Good afternoon, ladies and gentlemen. Welcome to the conference call of Unidas, where the results for the 2nd quarter of 2021 will be presented. At this moment, all participants are connected in listen-only mode. Later, we're going to open a questions and answers session, when instructions will be given for you to participate. If you need assistance from an operator during this conference call, please press star zero. This conference is being simultaneously translated into English. Questions can be asked normally by participants connected abroad. Questions can also be asked over the internet through the webcast platform. It's worth reminding you that this conference call is being recorded. The audio will be available at the company's website within 24 hours. If you do not have a copy of Unidas earnings release, you can obtain it from the company's website, ri.unidas.com.br/en/. This conference call, along with a slide deck, is being simultaneously transmitted over the internet, also accessed through the company's website. Before proceeding, I would like to clarify that any statements that may be made during this conference call regarding the prospects of the company's business, as well as projections, operational, and financial goals regarding its growth potential are forward-looking statements based on the expectations of the company's management regarding Unidas future. Such forward-looking statements depend on the performance of the industry, general economic performance of the country, and the conditions of the national and international markets, and therefore, they are subject to change. Today with us, we have Mr. Luis Fernando Memoria Porto, Chief Executive Officer, Mr. Marco Tulio Oliveira, Chief Financial Officer and Investor Relations Officer, and Mr. Carlos Sarquis, Head of the Rent-a-Car Division. Now I would like to give the floor to Mr. Luis Fernando Porto. Please, Mr. Porto, you may start. Good afternoon, everyone. Welcome to Unidas 2Q21 Results Conference Call. Today, I have here with me Marco Tulio, our CFO and IRO, and Carlos Sarquis, our cap, Head of RAC. Before getting into the results, I would like to say that an important milestone of the company has been achieved. We have launched our Unidas Sustainability Day to celebrate the achievements of social and environmental agendas that mobilize employees, customers, and partners in favor of a more sustainable and balanced environment for the entire society. The data has been shown in our sustainability report and divided into environmental, social, employee recognition, volunteer programs, inclusion, and diversity areas. On the same day, the company launched Unidas carbon neutral program, which aims to neutralize all greenhouse gas effects by 2021. On the next slide, Unidas held its winter clothing campaign, in which 2,000 individuals who are homeless received blankets, personal hygiene kits, and food. Moreover, more than 15,000 people were assisted with a basic food basket corresponding to more than 160 tons of food distributed. Lastly, we added 14 institutions to our Elo program, totaling 31 institutions, and totaling more than 4,000 people assisted. While our program, Unidas For or United For a Better World, already assisted more than 21,000 people in 2021. On Slide four, you can see Unidas balance sheet. In the first part, we show our indicators and profile, both for the company, general population, and our leaders. Inclusion and diversity are equally important themes in our daily lives, where we have established as a goal to have 13% of our employees above 50 years of age until 2023. Currently, we have 11%. The company currently has 41% women in leadership positions and intends to increase this number to 51% by 2023. We continue to invest in our people. The total training hours that our leaders had in Q2 2021 was 10,700 hours, which is seven times higher than the hours of training that we had in Q2 2020, and 84.4% higher than the hours in Q1 2021, as presented at the bottom of the slide. On Slide five, we will show our fleet profile at the end of the period, which, besides reaching a record consolidated fleet of 178,608 vehicles, also reached a total of 105,000 vehicles in fleet management, being the first rental company in Brazil to exceed the historical mark of more than 10,000 vehicles, as demonstrated in the chart above. At the bottom, an important highlight for the rented fleet in both rental segments at the end of the quarter, which present an important growth compared to the rented fleet at the end of the first quarter. On the next slide. In addition to the previous slide, we bought 26,600 cars in this quarter, a record net addition for one quarter of 12,200 cars. Now on Slide seven, we will talk about our excellent results in fleet management. In this chart, we show the record with a global volume of contracts, which in 2021 has reached BRL 1.9 billion and is equivalent to the entire year of 2020. In this quarter alone, we contracted 15,600 cars, a growth of more than 300% as compared to Q2 2020. It's 31.6% higher than the strong first quarter of 2021. In 2021, we have already hired four fleet management segment, even with this record volume of contract, we continue to dispute more than 73,000 cars for the next quarter, as demonstrated in the chart below. Now on Slide number six, in the chart at the top, we continue to break records in terms of volume with a growth of 21.8% and record in the average monthly rate that reached BRL 1,814 per vehicle, an expansion of 14.7% as compared to Q1 2021. In the chart on the left-hand side at the bottom, the occupancy rate of the segment in Q2 2021 reached a level of 97.7%. Next sheet, we show the record of net revenue from fleet management, which was BRL 435.5 million in the quarter, a significant annual growth of 40% and 10.2% compared to the strong results of Q1 2021. This growth does not yet consider the record backlog volume of more than 24,000 vehicles. These results, in addition to demonstrating the strength and resilience of the business segment, makes us comfortable to continue or we are confident that we are going to continue to deliver revenue growth at the current levels. On Slide nine, we will be talking about used cars this quarter. The chart at the top shows that the market of used cars with up to three years of use represented an annual growth of 17.3% in Q2 2021. The market of used cars totaled six million cars sold in the first half of the year. We believe that this scenario will continue to be favorable for the segment of used cars because of the short-term supply of new cars. Now, the chart at the bottom, we can see the records in the average vehicles in terms of selling price with an expansion of 53.3% as compared to the year before. Sales continue to benefit from the strong demand for used cars as a result of continued price increases in new cars that were introduced so far in 2021. Now on page 10, we have the net revenue from used cars totaled BRL 843.5 million this quarter, almost twice higher than the BRL 425.6 million in Q2 2020. In the chart at the bottom, we show our portfolio of stores, which in this quarter had the opening of one new wholesale store and the closing of six retail stores, four of which under the franchise model. Now I give the floor to Sarquis, our Head of the Rent-a-Car Division, to present more details of the company's results in the segment. Thank you, Luis. Moving to Slide number 11. The Rent-a-Car segment had a rapid recovery in the quarter in relation to the lockdowns that took place between March and April last year, so much so that at the end of the June, the number of rented cars was 12.7% higher, as compared to the last day of the first quarter, as shown on Slide number five. In the first chart, we show the annual growth of 25.2% in the volume of daily rentals, reaching the volume of BRL 4.5 million in Q2 2021, which an even higher growth could be observed had we received more cars throughout the quarter. The company continues to work with excellence in its fleet management, as presented in the chart in the lower left, and we have set a record for occupancy rate level of 86%, 24.6 percentage points above Q2 2020, and 3.5 percentage points compared to the 82.6% in the first quarter this year. In the lower right-hand chart, you can see average daily rates that grew in comparison to the year before and reached BRL 73.2, a positive variation of 45.3% as compared to Q2 2020. Moving to Slide number 12, the first chart here, we show the growth of the net revenue from Rent-a-Car, excluding franchise, which totaled this quarter, BRL 299.9 million, a growth of 81.3% as compared to the same period 2020. In the second chart, we are showing that in the last 12 months, we opened 59 stores in our own customer service network, considering the incorporation of some franchisees, which represents a net addition of 43 stores to our consolidated network. We remain strong in executing our long-term growth strategy in order to reach an increasingly close relationship with our customers and ready to capture all the demand that was repressed by the pandemic, mainly once the zero-kilometer cars and their sales are back to normal. Lastly, I would like to highlight the global 5.7% of our total fleet in this quarter compared to Q1 2021, which represents a net addition of 3,400 cars, making sure that we will start much stronger next quarter. Now, I would like to give the floor to Marco, our CFO and IRO, to talk about our financial performance. Good afternoon, everyone. Thank you, Sarquis. Moving to Slide number 13, I have the pleasure to highlight that we are still breaking records in EBITDA and margin. The recurring consolidated EBITDA of Q2 2021 has reached a new record of BRL 557.2 million, a growth that is more than twice as much than Q2 2020, and 5.5 greater than the EBITDA of Q1 2021. The consolidated EBITDA margin has broken a new record, now it's 75.4%, an expansion of 32 percentage points as compared to previous years. We had an increase of 19.3% in EBITDA margin, an increase of 17.3 percentage points as compared to Q2 2020, a sequence of growth of 5 percentage points as compared to Q1 2021. Slide 14. The consolidated EBITDA totaled an amount of BRL 419.2 million, almost 6x the EBIT of Q2 2020. Looking to the first half of 2021, the consolidated EBITDA totaled BRL 831.1 million, an amount higher than the BRL 809.2 million for the entire year of 2021. The EBIT margin of Q2 2021 showed an expansion of 44.1 percentage points to 56.7%, with the benefited by the EBIT margin from both segments in Rent-a-Car, with an expansion of 80.1 percentage points, reaching 51.9% in fleet management, which represented an EBIT margin of 60.1 expansion and an expansion of 25.2 percentage points. Now on Slide 15, in the first chart, we show the recurring net financial expenses that totaled BRL 78.8 million, this quarter, an annual growth of 10.2%. Net revenue dropped 4.2 percentage points, reached 7.7%, elbow 7%. We reached the amount of BRL 241 million this quarter, a growth of 4.2% in sequence over BRL 231.4 million in Q1 2021. Now Slide 16, the company continues to deliver significant growth without giving up the return on investment. ROIC reached a level of 14.4% this quarter, making it possible for us to reach the spread of 10.7 percentage points, which led to an annualized ROE of 25%, demonstrating the consistency of our operation in spite of the challenging scenario. In the chart below, we ended the quarter with a comfortable cash position, already considered BRL 200 million issued in July of BRL 1.9 billion, equivalent to 121.2% of debt for the next three years. We continue to work and invest and to be ready to capture all the potential growth of our rental operations, and we are confident in terms of our capital structure. This quarter reached the leverage in terms of net debt over annualized recurring EBITDA of 2.3x. Now, I give the floor back to Luis. Thank you, Marco. Before we move to our Q&A session, I would like to give my final remarks. We ended another quarter with the satisfaction of delivering excellent results and certain that we are on the right track to become even better. This is part of Unidas DNA. We are passionate about what we do. We do it intelligently in an innovative way, and we seek to be ever closer to our customers, delivering convenience and satisfaction. The short-term scenario is still challenging, but in any way, we are still sure that we will overcome the challenges and continue to deliver strong growth in line with high rates of return to our investors. Lastly, I would like to thank our team for the intense and exemplary work, which constantly demonstrates its strength and excels quarter after quarter, allowing us to achieve increasingly better results. Always count on me and our entire investor relations team. Thank you Ladies and gentlemen, now we are going to start our Q&A session with investment analysts and investors. If you want to ask a question, please press star one. To take your question from the list, please press star two. We have a question from Credit Suisse. Now we have a question from Lucas Ribeiro from Santander. Hi, Luis, Marco, and Sarquis. Congratulations on your performance, and thank you for taking my question. I have two questions. Could you give us more details about the backlog? What is the share that is coming from each modality of sales? I imagine that you wouldn't be able to share all the numbers with us, well, as much detail as you could give us, I would appreciate. Lucas, I thank you for your question. These are cars for which we already have a contract signed. These 4,500, we already have them in the process of implementation, and they are going to become operational in the short term. We cannot break down by product where each thing is coming from, but what I can tell you is that all our channels are having record sales. It's something that is taking place in the industry as a whole. There's very strong demand coming from every size of customer for all products aligned with the largest product platform in Brazil today. Undoubtedly, Unidas provides wide-ranging and complete solution in fleet management business, even with trucks too, that we can offer to customers. Aligning these two things, our product platform, our commercial strength, and very strong demand, we have an explosion of sales as you've been seeing in the past few quarters. I can tell you whether it's car subscriptions, whether it's individuals or companies, big companies, small companies, trucks or cars, it's an overall movement. We are growing very strongly in our business of fleet management, which is part of Unidas DNA. It has always been. Thank you very much. If you allow me to ask a second question. The car prices have gone up year-over-year. What got my attention quarter-on-quarter was this 10% difference. Thank you for your question, Lucas. Well, in terms of used cars, this is a combination of two things. The mix of cars and channels, because the share of the retail channel has been growing as compared to wholesale, especially because we have a shortage of new cars. All of this has an extra item, which is the strong increase of new cars, which brings up used cars. There is an increase in the face value price of cars. There's a real actual increase. There are more expensive cars being sold, higher volume because of supply problem of shortage because the factories are not delivering, more in the retail than in wholesales. What we should point out is that today we are sure that the scenario we are seeing in the used cars will last longer than we initially expected. It's simple. There is a cycle of 2018, 2019, 2020 used cars as compared to zero-kilometer sales, which is below the expectations in the market, it leads to a lower offer of used cars in future years. Because the average of used cars, they start being sold in the second, third, and fourth year, sometimes on the fifth year. Certainly this year will be a year of low sales also because car manufacturers will not be delivering too many cars. We can see that in the next two, three years, this scenario is going to persist because even if new cars recover used cars, in our perception, we have a long period of short offer, especially those that are from zero-three years of life, which is what we work with. I took the opportunity of your question, and I give you a longer-term vision for used cars, and we are going to have this scenario persisting longer than we initially expected. Thank you very much. Thank you for giving us more details. Good luck, and thank you very much. Have a good afternoon. Thank you, Lucas. Now we have Rogério Araujo from UBS. Good afternoon. Congratulations on your results. I have two questions. One of them regards the car makers. We have heard different news. Some say that things will get worse before they get better. Others are more optimistic and say that there may be a full recovery in Q1 2022. What are your expectations? When is it going to go back to normal? This quarter, you have received a little bit more cars than originally expected. What are your forecasts in terms of receiving vehicles? How do you decide how many cars go to RAC, how many go to fleet management? How do you decide the share between the two, which one goes where you allocate the cars? If you're selling more or less, just to understand your rationale, and then I move to the next question. Rogério, thank you very much for your question. Car makers, you started your question talking about the reality. We have very diverse situations in each one of them and very different realities in each one of them. As you said very well, we have received more cars than the market expected, but we did not get more cars than we had expected. We were sure about the numbers. As we said a few times before, but it's good to remind you that we do not work with spot purchases with car makers. It's usually long-term, usually annual contracts with car makers. Considering the current scenario, they are meeting the agreements. They are complying with the agreements. Sometimes when they shut down their factories, they have already announced that they will not be able to deliver all the cars to us this year. Obviously, we have balanced out everything here so that this will not have a major effect. In terms of distribution, we are clearly favoring rental business. We have not defined what is going to go to Rent-a-Car, what is going to go to fleet management. What helps us to regulate are the occupancy rates. If Rent-a-Car doesn't have a high occupancy rate, we go to fleet management. If the occupancy rate is very high, we import more cars. The definition is number one for the Rent-a-Car customers. Why do we do that? Because those are our core used cars. Not that we are not interested, but everyone knows that we write down our assets, so the cars are going to stay longer than we would like, and they will have higher mileage for used cars and for Rent-a-Car also than we expected. We'll be providing services to more customers right now. This is what is going to make it possible in spite of higher maintenance costs. In the short term, we want to continue receiving a good volume of cars. As you heard in the previous answer, had we had 24,000 new cars with us, we would be using it, going to fleet management or to Rent-a-Car. Not to mention the repressed demand for the Rent-a-Car. There's a large number of cars that we would need today. We're still really short by far, and we work with what car makers tell us, and this is what's going to happen, and things will go back to normal more towards the second quarter next year rather than the end of this year. We are working with these expectations, which does not mean that until then we will be able to get cars or anything that will halt our growth. No. The whole market needs to understand that the scenario and sometimes what we read in the press, what happens in one company or in one area is different from the other. Here at Unidas, as we said, we have contracts and agreements for the long term with carmakers. In the second quarter, we are going to receive the same number of cars. It's going to be slightly better than it was, but more or less flat, and we will be able to reach all our goals, financial and in terms of growth and all the commitments with our shareholders. Of course, this is a delicate time, but we are keeping all our investments so that effectively once we have more cars, we receive more cars, we will drive even stronger growth and then gain operational leverage and to keep the profitability for the three pillars of the business in terms of fleet management, Rent-a-Car, and used cars for a long time, which is what we are interested in because never have we had such high profitability before, and we never had growth with profitability at these levels in our industry and our objective here is 100% focused on keeping this for as long as we can and in the long term. We think this is possible, especially because the used cars market that is going to remain stable in the long term. We are at a unique moment in terms of delivery of cars, and as I said, our expectation is, as I told you, distribution, fleet management and RAC. We haven't formatted anything here, considering our businesses, the priority goes to Rent-a-Car in detriment of used cars because this is our core business. When we have cars, we will be able to sell many more cars, two or three times more than if we had used cars available. We believe that this market is very solid and it is for the long term. This is very clear. My second question is about the need of increasing fees with increase in the prices of cars and increase in interest rate. We've been seeing price increases in fleet rental, in a post-COVID era or time. What about your fees? Is there a variation or how much higher they are as compared to pre-COVID times? Your expectation in terms of RAC fees. We have seen almost a recovery as compared to pre-COVID times, and considering all the transfers that were necessary and what you are expecting, and when do you think this is going to happen? Thank you, Rogério. I'm going to talk about fleet management, and then afterwards we talk about Rent-a-Car. You also put very well, and you are absolutely right in saying that undoubtedly, fees have gone up. Every quarter they go up, and this is going to continue. If this scenario of interest rates persists and also increase in car prices, and if it continues over the next few quarters. This movement, there's no way of it being different. Unidas will not give up profitability or any other strategy. Our business is a very good business if it's well managed and it provides good margin and a lot of cash because it's investment intensive. It grows a lot, it demands cash to grow. Yes, we are transferring those prices to our fleet management fees, all the increases that the industry is having to bear this moment. On the other hand, what we do to mitigate and to be competitive, what we have to do is to reduce our admin and operational costs. This is intense and continuous work in here so that we can mitigate a little bit the peaks that we have in depreciation and interest rates. We offset with something that we can control, which is admin fees and operational. The reductions in the administrative and operational pillars sometimes they cannot be enough to fight the higher interest rates, and then there is a high in prices and in our perception, at least until the end of this year, you should expect highs or increases in terms of Fleet Management fees. Thank you for the question. Well, about Rent-a-Car, you see an evolution of the fees, but Rent-a-Car fees is considerably impacted by the mix of customers in a fee. Of course, the long term has a higher fee than the short term. If Rent-a-Car had a similar mix than what we had in the second quarter of 2019, so pre-COVID times, the fee would have been between 7%-10% higher. We believe that somehow this mix will start to converge to the mix of a normal year. We believe that in the second half of the year, there will be a recovery for short-term leases. In April, some regions had mobility restrictions and lockdown. We had to cut fees in Rent-a-Car to remain occupancy at acceptable levels. Fees, depending on the segment, all fees are reasonably above what they were pre-COVID. What has the biggest impact is the issue of mix. We are in the beginning of this price evolution. We still have a lot of room to see an evolution, especially in terms of what Luis said. We think it will go back to normal in the second half next year. We'll have fewer cars than we would like to have. Of course, this is going to have an impact on the evolution of prices. Thank you. If I could follow up. Do you have any targets of a higher return than historical levels because of this limitation in vehicle offers? Can you increase fees even higher and increase the return? Oh, for sure, Rogério. Today, our understanding is the following. We are on a race. We have the best cars. We are driving a Ferrari, and we are managing, and we cannot speed up. Undoubtedly, if we cannot grow anymore, we're going to try and find more profitability, and we are going to manage the business very well. We're keeping all investments, and we believe that we are going to have a new profitable growth cycle. We are going to have growth with profit, and this is what will happen, and we are sure that this is going to happen over the next few quarters. If you follow the news, in the U.S. market of Rent-a-Car, Brazil is still lagging behind that effect considering the impacts of a lower vaccination campaign here in Brazil and what is related to the fight against COVID. This is going to be very similar. I'm not sure whether they are going to be at the same levels as the U.S., but we are going to see similar trends as compared to the USA markets, especially in the second half of the year. Thank you very much. Thank you. Now Bradesco BBI is going to ask a question. Good afternoon. Congratulations on your results. I have two questions. The first one, going back to the Rent-a-Car. I would like to understand, how do you see the strategy with the French brands that now are under the same umbrella? Does it make sense? Do you see the possibility of increasing it with the Chinese brands? Then regarding what you expected to happen, what is the ideal level in your opinion? Are we going to see an increase in depreciation along the second half of the year considering the fleet renewal process? Thank you for your question. First, the French brands. We have a great admiration what Fiat has been doing in Brazil over the past few years and the way they manage their business. So much so that Fiat here in Brazil has taken on the French brands. In other places, it was the opposite. I think they're integrating the businesses beautifully, and we think that French brands can be important players with Stellantis management. We have bought some of their cars. Our vision is always that we still have a lot to do, but the marketing and the network will certainly be something else. The French brands had a very small network, and we believe that these cars are very good for operations. It was not a problem of product. It's more of brand perception, network management, and things that we believe now Fiat is doing this very well for them. Yes, we do believe. We have already ordered some cars, and some of them are already in our stores. As for Chinese brands. In Brazil, we don't have many brands today. We have JAC, and their products are not very much in line with ours. Then we have CAOA that does beautiful work in Brazil. We still do not have Chinese brands in our portfolio. We are having some talks with CAOA in that regard. Right now, there's not much volume. For Chinese, unfortunately, we do not have many options in Brazil. Now the French, under the management of Stellantis, we really believe in these brands because these projects have no problems. They are good. What was missing was more management, more marketing, and business management, and they're doing it very well now. About depreciation, we have always been very conservative in that. We've been working with that for five or six years. We think that this is an important tool for us to prolong the cycle of profitability of our business in used cars specifically. We think that we are going to have a longer cycle of depreciation going up, but it depends very much on the dynamics, on how much cars we get at fleet prices, and also the profitability dynamics that we are going to have over the next few quarters. In my opinion, yes, we are going to be conservative in terms of depreciation. In this manner, we'll try to perpetuate as much as we can, this profitability cycle that we are going through. Thank you very much. Thank you, Pedro. Now we have a question from Credit Suisse. Thank you. I'm sorry. I had a problem with my connection before. I have two questions. First is a follow-up on this issue of depreciation. I would like to understand the dynamics between the segments. The depreciation of GTF is much higher than hatch, so it depends on the type of car. Another thing that I would like to talk to you about is the net increase in the fleet. This model of having fewer sales, and could that turn into a limitation to growth? If you allow me, specifically about the RAC segment, do you have the July numbers in terms of fleet and utilization so that we know the level without the effects of the pandemic? Thank you. What happens is RAC in depreciation, we are living a time, and then it gets clearer and clearer every quarter, which is an approximation of the prices of cars of one-two years to zero-kilometer new cars. We have a smaller depreciation, although we have a higher investment in cars right now. New cars prices have gone way up, automatically there would be more depreciation. The discount or the difference between the one or two-year-old car as compared to the new car is much smaller. Why? Because there's a shortage of new cars and also we have a shortage of one and two-year-old cars. This trend alone makes us confident in terms of depreciation in RAC will not go up so steeply as it will in fleet management. Fleet management is two, three, four years and ahead, we prefer to sell two, three, four years later at normalized fees. This is the difference. In our case, GTF has gone even more than RAC. If we analyze each car per channel, RAC versus GTF. The model of defining priorities, we do not believe because this rationale is simple. It will only happen that this model will only be depleted, so to speak, because there is a limit. Here we have 100-something stores to sell cars. We have a car sales team. It gets to a point that you cannot sell or not sell cars. There's a machine that we need to move. We have customers. We cannot give our customers without any cost, because tomorrow if they come back, they will come back to who looked after them. We need to look after our customers, our teams, our stores. There's a point when the cars are too old that it doesn't make any sense to us. This cycle feeds back into itself. If it lasts another six or nine months, according to our expectations, I think things can work if things happen as industry is determining, which is six-nine months, and things are going to go back to normal, and this will be enough to meet the needs of all our customers. This is a winning and profitable model. A Rent-a-Car without any growth is much more profitable than a car lease company that grows because we need to invest a lot. We are growing. We're not going to talk about year-over-year because there's an impact of the pandemic. We had the pandemic last year, too. Unidas has grown 40% in this business. If you compare the first quarter to the second quarter, so we have had growth rates may be the highest ever in our history. In my understanding, we are seeing an explosion in demand. I don't think this is a one-off effect. I think this is structural. If it's structural, I am seeing a great cycle ahead of us. It takes nine months. Once we go back to normal, we are going to see an amazing operational leverage with strong growth and profitability in the long term, and we are really working to deliver that. I give the floor to Sarquis. This was for Rent-a-Car. As to the fees in July, obviously, we are not going to give you details, but the range, the fee will be 7%-10%. July fees will be 7%-10% higher. This is very much impacted by the mix and the shortage of cars because the demand in July was much higher than our offer of cars. In terms of the offer of cars, this has grown a little bit less than the banking I mentioned to you. It has grown, too. It grew in July, about 5%. Okay, thank you very much. This is complex. Congratulations on your performance. Fernando from BTG would like to ask a question. Hello. Congratulations on the results. Thank you for the opportunity. I would like to talk a little bit about margin. Year-on-year, we have had a good margin expansion. If it's quarter-on-quarter, it's a discussion in GTF, so slightly higher expansions. Could you give us more details? The second point going a little bit more into RAC, how do you divide by segments? What is underlying this 5% increase that you have mentioned, the increase in volume? Fernando. Well, margins and GTF, it has dropped a little bit quarter-on-quarter. There are many costs that have an impact in the short term. Of course, maintenance and the renewal of our cars. We are extending more than the contract period. We get the cars, you need to change bumpers, you need to change tires, and everything. There is a severe logistics problem. To deliver a car today, it takes much longer than it did in the past because some factories just are not operational all the time. We still have restrictions due to COVID. Life is not easy to operate now. If we could put the backlog out on the street, it would reduce significant costs, because once we implement a car, the first three or four months, we spend nothing in operation. A company growing as much as we are, and we cannot build a backlog cost, that compresses the margins. This is just for a short period of time. This is temporary. We are not expecting it to continue to persist for a long time. We expect to see an improvement in margins in the future quarters. Thank you very much. What is recovering the fastest is the leisure segment, although corporate short-term travel is still very much impacted. Same thing with Rent-a-Car is impacted because mobility has not yet gone back to pre-COVID levels. The segment of individuals is definitely growing. Another one that has grown very strongly is the companies, is the market of companies. This is very strong. This is evolving very well, which is they're bound to circulate much more. This also favors in terms of long-term contracts. This recovery of individuals. The second quarter is bound to be very, very strong. A lot of repressed demand, shortage of cars, this is going to drive prices up. Demand is likely to continue in a very robust manner. More stores it's going to favor the brand, and very happy with the new evolutions that we see. More customers will be attracted. It's a virtuous cycle that we are starting in Rent-a-Car after a very difficult year and a half, more or less, because of the pandemic. Thank you very much. Thank you, Fernando. Fernanda from JPMorgan would like to ask a question. It's a follow-up with Sarquis. It's not very clear to me why there was a drop in quarter-on-quarter. The first quarter, the margin was 43, now it's 38. Now, if you look, your average fees have gone up. Margins have gone down almost 5 points. I was looking, if we look at the fleet, we have a lower volume of daily fees. Is it because you are not able to capture all the revenues from the cars that you have added as a thing of management? There was a much lower margin in RAC. Thank you very much. There was one thing. We have a record average age in Rent-a-Car, almost 11 months. This impacts severely maintenance costs. It is much in line with IGP-M than IPCA. Number two, it started weak for all rental companies. Some segments recovered very strongly. Our revenue of the second quarter suffered a much more intense impact than we had in the first quarter. The first quarter, we just got by. Also in the north and northeast of Brazil. The second quarter was worse. It had an impact. It had an impact on margins and cost. Number three, it's related to our strategy. We continued expanding and investing in bringing stores closer to customers, and we certainly have an installed basis that can cater to a much higher number of lease. Unidas and Rent-a-Car could have a very significant growth in the volume of daily fees without increasing fixed costs. If we were talking about. It would have grown zero. We are sure that this is going to make it possible to understand the last part of the question, and then we can recover margins in the short term in terms of growth and revenue. We are really confident that this will come, not just in terms of volume, but will grow. Definitely, it will be helped by the increase in fees because of the mix and also because of the ticket segment by segment. We are transferring the increase in cost of maintenance, depreciation, and everything. Thank you very much. It's clear enough. Thank you, Sarquis. Now we are going to get the questions from the webcast. We have a few questions from the webcast. I'm going to ask the questions. Some of them have been answered. We are going to stick to the ones that have not been answered. We have two questions about Rent-a-Car. The first one is the occupancy rate for RAC was 86%, and how much is this level sustainable, and what is the top level that we could accept with the increase of operation in Rent-a-Car? The second question, how much more can we add to the average age of Rent-a-Car? Is there a level that we know that is the top or the oldest that we can sell the car? About occupancy rate, yes, we do think this is sustainable. As the fleet is much older than we have today, this influences the occupancy rate, so that we have more cars on maintenance. Once the fleet is new, this number is much smaller. Certainly, the occupancy rate would be better if the average age of the Rent-a-Car fleet were younger. As an example, Enterprise has 91%, 92% occupancy rate. We are investing in systems a lot so that we can have high occupancy, eliminating the problems, which is obviously capturing businesses or failing to capture businesses that we could capture, investing more in customer relationship. We are investing in systems so that our systems are more assertive and more flexible so that we can run with a high occupancy rate, reducing the negative levels. We think these occupancy rates are sustainable and once fleets get nearer, this will favor very high occupancy. About the average age of the fleet, yes, of course, we can stretch it even further. We want to reduce the average age of the fleet, also to reduce maintenance costs to provide the best services to our customers. We know just a car with 50 kms or more in contrast with a car with 10,000 kms, the difference in NPS is very significant, obviously. It is not trivial having an older fleet. It is not just a matter of cost, but also in terms to deliver the best service possible to our customers. We do not want to stretch it much longer. This might happen because of all the problems that we mentioned, this temporary problem that we have in the supply of cars. In normal situations, the fleet age should be lower than what we have in this quarter. Thank you, Sarquis. Next question. The next question comes from Lucas Ribeiro from Santander. Could you tell us more about the heavy department? What are the volumes? How has this been evolving in the company? How much are you allocating to that front? Lucas, thank you very much for your question. Well, today, we are close to 1,000 items in terms of heavy, including trucks and machines. It is no secret to the market that Unidas has already been operating in this business segment for more than 10 years. We have had two full cycles. We have sold the trucks, the machines. It is still a small business compared to the other businesses that we have. I can tell you, and I can announce that early last year, or earlier this month rather, we have hired the Head for the Heavy Department. He is Fernando Guimarães. He is a seasoned executive with lots of experience in this business. We expect that over the next few quarters, we will be able to announce the data of the heavy department as a business division. We are going to have a third business unit. The Heavy Business Unit with the mission of having a significant share of our businesses. As everything that we do in Unidas, we always try to have strong growth with profitability. What I have to say to you about our Heavy Business Unit, and thank you very much for your question. These were the questions asked over the webcast. The other ones, we have already answered them. If you still have any questions that have not been answered, our investor relations department is available. Thank you all very much. Have a good afternoon. The conference call of Unidas has now ended. Thank you very much for your participation, and have a good day. Thank you.