Ladies and gentlemen, good morning. Thank you for holding, and welcome to MRV's third quarter of 2024 results conference call. Today with us, we have the CEOs of the company, Mr. Rafael Menin and Mr. Eduardo Fischer, and the Chief Financial and IR Officer, Ricardo Paixão. We would like to inform that all participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a Q&A session when further instructions will be given. Now, I would like to turn the floor over to the CEO, Mr. Rafael Menin. Mr. Menin, you may continue. Good morning. Once again, thank you for being with us in our earnings conference call. I would like to start talking about MRV Brasil. Now, we are in the third quarter, and we have a lot to celebrate. The main operating metrics are doing fine. Sales are going up. Sales price are going up above inflation. Costs are below inflation. And when we see the fourth quarter has started also very strong with good metrics, which shows a continuous development. And we are very optimistic because all the work we've done in the last two or three years is now materializing, and we can see the results of it. Therefore, we're sure that in a short period of time, MRV will be able to deliver financial and economic results in the first year of the Brazilian market. In terms of size, we have a large advantage when compared to other competitors. We are much bigger, and we continue to grow steadily. At some point in time next year, we'll have an interesting income statement with cash generation, which is also an important indicator. We see that it's growing, and we are delivering on the operational front. This will show and boost the potential of cash generation during next year. As for Urba and Lugo, we'll have a neutral cash income statement and cash flow, but as of next year, they will have a positive income statement and cash flow. I know these two companies are small, but they had a turnaround, and they have a good project for coming years. Looking at Resia, Resia is still a challenge. We have a market context that is more challenging, especially regarding interest rates. When we look at operations, we still have a good rental revenue, but since interest rates in the U.S. are high, it's harder to sell the properties. The sale is done at the price level that's lower than historical levels. Of course, we believe that these interest rates will not remain as they are now. We believe that at some point in time, at the end of next year, it will go down, but it's a consensus that the U.S. market will be more agile or more active in terms of property purchases. Looking forward, we are sure that Resia's operation, not only in the area of construction, purchase, and sale of properties, but sales of properties, will reach a better context than we have now. Now, talking about MRV, looking forward, the company's operation, we are very optimistic because the context of MRV's market remains very favorable. We've seen housing checks with an important role in the economic segment. Several states already have that check working. Other states have announced that they will contribute as well, and we are the company with the higher geographic coverage, and we are therefore impacted by regional checks. Another important point is that along with the prices that are going up slightly above inflation and costs going up below inflation, we see good room for gross margin. Gross margin of new sales that reached 37.5%. We see space for this margin to continue to grow, which will place MRV as the company with the best profitability in the industry at some point in time next year. Another important point, an indicator that we keep track of, is a metric looking at 2026 and 2027, is the purchase of land. We've been purchasing land in swap transactions at percentages that are below historical values and less than the competition is buying. Therefore, we are sure that land purchased in 2023 and 2024 will allow us to have an important competitive delta two to three years from now because listed companies disclose the metrics, and we've been able to consistently buy at better conditions. Regarding Urba and Lugo, as I said, we are willing to gradually improve their operations, becoming positive, but they still account for a small share within MRV&Co. Resia, looking at the future in terms of what's within our control. Of course, interest rates are something outside our control, and we will improve. Today, we have a defined geographic region. We left Austin and will operate in the four cities, and we've also done work to reduce the land bank. In the next 12 months, we expect to reduce our land bank by half. We'll remain with a land bank that has a profitability level that we find adequate to Resia. We have good land that will be sold at good prices. Another important aspect is that in the third quarter, we did a performance. We reduced about 13% of G&A of Resia. We have a company that will become even leaner in the next quarter. In terms of capital markets, either at the project level or at the holding level, we continue to work on that. We see more and more funds interested in the projects. The sales of stable assets, we've seen an improvement in margins quarter on quarter. In this release, you see that we have BRL 13 billion in projects in different stages of stabilization and rental, but these are projects that are ready. They have required their capital. The debt is on the balance sheet. And in the next six quarters, I could say that we expect to sell all these assets. And the new projects that we're starting, we are reducing our equity in each project so that we can be an asset-light company more and more. And this combination of leaner G&A, leaner land bank, and new projects in which we have a smaller equity and interest rates in the U.S. going down, we believe that with a little delay when compared to MRV Brazil, but certainly Resia will have much better operational quality some years from now. To summarize, I reaffirm that we did our homework very well in terms of expenses, costs of projects, portfolio, originated land bank, price recovery, and that is true for Brazil that already happened, and as well as for Resia, where it's going on now. I am very optimistic, and I reaffirm that MRV&Co will continue to improve in operations, finance, and overall quarter on quarter. Now I turn the floor over to Kaká for the financial highlights. Good morning, everyone. Thank you, Rafa. Starting with my comments with some figures, MRV&Co has reached BRL 229 million of cash generation in the quarter, with net sales of BRL 3.5 billion. When we look at the corporation, we see that it's improving quarter on quarter. In the third quarter, we see BRL 2.8 billion in net sales, BRL 7.4 billion in sales in nine months of 2024, which is 19% higher and 68% than 2022. With a gross margin of 37.5%, we're also able to hold Pro Soluto at 2.5%, and we raised production to 27,000 units in nine months, which is 13% higher than the same period of 2023. This operational improvement is also accompanied by financial income. Our accumulated revenue is BRL 37 billion, 17% higher than the same period in 2023, and 29% higher than the same period of 2022, 31%, 3.3% above in gross margin, and 7.7 percentage points higher than the 3Q of 2022. The EBITDA came in at BRL 857 million in nine months of 2024, almost double than the same period of 2023, and three times 2022. We generated BRL 124 million in cash, BRL 154 million against BRL 327 million. Our expense control, we reduced 16% to 14.1% year to date so far. Our adjusted net income, according to the swap of debt and shares, was BRL 76 million in the third quarter, BRL 206 million year to date, against a loss of BRL 102 million in the nine. When we look at the guidance, we have BRL 6.2 billion in raw net revenue, which is comfortable to reach the guidance in the fourth quarter. A gross margin, which is very close to the average, will close the gap in the fourth quarter. Cash generation fixed to BRL 6.5 billion. So we'll reach the middle point of the guidance. Net debt over equity, 39.1%. So we'll reach the level. And the net income is BRL 196 million, and our operation is improving quarter on quarter. We expect to reach the middle of the guidance of this important indicator. With this, we reaffirm our guidance for the year. This is what I had to say. And now let me go to the Q&A session. Thank you. We'll now start the Q&A session. Should you wish to ask a question, please click on raise hand. If your question has been answered, you may leave the queue by clicking on lower hand. The first question is from Bruno Mendonça from Bradesco BBI. Good morning. Thank you. I would like to talk about the direct finance that has had an important improvement or acceleration. I know that it has a better quality than Pro Soluto portfolio that has been reduced, but I would like to understand the dynamics of the origination of direct funding. I'll ask a few questions, but all of them within the same topic. So first, can you tell me what's the percentage of direct financing that's Resia and how much is within MCMV market? So for Resia, has this direct financing been a direct commercial need to offset the banks that have less appetite, or is that more related to the company's option to sustain cash generation through the sale of portfolio? And within MCMV, in the sale of portfolio, sale of receivables, I would like to understand what's the reason for MCMV to get direct funding instead of going to Caixa. And since the rate is higher, what is my question: what is the maximum income percentage that you are providing for those financing contracts? Okay, this is Kaká speaking. Our sales with direct funding, we are selling at IPCA plus 0.95% per month throughout the entire contract. So in this quarter, we once again reached a balance between how much we charge from customers and how much we receive in those papers. We are generating these bonds and distributing it in the market. We created a model in which individual investors are able to fund the MRV directly. MRV is not involved. We are selling half of the direct credit concessions are being done with SBPE and the other half with MCMV. Now, the SBPE audience, this is due to our commercial decision internally. We prefer to sell for projects that have a POC of 70%-75% or that have been launched due to we prefer to sell it in direct funding instead of SBPE, where customers would pay 30% up to two keys because we get a better return on projects like that. When the other half of sales on the Minha Casa, Minha Vida MCMV, we have customers with a higher income than the cap. These customers have a much higher profile, income profile. The average profile for direct purchase is above BRL 15,000 per month. So they are not included in the MCMV program. So they prefer the direct funding. So is this an investor? Those customers that have a higher income, are they investors or dwellers? They are investors mostly, or they purchase and someone else is in the family is going to live there, some relative. Okay, thank you. Our next question comes from Aline Caldeira from Bank of America. Good morning. Thank you. From the opportunity. First, it's about the gross margin from new sales. It's been stable in the first quarter at a reasonable level. Do you believe this is the new stabilization level? Was there still room to grow this margin of new sales? And also, if this has any impact of higher inflation rates, how do you see the dynamics of cost dynamics there? And the second question is a bit more technical. It's about the impact of swaps, especially IPCA that you closed in this quarter. I would like to understand the rationale behind those transactions. If this has gone through income statement, thank you. Thank you, Aline. Good morning. I'll answer your question about the margin, and then Kaká will talk about the swaps. As for the margin, it's been the gross margin for new sales is stable because we considered that for next year, inflation will be at 6%. I don't think this would be our inflation, but this is what we included in the mathematical model, an inflation of 6%. What we see on a daily basis in the basket of products is that our inflation is below INCC, and our sales price is above INCC inflation rate. So the margin of the projects of September was better than July. We just did not report a higher margin because we made a forecast for future inflation that is higher than that we expected for the second quarter, but we continue to raise prices above inflation, and our costs remain below inflation. That provides us an expectation of continued growth for gross margins for new sales. We are at 37.5% now, and our mission is to reach a higher margin. At some point in time next year, we believe it's possible we'll have the best gross margin in the industry. Now, Kaká. Hello, Aline, good morning. The swap, what was the rationale? We issue debt securities of BRL 1.9 million according to IPCA indexation, and when in 2021, our trade receivables linked to IPCA was much lower than that. So as a hedging, we did the swap IPCA. We did this in 2021. We made money year to date about in the entire period, BRL 100 million in 2021 and 2022, or we lost in 2021 and 2022, but we made a lot in 2022. We lost a bit in 2023 and 2024. Since now, our non-granted portfolio is BRL 2.8 billion and not linked to IPCA. We decided to support that transaction. We decided to there was a loss of BRL 105 million in the settlement of swaps, but it's marked to market of the venture is BRL 79 million. So the match was BRL 79 million in losses. The main economic objective doesn't make sense anymore to maintain those swaps. And also, the adjusted and the actual result would be much closer to each other from now on. Okay, perfect. That's very clear. If I could just ask a follow-up question Pro Soluto that you see in the end is stable on the quarter on quarter. Are you comfortable with that level, or do you believe there's still room to reduce that? We believe there is room to reduce it, and there are some cities that they have these housing checks to be contributed, and that will Pro Soluto in the percentage of the property. Okay, wonderful. Thank you. Have a good day. Our next question comes from Kiepher Kennedy from Citi. Hello, everyone. Thank you for having my questions. One is about the guidance of cash generation. You mentioned at the beginning that it seems to be more distant. What are the drivers that you see in the third and fourth quarter to deliver this cash generation in the guidance? And what's the risk of not reaching that? And the second is about Resia. Do you see the recent election of Trump as positive, or should anything change based on that? Thank you. Kiepher, this is Ricardo speaking. In terms of cash generation guidance, the cash generation throughout the year has evolved. We've had BRL 124 million cash generation in the third quarter of this year, and since we project the growing sales volume in the fourth quarter, also transfers growing, and a gross margin that is higher, it's natural to expect this cash generation to grow when compared to this quarter. This is where our guidance, confidence in the guidance. The only metric that could be lower is sales and transfers, but that's not true. The fourth quarter is doing fine. Kiepher, this is Rafael speaking. As for Resia, it's very hard to make any estimate. It's a new administration. We don't know what the policy, the fiscal policy will be. Something has been said about a higher efficiency of the government. On the other hand, lower taxation. So it's really hard to predict what will happen in terms of interest rates. But the consensus around that topic is that the interest rate tends to be reduced, but nobody knows for sure. But the direction is towards lower interest rates, which favors the funding of projects and sales of projects as well. Okay, thank you. The next question comes from Ygor Altero from XP. Good morning, everyone. I have two questions. First, I would like to understand what were the lessons learned from the latest higher inflation cycle? What would MRV do differently if inflation goes up again? And the other is about the cash generation dynamics for next year. If you expect it to improve, what would be the sales of current receivables base? Ygor, first regarding inflation, any crisis, especially the crisis we've been through, there was a major one. I've talked to many of you that those have probably been the last three worst years of MRV's recent history, 2021 and 2022. Now the company has learned a lot and is much more prepared for the future. But after things are in the past, it becomes more obvious. I mean, nobody expected in 2021 and 2022 for the industry to be hit by a 40% inflation rate. In 2020 and 2021, there were the two best years in terms of volume in the history of MRV, 53,000 sales and 45,000 in 2021. 2021 started with some signs of inflation in construction materials, and it took us a long time to make decisions. I was like an engineer of built constructions, as we say in Portuguese. It's easy to say after things are in the past. But if we look at the fourth quarter of 2019 up to the third quarter of 2024, in that time interval, our sales price in MCMV, we adjusted prices above inflation in the period. Our cost, despite the fact that concrete and steel prices increased a lot in 2022, our cost is below inflation in the period. So we did our homework regarding efficiency. But of course, we learned we could have been more aggressive in terms of price increases. I think life goes on. Let's look forward and celebrate this year. This has been a very good year in terms of operations. We are growing in prices, Pro Soluto is going down. Our production has delivered more efficient projects. So we are going below official inflation rates. So a lot's going on in the operational front. We also are buying land. On average, they're cheaper than we purchased in the last five or six years. So in 2023 and 2024, we performed very well in terms of land purchases, well located with swap agreements. This will allow us to be even more competitive in the future. And when compared to our main competitors, we are purchasing better land and cheaper. It's also important to remember that we have land capillarity that's much higher than others. So we face a more balanced competition than our competitors. So we are confident that the company is well prepared, mature. And it's important to remember that since the IPO between 2007 and 2024, MRV is the company that did the right thing more often. I'm absolutely sure about that. I'm also sure that from now on, we'll deliver results that comply with our history as success. We have a team that's highly prepared, highly motivated. We'll continue to grow with quality, delivering projects with good profitability, strong cash generation. And I reaffirm that the next years of the company will be brilliant in all aspects, financial and operational. Okay? In terms of cash generation for 2025, this is Kaká speaking. We expect cash from operations to be stronger, excluding trade receivables that are due to increasing sales, increasing production, the execution of a harvest with a better margin. In terms of trade receivables, those from direct financing, we've been able to have it without any financial loss. Any credit we transferred, we will continue to transfer. And Pro Soluto, since we have given less credit in Pro Soluto, first, we have less contracts to assign and/or to transfer, and we can see liabilities going down. Okay, that's clear. Thank you, Rafael and Kaká. Our next question is from Gustavo Cambauva from BTG. Hello, good morning. I have two questions. First, could you comment on Resia? You've opened the pipeline for rentals of projects. I would like to understand more about the yield-on-cost dynamics on these projects, since there are six of them that are more advanced in terms of rentals. So that we can understand what the margin will be as they're going to be sold. The second question is, how do you see this balance between Prices, Sales over Supply, and Pro Soluto in new sales? Because you've had a nice growth in Sales over Supply, prices are going up, Pro Soluto is smaller in new sales. So looking at these three items, where are you focusing more now? Is it on reducing origination Pro Soluto, or do you want to have more margin and working with a higher Pro Soluto? What is the ideal balance for new sales, looking at those items? Thank you. Hello, Cambauva. I'll talk about Resia. Then he'll answer your question about MRV. Hutto, Dallas West, and Rayzor Ranch have a lower yield-on-cost because they are the older projects. Hutto, Dallas West, and Rayzor Ranch. First, because of inflation, the U.S. market was unbalanced in terms of input supply and was imbalanced during 2021 and 2022. These first three projects have a worse cost than budgeted. Also, because they were the first three projects in each new city, Hutto, in Austin, Dallas West, in Dallas, and Rayzor Ranch in Dallas as well. In Tributary, it was the first project we had in Atlanta, a bit better. Ten Oaks already have good indicators, and Memorial has good indicators. What we see there in terms of project efficiency, we are improving. Inflation of inputs of raw materials has reached almost 15% a year. Today's scenario is totally different. At every project cycle, the yield-on-cost will improve. On sales interests, the cap rate, since it's too early to sell the project, the first project we'll be sold is Hutto. We will have a cap rate that's lower with a worse yield-on-cost. It would have a lower profitability. As we advance to the most recent projects, the yield-on-cost will be better, and we'll certainly have a better cap rate when it's time to sell it. The profitability of each project, if you look at the Resia pipeline on slide seven, the projects on the left will have a lower yield-on-cost and a higher cap rate. Those more recent will have a better yield-on-cost and lower cap rates. The profitability of next sales is bad. The most recent projects, Ten Oaks and Memorial, will have a much better profitability rate. Now, Fischer will talk about the other question. How are you? In terms of Sales over Supply Pro Soluto prices also. We believe that Sales over Supply is a healthy level today. It has grown as a whole, and it's a level that sustains us very well. There is a dynamic between price Pro Soluto. we are trying to improve both under the assumption Pro Soluto has to go down still, as Kaká mentioned. When we transfer our cash generation to the future, we always try to find this balance, bearing in mind that we Pro Soluto to be reduced. Some important tools there, the housing checks from states that are important. As these funds come in, we are using that to Pro Soluto and less on margins. On the places where the checks are not present, we focus on Pro Soluto, always trying to grow margins above inflation, as Rafael mentioned. We are doing a mix of both based on the assumption that our Sales over Supply is on a healthy level. Looking forward, the hedge against inflation we have is our inventory. In addition to inflation that's already embedded in the margin of 6%, our inventory is the protection we have for the future. We believe that Sales over Supply is at the right level where it should be. We make a mix between price Pro Soluto, varying product by product, but with a strategy of trying to Pro Soluto go down. Okay? Did I answer your question? Yes. Very good. Thank you. The check in the cities where it's available will go more Pro Soluto than to price. So the margin of new sales, we should imagine that it will be at the current level, either on this quarter or last quarter. And the percentage Pro Soluto will go even down more. Yes, Gustavo, it's a balance because we want price to continue to go up above inflation. That's an important assumption. So we try to stretch prices so that it will be above the projected inflation and Pro Soluto to go down, but provided that margins are not affected. So that's adjusted product by product, okay? But that's something you can take into account. We want to focus on the reduction Pro Soluto, provided that prices go up above projected inflation rates. Okay, thank you, and have a good day. Our next question comes from Tainan Costa from UBS. Good morning, Rafa and Kaká. I would like to look at the macroeconomic scenario of Brazil and the guidance for 2025. If you go back to March, the last time you reviewed the guidance for 2025, and from that time on, the scenario changed considerably. There were increases in costs, and there was a worsening of the interest rate curve. I would like to understand if you have more visibility for the numbers of 2025. Should we expect the ranges of revenue, margin, and profit to be delivered? In other words, are you comfortable with the guidance provided for 2025? Good morning, Tainan. This is Rafael speaking. Well, in terms of macroeconomic figures for Brazil, you're right. The fiscal side is not well cared for. Interest rates are going up, and that's a given. It's not under our control. On the other hand, our low-income sector is more protected because there is funding from FGTS with predetermined interest rates. The government has been very protective of this program. It's done several changes. Important changes have been made to prioritize the purchase of new properties in the MCMV program. So my MCMV continues in a super special moment. The rules of the program are currently very good. In addition to those rules that were changed, we said that these state programs have played an important role for Minha Casa, Minha Vida housing projects. And we see a growing number of states that come to the same conclusion. And our feeling, Tainan, is that more and more affordable housing will become state policy, not only a federal policy. In affordable housing, it is good for Brazil as a whole. As for the guidance of 2025, we're not going to review it now, but like I said sometimes during this call, our operation is doing better, actually, than we expected in the beginning of the year. So if the operation is doing well, sales at a good level, prices at a level, Pro Soluto going down, costs going up lower than inflation in the industry, and land purchased in the recent years at very good conditions, this makes us very comfortable regarding financial indicators for 2025. So at the right time, we'll have an MRV day, probably in the middle of February next year, right? And then we'll show that the guidance of 2024 has been completed and that the year of 2025 will certainly be a very good year regarding financial indicators because it relates to what was done in 2023 and 2024. What we'll do next year will have an impact on the indicators of 2025, but everything leads to believe that we'll have a very good operational year in 2025. So we are very comfortable with the guidance that was announced in the beginning of the year for 2024, 2025, and 2026. What we see currently in terms of market, sales volume, gains of efficiency, reduction Pro Soluto makes us very comfortable regarding future years. Have I answered your question, Tainan? No, everything covered and clear. Thank you. Our next question comes from Antonio Castrucci from Santander. Good morning, everyone. Thank you for answering my question. I have two questions. First, about Resia. I would like to understand, after the opening of the treasuries, has there been any deterioration on demand and on the things you expected to sell this year? And the second question is about the MCMV cities. Are there any relevant regions that you expect this to be implemented soon? This is Eduardo Fischer speaking. I'll start with the second question. Yes, MCMV has gained relevance. We learned this week that the state of Santa Catarina will announce their plan in the beginning of December. Some cities start to make their plans regardless of the states, Maringá, for example. So this is becoming more and more important because if you look at the dynamics of states, it's a lot of money for the return. So for us, it's very relevant not only to keep a good Sales over Supply, but more importantly, to continue to raise prices above inflation and reducing Pro Soluto. So I don't see a deceleration of this dynamic. No, on the opposite, it's growing. There's more and more interest. The state of São Paulo will announce the renewal of the plan in November. So I've seen a very intense movement in the political agenda around that topic, that it's becoming more and more important. Looking at 2025 and 2026, I don't see why this would lose strength because it makes sense economically, and it doesn't account for a lot of the state budget with a big political benefit. So I believe this could be an important tailwind, and I see that becoming more and more important in MRV's portfolios, sales portfolio. Is that clear? Yes, clear. Thank you. I'll answer the Resia question, Antonio. We see that the market is improving. The curve opens and closes. It goes up one week, then goes down. So we cannot look at the very short term. As a trend, it is a consensus that U.S. interest rates will go down. We've seen important transactions happening. We've seen very large funds going back to that market to benefit from these opportunistic gains. These large funds see a window of opportunity that will close. So once again, our opinion, or our vision, is that the credit market, the U.S. interest rates, and the volume of transactions and cap rate will evolve positively along coming months. Perfect. Just a follow-up. Do you believe that Hutto and Dallas will be sold? Well, they're both in diligence. Hutto will likely be sold this year. It may be that Dallas will slip into next year. Okay, perfect. Thank you. Our next question is from Rafael Rehder, from Safra. Mr. Rafael, you may continue. Your mic is open. Our next question is from Marcelo Motta, from JP Morgan. Good morning, everyone. Thank you for the question. It's a follow-up on the land question. If you could give more color about the swap levels when compared to historical levels and the PSV, and to understand your competitive advantage in terms of land bank, is that given because of your geographic diversification? How do you get this benefit of paying a better price than competitors in terms of land purchases? Hi, this is Fischer speaking. First, discipline. Rafael mentioned about lessons learned in this difficult time we went through in the two or three previous years. We started making better deals. Geographic diversification helps. What happened in this explosion of inflation is that many of our small and medium-sized competitors did not survive in many of those towns. So today, there is a lower demand, which makes our strategy easier. And even in the larger towns, our price went up a lot, and that enabled us on a swap level to make deals at absolute values that meet the needs of the land buyer or land owner, and there is a lock level. So this dynamic has favored us, and we see on a recurring notice note that we used to sell at 10%. Now we're closing at 10%. Now we're closing at 8% or 9%. So as this becomes part of our pipeline and is being captured in income or in revenue, this is an additional driver to see our margin grow. Have I been clear? Yes, very clear. Thank you. Our next question comes from Rafael Rehder from Safra. Mr. Rehder, your mic is open. This ends the Q&A session. For the final remarks, I would like to turn the floor over to Eduardo Fischer. Mr. Fischer, you may continue. Thank you. Just to wrap up, Rafael said well and a lot about how our operation continues to improve. The year of 2024 has been a year of a strong recovery for us. Of course, we see that we still have the challenge of causing that to be included in our earnings and results, and that would be much stronger in 2025. But what I can see is important developments to be considered. In the last 60 days, we no longer have an important competitor. We talked about the rebalance of used properties. Now they use an important competitor that's no longer with us, and that's very helpful. So checks are becoming more and more important. Inflation, that is the main concern looking forward. What I could say is that among our metrics, we've considered higher inflations for the future, and we want to adjust our inventory very well, which is our protection against inflation. So looking forward, we see a very favorable wind in a scenario we've never seen before, competition that has decreased, especially when you consider the market of used properties that's being reduced, and in the inflation front, we see a comfortable behavior and projections looking forward so that what we are originating today to be even better in the future, so I confirm that we are at a very good operational moment. The demand is very strong, and now it's being converted intensively in terms of volume of sales and reduction Pro Soluto, so looking forward at 2025, I'm confident and optimistic that everything we've worked for in these last two or three years will flow into 2025. So MRV will be an even bigger company in terms of revenue, with important dilutions that we haven't mentioned here that will continue to happen, delivering cash generation margins that are strong in 2025. So I'm very confident and optimistic about what we are building, and that will be seen most likely in 2025. We'll have the largest MRV we've ever had with high quality in operations, as Rafael mentioned. These are my final remarks. Thank you, and see you in the next quarter.