Good morning to everyone, and welcome to our Q&A regarding these results of Via in the first quarter of 2022. I hope you like the first time that we reserved all of the time of our call exclusively to answer questions. The version with presentation of results is available since last night. As far as questions, Gabriel Succar, our manager, will coordinate the line of questions. First, a few considerations. We're very happy with the evolution of our strategy, which we're delivering strongly in every part. We're scaling up our business which go beyond our ecosystem. Via as a service is already a reality. You know, transportation, and with the recent acquisition of CNT. So we also scale up our credit as a service in the next quarters.
As always, I would like to make sure that I mention that we have incredible assets, especially after the turnaround that we've done. Now it's time to put us on as a service with the principal objective of diluting costs and generate more revenue for Via. This strategy differentiates us and is even more relevant in macroeconomic moments, complex macroeconomic moments, such as those which the sector confronts at the moment. As you know, we've always been optimistic. Since we arrived here, we declared that our route would be for growth. However, preserving profitability. In this first quarter, we've still, with the impact of the pandemic, our numbers prove that our optimism is based on a great deal of reality.
We have an EBITDA margin of double digits with strong controls in SG&A. As we always said, our credit is a strength, at this moment has become even more important for the consumer as is shown by our numbers. I would like to congratulate our team for the show that they've done in Mother's Day, which was an exceptional for Via. Once again, optimism with reality, with realism. Our stores were full and our sales team super energized to give their best experience to our clients, has resulted in our best Mother's Day sales since 2018, excluding the Black Friday sales. Our omni-channel use has given us the real possibility of navigating very well, both offline as well as online. We're prepared to attend the consumer where and when he would like.
Having said that, I'd like to pass over to Gabriel so that he can start with the Q&A. Good morning.
Thank you very much, Roberto. First question from Credit Suisse.
Gabriel, Thank you, Roberto. I like this idea of going straight to Q&A. I'd like to understand the dynamic of same-store sales. We see same store beginning to invert to a positive direction. At the same time, we have a certain difficulty of understanding the basis of comparison that, from the comparison of the pandemic compared to last year. If you could comment, how was this dynamic of same store during this quarter, and what can we expect for the short term? That would be important.
The second question is the question that called my attention, which was one of the biggest promises and sources for the future was the issuance of personal loans, that this loan portfolio would start to increase with BRL 20 million-BRL 30 million. I wanted to understand a little bit what can we expect in that dynamic of personal loans going forward. These are my two questions. Thank you very much.
Great, Victor. I'm gonna start here, and they can help me with the answer. Our same-store sales, what we've seen is that we had a January which was very complex, really due to the variants of Omicron, which at that point was reducing a great deal the flow of people in our store. This lasted until the middle of February, more or less.
Starting the second half of February, we start to see the traffic of clients in the stores and the streets improving in a very important way. In March, it's better yet, and this continued during April. We see good signs of improvements in the traffic, in the store traffic, in our stores and in the streets, which means that that our stores' physical store sales has had a strong recovery. Specifically now, due to the most updated dates and Mother's Day, we had a store traffic which was very, very strong, giving us the result of the best day of sales, excluding Black Friday since 2018 and 2019 when we didn't have the pandemic as well. We see signs, clear signs of recovery. Can we write this?
Don't know, but not yet, because we're accompanying this constantly. The aftermath of the Mother's Day has also been good for us in the physical stores. That continues, well. Our expectation is that we'll have a good initiation of a recovery in same-store sales. For personal loans, as you mentioned, let me throw it up on the screen here, see if we can to participate. Go ahead. Thanks.
Hi, Victor. Thank you for the question. First of all, banQi has two objectives. One is the digital accounts with the offer of financial services. We always strengthen that, of course that. The second objective is to be a payment means included in the Via ecosystem, which brings us also a series of benefits.
When we talk about personal loans, when we reach a turnover 37 million, about BRL 150 million with BRL 150,000 clients who have chosen this solution. It's important to mention that about 28% of these clients have recontracted their personal loan. Why is that important? Because the personal loan has the objective of not only making the clients more loyal, we already know, with another credit offering beyond the credit, the normal credits for credit, as well as to capture new clients. What we've done is, a lot of these clients are clients who have. They're already clients from the Open Sea.
These are new clients who open their accounts with banQi, had no banking relationships with the Via ecosystem, and they started to acquire our products because in our models and credit engines, we received that they could have a credit, a loan that was pre-approved. Finally, why is the personal loan so important? Because in fact, digital accounts are only profitable when there are products and financial services added, because otherwise these accounts are just deficit. They're in a deficit. What we've seen over time is that we've published indicators, short-term indicators which are quite positive. We're growing this portfolio with the products, with the growing product. We've published some time ago that we would get to 300-350 in the portfolio in 2022.
Beyond that, over the year of 2022, we will also launch other products, a credit product, which is for these clients, the credit card. Beyond another line, which is the credit for partners. Credit card for partners is another line of this credit. I think that answers your question, but if you have any further doubt, please.
Okay, that's great. Thank you very much.
Thanks, Victor. Our next question is from Joseph Giordano from JP Morgan.
Hi. Good morning, everybody. Roberto. Thank you for that. I wanted to explore a little bit the 3P strategy. We've seen the company more and more focused on the long tail and differentiating that and placing various bets to be able to make a difference in this level of service. I wanted to look a little bit at Aloisio and Abel.
How are you working on this partnership with the sellers and to work better on the commercial side as well as the logistics to understand how we should see this 3P coming back? We got BRL 1.2 billion, BRL 1.1 billion, BRL 1.2 billion in the 3P this quarter, 700,000 per month. How should we think about this strategy? The second question, which I directed to Luis. In the contingent of the liabilities, which we saw quite high losses during the last year, how do you see the evolution of these processes? Now we saw quite a few labor processes detailed, and we see that things are now more under control with the company winning more in this case than it was last year.
Looking at the stock, the fair value of the stock is BRL 11 billion. How should we look at that, at this turnover on the balance? How should we look at that stock on the balance sheet?
Let me start here, and then I'm gonna ask Aloisio to jump in, too. It's important. First of all, thank you for the question, Joseph. It's important to recognize that we have been declaring, we've been stating that we're going to create our marketplace in a way that is sustainable. Each more and more we're looking for a reduction of items of core items of the company. Electronics, telephones, TVs, etc. More and more we're looking to reduce the participation of these items in our marketplace. More and more we're going to grow the long tail items.
This does not necessarily mean gives a huge GMV upfront, because what brings GMV in most platforms, which are very robust, are these categories in which we're very strong in our 1P offering. We understand that this increase, this very accelerated increase of the volume of orders will give us what we call an expectation of a 3P, which is the increase of frequency and recurrence for our consumers. This brings reductions of acquisition costs and brings a better relationship to add more and more products for sale for our consumers. I just wanted to strengthen that point.
That's not necessarily growth, which is very strong growth of GMV, which we see at this time, because we see a very strong growth in the base orders and relationship with the consumers, which will impact in the cost of acquisition and also impact our logistics as well. Let me talk to Aloisio here, so if you have anything to add.
Roberto, Joseph, he described pretty much our strategy, our objective, our macro objective to increase in our relationship with our clients, offering them a long-term product and incentivizing the recurrence. This is the most important part. Second is to leverage our business via the marketplace here in our company. It have an important role to leverage the logistics which also bring benefits for the 1P sales and also our credit operations.
Which are leveraged as we increase the volume of transactions in the marketplace, especially in the long tail items, because the volume is what makes this wheel turn. The third part, in line with your question, is to grow the marketplace in a sustainable way, in a profitable way. This quality of management between the different categories of long tail to science. We're trying to do more and more going forward. In the material which we released, we saw the categories of the long tail, which are growing by 500, 600, 700%. At the moment, it's growing strongly in every category in scale, testing our limit, which right now we have not yet hit our limit. In parallel, again, increased penetration in VIA's, which is our logistical solution.
It also gives us a better solution and makes us more competitive. Makes us more competitive, which is also a new thing. A few months ago, we launched the credit sale for the 50 items, and we're seeing a good flow to these categories. We're growing in all of these front of different long tail. We're gonna discover the real role of these categories. This is part of the game. We're not gonna make any declarations until we explore all the potentials of these VIA's.
One more question for Joseph to your two questions. Let me. You're correct. The labor law demands cases have been very positive. The first results of the first part of the year have been very, very positive for the company.
The reduction by 43% of new cases. Turnover, which is much better in the company, much better level of turnover. The cases, the increase is improving and liquidating the most expensive cases and the older cases. We've been successful in that. We've had victories, yes, important victories. Today, we defend 100% of the cases. The person who they request extensions and delays, which is unexpected. We're more and more prepared for this, these cases under control of these cases. We're being conservative in keeping our guidance, but we may have improvements, and we'll communicate to the market and you as soon as they start to appear. The first quarter was encouraging. It was very positive.
We're gonna wait the other quarters with a great deal of safety. We also have the true value of our, the fair value of stock because of the understanding of our liquidity, considering that our stock is accounted for at cost price without tax. The difference between the CMV and the gross price is approximately 67%-70%. Our turnover is practically a turnover. We can expect four per quarter, so we can expect four turnovers in this stock during a year. We can turn our stock four times per year. Basically once per quarter.
Thank you very much.
Next question is from Danniela Eiger of XP.
Thank you very much for taking my question. I have two questions. one and a follow-up. On the level of sales for personal management, this acceleration which we commented on, are you looking at the base of 2020 compared to 2019 coming back closer to the pre-pandemic level? Because we have a better base in March and April due to the closings of last year. I wanted to understand the question of the base. The second point is, the point that caught my attention is the, in front of all of the other retailers, the question of the problems in payments being lower than last year and controlled levels, even though you've had several new initiatives which I think naturally should have a higher level of risk.
Which is not necessarily reflecting in them, even though it's reflecting the macro effects on the margins. I want to understand this dynamic. It wouldn't make sense to be a little more conservative on this front. Just to understand these two. Thank you very much.
Thank you for the question. With respect to the comparison on Mother's Day, as I mentioned, it was our best day of sales since 2018. Looking outside of the pandemic period. Again, we cannot yet write in stone that this is our new reality. We're looking at this day by day. We see improvements in relation to if we look at the third and fourth quarter. We see a scenario of traffic on the streets reduced, as we saw in January and middle of February. We also see reduced traffic on the streets. The consumer is coming back.
More and more we're seeing the advantage, which is the omni-channel approach gives to the Via both for our consumers, both in the physical stores as well as online or in the hybrid way with the online sellers. With our sales salespeople online.
Danniela, thank you for your question. I'm gonna use a little bit the personal loan as an example. You observed that the scale up of personal loans happened in a very safe way, very secure way. We have a policy strategy in the credit area of always making the growth of our portfolios and our products. As soon as we have observed the level of non-payments that we have maintained.
Talking about the credit offering, we're attentive, but very safe, very secure, not only in risk to non-payment, as well as. We also observed in the first quarter and also in April, an improvement in the indicators, certain indicators. What are we talking about, these certain indicators? These indicators of late payments or non-payments above 60 days. We are very, very secure and very attentive to all of these, all the macroeconomic situations. We remember that all of our offerings, our credit offerings are very, very adequate. We do this. We've said this in several calls. They're always adapted to the necessity and capacity of our clients to be able to make their payment. This brings us a assertiveness in our strategy of credit, which is very strong.
Perhaps it's for that reason that you've observed a difference compared to the other players in the market.
Thank you for the question. I'd like just to reinforce, it's a big tool. It's a great tool, how we use it with absolute responsibility. In all of these cohorts, to be able to increase our numbers. The expectation is to be able to increase our portfolio credit during the year. It's been growing. It's already reached BRL 5.2 billion, and we continue to raise it. We understand that's a huge differential for us, especially at this moment where Brazil is living, especially those with lower income, to be able to facilitate and give access to the consumer within the limit of what he can able to be able to pay per month. That's a very important difference.
Great. Thank you very much.
Next question is from Richard, from Bradesco BBI.
Hi, everybody. Good morning. Thank you for the chance. I have two questions here. First is about your vision of 2025 Via about a year since you since you published this guidance. Of course, a lot of things have changed, many things that are outside of your control. I just wanted to ask you if you continue confident in this guidance or if you're moving forward to that, if you're ahead of that or behind that. As far as the plan that you had a year ago when you published that guidance. The second question is regarding. Excuse me if this is, if Danniela is in the same topic, but it's gotten a little bit cut off for me. I wanted to ask about your coverage ratio of your credit portfolio.
We understand that the coverage ratio is a little bit below in this quarter compared to the other quarter, even though we have seen in an environment which is still very difficult.
Thank you for the question. Yes, we understand that we are on track to hit that guidance. We're doing better than the guidance in several respects. At the moment, we didn't have the expectation of transforming our platform so quickly as we wound up doing. In fact, that's what brings us to the assets of Via as a service in a much more accelerated way than what we imagined at that point in time. We understand that, we're on the right route following the guidance that was given or even above that level. Anybody else like to add to that?
Hi, Richard. Our provisions as far as the portfolio had a reduction in relation to the last quarter because our cohorts have in the last cohorts loans granted that have had a very good performance. This translates into a reduction in the provisions of the portfolio. Also suggests, as I commented, that in the next quarters, we'll be able to have indicators of over 60 and over 90 with the reduction. Thank you for the question.
Great. Thank you.
Our next question is from Felipe, from Citi.
Hi, can you hear me okay?
Yeah.
Thank you for the opportunity to make my question. At Citi, we want to understand a little bit the dynamic of SG&A, because there was an important reduction, the greater productivity of the employees and also in the aspect of reduction of the people in the back office.
I wanted to understand a little bit what were these gains in SG&A and understand a little bit if this reflects in a trade-off between margins and growth for the year. If in your mentality, the idea is to maintain this focus on profitability.
I'm gonna pass this over to Padilha. Before I do, we're constantly seeking better productivity for the company. Once we see that everything that we've got on the platform is generating a higher productivity, the fact is that we are putting logistics as a service for us is also a gain in productivity. It's also revenue, and it also dilutes our costs greatly. It's a great opportunity.
I'm gonna pass this over to Padilha now and ask him to speak a little bit specifically about what caused this reduction of SG&A during the quarter.
Felipe, thank you very much for the question. First of all, we have here as a priority the control and reduction of expenses. Various initiatives that are not only impacting this quarter, as well as they will also impact the coming quarters, which is the case of logistics, as Roberto mentioned. This better utilization of the logistics assets with partners and sellers, it brings a benefit to the seller and it brings a benefit to us as well. The most recent acquisition, CNT, brings more dilution with the better utilization of this asset.
In this quarter, it was absolutely generated. We gained productivity in the stores and the online sales with 1P, 3P long tail, better penetration of services, better penetration of credit in online sales, those done through the online sellers. A better utilization of the cost of client acquisition and a better, less dependence on media, paid media to bring clients. We're at a moment, a difficult moment in the world and in Brazil. There's a lot of inflationary pressure. There are certain delays in cost corrections, and we're observing that with great attention, with very great care. We're negotiating a great deal very intensely all of our costs relating to logistics, our costs related to occupation. Deeply revising our account, our IP, our tax.
We have more than 1,500 stores, sometimes more than one piece of real estate. The increase in real estate taxes may seem very small, but we're revising that detail. We find errors, and we're recovering part of the expenses. It's an exercise that's frequent for Via. We are moving forward in several directions. We're gonna face these things head-on, and we've been successful in this quarter in that.
Very well, thank you.
Next question is from Eric from Santander.
We want to understand a little bit better. On the physical stores, have you seen the evolution in a more regional area, difference in other countries and in the northeast region, for example, have you seen stronger advances in that area? To give an idea, a granularity about how is this recovery, how this recovery will be going forward.
Thank you for the question. I missed that. We had a little bit of noise. You wanna know how are the regional question of the stores, is that correct?
Yeah.
Okay. We are not seeing, Eric, any in any specific market, a bigger or smaller recovery. Recovery is being done in a very linear way all over Brazil. For us specifically, we see a growth, a strong growth in the North Northeast through the expansion that we've had last year. We continue to have this year, talking about different stores, and the focus continues to be in the North Northeast with a higher level of capillarity for the stores, service of the logistics and the banking services. However, this recovery of the flow in the city is happening nationally. There's not one market or another that requires a highlight. All of them have had a very strong evolution in traffic.
Thank you very much. Thank you for the answer.
Our next question is from Vinicius from Bank of America.
Good morning, everybody. Thank you for taking my question. On our side, we have two questions. One is a follow-up on the marketplace. You can see an evolution of the take rate and the increase in the fees that you announced at the beginning of the year. I wanted to see if you can comment if you've noticed any impact in terms of new sellers, the availability of products from these new higher fees. Or if there's any additional difficulty of adding sellers to the performance services, and how do you think about this dynamic for the rest of the year?
You could see revised this structure of fees. The second question is the structure of capital. How are you thinking about increasing your debt, especially with the BRL 900 million which will be coming due in this quarter?
Thank you for the question. We communicated with a review of fees at the end of December. We're the first marketplace to take this position because the scenario changed, remembering that the three objectives are to grow the profitability in a sustainable way. There's space for that. We made this movement. At the beginning of January, we spoke with all of our sellers. Volume of sales continued to grow. We hit a very new number of both 140,000 sellers and growing number of SKUs.
This movement grew in February, and it's even grew more really in March. It's something that we will overcome. We're gonna accompany along with the rest of the market with the marketplace of Via. Again, one eye on growth and one eye on profitability. Speaking about profitability, we have strong numbers. We've reached all our good numbers. Padilha mentioned the return on marketing investment. With the acquisition of CNT, another front of opportunities, the fulfillment. All of Via is, it's in print, it's in the labeling, collection and fulfillment. All of this has been cooperating in our efficiency and in the possibility of generating more incremental income. The generation of margin is the credit itself, which is the promise made last year.
We're already operating today with a group of sellers with more than 2 million SKUs being sold with the option of the credit payment option. We have a combination of solutions and the operational efficiency and helps us to keep growing. Our commitment may vary even depending on this triangulation. Padilha, respond to this. Hope we answered your question. Thank you.
Thank you, Vinicius. Let me add. Thank you, Vinicius. As far as the debt which is coming due at the end of this quarter, first of all, it's a debenture. The second tranche of the debenture was contracted at the end of the first wave of the pandemic. It's an expensive debt. We're just to use it as a reference, we're doing operations today at half the spread which we contracted at that time.
We're much more careful and selective today in this renewal. We have enough liquidity to liquidate this debt if this quarter should be weaker. We have several alternatives, much cheaper and much more long-term, up to five years, up to seven years. We're evaluating all of these alternatives. We should be able to renew this if we don't do a complete turnover of that equivalent value of the debenture. We'll do 70% or 80% of it, at least. It will not affect our operating cash. We can reduce a little bit the question of liquidity and security that we've always worked with to the lower cost, the new debt. We're very comfortable with that. We're doing it carefully and being very careful in the joint renewal.
We have no problem to refund, refinance a large part of that liquidity. Instead of just the safety net, this security liquidity.
Yeah. Thank you, Padilha.
Our next question is from Gabriela Moraes from Itaú BBA. Itaú BBA.
Hi. Thank you for taking my question. On our side here, we have one question related to the cost pressures, which we imagine must be impacting your chain, you know, supply. We're in constant conversations about the eventual increases in the future, especially for durable goods. Since you have the capacity of the consumer to observe these increases in prices on your big-ticket items.
Thank you for that question. This conversation has been going on. It's constant. The biggest part of the impact has already happened.
There's a lot of things that are tied to the US dollar and this rise in the US dollar. We felt that in the past. We have an expectation that a lot of that will be more positive in terms of redemption of it, with the US dollar going down, but it's still unstable. This possibility is still remote for now. We don't see any big impact happening. We see things that are. We have some spot things on the day-to-day, but the most relevant factors in terms of increases have already happened. How is the consumer dealing with that?
In the case of Via, we have an advantage because we have our own credit offering, so we're able to adapt in the number of payments item by item and creating a payment, monthly payment that fits into the consumer's pocket. We've been doing this for a long time. That gives us a competitive advantage at this time. We've been carrying a higher level of inflation on these items going forward. What also happens, as Aloisio mentioned, are the items for the 3P items. We're looking at them very assertively and growing the penetration of the credit offerings very recently, as we saw last year. We already see the result, important result and important tendency for growth.
Eventually the consumer may have the same item that you find on different platforms, but on the platform of Via, he has the possibility of doing this in a financial way, with a credit, in a finance way with our own in-house credit.
Thank you very much. That, that's clear. Thank you.
Thank you. Our next question is from Irma of Goldman Sachs.
Hi, everybody. Thank you for the chance to ask my question. The first question is going back to the SG&A. I would like to know a little bit more about the medium to long term, this time the macroeconomic challenges and have focused on the cost controls. Do you imagine that going forward, we'll have a bigger growth in the online sales and the marketplace? This margin will come back to a level which is a little bit lower. Do you think that going forward you'll be able to defend these margins and perhaps even increase these margins going forward? To have an idea how much you're gonna have to add in expenses with this growth going forward.
The second question is a little bit more of a one-time question about the duration of the portfolio, how it is right now. What's the average duration of the banQi portfolio at this time?
Let me start. Thank you for the question. As far as SG&A, let's go. Let's go there. We're absolutely focused. We've always been absolutely focused on reducing the expenses to make it more productive without ever hurting the level of service we offer to the consumer. We've been doing this and continue to observe this quarter by quarter. Our NPS growing. For example, in this first quarter, we were able to utilize the alternative of spending less money to attract these new customers with a lower cost of acquisition than what we had to spend in the past. This will be perpetuated. That's in our tactics. We're gonna be measuring this every quarter.
Whenever we see an opportunity, everything we're building on the platform, on the Via platform, at the end of the day, part of it is to redesigned to reduce the cost of client acquisition. We have very good assets here utilized to reduce these costs. The marketplace is a great asset for reducing our acquisition cost. We're gonna increase the number of orders by 100% this quarter. We're scaling up the marketplace. We have more and more consumers navigating through this, whether it be online or in the physical stores through the online salespeople. The credit offering is also a strong source of acquisition and client acquisition with a negative cost. As we scale up even more the credit offerings, we'll have more and more client acquisition spending at zero to acquire these new clients.
The banQi also continues to be an important factor for client acquisitions as well as our stores. We opened 100 stores, 101 stores last year. 55% of the stores are absolutely new clients for Via, and 50% are reactivated old clients that have been. I mean, so all this brings us a scenario of, which will be evolving more and more and growing the asset. We have the reduction of cost of acquisition. I think big goal that we have for our platform. We use this in a tactical way quarter by quarter.
If at the beginning we have to add a little more to incentivize the business that we may be able to do, but always with the direction of creating a platform which is more sustainable and which depends less and less on adding a lot of money for client acquisitions. Preserve growth, preserving profitability. We want to do it at any price. It's sustainable. At some point in time, we may have to hit the brakes a little bit as the GMV starts to appear in the next few quarters. Especially right now with the lack of liquidity. We've had a change in liquidity compared to a few quarters in the market overall. However, now there's a lack of liquidity. The market is much more selective, much more attention where it wants to place its liquidity.
Platforms that depend greatly on burning a lot of cash to make GMV have greater difficulty. Since the first day, we've been on the route of spending the least possible cash to go. We have 95 million clients in our base, and more and more we're being very active, bringing in and reactivating a good number of these clients. We're on a good trajectory. All of the other expenses of the company we have under control. It's a lot of pressure. It's hard to say, "No, this is the new goal. This is the new target." In this level, because the inflation is still. The pressure. Inflation pressure is very strong on the company's expenses, but everything really depends on productivity. A salesperson, for example, that before was just a physical salesperson in the stores. He didn't have a client.
He didn't attend anyone. Now, when there's no physical client in the store, he's attending online. We gained a huge amount of productivity gain of 100% on these store salespeople. That's the direction we're heading with Via. We understand that control of expenses is fundamental, not only now, but constantly. I'm gonna pass this over to the rest of the guys here.
Hi, thank you for the question. Irma. The personal loan in eight months period and the credit card, 14 months. For a long time, it's been 14 months for quite a while. We mentioned that on the recent call. It's interesting to see that our average period continues stable. Even we haven't had any need to increase the payment period to reduce non-payment or anything of that kind.
In the credit world, it's 14 months. In personal loans, eight months.
Okay, that's very clear. Thank you very much.
Thank you. Next question from Andrew from Morgan Stanley. He'll ask his question in English, and we'll answer in Portuguese.
All right. Thank you. Was hoping if you could please talk a bit more about the gross margin trends. What you're seeing in promotional intensity across the industry, and how you're thinking about Via's price positioning versus peers and some core 1P categories. Thank you.
We've been working on margins, on stable margins over the most recent quarters. At stable margins. The pressure to be competitive has been coming intensively for several quarters. We understand that this level of margins that we have today is compatible with the scenario which is very competitive in the market. We do not understand that we have any deterioration in our margin due to the competitive competitiveness. We're very balanced. We've been able to maintain the growth of the company, preserving this level of profitability. We think that on the next quarters, we'll have profitability levels close to what we've had in this quarter and in these other recent quarters.
Thank you, Roberto.
Anybody else like to make a question? Any other questions? I think we can close now. I'm gonna pass it over to you for your comments. We'd like to once again thank you. We're so happy that you liked this more productive format of putting the video ahead of time. We're very focused on maintaining the robust growth. We're very optimistic but always realistic in relation to the return of the traffic to our physical stores, which is an important component of our ecosystem. We're always ready to attend the customer where and when he wants to be attended. During this journey, we have absolute control of our costs and very optimistic in relation to the coming quarters because of the scale that we're doing in the long tail of the marketplace.
Thank you all for participating, and a hug to everyone. Our greetings to everyone. Thank you very much.