Ladies and gentlemen, and thank you for holding. Welcome to the Odontoprev Contracts Call to discuss the earnings for the first quarter of 2024. I'm Diego Lyra, Corporate Finance and IR Manager. And today, we have with us, Mr. Rodrigo Bacellar, CEO, and José Roberto Pacheco, CFO and IR Officer. This webcast is being recorded and streamed on the web. The link is available on the company IR website at www.odontoprev.com.br/ir, where the respective presentation is also available or on the company YouTube channel. This video conference has simultaneous translation. To activate, click on the interpretation button with the globe icon at the bottom right of your screen and choose your preferred language. You can also click on Mute Original Audio. Next, we'll start the Q&A session. To enter the queue, your name and company must be included via the Q&A button at the bottom of your screen. The questions will be answered in the order they are received, and when announced, a pop-up to unmute your microphone will appear on the screen. We suggest that your questions be asked all at once. It's important to note that submitting questions is only allowed for participants on the webcast platform. The aforementioned instructions are also available on the chat, as well as the presentation of this webcast. Before proceeding, let us mention that any statements made during this call relating to the Odontoprev business perspectives, projections, operating and financial goals, are based on the beliefs and assumptions of company management and information currently available to Odontoprev. Forward-looking statements are not a guarantee of performance as they involve risks, uncertainties and assumptions because they relate to future events, and therefore, depend on circumstances that may or may not occur. Investors and analysts should understand that overall conditions, industry conditions, and other operating factors could also affect Odontoprev's future results, and therefore, could lead to results that materially differ from those expressed in such forward-looking statements. Now, I'll turn the conference over to José Roberto Pacheco to begin his presentation. Pacheco, you may begin. Hello, good morning, everyone. Welcome to our video conference, so we can talk about our results for 1Q 2024. I would like to thank everyone for your presence, and trust, and I'd like to mention the highlights for the period. First of all, the net adds of 16,000 new members, compared to a drop in 53,000 members in 1Q 2023. In the 10 last years, in the first quarter, specifically in six of the last years, we have a lot-- we usually have less members, but it was not the case in 2024. We have 26,000 new members in individual plans and SMEs. We have an increased 5% of revenues, with a highlight of Odontoprev Mexico and SME. So dental care ratio, 56% over the quarter, annualized at 40%, stable and predictable since 2020, given the growing share of SME and individual plans at a lower cost of service. Five, the financial revenue grew 22% with net cash of BRL 1.2 billion. As you know, the company has zero debt. Number six, our net income presents an average annual increase of 12% since 2020, with 42% increase. Quarterly dividends of BRL 73 million, which added to the capital of BRL 23 million and share buyback of BRL 44 million, total BRL 140 million, and a payout of 40% on top of the quarterly profit of BRL 150 million. Here, on slide three, we have the industry information from the regulator. In the first quarter of 2024, the dental plans industry recorded 32.7 million members, according to the ANS, with a growth in the decade of 12.6 million members in dental plans. In Brazil, the population is more than fourfold now since 2006. Odontoprev's business is exclusively dental, with proprietary platform and electronically attests the quality of oral health services provided to its members. On the next slide, number four, the net revenue in corporate contracts is totaled BRL 1.2 billion in the past in LTM, which ended in March 2024. In SME and individual plans, approximately BRL 900 million at a level that is much higher than our peers. On the next slide, number five, the strategic segment of SME companies and individual plans registered annual growth in revenues of 13% since 2014, with an average ticket 100% higher, the double than the corporate plans. Potentializing the bank distributions channel and market niches with less competition and higher margins than the industry, as you can see on the chart. On our next slide, number 6, in gross profit for SMEs and individual plans, accounts for 54 or 15% growth per year, with a total of 54% of total gross profit of the consolidated of BRL 1.3 billion for last twelve months. Once again, in a market with high barriers to entry, with efficient distribution channels, capillarity of the registered network, and behavioral registrations. On the next slide, number seven, we can see that the dental care ratio in SME and individual plans has been under 30%, compared to the historical levels of 50% in the corporate segment. On the next slide, number eight, we see the growing share of SME plans and individual plans in the total portfolio, justifying the lower consolidated dental care ratio in the past years compared to historical levels. Consequently, the average consolidated dental care ratio of 46% from the periods of 2006 to 2009 are stable and more efficient at the level of 40%, which can be seen since 2020. As a result, the adjusted EBIT margin went from 26% of historical average that we see up to 2019, to the current level of 30% since 2020. A level that's much higher than our peers. On the next slide, number nine, we can see the differential of the average ticket in between segments. So the SME plans have an average ticket of approximately 50% higher than corporate. On the other hand, individual plans have a premium over 60% compared to the SME ticket. On the next slide, number 10, the results here show a unique strategic positioning for the company, with specialized action in each customer segment, streamlining value generation for shareholders. In the past 12 months, you can see how interesting, in a contrary dynamic in medical plans, you can see that we have BRL 8.30 in the cost of services compared to the BRL 9 in 2016. So the deflation observed in the cost of services in the past years is a result of the permanent segmentation of the provider network, a continuous improvement in digital auditing processes in order to maximize the technical quality of services provided, as well as the new profile and frequency of SME and individual customers, with a higher contribution margin at a level of 60%, as you can see in the image, compared to the level of approximately 40% in corporate. On the next slide, number 11. In the past 12 months, the SME and individual plan segments accounted for an annual growth of 14% in the contribution margin, achieving the current level that, as I mentioned, of 60%, versus the increase of 9% per year in corporate, with a current margin of 40%. On the next slide, number 12, during the first half of 2020, the portfolio of investments went from current assets to government bonds for the long term, with post-fixed interest rates and post-fixed in the re-- for 80% and 20% post-fixed for the rest of the portfolio, and not connected to short-term interest rates. These new instruments are accounted for in the curve, minimizing the volatility of the consolidated portfolio and will be held to maturity. It's worth noting that the company does not use derivatives. On the next slide, number 13, the quarterly cash flow was a record exceeding BRL 220 million, with potentialized by the money received through the cases with the regulator. On the next slide, number 14, the current rate of annualized CapEx reflects investments in digital initiatives that the company has, with the maturation from the end of last year and through 2024. In LTM, the investments in technology have already had a significant reduction down to BRL 80 million. That information is important, so we can understand the company's investment cycle, that will decrease in upcoming years compared to the increase that we had in the past years. On the next slide, number 15, in meeting yesterday, the company board of directors approved the dividend distribution for the first quarter of BRL 73 million. Once again, added to interest on equity of BRL 23 million and share buyback of BRL 44 million, total BRL 140 million. So 90% of the net income of the first quarter of BRL 155 million. On slide 16, we have the global shareholder structure for the company. I'd particularly like to call your attention to the position of the shares in treasury, which at the end of April, exceeded 3.8 million shares. Before we go into the Q&A session, on behalf of Odontoprev, I'd like to mention that we feel for the over 200,000 members that we have in the state of Rio Grande do Sul, the SMEs, individual plans, our provider network, the dentists, and the broker partners that are going through this tragedy. Thank you. We are now open for the Q&A session. Now we will begin the Q&A session. I'd like to remind you that to enter the queue, just click on the Q&A button on the bottom of the screen, inform your name and company. When you hear your name, you'll see a pop-up on the screen to unmute. Please ask all your questions at once. The first question is from Mr. Lucca Marquezini from Itaú BBA. Lucca, you may proceed. Good morning, everyone. Thank you for taking my question. In the corporate segment, we saw a drop in Bradesco Dental and some gains in other brands. I'd like to understand if those, the gain in other brands is a trend that we should see moving forward, so more relevance of these other brands, or was that just a specific migration in the contracts? Thank you. Good morning, Lucca. Thank you for your question. It's just a coincidence, actually. Particularly, there are two relevant contracts in different brands. One was won, the other one wasn't. It's worth noting that we have a positive differential in the ticket when we compare both contracts. So once again, it's just a coincidence. It's a new contract that we won and another one that was not renewed. That was what specifically happened in the first quarter. Okay, Lucca? Perfect. Thank you, Pacheco. Next question is from Mr. Raphael Elage from XP. Raphael, go ahead. Good morning, everyone. Thank you for taking our question. So our question is about average ticket and dental care ratio in SMEs. We have a drop sequentially and year-over-year, but a flat behavior year-over-year for dental care ratio. So our question is about separating what would be older contracts, so maybe marginal gains in the older contracts, and what would be from newer contracts. Maturing after the dental care ratio with these new contracts, can you give us some more flavor on that? Thank you. Good morning, Raphael. Rodrigo speaking. I think you already answered the question. I'm very happy to hear that. So we've mentioned that in the past two years, our marketing strategy and the different ranges in SME. So according to ANS, it goes from three members to 199 members. We see very specific behavior when the company has three to 99 members and 30-99, 100-199. So we were pricing these different levels, the different regions differently. We've changed the different segments for sales force and focusing on the sales that go from 100-199 or 30-99. And why? Because they have a higher duration. These companies behave more like a corporate plan than that small company with 3-99 members. And with that, we have longer duration. We can price them adequately. So what you're saying about the use profile and according to the curve that Pacheco always shows us, so you have a contract, you have the peak in use, and then that drops and stabilizes. And that's a part of the question that you mentioned. So what we see now is exactly that. Our strategy is providing good results, bringing in more duration, better growth in the SME portfolio. And with that, we see that dental care ratio becoming stable after the beginning and the peak of use. So you already answered your own question, and we're just proving the strategy of these different ranges and profiles. So we should continue to see that, that growth in SMEs, and we remain optimistic with the growth potential that is still under what it could be in the SME portfolio, and especially with our bank partners. So we have a huge potential to continue to grow in that sense. Just to reiterate Rodrigo's answer, the SME segment is very strategic. It's very important. So the dynamic of the average ticket shouldn't concern us. I think the right way to interpret that. Interpret the two-digit growth in the number of new members in SME is about perceiving the addressable market, which is bigger. And what seems more interesting for us to understand is that deep down, this segment with more members in SME, is very close to the limit to corporate. But it has an average ticket with a premium for a cost of service that is not that different. So we can say that the contribution margin, as we mentioned in the first slides, is close to 60%, compared to 40% in corporate. So that's the real strategy in generating very interesting value that brings together the distribution of a very strong bank channel with a platform that Odontoprev uses for management. I just wanted to add that. Thank you for your question. Thank you, everyone. Very clear. Next question is from Renan Prata from Citi. Go ahead. Good morning, everyone. Thank you for taking my question. I had two real quick ones. I'd like to try to explore the individual plans. Dental care ratio is under 20% with a stable ticket and cost deflation. So I'd like to understand what's behind that indicator, the mix and individual plans, try to understand that to help our future forecast. And could you mention qualitatively about the Mexico operation? In the release, you mentioned something. So we can try to understand the company's vision in that segment, in that international segment. That's it. Thank you. Thank you, Renan. I'll start with the individual plans, and then I'll hand over to go to talk about Mexico. You mentioned that. Well, it's the mix of the mix. So what does that mean? When we compare the individual portfolio from 10 years ago with today's, obviously, today's there's bancarization. So the Bradesco brand has a superior pricing power compared to others. They bring in an average ticket sale that's more privileged. They have a customer profile that has cost of services that's very appealing, and they master bad debt much more efficiently than other channels. So we can say that the contribution margin and EBITDA margin is much higher than the traditional channels. And we're in the middle of that transition, differently than the SME segment, where the Bradesco brand is already the biggest one, with three-fourths of that portfolio. In individual, it's at a different rate, at a different scale, as you've seen in the release, it doesn't account for even half of the portfolio for individual plans in Bradesco case. So this segment is an opportunity. Like you mentioned, it's a mix of the mix, so it's a clear opportunity in the strategy to generate value in individual plans. So in summary, B2C is highly interesting, selling direct to consumers. We've been studying that and improving that in a conservative way for growth, but undeniably, we have higher returns compared to the corporate track record. The dental care ratio reflects the pricing and once again, being conservative when we handle this type of customer, because it's much different than corporate or even SMEs. So to summarize, we see this as a great opportunity to generate value. So we have—we need contention measures, and that's being implemented. The mix of the mix, Renan, is what gives us the tone for that expressive margin and that pioneer opportunity that the company has been implementing, especially with the bank channel. Rodrigo, can you say a few words about Mexico, please? Good morning, Renan. Thank you for your question. I'll mention Mexico in two different ways. First of all, we are providing quality dental for the Mexican market, and I would say that they're far behind in terms of the culture for dental programs. The 80% growth in revenues quarter-over-quarter has to do with winning over new customers and with an increase in the existing contract. Because after we've shown that we were good and the customer valued that, appreciated it, we were able to increase our share with that customer. So that's the first thing. The second thing that we should observe moving forward, we saw that last year, well, last year and a half, the two Mexican competitors were purchased by medical plans, and they did that because the authorization for a dental plan to act in the country is also valid for medical plans. So now we're gonna see how much attention they're gonna give to dental, because when they bought Centauro and Dentegra, they bought them so that they can actually operate the medical plan market. So we're gonna look at that. We're gonna see the competitive market, the move, market movements, new getting new customers, and playing the game that we've been playing for the past 27 years. So thank you. That's what we've seen in the first quarter, new customers and an increase in the significant contract that we have. Now see how things will play out during the year. Thank you. Thank you, everyone. Next question is from Stella Strano from JP Morgan. Go ahead, Stella. Hi, everyone. Thank you for taking my question. So my question's about SG&A and expenses. So we've seen a growth in admin expenses and selling, especially when we look at revenues year-over-year. So I'd like to explore that. Why is there an increase? What is recurrent, so we can perpetuate that in the next quarters, and which is non-recurring? Thank you. Good morning, Stella. I'll start, and then I'll hand over to Pacheco. If we observe SG&A, the first quarter of 2024 was compared to first quarter of 2023, which was the lowest quarter in the past eight years. Very low, actually, because like you mentioned, non-recurring, you're asking about non-recurring. There are three main reasons that we always use. We use the end of the year for negotiations with suppliers. So if we get a higher discount than our cash position, that Pacheco always shows us if we're over BRL 1 billion, and then we have a negotiation. In a negotiation, we get a rate of return that's higher than we would get from an invested cash, then we usually do that. So at the end of 2022, it was a favorable moment for that, and consequently, we advanced some of the expenses in negotiations with suppliers. In the first quarter of 2023, that's very low, because the expenses there to happen in the end of the year. In 1Q 2023, we had a reduction in the admin contingencies, and this year we had campaigns. We do marketing budget for the year, and then we divide it equally during the year. But it's not really like that. Sometimes there's a market opportunity for cultural incentives. Like this year, for instance, we had the SINOG conference. It's the Association of Dental Companies that took place in the first quarter. So we work on these possibilities and opportunities so that not only 1Q 2023 was very low because of the negotiations at the end of 2022, but also in 1Q 2024, we used the marketing budget that would behave according to what we usually budget, but was a bit higher in the first quarter because of specific actions. Nothing that really stands out. We were just taking these opportunities, be it advancing payments in the previous year, or be it expenses in 1Q, that of things that will not repeat themselves during the year. Pacheco, would you like to add anything to that? Hi, Stella. Just to add to what Rodrigo mentioned, I'd like to mention the company's investment cycle, that it achieved its peak last year at BRL 95 million. As you've seen, the rate's down to BRL 80 million- BRL 85 million, and once again, encourage everyone to see our expectations for the investment cycle for 2024, 2025 and 2026, which will decrease compared to what we've seen in the past years. The maturity of those investments brings on potential and probable gains in expenses, and that's where I'll be very constructive. In terms of SG&A for 2025 and 2026, about our selling expenses, it really comes from the individual plans. We mentioned that before, that the individual segment is going through the mix to mix segment with higher bancarization, and that brings on lower selling expenses. So not only in ads, but also in SG&A. Stella, we do have some vectors that will result in margin ads in the next two and three years. That's what I wanted to highlight. Thank you for your question, for your question. Thank you. Good morning, everyone. To join the queue, inform your name and company in the Q&A icon at the bottom of your screen. We have no further questions, so the Q&A session is now over. I'd like to hand over to Pacheco for his final remarks. I would like to thank everyone for your participation in this video conference. So we're working strong to have yet another year of value generation. Have a great day. See you next time.