Good morning. Welcome to TOTVS third quarter 2026 earnings video conference. I am Sérgio Serio, and I am here today with Dennis and Maia to present our key highlights for the quarter. At the end, we will host our usual Q&A session. Before beginning, please note that forward-looking statements regarding future performance are grounded on current assumptions and involve known and unknown risks and uncertainties, and actual results may differ materially from the expressed or implied. Now, I will give the floor to Dennis. Good morning, everyone. In 1955, historian Cyril Parkinson wrote an essay for The Economist magazine postulating that work expands so as to fill the time available for its completion. In other words, in the execution of tasks, an abundance of time breeds waste. Less well-known is its positive antithesis, which states that when we transition from task execution to complex strategic decision-making, the dynamic is reversed. In strategy, time should not be artificially compressed. All available time actually should be utilized. Therefore, reading the scenario correctly makes it easier to pinpoint the real time available for decision. A worthy challenge is finding ways to increase the time available for strategic decision-making. Being ahead of the curve is usually the answer to that challenge. Universo TOTVS and Investor Day demonstrated that we continue to anticipate trends, always a few steps ahead. Two years ago, AI adoption in the corporate world was still crawling, and although we believe that its pace of adoption would follow the framework whereby the more critical integrated of a task or process is, the slower the adoption of new technologies, we moved early, charting an AI vision that defined our role and the steps to be executed to make it, and this role and this perspective, a reality. On this end of 2026, the level of AI adoption across enterprise has grown at an accelerated pace, although it remains incipient. More than 50% of corporate consumption goes to coding, 20% to customer support, and the remainder is split between research, chatbots, and database management. Therefore, AI consumption for software and management is still close to zero. Therefore, the framework remains 100% valid. Being ahead of the curve has yielded several key achievements. We established the AI Enablers, which have become our primary locomotive of revenue growth. We launched LYNN and AIaaS, and over recent weeks, the new Intera, TaaS, and the management operating system, CORTEN, a milestone in TOTVS' long history that now stands as the centerpiece of our strategy, a brand-new category created by TOTVS, one that only TOTVS has. We understood how much time was available to make our strategic decisions, and we used every bit of it. We executed without waste. One by one, the pieces of the puzzle fell into place, supporting accelerated growth while increasing profitability. Consequently, the return is inexorable. It is only a matter of time, as the train has already left the station. Now, I will hand the presentation over to Maia, who will comment on our operating and financial performances starting on slide four. Maia, please, the floor is yours. Good morning, everyone. Our sales machine continues to deliver strong results. This performance underpinned by high client satisfaction, continuous portfolio expansion, lower TCO, and increased commercial reach. Net ARR addition reached BRL 209 million this quarter, stripping out the one-off impact of TIT, TOTVS Tax Intelligence, last year. Our growth exceeded 13% year-over-year. AI Enablers remain a major highlight, already accounting for 37% of our gross addition. As expected, client retention rate stabilized when comparing with the second quarter. Meanwhile, price contribution remained stable. Net revenue reached BRL 2 billion in the third quarter, marking our 31st consecutive quarter of double-digit organic growth, advancing more than 13% year-over-year. Recurring revenue represented 93% of the total, expanding above 15% for the 22nd consecutive quarter. AI Enablers sequentially accelerated their year-over-year growth from 29% in second quarter to 33% this quarter, with cloud growth accelerating by 5 percentage points year-over-year, reaching 31%. Revenue from AI Enablers already accounted for 15% of our recurring revenue. Clients have understood that migrating to the cloud is not only an infrastructure upgrade, but the vital foundation of data security and performance that enables LYNN and our AI agents, what has became our most compelling sales pitch. Non-recurring revenue had a 7% contraction that was deliberate, aiming at optimizing implementation TCO and freeing up client budget capacity to expand our share of wallet in a high-value solution, such as TaaS and the services orchestrated by newly launched CORTEN. The combination of double-digit top-line growth and high-quality mix drove adjusted gross profit to BRL 1.5 billion in the quarter, up 13% year-over-year, with adjusted gross margin above 70%. Now, let's go to slide five. We can see that EBITDA reached a historic milestone, surpassing BRL 0.5 billion in a single quarter, more than full-year 2029 EBITDA. This result maintains strong momentum, growing 17% year-over-year in the quarter and 20% in the nine-month period, reaching BRL 1.5 billion. Adjusted EBITDA margin expanded 80 basis points to 25.3%. This performance reflects operating leverage and internal process optimization, including the intensive deployment of AI. It is worthwhile emphasizing that this margin expansion was achieved in the midst of one of the largest strategic investment cycles in our history and against a challenging macroeconomic backdrop. NOPLAT jumped 16% year-over-year, and adjusted net income stood at BRL 237 million, with an adjusted net margin of 12%, even with accounting for financial leverage associated with the debenture issuance to fund Linx acquisition and the execution of our buyback programs. With a financial leverage of 1.6 x our EBITDA, a level that fully preserves our capital allocation capacity and financial flexibility for both new M&As, opportunities, and share repurchases. Going to slide six, Techfin. We had a credit production totaling BRL 3.5 billion in the quarter, up 2.1% year-over-year, even amid tight credit conditions, while maintaining rigorous risk management focused on credit portfolio quality. In that sense, adjustments to credit underwriting models reduced the exposure to agribusiness, which lowered the average term and resulted in a 3.9% year-over-year decline in revenue net of funding. Techfin adjusted EBITDA closed the quarter with BRL 1.5 million, even with BRL 31 million added to the provision of expected credit losses due to the aging of past due portfolios originated in prior vintages. This provision reinforcement raised the overdue coverage ratio from 39.2% in the third quarter of 2025 to 52.1% in the third quarter of 2026. Despite a broader market pressure, our default delinquency ratio closed at 2.9%, substantially below the Brazilian market average. Furthermore, recent cohorts are already converging towards historical delinquency trends, evidenced by a significant 35% sequential reduction in the 1-30-day overdue bucket. Lastly, the launch of Conta+ at Universo TOTVS was met with exceptional reception and reinforces our cash management portfolio. This drove record transactional volumes, with peak Techfin TPV reaching BRL 3 billion in the quarter, a 28% leap year-over-year. Now, I give back the floor to Dennis, who will give his final message. Thank you, Maia. Well, we are used to prepare the CEO's message well in advance, right? Interestingly, until early this year, the initial storyline remained relatively intact through the final release, with changes being limited to wording adjustments. Well, as you may imagine, in 2026, we had a drastic change. In the fourth quarter message that we've disclosed in February, our initial plan was to reflect on a stellar 2025 and, of course, to project a 2026 with even a stronger top-line growth and profitability, powered by LYNN release, our AI foundation model, that would enable a massive TAM expansion. Well, instead of that, in February, we had to address the emergency of what we are calling the recently deported SaaSpocalypse. As you know, we needed to address this subject intensively, both in the first quarter and the second quarter of 2026. Well, that said, now in the third quarter, the first draft was prepared before October 25th, and it was focusing basically on being ahead of the curve, so to say. However, as we said, from October 26th, that very Monday, the market decreed that volatility had surged, confidence dropped, and visibility vanished. Even knowing what we have just reinforced, and as an old sell-side report headline put it, "TOTVS is an all-weather company," or we could say, "all-weather stock." We thought that by ignoring the storm outside, we would make us seem detached, as if we were living in Narnia. So, people are saying, joking that these messages are becoming more poetic. So taking this poetic license that this message supports, we remember that CORTEN is a 3x more resistant to corrosion steel than the ordinary steel, because it forms a protective layer that envelopes the steel completely without patches. So by stroke of fate, the name could not have come at a better time, as it represents precisely what TOTVS is made of. Well, it means that in our history, we went through many different situations, macroeconomic turbulences, better than any other player, and that we always left those situations even stronger. We have no doubts that this time will be exactly the same. Now, Sérgio, let's go to the questions. Just reinforcing, if you want to ask a question, raise your hand. We get the questions, and if we are not able to answer, we will address this later. We will start with Marcelo Santos, JPMorgan. Marcelo, it's your turn. Thank you very much for the opportunity. I will get a hide on macro. How do you see the resilience in your ARR products due to this post-election scenario with the SELIC much higher, default increasingly high in the companies? I imagine that obviously will be stronger, but how will be this pathway next year? You also opened the specific revenue for cloud and this 5 points variation. What is the drivers behind it and specific issues that led to it? Thank you, Marcelo. Good morning. I think we will navigate very well. I always say about these net additions that what represents this daily dynamic with the clients, new sales, and new actions, I always say that the sales cycle is relatively long compared to our application cycles, for the good and bad. But the positive side of it is the fact that we have a longer visibility. At least up to now, November 5, our pipelines are as solid, as good as they were in October 24 or October 22. Up to now, nothing has changed, and there is no indication today showing any changes. Just the opposite, that teams are reporting a very solid demand by customers. For many years, I have adopted a management practice that I called QBR, Quarter Business Review. At the end of every quarter, myself and other five executives of the company, we sit with all the leaderships of commercial areas, whether geographically or due to a break of a product or segment in the economy, and we do a review on the specific performance of sales, the demand due to these breakdowns that we have. We did it. We are doing it. We did it the last week. We have another ones for next week. Up to now, the answer we receive is really very good. The trust remains very high that we will have this quarter very similar to the previous quarters. I cannot guarantee, but so far, so good. Having said that, specifically about cloud, this was incredible. It was funny, because we were analyzing during this week we were preparing the release, we saw the results of some foreign companies and showing their cloud results. One of the companies showed a small acceleration in their business cloud, and this had a giant acceptance by the market. We looked to our numbers and said, "Our growth level is even higher." The stocks increased 5x more. So it was incredible, from 26% to 31% was really powerful, showing the capacity we have to transform novelties in something that accelerates or speed up the client's demand. We are doing exactly that with cloud, with AI. As in the previous years, the main competitor in our cloud offer, the client knows, the customer knows that cloud is better, the security is better, the performance is better, and savings is better. The customer know this. The highest competitor is in-house. When you have a critical system holding all their important and integrated process, the client looks at this and says, "Well, I need to do this in the future. I don't want to address this now." What did AI bring? AI is the better sales driver for cloud. We go to the customer today and say, "In addition to everything you know that will be better if you have your product in our cloud, you have the AI, the level of security, governance, performance, data organization. You change the last versions of the system, all of it is the foundation for you to extract value, the AI value." Today, the level of priority that customers give to migrate from on-premises to our cloud increased strongly with AI. The post-Universo TOTVS, the last three weeks, shows this very, very clearly. Perfect. Thank you for the answers. Thank you, Marcelo. Our next question, Maria Clara Infantozzi from Itaú. Maria Clara, the mic is yours. Good morning, everybody. Thank you for the opportunity. My question refers to the macro context and the ability of the company of repassing the prices. Do you think of readjust this repassing policy and also considering a higher sensitivity of the customers in this macro environment, your initiatives in terms of churning, preserve the retention rate of the company? Good morning, Maria Clara. Concerning our practice and adjustments of contracts, we are not considering this. This is a well-used praxis in our market for many years and well understood by all customers. As we usually explain, this dynamic is connected with the automatic renewal of the contract on its anniversary, updating the contract. The customers, they understand this, and we have a direct connection with the cost centers of the company, which is a very important dynamic of readjustments in the payrolls in Brazil and the base dates for that. I would say no, there is not. Of course, we are always observing in terms of churning, as you mentioned, what are the elements behind churning, but to date, we have not identified anything that could change this churning behavior. With this, we don't see any correlation between the subjects. Churning, in general, is connected to other aspects, many of them beyond our control and linked to the customer's business. Okay? No. Exactly this. We've been through different turbulences. We've never changed this, and this is not the time to do that. About churning, specifically, Maria Clara, well, good morning. About churn, in the last quarter, we said that we were observing a better dynamics, and this is exactly what happened this quarter. There was a stabilization in the renewal rate, and we see churn dynamics much better than we had two or three quarters in the past. As Maia mentioned, historically, most of our churn is just temporary. It's not the customer selecting or choosing to go to the competitor, but it's the natural dynamics of the economy. This rate is much lower than the market average, but of course, we always had some percentage. It's important to highlight that the churn dynamic, as we said, and consequently, customers' renewal has stabilized, and we see exactly the same thing. Okay, very clear. Thank you very much. Thank you. Next question from Gabriella Lewis from Goldman Sachs. Gabriella, the audio is open. Good morning, everybody. Thank you. I would like to explore the AI Enablers and the dynamic of gross margin. We see especially the cloud adoption. Can you give us an idea of the drivers? What drivers were those, and what solutions are gaining more relevance in the mix and the cloud in this quarter? What can we expect for more favorable conditions over time? Thank you. Good morning. I will start, and then Maia can complement. I will start by the end. This payment is something beneficial to the company. You know very well that for more than one year, the world is facing a scarcity in computational capacity everywhere, and outside Brazil, it is even more difficult. It is obvious that a company with our size and market relevance, in these moments, this weight helps. We were able to get very positive negotiations with the access of the computing access, but very advantageous conditions. The counterpart is to have anticipated payment for this. The company has a very robust position, and this brings a competitive advantage. Every time we have such an opportunity, we are going to use it because it translates in more competitive for the company and offers to the customers and also more profitability to the company. Having said that, you assure the AI Enablers, they are becoming more and more important, and cloud is one of the main ones, but the gross margin dynamics is still positive. The better element in this gross margin is exactly the fact that recurrent revenue is still relevant. This recurrent revenue gross margin is very high, higher than this 73% we have consolidated, because what takes it a little downwards is the non-recurrent revenues, especially implementation services, that has a smaller margin. When we expand recurrent revenue, including in the enablers and cloud, this gross margin will be sustained and even gain something. Well, of course, when we compare quarter against quarter, there are elements that may make this gross margin to go up or down 30 points. But the trend, when we look to a longer-term horizon, one year, for example, as the recurrent revenue gets more relevant, the gross margin should keep moving up. Perfect. Thank you. Thank you, Gabriella. Our next question comes from Silvio Dória from Safra. Silvio, your audio is on. Well, I have two questions. First, with macro, you have mentioned business resilience for the macro scenario, but especially for Techfin RD Station, for smaller clients, how do you think on the scenario for 2027 for these two businesses specifically? Another question about RD Station and Linx with this new disclosure, both are part of the management business. Could you tell us about how was the digital planning growth on both business, RD Station and margin? Well, these are my two questions. Okay, thank you, Silvio. Maia, you can help me. You are right. As for Techfin, the macro scenario has a proportionally higher impact both for up and down. It is a credit business in essence, so it is a more transactional business. So, scenario changes has a faster impact there. As Techfin is still a smaller business than software business, the impact is also higher. But that said, the most relevant data for Techfin this quarter was that data that new points are coming back to the historic level. That is very healthy. We have shown that these new ones are coming with a 35% lower default rate than the others. So, this increment on provision on third quarter, in essence, was a provision increment that was hired because as the previous, where it increased, so what was 30 days late went to 90. What was 90, 150. What was 150, 200 -something. Mechanically, you need to reinforce. Once again, we are talking about provision reinforcements based in the past. The new ones are coming very healthy. That said, we still have some degree of movement on those delays, smaller, but we still have some. There is another consequence that is not related to provision itself. How to adjust so new crops come better than the previous ones. You adjust it by being more conservative in the limits or in the approval rate on the credit, what naturally has a degree of impact on portfolio growth and consequently on revenue generation and profitability itself. So at least for a while, Techfin profitability will not be on the levels that it was in other moments where the credit cycle was better than it is now. But once again, the business core keeps solid and positive as it always had. About the RD, you are right. There are two client profiles RD works with. When RD was an independent company before being acquired by TOTVS, most of their clients had a smaller size profile than the average management client. Even the industries, it was stronger. It was more related to services and less to hard users, what is a little bit different from the management client. But it has been years, and as you know, we have been working to build a RD offer for the traditional management client profile. Well, we have been quite successful on that. RD penetration degree on management clients increased strongly, bringing huge amounts of opportunities, improving not only the share of wallet, but the retention rate as well for clients who have both portfolios, management and RD. For this type of profile, things are working amazingly well. When we look to the smaller size client profile, the challenge is a little bit higher. Macro, as you said, impacts more on smaller companies, on what we call the company survival is smaller. There is, yes, an additional challenge of demand in one side and retention in the other. But, things that we have seen during the COVID process and other turbulent moments, there is nothing that different from what we are used to. Then you asked about Linx. Integration was great. I have mentioned our QBRs. Well, every time we have an important M&A, we have a practice to have a weekly meeting. Usually Friday at the end of the day, we have a meeting with all the main leadership wrapping up the week on the regard of integrating that new acquisition. We did exactly the same thing with Linx for months, but it has been more than one month where this meeting is not weekly anymore. It is every other week, and it will become monthly, and then soon enough, this meeting will not be part of our agenda anymore because then the integration is, so to say, finished. What does not mean that working towards portfolio Linx being concluded is still ongoing. Linx portfolio still has for sales and client renewal that is below our traditional portfolio, but it is going well. The first indicator we have showing the evolution is what we call the sign-in. In the retail world, there is a different dynamic where you sign a contract with the client, but many times to start billing the client, the solution must be implemented, deployed, so there is a delay. We already had an important evolution on the sign-in. Now we are working to convert this sign-in into revenue in the same level. Of course, it will happen. It is just a matter of execution, time. By consequence, when we speed up the portfolio revenue, profitability increases as well. Today, we do not have the ability to show an EBITDA of Linx operation. That is why we have closed those numbers, because they cannot be reflected anymore, but the contribution margin of this portfolio is improving quarter- after- quarter, and it will keep moving up. Thank you. Thank you very much. Thank you. Next question, we will switch into English, okay? Then we will be back with the answer in Portuguese. Yeah. Thanks for taking my question. The first one is on the gross ARR that you had disclosed last quarter. How is that trending this quarter? Have you seen the impact of the macro on the churn impact the net ARR additions? The second question is largely regarding margins. It has declined a bit quarter-on-quarter, but you have several operating. What is the next drivers for the EBITDA margin expansion? Thank you. Thank you, Phani. I will answer the first question, and Maia will answer about the margins. The gross additions dynamics are still very positive. We keep with a sales level that is very strong. The pipeline keeps a great coverage level, and of course, Universo TOTVS helped even more to make this pipeline to keep healthy and robust. Yes, the gross addition dynamics are very positive, and a way of always following that, well, it is not perfect because, yes, the last 12 months, but that breakdown into price and volume. As you can see, the volume dynamics is becoming more and more relevant every quarter. So it is quite. Churn, I have already answered in another question, but just to comment, we saw in the last quarter that indicators were indicating that probably in the third quarter, churn and renewal rate would stabilize, exactly what has happened. It already is stable. When we look at the control panels, the dynamic keeps similar. So we have a good level of trust that this maintenance rate will be in those levels that we can see right now. Of course, we cannot guarantee anything, but the control panels are showing this trend. Okay? Please, Maia. Good morning, Phani. Talking about margin, mainly quarter-over-quarter. Although the company has a high level of recurrent revenue, it is common to have a fluctuation quarter-over-quarter. When we look back the history of the company, having this type of fluctuation is natural. Specifically for this third quarter, when comparing with the second, there were some elements that led to this small drop on the margin. One of them was the provision itself for credit, for expected loss. As Dennis mentioned, it was reinforced in this quarter based on all the scenario that we have mentioned, what has a relatively important impact. We also had in this quarter a reduction on the revenue, on the pace. It is not something by chance. We have a strategy of seeking recurrent revenue reduction to reduce the customer entry cost, opening room on the client's pocket, so to say, in their share, to aggregate with more noble revenue in the time. This exchange in a quarter base, of course, will bring some harm. So the gross margin was a little bit aside, impacting the margin to compare with the second quarter. But these are common oscillations, and I would say that we had Universo TOTVS on the third quarter, what we did not have in the second. Together with the other points I have mentioned, I believe they well summarize the difference in the behavior for this quarter. What does not compromise is our ability to keep our margin evolution process, mainly when we look to the whole year, for the quarter is quite common. The Universo TOTVS point is important to highlight. Historically, Universo TOTVS happens on June, what has a relevant weight in the quarter. This year, it was on October. So when we compare second to third quarter in sequence, the third quarter usually has a better margin than the second. And in this case, it was the opposite way around, but completely normal. Even though, when we compare with the third quarter of last year, as I have mentioned, we still had an important advancement. And when we get what you say, Maia, we can see that the third quarter year-over-year was 108 basis points of gain. This was 80. But we need to consider that last year we had Universo cost in the second quarter, and in this, we have the Universo cost in the third, effectively. So even comparing year-over-year evolutions, we need to consider this very specific topic. What I mean, the margin dynamics of this third quarter was completely positive, both year-over-year, but also quarter-over-quarter. Thank you. Thanks, everyone. Now, our next question comes from Antonio from Jefferies. Antonio, the audio is open. Dennis, Maia, Sérgio, Good morning and thank you. You made it clear the Universo TOTVS question that I would ask, but anyway, I would like to understand how you are internally being prepared with the sales teams to communicate new products, new solutions, or the novelties to the customers. I think it is not easy for them, neither for us, because you are doing many different things. CEO, CFO, and how are you preparing yourselves to communicate to the investors and how these things impact the company? This is the first question. I would like to understand the R&D because what grew more? What can we expect for the new quarters, for the coming quarters with these novelties and more investments? Where do you expect more investments? Thank you. Good morning, Antonio. I will get the first, and Maia will take the second. Well, it is a good question. It is a real challenge. Every time we have a launch of so many new things, SaaS, non-SaaS, AIaaS, CORTEN, and LYNN, and so on. We have 10 more different ones. It is really a challenge. It is not easy. Most of the TOTVS sales is made by field sales, people visiting the customers every day. Training all these people and to ensure they are prepared to offer the new products is something that takes time. We are used to do this. We are doing it. The Universo was the avant-premiere of this. You saw on live what we do this with the customers, and after Universo, we have several other work to cascade and complete training to all the teams. We also have supporting structures to these salespeople in terms, in every subject, cloud or AI, all these subjects, they have expert teams to support the salesperson whenever it is necessary and beyond what we say, and we say beyond the page three, that goes beyond the salesperson knowledge. It takes time, and this is one of the reason that makes that clear within, in TOTVS, there is no turbo button that you press it and everything grows crazily. No. Everything grows in a more rhythmic pace that extends for years and years. If I am not wrong, on the Investor Day, cloud is something that we touch for 15 years. We still have cloud as one of our bestsellers, and I have no doubt that it will happen with the TaaS, AI agents, and AI agents, well, for 10 years will be generating a relevant demand on everything we are launching this year, for example, because it takes time to train, it takes time for the customer to understand and try and to do the rollout. This is exactly what gave us 30, 31 consecutive quarters with a two-digit growth. For sure, what we launched here will be the foundation of this growth for the coming years. Now, Maia? Talking about R&D, I will follow Dennis' comments. Everything is directly connected with the efforts for research and development of the company. I always look to this line as the CapEx of a more capital-intensive company. It is important for the company to keep or have an important volume of resources for this type of development, because this is what keeps the company with such a broad and rich portfolio, opening opportunities to our teams and our customers to explore new ways to extract more value from our portfolio and increase our relevance with the customers. This year specifically, we have not decreased this line, and we, over the history of the company, if we go back, the level of decreasing of this line proportionately is not the highest in terms of cost distribution. But for the reasons I mentioned in beginning, we look at this line as a line more connected with the future of the company. So, it is important to dedicate relevant resources. I am not saying that it will not decrease. As the company increases with better operational advantage, we can imagine that a small level of decreasing will happen. But anyway, Maia, correct me if I am wrong, specifically, historically, in the third quarter, specifically in this line, we have readjustment in several operations outside São Paulo. We have a very important weight when you go to Santa Catarina or Belo Horizonte or other states? Due to the M&As we do, we have a very relevant R&D team, and the expense outside São Paulo is because of it. And the agreements happen at this moment, the labor agreements. This is a moment where these salary arrangements happen. The recurrent revenue increases month by month, and over time, we will have a small decrease. It is not drastic, but it is a decrease. This is a very important point. If your comparison base is with the second quarter, when you go from one to the other, is directly linked to what was mentioned. If you see the accumulated quarter, we see a stability recurrent in this line, and it connects to my comment. If you compare quarter by quarter, it is different. So the basis is year- to- year. Now it is very clear. Thank you very much. Thank you, Antonio. Now going to our last questions. Next, Luís Chagas, XP. "Good morning. Congratulations for the results. I have two questions. First, going back to Linx. You mentioned in Investor Day that Linx is integrated to the sales area, and you identified several cross-sell opportunities. Can you give more details about these opportunities? What are the TOTVS products that has more adherence and vice versa? And how do you expect this capture of revenue?" This is the first question. The second, "With higher interest rates for longer, how do you see the comfortable leverage level, and how do you see the rebuy option?" I will start, and then I will give it to Maia. In terms of cross-sell for tax, the TOTVS solutions for the Linx, we have the RD. They like very good solutions. You have conversational solutions and CRM. This has a perfect fit to the Linx basis, which is a retail basis. This is a highlight since the first day. But we have also the capital management, everything linked to the HR, the traditional payroll, and other solutions for punch and workforce management, and so on. We also have offers for Fluig, our workflow. We have several solutions that have a level of fit and demand and acceptance, and this is being translated, as I said before, in a signing. This is also being reflecting on the revenue, but in a smaller scale, because mechanically, it requires a longer time to implement the solutions in the Linx customers. Maia will talk about leverage and return. The leverage level is 1.5 x, 1.6 x from the EBITDA. If we look retrospectively, the leverage picks, it is about the same level. So I would say that it is not something that will be a setback, but our mind is always to work with the company's leverage due to the cash that we have in this business. It is not a mind of increment the financial leverage. As to the buyback is a return buy, right? When you have a more elevated capital, this will make us to think about the buyback and any other investments or the shareholder on the base of the capital. What changed was only one variable, but we will continue our program. About 1/4 of this program was already performed, so we still have 3/4 that could be performed. We keep the same discipline that we had to identify any opportunity and give the best return for our shareholders. So depending on the price behavior, we may or may not advance on this execution. Perfect. Thank you, Dennis. Thank you, Maia. Have a great day. Thank you, Luís. We are running out of time, so the last question comes from Gustavo Farias, UBS. Gustavo, the floor is yours. Good morning. Congratulations for the results. My only question, if you could update about the Task as a Service evolution, the use of LYNN, and what you expect as evolution for these products for 2027. Thank you very much. Thank you, Gustavo. Good morning. Well, it is following according the plan. We launched on Universo TOTVS, October 13th, 14th. The offer itself is in a moment of training the teams, and this is a very important step, as every time you bring a new concept, and Task as a Service is a new concept, not only the product, but the way we charge is different. So it demands great care from our side to avoid unnecessary mistakes. So we are exactly in this moment, preparing, training the teams. As the new year comes, we will start an intense work of approaching clients. A natural demand was already generated when the clients saw the release. So we have, quote, unquote, "waiting lists" of clients willing to be the pilot projects of these agent offers for TaaS and even the use of LYNN. You probably saw during Universo TOTVS and Investor Day, the LYNN Garden, our foundation side that provides the ability of people to build their own agents. We are exactly on this training moment, so we can put this in production, or I mean, mass sales. Specifically for 2027, for sure there will be some contribution, but considering TOTVS' size and this space I've mentioned on a slower adoption in this type of technology for critical tasks, integrated tasks, as the ones we handle, I don't believe it will have a relevant impact for 2027. I believe that for 2027, we will be building the basis, the foundation for TaaS to be relevant and to be a game changer on the following years. Okay, perfect. Thank you very much. Thank you, Gustavo. Thank you, Gustavo, and I would like to thank all the questions before closing our video conference. Just a reminder, I count with you in the follow-up survey once we close this session. Just a few moments and you can help us to improve this moment. Also, I would like to hope you a great end of the year, and now Dennis, Maia, please. Well, if we do not see each other, if we do not talk until the end of the year, a great year and a great end of the year for you. Thank you. Thank you very much, guys. Thank you.