Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Qualicorp webcast to discuss the results for the third quarter, 2023. Today, we have with us Mr. Mauricio Lopes, the company's CEO, Mr. Carlos Vasques, the IRO and CFO, and Mr. Franco Abelardo, the IR Superintendent. Some of the forward-looking statements in this webcast may be projections or statements about future expectations. These statements are subject to risk and unknown risks and uncertainties that may lead such expectations not to materialize or to be substantially different from what was expected. This event is also being translated simultaneously through the Internet and can be accessed at the address ri.qualicorp.com.br, where you will find the respective presentation. Please bear in mind that this event is being recorded and that all participants will hear the webcast during the company presentation. Following this, we will go on to the question and answer session, when further instruction will be provided. I would like to give the floor to Mr. Mauricio Lopes, who will begin the presentation. You may proceed, sir. Good afternoon to all of you, to the entire community of investors that are attending this, and special thanks to our entire team and Qualicorp that are accompanying this call of results. I would further like to thank you for the warmth with which you received me. I have been working at Qualicorp for three months, and I am very proud of working in this journey and working on this turnaround that we're going to achieve with speed for the future of the company. As I mentioned in the second quarter call, a week after I had begun to work with you, we began the turnaround three months ago, and we're quite diligent, we're quite motivated in doing this in a very short time. A simple and rapid turnaround. The company is working on four different currents that we have been working on, a focus on cash generation and capital allocation, consecutive actions in operational efficiency, and a redesign of our value generation proposal that will be aligned with our strategy that we see at present for the health market. This is where we have devoted the energy of the company quite intensely. To give you a better idea in terms of operational efficiency, we are in the implementation of 20% reduction in the SG&A. We have already implemented the contracts, which tend to be 12 months, so month after month, we have savings. In terms of the team, we have achieved a substantial reduction of 20% in the company headcount, comparing the third quarter of 2023 and the second quarter of 2023, and 25% versus the end of 2023. We are down to 1,900 employees, compared with 1,950. We have divested some operations that are outside of our core. For example, the divestment of Escale, with a reduction in lead generation of BRL 6 million year after year and a cash inflow. Although this has a negative accounting effect, the entire physical structure has been changed in the company. We have returned several units and buildings and renegotiated the contracts of the remaining units. We have closed physical customer points, and we took this decision, very aware of the fact that the digital channels, the telephone channels, are robust, they're adequate, and they can certainly offer the service that our clients need. And because of this, we have closed all of the physical customer service points. Finally, as part of the restructuring, we have changed the internal structure, especially in the commercial part. We have a new team that will work with more synergy and new expertise and commercial understanding of insurers and HMOs. We thought this would be the correct movement. Because of the market, we need to have a better alignment with HMOs, and the best way to do this is to bring in a team that thinks as an insurer, as an HMO, and thinks more technically. I say this because our greatest challenge at present, and through our activities of reducing SG&A, is to revitalize our product portfolio. The revitalizing of the product portfolio that we're working with along HMOs is something we will devote more energy to in the coming months, not only to revitalize Affinity plans, but also to find other channels that we may not have tackled or that we have to develop from scratch. Now, alongside with it, alongside with the changing of the commercial structure, we have changed our relationship with brokers and partners. We have reviewed the entire relationship structure, we have moved away from one size fits all to a highly segmented model regionally. Now, besides the regional segmentation, we're segmenting based on channel and type of product for each different type of commercial model. This is how we will gain speed and allow greater adherence to the regional realities of the country. Each region has its own reality and its own need for products, and the one size fits all structure is no longer adequate to work with adherence and speed in a country that is a continent. These are the points we have been working on, the commercial realignment in full execution. We have a great deal of work when it comes to creating products, and the operational efficiency is well underway. The results are beginning to appear. But of course, we will pursue other points to bring in efficiency, revitalizing the company and reviewing the internal processes. We're working diligently in these three pillars. I end here. I will give the floor to Carlos Vasques, CFO, and I will be available during the question and answer session. Thank you very much. Thank you, Mauricio. Good afternoon to all of you. We're now going to speak about the financial highlights. Speaking about the behavior of the company in the quarter, I begin with a material fact disclosed last week, the divestment of Escale and the important pillars in our journey mentioned by Mauricio, focus on operational efficiency and optimizing capital allocation. Once again, this has controlled our attention. We decided to carry out the disinvestment of Escale to focus our action on our own distribution with our foreign quality of doing things, and this generated an accounting impact of BRL 63.3 million, with an impact on net profit, but it also released BRL 29.7 million in cash, and this cash position will be used to seek sales and distribution levers, beginning in 2024. I would like to thank Escale for the partnership, and we wish them a great deal of success in their new enterprise. If we look at our portfolio, we ended the quarter with 845.6 Affinity health lives, with a drop of 9% quarter-on-quarter, with 20% year-on-year, reflecting the challenge of the company. However, in churn, we had a quarter with strong readjustments, as you can see in the press release, of about 30%, and this reflects the moment of the sector with high claims compared to historical patterns. The churn of the third quarter was a 14%, slightly below that of the previous year. So we are within a trend that we have observed in recent years. If we look at add-ons, 56.9 thousand lives, a volume lower than what we had been doing, and this is why we are revisiting our strategies. We spoke about moving away from one size fits all to a more regional analysis, and this will have an impact on this analysis through time. If we look at costs and expenses, we reported total expenses of BRL 243.4 million in the third quarter, recording a slight increase quarter-on-quarter, but a reduction of 10.7% year-on-year. Now, when we think about this package and we separate it in fixed and variable expenses, in fixed expenses, we have BRL 141.4 million in the third quarter, a slight drop of 1.7% quarter-on-quarter, and 15.6% year-on-year. In terms of variable expenses, those that are linked to our commercial activities, directly linked to the commercial performance, we had BRL 101.9 million in the third quarter, a growth of 5.8% quarter-on-quarter, and a reduction of 2.8% year-on-year. Now, as Mauricio mentioned, we are forcing savings of BRL 120 million annualized. The work has not been concluded. There are new opportunities for enhancement, for company designs that we are exploring, and in terms of fixed expenses, we got to 3.19% of net revenue, compared to a historical average of 33% or 34%. We're still not where we would like to get to and to the right, you see recurring variable expenses with an increase regarding revenue, reflecting the current patterns of commercial contracts. We refer to our EBITDA and the customer acquisition cost here. The adjusted EBITDA was BRL 199.8 million in the third quarter, a slight increase of 2.6% quarter-on-quarter, with a 41.1% margin for the period. And if we look at EBITDA minus CAC, we're referring to CAC cash, part of our cash flow. We're not speaking of depreciation and amortization that reflects the CAC of previous periods that we have followed up on. We understand that the CAC cash as commissions in the cash flow better reflect the moment of investment and decisions to allocate capital, compared with the EBITDA plus sales and inventory. This totaled BRL 163.9 million in the third quarter, a growth of 15.8% quarter-on-quarter, and a 14% growth year-on-year, with a margin recovering the levels of 37%. Something that we see in the historical levels of the company and more coherent with our profitability levels. We understand that adjusted EBITDA minus CAC reflects the capacity the company has of, generating operational cash. To speak about cash, going directly to cash generation, the free cash flow after taxes totaled BRL 113.7 million in the third quarter, close to 2.3x the free cash flow of the same quarter last year. When we analyze the nine months, it represents BRL 402.2 million in the first nine months of 2023, 5.6x the cash generation of the company year-on-year. The EBITDA conversion into free cash flow around 87%, and this shows the company's capacity of converting its accounting figures into cash. Now, if we look at the company's net debt, the debt had a reduction because of the growth of cash. Cash end of the quarter a little above BRL 1 billion, BRL 1.03 billion, I'm sorry. And because of this, our net debt EBITDA ratio for the covenant ended up at 1.53x, lower than 1.6x, with which we began the year and within the limits set forth with our creditors. This company cash generation reflects the strategy, which is focused on generating value, something we have adopted gradually through the last quarters, and that has been reinforced in a relevant way through the changes that Mauricio has already presented. This involves a great focus on operational efficiency, a better efficiency in capital allocation, and we understand that this strategy is better fit to the market moment because of the macroeconomic scenario. With this, I would like to end the financial highlights, and we can go on to the questions and answers. Thank you. Thank you. We will now go on to the question and answer session. Should you wish to pose a question live, please write in your name and your company's name in the Q&A icon. Questions will be responded in the order in which they are received. Please hold while we poll for questions. Our first question comes from Gustavo Miele from Goldman Sachs. You may proceed. Your microphone has been unmuted. Good afternoon, Mauricio, Vasques, Franco. Thank you for the presentation. I have two questions on the main topic, your relationship with your sales force. I would like to go more in depth in the relationship of commissions, cash, an interesting idea. Now, based on that, how are you reevaluating the remuneration of outsourced brokers? How has this impacted your cash? And which has been the feedback of the brokers because of this way of rationalizing their payment? A second question that is more strategic. We have seen the company carrying out a very clear movement of revisiting its portfolio, including products with higher added value. This should also mean a change in mix of your brokers. You have worked with your own labor force for this. Now, as the company has worked with products with a higher ticket, does it make sense in bringing your sales force in-house, working with your own brokers in terms—instead of outsourced brokers, and which would be the impact of doing this? Thank you. Thank you, Gustavo. This is Mauricio. Thank you for the two questions. Now, how do we look upon this channel? I'm going to begin from back frontward. We always have a greater appetite of working with products that have a higher added value for the company. These are the more premium products, not basic products. Having said that, the stage at which we are in is not only a stage to look for products A, B, C. We have to fill up our product portfolio. Again, what we have understood in these months of work and based on the experience of the company, the more complete the portfolio, the more assertive the efficiency of our sales team in whichever channel, 'cause we will always have a lead that will be taken advantage of. With an empty portfolio, we lose efficiency in the operation. Of course, we're going to head in that direction of having products that add more value for the client and for Qualicorp, but we're focused on filling in the portfolio. Now, regionally, there are many opportunities and great opportunities in terms of products. In some products, our sales force has been working better, working in specific markets regionally, so we don't have to be that aggressive in our campaigns. We can work with bonuses, discounts, and other variations, of course. We have also worked a great deal with regional teams, so that as part of a rational strategy to improve the markets and products, to bring together what we have available, campaigns, qualification, and set up a more adequate range for each of the products. This has been interesting. The CAC has been dropping continuously, and we're testing price with elasticity of CAC. The model we have is not the end model. We're going to continue to test it, but it is very probable that it will be very different for each of the products, and this is what we have to see in coming quarters. We have moved away from that one-size-fits-all model based on type of product and channel, and we're moving towards more customized products. Some brokers are happy. They have gone from an average team and they have gone to a more privileged team, and the contrary has also happened. It will depend on the market. Thank you. That was very clear, Mauricio. Thank you very much. We would like to remind you that should you wish to pose questions, you can also use the Raise Hand icon. The next question is from Gustavo Tiseo from Bank of America. You may pose your question. Thank you, one and all. This is a single question, simply to understand how the channel is doing as a whole, especially from the competition. When you speak about being more selective, the SME, does that also have a payment of tax per region, or are you the first to do this and others will follow? Is this something that could happen if the SME of that region doesn't pay the same for CAC, to see how much influence you can have in the means of payment? Thank you. Gustavo, this is Mauricio. Thank you for the question. In a single sentence, I will answer this. Qualicorp is quite confident in the size and the relevance and in its leadership in the distribution channel. We are leaders and not followers, regardless the channel, and we will make the changes that we deem to be necessary, regardless of the reaction of the competition. The market has been quite flattened in terms of products and results, and this is the right moment to make all of these movements. And the pain that we feel in terms of our product shelf is probably equivalent to that of other distributors and competitors. Of course, we have a certain leadership here, and we will work diligently on these operations. Just part of our guidance, we have decided which path to follow. We're at the execution stage at present. Thank you very much. Thank you, Mauricio. Our next question comes from Leandro Bastos from Citi. Your microphone has been unmuted. You may proceed. Good afternoon. We have two questions. The first, to speak about the commercial realignment. You have made changes, you're serving products, relationship with other channels. If you could convey to us which will be the timing of these commercial alterations, if you foresee a stronger 2024, if you will be more cautious in the short term. We know that this is difficult, but how can we think about this... new strategy, and if it will lead to a stronger 2024. The second question, thinking about profitability, you're working on costs. Now, when we think about revenues, there was a pressure on take rates. Is there the risk that there will be ever more pressure because of the sector? And if this will happen in the short term, this--these are my questions. Thank you very much. This is Mauricio. Once again, Leandro, I will answer about the channel, and then Vasques will speak about the take rate. When it comes to the channel, which is the decision we have taken in these 90 days of work, we're more concerned nowadays in having a portfolio with higher quality, perhaps with lower sales. We're going to focus on those sales that will dilute the CAC during more time, and that does not concentrate on CAC and not think about the early churn that doesn't add anything. It's terrible for an HMO. We've spent a great deal on CAC. What we're trying to do with the channel is to gear the channel to think the same way. How can we remunerate the channel to have a distribution structure that will allow for the sale and also offer profitability and sustainability that the market needs? Looking at the HMOs, this is what we're working on. Now, the team is a new team. It's a mixture of significant mixture of many people coming from HMOs with a very robust team that we have in-house, that was already working in the administrator. This mixture of the two worlds will lead to a very strong technical discussion with HMOs, and it also has deep knowledge of distribution. And what will come out of here, this is the mix we want. Now, if this mix is done properly, we will maintain our ability to continue to converse with the channel and improve the technical quality with the HMO. The channel understands that we want a better quality sale. This is not something that will happen overnight, and as we're changing the prices of products and models, of course, this will take some time. But I'm quite convinced, along with the team, that this is the best strategy to have a more sustainable portfolio, less prone to an early churn and more adherent to the CAC we want to work with. Vasques will respond to your second question. Hello, Leandro. Regarding your question about take rate and how we can maintain our cash generation and result. We're still in an environment with a bit of pressure because of the claims in the entire sector, and this environment, of course, keeps us in a situation of maximum alert, which means that the discussions are continuous. We're speaking about sharing. All of this is on the table in a continuous fashion. What we can clarify here is that the cash flow is made up of several line items. This operational flow includes the CAC, taxes, working capital, and we do have the opportunity of working in these different line items. And this free cash flow of above BRL 100 million is a show of the resiliency of the company. This management of a line item that doesn't work very well means we're going to seek another line item to maintain the company resiliency at the same cash generation level. Now, this strategy of managing for cash, of pushing the liquidity of the company in this important year of a turnaround and growth for value, and by including the decision of the company of seeking liquidity with a strategy for products that Mauricio has described on several opportunities, means we have a positive combination for the company throughout the new quarters. Thank you. That's excellent. Thank you very much. Have a good afternoon. Once again, should you wish to pose a question in the Q&A icon, you can write in your name or your company name, or you can use the raise hand icon. Our next question is from Estela Strano, from JP Morgan. You may proceed. Good afternoon. Thank you for taking my question. My question once again goes back to the portfolio and a normalized portfolio after the restructuring stage. You're still in a period of pairs to find the ideal product, and you're working on pricing. I would like to explore with you, which will be the duration of your portfolio and what we should expect going forward, which is the target level for the company, and if you could speak more about the churn as part of this "new portfolio" in quotation marks. Which is the churn that the company is pursuing? Thank you. Hello, Estela, this is Carlos Vasques. Well, when it comes to the target portfolio, we want to find a balance as early on through a good strategy of products that we have already mentioned. The first goal, of course, is to stabilize the portfolio and secondly, to grow. These are the two stages that we are pursuing. We're speaking about a fine-tuning that we're going to carry out. Mauricio spoke about the regionalization strategy, having more offers so that we can use the relationship with potential beneficiaries, and we're working so that this will be materialized. Regarding the churn rate, we do have an ongoing process of revision within that front of operational efficiency. One of the pillars depends on servicing and contact with the customer day after day. We have devoted time to review those processes. Inefficiencies of two or three contacts, to be able to engage a client, the situation of retention, this is one of our operational efficiency pillars, to be closer to the client. We observe the churn nowadays, and we're working so that it can be better than it is today. We don't foresee worsening. Mauricio, if you want to add something? Yes, if you allow me, Estela. There are several facets here, and one of the facets of your question is that any wholesale portfolio, especially portfolio where we have affinity or two or three, four lives, the dynamic of these portfolios is to be able to "fix," in quotation marks, a portfolio as soon as you have a good subscription for it. Does this mean those portfolios that have taken their product off the shelf to review the distribution strategy with HMOs? Those portfolios will undergo fine-tuning if they don't have good acceptance. If they have good acceptance and good distribution, they will have a high reduction of claims. As the claims fall, the re- will be reduced and so will the churn be reduced. We're going to see how the products are being worked on. We'll see which is the acceptance. We have to have something balanced in the portfolio, and if the subscription is good, we will improve the portfolio. This is what we have attempted to speak about with the HMOs, and in the final account, we will have more results. This conversation began approximately two months ago. The first results are good. We have new products to put in the portfolio. They are not the products we want, but we do see a reaction, and this reaction will be fast if we are able to show that we have good underwriting and a channel that will generate value for the client and not only for the channel. The channel can't exist only for the channel. We need to bring profitability for the sector, and this is what we're trying to build because of the tradition of quality and because of the teams, this is what will make a difference. And this shows you how important it is to have a robust portfolio for us and for the HMOs, not only to benefit the client and to benefit Qualicorp. Well, thank you very much. That was very clear. Good afternoon. The question and answer session has ended here. Once again, we will give the floor to Mr. Mauricio Lopes for the closing remarks. I would like to thank all of you once again for attending this call, thank our employees who are here supporting our management, and I would like to conclude by saying the four same things I said in the previous call. Among the several doubts that I have, and among the difficulties we're going to undergo, I have some certainties that have not changed after three months. The certainty that we will build a strategic plan up to the level of this company, we will have an effective relationship with the sector to benefit the client. We will proceed quickly through operational efficiency and capital allocation. With these four certainties, I am sure that very consciously and diligently, in the four months, we're going to put in practice our strategy. I thank the team, the board of Qualicorp, in this journey that has begun just a few months ago. Thank you and have a good weekend. We would like to thank all of you for your attendance at the earnings release webcast for Qualicorp. The call ends here.