Good morning, welcome to Movida's conference call to discuss the earnings regarding the 1st quarter, 2023. Today with us we have Gustavo Moscatelli, CEO, Pedro d'Almeida, CFO, and Camila Silva, IR Manager. Right now all participants are English and on remote. Later on, we are going to start the Q&A session when further instructions will be provided. Should any of you need assistance during the conference call, please reach the operator by pressing star zero. Before moving on, we would like to let you know that any statements made during this conference call relative to the company's business outlooks, projections, operating and financial goals are based on Movida's management's beliefs and assumptions, and rely on information currently available to the company. Forward-looking statements are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions and other operating factors may affect the company's future results and lead to results that will materially differ from those in the forward-looking statements. We'll now turn the call to Gustavo Moscatelli. Please Mr. Moscatelli, you may go on. Good morning, everyone, welcome to Movida's conference call to discuss the earnings of the first quarter, 2023. As it is my first call as CEO of the company, I'd like to start thanking the board of directors, Movida employees that welcomed me to the company and the trust of all our stakeholders. Thank you very much. I'd like to use the time to welcome Pedro d'Almeida that joined us as the company CFO and that will be together on this journey with us. I'm going to move on to the presentation. Starting on slide 3, I'd like to highlight the evolution of all our business lines trying to extract the most value by means of excellence in operations of each sector. We are following the strategic plans to create value and to have results even before expected. Our net revenue was BRL 2.7 billion in the quarter, a growth of 40% against the last quarter, with continuous evolution in all business segments and focus on operational efficiency. Our fleet increased by 11% year-on-year in a total of 213,000 cars. EBITDA, BRL 875 million and net income BRL 21 million in the quarter. In the rental car segment, we had a transformation in the first quarter with a reduction of more than 13,000 cars against the fourth quarter 2022. With a total of 98,000 cars, with an increased total occupancy rate by 7.1 percentage points, reaching 69.3%, which shows an extremely positive reflex on operation improvement and return on invested capital. In Fleet Management and Outsourcing, we continue our plan to grow and we close the first quarter, 2023 with 115,000 cars, an increase of 20% over the first quarter, 2022, which already represents 54% of the company's total fleet. Important to highlight that the marginal growth is being made with diligence to ensure the profitability of new businesses. In the used car sales, we reached a new level of sales with approximate 20,000 cars sold in the first quarter. We continued to sell cars with a higher average ticket, about BRL 75,000 per car, which let us reach revenues of BRL 1.5 billion in the quarter, a growth of 50% against the same quarter last year. Finally, I'd like to highlight the important recognition of our sustainability agenda. For the first time, we were within the group of the most sustainable companies in the S&P Yearbook, a leader in the transport ranking in Latin America, showing the seriousness of our commitments and developments in environment, corporate governance, and social. On slide 4, we show our discipline and execution and the deliveries that we're able to make until today. Starting with financial management, which is an important point of this phase, we had an early settlement of BRL 2.2 billion in the quarter by means of repurchase of local debt and bonds that were issued abroad, significantly reducing the cost of debt and cash carryover. We also had a reduction of BRL 1.2 billion in the supplier line compared to the last quarter because of the reduction of cost budget, making the company's balance sheet even more robust. It's important to mention we had a very strong cash position of BRL 3.9 billion, which puts us in a very comfortable position to continue to execute our strategic plans. Second core point of our strategy, we had an increase in efficiency. We reduced more than 13,000 cars in the Rent a Car segment compared to 4Q 2022. The net revenue continued stable, and there was an extension of EBITDA. This because we are gaining operational efficiency due to an analysis of our company fleet and releasing BRL 1 billion in invested capital. Third bright highlight, efficiency and productivity. We had substantial gain of 5.3 percentage points in the total occupancy rate of the Rent a Car compared to 4Q 2022, getting to 69.3%. We had an increase of 1.8 percentage points in the operational occupancy rate, reaching 78.4% in 1Q 2023. This is important to maximize the invested capital and create value. I think we still have room to improve our indicators in the coming quarters. The fourth highlight are the improvements in management. We are making relevant changes in company teams. Some include pricing and car purchase proprietary technologies that are now overviewed by the CFO to guarantee the right investments. We also have 19 ongoing priority projects with intensive use of technology to strengthen controls, processes, governance, and productivity with deliveries for the next 180 days. Going to slide number 5, we give some granularity to some efficient gains in asset turnover this quarter. As you can see in the first chart, we had an important reduction in the volume of purchases. That is why we reduced 11,000 cars in the total fleet. This is 100% related to the resizing of the rental car fleet. We only bought 419 cars in the quarter, the lowest volume in recent years. We also accelerated sales, generating a reduction of more than 13,000 cars in the total fleet. With that, we had a relevant evolution of 5.3 percentage points in the occupancy rate measured by rented fleet vis-a-vis total fleet compared to the fourth quarter. That is, we are being more productive in the capital invested, which is very important for us to reach a new level of productivity. As fleet management and outsourcing, we continue to grow with diligence and discipline in closing long-term contracts to ensure the company's future profitability. I'm going to go on to slide number 6. As in the previous quarter, we bring an important analysis in value creation, which is changing part of the rental car mix. In the first chart, you can see that we had a spread of BRL 11,900 per car between sales and purchase prices, showing a favorable dynamics for cash flow and a new cycle of profitability. In fleet management and outsourcing, the dynamic is completely different because the asset cycle is based on long-term contract. This new level of purchase prices is beneficial because it will bring even more growth for revenues and EBITDA in the segment. The bottom chart shows the difference between purchased and sold cars in consolidated numbers. That was BRL 13,800 in the quarter. When we take a look at net CapEx, for the first time in a quarter, we had a negative net CapEx of about BRL 700 million, reaffirming our commitment with the value agenda. On slide seven, we have our consolidated results. The net revenue in the quarter was BRL 2.7 billion, yet another record for the first quarter this year. The evolution was 42% over the first quarter last year, and 33% against the fourth quarter 2022. EBITDA reached BRL 875 million, growth of 1.5% compared to the first quarter 2022, and 2% compared to the fourth quarter last year. I'd like to highlight the expansion of rental EBITDA that grew 33% and 21% respectively, which was enough to offset the results of used cars, and that brings even more resilience and predictability for future results. EBIT, BRL 485 million in the quarter, an increase of 1.7% compared to the fourth quarter 2022. Important to highlight is the expansion of the rental EBIT vis-a-vis the fourth quarter, plus 7% due to efficiency, operational efficiency gains. Net income was BRL 21 million, impacted basically by the increase of interest rates and also the revisiting of depreciation rates of the cars that we had last year and that we kept for this quarter. Going to slide number 8, we bring to you an analysis on depreciation. Here we have the evolution of depreciation rates with a breakdown of rental car and fleet management. As you can see, the depreciation rate of the rental car has been stable at 10.3% compared to the fourth quarter. With that, we believe we got to the end of the increase cycle, which had to do with the transition of the fleet. Very soon we are going to have a reduction also as a result of better purchase terms in the fleet. For fleet management, we had a slight increase because of new cars that will not have the gains that we had in the past. I see no concerns about that. Quite the opposite. We are growing our fleet with even better returns. Consolidated, it was 8.3% a year, a slight increase of 0.2 percentage points compared to the fourth quarter because of the higher share of fleet management in the total asset mix. I'd like to highlight that I believe we can have gains by reducing depreciation rates because we are extending the useful life of part of the fleet and also because of commercial terms that are being more favorable for the purchase of cars. I'm going to turn the call to Camila, that is responsible for our investor relations department, and she's going to talk about the different business units. Camila? Thanks, Moscatelli. Good morning, everyone. I'm going to start with rental cars. On slide 10, we have the operational results. The priority of this business line for 2023 is optimization of fleets to increase efficiency and therefore profitability. The reduction in the number of cars in the first quarter 2023 already reflects that. As we mentioned before, we closed March with 98,300 in the total fleet. The average daily rental was sustainable compared to the fourth quarter at BRL 126, with an increase of 6% compared to the first quarter 2022. In the bottom, we have total occupancy rates and occupancy rates of our fleet. We can see an important gain of productivity in total occupancy rates of 7 percentage points compared to the first quarter 2022, reaching 69.3%. Compared to the fourth quarter, the extension was 5.3 percentage points. On slide 11, we have the financial results for the Rent a Car segment. Net revenue, BRL 701 million in the first quarter, growth of 27% compared to the first quarter 2022. Compared to the fourth quarter 2022, we had growth when excludes the Portugal operation of 1% due to the tourist seasonality in that geography. I'd like to highlight that in the quarter we had the reclassification of revenues of crashes and damage, and therefore, we also adjusted the history of our data presented. EBITDA was BRL 427 million a quarter, an increase of 15% year-on-year and 3% quarter-on-quarter. It's important to mention that despite the reduction of 13,000 cars in the operation, we continue to increase EBITDA and revenue. That shows a transformation in the profitability in the period. On slide 13, we have Fleet Management and Outsourcing with all our long-term contracts. We closed the quarter with 115,000 cars, growth of 20% over the first quarter 2022. The daily volume grew by 15%, reaching 8.8 million dailies, rentals in the quarter. Our total backlog revenue was BRL 2.6 million, also with growth of 24%, showing the real transformation of scale and the share of the segment in the company. Going to slide 14, we have the financial indicators for fleet management and outsourcing. We've reached a new level of revenue, BRL 539 in the first quarter, which shows growth of 42% compared to the first quarter 2022. In addition to the increase of volume we explored, we also had an increase of 23% in the revenue per car year-on-year, reaching BRL 2.41 million. The EBITDA was BRL 362 million, an expansion of 10.7% against the first quarter and 8% against 4Q 2022. The segment is an important avenue of growth for the company's strategy, and we are extremely diligently in allocating capital for new contracts to ensure value creation to our shareholders. Now, used car sales on slide 16, we show the main highlights of the operation. We had a relevant expansion in the number of cars sold in the quarter, reaching 19,600 cars, growth of 29% year-on-year and 5% quarter-on-quarter. The increase in the number of cars and prices improved our structure, and we are now prepared for a new cycle of turnover. In the bottom part to the left, we have a higher dilution of SG&A over revenue in the first quarter 2023. We added 11 new service points that are ready to sell an even higher number of cars, especially in retail. On the next slide, 17, we show the financial performance of the used car sales. The change in scale and new level of the company is clear if you take a look at our revenue lines. We closed the quarter with BRL 1.5 billion net revenue, an extension of 50% compared to the last quarter, the first quarter last year. We are in transition of our fleet, as you can see in EBITDA in the first quarter. This effect especially comes from Rent a Car as we are exchanging our fleet for cars of a lower ticket. With that, we have more than 75,000 in the average tick for the cars sold. You can see the merging in the quarter closing at 5.9%. This indicator is very important because shows that our margin is close to normal, and with that, we should have little impact in the results for the next quarters. With that, I'm going to turn the call back to Moscatelli. Thanks, Camila. I'm going to move on to slide 19 in our presentation, where I'm going to talk about our capital structure. First, I'll highlight the reduction of BRL 2.4 billion in gross debt in one single quarter, going from BRL 17 billion to BRL 15.2 billion, basically due to the initiative of early settlement of local debts and bonds abroad. In addition, with the significant reduction of purchases of cars, we reduced the supplier line by BRL 1.2 billion. I'd like to highlight the reduction of more than BRL 730 million when we see net debt and supplier line compared to the fourth quarter last year. This effort was important to keep a stable leverage at a healthy level of 2.9x net debt EBITDA ratio. Going to slide number 20, we have our cash and amortization schedule. We have a cash position that is very strong, BRL 3.9 billion in cash in March 2023, enough to cover that until 2025. As you can see on this chart, the early settlement of debt that we had of BRL 2.2 billion this quarter was also taking into consideration the improvement of our maturity profile, practically eliminating maturities for the next 2 years and making the company extremely well-positioned for the future. In addition, a lower cash level also brings a reduction in the carrying costs, and the initiative for the early settlement was to have access to new sources of funding with lower costs than the current cost of the company. Here we show the new capital raising of the company this phase with extremely favorable competitive conditions, which enable us to increase the spreads between return and cost of capital and therefore will create value to our shareholders. The new capital raising will be settled in the next 90 days in the amount of BRL 500 million, average term of 5 years and CDI plus 1.65% as an average cost, the best of the company. Going to slide 21, we have the evolution of the return on invested capital in recent years. As you can see, the scale that the company reached changed the level of return. We are in transition with important operational improvements that will bring some pressure on returns in the short term. I truly believe we are transforming the company with a much more granular management to be able to enjoy the scales that we created and therefore considerably increase the value creation to our shareholders. On slide 22, we summarize some of our deliveries in the quarter and ongoing initiatives. As we mentioned, we had important evolutions in the first quarter. On the left, we bring the main items we talked about in the presentation. At the right of the slide, we list a series of ongoing initiatives to improve the company that will have a very positive effect on profitability, including the continuous evaluation of reducing average cost of debt, a more granular decision-making for buying and selling cars, selectivity in adding long-term contracts, new tools for operational efficiency using technology, continuously adjusting the fleet mix, and the launch of Moover that will meet the needs of app drivers to extend the useful life of cars and maximize invested capital. To close, I'd like to reinforce that I am certain we are on the right path. With discipline and agility in execution of our plans, we are going to be ready to start a new phase of growth and value creation. I'm now going to open for your questions, and then I will come back for my closing remarks. Thank you very much. Ladies and gentlemen, we'll now start the Q&A session. To ask a question, please press star one. To remove your question from the list, press star two. Our first question comes from Lucas Marquiori from BTG Pactual. Good morning, Moscatelli, Camila. Thanks for your call and the opportunity of my questions. I have two topics that I would like to hear from you. First, the Rent a Car Daily rates, we saw a bit of a difference quarter-on-quarter, although you had the typical seasonality. We had an increase as you mentioned in presentation. I would like you to comment, you know, the new dynamics year-on-year and also a bit of the competition scenario. What do you think is going to be the movement of the Rent a Car rates along the year? Also the Moover strategy. This is a segment that usually hits the risk metrics of fleet rental. I would like to know if Moover shows that you want to increase exposure in the app segment, or you want to have more loyalty with drivers, reducing default rate but keeping the same size of fleet. By the way, if you can talk about the size of Moover, it would be very good for us to have a bit more color in the operation. Thank you. Lucas, good morning. This is Moscatelli speaking. Thanks for your questions. I'll start with the daily car ticket. As you said, it was stable quarter-on-quarter, which I thought was good. This year we planned not to have increase in daily tickets because we are having a tougher economic scenario, very volatile. Our plan is very much based on the company's operational improvement and better occupancy rates. Of course, I think there are always opportunities for us to increase the average daily tickets because as you mentioned, the competitive scenario, we have a competitor renewing fleet and increasing their tickets. We realized in the last 60 days that the competitor had a daily rate that was very close to ours. Until last quarter we were 10%- 15% above. That may generate an upset for our projections, but we are not counting on that so far. Moover. This is our initiative to optimize the capital invested in the company with the mindset of perhaps extending the useful life of part of our fleet. This is a market niche that we understand has potential growth inside the company. It's not going to be quite substantial as it is in the competition, but it's going to be very profitable in my view, since we are not having new invested capital. We are just optimizing invested capital already depreciated in the company. I think there is a new avenue of growth here and a creation of value that perhaps we're not exploring because we were in a different time of growth. Now that we are going a lot more granular into opportunities, I do believe the business. Moscatelli, if you allow me a follow-up, can we say that not all cars that are rented today to the ride hailing are in Moover or is it everything in Moover or is it going to be, I don't know, for specific drivers? Just for us to know if there's going to be any differentiation in the product. Yes, Lucas, you're right. We are going to direct all app driver with Uber to the segment, to Moover, to the Moover brand because the customer experience is very different. We are opening specific stores separated from Rent a Car because indeed the value perceived by Moover customers is different than the value perceived by Rent a Car customers. That's the strategy. We started with 500 cars. We are checking acceptance. So far, 15 days it has been very good. The price is good. The view is excellent. We are testing it little by little. We are not going to have a huge amount of cars at once. The idea is to analyze and test this market niche that we believe can generate loads of value and test volumes as well as the quarters go by. Okay, very clear. Thank you very much, Moscatelli, and congratulations on your results. Thank you, Lucas. Our next question comes from Guilherme Mendes, from JP Morgan. Hello, Moscatelli, Camila. Good morning. I have 2 points on my side as well. The first is about growth. You mentioned that the idea is to optimize the fleet. We did see a reduction of the fleet that was quite relevant. If you quantify what is your idea for the year, not only for this quarter but for the coming quarters, what are you thinking about implementation? Also about this new restructuring of the pricing area. If you could give us a bit more color, what has changed in terms of, you know, potential purchases because we still cannot see that in numbers. Hi, Guilherme. Good morning. Thanks for your questions. I think we were able to accelerate the pace of the resizing of the Rent a Car fleet this quarter. I think that we were even faster than expected. We reduced the fleet by 13,400 cars. I think that we can still go down 3,000-5,000 cars. Again, thinking of an occupancy rate close to 80%, 12- 13 percentage points higher than what we reported now. There's still work to be done. I think that we can do that in the next three to six months. The second point in the pricing structure for the purchase of cars, here we have two improvements for our pricing tool for both fleet management and Rent a Car. There are things that have already been implemented, they are improvements. They're much related to the technology embedded in the process for us to have more granularity and intelligence when pricing some fleet management contracts and when deciding when to buy cars. You will see that we didn't buy much in the quarter, almost nothing in Rent a Car, basically concentrating on fleet management, but this is ongoing. In the next two to three quarters, we are going to have everything ready. The idea is to bring more financial KPIs and granularity in analysis for us to make the best decisions focusing on creating value. Very clear. Thank you very much. Next question comes from Victor Mizusaki from Bradesco BBI. Hello, good morning. Congratulations on all your results. I also have 2 questions on my side. The first, looking at the average ticket on fleet management, we see an improvement of 8% quarter-on-quarter. When you get the whole fleet, you had an increase of 2% in the period. My first question is, does a better ticket, did it have, was it because of renegotiation, new contracts, a new mix of contracts? If you could talk about that. Second question about your debt. You talked about the reduction in the cost of debt, but when we get a reduction in cash excess and the drop in net debt, we took a look and, thinking of the full year, you can consider a reduction of net financial expenses by BRL 100 million. Does it make sense? Looking to the future, is there an opportunity for you to refinance your debt at this marginal debt net debt cost? Thank you very much. Hi, Victor. Moscatelli back here. Once again, thanks for your question. I'll start with revenue per car in fleet management. When you compare the first quarter this year against the first quarter last year, you have the two effects that you mentioned. The first is strong work of renegotiating contracts. We did that in the fourth quarter last year. The second are marginal contracts coming with cars with a higher ticket. That increased revenue per car. When you compare the first quarter to fourth quarter last year, a more recent comparison, you're talking basically about average ticket. In the first quarter, we did not have renegotiation of contracts with clients to increase revenue per car of existing contracts. This is average ticket. We are going to continue seeing this movement because we are changing cars, either renewing or signing new contracts with cars with a much higher average ticket when compared to our inventory. These are cars that were bought in the last three years, so all the appreciation we had in cars will reflect in the revenue per car as you are seeing already. That should continue. Second point about the debt. For the first time, we are raising capital with a cost that is more aligned to the company credit risk. This is an operation with incentives, so there is an additional benefit to the rates that we disclose to you. It's in a normal market venture or another operation that we can have, we are not going to have such differences from what we are announcing today. The company's marginal debt is going to have a lower cost than our inventory. We are using now the opportunities to raise capital and exchange, you know, the more expensive debts. We prepaid this quarter almost BRL 1.5 billion in local debts. Now we are having in the company backlog debt with a lower cost. The work of reducing the average cost of debt has to do with pre-settlement, but also raising capital with debts at better rates for the company. I think this is going to be what you're going to see from now on. Okay, thank you very much. Our next question comes from Pedro Bruno from XP Investimentos. Good morning, everyone. Thanks for taking my call. I have three questions, but quite straightforward. One of them, I think, is a bit more strategic. A follow-up on Guilherme's question that was more related to pricing. I'd like to understand a bit more of your initiatives. You talked about 19 priority projects to be delivered in the next 180 days. I would like to know a bit more about the pricing intelligence. If you could give us a bit of a guideline in terms of what is changing since this department is now under the company CFO. I mean, there are changes that you already disclosed to the market. I would like to see what is different compared to what was done and car price intelligence. I think I'm going to ask the other ones next. I'll hear your answer first. Hi, Pedro. Thanks for your question. This is Moscatelli again. We listed 19 priority projects in eight different departments of the company. They include an important project to improve our pricing tool in the rental car and in the fleet management segment. As I mentioned, we are having more embedded technology to have more agility and granularity in our analysis for decision-making. Today, if you take a look at the company's pricing system, we have granularity per store, per type of car. Decision-making is not only taking consideration the price with a discount, but also the car, the kind of offers that you have in the market vis-à-vis retail prices. It is much more granular than in the past. With all the different stages of the people that are involved in the asset cycle. We see the whole asset cycle, not only opportunities in purchase, but how can we make it profitable. Is it for 15 days, for 15 months, 24? What's the yield? What is the expectation of sales, and what's the sweet spot for sale? Because we are having more granularity and the tools are still being developed, but there are things ready, we believe we are going to be much more accurate in our investments, and therefore we are going to create a lot more value than before. It's a change in profile. It's how we analyze information in the purchase and sale of cars. Perfect. Very clear. Thank you very much. The next two points. Used car sales. You talked about margins in the quarter. For us, it was a relatively low reduction. It wasn't that high in the fourth quarter compared to the third quarter. It wasn't as high again. It was a positive surprise. You said that you're coming close to normal. We did see this performance in gross income and also an improved SG&A. Could you give us a bit more color for the remainder of the year? What are you calling close to normal? I'm going to ask the final question that is very simple. You have other exclusions of BRL 14 million in terms of taxes, which is positive, which made the tax bracket positive in the quarter. Can you also give us a bit more color on this line, and if it can have any kind of recurrence for the future? Thank you. Bye, Pedro. Thanks for both questions. In used cars, we had the fleet management contracts this quarter. You know that fleet management cars had an appreciation which helped with the margin of 5.9%. We said that we are close to normal because we believe that margins are going to be stable between 3%-5% in the quarter. We don't have much adjustments in margins to make. The results are quite close to, you know, recurrent rental results that we are going to have from now on. The second point that you asked about the credit of BRL 14 million, it comes from a tax loss that we had in Movida Europe, which we opened for the bonds operation. Because of the repurchase, we were able to deduct that tax loss and therefore you saw this BRL 14 million. If you have any more questions, I'm here for you. No, that was it. Thanks very much for your answers. Our next question comes from Rogério Araújo from Bank of America. Hi, good morning, Moscatelli, Camila. Thanks for taking my questions. I have 2 questions. One is the repurchase of bonds that you made. What was the effect of the NPV before and after taxes, the net present value, and also the impact on accounts receivable, if it was a one-off, and how much it was. If you allow me, we see now a sale of cars of those cars that were bought of a bit more unfavorable conditions. If you could tell us what percentage of your fleet was purchased with less discounts, and what percentage of your fleets you should sell with as likely worse spread of purchase and sale, and when you're going to have, you know. What speed of depreciation you are expecting for the rental car segment. Thank you very much. Hi, Rogério. Thanks for your questions. I'll start with accounts receivable. We have the precision of, uh, BRL 25 million one client and BRL 5 million in another. BRL 30 million for specific, uh, fleet management customers that, uh, are in Chapter 9. So we have this amount with them, and we provision to be as conservative as possible, but it was one-off. Other than that, uh, the, uh, default rate, uh, is quite healthy. We don't see any point of attention to isolate, uh, customers. As bond repurchase, we bought $100 million in the quarter with an approximate gain of 25% over the hundred million, that is $25 million. And as a counterpart to buy that, we sold investments that we had in sovereign, uh, bonds abroad. There is a small loss in the sovereign bonds and a much greater gain, which gives us BRL 50 million-BRL 60 million in the bottom line of the company this year. What is even more important is that this is just a piece of the opportunity that we have in the operation. It's an operation of $800 million. We already repurchased $125 million, $25 million in the past and $100 million now. We still have $675 million to extract value, rebuying the bonds in the market. That's an important message. As for depreciation, I believe that we are now at the end of the cycle. In the first quarter, we decided to keep depreciation at the same level in a very conservative manner. In the short term, I see depreciation going down, given the improvement in purchase conditions and the extension of the useful life of our fleet past 12 months, which helped us dilute the depreciation of these assets. You asked also about the amount of cars. In the fourth quarter, we said we had 54,000 cars with higher ticket, and now we have 45,000. We did have a good reduction this quarter, and we are going to continue that as fast as possible for the next 2, 3 quarters. I think that's enough for us to stabilize our fleet. This is Camila. Adding 1 point on depreciation. In the case of fleet management, there is a continuation of rates in the balance sheet, especially because we are selling cars that at some point in time were appreciated in our balance sheet. In the case of GTF fleet management, it's still going up a bit. I think I covered all points, Rosario, if you want more color. You did answer. If I may, with regards to the bond, if I'm not mistaken, of the BRL 800 million, BRL 425 million are in Brazil with the derivative operations to CDI. I think you would have to have an amount to close those operations. Are you thinking about doing that, or you're going to stop until you have no hedge? We have no rush. We are analyzing that in depth. I think we do have an opportunity, even when we already have the swap to reais in Brazil. Because it's close to 150 some% CDI. I think we do have an opportunity. We are going to work that for the next quarter. You'll probably see some actions taken in the next 30 days. Okay. Thank you very much. Very clear. Okay. Our next question comes from Regis Cardoso from Credit Suisse. Hello, Moscatelli, Camila. Thanks for taking my question. I think there is a broader discussion and then two quick questions. The broader discussion is that you talked in the release about creating Moover for a second cycle of life in the cars. My question is, it makes sense. In the context of the company, how you've been positioned in recent years. If you think that for the future, discounts in the purchase of cars will go back up to levels in the past, I think it will make sense to have the least possible cycle in the life of cars, especially in the rental car. I'd like to understand the strategic rationale of this second lag movement. That's the first question. The other two quicker questions are: first, net debt, because you talked about growth debt, but net debt went up a bit. If there was anything specific in the quarter for us to take into consideration, and what you expect for the coming quarters, if you think it's going to go down. You talked about depreciation. Just one more thing I would like to talk about. Margins were slightly lower in the segment than in the 1st quarter of 2022. I'd like to know if there was a one-off, if it's a structure, or it's related to PIS/COFINS provision. If you could talk about that. Thank you. Hi, Regis. This is Moscatelli speaking. Thanks for your questions. I'll start with Moover. I do believe that we are going to be able to generate value with the second car cycle. Of course, this is not for the whole of the fleet. As I mentioned, with the granularity that we are having in the company as of now, with a much more thorough analysis on the profile of each car, I think there is an important part of our fleet that would make sense to be extended. I think that Moover can be the best channel for us not to have any problems in terms of IMPS for the rental car fleet. I think that making adaptations, adjustments along the company's life cycle to meet specific demands and to being structured in a different way is part of management, and this is what we are doing. Net debt. You did say that net debt did go up. This is not what I see. Net debt went from BRL 10.8 billion-BRL 11.2 billion. You have to consider that the supplier line reduced by BRL 1.2 billion. When you add net debt plus supplier line, we had a reduction of BRL 740 million. I think that was an important effort that made the balance sheet much lighter and healthier for us to operate from now on. The third, margins, you mentioned that they went down. There's just one thing to justify, which is the PIS/COFINS credits. We are having now a much more conservative position than we had last year. If you exclude PIS/COFINS credits, you're going to see margins are up, and that's what we try to show in our material. I don't know if there are more questions, but no, that's it. Thank you very much. Our next question comes from Alberto Valerio from UBS. Good morning, Moscatelli, Camila. Thanks for taking my question. Congratulations on your work in the company. My question is about used car sales. What's the market like? We try to guess your spread of purchase and sale, how much you paid, how much you sold. It's hard because we don't know exactly what cars you're selling. In our numbers, we saw a slight deterioration. The spread was close to 0, and now it's -5%. I don't know, again, what the pace of sales is. If you could give us a bit more color on that, on your used car sales, that would be very good. Thank you very much. Hello, good morning. This is Moscatelli speaking. Thanks for your question. The used car sales market is tough. We saw the first quarter, the market accepted some profiles of course, but as a whole, it is tough because of the macroeconomic scenario. There is a restriction of credit and that impacts our sales. We are seeing a lot more denials in credit being sought at banks. It is a tough market, but we had a positive spread of 1BRL 12,000 AIs per car, which is the transformation of the company's total mix. The dynamic was favorable and the Rent a Car is spread. I think it's going to continue in the second quarter, perhaps not as high, but it will continue positive. What we are doing is that we are working again with a lot more granularity in the retirement of the car. What car is going to be retired to which store so that each store has the ideal mix and can extract the highest speed in sale at the best price. This is what we have been doing the last 60 days. That has been yielding the results you see. As a consequence, the margin is slightly higher than was expected by the market. Thank you very much, Moscatelli. In the spread of changing used cars for new cars, should we expect this to continue or do you think you are going to see the prices of new cars going up? We have the new regulations of PROCON, cars are at higher prices. What should we expect that and are you going to keep your discounts? The dynamics of negotiation with OEMs has been very favorable to us in the last 90 days. I think we do have almost a turning point in our model to start having an additional generation of value in the Rent a Car business. We are going to continue retiring cars with an average higher ticket and buying cars with a lower ticket. This was the strategy that we decided in the past, and we believe it is the winning strategy for us to create value and adjust our mix. This is something that you're going to continue to see throughout the year. Thank you very much. Our next question comes from Lucas Barbosa, Santander. Hi, Moscatelli, Pedro, Camila. Thanks for the opportunity. Moscatelli, congratulations to you and Pedro. I wish you both loads of success in your new position. I have 2 questions. First, CapEx others line that shows in the cash flow of your release. In this quarter, the number was BRL 206 million. In the whole of 2022 it was BRL 200 million. In the notes, the footnotes, you talk about investments in IT, stores, and other projects. I would like to know if there was any accounting practice that changed with this line or any specific investment. I'll ask you the second question later on. Thank you. Hi, Lucas. Please go to the second question because I don't have the details. People are seeking the answer. If I cannot answer you during the call, I will call you back later on. No problems. The second question is the change of mix of your Rent a Car fleet with more entry-level cars. Should we see a change in the market niche of your Rent a Car segment this year? Also, you think you're going to have stable prices this year. The question is, for the average ticket or per product? That's an excellent point. Lucas from BCG had asked that as well. I failed to answer. I mentioned, I'm going to say it again, the average ticket was stable quarter-on-quarter. We are not considering an increase in tickets along the year. That does not mean we are not going to improve our profitability because of price, because we are changing cars with a higher ticket for cars with lower tickets, keeping the same daily ticket. The yield is higher, the creation of value is higher. We do have the dynamics that is very favorable. Even when we cannot increase the average ticket, if you decrease the capital invested, you have the same effect than if you were to increase your daily ticket. That's the rationale that we see this year. I think that you could see that in the first quarter, but throughout the year, everyone is going to be able to see the value creation that this brings because the invested capital is lighter and you keep revenue and the company's profitability indicators. Very clear. Thank you very much. This question comes from Rodrigo Faria from SulAmérica Investimentos. Good afternoon, everyone, Moscatelli, Pedro, Carina, Camila, thanks for your results. Congratulations on your results. I have a simple question and then a more complex question, which is your exposure in fleet management. Now you're changing your mix of going down with the Rent a Car and up with the fleet management. Is it a strategy for the long term or is it a timely decision because of the Rent a Car adjustment? What is the percentage that we should think for the future for each one of the segments? Hi, Rodrigo. Good morning. I don't know if it was for everyone, we lost part of your question. Can you repeat it? Can you hear me better now? Yes. Okay. My question is that it's been now two quarters that you are a company that has a higher mix in fleet management than in Rent a Car. For the future, do you think you're going to keep the%, that is fleet management having a greater% than Rent a Car? I'll have my second question depending on your answer. Okay. Very good. Rodrigo. The company's management is committed to creating value. If we see that we can create more value in fleet management, we are going to accelerate the segment. That fluctuates a long time, and we have to pay attention to market signs and be as dynamic as possible to seize the opportunities. Right now, we are in this transition of the Rent a Car fleet with operational improvements in fleet management. The model is a bit more consolidated with more predictable value. That's why we are growing in the fleet management and readjusting the Rent a Car. We can change the dynamics if we see opportunities in the future also to create value in the Rent a Car segment. Fleet management today accounts for 54% of the total fleet. At this pace, at the end of the year, it will represent close to 60%. This is what I see until the end of the year and our strategy focusing on creating value and not on one mix or the other. Okay. Now I would like to understand your strategy because you did a very good work at Vamos with the advance of receivables. The more you generate revenue in fleet management, the higher your receivables accounting, and you can use it as a pocket for funding in the future. You have BRL 2.6 billion in backlog of revenues. You have another BRL 1 billion in the balance of accounts receivable. If you have BRL 3.6 billion and you get, I don't know, if you can advance 50% of that, it depends on your clients, of course, but you have 50%. At least BRL 1.8 billion in cushion for funding in the advanced receivables. It's huge. It is a fleet management strategy that you are considering for the future. This is a leverage of value that we created, and we have the expertise in-house because it's something that we developed the last quarter, both in Vamos and here. We have BRL 1 billion in our receivables portfolio that could be used in this operation, plus the marginal growth of the portfolio. It is a new source of financing that the company created as an alternative together with what we announced today. It is a very broad way of creating diverse source of fundings to reduce the cost of capital as much as possible, which is an important alternative that we explore when the time will come. It's not the time now, but it is a channel that has been created, and it is an excellent source for the creation of value and reduce invested capital. Very clear. Thank you very much, Moscatelli. Congratulations again. There are no further questions. We are going to turn the call to Gustavo Moscatelli, the company CEO, for his final remarks. You may go on. I'd like to close by thanking you all for your trust, for really your commitment in trying to understand the company, attending the call, and particularly to Movida's team. I've been with the company for six years, and I was very positively surprised by the energy of our team. I'm very confident with the company. We are supported 100% by the board of directors, and I'm confident we are taking the company to a new level that everyone is going to be able to enjoy. This company is being developed now based on everything that has been done so far. Thanks for what has been done so far, but the best is yet to come. We are working very hard to implement all the improvements we talk about as soon as possible. Remember, you can contact us at any time. Thank you very much and have a good day. Movida's conference call is now closed. We thank you very much for attending and wish you a good afternoon.