Morning to all. Welcome to the conference call for results of Randoncorp, when we will talk about Q2 2022, bringing the main highlights of the company in this period. On the screen, we have our disclaimer reminding you that information shown today are not guarantees of performance. They involve risks, uncertainties, and assumptions. They refer to future events and depend on circumstances that may or may not occur. On our agenda, we will have our CEO, Sérgio L. Carvalho, talking about our business. Then the CFO, Paulo Prignolato, will explain our consolidated results. Finally, Esteban Angeletti, Investor Relations and Corporate Finance Director, will show the performance by business vertical. After the presentations, we will have the Q&A session, but during all the conference, you can participate. The participation may be done in three ways. By voice, you have to click on the button Q&A. Please write your name, your company, and then you activate the microphone and ask the question. The second is in writing, clicking on Q&A, informing your name, company, and writing your question. The third is via WhatsApp, sending your question to this number or QR code. If we don't have time to answer all the questions, we will get in touch with you from the investor relations department. Our video conference is being translated into English, and we also have interpretation into sign language. Click on the button Interpretation at the bottom of the screen and to listen only the translator, you can mute original audio. The event is being recorded and the recording will be made available on our investor relations website after the end of the conference. We would like to begin the presentations beginning with our CEO, Sérgio Carvalho. Greetings to all. Thank you very much for being with us, and we have another video conference to talk about Q2 2022. It's a great satisfaction to share with you information about this period that was challenging, but which was also full of deliveries and important initiatives for us. As you know, we're going through a scenario that is more complex for the market with high interest rates, inflation, and difficulties in global supply chains. These factors have affected some of our segments with greater intensity, for example, road implements. Even with this, with our diversified business model, we have sectors that are having a very good performance. For example, auto parts and especially the after-market for Fras-le. I reinforce that even with this more difficult dynamics in the short term, when we look forward, all of our business verticals have opportunities for expansion and internationalization, increasing the portfolio and gains in efficiency. We're working very hard in this sense. Soon I will give you details about some of these initiatives. I would like to begin talking about our numbers, and then Paulo Prignolato and Esteban Angeletti will explain in greater detail. In this quarter, once again, we reached a record revenue, reaching BRL 2.8 billion in net revenue, consolidated net revenue. To get to this level, each vertical had its relevance, and I would like to highlight this message. Our business model has evolved, has become more robust and with many opportunities for us to explore. Our revenue from the export market reached $112.5 million, an important increase of 60% when we compare with the same period in 2021. In the quarter, EBITDA and net profit were a little lower than in comparison with other years, but at good levels. Talking about CapEx, BRL 72 million in the quarter, especially for maintenance of our assets and gains in productivity. As always, we're being very cautious in our investments. Our net debt without the numbers of Banco Randon reached 2.1 billion reais, and we maintained our leverage at a good level. We continue delivering an excellent profitability on the capital invested. I would like to call your attention to the graph that you are seeing on the screen now. Here we can see the consistency of our results quarter after quarter. Even with the challenges, with all the challenges that I mentioned, our revenues continue growing. We continue with a good generation of gross cash flow and create a profitability. This is the resilience we want. We are sure that it will be more and more present in our results with the many initiatives that we have in different fronts. For example, linked to innovation, internationalization, increase of portfolio, operational efficiency and sustainability. In this quarter, we had a lot of news in each one of them, and I want to share them with you. Beginning with innovation, we launched a product line for our OEM vertical, which is totally connected to our commitment to offer solutions that will add value to our clients, reducing their cost of operation. These new semi-trailers also have a more modern design and have solutions for modularity, electromobility, and a lot of embedded technology. The great highlight is the aluminum bulk truck, which allows our clients to carry an extra ton of cargo, and this increases competitiveness and brings benefits for the environment. On the screen, you can see the QR code to see the video that's launching the new Linha R and to see more details. Another important highlight and innovation was the regulation that allows a system of semi-trailer with electric traction on Brazilian roads. Our e-Sys system was so innovative that there was no regulation for this product. Apart from creating the solution, we had to help build the laws with the government. We have two models with e-Sys system running at clients, being used by clients for a test. One is a bulk truck, one is a refrigerated truck. This is the final validation of this technology that should be sold until the end of the year. I would like to talk to you now about an important point in our company's link to our strategy of internationalization. On July 17th, we had a material fact, the purchase of Hercules Enterprises, a manufacturer of semi-trailers located in the U.S. As you know, we want to expand our export revenues in strong currency, especially in developed markets, increasing the resilience of our business. The U.S. is a geography that is fundamental in this strategy since they are the largest market of semi-trailers in the Western world, with many opportunities for us. This year, they will produce more than 420,000 semi-trailers in many segments in the U.S. market. In other words, 5-6 times larger than the Brazilian market. We know that there are many synergies to capture in this market in the verticals, and also exporting auto parts that will equip semi-trailers and access the local market being sold to other manufacturers. Apart from M&A, we have another front to reinforce our entrance in the U.S., the exports of semi-trailers from our Brazilian plants. Recently, we closed an important deal that will be sent in Q3 to a new client, and there are more possibilities in this area. Another point that we have dedicated ourselves is in the efficiency of our operations. We want global levels of excellence, and our RTS Industry is having a fundamental role. I will comment some projects that we implemented in the quarter, but we also have many others that are in progress, and we will continue sharing the news about these projects. I began talking about the increase in production capacity at Master, our controlled company. Now they have an automated forge and also with robots. We also inaugurated a new system for warehousing of parts, increasing speed and safety in the use of materials. Another example is the automation of the Ecoplate panels that are on the sides of our bulk trucks. In the past, this was totally manual. Now we have cells with robots. It is more competitive for our operation and has many advantages in terms of safety and quality. I invite you to watch the video you can access with your QR code. You will see this line working. Another project that is very important for productivity, aligned to the expansion of the portfolio, was the inauguration of JOST Campinas. This new plant was totally built to be the most modern solution in operational efficiency, and this called the attention even of our partners in JOST, Germany. All this work done by RTS. This unit expands the number of products offered by the company and now has the manufacture of components for buses now with a presence in the city of Campinas, a very strategic location close to suppliers and clients. I would like to talk about another topic that is fundamental for us, the sustainability. In Q2, we launched another edition of our e-report, the first and the second edition of our event, Ambiens ESG. You can see the files and the recording of the event on our website. We made an important announcement in this event, an investment of BRL 100 million up to 2030 in renewable energies. We have a commitment to reduce by 40% our emissions of greenhouse effect gases until this date. We have projects in progress, such as we're building two photovoltaic power plants, one for CTR and shipping, and the other in France and China. We know that it's the beginning of a journey, but we're very happy with these deliveries and with what we can still do. Other reasons, the recognition of the Randoncorp as the best by ISAMI Magazine in ranking Merco. We have evolved a lot in the last few years, and receiving these awards shows us that we're on the right track. Now, going on to the final part of my presentation, I would like to talk about our Randon Day. I'd like to thank you, investors, analysts that were there in person or remotely. More than 1,000 people watching and participating in our live event. We were very happy with all this interest in our companies and the possibility of giving more details how we're building the future today. Reminding you that those who were not there, we have the recording available. Everything is available on our investor relations website. This event, together with our participation in conferences and the way we are, our relationship with the capital markets and governance, were the reason for us to be a highlight for the third consecutive year in Institutional Investor. We led all the eight categories in the ranking in capital goods and also small caps. We're very happy and we thank them for the recognition. We continue evolving in our governance, communicating in a transparent way to the market and trying to expand and improve the quality of our messages. Thank you. Now I'd like to pass the floor to Paulo, who will continue the presentation. Thank you, Sergio, and thank you to all in our conference call for results. I'd like to reinforce for Sergio's thanks for the award we won from Institutional Investor. I'd like to thank all the teams of Randon who worked with us for the evolution of the governance of the company and our good practices. I would like to begin talking about our markets, especially trucks and semi-trailers. We saw a drop in demand when comparing with the numbers of 2021. When we look at the markets of trucks, there was a lack of semiconductors affecting this segment. Even year to date, the numbers are close to those registered this year. When looking at the market for semi-trailers, the complexity and the challenges are a little greater. Although agribusiness continues with excellent performance, giving support to most of the demand, other sectors, such as those linked to consumption goods, have felt with greater intensity the effects of the higher interest rates and inflation. With this, the business environment has been more challenging, especially in the domestic markets. Even with this, in the first half of the year, we sold 40,000 implements when we look at the history of the Brazilian market. Looking outside the Brazilian borders, we have a more positive performance when we compare exports for trucks and semi-trailers. This is due to the recovery of the economy in some geographies. For example, some of our neighbors and also agribusiness, like Brazil, it's an important factor for demand. Now going on to the numbers of Randon. I would like to begin with net revenue. Another quarter with record BRL 2.8 billion. As the highlights, I bring some factors. First, aftermarkets had very good performance in commercial vehicles and light vehicles. We had a growth in exports in almost all the product lines, and also the price increases because of inflation also allowed us to increase revenue, even with the drop in volumes in some segments. In our acquisitions and purchase of larger companies added BRL 79 million in Q2. In the analysis by business vertical, we see the importance of diversification. Our three main verticals have a relevant participation, each one with different characteristics and supplementing the others. By product, we have a good distribution being the most representative semi-trailers, then axles with 13%, and friction materials, which represented 12.6% of our net revenue. When we look at the markets that demand our products, 57% of the net revenue came from OEMs. The aftermarket, which has gained relevance, reaching 20.6% of our total. Now, revenue from export market, we reached $112 million, a growth of 58%. In the comparison with the same period, 2021. As main factors for this growth, I highlight agribusiness in South America. The increase of the average price of products sold due to inflation being passed on to clients and new clients and contracts obtained. Now, revenue of the export market by geography, we see that sales to Mercosul and Chile represented 54% of the total. This is due to exports for OEMs that have a higher average price in this region. The sales to the U.S., Mexico and Canada represented 23% and had origin, especially from Movement Control. This geography becomes more and more important with the beginning of exports of semi-trailers to the U.S. already mentioned by Sérgio. On the screen now, you can see the graph with the performance of EBITDA and EBITDA margin. Our margin was under pressure due to the higher production costs and difficulty in increasing prices. Although we took measures to mitigate the impact, the scenario global instability in the quarter put pressure on some raw materials that are important for our production process. Apart from this, we had to work with different strategies to sell products in inventory and to increase production, especially in OEMs. The positive point was the recovery of market leadership, but, well, this put pressure on margins. The other business verticals also had challenges to maintain profitability, but with the different market dynamics. In movement control, for example, it was possible to recover prices due to inflation. I would like to stress that we have worked intensely in controlling expenses to contribute and have a good maintenance and good levels of profitability, even in a more complex scenario. On this graph, we see that our net result continues positive, but is impacted by the factors that I mentioned and also the financial result, especially due to the higher interest rates. Going on to financial highlights, I begin talking about our net debt. At the end of June, reached BRL 2.1 billion, 1.5 times EBITDA of the last twelve months. As you can see on the graph, we had an improvement of this indicator in the quarter, especially due to the follow-on. In the same period, the cost of debt went up from 13.1% to 15% a year due to the increase of the SELIC rate. The need for working capital of the company without the numbers of Banco Randon reached BRL 3.1 billion. The accounts were clients and inventory, as you can see on the screen. I would like to stress that we have many actions to reduce our debt, and this can be seen in Q2 and will increase in the next month. Now, talking about investments made in the quarter. In total, BRL 459 million distributed among CapEx in non-organic investments and integralization of capital. Before, Sergio mentioned initiatives and projects, part of these resources, where these resources were invested. Now, for example, here we see capital integration. Of these, BRL 300 million went to the follow-on, an event where we increased our share in Fras-le to 52.6%. To conclude, I would like to talk about our performance in capital markets. At the end of June, our market cap was BRL 2.9 billion. RAPT3, RAPT4 our share and RAPT3 8.5 reais. Our average daily volume of shares, 24 million in Q2 2022, with a drop when we compare with the same period in 2021. Our shareholders, here we have a profile based on the total shares. At the end of June, 39.6% of the shares were in the hands of the controller, and then institutional investors with 23.1% and 20.3% from foreign investors. The rest is distributed among legal entities and individuals. We've now decided the interest on capital, BRL 70.4 million, and here we can see BRL 0.21 per share, totaling BRL 70.4 million for those who had our shares. I would like to conclude, and now I pass the floor to Sandro Trentin. Thank you, Paulo Prignolato. Good morning, and thank you for following our conference call. It's very good to share with you another quarter full of important facts and consistent numbers. Sérgio L. Carvalho and Paulo Prignolato already approached the market, our main numbers, and some initiatives that happened in the quarter. Now I will detail what happened in each vertical relevant items. Beginning with OEMs, we have here the main numbers. As you can see, we had very good revenues in the domestic market and export market. As we had mentioned in the last quarter, the current scenario with a very competitive market put pressure on margins during this quarter. I highlight the following points of this vertical. An increase in net revenue 22% in comparison with Q2 2021. This is due to the price increases. Delivery of 7,240 semi-trailers in the domestic market and export, an increase of 12% in relation to last year. Also, more railway cars, but still lower than in the same period in 2021. Volumes sold to the export market reached 36% due to the increase in demand in South America, especially Chile. Analyzing the revenues of this vertical by line of product, we see the diversification of business. We have one-third of our sales coming from less cyclic sectors or supplementary businesses as aftermarket and railway trucks. Even semi-trailers in the domestic market, which represents most of the revenue, has a great exposure to agribusiness. We have relevant data for you. In Q2, 69% of the semi-trailers sold were for agribusiness. Now, talking more specifically about EBITDA. We had impacts on margins in a more strong way due to the higher cost of inputs and strategic decisions to recover market share and reduce inventory. We are now market leaders again in the quarter and year to date. With this graph, you can see the distribution of market share in Q2. Now talking about auto parts commercial vehicles, 1/3 of our revenues, I would like to highlight growth of 36% in net revenue in comparison with Q2 2021, especially due to price increases, product mix, and revenue from CastorTech, almost BRL 60 million in this quarter. A reduction in volumes due to production stops at OEMs and a deceleration in semi-trailers, and small drop here in the quarter, especially due to inflation in the supply chain. Now you can see the distribution of net revenue by segment. Sales to OEMs represented 90% of the total. I highlight the balance with the other segments for trucks and semi-trailers. Apart from this, we should highlight that we have worked hard to get new clients and new projects. One example is our controlled company, CastorTech, which has increased its exposure to agribusiness with greater capacity of casting and machining. This allowed the company to close a contract for an important client in agricultural machines. Now, I would like to talk about movement control, which had record revenue with a positive market scenario. I will share my presentation highlighting points in the domestic market and sales, export sales. Now talking more specifically about the Brazilian market, I highlight 57% of the revenue were aftermarket, which was very strong due to the low availability of new vehicles. Also strong demand of brake linings for commercial vehicles because of agribusiness. The record sales of shock absorbers by Nakata, our controlled company, and improvement in the availability of imported products. Now, in the export market, $83 million export market in Q2 represented almost 40% of the revenue. I highlight the following points: strong demand in exports of friction material for the commercial line and disc brakes for passenger vehicles. The U.S. market is buying and selling very well. Gradual recovery of the European market, that's what suffered most from the Ukraine war. Now, we are increasing prices in many product lines for Europe, allowing us to mitigate the impact of inflation. As you know, the results of this vertical have to do with Fras-le, also a company in the stock market. If you want to have more details about Fras-le, please access the site fraslemobility.com. Now going down to financials and digital services. We have important movements to expand the offer of services, and I bring the following highlights. Progress of 58% in the revenue in comparison with the previous quarter, BRL 118 million. An increase in the number of quotas sold with a good performance in the agro business and higher interest rates, making this financing more attractive. Greater number of operations at Banco Randon and with a robust credit portfolio. We also had a growth of CPV. We had to pay more for higher interest rates, and we had an increase in administrative expenses due to the payment of commissions due to the high volume of pool sales quotas. This higher expense put pressure on margin, but the revenue will come in the medium and long term, helping the margins of the company in the next quarters. Finally, we have advanced technology vertical. As you were able to see as Sérgio explained, this vertical has been very important for Randon companies. RTS Industry, for example, giving support to transformation in new technologies for our industrial operations. CTR also gave support to Randon. They have telemetry and bring many benefits to clients, generating data for vehicle maintenance, and also gains in efficiency and productivity. In this vertical, we had a net revenue of BRL 39 million with a net EBIT of BRL 126 million. Removing this other factor, I would like to say that Q4 will be more representative, and the objective is to give support to the other verticals without the generation of results. As the use of this vertical become more relevant, so EBITDA should become positive. In this sense, it's important to say that we're building and developing many projects with great opportunities to reap the results. NI ONE, our controlled company with Niobin, is an example. We're supplying this technology to a business partner, but we have many other projects in progress for growth, not only of this unit but also Randon companies as a whole. Thus, I'd like to conclude my presentation. I would like to thank the award and the participation of all of you in our Investor Day. Now I'd like to pass the floor to David for our Q&A session. Good morning. We'd like to begin. I'd like to thank Esteban, Sergio, Paulo. We'd like to begin our Q&A session, reminding you that you can participate in three ways, as you can see on the screen, by voice, clicking on the Q&A button, and we will call you and activate your microphone. The second, in writing your name, company, and we will read your question. The third option is that here we have the QR code and phone number. We'd like to begin with Lucas Marquiori from BTG Bank. Thank you, David. Good morning. Two topics in road implements. The first, if you could discuss the strategy. We saw the first semester market share was volatile. We know some projects to grow capacity. Can you give us an update in terms of your strategy for road implements? Are you trying to preserve share or increase price or be the lead price maker as we sign Q2, maybe go back to volume? Second, Sérgio mentioned in his presentation an export contract for implements to the U.S. and with Hercules, your strategy to grow in the U.S. Could you comment on this contract? Is it relevant, the size in units? So I know Brazil is very competitive for implements in the U.S. market. Could this be another avenue of growth? Thank you. Lucas, thank you for the question. Thank you for participating. I would like to share the answer with Sérgio, and then Sérgio can give us more details. Lucas, I understand that the two questions are interrelated, strategy for implements, and we have been saying that this strategy is growing also outside Brazil. When we look at the history of Randon, we have been market leaders, having a share of 36%-40%, and it becomes more difficult to grow when you are the leader. That's why we are after new geographies. We are recognized in exports, especially in Mercosul, Chile, as mentioned, and Africa. We know that the best volume is in the Northern Hemisphere, in Europe, the U.S., and Asia. The U.S. continent as a whole is a geography where we believe there is a good penetration for our product. We're working with exports, brownfield, with the acquisition Hercules or Greenfield, increasing organically our operations in the U.S.. That's where we have exports. We cannot mention the name of the clients nor volumes. We can say that it's one of the largest exports to the U.S. market in the company's history. Once again, we believe this is only the beginning, not only to take semi-trailers, but also auto parts to supply to other OEMs in the U.S.. Going back to the domestic market, we mentioned in the last quarter that the whole year we would have a balance between market share and profitability. We want both together. We want to become market leaders with a good profitability, but this is something difficult. The balance is very difficult, and this is the dynamics for the rest of the year. We want to continue as leaders, market leaders, but if the market is not paying the price we believe is the right one, and we will do our best to mitigate this impact and maintain our margin. Sérgio? Perfect, Lucas. Thank you for the question. Has Sandro Trentin explained things well in the answer? What we're doing, Lucas, is similar to what we have insisted. We have a model for the OEM division that is more resilient in relation to market changes. We have growth in railway cars, and also aftermarket has grown. International part of our OEM division is growing. All of this with the same objective. We want to have more consistency, more resilience in revenues. Within the domestic market, we invested a lot last year and this year in increasing capacity. We created Araraquara II, taking the production of railway cars and semi-trailers to expand capacity in a more significant way. We changed the production of certain products within our plants, also with the objective of having more capacity. We made heavy investments in automation, and we have thus a greater installed capacity. The market, when we compare with 2021, it's not as strong as in 2021. The way, especially in the medium term, is to continue growing well in these sectors through technology. As we announced, for example, our concept dump truck, we heard about the e-Sys, the Randon trailer that is hybrid, and we launched recently our new R, our new trucks with giant advantages in terms of performance, and this is being a great success for us, our new bulk truck with more capacity. We're maintaining our leadership position. We recovered from the anomalies that we described in the last report when we had a lot of sales. We needed better licenses for penetration in the market, and we advanced in penetration in relation to our competitors. As Esteban said, we made a greater effort for margin, but we're not going into any suicidal price war. We will not engage in price wars to preserve the health of the business. We have large volumes, but we will not do things that don't make sense in financial terms. Randon companies have a synergistic model. For example, we have margins, some that we have in different units. Even when you look at one vertical, you have to remember that we have margin in auto parts and financial services. A lot of synergy, a lot of symbiosis in our operational model. I hope I answered your question. Esteban mentioned exports, U.S. market. We're working to finalize the transaction of Hercules. We will produce in the U.S., and in August we began exports of finished products to the U.S. market in a competitive way, in spite of very high ocean freight prices. We will produce a substantial number of units this year. We should send 800 units to the U.S. Thank you, Sérgio. Thank you, Lucas. Our next question comes from Lucas Laghi, XP. Thank you. Let's open his microphone. Good morning. Good morning. I have a more specific point when we talk about margin, lower margins. Here, thinking of two specific points in relation to OEMs and auto parts for commercial vehicles. Beginning with OEM, we saw an increase in the unit price of road implements and a strong increase in relation to last year due to the higher costs, and in this context, a recovery of market share. This margin drop, when we compare, is it due to lower inventory of expensive products? Can we expect something different in the next quarters, or did the product mix affect greater participation of higher value-added products, which makes it difficult to compare? First, OEMs, and in relation to auto parts for commercial vehicles, we know that this vertical has contracts with OEMs. Can we think that the drop in margin in this segment was due to more difficulty in increasing prices and that it may improve in Q3, Q4? These two points. Thank you. Lucas, thank you for the question. Let's join this with another question from Gustavo. Thank you. Same question, margins and prospects in the future to recover margins. Beginning with OEMs, Lucas and Gustavo, there are two points. One is the comparison basis. When we compare with Q1 last year, we already alerted that there was a positive effect between price increases. The market was very strong last year and our strategy anticipating the purchase of raw materials. Our comparison base had this. We had been able to anticipate price increases, and we were producing with inventory raw materials we bought at a lower price. We had said that these two curves would meet, the cost curve and price curve. This happened in this quarter, in Q2 2022. What we see in OEMs is a combination of factors. We have drop in volumes, mix, and price. These are the factors. Talking about mix, what happened, and this has to do with the average price, we had a delay, a delay in the sale of bulk trucks. Normally, we sell more at the beginning of the year. This did not happen for many factors. One, the higher interest rates, uncertainty in the economy, and the uncertainty due to the fertilizer issue. Thus, clients from macro business delayed orders, but this is being recovered in the second semester. The fact that in the second semester that we have a greater number of bulk trucks should affect, have an effect due to a lower ticket in relation to Q1 2022. Now concerning auto parts, here we have the mix. Mix helped a lot, like OEMs, higher tickets, but we had a drop in volume, and this put pressure on the margins of auto parts during this quarter. Some of our clients, OEMs, stopped. They had some production stops, sometimes due to lack of components or to decrease inventory, and this put pressure on margin. We hope that as the supply chain becomes normal, we should see these margins going back to a more balanced level. To close this topic of margin, I'd like to highlight that we have a diversified portfolio. This helps, and we have Fras-le and Controle de Movimentos that defended the margins of the group due to their resilience. Fras-le helped in a positive way for the margin of the group. This is the rationale. Sérgio mentioned this previously in Lucas Marquiori's question concerning OEMs, but this strategy of diversification is helping. Sérgio and Paulo, if you wish to supplement. I believe you covered the topic very well. Thank you, Lucas. Well, we'd like to go on to the next question from Luiz Capistrano, Itaú BBA. Thank you, Luiz. Good morning. We talked a lot about the dynamics of each business. I have two questions, but I would like to also talk about guidance and update more detail about the strategy for Randon Implementos, the balance between market share and price. I believe you closed Q1 with high inventory, anticipating the effects of the war, and then raw materials had a price drop. I'd like to talk about Q2, Q3. The inventory on June 30, do they have the price of raw materials that are higher than in August? Should this have a negative impact on margins due to the higher prices in Q1? Competition, you made price increases and the competition did not increase their prices, but costs went up. Are competitors holding prices back? Your guidance when we look at revenue, it seems that it's. Are you comfortable with the range? Now, concerning margin, if we look at a second semester that is, it seems that margin is at the bottom of the range. Also this discretion, how do you see the guidance? Are you comfortable for margin? Do you believe margin will drop? Thank you, Luiz. I will answer this question together with Sérgio. Sérgio, if you want to talk about competition. Paulo, if you want to talk about guidance. Thank you, Luiz. I'd like to begin talking about inventory, and then I will pass the floor to Sérgio and Paulo. Concerning inventory, Luiz, in fact, we had a higher inventories at the end of the first semester, but I don't see a significant impact in terms of cost. There is a trend of stabilization for cost. No threats like we had last year of higher costs, but what we have of an inventory that won't have a great impact on future sales. In relation to prices, the market is more rational in comparison with 2016, but I would say that things are more normal in terms of price. We don't see significant price wars because competitors, manufacturers that survived the crisis learned their lesson to preserve cash. Sérgio, if you want to talk about manufacturers and competitors, competition. I understand that the question is focused on OEMs. Focusing on OEMs? Yes. Okay, Luiz. In 2021, we had an abnormal dynamics. We had rapid growth. The market grew 34% rapid growth. This caught many producers without production capacity in relation to demand. When we saw restrictions in capacity, we had the opportunity to improve margins. Since I can't produce enough, I can maximize my results with what I can produce. In 2022 things are different. The market had a drop. It's still a very good market, I can tell you. The volumes are lower. We expanded our production capacity and we're back with our historical demands. Removing this anomaly that I mentioned in the last meeting that we had in our last conference call, we're back to our penetration, June, 10% ahead of our competitors. In May, 7% ahead of our competitors. This dynamics in 2022, Sandro Trentin mentioned the issue of raw materials, inflation, capacity to increase prices. This is having an impact on some margins. We are sure that for us, Randon companies, we cannot forget that we are diversified. We will continue with our aggressiveness. We won't engage in price wars. Being aggressive is something. Doing mad things is another. We will invest in technology with marvelous new launches, calling a lot of attention, and this allows us to bring a lot of value to the market and to us in terms of margin. Thank you, Sérgio. To close the question from Luiz, guidance on revenue and margin. Luiz. Good morning. Thank you for participating. We have been following our guidance, what we defined, and we made projections. What we can say in relation to the guidance, we trust strongly and we confirm the guidance that we gave at the beginning of the year. This is the best way to position ourselves. The objective is to maintain this range due to many variables. Market mix, export volumes, and we have a lot of volatility that should continue. We confirm our guidance, Luiz. Thank you, Paulo. Thank you, Luiz. Well, going on to the next question. Renata Cabral. Thank you. Good morning. Thank you. I have two questions. A follow-up in relation to the guidance. You are having a good performance in the export market, and I believe the guidance was made before these new things in the U.S. Is there the possibility to have an improvement in the international market? I believe that the company, before announcing the acquisition of Hercules, that there was an intention to go to mature markets. It could be Europe or the U.S. My question, after this acquisition, in the short term, is Europe discarded or is there a possibility of new M&As in Europe? Thank you, Renata, for following up. I will answer this question with Paulo. Paulo, if you want to comment on the guidance, export revenues, and Sérgio, possibility of having operations in Europe or expanding operations in Europe. Renata, good morning. Thank you for the question. Our positioning is to confirm the guidance. Of course, we work hard to surpass the indicators, but right now we're confirming the guidance, including exports. If during the next months we feel a significant variance, we will inform the market. It's not the case now. Well, concerning Europe. Yes, if you can comment, Sérgio. We have been talking about going into mature markets. U.S. was the most recent case, but the possibility of making progress in other geographies like Europe. Renata, thank you for the question. We have a presence in Europe through our controlled company, through Fras-le. With Fras-le's portfolio, we believe the European market can be an option for us for expansion. But when we talk about semi-trailers, we don't see Europe as a priority for semi-trailers. We believe we have better conditions to develop our business model in the U.S. market, and we can capture value in an easier way in the U.S. market than in the European market. We're looking at the OEM division and auto parts, auto parts for commercial vehicles in the U.S. market. The U.S. market is a greater priority. Thank you, Sérgio. Thank you, Renata. Thank you. Well, the next question, Pedro Fontana, Bradesco BBI. Pedro, thank you. Good afternoon. Thank you. Congratulations for the results. Recently, Randon launched its distribution company. What is the strategy? Do you intend to internalize the distribution network? Yes, Pedro. Thank you. Sérgio, I believe you are the best person to comment on this question. Pedro, thank you for the question. The direct answer is no, we don't plan to internalize our distribution network. Why did we do this with Bennis? For many reasons. First, that is where we already have infrastructure. It's our central area and our development model. The distributors have to work not only in the sale of the product, but also with services and parts. We had difficulties in making progress. We saw an opportunity when doing this to act as a laboratory for many different mechanisms of sale and services. It's an incubator. We're experimenting different models. We saw that a different model when we see it's more adequate, then we ask the others to use it. We don't have any intention to internalize. We're very happy with our distribution network. We want to continue developing them and helping them. Thank you, Pedro. Thank you, Sérgio. We have time for one more question. Okay, the last question. Jonathan, reminding you that questions not answered now, we will get in touch and answer them later. Now the last question, Jonathan. Thank you. Good afternoon, Sandro, Sérgio. It's a follow-up about the U.S. What is the advantage? Is it due to efficiency, more competitive prices? Sérgio mentioned some of this. Can you give us more details? Thank you. Thank you for the question. Talking about this important movement, Sérgio will give more details, but as a backdrop, it's a market that is 5-6 times larger than the Brazilian market and different characteristics, both at clients and OEMs competitors. A more fragmented market, a niche market like Hercules. They have a smaller portfolio than we have in Brazil. We see that a great possibility of growth through Greenfield, expanding the operation with our own knowledge or consolidation in the U.S. market. Sérgio, on other occasions, mentioned in the Investor Day concerning competitiveness of our manufacturing in relation to U.S. plants. A competitive edge that is very important to penetrate the U.S. market. Yes, Sandro. Jonathan, thank you for the question. Concerning this market, as reported, 360,000 units, plus container trucks, 420,000 trucks. It's a very large market. If we get to 5% penetration, 20,000, 10%, 40,000 units. It's a very large market. The U.S. market in some segments, trucks, auto parts for trucks, parts for trucks, is very modern, competitive, efficient, but in semi-trailers, things are a little different. You remember that I made comments, Sandro mentioned, the operations in the segment, most of them, they don't have investments compatible with the ones we make in Brazil. If you visit today, it would be a time tunnel, a great difference between the U.S. and us. What do we want to do? We want. We could use an analogy of, for example, of crawling, walking and running. We want to participate in niches to learn more. The way they sell the products there is a little different. We need to absorb more of their culture and then expand rapidly to other niches, walking, and then we want to run, then distributing the products and adding more technology in the next phase. We remind you, we don't want to participate there as everyone participates. The U.S. market is horizontal. They buy from the same players, and most of the added value is what is below. Suspension, brakes, and this has great value. We produce all of this. Our model in terms of integration is very different. This will give us a great advantage. We will bring more value to our clients, to our companies, and this value creation will use different tools as we go forward, as we crawl, walk, and run. Well, Sérgio, thank you. Thank you, Jonathan. David? Okay, we're closing our conference call. I will pass the floor to Sérgio for his final comments. Sérgio? We continue very optimistic concerning the future of our company. We will continue on our journey with transparency, professionalism. You need more clarification and the questions we were not able to answer, we will answer through other means. If you need more clarification, we have our investor relations team, we're available to answer your questions and make the clarifications. Thank you, and we wish you a good day.