Good evening. Welcome to Marcopolo's conference call to discuss the earnings for the first quarter 2024. The presentation and comments on the result will be provided by André Armaganijan, CEO, Pablo Motta, CFO, José Antonio Valiati, Investor Relations Officer, and Eduardo Willrich, Legal and Investor Relations Manager. We would like to point out that the simultaneous translation tool is available on the platform. To access it, simply click on the interpretation button at the bottom of the screen and choose your language. This conference is being recorded and will be available on the company's Investor Relations website, ri.marcopolo.com.br, as will the presentation presented here. Please be advised that all participants will be in listen-only mode during the conference during the presentation. Then we'll start the Q&A session when further instructions will be provided. Before moving on, we take this opportunity to emphasize that the forward-looking statements are based on the beliefs and assumptions of Marcopolo's management and are based on current information available to the company. These statements may involve risk and uncertainties since they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic environment, the segment, and other factors could cause results to differ materially from those in the forward-looking statements. We'll begin the presentation by handing the floor to Mr. Valiati. Please, Mr. Valiati, you may go on. [Translator] Good morning, everyone. I would like to thank you all for joining our conference call to discuss the results of the first quarter 2024. [Translator] We are going to move on to slide number 4, where we are going to start with the highlights for the quarter. In the quarter, Marcopolo continued to review and hit results records even with a break in the volumes of production and deliveries. The main highlights are return on invested capital of 16.5%, reproducing the results of 4Q 2023, gross margin of 23.3%, EBITDA margin of 19%, and net margin of 19.1%. Let's move on now to the next slide. In the first quarter 2024, the Brazilian bus body production had a drop of 7.4% compared to the first quarter 2023. It's important to remind you that the first quarter 2023 established a strong production base, considering the high volume of units directed to the Caminho da Escola program and the possibility of working with Euro 5 chassis, generating a concentration of volume in the first quarter 2023. [Translator] The rationale for Volare was the opposite: because it is a full bus, we would have to have them completed by the end of December 2022. That led to a drop in production in the first quarter 2023, considering the low availability of chassis for Euro 6 at the time. Now we are going to go on to the next slide. In the first quarter 2024, Marcopolo's production directed to the Brazilian market had a drop of 2.2%. Production for exports from Brazil dropped by 22.6%, and in international units, we had a drop of 15.3% in production. Production for the first quarter of 2024 was affected by a lower volume of exported units, a lower volume of deliveries directed to the Caminho da Escola federal program, and urban and microbuses segments compared to the first quarter 2023, and also a drop in volumes in Marcopolo, Argentina. [Translator] Let's move on now to the next slide. Net revenue consolidated reached BRL 1,656,000,000 in the first quarter 2024. The maintenance of net revenue compared to the first quarter 2023 reflects a drop in volumes in the urban and microbuses segment, offset by a better sales mix, especially in the segment of intercity buses. Additionally, 259 units with production completed in the first quarter 2024 were to be delivered to customers in the end of March. Considering that the recognition of revenues is completed at the time of delivery to the end consumer, there was a transfer of the revenue from these units, approximately BRL 303,000,000, for the second quarter 2024. Now let's go to the next slide. Consolidated gross profit in the first quarter 2024 reached BRL 385,300,000, with a margin of 23.3%. [Translator] Gross profit was negatively impacted by the Argentinian company, our subsidiary Metalsur, that had a negative impact of BRL 7.9 million due to the low volume of revenue. EBITDA was BRL 315.4 million in the first quarter 2024, margin of 19%. EBITDA was positively affected by a better sale mix with growth of volume in the intercity bus segment, as well as BRL 29.5 million as a result of the equity equivalence by the Metalpar Argentina subsidiary, in addition to the monetary adjustment because of the hyperinflation in the country. Negative impact was the drop in volume in the Caminho da Escola federal program. [Translator] Net profit in the first quarter 2024 was positive by BRL 42,200,000 and benefited in BRL 25,200,000 from the Argentina subsidiary Metalsur that had a positive financial result, also connected to the monetary adjustment of its balance sheet due to the country's hyperinflation, partially offsetting the negative impact of BRL 49,000,000 of the fourth quarter 2023. In the quarter, the consolidated net profit was BRL 316,900,000, with a margin of 19.1%. Now I'm going to turn the call to André that is going to talk about market scenario and projections. [Translator] Thank you, Valiati. Good morning, everyone. We are going to start talking about the intercity bus market, which was a highlight for the first quarter and should continue so in the year. Urban buses also show strength driven by the renewal of public transportation in several Brazilian capitals, and we continue strong in the segment, especially with the products with higher value added. In the Caminho da Escola, we have the Volare delivered to the Caminho da Escola in the first half of this year. We continue to increase sales in the private sector and start the first deliveries for 2023. In this year, we delivered 322 microbuses and 141 Volares in 4Q 2024. You remember we won the concession bids in the end of 2023. [Translator] Remember that in the first quarter 2023, Marcopolo delivered 1,200 units in the Caminho da Escola program. Let's go to the next slide. The company expects to grow exports in 2024, resuming important packages, especially as of the second half of this year. International operations picked up in terms of recovering results, confirming our initial expectations for 2024. Mexico continues positive results with Polomex, with the growth of the bus market and the G8 model that was recently introduced in the market. In Australia, Volgreen, where we have delivered planned volumes and continue with a good order book, with prices adjusted after the pass on of prices in 2023. MASA in South Africa continues with positive results, with prospects to increase volumes in the low volume. [Translator] Metalsur in Argentina faces challenges due to the low sales and production volume, but the operation was adjusted to lower demand, and we are waiting for the comeback of customers who have accumulated years of under-renewal. Let's go to the next slide. We see a positive bias for 2024. We have a consistent order portfolio with a good mix. [Translator] The potential of the market continues to be affected by high interest rates, but we consider we are going to have an even better scenario with the descending rates in Brazil. We had fewer days worked in the first quarter 2024 to offset some holidays worked in 2023. Generally, the first quarter is seasonally negative, and that should be a reality for 2024. In the second quarter, we should show good increasing volumes from the ramp-up started in January and reach even better levels of capacity use. We also expect more efficiency and leverage for the company. With a good volume, the company will start seeking new challenges, working with industrial automation, chassis, and components. You have been monitoring the events of Rio Grande do Sul. We empathize with the families that were affected by strong rains in the quarter, and we are taking care of our team. [Translator] Yesterday and today, we stopped our work and will go back to work on Monday. Caxias do Sul plants were not affected, but we are monitoring the situation, and we believe that as of Monday, we go back to operate at full capacity. Now we are going to open for your questions. [Translator] We'll now start the Q&A session. If you have a question, please click on the raise your hand icon at the bottom of your screen. Our first question comes from André Ferreira from Bradesco BBI. Please, André, you may go on. [Translator] Good morning, everyone. Thanks for taking my question. Congratulations on your strong results. I have two questions. One, some time ago, you talked about a plan of getting to a daily production of 60 buses a day. In our counts, it seems that it is enough, at least according to our projection in terms of year production. Where are you at this plan? Do you need any additional item to deliver this level of production? And the second question is about the 250-260 units that were under shipment. Is it Caminho da Escola units, or is it a mix, and have they been invoiced already? [Translator] Okay, I'll start answering your question, André. Thanks. In terms of production ramp-up, you know that month after month, we are increasing production. And yes, the 60 units are current numbers practically of the company. And we believe we still have room for some growth, and this has been done. We trained and qualified people, and we are working on increasing efficiency to deliver higher numbers always. But we are delivering as planned. So there is a prospect of growth for the coming months, and we are working to meet our targets. So far, very well aligned with our plans. [Translator] This is Pablo talking about your question on the units under shipment. Basically, these are buses that were invoiced along the first quarter. However, their delivery was after the end of the quarter. Therefore, we are going to have this accounting adjustment according to our accounting principles of this volume on this quarter. We show that in the report because it was a significant amount of buses from the Caminho da Escola that did not contribute to the revenue of this quarter. [Translator] Okay, if you allow me, I just have a follow-up question. Can we assume that part of the volumes projected for Caminho da Escola are going to go on to 2025? [Translator] Well, André, considering the current scenario, we believe so. In fact, originally, we knew that for a concession, the size, part of the volume was going to go to 2025. [Translator] And what we see is that as time goes by, this is confirmed, which to us is still positive because we are going to have a significant amount of Caminho da Escola in the beginning of the year, in addition to all the volumes that we have for 2024. [Translator] Okay, thank you very much. [Translator] Our next question comes from Fernanda Urbano from XP Investments. [Translator] Good morning, everyone. Congratulations on your results. Thanks for taking our questions. We also have two. First question is about Argentina. Looking at market data, we understand that the bus sales dropped by 30% quarter-on-quarter, and you talked about adjustments in production to cope with the scenario of a lower volume. I would like you to talk about this prospect for the coming quarters in terms of volume. I know it's hard to estimate, but just for us to have some color on that. [Translator] And also, this adjustment for low production, can it generate a bottleneck of skilled labor when demand comes back? So that's the first question. Second question is price of raw materials. We see when we compare year-on-year, price levels more normalized in some materials. I would like to hear if you have any pressure of prices down or demand is still imperative, even if you're keeping your prices despite the cost scenario. [Translator] Thank you. Fernanda, thanks for your questions. I'm going to start answering about Argentina. It's very hot. The market says that the second half of the year is going to be a bit more positive for the bus segment, but we know that as time goes back and the fleet is not renewed, we have more opportunities. It is a relevant market for Marcopolo in terms of urban and intercity buses compared to other countries. [Translator] Marcopolo has a very strong presence in the market, so our position, having a local plant and also exports from Brazil, really makes our brand important in the market. So the renewal will come, but we don't know exactly when. And it is what you said. We adjusted structure, but at the same time, we are training and building capacity of our team to reproduce the G7 model that we took to the market. So it is an adjustment of structure, but capacity ready to meet the demand of a fleet that was not renewed in the past. So to answer, we are going to be able to meet the demand with local production or with exports from Brazil. Pablo, please, if you could say a bit more about the Argentinian outlook. [Translator] Yes, in terms of repressed demand, if you take a look at the great Buenos Aires, the fleet age is about 11-12 years on average. And you know there is an internal norm that would almost make it mandatory for people to renew. So there is a need for renewal. And as soon as the macro scenario stabilizes, I think things are going to change. And in fact, you know the interest rate went from 130-50. So that should foster the market in Argentina and therefore help carriers to renew their fleet for urban and intercity buses. The demand is quite depressed. And about costs, the pressures that we see, at least so far, are very much in line with our plans. We see commodities are still very much benefited by a super production of China. [Translator] Consequently, at least for the main inputs, we are not having a significant impact. And we are having, I would say, a stable environment in terms of price adjustments. Of course, we have to monitor that from close. There is work, especially for the steel segment, to improve, to adjust prices. But so far, we can see that compared to with regards to inflation of raw materials, the environment is quite well controlled. [Translator] Well, thank you very much for your answer. [Translator] O ur next question comes from Gabriel Tinem from Santander. [Translator] Good morning, everyone. Thanks for taking my call. I have two questions. The first is a follow-up of a question already asked. When you talk about volumes of Caminho da Escola that reach almost 500 units for the first quarter, what is the dynamics in terms of orders? [Translator] Just for us to have an idea of what things are going to be in 2024. Also, the mix of micro and Volare buses, do you see a difference between one or the other segment? The second question, more focused on urban buses. What is your prospect in terms of electric buses? I saw you have 8 units to deliver in the second quarter, but I would like to have a bit more color for the whole of the year. [Translator] Well, thanks for your questions. This is Eduardo speaking. As for the Caminho da Escola program, in the beginning of the year, we had a very intense movement. The idea is that it goes back to normal, and we are probably going to have a good breakdown of volumes throughout the year. [Translator] It has a lot to do with what André said that part of this volume is going to go to 2024, which was planned. So this level of volumes that we had is good because then we can really spread volumes throughout quarters. If it was too high, that would be a problem. But we see a good distribution throughout quarters, and part of it in 2025. As for production, we have the units that were under shipment, basically Volare units. Out of the 5,600 units, 2,100 were Volare, so more significant than microbuses. But again, if we think of previous programs, both segments, both micro and Volare buses, are going to perform very similarly. And talking about urban buses, specifically electric buses, we produce these first buses. As I said, we are delivering the first buses to Porto Alegre in the first half. [Translator] We see that this electrification movement being a bit slower than announced. You see news in São Paulo and other markets. So Marcopolo is continuing to test its programs. We have had tests and demos in several Brazilian capitals. The product continues to perform well, and we are prospecting new businesses, both in Brazil and abroad, with Marcopolo's own solution, but also with a solution with our strategic partners. Recently, we closed some, especially in the Mexican market with electric buses. We had already sales in Colombia and Australia, and 20 buses now for Mexico, and now an extra 45 buses with third-party chassis. So what we see, Gabriel, is an opportunity to continue developing our product, reinforcing strategic partnerships in Brazil and abroad, and do what Marcopolo has always done, working with additional sources directed to decarbonization. [Translator] So we are working on innovation and making new developments to propose alternatives to the market. But the big news is that we are gaining time in electric buses to test and have a stronger product. And we believe that electric buses' volumes are going to be higher next year. I don't think we are going to hit the numbers projected for 2024, but it is a trend to stay. Other fronts are going to be opened, other solutions, but Marcopolo continues to invest, develop, and testing its product in the market. Thank you very much, [guess]. As a reminder, if you have a question, just press raise your hand. Please wait while we collect more questions. [Foreign language]. Our next question comes from Luiz Capistrano from Itaú. [Foreign language] [Translator] Good morning, and thanks for taking my question. [Translator] I would like to hear more from you. What do you see in terms of room to improve profitability from now on? I think that your speech already indicated some elements. Volumes were suboptimal this quarter. There is room for us to increase scale as the market recovers. But I would like to know what actual room you have to improve for 2024 and the main drivers that we are going to see impacting profitability along the next quarter. [Translator] Thanks, Luiz. We are considering two things. One, volume. The growth of volume, the ramp-up, is going to become an operating leverage and also efficiency. Remember that we said that we knew we had a gradual increase of production. We had hired and qualified labor last year and even the year before last. And what we see now is this transformation in volumes with more qualified labor and operating efficiency. [Translator] This is what we are counting on for the coming months. And if you think of more projection for the future, other solutions, other sources, will also bring good results for the company. [Translator] Thank you very much. And if you allow me, just a follow-up question. So in your view, the more sales of electric buses, the better for the company because the sales today, because of scale, do not add too much to your margin. But when they are mature, you're going to have better margin. [Translator] Yes, in the short term, we believe that we are going to have from a better operational efficiency and, of course, with a product with higher value added, you have a better margin. [Translator] Okay, very clear. Thank you very much and have a good day. [Foreign language] [Translator] Our next question comes from Marcelo Arazi from BTG Pactual. Please, you may go on. [Translator] Hello, everyone. Thanks for taking my question. I have two. First, I would like to know if you could give us a bit more color on the New Flyer operation and your expectations for the coming quarters. We see the company is still generating a negative impact on your equity equivalence. And the second question about the rains that you mentioned, you are not in operation for two days. How much do you think this could affect your numbers for the coming quarter? [Translator] Thanks for your question, Marcelo. Talking about the New Flyer, they released their results yesterday regarding the first quarter. And we see, in line with their comments, they are already resuming their portfolio. There's been a renewal now, especially that older portfolio that was behind in prices. They are able now to deliver these products. [Translator] They want to deliver the products between the first and second quarter of this year. With that, as of the third quarter, we should have better results. It's an interesting position for the market today. The demand volume is quite representative, especially with buses with new fuels. New Flyer, in addition to being a leader, will consolidate the market even further because many of the competitors even became weaker or left the market in recent years. The expectation is that if they're able to meet the ramp-up and materialize revenues and margins that are on the guidance, the operation should, by the end of the year, start delivering a good share in terms of equity equivalence results in line with what they delivered in the past. As for the range, we do not see a major impact. [Translator] We did have a downtime of our operation yesterday afternoon and today, but weather prospects are better for the weekend. So we are working, considering that from the turn between Sunday and Monday, we already restart operations. In terms of labor, coming back as of Monday. In terms of materials, I think everything is under control. We have good inventory levels. We are taking a look at critical material, but nothing really alarming. I think our major concern is the people, safety, not having our people driving the roads, which were deteriorated. But the expectation is to start as of Monday. We understand that what happened was very sad, but the idea is to take care of our team and go back to business as usual as of Monday. [Translator] Okay, thank you very much. [Translator] Marcopolo's Q&A session is now closed. We would like to turn the conference call to Mr. Valiati for his final remarks. [Translator] Well, once again, we would like to thank you very much for joining us in this conference call. Remember that the IR team is available to provide any information you may need. I wish you all a very good day. [Foreign language]. Marcopolo's conference call is now closed. We thank you very much for joining us and wish you a very good day.