Welcome to the video conference of the results for the first quarter of 2024 from ZAMP. I highlight those that need simultaneous translation, that we have this tool available in the platform. To access it, click on the button Interpretation, through the icon on the globe, on the lower part of the screen, and choose your preferred language, Portuguese or English. For those listening to the video conference in English, there's an option to mute the audio original in Portuguese by clicking Mute Original Audio. We inform that the video conference is being recorded, and will be available in the Investor Relations site of the company, www.ri.zamp.com.br, where all the material is available for these results. It's possible to make download of this presentation, and during the presentation of the company, all participants will have their microphone off. Then, we're gonna start with the questions and answer. To start the questions, click on the Q&A in the lower part of the screen, and write your question to enter the queue. Once you are called, you will be requested to activate your microphone, and then you should do so to ask the question. All the questions should be done at once. We highlight that the information in this presentation and occasional declarations that may be made during the video conference related to the business perspectives, projections, and operational and financial goals from ZAMP, constitute in beliefs and premises of the company's administration, as well as the information available. Future considerations are not guarantees of performance. They involve risks, uncertainties, and premises, that they refer to future events, and therefore, depend on the circumstances that could or not happen. Investors should understand that economic conditions, general economic conditions, market conditions, and other operational factors could affect the performance, the future performance of ZAMP, and could lead to results that differ materially from those expressed in future considerations. Today, we count on the executives of the company, Mr. Ariel Grunkraut, CEO, and Gabriel Guimaraes, CFO, and the Investor Relations team. I would like to give the floor to Mr. Ariel, who will start the presentation. Please, you may proceed. Thank you very much for the, for the introduction, operator. Good morning, everyone. Thank you for your interest in our company and participation in this conference call from ZAMP's results for the first quarter of 2024. I would like to share with you results along an overview of our business and updates on important initiatives that are driving our company towards a strategic position. This year, 2023, overall, the second quarter, was marked by a revision of key elements in our business as business strategy and our cost lines, expenses, and investments. In the first quarter of the year, we started to see a maturation of these initiatives that we implemented with material performance above the industry and those according to indicators of the market. Moving on to the second slide, we're going to share the following highlights. In relation to the net operational revenue, for the first time in the quarter, the mark of BRL 1 billion. That represents a growth of over 16% versus the first quarter in 2023, an important record for our company. Also, in the first quarter, we reached expressive numbers of same-store sales, being 11.3% for Burger King and 14.8% for Popeyes. Our consolidated gross margin was 64.1% in the first quarter of 2024, a reduction of 50 basis points in relation to the same period last year. In this period, the digital sales grew 45.8% versus the same quarter last year, reaching 49.6% of sales in the company. Currently, around 50% of sales, total sales are already identified. In the quarter, EBITDA, the adjusted EBITDA was BRL 130 million, a growth of 18% if compared to the same period last year. For the adjusted EBITDA ex-IFRS, we reached a growth of 39%, reaching the mark of BRL 70 million. A mark of BRL 70 million, a difference that reflects the operational leverage achieved by the company in fixed rent. The quarter also was marked by the closing of 11 restaurants, nine restaurants, Burger King, and two restaurants, Popeyes, besides delivering two remodeling projects. There, we ended the first quarter with a total of 1,028 Burger King restaurants and Popeyes. Moving on to the next slide, we see the highlights of financial performance in the first quarter, in which ZAMP reached a net operational revenue of BRL 1 billion, a growth of 16% in relation to the first quarter, 2023. Besides that, digital sales for the quarter have a relevance, reaching a total revenue of BRL 510 million, a growth of 45.8% in the same compared to the same period last year. The gross margin from ZAMP was 64.1%, presenting a decrease, a marginal decrease of 50 basis points year-on-year, and we reached in the first quarter of 2024 an adjusted EBITDA of BRL 130 million, an expansion of 18%, and an adjusted EBITDA of 12.7%, a reflex of our gains in labor efficiency, operational leverage due to an IGP-M that starts to benefit us, utilities, some control initiatives, distributed generation, and free market, closing of 11 restaurants operating at a loss, and part of our strategic portfolio strategy, and a structure that is more efficient from the corporate. In the same quarter, the same-store sales registered 11.3% gain, and Popeyes of 14.8% gain. Now, I would like to give the floor to my partner and CFO, Gabriel Guimaraes, so that he can go important aspects of financial aspects. Thank you so much, Ariel. Good morning, everyone. In slide four we've shown the evolution of our restaurant in the first quarter 2024, first quarter to the front. We saw the closing of 11 operations, being them 11 Burger King and two Popeyes. This way, we finalized the quarter with 1,028 restaurants in Brazil, with 706 are owned and 261 are franchise. Move on to slide five. As we announced in the last quarter, we went with a new new pattern of designs for Burger King, the Royal Pavilion. This new format brings differences as a better better sales channels and, and a digital, and digital service, making us more efficient. We have seen interesting results in the allocation, seeing a good increase in revenue, better customer experience, and a reduction of operational costs in occupation or in people, in person. In slide six, we see the evolution of net operational revenue of the company, same-store sales for both brands. As we made these comments before, it was over BRL 1 billion, and a 16% increase compared to the same quarter, 2023, with 11% increase from margin for Burger King and 15% for the brand Popeyes. Going on to slide seven, we see here revenue sales for Burger King that reached approximately BRL 950 million in this quarter, a growth of 15% compared to the same period in last year. Strong results in Burger King also have three important fronts: a good balance of cost benefit for our clients, with a strong media presentation, which gave the brand and operational gain very positive, a growth of digital channels boosted by delivery and better indicators that contributed to the understanding we could have a better performance and very positive one. Go on to the following slide. We bring here some important highlights for Burger King, that once more showed our this speed and connectivity in the business. We had great campaigns with the objective to reinforce this channel. We saw some partnership with the Stanley cup during the Carnival period, and again, we were elected the most creative brand in the world. In slide nine, we saw the Popeyes brand reach in 2024 a net revenue of BRL 64 million, a growth of 34% compared to the same period last year, and same-store sales of 15%. We had during the first quarter an important reinforcement in our media campaign that connected with the trial period initiative, our biggest strength. We have been able to build consideration and frequency. We had good results in this quarter compared to last year, which gave us positive signs in relation to the track record of this brand in the country. In slide 10, we are able to see the continued evolution of our digital channels, represented by delivery, totem in the, and also app. In the first quarter 2024, the sales performance through these channels totaled BRL 510 million, a growth of 46% compared to the first quarter in 2023, and represented 50% of participation in all total revenues of the company, a growth of 10 percentage points related to the same quarter in the previous year. This growth came boosted by the totems inside the store. In slide 11, with our ecosystem, we closed the first quarter 2024 with 21 million registered users in our CRM, and we saw 50% of sales identifying an evolution and enrichment of our base database. We were able to perform better in the individualization and personalization, having gains in sales and margin. As we've seen in the previous slide, our app represents 4% of the revenue of the company in an efficient way for us to exploit experience and convenience. Our self-service totem initiative, they provide a better experience and better ticket margin and, and gross margin, and we saw a growth of nine percentage points compared to the same period last year. We keep in amplifying this functionality for most of our restaurants, including those that count on a digital service, 100% digital service, a standard of our openings. The delivery came as an important driver of revenue for the company and represented approximately 16% of our sales in that period. Last, we show here some data, our loyalty program. At the end of this quarter, we achieved 17 million registered users, and we believe that our program is an important leverage for us to exploit engagement, frequency. Going on to slide 12, we see here our CRM and G&A, and then in the left part of the slide, we saw that the cost of the merchandise sold 35% or 9% of sales in the first quarter 2024. This marginal increase related to the first quarter in the previous year was given to the well-succeeded commercial strategy. We have observed a favorable scenario with the commodities, which gave us flexibility in the line as the year goes along. In the central part of the slide, we saw that the expenses in the restaurants, 47% of net revenue is up, a growth of 70 basis points compared to the first quarter last year. This variation was due to a reduction of 50 basis points in the expenses with labor, due to the growth of sales and digitalization of the experience, even in the scenario with the readjustment of minimum wage of 7% in the same period, 40 basis points of marketing in the schedule of expenses, and 50 basis points due to a better performance of delivery and channels. Also, due to increase in maintenance and due to our business, excluding the IFRS 16, we will have an evolution of 100 basis points in expenses with sales in restaurants. On the right of the slide, we saw our G&A. The general expenses of administration had an expansion compared to the first quarter last year. This growth, it was a result of the bringing forward of some actions, due to the concentration of an impact of BRL 46 million. Excluding these effects, the company showed a reduction of 140 basis points in the line of general expenses and administrative, due to the initiatives that were implemented along 2023, with the objective of simplifying our corporate structure. In slide 13, our Adjusted EBITDA was BRL 130 million in the first quarter 2024, with a margin of 13%, a growth of 18% due to the same period last year. The result was a fruit of our efficiency gains in labor, operational leverage due to the IGP-M that started benefiting us, utilities with the controlled Distributed Generation in Free Market, and the closing of 11 restaurants in providing losses, right? And besides that, we saw a structure, a corporate structure that is more efficient. In the right of the slide, we could see the losses of the quarter, in most of them, due to the fruit of the impact of expenses. Going on to the following slide of the presentation, we could observe the operational cash flow reported in the first quarter. It was BRL 125 million as a reflection of an advance in the operational activity, partially mitigated by some gains in the working capital. Going to slide 15, CapEx reported in the quarter, 60 million BRL, and an increase compared to last year. These investments are destined essentially to our projects of remodeling of the brand Burger King, the expansion of new restaurants, technology, and maintenance of our portfolio. In the following slide, we saw in the first quarter of 2024, our debt achieved BRL 1.8 billion, which results in net of BRL 200 million, a leverage of 2.2x. In the graph below, we could also see the aging of our debts. The company concludes the emission of the debentures with convertibles into BRL 700 million. This way, we finalize the financial session, and we give the floor to Ariel to talk about prioritization for the next slide. Thank you, Gabriel. I would like to share with you our scenario for prioritizations for the company, divided in four great important pillars. The first of them is our focus for the year in the pillar of sales and traffic. Our brands, Burger King and Popeyes, allied to a commercial strategy with the strong platforms, maturity of sales, physical and digital channels, investment in media, pricing, and robust pipelines of campaigns, licenses, and innovation. We continue to follow the increase of sales, generating profitability. The second is related to our obsession for constantly seeking better experience for our clients in our restaurants and interaction with our brands. Besides important improvements that we have done in our digital channels, in the end, opportunities, and our exclusive system of evaluation of experience that we have currently with more than 50% of our transactions already having been identified, we continue to give priority to the process of modernization and remodeling of restaurant, with a focus on experience of client. This initiative, and some other that we prioritize along the year in this pillar, will be important vectors for attractiveness of the company. The third is concerning our continuous search for efficiency. We concluded in the last year, a plan that consists since simplifying our corporate structures to the focus on profitability in the strategic lines of the company. These, these movements, the focus in our portfolio management and other address strategies, keep us, keep us alert to a scenario that is more efficient, where we hope to obtain better operational leverage and expand our margins. The fourth and last is the pillar of growth, with the mapping of new opportunities. In an identified white space, we are prepared to capture the best opportunities and allocate capital in a more diligent way. We are confident that we will be able to deliver the first quarter well-positioned and capturing opportunities to exploit, in a strategic way, the market of QSR in Brazil. Thank you. Operator, please, you can move on to Q&A. Thank you. Now, we will start the Q&A session. Remembering that to make questions, you should click on the icon, the Q&A icon on the bottom of the screen and write your question to enter the queue. Once you're called, you'll be requested to open your microphone, and then you should do so in order to ask your question. We request, please, that all the questions are done at once. Let's move on to the first question that comes from Thiago, from Citi. Thiago, will you open your microphone so that you can ask your question? Please, move on. Thank you. Thank you, Ariel. Thank you, Gabriel. Good morning. Good morning. Thank you for the question. There are some points that I'd like to clarify related to the same-store sales. We had a number that was very strong, so, I would like to understand the opening of, the opening of this to traffic and also price for the brand Burger King, as well as we have discussed these, issues, value for money. So we understand that there should be a smaller price, a bigger volume, just to understand better this line. Second point, I would like to see the issue related to closing and opening stores 2024. What we can expect for the brands Burger King and Popeyes? And then, last, a little delicate subject, perhaps, the Starbucks. If you can elaborate a little bit this discussion, what's happening, some financials, some outlook, it's a delicate point, so whatever you can share in terms of information would be nice. Thank you so much. Okay, cool. Thank you. Thank you, Thiago, for the question. Let's start going through the first question, the first two dimensions, and then I'll move on to the Starbucks topic. So, first, I think, the strategy of the first quarter in practice is a consequence of what we have been deploying in 2023. It is mainly, you know, based on three pillars that we try to talk about on the call. Some of them have been executed, others were being implemented along the fourth quarter, in the beginning of this year as well. This result came as a rebalancing of the strategic commercial strategy, you know, value proposition, value for money. This equation is very important for our industry, and there are some portfolio items, the two for 25 is another example. There are others with CRM that we once we have a better understanding of our customers, and can we exploit this relation in a more efficient way. And here, we are always trying to find this equation that is most favorable to the business, even though some time and another, this means some investment in the margin and operational, the operational leverage of some way, this, you know, speeds up the return. There's another perspective that we talked about on how to sustain with a good communication plans, and we tried bringing some examples for you here about the moment in which the Burger King brand lives. A moment of great highlight, we're well-recognized as a creative brand, some awards and other, emblematic campaigns that we were able to see in this first quarter. All of this brings equity, brings, builds a, builds a better connection with the business. Third, and most important for our strategy, mainly looking ahead with the main factor of growth for the company, our model store freestanding, we had an advance in 2023 of learnings, of operational learnings, as we could have a structure that is more appropriate for restaurants. We could have technology that could help us in the speed of service, availability of a peak hours. We had several initiatives that were fruit of this learning 2023, well implemented in the beginning of 2024, generating very interesting results, with a freestanding performance, even pushing the average of the two stores in the same stores. So I would say that this 11%, half came from traffic, half came from price, even though we had a great work of adjustment in same value equation, other categories, there is a space for us to, along the time, calibrate this commercial strategy, and we have a clear view of commodities in the year and how this is related to our business. So this is a year that we certainly will have flexibility to evaluate what is the best balance points in the market share, this continued construction of the brand in a balance in the growth margin, which is very important for our industry. And then your second question, openings and closing. I will start by closing. We have a plan that is already under execution, 20 last year, 11 in the first quarter of, nine are Burger King and two Popeyes. And this is a plan of optimization of portfolio or other time that we find some symmetry, great symmetry of our expectations and for these, for these assets and their reality. IGP-M saw that some of these, contracts were far from reality. The expectations of sales, had a recovery, a more speedy recovery. In practice, we ended up, opting, after evaluating other terms, just closing these assets. And, this is a priority of the company that will continue to be monitored and, closely along the other, quarters. And every time we have, we see the business that we need to be executed, as we have done in the first quarter. So in the short term, we don't have expectations of more closing for any of the two brands. Although, in the long term, certainly, we see that in this industry, there is a run rate that is important, in closing restaurants so that we can have a portfolio even more healthier. So for openings, these are realities are quite different. As we have commented before, the focus on a freestanding, we should go on a 30 or 50 openings of restaurants, Burger King, along the year. Of those, approximately half of them come from props and other franchises, owns and franchises. And for Popeyes, we have shared with you the first results of this quarter are very exciting. 50% same-store sales puts these brands on a track of consideration, equity, of trial, that economically we see a more favorable perspective. But as a strategy, we decided by maturing some operational standards, and also the how well the brand is known in Brazil, so that we can evolve, and then later speed up the growth in the following years. So, we should have some growth along 2024, but mainly boosted by the franchise plan that we started last year, and our partners are helping out to build this brand here in Brazil. So these were the first two. Ariel will go on to talk about Starbucks. Thank you, Gabriel. So I hope that you are well, you and your family. About Starbucks, we have a great admiration for the brand, and for all the strength that competitive strength that it has in the whole world and also in Brazil. We believe that as a company, we have a lot of opportunity in this segment that is very relevant and very little exploited in Brazil. As we have been updating you during the last weeks, we have the green signs from the corporation to be the developer, exclusive developers here in Brazil to operate this brand from now on. But for us, we are focusing our efforts this moment so that we can start operations in the existing restaurants. So, as you know, this takes time, and it's a judicial process that is long, and once published, we are involved in finding the best solution. The figures, it's too early to say. Whatever is public, the brand Starbucks in Brazil, before the judicial recovery, was around 200 units, and the revenue, BRL 500 million a year. But, I think these are the biggest figures. We started, you know, we're keeping you updated on how things are going, and we hope that in the following weeks, continuing bringing you some new things and then sharing with you. Thank you. Thank you. Thank you, Ariel. Thank you, Gabriel. So thank you, Thiago, for your question. Our next question comes from Thiago Bortoluci from Goldman Sachs. Thiago, we will open your microphone so that you can ask your question. Thiago, move on, please. Thank you. Good morning. Thank you for taking my question. I would like to start with a follow-up on the Thiago's question, that is in the same store, sales and price. From what I understand, Gabriel, from your answer, you said from 11, half are traffic and half is price. We are talking about a mid-single digit of ticket, which is the real price mix. But how is this growth above inflation of price talks with a loss in the gross margin, when your main raw material is going down? I would like to understand how this comment of price, you know, talks about the evolution of your margin. And also the second question is the follow-up of the previous question. In this quarter, you opened zero stores, so you focus on closing stores. So I know that this is a slow quarter. I think, I think you opened 15 last year, and, this acceleration comes from when you start talking about, M&A. So I think, here it would be nice to listen from you, Gabriel, Ariel, how is this talk on Starbucks talks to the allocation of capital for growth of, BK and Popeyes? And how should we think of, you know, allocation of capital with three brands within your, within your umbrella? With, I'd like to, more technical question. This closing had any impact, important impact within your same store once you remove 11 stores underperforming? So these are three questions. So, thank you. Thank you for your question. So I would like to start by in the end. First, closing these nine stores of Burger King for the same-store sales, and two for Popeyes, these are some material numbers to have an incremental revenue on the portfolio of the company, to have any level of influence by same-store sales. So the practical answer is no. So there is no impact came from the closing. So the second is important when we look at the composition of recovery of a revenue between price and traffic. In practice, what we have seen due to the commodities, the decrease in commodity by the protocols that we sign with our suppliers, they take three to four months so that we can embed. So, the forward is a picture of the three or four months, the previous three or four months. In practice, even though we had a combination of, for example, protein being explicitly in a longer and along the route of fall, and we haven't captured 100% of this benefit within our price structure, our expense structure, and within our mix, there are some important components, such as potato, they had a situation, a global situation of supply that, as related to the commodities, it went up in an expressive way. So in the end of the day, looking at this 5% of the theoretical of price, you know, direct, that should mitigate the growth of the inflation. We haven't captured all the benefits of the decrease of commodities along this period of 2024, as you see, and we've seen this fall, when potato now even in a more favorable situation. So we're continuing monitoring what is the perfect balance among the traffic gains and also the pricing in a favorable situation due to commodities. In the end, I think, what we have built here at ZAMP is a company that can have the capacity of being a multi-operator of brands, and we have a strong criteria for these brands. They don't need to be brands that are the best in their segments and related to your product. They're having the best product, strong brands, with a capacity of scale, very big in the Brazilian market, and obviously that we're able to deliver synergies and then, you know, build on what we have something on what we build. Starbucks, additionally to what we have, fits this level of criteria. Today... So first of all, the strategic or the rational strategic of the long term has always been to be a multi-operator of brands, and in this moment that we find an opportunity as this one with a brand that have this strength, obviously it's a very interesting moment for us to connect to our, to our story. And how does this talk to the current scenario of capital allocation in the company? Well, naturally, we come from three or four years of a pandemic, you know, we came out to 2023, clean year. So naturally, in this expansion, organic recovery, the expansion, will take some time to have an impact, so that have a strong impact. So we see a good allocation of capital together with the suitable capital, so that we can leverage the growth. We're talking about several opportunities that we see with Burger King. We trust the freestanding. So, when I say 30-50 a year, I think this could be considered basically a year of transition. We have the ambition to do more, and we understand that the Brazilian market can accommodate a more expressive number than that. In reality, Popeyes, we are dividing with you our plans, and the truth is that we ended up building a brand during the pandemic, and now we need to organize some things and take some time to build equity, and this is being done. So soon, we'll have a financial perspective that is more favorable for this brand. So we will come back and increase this growth plan, which is not part our own capital to plan 2024. And all of this, talking to for the, for the brand Starbucks, we are talking about a company and that should have operational cash generation to support a growth plan for these three brands. Capital structure and how we're going to take these decisions in the future, this balance among all of these, all of these fronts, are decisions that are extremely strategic. So soon as we have a visibility of a conclusion of M&A, we'll certainly, we'll have our with our shareholders and our board, this information. Thank you so much. Thank you, Thiago, for your question. Our next question now comes from Julia Rizzo, from Morgan Stanley. Júlia, we will open your microphone so that you can ask your question. Please, Julia, move on. Hello, good morning. I have some questions and follow up on some of the issues that have been answered by you already. So CV, CMV, maybe, Gabriel, if you could, you know, bring forward what you're seeing ahead, so related to the representation, especially in margin. If you have shake it and you have promotional in this equation in, value proposition, I understood that it would be an important part in the reduction of, gross margins. So I don't see where these discounts have been allocated and what is the perspective at hand? How do you see these, points of reduction if you stay at this level, or if you will recover along the time, a new, a new level that maybe the company will allow itself? So the, the question that I would like to, to make is related to how are the sales? We, first, a strong first quarter. We are already in May, so if you continue in the same way, what has been done again in the portfolio to keep this, this, you know, strong, retaking sales that you have had? Thank you, Julia. So, I think we were able to understand most of it. So where is the result? The result is in the gross margin. Just to be clear, within the portfolio in a general way, there have been some initiatives generating traffic that could have a level of investment in the gross margin to speed up this product, that is. And where we have less elasticity in price, we have been able to have a great advance, because added to year-on-year, we have had a repass above inflation. As I have explained to Thiago, this in an environment where you expect to have the cost of input falling, obviously, there should be favorable to your evolution of gross margin. My previous comment had been in the line of still, we're not seeing all of this, you know, this, you know, price changes in our cost structure, because our protocols are measured every, you know, by quarter. So we sign protocols in the future based on past results, and we should be benefited along this year, mainly because within our portfolio, there is this important component, which is the price of the potato, that this is a little bit outside the curve compared to all of the other super mix of the company. So from now on, if it is, if this is balanced and this price is in a, in a more favorable curve of input, we will, we should have a margin reasonably stable compared to the first quarter, without great expectation, because, in order to capture this, you know, decrease of in our cost structure, we will continue to evaluate what balance of what we want to reinvest from this benefit in the, in, in the growth margin and increase top line, growth, or maybe the best decision for the business to have a growth margin a little bigger. So these are decisions that, we, assess all the time here in our business. For your second question, related to trends of the second, of our second quarter, I would say that they are very similar to what we have performed the first, quarter. And the initiatives that we have put in place, they are very structured. As I said before, have operational gains, we have, brand gains, which is a consequence of several investments and decisions. And we have an expectation that this, is sustainable along the year, because we have strong brands. And, so there is no event that take us, on otherwise, for now. Thank you, Julia, for your question. Remembering for you to ask questions, you should click on the Q&A icon on the bottom of your screen, and ask and write your questions so that you can join the queue. Again, I'd like to remind all of you that in order to ask questions, you should click on the Q&A icon at the bottom of the screen, and write your question so that you can join the queue. I'd like to inform you that the session Q&A is over, and now I'll give the floor to Mr. Ariel for the final considerations of the company. You may proceed. Thank you, everyone. We would like now to close our call today. Thank you, the participation of everyone. And, the Investor Relations team is available to answer any further questions. Have a great day. Now, the video conference of the first quarter results for ZAMP is now over. The Investor Relations team is available to answer any questions you may have. Thank you so much for all the participants, and have a great day.