forthcoming quarters, because this is how it's been projected with the contracts that we bought, that we signed for the purchase of cars last year. Once again, I thank you for your question. Moving on to the next question, I believe Luis has already answered part what Fabiano asked again, and the second question is his. I'm going to move to João Moura's question from Oceana. He asks two questions. The first is the following: Fiat has been gaining a market share in the new car market. Do you believe that when the pandemic normalizes, Volkswagen and GM will have a great incentive to get to the third shift and recover market share? The second question is, I assume that the Unidas Livre sales structure is more advanced than the competition because they've launched the product before, and this avoids you from having pressure on SG&A compared to your peers. Should this trend continue in the future? Do you have other investments and other impacts should impact your margin further ahead? Thank you. Congratulations on your results. Thank you, João. This answer, the first question. Sorry, I do not have an answer to give you. I've never asked this to the automakers, but as you see in the numbers, it is clear that there is a strategy on the part of Fiat that is quite strong in the first months of the year. I believe that the move and dynamics in the second semester should be easier for all car makers, and you have a better performance for all. For us, waiting for the increase in the number of cars provided or for the rental market and for also the auto making. For all OEMs, we should have a much better scenario in the second semester. This is what they say. If they're going to accelerate, add a shift, I do not know. I do not have this information. On the Unidas Livre structure, you've identified it quite well. We've been investing in this business for quite some time. What I may say is that at no time does it make sense to us to increase our SG&A more than the product growth. We always make an early investment. This is normal in the car rental business. To us now, this product is already a stable product that we have been operating for quite some time now. We are reaping the fruits of being pioneers in this business in our perception. We do not believe that we need to have SG&A pressure, neither in the short, mid, or long term in this Unidas Livre product. Thank you once again, João. Moving again to another question from Joaquim. Assuming automakers can get back in good shape, what is the expectation of a [CapEx] this year, a level similar to 2019? Joaquim, unfortunately, the company, we cannot give you an accurate number for that, but our expectation is of acquisitions that will be quite strong as of second semester. It's a shame that if they had the cars, we would buy many cars now because we have a backlog to deliver to our customers, backlog to renew our fleet. You have to understand that we have maintenance cost that is much higher than we should have because cars are postponing licenses, and this is all very hard to our business. We believe that when we reestablish the supply, we will have gains in the operational leverage and also maintenance costs that today are quite hard and high to us. Unfortunately, I cannot give you this guidance because this is Unidas policy. Moving to the last question of Rodrigo Faria. Some automakers think that they should actually sell value-added cars and not cheaper cars or more economical cars. Do you believe that the accessibility of the population to demand a market demand? I believe, therefore, that if we have this move, undoubtedly it will help us, and I think your conclusion is correct. Since there are no more questions, the Q&A session via webcast is closed. We're going to start the question and answer session with media professionals. To ask a question, please press star one. To remove your question from the list, please press star two. We remind you that if you want to ask a question, please press star one. Since there are no more questions, the Unidas results conference call is now closed. Thank you all for your participation. Have a good day. Thank you