Good morning, and welcome to Movida's conference call to discuss the earnings regarding the third quarter 2023. Today, with us, we have Gustavo Moscatelli, CEO, Pedro d'Almeida, CFO, and Camila Silva, IR Officer. Right now, all participants are in listen-only mode. 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 the beliefs and assumptions of Movida's management, 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 be materially different from those in the forward-looking statements. I will now turn the call to Mr. Gustavo Moscatelli. Please, Mr. Moscatelli, you may go on. Good morning, everyone, and welcome to Movida's third quarter earnings call. I'd like to start by thanking all of Movida's employees who are working with discipline towards our main objective, which is to create value for our shareholders. To this end, they are dedicating themselves day in, day out, to deliver all the improvement points we have mapped for this year. Thank you. Now I will continue with the earnings presentation, starting with slide three. I'd like to highlight the evolution in all our businesses, seeking to extract maximum value through operational excellence in each business model. We are thoroughly executing our strategic plans to create value, with results being achieved even earlier than we had planned. Our net revenue reached BRL 2.7 billion in the quarter, up 15% in rental revenue compared to the second quarter of 2023, with continuous improvement in all of our business segments and focus on operational efficiency. Total fleet remains stable at 214,000 cars in the whole year, but with an important change in profile between the businesses, with an increase in the penetration of the GTF fleet. EBITDA reached BRL 868 million, up 14% in rental EBITDA, and the capital structure is increasingly strong and healthy, with leverage remaining at 2.9x net debt/EBITDA ratio at the end of the quarter. In fleet management and outsourcing, we continue our plan to grow and ended the third quarter with significant growth of 29% in net revenue and 38% in EBITDA, with 120,000 cars in the fleet, which already represents 56% of the company's total fleet. It's important to note that the marginal growth is being done with diligence to ensure the profitability of new contracts. We can see the evolution in profitability in the EBITDA margin, which reached 74%, an expansion of more than four percentage points compared to the third quarter last year. In the Rent-a-Car segment, we reached a record of 72.2% total occupancy rate as a result of the continuous improvement of processes to optimize the capital invested. The segment's net revenue was BRL 716 million in the quarter, up 6.1% over the second quarter last year. This increase in revenue was achieved with a 10% reduction in the fleet, which meant that we ended the quarter with 94,000 cars and reinforces our objective of maximizing the use of invested capital. We're thus able to expand revenue per car and EBITDA per car by improving occupancy rates and the average, marginal car average ticket mix. In used car sales, we kept a high level of sales, about 20,000 cars sold in the quarter, and continued to sell cars with a higher average ticket, especially in the Rent-a-Car, which helped us achieve revenue of BRL 1.4 billion in the quarter. The EBITDA margin was 3% in the quarter and 5.5% year to date, showing that margins are going back to normal as a result of the accuracy of our depreciation policy. Moving on to slide four, we bring the company's priority work fronts to create value and discipline in execution and deliveries that we have achieved so far. Starting with financial management, which is an important focus of this new phase, we have prepaid BRL 4.4 billion up to September, BRL 1.1 billion in the third quarter alone, through repurchases of local debt and bonds issued abroad at an average cost of approximately 140% of the CDI per year, therefore reducing substantially the cost of debt and cash load. Throughout 2023, we raised a total of BRL 2.3 billion, at an average cost of CDI + 1.8% a year, of which BRL 1.7 billion was raised in October 2023. The second central point of this new strategy is improving fleet efficiency, which involves both resizing and adjusting the mix of cars. We reduced our Rent-a-Car operation by more than 17,000 cars compared to December 2022, freeing up BRL 1.3 billion in non-protected invested capital. To adjust the fleet mix, we bought 13,000 cars in the third quarter, with an average ticket of BRL 77,000, and with this, we have already reduced the total average ticket from BRL 85,000 to BRL 81,000, therefore significantly improving marginal profitability. The third highlight is related to efficiency and productivity. We had a significant gain of 10 percentage points in the total occupancy rate of the Rent-a-Car compared to the third quarter 2022, reaching a record level of 72.2% through operational improvements focused on asset turnover, which you will see in the next slides. This is an important front for maximizing invested capital and creating value. I also believe that we have room to improve this indicator even further in the coming quarters. The fourth highlight is management improvements, where we have teams focused on delivering the priority projects we listed at the beginning of the year. We have had rapid progress and have already delivered 13 of the 19 projects selected. In addition, we have made some adjustments to the organizational structure, reducing costs and making companies and management more effective. Moving on to slide five, we'll go into more granularity on efficiency gains we made in asset turnover this quarter. As you can see in the first chart, we had an increase of 8,500 cars in the total fleet, most of which in the GTF operation. As for the GTF fleet, we continue to grow with diligence and discipline in closing new long-term contracts to guarantee the company's future profitability. You can see that our fleet grew, and we closed with a record volume of vehicles in the backlog for purchase from the OEMs. The Rent-a-Car operation again saw a slight increase in its fleet of 2,600 cars in the third quarter. We bought around 13,000 cars with a focus on changing the fleet mix, which will bring a new level of profitability to the operation. As we have already mentioned, we continue to see progress in the total Rent-a-Car occupancy rate, measured by rented fleet over total fleet, which reached 72.2% this quarter. The growth in the fleet of both GTF and Rent-a-Car will lead to growth in revenue and EBITDA in the coming periods, which has not yet been reflected last quarter. Now, I would like to move on to slide number six. We are very clear that one of the main gaps in achieving value creation in the Rent-a-Car segment is asset turnover. Therefore, this slide shows the breakdown of the three main indicators and their evolution. In 2023, we managed to reduce deployment times by 42%, reaching 16 days in September. The average retirement time in the third quarter was 13 days, a 32% reduction, also reaching our target for the year. As a result, we have gained 21 days of available assets to generate revenue over their useful life. We believe we will reach an optimization between 25-30 days, considering all the improvement initiatives underway, as you can see in the chart above. If we suppose asset cycle of 18 months, this means that we are going to have 4%-5% more revenue in the asset cycle with the same cost and depreciation base. That is significant gain in returns and value creation. Now on to slide seven. We have detailed the improvement in the fleet mix that we made up to September, and how close we are to the ideal fleet mix. As you can see, we ended 2022 with an average fleet ticket of BRL 85,000 per car, and we reduced that to BRL 81,000 in September. In our mind, we must reduce up to the end of the year to BRL 78,000 per car to get to the ideal fleet mix with the change of another 6,100 cars. This change will bring four major benefits. Firstly, the 8% reduction in the average fleet ticket will bring an increase in the marginal yield, since we'll have the fleet more in line with the demand for bookings, allocating the capital invested correctly and in line with the revenue generated. And you can already see this in the results of the third quarter, and Camila will present more color on that on slide 17. Secondly, a reduction in depreciation per car, the main PLL cost line. Third, a reduction in the cost of maintenance, because the cars have a lower average ticket. And lastly, the better mix of cars for the sale of used cars. On slide 8, we bring again a breakdown of the Rent- a- Car's current fleet by purchase cycle. We had significant improvement in our fleet profile, with a 43% reduction in the cost, with the highest average ticket of the purchase cycle between the third quarter 2021 and the second quarter 2022. Today, they account for only 38% of the total fleet. Those cars were purchased at a more restricted time of manufacturing, with a higher average ticket per car and less favorable purchasing conditions, resulting in higher depreciation rates during their useful life. As you can see, between 13% and 14% a year. Purchases from the third quarter of 2022 onwards, which total 48,300 cars, or 58% of the fleet, have a lower average ticket, around BRL 77,000 per car, due to the normalization of industry supply chains, as well as better commercial conditions. The new cycle cars have lower depreciation rates between 7.5% and 9% a year, especially the purchases we are making now in the second half of 2023, with an average depreciation rate of 8% a year, which shows significant reduction in depreciation in the coming periods and allows for a new cycle of value, value creation for shareholders. On slide nine, we outline the analysis of depreciation. On this slide, we show the evolution of depreciation rates with a breakdown between RAC and GTF. As you can see, the depreciation rate for Rent- a- Car was stable at 10.3% per year compared to the last three quarters. With this, we believe that we should have reached the end of the upward cycle caused by the fleet transition period, and should soon see a reduction also generated by better purchase conditions in the marginal fleet. You can already see an improvement in the depreciation per car of about 6.3%, around BRL 709 per car, already the result of the improved mix I mentioned earlier. In the second chart, we see that the GTF rate had a slight increase due to the entry of new cars that don't have the gains we've seen in the global industry over the last three years. But I don't see any worries, quite the opposite. We are growing the fleet with even better returns. On a consolidated basis, the rate was 8.2% a year, a reduction of 0.2 percentage points compared to the second quarter, due to a better mix in the RAC, Rent- a- Car fleet and the greater penetration of the GTF fleet. Moving on to slide 10, we show Movida's consolidated financial results. Net revenue for the quarter was BRL 2.2 billion. The increase was 5% compared to 3Q 2022, and 18% compared to last year. EBITDA reached BRL 868 million in the quarter, and BRL 2.6 billion in the year to date. I would like to highlight the expansion in rental revenue and EBITDA, which grew by 23% and 24%, respectively. The expansion in services results brings even more profitability and resilience to the company's future results. EBIT was BRL 455 million in the third quarter, and BRL 1.4 billion in the year to date. Here, we can see the effect of the increase in the depreciation rate from 6% to 8% per year that we made at the end of last year, and the potential for improved results with an eventual reduction in these rates. I'd like to draw your attention to the contribution of the GTF segment in the consolidated figures, which accounted for 65% of rental EBIT, compared to 47% previous year. It is a significant increase for profitability indicators and brings greater stability, backed by Brazilian sovereign banks, with a compensation of 8.15% per year prefixed. This way, we'll have an important gain in the company's financial results as of November, which will add up to a nominal savings of BRL 1.022 billion in the financial results, and a positive NPV of the flows of BRL 350 million. This is yet another financial value in its investment. Now, I'll turn to Camila, the company's IR officer, to show you the results of each of our business units. Camila? Thank you, Moscatelli, and good morning, everyone. I'm going to go to each one of the business lines. On slide 13, GTF, with the operational indicators for our long-term product. In the first chart, we see the total fleet of almost 120,000 cars in September 2023, an increase of 11% year-on-year. This shows the strength of the addressable market, especially in small and mid-sized businesses, which are outsourcing their fleets for the first time. Daily volume was BRL 9.4 million in the third quarter, up 9% over the previous year, due to addition of the operational fleet. Our backlog of future contracted revenue from contracts that are already in operation is BRL 3.8 billion, up 52% over the third quarter 2022, and 16% over the second quarter 2023. On slide 14, we have the financial indicators for GTF. The growth of this business line continues apace, with net revenue reaching BRL 581 million in the quarter. The third quarter of 2023, an increase of 29% compared to the same period 2022. Year-to-date revenues amounted to BRL 1.7 billion, up 35% year-on-year. In addition to the increasing volume we mentioned, we had already another sequential increase in average revenue per car, 21% in both the quarter and year-to-date, reaching the third quarter at 23. As I mentioned, we had another sequential increase, also reaching a record of BRL 3,054 per car per month in the third quarter. An important highlight from this indicator comes from the segment's monthly yield, which expanded, reaching 3.8% of the average acquisition rate. This is an exercise. Considering the average revenue per car and the average ticket of the fleet we want to reach, we would have a yield close to 4% in the Rent-a-Car, contributing to the improved profitability in the coming periods. EBITDA in the third quarter of 2023 was BRL 396 million, slightly down on the third quarter of 2022. While in the full year 2023, EBITDA amounted to BRL 1.2 billion, an increase of 12% compared to 2022. EBITDA per car expanded by 3.6% in the quarter, compared to the same period 2022, reaching a monthly average of BRL 1,667. In the year to date, the evolution was even greater, reaching an 8% growth. Moving on to slide 19, we show sustainable performance in the used car sales operation, with the sales of 20,000 cars in the quarter, basically in line with the third quarter 2022, and 10% above the amount sold in the nine months of 2023 versus 2022. Revenue amounted to BRL 1.4 billion in the third quarter, down 3% over the previous year, due to the sale of cars with a higher average ticket in 3Q 2022. In the nine months, there was an expansion of 13%, surpassing the BRL 4 billion revenue mark. The EBITDA margin reached 3% in the third quarter 2023, reaching normalized levels and showing the accuracy of our depreciation policy, as we had mentioned before. Now I'm going to hand over to Pedro, our CFO. Thank you, Camila. Good morning, everyone. Going to slide 21, we show the evolution of our net debt and leverage after some of the financial management initiatives that Gustavo has already mentioned. The continuous reduction of gross debt continues to be the highlight in our balance sheet, closing the third quarter of 2023 with a total position of BRL 13.5 billion, a drop of more than 10% compared to the first quarter of 2023. The cash balance on September 30, 2023 was BRL 2 billion, which keeps us in a comfortable position to continue executing our strategic plans. The better payment terms and conditions negotiated with OEMs also have helped the company's cash flow dynamics and working capital management this quarter. Leverage in the quarter is practically stable at 2.98x net debt to EBITDA ratio, at levels we consider sustainable and healthy. On slide 22, we can see that the current cash position of BRL 2 billion, plus BRL 1.7 billion from new funding, is sufficient to cover the payment of gross debt until the end of 2025. On the financial management front, I would like to reinforce that in the first nine months of 2023, we made an early payment of our most expensive debts, amounting to BRL 4.4 billion, with a cost of approximately 140% of the CDI. In July, we completed our first issue of a real estate receivable certificates of BRL 580 million at an average cost of CDI + 1.51% and average maturity of four years, as well as a bilateral operation, also at very attractive marginal costs. After the close of the quarter, in October, we concluded the issue of a second certificate of BRL 700 million with an average cost of CDI +1.63% an average maturity of seven years. In the same month, we announced the issue of a new debenture with a firm guarantee of BRL 1 billion and CDI costs +2.1% a year, average maturity of three years. This new debt issues total BRL 2.3 billion, with an average cost of CDI +1.8% a year, an optimized level in our funding cost. In short, we terminated a debt of BRL 4.4 billion at a cost of approximately 145% of the CDI, and exchanged it for new issues amounting to BRL 2.3 million, with an average cost of 1.8% above the CDI. Also should be noted, the company continues to have the best credit risk rating, AAA from Fitch. On slide 23, we show the results of these initiatives on the average cost of our total gross debt. You can see we went from a weighted average spread over a CDI of 3.2% in December 2022 to 2.4% in September 2023. This reduction of 0.8 percentage points per year in the average cost of debt contributes to annual savings of approximately BRL 108 million in financial expenses. That, excluding the funding of October and November, I mentioned, and the restructuring of the bonds abroad, which Gustavo has already explained. Thus, we are establishing a new level of funding costs for the company, contributing to an increasing spread in relation to the return of our business. I'll hand the floor back to Gustavo Moscatelli to his final remarks. Thank you, Pedro. Finally, on slide 24, we summarize some of our deliveries up to September and the actions underway. As we have already mentioned, we have made significant progress up to September and have also brought here the main items that we commented during the presentation. At the bottom of the slide, we list a series of initiatives underway to improve the company that will have a very positive result in our profitability. They include the continuous adjustment of the Rent-a-Car fleet mix, operational excellence in asset, cash management, optimization in all phases of the business cycle, selectively adding new long-term contracts, continuous evaluation of reduction in the average cost of debt, and technology-intensive control and management tools for continuous improvement in company's management and control. We were able to achieve significant operational improvements this quarter as a result of our strategic plans. Deliveries are being made with great agility and discipline to maximize the creation of value on invested capital. Finally, I would just like to say that I am certain that we are on the right track and are very disciplined and agile in execution of our planning. This will make us ready to enter a new phase of growth and creation of value. Now, I'm going to open for your questions, and then I'll close the conference. Thank you very much. Ladies and gentlemen, we'll now start the Q&A session. To ask a question, please press star one. To withdraw your question from the list, press star two. Our first question comes from Guilherme Mendes, from JPM organ. Hello, good morning, Pedro, Moscatelli, Camila. Thanks for taking my question. Two questions: The first is, what you talked about in the end of sustainable growth. Could you give us a bit more color on growth for 2024? And thinking of a balance between growth and leverage, that is, how much do you think you're going to grow without pressuring your leverage, around 3x that you're operating today? Secondly, your turnaround projects that you were delivering, 13 out of 19. The six pending projects that are the ones that you mentioned on slide 24, anything other than that? What are these projects? What kind of benefits you give—if you want to, to give me some color and quantification of what you want to achieve with them. Good morning, Guilherme, Moscatelli speaking. Thanks for your questions. I'm going to start with growth. With the current scenario, in terms of microeconomics, visibility, and the market in which we operate, and also take into consideration the balance sheet, that is a must for us to consider further on. I do not see a problem for the company to grow from 10% to 15%, next year. With the strategy that we have mentioned, that is allocating more capital on GTF, that have better margins and generates better returns. In the Rent-a-Car, we are still with an ongoing process of continuous improvements. I'm going to talk a bit more of the project, as you asked. So the operation is not yet stable, but it is moving on to a very healthy level, not only in terms of operational maturity, but profitability. But there is still work to be done. And in GTF, you already see very strong margins and operations generating good value. Margin of 74% EBITDA and growth of more than 100%, almost 20% a year. So next year, we have no guidance to disclose for next year, but, according to our balance sheet, we would, grow the company from 10% to 15% without a need for equity, which is interesting growth that generates value for shareholders, considering that the return on invested capital, be at a suitable level with a leverage close to what we have today. Projects. The six projects that are still pending from the initial list are more focused on the Rent-a-Car business. I'm going to talk about the three main ones of these projects that are still underway. One is the pricing tool for the Rent-a-Car, a new tool we are developing with a consulting company that should be ready in the next 30 days. The other project looks into the entire life cycle of assets to try to maximize value, and for each vehicle. So for each vehicle, we have the right time of retirement to extract maximum value. The third is something that I already heard from investors, is a project related to cost and expenses, especially Rent-a-Car costs. You saw a bit more of a compressed margin this quarter, and I understand that we should have a margin of 60% in one or two quarters, so I think that this is going to be fast. Maintenance costs were a detractor on Rent-a-Car margins this quarter, but in September, October, they are back to what we had in the second quarter. So we are back to a healthy level, but with potential for improvement. So these are the main projects. I don't know if I left anything, just let me know. That's perfect. Thank you very much, Moscatelli. Our next question comes from Victor Mizusaki from Bradesco BBI. Hello, good morning. I have two questions. The first, you mentioned margins for the Rent-a-Car business around 60% in one or two quarters. My first question is: can we consider that this is connected to the pace of Rent-a-Car fleet renovation process, and as you accelerate the process, you should reduce maintenance costs, and therefore your EBITDA margin will recover at an accelerated pace? And the second question is a bit about the GTF backlog. You showed in the presentation around 18,000 cars in the third quarter, in the second quarter, around 11,000. So what are you doing to deploy this a bit faster? And if on the side of OEMs in the fourth quarter, the backlog can go down a bit faster, perhaps you know, because of more appealing purchases from the OEMs. Thank you. Hi, Victor. Thanks for your questions. I will start with the Rent-a-Car margin. Undoubtedly, one of the reasons for maintenance costs to go up in the third quarter is because the fleet reached the peak of average age, 14.3 months in the Rent-a-Car. And, now we are back to buying cars in the third quarter, substantially, and with that, the average fleet age is going to go down, and obviously this will help maintenance costs. But together with this, it's not only the average age going down, the average ticket is going down, which also is going to help on maintenance, because cheaper cars have cheaper maintenance... Just, to give you some numbers, the average maintenance ticket of the Rent-a-Car was BRL 199 per car per month in the second quarter. In the third quarter, BRL 223. In September, we are back to BRL 195, and in October, close to BRL 180. So we are going to go back to normal quite fast. But it is this, we've reached peaks in terms of average age, and we are renewing our fleet mix. GTF, the growth of backlog is because of an acceleration of sales. We closed deals with OEMs in the second half of this year. We are basically done for next year. Negotiations are very advanced, and agreements are going to help us with the deployment with cars. So we accelerate the sales in GTF. You saw the growth of the business quarter-over-quarter, and together with this, we have an improvement in terms of predictability with the agreements that we close with OEMs. So it is basically due to the growth of the business per se. Thank you very much. Very clear. Our next question comes from Lucas Marquiori from BTG Pactual. Hello, everyone. Good morning. Thanks for your call. Two questions: First, the Rent-a-Car daily rate grew a bit, well, third quarter compared to second quarter, perhaps due to the seasonality of July. I would like you to comment on seasonality in the quarter, because I think this is going to go down. You were talking a bit about the Rent-a-Car business. If you can give us a bit of the dynamics of fees in a more normal levels for 3Q and 4Q. And second question, perhaps related to what Victor asked, suppliers. You had a substantial increase in the suppliers line. Could you give us a bit more color in terms of payment terms, payment conditions, if we should expect the same level for the coming quarters, just for us to have an idea of how this will impact the leverage and cash needs for the future. Thank you. That's it. Hi, Lucas. Thank you very much. Thanks for your questions. I'm starting with the Rent-a-Car daily rates. We had a slight improvement on the third quarter over the second quarter, part of that because of the July seasonality, 5% above the average of the quarter. We see daily tickets for the fourth quarter in line or even better than the third quarter, because you have the December seasonality, and it's very strong. So I do not see a lower ticket than we saw in the third quarter. And even because, you know, the practice of the competition is very close to ours. So in terms of competition, the environment is very healthy. Supplier line. In the first half, we basically did not buy cars, so the line was down in the balance sheet. In the third quarter, we resumed substantial purchase of car, but with much better payment terms and conditions than we had in the first half, one of them being time. Just for you to have more color, in the first half was 60 days for payment. Now it is 120 to 180 days for payment. So a significant improvement in the company's working capital, and this is a reflex of what you see in the suppliers line. Okay, thank you very much. Our next question comes from Daniel Gasparete from Itaú BBA. Good morning, everyone. Thanks for the call. First, I would like to congratulate you not only on the work done, but also the level of disclosure of your release and presentation. Very nice for us to know in terms of cycles of purchase, very interesting. Two questions. First, GTF rates at the front-end. I liked what you mentioned about yield, but I would like to know, you know, the tickets in Brazilian reals, just for us to know, how to project it for the future. Second, I would like to hear a bit about used vehicle sales. We see data from the Central Bank and even Santander banks saying that the market for car financing is a bit better in terms of prices, delinquency. Are you already experiencing that in October, and what are your expectations for the coming months? That's my two questions. Thank you. Hi, Gasparete. Good morning. Thanks for the questions and for the feedback on our disclosure. GTF rates at the front end, we have an average rate of BRL 2,600 per car. But I have to admit, I focus more on yield than daily rates, because the fleet is very heterogeneous, and it can distort analysis. So for the yields, we have about 2.9% a month in a period of 36 months. So that's about the profitability that we are including in the company's balance sheet for this year's contracts. Used car sales. The market's still tough. I cannot say that October is already seeing the improvement with the reduction of interest rates and everything. But undoubtedly, we expect to experience that, and have a better market than we had in the first nine months. But not yet, not yet. In our operation, it's still a very tough market and very restrictive in terms of demand, because of the high interest rates in financing. Okay, thank you very much, Moscatelli. Have a good day. Thank you. Our next question comes from Pedro Bruno, from XP Investments. Good morning, everyone, and thanks for taking my question. I would like to have a follow-up on Lucas' questions on suppliers. Moscatelli, could you give us a bit more color on the negotiation dynamics? I think you already talked about that. We saw the acceleration of fleet, which explains this cash generation in the quarter, better times. In the release, you talked about better conditions, but I would like to expand it a bit more. You talked also about, you know, advanced negotiations for next year. So I would like to understand a bit more about negotiations and how you see the current time, vis-a-vis what you consider as structural, since we are closing a very atypical phase in terms of car supply and et cetera, and if better terms translates into better discounts. So I'm thinking of full conditions, that is prices, times, discounts, and what you see at current, vis-a-vis what you think would be optimal for the future. So just to expand a bit on what you already mentioned. Thank you. Hi, Pedro. Good morning. Thanks for your question. Negotiations with OEMs. I think what I can disclose is that commercial conditions are very similar in some OEMs to pre-pandemic times. So as you mentioned, post-atypical times, we are going back to conditions that are very similar to what we had before the pandemic, which will certainly reflect on company's results for the future when we start enjoying a lower depreciation rate, an ideal mix, and better commercial conditions. For next year, we have very advanced conversations, 60%-70% of our purchases, and compared to what we closed in the second half of this year, are very appealing and can improve even further, not in terms of time, but in terms of discounts. So that makes me very encouraged, because we, when we do the math, you know, at this level of commercial conditions, you know, the creation of value for new cars is very, very clear. I don't know if I could, you know, give you all the color you wanted. At least you have, you know, directionally where we are going to in terms of fleet and commercial conditions. No, that's perfect. That's exactly what I wanted to hear. Thank you. Our next question comes from Lucas Barbosa, from Santander. Hello. Thank you, everyone, for your time. A follow-up on funding. Do you have any visibility in terms of credit approval? Are you seeing any difference in the front end, in the approval of new financing, or any signs that banks are going to be a bit easier on that for the future? Hi, Lucas. Good morning. Thanks for your question. That's an excellent point. I talked a lot about the interest rate level, that is still very high. But we also have credit restriction, and in the first nine months, in addition to high interest rates, credit was more restricted than usual. And we do see an improvement in the approval of credit for our customers in the last 30-45 days. It's still not normal. There are some news coming out that banks are decreasing rates and improving access to credit, that we can observe in the last 30 to 40 days, 45 days. But it's not a structural change that will make the business change overnight. It's a process that is positive, but that has just started. Very clear, Moscatelli. Thank you. Have a good day. Our next question comes from Citibank, from Nielsen. Hello, everyone. Good morning. Thanks for taking my questions. Congratulations on your results. I have one question on fleet management and outsourcing. Given the potential growth and the backlog that you have been observing, I would like you to comment on the competition and, you know, as the market is hitting, do you see the competition too aggressive? Is it quite reasonable? I would like you to talk a bit about competition behavior. Thank you. Hi, Filipe. Thanks for your question. Thanks for attending. I do not see a problem in terms of competition in the market. I think one of the positive surprises that I had after six months I joined the company is the size of the addressable market in GTF. It's still a market with huge potential, especially at small and medium-sized customers, which is where we are locating most of our marginal capital. Smaller contracts, naturally, it's a lot more work than closing a contract of 2000-3000 cars, but which promotes better profitability. So in terms of addressable market, again, it is a positive surprise, which, you know, make us not go into a price war with the competition. So very favorable dynamics for us and also for the other player to operate the market. Very clear. Thank you. Thank you. Our next question comes from Gabriel Frazon from Bank of America. Good morning, everyone. Thanks for taking my question. I have one question about the level of leverage that the company expects for the 4Q, with the payment of the swap operation and eventual payment of suppliers. Thank you. Hi, Gabriel. Thanks for your question. Thanks for attending. As I mentioned before, we intend to operate the company at the level of interest rates we have in the market at about 3 x. We closed at 2.9x in the three last quarters, that is more or less stable, but for the coming quarters, 3x, so depending on, but not more than that, given the cash generation of the business. So we should operate at around 3x. Okay? Very clear. Thank you. Our next question comes from Luiz Pecanh a, from Banco Safra. Good morning, everyone. I have three questions, but they are quick ones. First, about the Rent-a-Car market. In the restructuring you had, reduction of fleet, could you give us a bit more color on what kind of overlapping you have with the main competitors, Localiza and Unidas? Because I suppose this is not a market that is growing too much. So perhaps you may have more one-off competition, friction in specific regions. Also, the impact of the results of Drive on Holidays on Rent-a-Car. And finally, if you could talk about when we are to expect an improvement in financial result, which pressures continues to pressure the bottom line this quarter, if we should expect a substantial improvement with the debt restructuring you had. Thank you very much. Hi, Pecanha. Good morning. Thanks for taking our questions. Thanks for asking the questions. Rent- a- Car. Obviously, we have a competitive demand in the Rent-a-Car market, quite differently from GTF. But the main indicator that shows we have room to grow is the occupancy rate that we reported. So that made us, obviously grow the fleet this quarter, and the fourth quarter, we are probably going to go up slightly higher if we continue with high occupancy rates, generating good marginal value for the purchased cars. So there is more competition than the GTF, but it is a market with a large demand, naturally, the size of our operation. So I do not see a problem in demand, given the size of our operation, with growth between 5%-7% next year, as I mentioned. Drive on Holiday. The third quarter is the best of the operation, because of the European summer. So obviously, we grew the fleet by 4,000 cars, revenue more than doubled quarter-on-quarter, given the strengths of the seasonality of European summers. Fourth quarter, probably it's going to go back to the level of the second quarter, so it is the best quarter of the year. And finally, financial results. You should expect significant improvements from now on, because of some things. First, this operation that we mentioned to restructure our bond swaps, which has a relevant weight on the financial expenses months after months. So as of November, we are going to see the benefit on the slide 11 of BRL 150 million a year. Second, you know, as Pedro mentioned, we reduced the debt spread. That also brings BRL 100 million a year of financial expenses. And finally, in the third quarter, there is something that's slightly atypical, which is the number of workdays. Two more than the second quarter, which brings BRL 20 million extra expenses compared to the second quarter. So you're right, in the fourth quarter, we are going to decrease net financial expenses. Very good. Thank you very much. Since there are no further questions, we are going to turn back to Gustavo Moscatelli, the company's CEO, for his final remarks. Mr. Moscatelli? Well, I'd like to thank you all for attending yet another earnings call for Movida. And, I give special thanks to the almost 6,000 employees we have with the company. I'm very happy to see the whole team focused, engaged in this new time, focusing to create value, to our shareholders. Naturally, the changes we are making are structural. They take some time and a lot of work, but I see everyone very much motivated, engaged, committed to deliver the changes as soon as possible. We already see substantial changes in the company's operations. Our operating indicators are much better than the beginning of the year. Naturally, there is still, there are still some initiatives, as I mentioned, to be delivered by the end of the year, but we already see growth for next year and a much more mature company with operational maturity. And I, as the company CEO, with much more control over the company, I'm very happy that the initiatives made will reflect on our results. So I consider that we are going to see significant improvements in company's results, and I'm very happy with the work developed by our team. And finally, thank the Board of Directors, analysts, investors that have supported us a lot in this period of change with a very intensive agenda. We have received support and cooperation from those who are outside, and which is most welcome. Thank you very much, and see you in our next earnings call. Movida's conference call is now closed. We thank you very much for attending, and wish you a good afternoon.