Hey, good morning, everyone. Be welcome to our results presentation today. I'm Sérgio, and I have Dennis here, our CEO. I have Izabel. I have Maia, our CFO. As usual, we will bring you the most important results of our last quarter, and then we will start with questions and answers. In this new format, if you wanna ask a question, please raise your hand. We have a button down there that you can use. If you prefer, we may have your question in written form in the Q&A button. We will answer the questions in the questions and answers round. All right. Before we move on, we would like to clarify that the statements that we can have here in this video call regarding business perspectives, projections, forecasts, are beliefs and premises of the board. They are not a warranty of our performance. They involve risks, uncertainty, and premises because they are about future events, and they depend on circumstances that may happen or not. Investors must understand that the general economic conditions, the industry, operational factors may affect the development of our company and may cause different results than we may have in the future. Now I'll give the floor to Dennis that will start the presentation from the slide four. Dennis, with you. Okay. Good morning. Thank you, Sérgio. Thank you. Be welcome, everyone. I wish everybody is fine, safe. The first thing that I would like to say is that we have meaningful progress in the operation in the second quarter, 2022. We grew 30% in our revenue, net revenue year-over-year. Year-to-year, we grew our EBITDA margin even without the positive recurring effect of BRL 36 million of revenue with the corporate model license in 2022. Even with the dilution of two or 3x greater year-to-year with the collective readjustment of the bargaining of salaries and wages in the first quarter. We recovered the Techfin result with the net revenue acceleration of funding, the reduction of our PDD, and the contribution expansion. In business performance, we accelerated on the growth of recurrent revenue quarter after quarter, and we have more ARR net addition revenue. That, in a very, very challenging scenario, which shows a solid company with a resilient business model, with loyal client base, satisfied clients, is a brand that is associated to innovation, a winning approach, and we have a very committed and engaged team with us. That's why, as usual, cannot leave this opportunity behind to say thank you to all the TOTVERS, to the families, and the millions of users and thousands of clients in Latin America. In the slide six, we see that these achievements happen in all the dimensions. We had better revenues and the contribution margins, and now we have BRL 966 million as a net revenue and adjusted EBITDA margin of 63.1% with a growth that is a very interesting one with 37%. The first thing I would like to say is the growth of 27% of the recurring revenue, because of SaaS that is still growing and is better year after year, getting to 37%, as I said before. The acceleration of quarter after quarter growth of our net revenue in business performance with 1.7%, moving to 8.2%. TIG growth of 36% quarter after quarter. Finally, the progress of 10% of our net revenue in funding in TechFin if compared with the first quarter. In the margins, we have 10 basis points of advance quarter after quarter without the increase in the corporate model license. That was a record in the first quarter, 2022, and with the dilution year after year of the collective bargaining in the first quarter. Besides that, it's important to highlight the important growth quarter after quarter, 11.6 points in the TechFin contribution margin. Not only because of the revenue that is greater now, but the reduction, a reduction of PDD and 7 points more of the business performance contribution margin. Our engines of growth are still moving on, representing more or less 43% of the total revenue and more 55% of the revenue year-over-year. As you can see in the seventh slide, we are able now to increase the relevance of our recurring revenues, keeping the profitability in a very healthy level. In the rule of forty, as you can see in the slide, the ability of keeping the balance between growth and profitability can be, it's evidenced by the 53.2% metric in the quarter, 8.1 points above the previous year, and it's very valuable in this unsteady moments. Now let me give the floor to Maia so he can comment on the business dimension results from the slide nine, please. Thank you, Dennis. Yeah, as we were saying, the highlights go to the growth, 27% of our recurring revenue that is now representing 85% of the total revenue of that dimension. Once again, the recurrent revenue was driven by the SaaS revenue that is still growing, accelerating 37% year-to-year. We may highlight the 20% growth of new signings and 48% flow. The year-to-year recurring revenue of our management, our business model grew BRL 3.3 billion, or Brazilian reais. We have a net addition of 214 million, right? As we can see, we are moving from a level of 62% in the last twelve months to 77%. 67% in the first quarter of this year and 70% in the last quarter. This effect shows that even with the price in absolute levels that are similar to the ones we saw in the second quarter of 2021, and the renewal rate that is a little bit below the level of the first quarter, this growth of our volumes allowed the company to have a net addition of 56% greater than last year. Now, in slide 10, you can see the contribution margin of management that is growing 40 basis points quarter after quarter, keeping BRL 450 million level in absolute values. This performance was because the growth of our recurring revenue that is balancing the positive impacts of our record increase in corporate model in the previous quarter. If we do not take this into account, we will have a growth of 130 basis points, even with the dilution that is considered because of wages and collective bargaining. Now, in the next slide, 11th, in the dimension of our business performance, we have revenue acceleration, more sales margin in the comparison between quarter-over-quarter. Net revenues of this dimension grew 30% year-over-year, and we re-accelerated from 1.7% in the first quarter to 8.2% in the second quarter. The recurring revenue of business performance represented 98% of the dimension revenue, and it was shown in this graph in the middle of the slide. It grew 31% year-over-year. Our revenue year to year, recurring revenue year to year was also the highlight of this quarter, getting to BRL 300 million. We have very important highlights here, like the upselling of entry level and the cross-selling of CRM, the client base, and our RD Station. This progress in revenue associated with the investment on the infrastructure optimization brought to our historical level of 75.3% and the gross margins, which represents 280 points above the second quarter of 2021. As we showed in the next slide, you can see here that this gross revenue growth created more contribution, getting to 48.4% in the quarter, 70 points above the first quarter. That without stopping the investments in R&D. That's why this shows that we are focused on growing and getting better revenues. Now, if you can see the Techfin, our Techfin revenues grew 19% year-over-year, 10% quarter-over-quarter, even with the funding costs being affected by the interest rate increase in this period. This Techfin revenue is associated with the production of credit growing that grew 8.5% year-over-year, 3.3% quarter-over-quarter. Achieving our BRL 10 billion level in the last twelve months, as you can see here in the graph to the right side of the slide. It's important to say that the cross-sell strategy of Mais Negócios is still evolving with more integration with the main ERPs and partners, with the reduction of the middle term in the deployment of products and new affiliates. As a result of this, 55% of our new prospective affiliates and 60% of the new affiliates are clients that belong to us. We have lots of potential here. Besides the growth on production, revenues are also affected positively by the FIDC portfolio and negatively affected by the production average time or lead time of 3.5 days, less than one in the first quarter. The average time of reduction is translating into a credit portfolio 2.5% smaller than in the first quarter, with a reduction in our overdue portfolio in 30 days. We have now 1.2% of our portfolio in the first quarter to 0.9% in the second quarter. That shows how important it is to do efficient adjustments in the first quarter, because the increase in the overdue portfolio reflects more. It reflects the adjustments that we need in the credit limits. As a consequence of this reduction in the initial groups to overdue or default, we have a reduction in the expected losses for the second quarter. 29% reduction if you compare it with the first quarter. If we can have a last comment on the Techfin. In the slide 14, you can see that the contribution margin is now in with 63.1%, which is a very interesting recovery of 11.6 points on the first quarter 2022. That's because we have 10% growth of Techfin revenue with funding and a reduction of 29% of our losses, expected losses. It's important to mention that this achievement in the contribution margin and the performance in this quarter, as explained before, was affected negatively by different circumstances of this period. The quick recovery of contribution margin proves the resilience of this model and the ability of the supplier to adjust the operation to keep a healthy book with low credit losses. That's a very, very important asset. Considering the relevance of human capital for TOTVS, and with the sixth edition of our integrated report, we have Izabel to talk a little about that. Izabel, the floor is yours. Thank you, Maia. Thank you. I'm so happy to have you here. Our proposal that we have here is to keep an eye on our human capital. In the Investor Day, we know how important these people to become a driver of our growth. We have worked in three pillars, make our culture stronger, attract and develop people, and engage and retain talent. Our strong culture, that is a diverse one and multidisciplinary one, help us to have a very solid base to evolve all the time. In this sense, diversity is a very important topic. We work strongly with our affinity groups, and now they are turning one year of existence. We have also our program for people with handicaps and trying to move forward with inclusion and creating a talent database. We have also a very solid, robust culture that makes 93% of TOTVERS say that leaders act accordingly to the culture. The attraction pillar, our Glassdoor, is still in a growth curve and is getting to 4.2 points. Our talent bank is also growing. We have 23% more than hirings than in the last year at the same period. Talking about this and talking about development, we have a very important ambition when it comes to young people. We wanna have TOTVS as the first choice for people who want to join the technology labor work or labor force. We wanna have programs between tech career and young people. We have a IOS, which is the Instituto de Oportunidade Social. It's a nonprofit organization that we're helping them for 24 years. We have the Internship Tech, that is a program that started in 2021. All of these programs are definitely giving us back some important landmarks that help us to train people on the tech careers. We have a virtuous cycle that translates interest into engagement, helping us with our eNPS. We are recognized for the third year in a row as the best company to work by Great Place to Work, one of the best companies. This is possible because we combine the essential elements of sustainable human growth, transforming challenges and opportunities. All right. Moving forward with the next slide, 17. Yesterday, we had the last version of our integrated report. We want to promote more visibility respecting the SDGs, right? For the first time, we have information about the greenhouse gas effect. Our emissions and our model. We have different possibilities, for example, health, mental health care programs, different expansion of initiatives and projects for flexible working model. When it comes to the G, we have the risk matrix that was reviewed considering the LGPD law, the conclusion or the finishing of the implementation of our SDGs initiatives. We have committees that are working on SDGs and see how can we do it. To take a look at this report. You just need to point your camera to this QR code here, or you may access our investor website, ri.totvs.com. With this care and these possibilities, we are moving from BBB to single A, placing the company in a very select group of global companies. When we are talking about those, we are not talking about clients. We are talking about all the stakeholders and the thought workers that are driving our growth. Dennis, our final message? Sure. Our final message. Thank you, Izabel. Okay, this is the second half of the year, and we are moving consistently to become a trusted advisor of our clients. We're seeing meaningful progress in different areas, especially three of them. When it comes to management, the growth in recurring revenue is still driven by the SaaS revenue. We are getting the historical level of 85% of our revenues in that sense. When it comes to business performance, the record addition of ARR of our recurring revenue year-over-year shows the consistency of our sales in the quarter, and we have opportunities that in a market with low penetration. We are convinced of our potential in this dimension, and we want to balance growth and profitability. When it comes to Techfin, we know that this is a very, very important business, is able to adjust to growth, keeping our history of a very, very healthy loss prevention. We wanna keep our companies growing. We wanna help our clients so they can use technology to leverage their growth, being more flexible, being more profitable. That's our proposal, and we want to have the 3D ecosystem construction, and we wanna have the companies investing in technology regardless the economic situation. Our process to consolidate these three dimensions in an integrated form that is interdependent and interconnected will help our clients to sell more and sell in a smarter way with business performance, with more intelligence, to have more financial services with Techfin and be more efficient when it comes to management. Okay? We are here for the questions and answers. If you have some questions and answers, that will be conducted by Sérgio. All right. As I said before, thank you, Dennis. If you wanna ask a question, a live question, just raise your hand. We have some possibilities here. Or if you want, you can ask the question, raising your hand or in the Q&A. I mean, the way you want it. Okay? Our first question here is from Marcelo Santos, JPMorgan. Marcelo, please, the floor is yours. Good morning, everyone. Thank you for taking my questions. The first question is the following: I have a question on business performance. The first one, if you can tell us a little more about the two elements that you mentioned of what you call ARR, right? Like, the cross-selling and the other strategy that you mentioned. If you can tell us more about this recurring revenue year to year. The second question is more a strategic one. When we talk about the synergies between business performance and management, do you think more on selling the products of business performance to management? That's a possibility. Or you're thinking more like a funnel, like a sales funnel. Companies will come in smaller in business performance. That will reduce CAC. What's more relevant for you when you think on these two blocks? All right. Thank you, Marcelo. I'll start. Maia, B el, if you wanna say something else. Okay. CRMs. CRMs, RD, that was an acquisition that we made, like two or three years ago. Companies like RD, they have a challenge and a strategic challenge, a very interesting one, because normally they start with a single product that can have different versions, for example, more or less sophisticated. You have the entry level and the premium level. Well, they have a challenge, right, to add a second, third, fourth product. Most of the products, I mean, most of the companies, when they get there, they face a hard time. RD, when they acquired this company, that was the first attempt to move forward and surpass this barrier. It was an important time so they can adjust the demands and the supplies and be prepared with the company, the CRM company that was acquired to manage a meaningful volume of sales and clients. After sailing through this preparation time, what we have seen in these last 12 months is a very, very important acceleration when it comes to CRM. This growth is a very natural one, and I believe it comes from cross-selling. I think we have a fit, a good fit in CRM and the marketing companies. All right? It's interesting because we have a phenomenon here that was an unseen one, and that helped us to understand the next question, which is, we have a great great volume of clients of CRM that are not yet clients, the marketing platform. We have a dynamic here that was not expected, where the CRM, in many occasions, is the entry door, is the entry-level for a new client for RD, and the cross-selling will be the opposite, right? The client may become a marketing client, whether entry-level or premium, right? The dynamics of the entry-level are just like that. You have these products that become a entry-level, is less expensive, is less sophisticated, and then you have some tasks that you need to deal with these clients so they can move forward to the upselling, let's say, to the premium product. These two dynamics, they are possible, and they are very important. To answer your second question, Marcelo, I would say that in the first place, the idea is to be stronger in cross-selling business performance for, you know, our clients in business performance. But I believe we have the opposite as well. It's not where we're focusing now, to say the truth. The efforts are being aimed at creating the first success case, the first business case, selling business performance to the management clients. We said that in our event named Universo. We know that that's a possibility. We started to notice that with the CRM sales, we see that some clients are interested in doing something like that. And maybe before we expected, this second offering will happen, but we don't know. We believe that with time, this opportunity may pop up, the opposite opportunity. All right? Management for business performance clients. That said, here we are discussing the size of our clients, and we know that we have the perception of smaller clients, right? Business performance for them is the core. Maybe they are not interested in management yet. When we see these companies that are very, very small, what we say here, MPE, is micro and small companies, right? We see that they are simple companies. The business is, you know, very simple. Maybe the management software is not very relevant for them. At the same time, digital marketing, CRMs, e-commerce, omni-channel, marketplace, that's something that is very relevant, definitely. I would say that looking to the future, not the near future, let's say not the next two quarters, TOTVS may become, I don't know, may start working in that sense when we think in the size of the client and having dimensions that may be more relevant for some clients and some other dimensions can be more relevant for other client sizes. Right? Okay. Thank you, Dennis. Thanks to you. Next question, Fred from Bank of America. Please tell us, Fred. You can turn on your microphone, Fred, please. I'm sorry. Yeah. I'm sorry. I was on mute. Yeah. Thank you, Sérgio. I have two questions. The first one, I think I would like to understand the inflation trends. On one side, it seems that the inflation is finally being controlled. It was too high. I think you were not charging, let's say, adding this inflation to the contracts, and I would like to know how you see this. Now with this inflation controlled, do you have more room to charge more to the clients? I don't know, 100%, 70%. What's the rationale there now with the new possibilities of the inflation? How do you see that? That's my first question, to know if that makes sense or not. This revenue that you're seeing here, is that rev rec? I mean, this is recognized in the management, in the recurring revenue or the model is the same. You have the ARR, you recognize it, and then you turn it into revenue later. Thank you. Thank you, Fred. Okay. I think on your first question on the inflation charges that we make with our clients. Well, we have a contract that is valid for one year with our clients. It depends on the negotiation, right? When we get to the 12 months, we have an automatic renewal. In this renewal, we have an adjustment. We have an inflation adjustment. Okay? This is an automatic practice. It's a very popular one by TOTVS and other companies. All right? The clients themselves, they have this, software, you know, companies and other vendors, and it's a very normal practice. It's It's a regular one. Okay? It's good. Of course, we have specific situations where you can have a different treatment and you may address the situation in a different way, of course. Considering the circumstances, of course. That's something we do in normal and bigger accounts or in a very specific situation. Yeah, normally we will have 100% of on lending or transfer of this inflation prices. I don't feel this practice will be changed in the future. Talking about your second question for IRR, we have our year-over-year recurring revenue, and we see how we recognize the revenues, but it takes a little thinking on the way we recognize revenues here. We see that just the planning of this management is something that we do. Yeah. We have the value, as we call it here. I don't know if you know that. Yeah. Yeah. Sure. Awesome. Thank you. It was good. Awesome. If you have more questions or if you have something else you wanna know more about, just let us know. Next question, André Salles from UBS. André, do you wanna raise your questions? Yeah. Can you hear me? Yeah. Awesome. Okay. Hi, guys. Thank you so much for the presentation. I have two questions. The first one has to do with the competition in management segment. I would like to know. I know it's complicated to understand the figures, but this slight deceleration we saw in the quarter, do you feel clients are more careful on technology investments, or we have more competitors? I would like to see what is your opinion. Considering this impact of the collective bargaining and similar costs that you have at TOTVS, we expect this margin, the EBITDA margin to be, to expand in the second half of the year. What do you think? Thank you. Awesome. Okay. About competition and thinking on the performance and thinking on the what we call the ARR, let me clarify something first that I believe is good. We have that in the release, but I will reinforce things. This is exclusively for the prices dynamics. Okay? We don't have anything. It doesn't have to do with clients and competition. Reducing the rhythm or things like that, no. That reflects only the inflation, the inflation that is getting smaller than what we were expecting in the first place. So, yeah, that's a dynamic. That's dynamics that we will see as the inflation is falling. I think no one is expecting or no one is considering for the forecasts, the inflation that we have seen for the next 12, 24 or 36 months. I think it's natural that the, you know, the nominal addition will fall, right? That's why we feel we have this information. We want to have volumes and prices that should be broken down. In volumes we're doing very well. Very well. Adding up to that, I think when it comes to competition, I understand that, yeah, we are growing more than the market. I believe we are. We don't have those metrics, let's say, in a permanent fashion. We don't have reliable data on that. I don't think the market is growing as much as we're doing. I believe we're, yeah, we're getting more share. That's what I feel. I don't think we are getting more competition, and we're not feeling the acceleration. No. On the margin part, yeah, I think we had a second quarter that was very, very positive. I think we showed that in the release. The dynamics are those. The first quarter will have a greater margin than the second quarter. Why? Because we have the licenses, we have the corporate licenses, okay? For this year, we had a historical record, right? In the model. If we purge these licenses, let's say, the results that we have here, I think it will be instead of 10 points, it will be 37 points, which is an amazing expansion, right? Yeah, I feel that's something. That's a very important thing. At least for now, we're keeping the growth. The cost discipline is important here. I believe we have the right drivers to have a second half that will be very positive. I don't know, Maia, if you want to say something in that sense. No, I think that's exactly what I would say. I mean, yeah. When we see the first and second quarter, we see that the revenues are there. I mean, yeah. We have the elements. We have all it takes to have these costs controlled. We have enough elements to say that, yeah, that we will have a very positive behavior in the second half. Okay. Thank you. Thank you. Marco Nardini from XP. Marco, please. All right. Thank you. Okay. Good morning, everyone. Good morning. First, congratulations for your results. For the contribution margin of Techfin this quarter, I would like to know what you're expecting for the performance of this margin for the next quarters. The second question is about business performance. Can you give us more information about the partnership with VTEX? Does it make sense to have a partnership with other companies in that sense for these clients? Thank you, Marco. Thank you. Have a nice day. Okay. On Techfin, yeah, we feel that the way we say it, right, I mean, we feel that the second half of the year, if all things remain the same, we see a positive dynamic here. I feel we adjusted what we had to adjust when it comes to credit. Our clients are still asking for credit. We have a positive performance in Mais Negócios. It's a very interesting progress we have there. It's consolidated, okay? We feel that, who knows? I mean, yesterday we had the meeting of the Monetary Policy Committee in the Central Bank, and we see that in the second half we may have our interest rates, called Selic in Brazil, more stable. Maybe next year will go down. All the negative effect, which is an important negative effect that we saw here with the Selic interest rate going up, maybe next year will be different. Okay? Yeah, it will be neutral, and probably next year will be positive. Okay? From the margin perspective for Techfin, that may have an effect. That may have a positive effect. Okay. The second question was about business performance. Okay. I'm sorry, can you give me the question again? Yeah. If you can give me more information about the partnership with VTEX. If it makes sense to have a partnership on the e-commerce for other type of clients, maybe thinking on the answer that you provide to Marcelo. Okay. Yeah. Well, so far things are very good with VTEX. I think it's a positive effect here. We have this challenge, of course. We have a challenge with client base. That's something that we knew from the beginning. There's nothing new, let's say. As we move forward with VTEX clients, we have this mismatch between the products with VTEX. VTEX is a fantastic product, but is addressed to bigger clients. We have our TOTVERS with a very important number of clients that are the small clients, right? Yeah, we have a compliance level, let's say, for pricing and for product that is not perfect. All right. Yeah, we are discussing with our new head, PH of Digital Commerce. One of the main possibilities here is to be able to find possibilities, alternatives to have more adherence or more compliance, let's say, more adherence for smaller clients. Can be an M&A, can be a partnership, sure. Organic development, why not? Okay. Yeah, it's a combination of these three elements. Yeah. But I don't know. I mean, I cannot say something that is not still discussed with people. Yeah. Okay. Awesome. Next question, Diego Aragão from Goldman. Please sir, anytime. Okay. Thank you. Dennis, Maya, Isabel, Sérgio, nice to see you guys. Thank you for getting my question. I would like to know more about the structure from governance in the company. Who will be the leader of this new venture with Itaú? How do you see that? How you see this partnership with Itaú? I would like to understand the timing. It will be nice to see that. Sure. Thank you, Diego. Nice to see you here. Let me start by the last part. Timing, well, I think we are in the same level, right? We're saying that the central bank will approve this. We have the good news that the strike in the central bank is over now, but we know that the backlog and the workload there increased a little. Yeah. We expect it to take more time. Okay. We need to see the operation. Okay. Yeah. Well, we see that the results are positive. The perspectives are good. We call it Techfin here. With this structure and the Supplier, that is Mauro Wulkan and Eduardo Wagner, life goes on normally, right? There is a discussion there. We don't have the transaction approved yet, but we are discussing, and we're talking to each other, and we are seeing the different steps to take, different measures to structure this JV. I cannot comment yet on leadership. As per contract, we have a governance of this JV that will be shared 50/50, right? 50% TOTVS, 50% Itaú. Everything will be consensus, agreements, okay? The structure will be divided by TOTVS and Itaú. We are not there. We are not yet in that definition. Of course, we have some ideas here of what can we do. The consequences, we don't know yet how to answer that. Okay. Okay. Can you comment on the possibilities of partnerships with other players? That would be nice to know. About the migration of clients on premises or cloud. I don't know if you have those figures, let's say on premises versus cloud. Talking about the speed of the migrations on premises to cloud, how do they compare? Okay. Yeah. We will use other companies, yes, partners, even after JV. Yeah, we have partners today. Those partners will be kept, and some others will appear. Once again, it's good to say that we do not have exclusivity. JV with Itaú, no exclusivity at all. We will have partnerships in the market. Why not? We will do that actually, and not only in partnerships and offerings, but also in funding. We will have freedom to operate. Yeah, we have some figures here. We can have a growth in cloud. It's 50% more or less the growth, which shows that the penetration levels in our clients is growing. It's growing a lot because the recurring is growing less than that, and SaaS is growing less than that as well. Yeah, this penetration is growing, definitely. We have half of our clients on cloud, and we do not see any deceleration on this, yeah. Maybe considering this, we can have more. We can have more, and we can have greater percentages. Okay? I don't feel we will have 100% of our clients in our cloud. I don't feel like that will happen. I don't think that will happen, right? Today, I feel the nice thing about this, and I even commented on that. It's interesting to say that we were able to consolidate in TOTVS and outside TOTVS. Okay. When we are talking about the cloud applied to our products, to our services, we see that we have a consensus, that the way of using the cloud is the logical one. Okay. It's good. That was not so obvious some years ago. Improving the quality, seeing the possibilities with a pricing that is more competitive, with a structure of sales that we have created here, everything turned this cloud offering for our applications like a no-brainer, you know, for our client base. I believe we will have more possibilities, and we will see the results in the coming years. Okay. Next question. Felipe Chiarello from Santander, please. Okay. Good morning, everyone. Good morning. Thank you for getting my question here. Two questions here. The first one has to do with management. I would like to understand more. Understand the IR, right? And the recurring revenue, I see that it's growing 27%. Just want to understand what is behind these dynamics. If we will see, you know, like, it would be fair to say that the recurring revenue will increase in the second half. And then on M&As, I would like to understand the pipeline. If you have plans to invest in the second half or if you have a target considering the net cash of BRL 500 million, if you can have a greater target here, maybe. Okay. This is Maia here speaking. Just to start with the first question about the ARR or recurring revenue year-over-year. Well, month-by-month or quarter-by-quarter, that will depend on the sales, right? The other variables like adjustments and the anniversary distribution in the different days of the quarter. We may have a mismatch between revenues and ARRs. Yeah, we have some levels. Sometimes can be greater, sometimes can be smaller. Some grace period in the moment that the clients start paying, right? That create a lag. You can see that on the matrix, right? When you analyze the contract, you have this mismatch between ARR and revenue. With time, both metrics will get closer and closer. Okay? Yeah. We're active. We are really active on the pipeline. We have opportunities, we have possibilities. We have possibilities that are more advanced than others. Maybe we'll have some transactions these next months, but you never know. M&As, you don't know. You don't have the possibility unless you have the contract signed, right? We don't know yet. Given the volume of opportunities we have here and the way we have moved forward with the opportunities, I believe we will have more transactions in this region, right? About the opportunities, well, it depends. We have strategic structures, strategic fit with our client portfolio, with our distribution channels. Opportunities, we have all sizes. We have some big ones, small ones. Yeah. Sometimes it's hard to tell without having something more concrete in that sense. Yeah, that's right. The only thing I would add is that since the market has started to be more active, let's say, we see this question very often. If the, you know, the panic attacks that we had in the stock market, if that reflects somehow in the companies that are not listed, right? You don't see that question, but I will give an update in that sense. I have seen that. We have noticed that. We have noticed a change in the behaviors, all right? We see that the companies that are not listed, we see availability. We see, you know, people are more realistic. Companies that are smaller, they are in the beginning because they are just in the ramp up, right? They are not yet thinking on those possibilities. We see that some people, they feel that the previous measures will start. I feel that we have a scenario. The scenario that we saw maybe the beginning of this year won't happen again. Maybe if it happens again, will be in a long, long time. For us that are in this favorable situation, that's something positive. Yeah. Yeah. Thinking on that, I believe a very practical example of that is the recent news. Many companies, specifically the initial companies, you know, doing some layoffs, letting people go. Of course, we see some companies with specific characteristics in cash flow. Yeah. We need to see. Some of them can use their resources in greater or smaller level. They can expand with different possibilities. I mean, they are facing a different reality when it comes to prices. Some of them have opted for being more modest human capital. As they prefer that road instead of fighting for prices, which is different. Yeah. At the same time, the competitive scenario that we were seeing here, it changed. It changed a lot. We don't see the companies that listed in recent times. We don't see those companies being or, you know, having the possibility of doing an M&A. The firms themselves don't know if they will be able to have the possibility of having new funding for this dry powder they have. Yeah, the M&A scenario now is more favorable and probably will be more favorable in the next months. Let me take this opportunity. I know that we don't have a question in that sense. We were seeing our level of attrition and the voluntary dismissals. Yeah. What we have seen here is a very different quarter. I think people leaving voluntarily, we don't see that the same levels, and we see how easy it is to hire people. We have 115 slots, and we see more stability. People are betting on the company, right. Okay. Okay. Thank you, Maia. Thank you. Okay, final remarks, Dennis? Sure. Yeah. As usual, I would like to say thank you to TOTVERS, to the families. It was a very important format that we are doing here. I hope you like it. It's, you know, more informal, closer, and the idea is to bring more information, but in a very, you know, in an easy way. Thank you. Thank you for your support, and I wish we can have a better performance and a good support from you. Thank you. Thank you, guys.