Good evening and welcome to Movida's 1Q25 Earnings Call. Joining us today are Gustavo Moscatelli, CEO; Daniela Sabbag, CFO; and Camila Francischelli, Investor Relations Officer. The event is being streamed on Zoom and also available on the company's website, ri.movida.com.br. Please note that all participants will be in listen-only mode during the presentation. After that, participants may submit questions through the platform, which will be addressed by management during this call or later by Movida's Investor Relations team following the completion of the session. We would like to remind everyone that today's presentation will be conducted in Portuguese with simultaneous translation into English. For those who want to follow the presentation in English, you can simply click on the interpretation button in the bottom right corner of the platform. Participants are welcome to start submitting questions through the Zoom platform. To do so, just click on the Q&A button located at the bottom bar of your screen and type in your question. Before we begin, we would like to clarify that any forward-looking statements made during this call regarding the company's business outlook, operation, and financial projections and targets are based on Movida's management beliefs and assumptions, as well as on information currently available to the company. Forward-looking statements are not guarantees of performance. They involve risk, uncertainties, and assumptions as they relate to future events and therefore depend on circumstances that may or may not occur. General economic conditions, industry conditions, and other operational factors may affect the future performance of the company and lead to results that will materially differ from those in the forward-looking statements. The results to be discussed in this call are presented in the company's earnings release and the financial highlights spreadsheet available on the company's IR website. Now, I'll turn over to Mr. Moscatelli to start the presentation. You may go ahead. Good morning, everyone. Welcome to Movida's 1Q25 Earnings Conference Call. I'd like to begin by thanking our people, more than 6,000 employees, for their efficiency, quality, and commitment to execution, which enabled us to deliver this quarter's results. I'll start with slide three. Here, we bring a summary of our structural improvements that we have consistently made, always focusing on the commitment to value creation for our shareholders. Our first key initiative is the ongoing price recovery in rental car. The average daily ticket increased by 21% in 1Q25 from 1Q24, reaching a daily rate of BRL 158. The second relates to the pricing of new GTF contracts, with an average monthly yield of 3.5% a month compared to 3% in the same period, 2024. The third priority is to continue allocating more capital to long-term contracts. In 1Q25, we've reached 61% of the gross fixed assets in GTF compared to 58% in 1Q24. The initiative will bring even greater predictability and relation to our results and cash generation. The fourth initiative is the continuous improvement of our operating efficiency, which includes not only price recovery across all businesses but also cost and expenses optimization. As a result, we delivered record-high EBITDA margins in GTF at 76.2% and rental car at 65.3%. The results reflect stronger operating efficiency across the company. Lastly, we made significant progress in used cars productivity. In the first quarter, we sold approximately 25,000 cars, a 7% increase compared to 1Q24. In addition, the segment's EBITDA margin remained stable at about 1%, consistent with the past four quarters. Now, moving on to slide four, I will highlight the main financial results for 1Q25. We delivered another record-breaking quarter in both EBITDA and EBIT. Improved performance across all business lines led to a real transformation in our profitability indicators for this quarter. In the first quarter, we reached BRL 3.6 billion net revenue, EBITDA of BRL 1.3 billion, and EBIT of BRL 766 million. Net income BRL 78.5 million, up 61% from first Q 2024. As a result, return on invested capital reached 12.4%, up 1.9 percentage points from Q1 2024 and 4.4 percentage points from Q1 2023. It is important to highlight the breakdown of these indicators when we look specifically at our core rental business. Our operational fleet grew by 10%, while net revenue increased by 26%. Over the same period, EBITDA grew 29% and EBIT 30%. Our current level of operational efficiency is clearly reflected in those results and supports continued progress in value creation for shareholders. Moving on to slide five, we show our rental EBITDA margin trend since 2016, illustrating how we've reached the highest operational levels since our IPO. In 1Q2025, Rental Car posted a 65.3% margin, GTF a record 76.2% margin, showing consistent profitability across both segments. These record-level margins validate the effectiveness of our efficiency initiatives and reflect our ongoing cost and expense reduction efforts since early last year, positioning the company for a new phase of value creation. In the Rental Car, depreciation per operational car was BRL 6,500 per year. This is aligned with the past four quarters, indicating a stable, healthy depreciation rate in the Rental Car. With maintenance of depreciation on new cars between 8%-9% in GTF, depreciation per car came to BRL 10,000 per year, also stable compared to previous quarters. Recurring depreciation rates on new contracts remain between 8%-10% per year. Now, turning to slide seven, we bring you more details on the company's top strategic priorities in 2025, that is, rental car price recovery. As shown in the chart on the left, daily rates in rental car have been increasing quarter after quarter, driving profitability expansion. The average rate reached BRL 158, up 21% from the prices of 1Q2024. We'd also like to share our capital allocation strategy with you within rental car occasional and monthly rentals. As shown in the chart on the right, we've increased capital allocation to occasional rentals, where we've seen higher price and demand elasticity, and therefore the product has been showing greater profitability. Therefore, in addition to price increase, rental volume rose by 6%, and the share of occasional renters in the rental car mix grew by 5 percentage points, reaching 44% in Q5 versus 1Q2024. On slide eight, we show Movida's consolidated financial results. Net revenue reached BRL 3.6 billion, up 18% year over year. Rental revenue grew 26%. Again, we would like to highlight that operation fleet expanded by 10% in the same comparison, reflecting productivity gains. EBITDA reached BRL 1.3 billion in the quarter, up 26% from 1Q2024, and rental EBITDA grew even higher, 29.3%. When we analyze EBITDA margin, we see a growth of 2 percentage points, reaching 70.3% in 1Q2025, demonstrating the effectiveness of the initiatives implemented across all business lines. EBIT totaled BRL 766 million, up 25% year over year. Lastly, I'd like to highlight net income of this quarter, BRL 78 million, a 61% increase from 1Q2024. It is important to highlight once again that this is the highest quarterly net income in the past 10 quarters. Return on invested capital reached 12.4% in the quarter, a significant 4.4 percentage points increase from 2023. The results reflect the ongoing expansion of value creation to shareholders, with exceeding the cost of that by 3.4 percentage points. Combined with ongoing initiatives such as the price recovery in the rental car, improved yield on new GTF contracts, stronger used car productivity, capital allocation discipline, and that management take us to sustainable and growing ROIC levels. Now, I'll turn over to Camila, our Investor Relations Officer. Thank you, Moscatelli. Good morning, everyone. Continuing with the presentation, I'll move into the business line highlights. On slide 11, we show the highlights for the rental car segment. In the first chart, we have revenue per car reaching BRL 3,339 a month in the first quarter, a 7.5% increase compared to 1Q24. The performance, combined with better capital allocation in the operation, drove a significant yield expansion to 4.2% a month in 1Q25 compared to 3.9% in 1Q24. On slide 12, we continue moving on with rental car indicators. Rental car reached BRL 859 million in the quarter, a 14% increase year over year. Average operational fleet expanded less, 6% in the same comparison, reaching 95,000 cars in 1Q25. EBITDA was BRL 561 million, up 16% compared to the first quarter of 2024. EBITDA margin expanded by 1 percentage point, reaching over 65% in the first quarter of 2025. As a result, EBITDA per car continued to grow, reaching BRL 1,966 per month this quarter, up 9.5% year over year. Moving now to slide 14, we bring our GTF operational indicators. We close 1Q25 with a total fleet of approximately 144,000 cars, up 6% year over year. Future revenue backlog reached BRL 6.8 billion, up 18% in the first quarter of 2025 compared to the first quarter of 2024. As shown in the next chart, we show the share of GTF in our gross fixed assets. As we mentioned, this is part of our strategic agenda for the year. The share went from 58% in 1Q25 to 61% in 1Q25. On slide 15, we bring GTF's financial results. Net revenue total BRL 993 million in the quarter, up 38% versus 1Q24, while the operational fleet grew much lower, only 14% under the same comparison. As a result, revenue per car rose again to BRL 2,855 a month in 1Q25, a 20% increase year over year. EBITDA this quarter once again reached an all-time high, with growth of 41% from 1Q24, reaching BRL 756 million. As also mentioned earlier, GTF EBITDA margin hit a new record at 76.2%, up 1.9 percentage points from the first quarter of 2024. Consequently, EBITDA per car also rose to BRL 1,959 per month, which is an increase of 24% compared to 1Q24. Now, we're moving on to slide 17, where we bring our used cars indicators. We continue with solid performance in the operation, with 24.8 thousand vehicles sold in the quarter, up 7% year over year. Net revenue reached BRL 1.7 billion in the first quarter, up 10.7% from 1Q24. EBITDA margin remained stable at 1.1% in the first quarter of 2025. It's worth highlighting that SG&A as a percentage of used cars net revenue decreased to 5.9% in 1Q25 from 6.3% in 1Q24. This is evidence of our operational efficiency in this business line. Moving on to slide 18, we again highlight the improvement in the mix of our inventory, which is a key differentiator for the positive performance in used cars. Our current inventory profile features greater liquidity and sales attractiveness, with a higher share of more affordable vehicles. The percentage of hatchbacks in our inventory rose sequentially from 51% in 1Q24 to 70% of our inventory this quarter. This trend will continue to support faster asset turnover in the coming months. In addition to the vehicle mix, Movida's position is strengthened by our brand and model diversification, focus on liquidity, strategically located stores, balanced retail and wholesale sales channels, and marketing investments that foster retail activity. Now, I will turn to our CFO, Daniela Sabbag. Thank you, Camila. Good morning, everyone. I'll start with slide 20, talking about our debt profile. This slide shows the debt maturity schedule, including the quarterly breakdowns for 2025 and 2026. I'd like to highlight that we have a very balanced schedule with no significant concentrations for the next two years. Our cash position at the end of 1Q2025 exceeded BRL 3 billion, enough to cover gross debt payments through mid-2026. Gross debt decreased in first quarter 2025 compared to 4Q2024 to for a total of BRL 18.9 billion. Net debt stood at BRL 15.9 billion, with an average cost of CDI plus 2.1% a year, an average maturity of 3.5 years. I'd like to reinforce our strong access to funding sources, with BRL 1.2 billion raised this quarter. Turning to slide 21, we show our leverage, interest coverage, and supplier payment schedule. On the left side, leverage, measured as net debt to EBITDA ratio, remained close to three times in 1Q2025, following the downward trend that is 0.12 times lower than that of the first quarter 2024. If we analyze 1Q2025 results, leverage would be 2.87 times. In addition, our interest coverage ratio, measured as EBITDA over net financial expenses, reached 2.5 times, a 0.3 times improvement compared to 1Q2024. On the right, we have the supplier payment charge, showing that balance payment fell from BRL 5.1 billion in 4Q2024 to BRL 3.3 billion in 1Q2025, a reduction of BRL 1.8 billion in the period. In addition, payments to OEMs total BRL 3.3 billion in 1Q2025, and the estimated amount to be paid in second quarter 2025 is approximately half of that, BRL 1.7 billion, making clear the ongoing deleveraging in the coming quarters. Now, I'll hand it back to Gustavo Moscatelli to conclude the presentation. Thanks, Daniela. To wrap up, let's move to slide 22. I'd like to present Movida's key strategic pillars for 2025. In terms of rental pricing, we continue our strategy to recover prices in rental car, which posted a 21% increase this quarter. The performance also reflects our focus on allocating capital to occasional rentals, which increased the share by 6%, boosting overall profitability. Additionally, higher yields on new GTF contracts drove a 20% increase in revenue per car. In used cars, our strategy of increased retail sales led to a consolidated revenue growth of 11%. This helped dilute fixed costs and expenses, driving a 6% reduction in SG&A. As a result, EBITDA margin in the segment remained stable at 1.1%. We also continue focusing on operational efficiency. The combination of cost and expense reduction with price increases continues to drive margin improvements across all business lines. Finally, our fourth priority is deleveraging. We remain committed to reducing leverage ratio through stronger cash generation and lower indebtedness, consistent with what we have delivered over the past three quarters. As a closing message, I'd like to reinforce our excitement about the results we've achieved. The numbers give us confidence to continue executing our strategic plans with focus and precision, striving for operational excellence and maximizing asset value. This enables us to deliver sustainable value creation to our shareholders while ensuring customer satisfaction and the long-term development of our business. I'm confident we are on the right track and that we still have a lot more to deliver. Once again, I'd like to thank all our team members for their dedication and for everything we did together. Thank our shareholders, suppliers, and clients for their continued trust. We'll now open the floor for your questions. Thank you very much. Thank you. The Q&A session is now open initially for analysts and investors only. If analysts or investors would like to ask a question, please click the raise hand button located on the bottom bar of your screen, either now or at any time following this announcement. If your question is answered before your turn, please press the lower hand button to execute the waiting queue. When you ask your question, please make sure to speak close to your mic so that everyone can hear you clearly. Participants may also submit written questions through the platform on the Q&A button on the bottom bar of your screen and type your question. Please hold while we collect the questions from analysts and investors. Our first question comes from Lucas Marquiori from BTG Pactual. Mr. Marquiori? Hello, everyone. Good morning. Thanks for the call, for taking my questions. I have two topics. One, the pass-through of rates, 21% year on year, very strong. It seems that it's a bit of a mixed effect. Moscatelli, if you could talk a bit about the resistance at the front end, occasional and monthly rentals, how much they evolved in terms of prices, just for us to understand the trend for rates vis-à-vis mix. I was curious about the inventory in used cars and your exposure for hatchbacks. What is the market like for this kind of model? Do you think your mix is what you consider optimal in terms of used cars for sale? Do you expect any more changes in used car mix for the future? That's it. Hi, Lucas. Good morning. This is Moscatelli speaking. Thanks for asking your questions. Thanks for attending. I'm going to start with rental car rates. We mentioned, if I'm not mistaken, in the release, our strategy for capital allocation in the rental car products between occasional and monthly, looking at what is generating a greater value. That has to do with an analysis of price and demand elasticity that I also mentioned, which is more favorable for occasional rentals because this is a product that has more profitability in the rental car segment right now. We started to allocate more capital and make more cars available for this product so that their share, its share in the mix increased, as you saw, quite significant, almost 6 percentage points. Therefore, naturally, the total average rate benefited from that. Now, isolatedly, if you look at that, at the two products, occasional and monthly, we do not disclose this information because it is confidential. What I can say is that both products had a unit price increase of about 20%. Occasional is slightly higher because it's showing more price elasticity than monthly products. Monthly rentals also recovered prices close to 20%, which was the mix of the two products. It is much more related to capital allocation given price and demand elasticity. Occasional rentals absorbed prices better. In monthly, you have lots of companies, you have less price elasticity. We believed it was right to allocate more capital to occasional rentals. I think we were successful. As for your question on used cars mix, our current mix is a consequence of a capital allocation decision we made 1.5-2 years back. We decided to change our average mix. We went to an average ticket for purchase of BRL 78,000 cars. Therefore, these cars started to get to used car sales in the end of last year, beginning of this year. I think it was the best decision ever. Considering the macroeconomic scenario, higher interest rates, tighter credit, this is the product with the largest addressable market and therefore more liquidity. Even with a slightly adverse scenario, if you consider the macroeconomics, both in volume and margin, we show a strong resilience in the first quarter, as well as in April. There was, you know, some data on April that was a tougher month. It was. In terms of workdays, the number of sales was even higher than in the first quarter. I think the mix has a very important part in this conversation. That was an excellent question. I think it is optimal mix, and I do not see it changing further on given the demand and what we have in used cars. If you have any more questions, just ask. Otherwise, thanks for your question. No, very clear. Thank you very much. Our next question comes from André Ferreira from Bradesco BBI. Mr. Ferreira? Mr. Ferreira, you may go on. Our next question comes from Rogério Araújo from Bank of America. Mr. Araújo? Olá, bom dia a todos. Hello, good morning. Thanks for taking my questions. I have two. One, debt. Movida? Natural need of cash until the end of 2026. And I would like to understand what is the marginal cost of your debt. What do you see in the market, ongoing negotiations, channels that you are considering using? Then also with regards to debt, we did calculate an implied average cost of debt, considering financial expenses divided by the debt spot, and we saw Selic plus 0.8. You did say Selic plus 2.1. Is there anything that is non-recurring? How should we understand this number and expect forward? This is the first question. I'll ask the next one after you answer. Hi, Rogério, this is Moscatelli. Thanks for your question. Thanks for attending. Debt. In the first quarter, we raised BRL 1.2 billion in the market. And different pockets. I think we did our homework in the last two years of opening new funding channels, even abroad. With that, we have a much larger range, a range of opportunities to capture the best terms possible for the company. All that said, we, as I mentioned, raised BRL 1.2 billion in the first quarter with the average cost of CDI plus 2.3, which is slightly higher than CDI plus 2.10, which is our average. The local market is a bit tougher, it's true. Again, diversifying access to different funding sources really benefited us. I do not see that as a major problem for the company, quite the opposite. I think it's a strength that is having access to different funding sources with a schedule that is quite well spread along the years. No concentration whatsoever of a specific debt and with growing cash generation quarter after quarter. That also gives us the comfort that our operations are strong and return on invested capital is way above the debt. The cost of the quarter that you calculate is Selic plus 0.8. We have Selic plus 1.9. I'm going to ask the team to contact you later on. But that's it. It's about Selic plus 2%. And then you ask in terms of cost. Today, we have four lines that we should close at least two this quarter. The four lines are about BRL 3 billion. So we are considering the best terms out of these four, and we should close most of it this quarter, at least half this quarter. Again, there were lots of questions of how the company was going to raise funds along the year. I think the first quarter just shows everyone the capacity of the company and how much credit access we have. Of course, our discipline in the size of our fleet. We mentioned in the fourth quarter that we advanced 12,000 cars in the purchase of the fourth quarter. That's why the supplier entry was so high. We did say that we would reduce the same amount in the first quarter, which we did. We reduced 11,000 cars. The supplier account dropped substantially, more than BRL 2 billion. In the next quarter, I think we show clearly the company's deleveraging trend. In the first quarter, we paid almost BRL 3.5 billion in suppliers, and leverage was stable in the quarter. The next quarter, we have half of that to be paid, BRL 1.7 billion. That again shows our discipline and focus on cash generation and deleveraging, which will obviously benefit, and we are not even saying that, a lower interest rate that we have in new raising of funds. Very clear, Moscatelli. Just a follow-up to close the point about debt. When you say Selic of 2.1, are you talking about the average cost of receivables securitization? Is that why you got to the 1.9? Are you including securitization in the account? Because I believe you do have financial expenses. Yes, we do include that because we think that the raising of the discount of receivables is one of the sources of funding. So we do include in the average cost of debt. In the implied cost, I include everything of the cost of debt and the structuring of debt. Very clear. Perfect. Now, my second question about fleet optimization. We discussed a bit about this last quarter, about the mix also bringing lower utilization on occasional products. Now this quarter, the utilization dropped even more. It was 80%, then 75%, and now 72% in our math. I'd like to understand the recurring level of fleet utilization from now on because this is an important data in terms of fleet needs and investments. If there is any improvement that you are considering or if this is an optimal point that you already achieved in your mix. Thank you. Thanks for this excellent question. It helps us really clarify. The company has never worked with this mix, with such a higher share of occasional products vis-à-vis monthly products. The match of reducing utilization rates and repricing is very positive. I think this is very clear. I think you also wrote that in your report. Indeed, we see that we are in a process of learning by doing in terms of utilization and mix. We delivered 72% utilization. Even given price increases, the yield is much higher than last year. Utilization, I think we could grow by at least 3 percentage points, I believe. At least 75% utilization, even with a much higher mix in occasional products that have a different dynamic. I think there is room that is quite representative in terms of value creation to improve the company's yields and returns. It is our day-to-day work. Again, learn how to manage the company with this product mix more towards occasional rentals and still having a utilization rate of 75%. I think this is the upside that we have to capture until the end of the year. Thank you, Moscatelli, and congratulations on your results. Thank you. Our next question comes from André Ferreira from Bradesco BBI. Mr. Ferreira? Hi, everyone. Good morning. I think you can hear me now. Thanks for taking my question. Congratulations on your strong results. I have two topics. The first is still considering the mix of more occasional rentals. With your analysis of elasticity, do you think this mix is optimal by now, or should we see more capital allocation on occasional rentals for the future? Also, the mix of GTF, the share of GTF, 61%, if you also consider it optimal. Second question. When we see depreciation per car that is completely under control, I would like to hear what you see in terms of prices used to new cars and any color of depreciation for the coming quarters, particularly the second quarter. Thank you. Hi, André. Moscatelli here. Thanks for your questions. I'll start with the mix of the rental car products. You saw that we grew 5 percentage points. We hit 44% on occasional rentals. I honestly believe there is room to go up 2-3 percentage points more in this mix that today is at 44%. Again, we have to pay attention to quarterly seasonalities. The second quarter is a quarter for more corporate seasonality vis-à-vis individual leisure seasonality. April kept at the same level than the average of the first quarter, even being a quarter with higher corporate seasonality. Disciplining capital allocation here is a key point. We are very much focused on that. I think 2-3 percentage points that we should pursue until the end of the year. Having the occasional product even more profitable, which will bring us to an average ticket that is higher and all return indicators above what we showed this quarter. Depreciation, your second question. I do not see any change in the coming quarters, not for the rental car, not for the GTF. With the purchase mix that we have in the rental car, we've been very stable in the last 18 months. That, as you very well said, depreciation is very flat in the last four, five quarters. For GTF, it's also flat for the last three, four quarters because we basically renewed all the older fleets that we had with lower average tickets before the increase in new car prices. I do not see either GTF or rental car with any substantial changes in depreciation. Quite the opposite, quite flat rates. Rental car, 6,500, GTF, 10,000 per car. Not to miss another point that you mentioned, capital allocation, considering the whole company between rental car and GTF, now it's 61%. Two years ago, it was about 50-50. I think the benefits are very clear in our results: transformation, profitability, lower volatility. Lots of benefits. I think 61 until the end of the year should go up to 65. But it's not a guidance. It's just, you know, a projection considering the growth we had in previous quarter. I'm not committing to that for lawyers not to, you know, to complain with me. It is just a direction of our planning. It should continue growing so that we can benefit in results more and more. Very clear, Moscatelli. Thank you. Thank you, André. Our next question comes from Gabriel Rezende from Itaú BBA. Mr. Rezende? Hi, Moscatelli, Dani, Camila, congratulations on yet another strong result. Two topics on our side for Itaú. Can you talk a bit more about used car dynamics for the second quarter? We have seen data from the credit market going down, considering the central bank data, granting of credit, delinquency rate. Are you feeling anything in the front end that could make the second quarter tougher? Moscatelli talked about flat depreciation rates, but I would like to know also about the car credit dynamics. Second, I'd like to better understand yields in the rental car. The comparison base in the fourth quarter was very high, 4.3% yield, and then there was a small contraction. The annual balance was great, but quarter on quarter, there was a contraction. How should we consider yield for the rental car segment in the coming quarters, given that you're having higher daily rates? Thank you. Hi, Gabriel. Good morning. This is Moscatelli speaking. Okay, I'll start with the used cars. We did see a credit scenario that is more challenging for approval of funding in the sales of cars, not only in April, but during the first quarter as well. Now, I think there are two points that are quite relevant here. First, we do not have a pressure on the volume of sales. If you see, we have a practically stable volume for the last four quarters. If you think the size of the fleet, we do not have a challenging growth in volumes. Even with a more adverse scenario for credit approvals, interest rates, and this is the scenario that we see, I do not see a risk in execution with the volume of sales that we have to have until the end of the year. April, for you to have an idea, the market was a bit more effective, but our sales was the average of the first quarter, that is, when we saw 24,000. For the monthly average, we sold the same. I do not see contractions in sales. Of course, we are having to work more for the same sale. That's a fact. We have to have 20% more leads. We have to bring more customers to be able to close the sale. This is our job. This is what we are here for. As for yield, I think it's seasonal. I think the best comparison is the same quarter last year for all effects, specifically in the rental car segment. In the first quarter, it was 3.9. We now have 4.2. So a good progress. You're going to see that along all quarters further on, given this new price point. I don't see us going back. You will see the evolution. When we get to the fourth quarter, you'll see an evolution against the fourth quarter last year. That was 4.3%. Very clear. Thank you very much. Again, congratulations. Our next question comes from Guilherme Mendes from JP Morgan. Mr. Mendes, your mic is clear. Hi everyone, Moscatelli, Daniela, Camila, thanks for taking my question. Two questions. One, fleet, we do see a reduction in the first quarter, as we discussed in the fourth quarter. Moscatelli, I would like to understand for you if your idea is to keep your fleet flat compared to last year or if there are any changes according to the macroeconomics. And then GTF, we have not talked much about the segment. If you could talk about what you see in the market, the different segments, traditional corporate rentals, long-term individual leases, and the competitive scenario. Hi, Guilherme, Moscatelli here. Thanks for asking your questions. I'll start with the fleet, size of fleet. No changes in our mind compared to what we said in the beginning of the year. Our plan is to keep the fleet flat in terms of size compared to last year. There is, of course, some volatility in between quarters given the rental car seasonality. If you get to the end of the year, the idea is to keep the size of the fleet stable. Behind that, we have priorities and levers and value drivers for the company. In a scenario with a higher interest rate, we believe deleveraging makes sense. A stable fleet will bring that given growth in EBITDA and operational metrics. It is very much agreed and focused on value creation. That is why we are going to keep the fleet size flat. GTF dynamics has been quite positive in all areas. Very resilient demand. Of course, the change in price points has brought a perhaps longer negotiation process when we are closing deals with customers. Given that we have been doing that systemically in the whole of the industry, the industry was quite rational in new contracts and bids, and that perhaps minimized a stop or a slowdown in demand. Demand continues resilient at a completely different price point of last year. Average yield was 3% last year. Now it is 3.5%. A lot more profitability, but necessary to the new level of interest rates that is also completely different. I think it is the fair price. Customers understood that. They do the math. Operating fleet is going up. I think the numbers speak for themselves. We are seeing resilient demand. People are accepting new crosses given all the inflationary metrics in the market. Thanks. Just a follow-up about the corporate, traditional corporate rental compared to individuals. Is this growing more than average? How do you see the appetite for this product? Cars by subscription have high interest. It's a new product if you compare to the more traditional corporate rental. So the addressable market is much higher. Growth rates are higher. We do not see a change in trend. There is high demand. We are still not completely structured internally to have an actual plan with higher growth than what we are having now. In the next three to six months, we should be ready with all the changes that we decided to have internally and then expand that even further. The market, as I mentioned, the addressable market is huge, is buying. I think there is a change in culture. It's clearer for customers that individual rentals or long-term leases make sense. It is not only us maturing internally, but consumers understanding the value comparing ownership to long-term leases. Very clear. Thank you very much, Moscatelli. Our next question comes from Filipe Nielsen from Citi. Mr. Nielsen? Hi everyone, good morning. Thanks for taking my question. Congratulations on strong results this quarter. I'd like to explore demand a bit more. That is my first point. You have had a strong expansion of yields and rates, but you did say that this is very much connected to expansion to a segment with more demand elasticity. We see your work quarter on quarter of changing your mix and etc. I would like to understand a bit looking further on. I understand that you still have the same direction. For instance, if we have a scenario of economic deceleration or tougher demand for the future, the second quarter, again, yet higher interest rates, what's your flexibility or your appetite for perhaps geared about towards monthly rentals again to have a bit more stability of results in an adverse scenario and benefit from this lower demand? What's your mindset between this balance, occasional, monthly, and how fast can you shift gears in a scenario of economic slowdown? That's my first question. Hi, Filipe, Moscatelli. Thanks for attending. Thanks for your question. Occasional rentals, as I mentioned, are showing to be a lot more favorable in terms of price and demand elasticity than monthly rentals. It's not that monthly rentals were poor. It's just occasional rentals were better. That made us allocate more capital and made more cars available to this product. Now, as you very well said, there is a seasonal effect in rental car, and we have to consider month after month, quarter after quarter. Directionally, you are going to see a higher share in occasional than monthly rentals. I do not see that changing or perhaps just, you know, have the opposite because I do see occasional rentals and demand more consistent than monthly. Just to give you numbers, the rate grew more than 20% and monthly is likely below 20%. That is why the average was 21%. I do not see it happen. Now, if it does happen, I think this is part of management to have the agility to adjust the mix and have more monthly rentals. This is not the scenario I am considering. Just for you to have a bit of color, in April, I think I already said that the mix was the same with growing yield compared to the first quarter. I think the strategy is right. Together with that, Felipe, which is very important, is that we did a lot of surveys in terms of perception of service level with customers. We see that the perception of our services has been a lot higher in terms of quality than the competition. That has brought more customers to us. If you check the numbers in the market, we are growing prices and growing the number of rentals. We are gaining share with higher prices. That is part, I think, of the big picture. Big picture, I'm sorry. Not only prices, but what makes you charge more, which is to offer a better experience to customers. Your second question? Thanks, very clear. My second question is related to operational efficiency and margins as well. We see that you have improved operational efficiency. That has been a very strong driver of margins expansion. I would like to understand if there is still room for you to continue capturing operational efficiencies or you are at a point that is already optimal, so to speak, in terms of cost structure and now it would just capture margin expansion through daily rates or rates in general. Could you comment on that? Hi Filipe. I think when we talk about operational efficiency, in addition to obvious improvements that we have in our pricing tools, artificial intelligence, all the tech parts that we have been enhancing in our tools, I still see huge room for pricing for rental car and GTF that we just started the second half of last year. We're still capturing very little in terms of GTF results. In the rental car, I see lots of opportunities, not only in pricing itself, but the right allocation of the right car at the right store with all micro seasonality, local events. Lots to capture with the new technologies that we have available in rental car pricing. Now, when you talk about reduction of costs and expenses, we have created a cost reduction program this year. We have never done anything like that given the challenging macroeconomic scenario. We understood that we could be successful by changing, having relevant changes in all company lines. If you get the income statement, you are going to see a dramatic reduction in all lines, in personnel, maintenance, leases. All accounts that are very important to bring our results. This is a day-to-day effort. I personally have a meeting talking about cost reductions, what we are doing, possible changes in processes. This is an ongoing process. We have not finished yet, but the prospect is very good. Sometimes you implement something and it takes 60-90 days for you to reap the fruit. I see that happening in the company in perhaps even a more natural way than it did in the past. Thinking about efficiency as a whole, I think there is still a lot to capture until the end of the year, given the value drivers that we have in pricing tools and also the hard work of strict cost and expense control. Very clear. Thank you very much and congratulations a gain on your results. Our next question comes from Lucas Barbosa from Santander. Mr. Barbosa? Good morning, Moscatelli, Daniela, Camila. Thanks for taking my questions. Congratulations on your results. I'd like to hear from you the expected spreads from purchase and sale. What is the expected spreads and how much that should impact your numbers for the year as a whole? Hi Lucas. First, thanks for attending. Thanks for your questions. Spread, purchase and sale. In the rental car, it is quite stable to what we achieved in the last 12 months. We do not have much changing mix for the future and depreciation is flat. I do not see a difference in spread from purchase and sale. In GTF, it's going down. Given that if you consider the last 12 months, we are still thinking of cars before there was that car appreciation in the industry. I do see a reduced spread in GTF, but stable in the rental car. Very clear. Thank you very much. Our next question comes from Alberto Valério from UBS. Mr. Valério? Good morning, Moscatelli. Thanks for taking my question. I have two on my side. First, I'd like to know the price of new cars. I was expecting REC slightly up. It was likely down the next, the last quarter. And GTF, I expected a bit higher and it was a bit lower and it was higher. I would like to know if you get better terms this quarter, what it was like, any bonus for new cars. The second is margin. I would expect a bit higher for the rental car and a bit lower in GTF. What should we expect? Close to 65% in the rental car and in GTF should be 75%, 73%. These are my questions. Hi Alberto, this is Moscatelli. Thanks for your questions. New average tickets for rental car. Purchase conditions, purchase terms are favorable, but negotiations with OEMs always focus on long-term relations. We have been doing good deals for both parties. The point you mentioned about the fourth quarter, I think it was a non-recurring closing of the quarter, the year. There is always an opportunity that comes up in terms of purchase and sales. We did enjoy the opportunities for the fourth quarter. Now, the reduction leverage ticket from the fourth quarter to the first is just a matter of opportunity and purchase planning. The average ticket was BRL 80,000 and you are going to see the same ticket along the year. If you consider the last 12-24 months, it is about BRL 78,000-BRL 80,000. I do not see a changing mix given the demand that we have in rental and used cars at the end of the cycle. Margin, 65% for the rental car. As I mentioned, the value drivers, I think this will expand along the year. It did grow compared to last year with growth in volume, which is very important. We captured the dilution of fixed costs, reduction of expenses. Margin expanded with higher volume, which I think is positive. Undoubtedly, we should expect a growth in margin along the next quarter given everything that I mentioned in terms of improvements in pricing tools, more allocation to occasional rentals, a continual process to reduce costs and expenses in our company accounts. In GTF, you are going to see less volatility. When you get to a margin, if there is no one off, and it is not the case, we are at 75%-76% for four-five quarters. You only see that stable or higher from now on as we start to capture the new prices that we have been closing for the last three months, especially the last three months when we did have a higher volume of cars. This will start to show in the results by the end of the second quarter, beginning of the third quarter. Yes, you have a possibility to increase rental car margins. We do expect that. We see that for the future. For GTF, you are going to see expansion, but I think a bit more controlled and perhaps taking a bit longer than the rental car. Very well, thank you very much. Have a good day. Thank you. Movida's Q&A session is now closed. I am going to invite Gustavo Moscatelli for his final remarks. Mr. Moscatelli? I would like to thank you all for attending. Loads of people following our call, lots of messages congratulating us on our results. I'm very excited about the company's performance and everything that is being developed in the next two, three months. You're going to see lots of news to be launched to the market, especially with regards to customer experience. I believe this will bring more volumes and will enable us to continue in this process of recovering prices. Lots of things going on that we are going to share with the market, with our clients in a short period of time. The company is at a level of value creation that is quite interesting if you consider the cost of capital. It was a real transformation we had both in revenue and costs, average cost of debt, and that made the company become quite profitable. Indeed, we are still not happy on the day-to-day because we do want to improve our numbers dramatically and we do see opportunities for that. I think the price we have today for rentals is still lagging behind considering new car prices, interest rates, and the inflation on services as a whole. I think there is still a lot of room for improvement. In terms of operational efficiency, which is where we are focused on, the company has been engaging its best efforts to really put the company at a new level. I think the numbers are starting to show. To close and not to take much of your time, I'd like to thank from the bottom of my heart our employees. Everyone has been getting here very early, leaving very late. I think that our commitment makes a difference. Thank the shareholders, suppliers, analysts, investors that have been trusting us and following us in this process. Thank you very much and see you next call. Movida's conference call is now closed. We thank you very much for attending and wish you a good day.