Good afternoon. Welcome to the Unidas conference call, where the results for the third quarter 2021 will be presented. At this moment, all participants are in listen-only mode, and later, the questions and answer session will be opened when instructions will be given for you to participate. Should you need assistance from an operator during the conference call, please press star zero. This conference call has simultaneous translation into English, and questions can be asked by participants connected abroad in English or Portuguese. Questions can also be asked over the Internet through the webcast platform. It is worth remembering that this conference call is being recorded. The audio will be available on the company's website within 24 hours. If any of you do not have the copy of Unidas' news release, you can obtain it from the company's website, ri.unidas.com.br/en/. This conference call, accompanied by the slideshow, is being transmitted simultaneously over the Internet, also accessed through the company's website. Before proceeding, we 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 forecasts based on expectations of management in relation to Unidas' future. Such expectations depend on the performance of the sector, the general economic performance of the country, and the conditions of the national and international markets. Therefore, they are subject to change. Today, we have here with us Mr. Luiz Porto, CEO, Mr. Marco Túlio Oliveira, CFO and IRO, and Mr. Carlos Sarquis, Head of Rent a Car division. Now, I'd like to give the floor to Mr. Luiz Porto. Please, you may proceed. Thank you. Good afternoon. Welcome to Unidas' 3Q21 conference call. Today, we have here Marco Túlio, our CFO and IRO, and Sarquis, our Head of Rent a Car. We are satisfied to start our presentation in slide two, celebrating that we received a very important award. This year, we were ranked 25th in the Great Place to Work national ranking among all large companies in Brazil, an evolution of nine positions compared to last year, demonstrating our people's recognition in regard to all efforts and initiatives that the company has continuously been developing to increasingly become the best company to work for. Now on slide three, we are still engaged with the environmental agenda. That's why we announced our entry in the EV100, a global initiative brought by The Climate Group that brings together companies committed to the transition from combustion-powered transport to electric vehicles. Today, we are the first Brazilian company and the second in Latin America to receive this seal. Unidas' entrance to EV100 reinforces the social environmental agenda ecosystem of initiatives that integrates Together for a Better World program and mobilizes employees, customers, and partners in favor of a more sustainable and balanced environment in the future. Furthermore, we have the honor of being recognized for the second consecutive year by the British consulting company, Brand Finance, as one of the 50 most valuable brands in Brazil and for being awarded with the first position in the 2021 Top 5 Viagens e Turismo in 2021 of the 100 Open Startups Top 100 Open Corps, symbolizing Unidas' relationship and its investments in constant innovation. In this last Q, we announced the acquisition of Getrak, a company that has been operating for 17 years in technology and tracking solutions. Present in every state in the country with 786,000 vehicles and more than 1,025 clients in its portfolio, being the leader in vehicle tracking in Brazil with a solid and accelerated history of growth and national presence. The acquisition reinforces the technological development already underway in the company and is intended to internalize the development and expand technology availability in favor to ensure more predictability, safety, efficiency, and comfort to our clients in the company's operating segments. Combining the 786,000 vehicles from this new acquisition plus 240,000 from iTer, we reach more than 1.1 million tracked vehicles with great cross-selling possibilities between our products and services portfolio and the available tracked fleet. On slide five, we will show our fleet profile at the end of this period. We keep achieving records of vehicles in our consolidated fleet, 182,310 vehicles, an increase of 15.2% as compared to the same period of 2020, with growth confirming from both rental segments. In the chart below, we demonstrate quarterly evolution of our rented fleet in the last 12 months. We highlight our rented fleet for both rental segments, presenting almost 25% of growth against 3Q 2020, while total fleet grows only 15.2%, demonstrating company's continuous evolution in managing its asset base with greater excellence. On the next slide, number six, we will show the investments that we did in fleet in this quarter. We continue to expand our fleet, although far from the pace we intend. Slide number seven, we will talk about the results of fleet outsourcing that still has excellent results. In the first chart, we show the global value of contracts in the first nine months of 2021 grew 155.2% against the first nine months of 2020, achieving BRL 2.8 billion. That already is more than the entirety of 2020. Some of the vehicles hired, or better, the total is of 36,100, 91.8% growth, which represent 120% over the total vehicles hired in 2020. We ended this quarter with a record number of 78,000 cars in dispute for the next months, as you can see on the chart below. This commercial pipeline shows that the demand for rented cars keeps accelerating quarter-over-quarter. On slide eight, on the upper chart, we continue presenting record-breaking in the volume of daily rentals. In this quarter, we achieved 8.5 million daily rentals, 24.9% increase and record of every monthly rate that reached BRL 1,829 per vehicle, an expansion of 8.9% against 3Q 2020. On the left lower chart, the segment's occupancy rate reached 97.4%. On the side, we present the net revenue from fleet management. For another consecutive quarter, presents a record performance reaching BRL 470.2 million in this quarter, an annual growth of 35.7%. Additionally, in this quarter, we brought an evolution of fleet management net revenue, which presents an average growth of 8.2% since 1Q 2020. Such results, which don't consider the backlog of 22,000 cars, in addition to demonstrating our strength and resilience in this business division, give us the comfort to continue delivering double-digit growths. Slide nine, we'll talk about used car sales market in this quarter. The upper chart shows that the market for up to three years of usage grew 5% in 3Q 2021. Total used cars reached 11.6 million vehicles sold in the first nine months of 2021, and we believe that the scenario will continue to be favorable for this segment, given the scarcity of supply of brand-new cars in the short term. Moving on to the bottom chart, we present the average selling price record of vehicles 43.3% expansion as compared to last year. The company continues its strategy to hold the vehicle sales volume due to the scarcity of new vehicle delivery in order not to repress rent operations. Now on page 10, net revenue from used car sales totaled BRL 715.6 million in this quarter. On the bottom, we demonstrate used cars gross margin evolution. In this quarter, it reached a record of 29.2% with gross profit above BRL 288 million, even considering the lower volume of vehicles sold. It is worth mentioning that considering normalized scenario of used car sales in gross margin, as well as the volume of cars sold, we believed that gross profit would keep in higher levels than the historical. Doing a quick exercise, today, if we sell the total volume of vehicles of a used car around 30,000-40,000 per quarter with a normalized gross margin, that is approximately 8.4%, our gross profit would remain above the levels. Finally, the company currently has an asset in cars with a book value of around BRL 11.1 billion and market value of 32% above this as a result of the increase in price of cars sold in recent quarters and the company's conservative performance in its depreciation. I'll give the word now to Sarquis, Head of Rent a Car, to show with more details the company's results in this segment. Thank you. We'll go on to slide 11. The company demonstrated once again its capacity to grow even in a scenario of relevant restriction in the offering of brand new cars. The demand for rental services continues to be warm in all segments, which resulted in a volume 24.5% higher with record in the volume of daily rentals, combined with an occupancy rate record of 87.3% and a strong growth in the average daily rate of 29.2%. The average daily rate also presents an important growth as compared to last quarter with an expansion of 9.2%. The price growth in tariff is supported by the high demand for the segment in all channels. Besides reflecting the company's strategy of making the most of the asset, passing on the price increases for brand-new cars, financing costs for the acquisition of vehicles and the fleet maintenance cost. Going to slide 12. In the first chart, we show the growth of the net revenue from Rent-A-Car, excluding franchises, that in this quarter totaled BRL 307.3 million, an expansion of 61.2% as compared to the same period of 2020. This excellent growth allowed us to reach our net revenue in this nine months that was higher than all the revenue of the complete year in 2019 and 2020. In the lower part of the slide, in the last 12 months, we have had a net expansion of 59 stores in our network. It's an increase of 39 stores in total. We also have franchise stores. We maintain our growth strategies in such a way that we are ready to capture all the demand that has been repressed by the pandemic when the new vehicles will be again at their normal place. Now I'll hand over to Marco Túlio, our CFO and IRO, to comment on financial results. Thank you. Good afternoon, everybody. Slide 13. We still are breaking records in the EBITDA with very strong margins. We reached the record amount of BRL 636 million in 3Q 2021, an increase of 72.5% compared to 3Q 2020. In addition, we had robust growth in the EBITDA margin, which rose 11.8 percentage points in the 12-month period. I emphasize the significant increase in EBITDA in the car rental segment, which reached BRL 171.1 million, more than double the reported in 3Q 2020. I also paint in yellow the recovery of the margin for the segment as compared to 2Q 2021, which increased by 7.1 basis points and reached 45.8%. Another highlight is the used car margin, which for another consecutive quarter has presented a record level of 22.6%. Slide 14, we present an evolution of our consolidated recurring EBITDA. We reached the record amount of BRL 501.3 million, more than double the amount registered in 3Q 2020. For the nine months of 2021, we reached a record of BRL 1.3 billion, increase of 186.1% as compared to the first nine months of the previous years. The EBIT margin for each operating segment of the company showed significant growth in the annual comparison. In fleet outsourcing, we achieved a margin of 66.4% in 3Q 2021, an increase of 15.2 percentage points as compared to the previous year. As for the car rental segment, we reached 50.6%, increase of 26.3 percentage points compared to the same period of the previous year. On slide 15, on the upper graph, we see our G&A in a scenario of contrasting interest rates, where the Selic rate, it was increased again last week, reached a 154.2% growth in the 3Q 2021 as compared to the end of 2020. The swap DI versus pré for the company, for the contracts of fleet outsourcing segment, allows us to protect part of the financial interest expense of the debt, which had its CDS spread debt cost increased by 46.5% in the quarter as compared to the end of 2020. In addition to protecting us from accelerated interest rate hikes, we guarantee greater profitability in the operation. In the lower graph, we show a strong evolution of our recurring net income. In 3Q 2021, it has more than doubled as compared to 3Q 2020, reaching a record amount of BRL 267.3 million, driven by record net revenue and EBITDA in the rental segment. For the nine months of this year, we reached a record of BRL 740 million, almost four times the accumulated amount of the result for the same period of the previous year and 85% higher than the entire net result for the year, the previous year. Slide 16, we showed an ROIC of 14.4%. This return is a result of the continuous and robust growth in the company service revenue, together with the expansion margins in all segments and important efficiency gains in asset management. The spread of ROIC in relation to the cost of debt continues to present significant values, reaching 9.8 percentage points. I would also like to highlight our comfort regarding the amortization of the principal of our debt until 2023, a period in which cash covers 112% of the outstanding balances. It is worth mentioning that this quarter we raised BRL 1.3 billion. Our 21st issue of debentures totaling BRL 1.5 billion, with maturity in 10 years and an average cost already considering the swap of CDI + 2.24. Finally, in the charts on the bottom right, we show that we entered another quarter with very comfortable leverage levels. Net debt to adjusted recurring EBITDA was 2.49x, net debt over the rentals of the fleet this quarter at 58.5%. Now I give the floor to Luiz Porto. Thank you, Marco. Before we open for Q&A, I would like to give my final remarks. This quarter we achieved great things. We are increasingly solidifying our foundation in such a way that we are ready to accelerate our different fronts of action and capture all the demand that will come. We acquired Getrak, a telemetry company, that together with iTer will help us evolve our digital front to participate in the markets and to be increasingly present in the automobile ecosystem. At Rent-A-Car, we grew revenue significantly with records in the number of daily stays and occupancy rate, and we did not waive our profitability. We increased tariffs in order to pass on the pressures exerted by a higher cost of capital employed and a higher maintenance cost due to the aging of the operational fleet. In fleet, we have another quarter with rapid growth. We had a record in net revenue as a result of the record daily rate, with monthly rate that continues to rise even without considering the backlog of 22,000 vehicles. We remain strong on the commercial front, which has guaranteed the hiring of 9,000 new vehicles and has 78,000 cars in dispute for the coming months. In used cars, we go on with our strategy of ensuring focus on the rental segments by selling only those that are extremely necessary. In addition, our unsold fleet continues to appreciate against book value. We finish another quarter with the satisfaction of delivering excellent results, several broken records with excellent performance in the rental segments and supported by the result of used cars. Finally, we achieved the 25th position in GPTW rank, a growth of nine positions as compared to 2020, demonstrating our focus on being an even better company to work and the recognition of our team, which is high-performance, adaptable and delivers fast results and sees opportunities on all possible fronts. I really appreciate everyone's effort and I would also like to thank everyone who participated in this conference call. Always count on me and the entire IR team at Unidas. Ladies and gentlemen, we'll now begin the Q&A sessions with investment analysts and investors. You can press star one for a question. To remove your question, press star two. Our first question comes from Bradesco Beti. Good afternoon. Congratulations for the results. I have two questions. The first one regarding GTF depreciation. When we see the Q3 and Rent a Car and in GTF, we see the price of the purchased cars. There was a little bit change. We saw an increase in RAC and in the other one there was a drop. I would like you to comment on that. The second question about RAC. We saw that at every quarter increase. Could you comment, if we forget the impact of guardrail impact, how much would the prices have risen? Good afternoon, Victor. Thank you for the questions. I will talk first about depreciation, then I give it to Sarquis to proceed. As you have said, we start with the depreciation of fleet outsourcing and then we bring Rent a Car. It's important to separate the two segments. Thinking about the cycle of assets, outsourcing has a longer cycle and the company is much more present. The cycle is much longer. We are very conservative in the depreciation of new cars, but have also reduced depreciation in cars that have been acquired in the previous years. The outsourcing segment is the one that has the most participation. When we see a reduction quarter after quarter of about 500 depreciation, it's a reduction of cars that had previously been bought and considering normalized depreciation at conservative levels vis-à-vis the new cars that enter. This is the dynamic that we use for both segments. When we look at Rent a Car that has a shorter cycle, you have the new cars are more important and that generates this elevation quarter to quarter, about 7% of depreciation normalized. We come from BRL 2.1 million to BRL 2.3 million. The dynamics of considering depreciation is equal for every business. What changes is the cycle of the asset of each one. The cars that are purchased in larger proportions in previous years because of fleet outsourcing. Victor, good afternoon. Thank you for the question. About Rent a Car tariff year-over-year, we grew 29.2%. Quarter-over-quarter, 9.2%. Year-over-year, most of the segments of RAC grew more than that. We had an exception. In relation to your question about what would be the increase and the increase would be higher in Uber. We would not give the details, but it was higher than the increase on rent a car ticket. High railing, you know, it's that. Okay, I just would like to take a look on that. If we get the main tariff and put together the increase in price of the purchased cars, would the marginal ROIC be stable, or do you see a variation? This volume of acquisitions in the third quarter was very small in Rent-a-Car. This purchasing mix is not normalized. Therefore, this mean value that you are seeing in the third quarter, hence, that's what you have. We are quite comfortable in repassing the increase in all the costs, cars, maintenance, et cetera, and we pass this over in tariff. We still have a very robust ROIC in Rent-a-Car segment. Okay. Thank you. Our next question comes from Rogério Araújo, UBS. Good afternoon. Congratulations for the result. I would like to understand if you can set aside the trucks and could you give us the increase in mean price? We saw more than 7% in car rental and fleet RAC. Could you tell me how much it increase in trucks and was the increase in tariff necessary in the margin of those cars that are being acquired so that you repass the increase in price? In fleet and in RAC, are you able to see this type of increase? This is the first question. The second question has to do with technical discount, just to see if you do that or not, and what's the math. Could you explain how SERA comes in that balance? How we can adjust to calculate the technical discount? How do you do it? Or what's the individual price of vehicles in the cash flow? This is it. Thank you. Hi, Rogério. Good afternoon. Thank you for your questions. We cannot put aside the trucks to talk about the mean price in the fleet or in the RAC because it's a piece of data we don't have here. As Sarquis said, these values are not recurrent. We are living through a unique moment as far as the industry is concerned. In our business, truck business, when you have a small purchase, the truck business influences. We can later on see how much it amounts to. No question, trucks influence the mix as a whole, because to give you an idea, we had in the third Q a smaller procurement of popular vehicles because of the industry as a whole. We today have demand for the rental of any type of car at any group, be it Rent a Car or fleet. If I have a popular car, we have demand, and it's an SUV, the most expensive one, we also have demand. We don't choose mix. We buy what the industry offers. The mean price of fleet or of RAC are not as normalized values. This quarter had a huge variation in the number of popular vehicles as compared to the whole. Second item, the fleet is repassed when we sign the contract. In our case, we suffer variation in the administrative costs, operational costs, and of the price of final sales. All the other items, interest curve, buying new vehicles and financial adequacy that generates the price. It's done when the agreement is signed. We are completely protected in the long run in all our agreements, all our contracts, including interest. Interest is going up, I'm sorry. All our stock is going up. In Rent a Car, as you can see also, the tariffs are going up consistently, and we are obviously repassing those cost increases to the tariffs, and we will not, as Sarquis said, accept less ROICs than what we understand the minimum sustainable for the company. We have the pleasure of working in a sector that grows a lot, has a lot of demand. It gives us the chance of having high margin. We have a long experience to tell you that we, at Unidas, will not waive profitability. Why profitability? Why do we say that? Because companies that tried to have different alternatives are not here anymore to tell their stories. It's a very good business if you have good profit. It demands recurring high investment, and that's what we believe in. The tariffs are already being priced at a level that is enough for good profitability in the coming periods. About Acelero, I'm going to give it to Marco to explain better. Good afternoon, Rogério. Thank you for the question, for your participation. About Acelero. The whole movement of Acelero, which is controlled by us, it does not go through the car sales numbers and the sales of assets and immobilized. It's in one single page of the release where we talk about operational results, where you have their other business and equity. We don't open this segment because of the size, and it's in this reconciliation in the operational results page. You can see it for release as well as for the financial statement. About technical discount, I'm not sure if that was a question or both business sales. You have a cost of the car that was sold as the effective cost that you have and the sales with effective price. There's no type of adjustment between businesses or financial statement lines or cash flow. Perfect. Quite clear. Thank you. Congratulations again. Our next question comes from Regis Cardoso, Credit Suisse. Good morning, everybody, or good afternoon. Congratulations for the results. I will go back to the topic of car pricing, and I would like to discuss it in three dimensions, if I'm allowed. The first one about the acquisition price. We have gone over a few, but I'm not sure whether you can quantify, but could you at least list what contributed to this increase in prices? You have many items there. There's a reduction of the discount. For the rental business, there is inflation. I'm not sure whether you could at least list these effects in a priority order. That comes from the increase in new vehicles in the price. It's an increase of the allocated capital that reflected on a growing net debt. I would like to understand whether this rhythm seen in this first quarter will go on and if you have any concern of leveraging, especially if we think that the net leverage EBITDA metric is measured by the extraordinary margin of semi-new cars. These two, what's the effect and this leveraging? A third topic about the car pricing is on tariffs. If you could comment how this trajectory was of Rent a Car tariffs throughout the quarter. The mean price will keep growing and the fourth quarter will still grow. How is that? Maybe on that topic, considering the restriction of offer that you commented, what's the strategy, if you could comment? In relation to the Uber drivers, if it's a segment that had a reduction in the number of drivers, then I suppose that's gonna impact your business too. It was already a segment that had a lower margins. Do you give priority in the assets for this segment? Could you discuss that? Thank you, Regis. I'll tell you first about the dynamics of the car pricing for Rent a Car and for Fleet. You listed all the items that interfere on that. You have those four items that influence. What I can say is that what influenced the most is the amount of popular vehicles vis-a-vis the total amount of acquisition. The mix. This was the worst problem for us of this increase in the mean price of vehicles. When and the moment the industry is living through, it gives priority to the cars that have the most added value or the higher. The popular cars are suffering more impact in volume. If you sum up all those four factors, that's important for the mix of popular cars regarding the rest. About the second Q as well as the third Q. This is it for the price. Regis, thank you for your question. Again, this is Marco speaking, Marco Oliveira. Second part of your question, which is the indebtedness of the company, of the debt that grew. What's important to say here, we always show a relation of debt and indebtedness. If we look at the EBITDA, as you mentioned there, the recurring EBITDA every year. We see the capacity of generation of EBITDA of the company in this point in time. There is a variation of 0.19 in this from the first to this third quarter, where we see basically an intense growth that should go on. We put emphasis in our release, so a growth of renting EBITDA, very strong on this quarter. In the EBITDA, I'm not talking about margin, but nominal EBITDA that basically decreases a bit. This is what we say, it's because of the growth that you need a path focused in the rental business. This growing EBITDA in rents should make us compensate marginal reduction if there were in the semi-new EBITDA. We don't see any discomfort in the growth of the debt of the company if we have a growth in the capacity of generating this operational cash in the next quarters. Porto mentioned that in exercise that we do a marginal reduction, if there is one. Because when the volume of semi-news is normalized as well as the margins in this gross profit exercise, we would have to sell many more cars once the business is more normalized and the margin will be normalized. This should not affect the gross profit or the company's EBITDA. Growing the rental EBITDA, so that when the margins of Seminovos is normalized and we're stable in the EBITDA of Seminovos, we understand that we are going through a normal path in the capital structure of the company to have its growth in these marginal levels that we have seen. Even if you look at EBITDA, recurrent EBITDA, that should be the EBITDA of the next coming quarters since the company is growing in rental operations. I don't know if I missed anything from your question, but I guess I answered. Regis, this is Sarquis answering the last part of your question. In relation to trajectory, the tariff is higher than in the Q1. That did not stabilize, and this keeps growing in the fourth quarter. I'm sure that there is an inertia that's quite clear where the prices are going to. Demand is much higher than offering. You see this in occupation rate, in tariffs, and in the fact that our fleet is not growing. Demand is much higher than what we can offer. I don't see, in the short run, any reason for those prices not keep going up. Therefore, the tariff will take the value of the cars and maintenance because that cost is increasing because the fleet is aging. As Túlio mentioned, the day we can go back to sell the number of cars that we are able to, and that will depend on the volume of cars that we want to buy. There is a cost that's going to fall a lot, which is maintenance, also helping us in EBITDA in this aspect. Of course, the growth of Rent a Car will also help in fixed cost, leveraging the operation. In relation to the last part of the strategy considering the Uber drivers, we increase prices, and we operate in this segment just like anybody else, knowing that at that price we have good rentability, profitability. We also see these drivers as clients. We could very well ask them all to give the cars back because we could rent the cars for other customers and the margin of the quarter would be benefited. That would be client battering, and we do not subsidize one segment with the other. However, we do not batter the customers intending to maximize the results of a quarter. I would like to make that point quite clear. Thank you. Thank you. If I may, one more question about Acelero. Could you share something to give us an idea of the scale of that business today? How do we imagine it, one more business for online sales or acquisition online is also relevant? Is it comparable to Carvana or other company like that? If so, if it's comparable to other companies like that, you operate with cash burn, which is common in this kind of business. Regis, this is Luiz Porto here. Thank you for the question. First, Acelero in our balance still is equity. It's a business that two years ago appeared in Unidas with a bias of complementarity of products for our clients. It's equity and earnings. There was a demand in this business that we wanted to serve the fleet, the physical clients. In the last few years, it was transformed into a Carvana, Carvajal model with strong digital bias and also the physical initiatives, which is our DNA here. For now, we will not disclose the size or how it's gonna work because we understand that it's a business that still does not have a size that justify for Unidas to disclose it. However, we believe that throughout the next coming year, we will be able to disclose it. About the cash burn, as I said today, it will not affect Unidas as far as that is concerned. Thank you. Next question, Aline Gil, BTG Pactual. Thank you for your call. Two questions. I saw that your RAC services has been growing, increasing number of stores, and the Seminovos has decreased. It was increasing, but you decreased 10 stores. What's the trend from now on, considering your networks, stores network? The other question is about the price of car. When the industry is more normalized, how do you see the discount with the assembly lines? Thank you. Aline, this is Carlos Sarquis, Head of Rent a Car. There is this huge slice for us to get the companies closer to the customers, and we've been talking about that at every quarter. We do not look in the short run when we open a store because we could think about not opening a store and concentrating the cars in the stores that are already opened. Our intention is to improve the segments or the service for the clients, serve more cities, for instance. I believe that there is a space for the industry at large, if you look forward. I'm not sure I answered your question. Yes, you did. Thank you. About Seminovos, this shrinkage of stores is to optimize and maintain a high EBITDA margin. If you have an expectation, as we do, that the number of sold cars is smaller than capacity, we demonstrated that our capacity is 32,000 cars, and we are selling about 12,000 in the quarter. It does not make sense to remain with stores that are not performing because of lack of products. We did some actions to reduce cost right now. Even if we have to open new ones upfront, our cars are movable, so not necessarily the store of today will be the store we need to sell cars in a year. We have a logistic thing here. You open here, you close there, you're saving logistic. Seminovos is that it's adjusting the machine for the current needs. RAC, as Sarquis said, we would rather invest a lot in opening new stores to surf a wave that we believe is huge. It's coming with intention of bringing the stores close to the customers. About the price in the long run and discount in new cars, we believe that these dynamics, when normalized, everything will be normal. It's natural what's going on nowadays, and our expectation is that things do adjust. What's more important for us right now is a relation that the market is pricing in consideration. Somebody buys, whoever buys, the more discount they will have. This dynamic being respected, things function very well for us, and the market goes on functioning in a healthy way. This is what we're living through. It's been difficult because we could have many more cars with a newer fleet. We have been able, as you have noticed, to do more with less, which is with less cars, we have more revenue, more results, and we go on with return rates that are very high. Things will be adjusted in the long run. Thank you. One more question about the RAC stores. How do you see the use of technology, and are you going to refurbish or renovate the stores? We did great advances as far as that is concerned. Our app, we improved the experience of picking the car up. We are transforming to digital the rental process and also picking up and delivering the car. I believe that that's a very important path in the very short run. It will add value for customers and for everybody. It's a win-win stance. It's gonna be cheaper for us and better for the service. It's been a year of investing in technology and next year also. This is a clear trend of the industry to advance into the digital agenda. Thank you. Excellent. Next question, Felipe Ferreira, Citibank. Good afternoon. Congratulations for your results. I actually have two questions, one regarding the cost of debts. I noticed that you commented a lot about the strategies to reduce the interest rates escalation. I would like to understand from you, how do you see the growth of the cost of new emissions, considering that the interest curve is steeper, the fiscal risk is higher? How do you see that impacting the capital structure of the company and in the cost of new emissions? Also would like to ask something else about competition of new companies that appear. What have you been seeing in relation to this expansion of niche competition, like special cars, et cetera? And how do you see these companies, if they are small companies or not? Or is it a business that it has been competing directly with Unidas? Could you mention something about that, please? Thank you, Felipe, for your question. Marco Túlio here. I will talk about the new emissions, and Luiz will talk about competition. I think there are two classical movements here that speak of should be this moment in the aspect of new missions. We announced for the third quarter BRL 1.3 billion in debt, and the first one, BRL 1.1 billion, a long indebtedness. To have a comfortable flow, it's a 10-year operation. We're talking about something, an additional spread of 2.24%. It's more than the mean cost of the company. When we look at the mean cost, we are talking about less than 2%. We have to think about it. It's a 10-year operation, and we have a shorter operation which has a smaller spread. We're talking about operation that will have a spread of 1.3%-1.4%, 1.5%, depending on the duration. Talking about operation with maturity between five and 10 years, this is a market cost of between 1.3% and 2.24%. These are recent operations that have not been announced as yet, but we can. Well, we have to forget what's gonna happen in the future. In this current moment, this is what I have to say. Felipe, about competition, Unidas for the four, five years has been investing much money in the context of serving the customer in all he needs. We want to go on close to situation where the client is demanding things and we want to serve them. This is why we created many products of different niche throughout these last years. Acelero, as I told you, came out of client demands. It's transformed itself in business. Other businesses, agro, agribusiness, truck business, all these products that are part today of Unidas' 360 platform, this is what we call it, which is the most complete platform in the market. Only Unidas today can come to a client and serve the person, the company from a car to a truck, offering other products like tracker, other products besides this basic renting portfolio, serving the client as a whole. We see this as a trend. More and more clients demand competitive suppliers, experienced ones that bring a benefit cost beyond renting. This is what Unidas has been investing on for the last five years. Competition, this niche is natural of a platform that we have constructed to act like that, and that brings some advantages. First advantage, it opens larger door for growth. The more we serve the client, the more the client comes back and the more we profit. In moments of difficulty, you can choose one way or another, whatever is more demanded or has more profitability. This is what we think about the niches, and what's more important about that is that the client has been served by Unidas in everything they need. This is a context that we've been working on and day after day it's become more and more clear that we are on the right pathway of a strategy that is good for our clients and that's what is important for us. This is what we understand on this niche businesses in competition. Thank you. Thank you, Felipe. I would like to give the floor to Mr. Francisco, who's going to read the questions from the webcast. Good afternoon, everybody. Let's start now Q&A. The first question comes from Lucas Barbosa, from Santander. He says, "Good afternoon. Congrats for the results. In 3Q 2021, RAC at the end of the period was close to stable Q-to-Q, but the mean age of the fleet increased. At what age are you comfortable? And could you comment if the rhythm of receiving cars in 4Q 2021 improved when compared to 3Q 2021? Thank you." Lucas, thank you. About the first part of your question. The excellent point is eight or less. That would be the optimum point. We are using the cars for almost 12 months. This is not the best in relation to cost or quality of service to the client. Six would be much better than nowadays, as far as cost and service is considered. We are achieving or we are being able to pass on this cost in tariffs, the higher cost that we have because the fleet is aging. What's the comfortable point as far as margin? We're comfortable with higher levels, but it's not excellent. In relation to the last point and how we see the evolution of the fleet for the fourth quarter, I cannot answer you. Thank you. Now, the last question from the webcast. One question has already been answered. The question from Tiago Barreto from Luxor Group, and he says, "Congratulations for the results. Would it be possible to explain the reason why the cost of seminovos increased importantly, although the volumes of cars sold is less when you compare to 2020, the nine months? Thank you, Tiago, for the question. Here you talk about the cost, but I imagine the question has to do with expenses. Because the cost of the vehicle drops in nine months in spite of the increase in sales. This has the dynamics of fixed and variables expenses, especially when we do a parallel with some issues of 2020. What does that mean? When we consider variable expenses, we have more sales, more expenses year-to-year. When we talk about fixed expenses, last year. Remember it was last year of the pandemic. We had many actions, and it was an easier environment to have this expense freezing fixed expenses because of the moment that we're living with closed doors, what is not the case of what we're going through in 2021 or the other way around. We are functioning normally, and we don't have enough volume available of cars because of our strategy to dilute this fixed cost. We maintain a robust sales structure. This is the dynamic, and thank you for your question. Since there are no further questions, this conference call is closed. We thank you for your participation. Ensure to have a good afternoon.