Good morning to everyone. Welcome to the Grupo SBF webcast, where we will discuss the earnings results of the first quarter of 2021 of Grupo SBF. This is Pedro Zemel, CEO, and I have José Salazar, CFO, Daniel Regensteiner, our Corporate Finance Director, and Luna Romeu, our IR Manager. As you can see on slide two, today we will separate our presentation in three parts. First, an update of the current moment and the highlights. We will comment on our results. At last, we will have a Q&A session. Questions can be sent through this platform, and they will be answered after our presentation. We will start on slide number three. During the first quarter of 2021, our financial result was impacted by the increased restrictions of retail opening hours because of the pandemic in 2020. This impacted our operations in the first half of March. We have been impacted during the entire quarter. This scenario affected our store sales, and like in 2020, the drop in our brick-and-mortar stores caused deleveraging, and this damaged our EBITDA. On the other side, the GMV online of Centauro is growing and it offsets partially. As stores go back to normality, something that we have been seeing, we expect a recovery of EBITDA margin to levels pre-pandemic. We do have some interesting figures to share. Number one is that the Grupo SBF grew 59% in revenue driven by the acquisition of Nike. This is the business that we have right now. In one, we have a challenging quarter and the seasonality of the year. We have BRL 1 billion in revenue. We believe what we will be able to deliver when we open our stores and our margins go back to normal. In addition to this, our online sales continue growing soundly, and during the first quarter, they grew 138%, and this represents 30% of total sales, driven mainly by the result of nike.com.br that in this quarter represented 25% of Fisia's revenue. In addition to the migration to the DTC channel direct consumer online, and now we already have put into practice initiatives that give us results. We've broadened our portfolio to sell through the Nike sites, and we've optimized our online marketing to create more conversions. The gain of shares of Editorial Directa Fisia contributed for it to reach an EBITDA margin of almost 10%, 9.8%. We are highly satisfied with the speed of the implementation of the projects that will lever the value of this acquisition during the first quarter, the first months with positive results of Fisia. Well, this shows you the opportunity that we have to broaden the profitability and penetration of Nike, especially with an assertive online strategy. To have new initiatives allow us to drop costs and optimize the profitability through our direct contact with our consumer. Another important point, although with the worsening of the pandemic, the omnichannel sales of Centauro grew, and when the stores were open, we observed sound and healthy sales. During the last weeks of April and May, we continued observing good signals of recovery for the open stores, and we already have seen a growth of same-store sales, especially in the G5 stores that continue showing performance above the traditional stores and even above what we had projected when we created this store model. This behavior confirms that the customer is omni-channel, and the store experience are essential for the purchase process when you buy sports goods. This is why we continue with our long-term plans to expand our stores in new cities to broaden our national presence. Although it's still fragmented, we evolved in our ecosystem so that all the business units work in an integrated format. This year, we are prepared to face the pandemic without deviating our focus on the projects that will give us value. In the long term, our technology team will give agility to these projects that will give us new value, and we will be able to give more functionality and a better experience. We are also integrating with NWB. That is part of the group, and it started on March 1st. As a first integration experiment between the business channels, we transferred the Brazilian Soccer Championship, the female soccer championship. Last year, when we faced the great uncertainty because of the effects of the pandemic, we adopted restrictions and also measures to protect our cash flow. Now we are prepared to face a second wave, and we are focused on the projects that will add value in the long term. We believe that the reopening of brick-and-mortar stores even in the middle of a pandemic will allow us to grow the sales in our stores and to have more profit. We will not change our investment plan and our growth plan focused on the building of a new ecosystem and increase of capillarity and an improvement in the sports experience purchase. We're paying attention to the short term to react quickly to any change in the scenario. Now I give the floor to Salazar, that will give you details regarding the financial highlights of the quarter. Thank you, Pedro, and good morning to everyone. Let's go to slide four. During this quarter, we, in our release, represent a table with all of these effects. The results that I will present in the upcoming slides are adjusted by the non-recurrent effect, and we will comment on the effects of RFS. This is a complete where we include Fisia in 2020. Figures are only Centauro figures. We will go to slide four and our main highlights of the quarter. We total BRL 1 billion in gross revenue, an increase of 59% when we compare it to the first quarter of 2020. We had an increase of 45% of GMV online Centauro and BRL 126 million in the digital platform of Fisia. At the end of the quarter, we have a cash position of BRL 412 million. We can go to slide five of the presentation. When we see the total revenue, we grew 61% during the quarter. We had a drop in Centauro because of the worsening of the pandemic during the quarter where we had greater restrictions. In March, we had days of 93% of our stores closed, and in 2020, the second week of March was affected. Centauro had 39% and GMV was 45%. This result of the omni-channel investments, technology, and marketing that we carried out in 2020, even with the drop of markdown level, the Fisia also represented good results, 24% of the net revenue. The second wave also went to the digital platform. On slide six, we will talk about the gross income and gross margin. Gross income in the first quarter was BRL 353 million, a growth of 43% when we compare it to the first quarter of 2020. A growth of 3.8 percentage points of gross margin is a consequence of the promotional environment caused by the pandemic. The price dynamic was normalized, but with the worsening of the pandemic during the first quarter, the margin was stable and equal to the fourth quarter of 2020. Other factors also contributed to this drop. We have the mix of channels and mix of product with the soccer channel below stock. Fisia presented a margin of approximately 38%, driven by the gain of nike.com.br online Fisia channel that has the greatest gross margin of these three channels. This gain of share, as Pedro explained, is the initial result of the new marketing initiatives and in the assortment. Since we adopted Fisia, the margin was also impacted by what we observed in the past quarter when we assumed the quarter. The inventory, we assumed the operations of these merchandise, now they were acquired in the distribution commercial agreement. We continue expecting a drop of gross margin as we renew our inventory. Now we go to slide seven to talk about operating expenses. The SG&As grew 54% compared to the same period last year. This increase is because of the incorporation of Fisia operations. As we mentioned, the growth of Centauro created variable expenses, freight and performance marketing. The temporary drop of this revenue is not followed by the expenses because most of the expenses associated to this channel are fixed. By and large, the operating expenses grew 56%. Now going to slide number eight, we will analyze the EBITDA. The EBITDA of the group total BRL 37 million with a margin of 4.6%, a drop of 4.1 percentage points in comparison to the first quarter of 2020. The EBITDA margin of Centauro was 0.9% and Fisia was 9.8%. The main factors that allowed this EBITDA margin to drop was the drop of gross margin and the operational deleveraging because of the closing of stores of Centauro during the first quarter. On slide nine, we have the net income. We had a loss of BRL 28.1 million. Now going to slide 10. Cash flow during this was zero. The seasonality consumes more cash during the first quarter of the year because of the payment of Christmas. The payments were offset by the Fisia wholesale. This cash flow was impacted by the acquisition of NWB. Last year, we suspended investments to preserve the cash flow because of the uncertainties of the pandemic. Right now, we have to focus on the long term and maintain our strategic investments. Cash flow from financing. We have the same strategy that is the anticipation of accounts receivable to reinforce our cash flows, something that wasn't adopted in the past. We ended the first quarter with over BRL 400 million, a debt of BRL 200 million, a total net debt, including anticipation of BRL 343 million. We are open to questions that can be sent through our webcast platform. We have question number one from Itaú BBA. I'm going to read the question. "Good morning. I have two questions from Itaú. One about nike.com.br. The pandemic could have helped to increase the share of this channel, do you believe that this accelerated the plan of the DTC of the company? Which were the learning points? The second question about the sports platform. You were talking about NWB and Centauro broadcasting female soccer matches. What was the experience? Well, the first question, we are highly satisfied with the results of nike.com.br and very reassured regarding the prospects. As you do know, this is an important part of the value generation. We expect this channel to give us better margin, the prospect of growth is very interesting in addition to a direct relationship with our customer. The brand Nike is a loved brand. People love it. I don't have to prove this. Everybody realizes this. This is an important factor for people to use the direct channel of nike.com.br. This relationship with the consumer that is strong is an element that will drive the growth. In addition to this is a channel that is under-penetrated, so the participation of e-commerce in nike.com was lower. It was 10% when we compare it to other countries and other businesses. We do believe that there is a possibility to grow quickly, and of course, this event helped us. I think that the purchase that was created by an exceptional occasion, well, this is not the biggest factor. Regarding what we have seen in reports from the banks is that as stores open, there will be a greater e-commerce penetration. We believe that.com is going to drive sales, but I believe that what is important is what our team is doing, and we are focusing on this part of the business. That is an integration of our technology platforms and also analyzing the logistic network. Focusing on this, we are excited with the first signals. The second part of your question, this was an experiment. Well, no, we've had seven matches. This was an experiment, and we have to see it as an experiment. What excited us, number one, was that we broadcasted an official match live from the CBF, and this opens doors for the future. Number two was the tone of voice of Desimpedidos allowed the public to be greater on the internet than it has historically been in terms of female soccer. There was an average of 300,000 views online in these matches, and there were matches with 15,000 people watching it live simultaneously. This is a long period of time in terms of broadcast. We're excited because our channels in certain events can also drive the amount of audience that we have, and this can also encourage partnerships. Also, these are the simplest layers of integration that we can use in order to drive the audience that watches our videos to buy, and afterwards they can buy in our e-commerce platforms. As we already mentioned, during the stage one of our ecosystem, well, this is the main way of monetizing, that is to sell product. We want to connect the audience of the NWB channels and affiliates with Centauro. Going back to the beginning, well, this is an experiment. Of course, we are happy with the signals, but this is just an experiment. We have a second question. Felipe Casimiro from HSBC. He said, "In the release, you said same-store sale positive in April, May. Do you have a base of comparison from 2019? In May is being compared to 2019, our performance has exceeded the amount. We do not want to give you the precise figures because this can vary throughout the months. Nonetheless, we do understand that our performance is positive when we compare our figures to 2019. We had been observing this performance in the stores that had been opened during the pandemic. In March, we already saw that consumers wanted to go to the stores. In April and May, we saw a stronger trend. Fisia was impacted by the restrictions. What can we expect in a normal scenario? We always had a target in our mind. We wanted to have a DTC mix, and this includes e-commerce, Nike Factory Store that are the outlets. We wanted to start from a level that was 30%. We wanted to go to a level between 50% and 60%. Our objective is to do this in three years. We believe that, well, unfortunately, with the pandemic, we will be able to anticipate the fulfillment of this target because we can radically change the mix. The DTC may be more relevant than wholesale. This, of course, will improve our margin and the site nike.com.br have gains of efficiency with SBF. Can I help you here? I believe, not yet. This gain, it's not because an improvement of services from the platform or from logistics. This is something that we are just starting. Our gains in regard to things that were done during the five first months are mainly of two areas. One is regarding marketing performance. Yes, this is something that we adopted. We treat the Nike e-commerce with variable marketing, with ROI, as you do with e-commerce. We won't asphyxiate the e-commerce when it's growing. This was very important. Another thing that was very important was the possibility of focusing and to expand this channel. Seeing it as a priority for us, and that we're going to deal with it that way, and we have to consider it on our daily decisions. In addition to this, the team had been doing an excellent job. There were things that had already been done, and we surfed on the wave that had already been created. I just wanted to add this. Let's see our next question. Our next question from Alex Tanaka from AlphaKey. "Good morning, Pedro. How can the SBF ecosystem increase the purchase recurrence of your customer? How is the purchase process of the Nike products? I'll answer the first question. First one would be the retail of one category and our category, not only one category, is a low-frequency retail. A customer buys in average two times a year, and there are customers that, of course, buy more. This is one of the main challenges to create an ecosystem. How do we create and make the best the journey of sport to increase the frequency that we meet our customers? You can't have a deep relationship with someone that you see twice or four times a year. This is why we want to increase the frequency of Centauro. When we include other assets and other types of business, well, with this, we want to increase the frequency. This perspective in terms of sports gives us optimism because there's strong engagement with sports. People are frequently connected to sports. A great amount of people watch a match or read an article about sports, or use some running app, or practice sports, or go to the gym every day. What we have to do is to connect ourselves to our points to increase the recurrence. This is one point. There is another point, which is that the Nike brand provides us. We are in SNKRS Day for those that are members, and these products emerge, and they are all bought. This is for members, and this is an additional purchase. The product that Nike brings to the ecosystem is not that a person bought sneakers because they needed it. They bought sneakers because the opportunity appeared, and this is something that they could have bought in another segment, like wine. I'm just giving you these examples, but I believe that we are placing assets that help us to have IPs in order to increase the recurrency. Female soccer was an audience that was watching other things, and we brought female soccer, and they connected with us. We are really reassured because we're opening channels, and we are creating more sport engagement, and with this, we create purchases inside our ecosystem. Before I give the floor to Salazar. During the first days of May, we're talking about 13 days of same-store sales. That is nothing relevant. We're going to break out the figures in a structured fashion. We were excited because we saw a base of stores that were open, and despite the restriction of opening hours, this is an additional challenge. We see same-store sales by 7% in stores during the first days of May. This is why we believe that as stores will open, we will see growth, we will be able to sell products, which increases the gross margin, and we will go back to the pre-pandemic levels in terms of revenue, and, of course, a higher revenue, higher than the first quarter. Salazar, you can answer the second part of this question. Hello, Tanaka. Well, basically, it's the following. We generally negotiate the collections. There are four collections a year: spring, summer, fall, and holiday. We negotiate, and we prepare these collections and at what price we have to sell them in order to attain the desirable margin. We do this nine months before, just for you to have an idea. In March of 2021, we were Not ending, we were starting the calculation process of the sales volume for holiday 2021. During this moment, we realize the demand, what kind of demand are we going to have, and based on the expected demand, we also see the price of the U.S. dollar. How much will it cost to buy this product in U.S. dollars? We price here the different products, and we provide the sales price to our partners. Everything is based on the U.S. dollar perspective. This would be the future U.S. dollar. What we basically do beforehand is to see the costs or how much it costs to buy this collection based on the market demand. We start to announce to Nike, Inc. What will be our demand, and also we already know at what price we have to sell to gain the margin based on the exchange rate on the market. We do things nine months beforehand, we have four collections a year. The next question from Richard. Richard from Bradesco. Good morning. Now that NWB acquisition have closed, what are your next steps? How are you going to engage with the e-commerce customer? Thank you for your question. This year, we have a number of priorities. We are evolving each one of the business units, and Centauro in the internet is the preferred destination to buy sports goods for Nike is to grow.com and to open a channel of direct sales through stores so that we can grow in the direct channel to our consumer from here on and to integrate or to bring elements that can support and solidify our ecosystem, mainly through the ability to use our audience that we create in NWB and to create some type of membership so that our customers come back more frequently. You want to increase more frequency. When we see the e-commerce consumer, when we're talking about omni-channel consumer has an LTV better than that from e-commerce. We have a CAC that in the industry growth, and we are maintaining this relatively low. If you see a shorter period of time, like one year or more than this, it is based on the first purchase because there is low recurrence. Here we have a major challenge of improving the e-commerce indexes, but to place elements that will drop the CAC. We have a proprietary channel of NWB to bring customer in to increase the recurrence and to create articles or to create partnerships to increase or to create advantages so that the consumer buys in other companies of the group. These are a number of projects, but these are new projects. I want things to happen before I share all the ideas broadly. Thank you very much, Richard. Now I will go to our next question. From Irma from Goldman, and there are two questions. With the reopening of stores, have you seen a mix of the sold products, or is it too early? In Centauro, is the gross margin going back to the historic levels, or are there things that will affect you for a longer period of time? Salazar, I will answer the first question. You will answer the second question. The first question. Irma, there are oscillations because there are restrictions, like soccer products, like soccer shoes is suffering because we have less people playing soccer. Individual sports still are a highlight, and collective sports are still suffering. This is the main change that emerges. We are closer to normality than one year ago. Last year, we sold a lot of home training equipment, but now things are going back to normal. Of course, with the caveat of collective sports because we have different profiles, and people that play soccer are suffering, and this is a business that is important for us. Salazar. The second question. I'm going to extend my answer a bit, and I'm going to go back in time. To give you context, the answer is yes. Yes, we see that margins are going back to margins close to 2019. There is a context. Well, this had already been observed since October last year. In quotes, actually, when we had a slowdown of the pandemic in September, and in quotes, we lived a more normal life in October and November with open stores and things were working, or people were circulating more freely during this period, we saw margins recovering. This was reassuring because we saw things come back to normal, people go back to normal. In December, before the Christmas period until the 15th, we also observed a gradual recovery of margins. Things were resuming month-on-month, and the margins were improving in both channels. December came with the beginning of the third wave before Christmas, and we started seeing opening hour restrictions, and the movement of margin resumption was more restrictive. On the other side, during the second wave, we didn't see what we saw in the first wave that was a significant margin drop. In a certain way, everybody was prepared. Our inventories weren't as high as in February before the first wave because people were optimistic. Nobody thought about a pandemic. Everybody was. Also, within this aspect, although we didn't recover our margins, we didn't record a significant drop vis-a-vis the last quarter, and we changed a couple of things because as the store's operation resumed, well, we became more selective and perhaps more intelligent in pricing, in markup. We focused the pricing in this aspect, the markup. We believe that people that were visiting the store were going to buy if they left their house after a second wave, and this person went to the store to buy, and we realized that we could be more conservative in the price marking. We started to mark less. With this, our margins, mainly in brick-and-mortar stores, started to recover. The e-commerce margin are recovering slower because the market is more competitive. This is a market online, but we can also see the same margin recovery that we see in brick-and-mortar stores. The answer is, are we recovering our margins? Yes, but I wanted to give you a background so that you could see what we did during this period and why this movement. Well, when stores go back to the normal opening hours, and as we see that customers want to go to the stores to buy, and this is something that is going to happen. When stores go back to normal and e-commerce goes back to normal, well, we will see everything reflected on e-commerce as well. Thank you very much. Thank you, Salazar. Now our next question, Marcelo from Perfin. Regarding Nike, and how much does Nike represent on the online? This consumption in terms of inventory depends, varies according to the channel. There is a part of NFS that will be expanded until the third quarter, and the third part that is online. We believe that we are in a place where we doubled. Even with the reopening of stores, we are reaching this point. We are very happy and accelerated with the capacity of adding value with this acquisition. Thank you. In addition to Marcelo. There are investors that ask questions about the share. I think that my answer answers your question. Yes, we have already doubled. We have a question from Victor Fujihara from Santander. "Good morning. Regarding the sales of Centauro, can you give us your prospects for the future? " Victor'' We do not have a target here or an objective. The growth of this number depends on the growth of Centauro, and it also depends on the growth of the Nike share in Centauro. We basically let the market resolve this. The Centauro team has their objectives, and they benefit themselves with the growth of Centauro. They will buy Nike more or less according to how this will benefit them. We don't have an idea how much they will buy. We have a next question from Cristiano from O'Reilly. "Well, what about the remodeling plan for your G5 stores? Has there been a change because of the current situation?" We continue doing this. We have not changed our plans. We continue remodeling stores. Here, we have around 60-something stores following the G5 model. What happened was that due to movement restrictions and additional care with the circulation of people, we didn't send teams or VMs to cities where hospitals were overwhelmed. During this quarter, we have opened I'm going to ask Salazar to give you the figures. I can't find these figures right now. I believe that Salazar has these figures, and he can give them to you. We have not changed our plans in terms of cash. It wasn't necessary, but we replanned things because of the circumstances. We're talking about 65 G5 stores, and it's important to say that these stores present good performance with a performance index that is better proportionally to the normal stores. It's better than what we expected. We believe that this is an important avenue. There is another question from Wagner Salaverry from Quantitas. "Any restriction of Fisia in the marketplace?" Thank you for the question, Wagner. We believe that we have a number of avenues of growth, and all channels can develop themselves. Our ambition here is to grow the Nike business in Brazil. This is a possibility because we can work with products that have a margin that don't allow you to sell it wholesale. There are players of the market that define themselves and are successful as a marketplace, and there is a growth priority in this channel. These are technology platforms, and they are not necessarily interested in holding inventories. Of course, we can follow this model. Yes, there is an avenue of growth. This basically concludes our Q&A session. These are all the questions that we received through our platform. We will now bring to an end our Q&A session. Our IR team is at your disposal to clarify any questions that may emerge, or if by any chance we didn't answer a question. I would like to thank all of you for participating in our earnings results conference call and to thank our team, our employees of SBF. Everybody has been working strongly and has been totally dedicated to this bold mission that is to build an ecosystem. In the middle of a pandemic, well, the dedication of this team is moving. We will pay attention to the short term, and we are prepared to react quickly, but without losing sight of the future in order to evolve our sports ecosystem. As we mentioned in our last call, our ecosystem is growing, and this is a challenge. We believe that in this quarter, we placed an additional brick on the building of this ecosystem. We will continue with our investment and growth plan focused on delivering the best sport experience. I hope that you continue following us. Thank you for your time, for your participation, and have a good morning.