Morning and welcome to Movida's conference call to discuss the results of 3Q24. Joining with us today are Gustavo Moscatelli, CEO; Pedro de Almeida, CFO; and Camila Franciscali, IR officer. This event will be webcast on Zoom and access on the company's website, ri.movida.com.br. We would like to inform you that all participants will be in listen-only mode during the presentation. Then participants will also be able to submit their questions on the platform and they will be answered by management during this call or by Movida's investor relations team after the call. I would like to remind you that this conference call will be held in Portuguese with simultaneous translation into English. If you want to listen to the call in English, just click on the Interpretation button which is at the bottom right of the screen, or on the three dots More button then interpretation and select English. And choose the language. For a better experience, click on Mute your original audio. For a better experience, click on Mute the original audio. Participants are now free to submit questions on the Zoom platform. All you have to do is click on the Q & A button at the bottom of the screen and type in your question. Before proceeding, we would like to let you know that any statements that may be made during this conference call regarding the Company's prospects, projections and operating and financial goals are beliefs and assumptions of the company and rely on information currently available to the company. Forward looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions as 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 such forward-looking statements. The results discussed in this presentation are adjusted for non-recurring items and the appropriate reconciliations can be found in the earnings release and in the fundamental spreadsheet available on the company's IR website. Will now hand over to Mr. Gustavo Moscatelli. Mr. Moscatelli, you may go on. Good morning everyone and welcome to the conference call of Movida to discuss 3Q24. I'd like to start by thanking our people, more than 6,000 employees, for their commitment and determination in delivering the results for the first nine months of the year. Starting with Slide 3, we have provided a summary of the structural deliveries we have made so far with great discipline and always focusing on our commitment to creating value to our shareholders. First of all, I'd like to highlight the price recalibration that we conducted on Rent-a-Car. We achieved this quarter the guidance of 4.2% a month. Secondly, we are practicing higher pricing levels in GTF with new contracts having an average yield of between 3.2 and 3.4% a month, much higher than those in previous periods. This movement, which is already underway, shows the continuity of the trend towards increased revenue and profitability in the segment. Third, we continue to allocate more capital to long-term contracts in the GTF segment. This initiative will bring even more resilience to our cash generation and to results. I'd like to remind you that we exceeded the guidance of 60% of the company's gross fixed assets in the settlement in the second quarter of this year. The fourth highlight is our EBITDA margin. We have reached record levels in margins and in the Rent-a-C ar and fleet management and outsourcing segments consistently during all quarters of 24. This new level of profitability is the result of our work to increase prices in the segment and also strict management of costs and expenses. The fifth highlight is that I would like to reinforce our efficiency and productivity gains in used vehicles. We also achieved all the guidance proposed for this line of business ahead of schedule both in terms of pricing and retail sales volumes. In addition, we had the highest sales volume in our history in the third quarter with more than 3,000 vehicles sold, proving our sales capacity and efficiency in asset turnover. Now we move on to slide number four. We are very excited to announce yet another milestone with great deliveries such as the company's new records in net revenue, EBITDA and EBIT. This performance shows the beginning of the transformation of our profitability indicators. In the quarter we delivered net revenue of BRL 3.8 billion, EBITDA of BRL 1.2 billion and EBIT of BRL 701 million reais, surpassing our results, and in addition, we obtained an adjusted net income of BRL 91 million reais, an improvement of 100% compared to 3Q23, the highest profit in the company's last two years. As a result, we reversed last year's losses and achieved an annualized return on invested capital of 12.4%, an increase of 4.4 percentage points on last year. It's important to note the composition of the evolution of these indicators when we analyze the rental sector, which is our core business. We had an operating fleet addition of 17% while net revenue grew by more than 34%, EBITDA by more than 48% and EBIT by more than 61% in the period. The current level operational efficiency is reflected on the company's positive results, showing a significant change in level compared to the previous year, advancing in the cycle of value creation for our shareholders. Slide 5. Now we have achieved, even ahead of schedule, all the guidances we set for the end of 2024. The objectives were set at the beginning of the year, formalized through a material fact about the operational projections that were part of our focus on executing the 2024 strategic plans. We made significant progress in both the daily price and also monthly yields through 2024, reaching the target of 4.2% a month. We continued the process of recalibrating our prices for the occasional product and recorded a 19% increase in the rates compared to the previous year, a significant improvement in products returns. If we look quarter by quarter, we can see a constant pass through during all periods, supporting our strategy of improving our rates. We have also started to pass on prices for monthly rates, advancing 9% in the quarter compared to the third quarter 2023. We'll continue our pricing initiatives over the next few quarters and are experiencing resilient demand and a very healthy competitive environment. Looking at the Rent-a-Car rate on a consolidated basis, we have a 14% increase on the average daily rate in one year. We've had sequential increases every quarter, reaching a rate of BRL 142 per daily rate per day in the third quarter of this year. As a result, we have seen an important advance in the profitability of our assets, demonstrated by our growth in yield from 3.8% in 3Q23 to 4.2% this quarter. With the price adjustment actions carried out and those still in planning and execution, we'll continue to see the trend in the coming periods. On slide 6 we show the evolution of our EBITDA margin from rental activity since 2016, showing that we have consistently achieved the best operating results since the IPO. In the rental car margin was 64.6%, GTF EBITDA margin was 76%, demonstrating consistent profitability in the segments in recent quarters. These record margins reiterate the accuracy of the actions implemented to gain efficiency and reflect a significant improvement in the use of invested capital and the cost and expense reduction actions we have carried out through this year, positioning the company for a new phase of value creation. Now I'll move on to slide number 7 with the total average fleet compared to revenue growth since the beginning of the year, showing efficient, significant gains in efficiency and productivity of our assets since the beginning of the year. We've been vocal in our strategy of growing in fleet management and outsourcing and keeping the Rent-a-Car operation stable. Prioritizing price adjustment as we discussed earlier, the result has been exactly in line with this. In GTF, net revenues grew by 23% while the total average fleet grew by 3.9%. On the Rent-a-Car, revenues grew by 10.4% and the fleet was reduced by 0.1%. Showing our discipline in execution, unconsolidated numbers, the number of cars in the total average fleet grew by 2% while net revenue grew by almost 17%, demonstrating greater value for the company due to the better use of invested capital. Slide 08 shows the evolution of depreciation of our cars in the rental car. The depreciation annualized per healthy level of depreciation with maintenance of the depreciation of new cars remaining between 8% and 9% a year. At GTF, the depreciation analysis by car was BRL 9,900 in the quarter and it is also the result of the implementation of cars with higher acquisition value worth approximately BRL 100,000 and the retirement of cars with a lower average ticket. In addition, the cars that were retired were running at a lower depreciation rate because they had gone through a period of high appreciation in previous periods. The recurring depreciation rates of new contracts considering GTF, CS Frotas and subscription cars remained stable throughout the year, averaging between 8% and 10% a year. Slide 9 shows the company's consolidated financial results. Net revenue reached BRL 3.8 billion, up 42% from the third quarter last year. Revenue from rentals grew by 35%. Once again our fleet grew by 17% year on year, demonstrating gains in productivity in our operation. EBITDA reached BRL 1.2 billion in the current quarter, an increase of 44% from the same period last year and 31% when comparing the first nine months of the year with 2023. EBITDA in rental grew even more by 48% compared to the same period last year. Rental EBITDA margin was 70.3%, an improvement of 6.6 percentage points compared to last year, which shows our accuracy in the actions implemented throughout the quarter in all lines of business. EBIT for the third quarter was BRL 71 million, up 54% from the same period last year and 36% from the nine months of 2023. I would like to once again highlight the delivery of net income which reached 91 million BRL in the quarter, 232 million BRL in the nine months of 2024, reversing the loss of the previous year and reaching the highest net income in the last two years. Moving on to Slide 10, we would like to show you the results of all the efforts and structural changes the company has been going through the evolution of return on capital. Our ROIC reached 12.4% in the third quarter, a significant increase of 4.4 percentage points compared to 2023. The results show the continued expansion of shareholder value creation, surpassing the cost of debt by 3.7 percentage points in the quarter. The evolution, combined with ongoing actions such as the increase in the price of rental car and GTF, greater productivity in used cars and continued allocation of capital in the long term segment will lead us to growing and sustainable levels of ROIC spread. Now I'm going to turn to Camila, the company's IR director to present the results of the business units. Thank you, Moscatelli. Good morning everyone. On slide 12 we show the operational of fleet management and outsourcing. We closed 3Q24 with a total fleet of 137,400 cars, up 15% on 3Q23. Our backlog of future revenue takes into account contracts that are operational and amounted to BRL 7 billion in 3Q24, up 79% on last year. On the next chart we show the share of GTF in our gross fixed assets. Our strategy is to prioritize the allocation of capital in the segment due to greater predictability and stability of results. As we can see, the share increased from 57% in 3Q23 to 61% in 3Q24, exceeding the guidance set for the year. As Moscatelli has already mentioned. On slide 13 we go to the financial results of GTF net revenues BRL 889 million reais in the quarter, up 53% on the third quarter last year, while the operating fleet expanded at a slower rate 22% in the same comparison. We therefore had a new sequential increase in monthly revenue per car which reached 2,696 reais in 3Q24, up 23% year on year and the nine month comparison the increase was 21% compared to 23. The quarter's EBITDA was the highest ever reported with growth of 57% versus last year, reaching BRL 676 million in 3Q24. As already mentioned, the segment's EBITDA margin remained at a record 76%, an increase of 1.8 percentage points compared to the same period. As a consequence, due to the evolution of our operations, EBITDA per car also reached a new high in 3Q24 with an average of BRL 1,817 per month or an increase of 29% compared to the third quarter last year. Next, slide 15, we see the highlights of the rental car operation. In the first chart we have revenue per car which followed the upward trend and reached BRL 3,258 per month in the third quarter, the evolution combined with the optimization of capital invested in the operation led us to achieve the guidance of 4.2% a month as explored earlier. For that we had to continue our price recalibration efforts. As a result, average daily rate this quarter grew by 14% compared to 3Q23, reaching BRL 142 per day, demonstrating resilience of demand. Operating occupancy rate remained healthy at 79% in the third quarter 24. Slide 16. Progress in rental car indicators. Average operating fleet 87,000 cars in the quarter. Expansion of more than 10%. Revenues BRL 765 million in the quarter, up 17.4% compared to the last year. EBITDA in the third quarter was BRL 494 million, up 38% versus the third quarter 23. Again, the EBITDA margin was 64.6%, an increase of 9.8 percentage points compared to the third quarter 23. As a result, EBITDA per car continues to expand and amounted to BRL 1,885 per month this quarter, up by more than 25% the same period last year. On slide 16 we show the indicators for our used vehicles. We continue with a healthy performance in the operation with significant increase in sales volumes which reached a record 30.6 thousand cars in the quarter, a growth of 49% compared to the third quarter 2023. It's important to highlight that in the nine months of 2024 we have already sold a volume of cars that was above the full year of 2023, proving the capacity of our installed structure. Net revenues was BRL 2 billion in the third quarter, up 48% on 3Q23, also reflecting the sale of more basic cars this year compared to last year. EBITDA margin remained at normal levels for this line of business 1.1% at 3Q24. It's also worth highlighting the evolution of our inventory mix, which is a differentiator for the positive performance of used cars. The current profile has greater liquidity and is more appealing in terms of sales because we have more basic cars available. The percentage of hatchback cars in our inventory expanded sequentially from 45% in 3Q23 to 55% in 2Q24 and 58% this quarter. As a result, the average Fipe table price of our cars in inventory went from BRL 79.1 thousand per car last year to BRL 75.9 thousand per car in 2Q24 and continue to fall to BRL 74.9 thousand this quarter, which will continue to contribute to improving turnover in the coming months. Now I will hand over to Pedro de Al meida, our CFO. Pedro. Thank you, Camila. Good morning everyone. I'll go to slide 20 talking about the profile of our balance sheet. On the left side of the slides we bring indicators of our covenants. Leverage, measured by Net Debt over EBITDA decreased to 3.1 x in 3Q24. However, if we were to annualize EBITDA of 3Q24, leverage would be 2 and as we can see in the chart, this annualized quarterly leverage has been steadily reducing since 4Q23. As for a bit coverage over net financial expenses, it was 2.4 x in 3Q24 and has also been improving sequentially. We therefore believe in the company's deleveraging trend or will continue over the coming quarters. In addition, the evolution of these indicators shows that the improvement in operating income is really contributing to the company's creation of value. On the right side, we have our debt maturity schedule which has been lengthened since the beginning of the year. Our current cash position is 4 billion reais, sufficient to cover the payment of gross debt until mid-2026, and the amount of approximately 1.6 billion reais to mature in 2025 is relatively low. The average term of our debt is four years. Average cost of CDI plus 2.1% a year. Remember that part of our debt is indexed to the IPCA. The table below shows the evolution of our net debt which amounted to BRL 14.2 billion at the end of the third quarter, growing at a slower pace than our operating results. All the new issues that we have conducted so far in the year of 2024 that total more than BRL 6 billion demonstrate our broad access to several sources of funding and the support that the credit market, both local and international, gives to our strategic plans. I'll now hand the floor back to Gustavo Moscatelli to complete the presentation. Best regards. Thank you, Pedro. Finally, on slide 21, I'd like to reinforce the continuous evolution of the company's value creation indicators that we conduct with great accuracy in all the pillars of the asset cycle. As a result, we have made significant achievements in the indicators that matter the most when it comes to creation of value to shareholders, ROIC, spread, net income, and balance sheet deleveraging. To ensure that these trends continue, we will continue to focus on price levers, sustaining EBITDA margins, and the ongoing search for better debt costs and, as a result, better cash flow dynamics. Finally, I would just like to say that I'm very encouraged by the company's deliveries. These indicators give us the confidence to continue working with great discipline in the execution of our strategic plans and to continue focusing to continue evolving operational excellence while at the same time extracting maximum value from our assets. This will enable us to generate adequate value for our shareholders while satisfying our customers in an equation that guarantees the sustainable long-term development of our businesses. I'm confident that this is just the beginning. We are on the right track and still have a lot to deliver. Once again, I would like to thank our people for their dedication and everything that we are yet to build together, our shareholders, suppliers and customers. Thank you very much for your trust. Now we are going to open for your questions. Thank you very much. Thank you. The conference call is now open for questions, first only analysts and investors. So if analysts or investors have a question, please click on the raise hand button at the bottom of your screen now or anytime after this announcement. If at any point your question is answered before it's your turn, just lower your hand to leave the queue. We ask that when you ask your questions please speak close to the receiver so that everyone can hear you clearly. Participants can also send written questions on the platform. Click on the Q& A button at the bottom of the screen and type in your question. Please wait while we receive questions from analysts and investors. Our first question comes from Victor Mizusaki from Bradesco BBI. Mr. Mizusaki, you may go on. Hello, good morning. Congratulations on your results. I have two questions on my side. Thinking about used vehicles, especially for the third quarter, we saw a very strong volume, also positive margins. So the first question is if you could talk a bit about the mix between retail and wholesale in the third quarter. And the second question thinking about leverage and we do see the deleveraging trend and but looking into 2025 we see a scenario of higher interest rates that could somehow thinking of the market as a whole pressure ROIC spread. So my second question is how could we consider margins for 2025 should we expect in terms of fleet size grow little or even reduce number trying to expand your ROIC and then protecting ROIC spread? Thank you very much. Good morning, Gustavo Moscatelli speaking. Thanks for asking your questions. I'll start with used vehicles. The mix the breakdown of the third quarter was very similar to the first two quarters of the year. Very well balanced between retail and wholesale. Almost 50-50. That is a very, very balanced breakdown between the two channels, which enables us to keep a high average of cars sold per store. It is an important metric that we follow to monitor productivity of used vehicle sales. And the mix built the margin that you mentioned that continues above 1% in the sale of used vehicles, which is what we want in the end of the rental cycle. So productivity of used vehicles continues to be very good in the third quarter. October also closed very strong. So no news. Quite the opposite. I think it shows the capacity of the company to sell the volume of cars. Again, a record, as you saw, and sell correctly. A correct mix between retail, wholesale with the right discounts that led to healthy margins. Second question, leverage for 25. Undoubtedly, with the higher interest rates we are going to have, you should expect a much more timid growth of fleet. I'm talking 2%-4%. But you will see growth in the company through operational efficiency. So prices are going to continue to be adjusted. So we are going to continue to reduce our cost to have a better margin. And if you take a look at the annualized third quarter, it already counteracts the increased interest rates. So I'm very comfortable with the company's level of results today. But with the strategy that you mentioned, growing the fleet less next year compared to this year, as I mentioned, between 2%-4% but showing better results as you saw this year. That is productivity indeed in the management of assets. Thank you very much, Victor. Thank you. Our next question comes from Guilherme Mendes from J.P. Morgan. You may go on. Hello. Good morning, Moscatelli. Pedro, Camila, thanks for taking my question. Two questions as well. First, the rental car prices. Congratulations on a very strong performance in the third quarter. And Moscatelli implied in his comments that that's sustainable. So if you could give us a bit more color of what is behind what segments are responding better to price adjustments. If there is any mix there. Just for us to know how to think of this number for the future. Also the spread of purchase and sale there was a bit different number than what we saw the trend in previous quarters. So I would like to understand why. And this is something that we should consider for the coming quarters as well. Thank you very much. Hi Guilherme, this is Moscatelli. Thanks for the questions. I'll start with the rental car prices. You remember well that we invested for a long time in restructuring our pricing for the rental car segment. We built new tools with more data science and that has contributed very importantly to the price recalibration we had along the year. So we're able to reprice the whole rental car segment. Some a bit more, some less. But structurally there was a full price adjustment in the rental car segment. Now I would like to mention that this also started to be done in GTF in the end of the second quarter and third quarter. So you see new prices and results. It started to show in the third quarter, but even more so in the coming quarters. Of the work done in GTF, we repriced all contracts in effect renegotiation with customers and new contracts are a completely different price point. So prices for the company as a whole, this is one of our main agendas and we have been doing that consistently and it is ongoing work from now on. We haven't stopped here. We got to our guidance. But my visibility, especially with higher interest rates that this is going to be ongoing work. So you should expect higher prices from now on and for next year. As for the purchase-sale spread in the rental car, the average of the year is between BRL 6,000 and BRL 8,000. In the second quarter it went down to close to BRL 5,000 and now in the third quarter close to BRL 15,000. But if you get the average of 2.75, you have a better color about what the company wants for the future. And what I want is the average between 6-8 in the third quarter. We had some opportunities to renew fleets at a higher ticket, but that's one-off. Structurally, the spread between six to 8,000 is what you should expect and demand from me from now on. Thanks, Moscatelli, for your answers. Have a good day. Our next question comes from Gabriel Frazão from Bank of America. Good morning, everyone. Thanks for taking my question. We have seen a substantial increase in yield for new GTF contracts in recent quarters above those reported by other listed companies. Is it because of the selective approach for new contracts? Contracts with different car mix? So if you could give us a bit of color on that. Hi Gabriel, this is Moscatelli speaking. Thanks for your question. Thanks for joining. As I mentioned just now, as of the second quarter we indeed also changed pricing in GTF and we have been a lot more selective in signing new contracts. So these price adjustments obviously are starting to show in the third quarter and are going to last for the future. As I mentioned, we do not have an estimate to substantially grow our fleet for next year. For the whole of the company, all segments. But we are going to grow results and profitability through efficiency KPIs so better prices for the allocation of capital invested and cost reduction. So it is being more selective and to have more discretionary growth on our side. Very clear. Moscatelli, thank you very much. Our next question comes from Gabriel from Itaú BBA. Good morning Moscatelli. Pedro, Camila, thanks for taking my question. Just going back to Rent-a-Car rates. Obviously the growth you had in prices do draw our attention and you said that we should expect growth in all rental car segments. So just to check, apples to apples, growth in the third quarter was for the whole rental car segment. And also I would like to understand drop in utilization rates year on year. Do you think we are getting to a bottleneck in terms elasticity of demand since prices are higher? And second, you kept the Rent-a-Car depreciation is stable in the quarter. But you did correct GTF depreciation. I would like to hear from you about these variables in the coming quarters. Thank you very much. Hi, Gabriel, this is Moscatelli speaking. Thanks for your questions. As for the Rent-a-Car rate, you got it right. We structurally change the pricing for all Rent-a-Car segments, and apples to apples, this is exactly what you're seeing in the presentation. In one year, occasional rates grew by almost 20% and monthly rates almost by 10%, so consolidated rates grew by 14%, and again the 14% consolidated rates as you were mentioning, apples to apples could even be higher if we had kept the mix between occasional and monthly. You saw on slide five that occasional did go down and monthly went up for the mix, so if we were considering the same comparison basis, the 14% would be even higher. Just to give you clarity on all products and how we see rates for the future for the whole of the segment. Yes, second question on rental car depreciation. Indeed, it has been stable in the three quarters this year, so I'm very comfortable. This has to do with product mix and we talked a lot about that and also purchase conditions very similar to what we had pre-pandemic. So quite stable operation. GTF is a matter of fleet renewal. We are retiring cars from three, four years ago and renewing cars post increase of prices. So naturally the size of depreciation per car growth. But more important than that is the depreciation rate of cars per year which is also stable. So that's controllable, but you have the unit value per car which is natural in a business of long-term. Okay, very clear. Thank you very much. Our next question comes from Felipe Nielsen from Citi. Good morning everyone. Thanks for taking my question. Congratulations on your results. I have a question on the used vehicle market prices more specifically. So I'd like to hear from you how you see prices. We saw you considering prices compared to the Fipe table in a very positive manner. Does the trend continue? How do you see the Fipe table prices for the future? So just to understand what do you think the dynamics is going to be like for the future? And second question, I would like to deepen deep dive working capital. We saw a suppliers line with a slight increase quarter on quarter. So I would like to understand if this level of supplier lines should be considered stable from now on. What is the relationship between term vis-à-vis discounts with OEMs and how can this translate to the suppliers line? Thank you very much. Good morning Felipe. This is Moscatelli speaking. Thanks for your question. So I'm going to start with used vehicle prices. Since the beginning of the year we have seen a reduction on the Fipe table month after month, quite stable, with the exception of one month or another because of volatility or change of models, but quite stable, point 0.5% a month. And that of course brings a stabilization to our depreciation rates. The sales volume of the third quarter as you mentioned was very strong. And productivity, not only number of cars per store, but also as you mentioned, the discount of the Fipe table was the best in the year. Of course we don't have that in the material because we no longer have the guidance. But I can tell you that it was the best performance of the year in both in number of cars and also Fipe table discounts. So the market's quite buoyant in Seminovos. It's really thriving, which is good. That leads to more stable depreciation rates that you have seen in our fleet. I cannot fail to mention the mix of our cars that we have for sale with used vehicles, which is much better than what we had a year ago. These are cars at a lower entry price, lower ticket, which brings us more liquidity and improves the performance of the segment as a whole. As for the suppliers line that you asked, a second question. Terms with OEMs in terms of prices and time have been very good, very similar to pre-pandemic times. We have most of the purchases already closed for next year with OEMs. You should consider the behavior for this line in our balance sheet from now on. Terms are going to continue to exist. You are going to continue to see them on the suppliers line. And again, most of the purchases for next year have already been agreed with OEMs. Very clear. Thank you very much. Our next question comes from Andressa Varotto from UBS. Good morning, Moscatelli. Thanks for taking my question on our side. I think you have already approached some of our questions. But anyhow, asking about average fleet age in the Rent-a-Car, is it already normalized? Do you have any intention of decreasing the age? And also, for used vehicles, we saw a reduction of SG&A in proportion to expenses. Is that a consequence of higher productivity in used vehicle sales that you mentioned? Anything else that you could highlight? And just as a follow-up, you did mention the opportunity of renewing the fleet of higher ticket vehicles. Does that justify the increase of unit price per car in the rental car? Hi Andressa, this is Moscatelli speaking. Thanks for your questions. I will start with the average fleet age in the Rent-a-Car. We closed the quarter with approximately 11 months and you should expect we continuing this average age for next year. We don't want to change the average age because in our opinion it shows a cycle that is very productive and maintenance costs are not hurting profitability. We are able to optimize asset turnover. So we think it's quite appropriate. Your second question about SG&A in used vehicles, that's precisely because increased productivity in the segment as a whole we haven't increased the number of stores but we did increase the number of sales per store by more than 30% and that causes a dilution of costs and expenses. Therefore we've reached this level of productivity. As I mentioned previously, we hit the guidance in the middle of the year as you know. The third question about the Rent-a-Car purchase ticket, I answer Guilherme from J.P. Morgan. That's one off. We cannot just consider one quarter. But if you are asking about trends, the trend is to have an average tickets for purchase of BRL 78,000. So this year we have this average. In the second quarter it was down to BRL 73,000. Now it was BRL 84,000 and in the first quarter it was BRL 78,000. So we should work with BRL 78,000 of an average purchase ticket with a spread of BRL 6,000-BRL 8,000 for car renewal. Very good. Thank you very much. Our next question comes from Jens Spiess from Morgan Stanley. Jens. Senior Jens. Jens, you may go on. Hello. Yes, sorry. Thank you for taking my question. I just wanted to ask. On GTF we saw that the average price of cars sold increased 5% quarter over quarter. Could you maybe explain what drove this? Was this related to mix or is simply that segment in the used car market doing better? And also if you could give us some indication of how you see fleet growth beyond next year. So first of all, I think you mentioned 2%-4% total fleet growth next year in case you reach all your targets in particular for profitability. How do you see fleet growing beyond 2025? And also if you could give more details, if the 2%-4%, will it be across GTF and RAC or is there a difference between both in the P&L? Thank you. Hi Jens, this is Camila. I'm just going to translate the question into English. First, GTF. He observed that the average price of car sold increased by 5% in the quarter compared to last quarter. And he's asking if this has to be with the mix of cars sold or any specific item in used cars. Second question, growth beyond 25. If you do get to your profitability target, would that change in terms of appetite for growth? And additionally he is asking if the target that we have between 2%-4% would be focused on Rent-a-Car or fleet management and outsourcing, or both. Here is most. Thank you for a question. I will answer in Portuguese, but you're going to have the translation in real time. Okay, so let's switch to Portuguese. Okay, Jens, so as I mentioned, thanks for your question. So average sales prices for GTF, that's basically due to the mix of contracts closed to this period. So certainly you can project that the average ticket for cars sold in GTF will grow quarter after quarter because as the cycle is very long term in renewal you're always adding cars with a higher ticket. And in the end of the cycle you also see this difference in sales. So you should project a growth on average ticket of GTF every quarter unless there is a specific, you know, large contract that is terminated. As for growth for 2025, as I mentioned, with this macroeconomic scenario of higher interest rates, I think it's more prudent to work this way. A company with less. A company that is less leveraged, needing less third-party capital and working more on efficiency of the capital invested in the company, so extract more value from the capital that is already in the company without leveraging the company further. In my opinion, that will generate more value, so you see growth in revenues, EBITDA and profit, but without increasing leverage. And this combination will certainly bring return on invested capital that is better than what we have today, so that's my projection for 2025 onwards. Obviously we have no guidance, but this is how we see the company and its management for the future, with the scenario that we have and the visibility that we have. Thank you for your questions. That completes our Q&A session. So I'm going to invite Gustavo Moscatelli for his final remarks. Mr. Moscatelli. Well, I would like to close our call for the third quarter. First, with special thanks to all company employees. Today we have more than 6,000 employees and people indeed have been working very hard with discipline and they surprise me every day. So my first statement is a thank you for the people that are making results. Second, I'd like to reinforce some points. The first is my satisfaction in having today control over management. That's to say that today the company has a level of control of its operations that is much more detailed and much tighter than what we had in the past. That is the result of daily work improving processes, controls, systems, new ideas, innovations, simple things that we are doing to improve not only customer experience, but company management and have everyone enjoy that. Indeed, this is the second point I'd like to highlight and I'm very pleased with the level of operational efficiency that the company reached today. As you saw, we are the benchmark in operational margins in the sector. Finally, I'd like to thank all the other stakeholders, shareholders, suppliers, sell-side analysts that are always supporting us. All of you have helped the company's results. Thank you very much. Here you can hear the commitment, not only mine, of all the company, that we are working every day to make the company better and better and place the company where it should be highlighted in the market in which we operate. So finally, once again, thank you very much and see you in our next conference call. That concludes today's conference call of Movida. Thank you very much for joining us and have a good day.