Good afternoon, and thank you for waiting. You are welcome to CVC Corp teleconference for the fourth quarter of 2020 and the year of 2020 teleconference. Here with us, we have Mr. Leonel Andrade, CEO, and Maurício Montilha, CFO and Investor Relations Director. We would like to inform that this event is being recorded and all participants will be in a listen-only mode during the company's presentation. We will then start our Q&A session. At that time, further instructions will be given. Should any participant need any assistance during the teleconference, please ask for the assistance of an operator by pressing star zero. This event is also transmitted simultaneously via webcast and may be accessed at www.cvccorp.com.br/ri, where you can control slide selection. Slides are also available for download. The replay will be available right after the closure of the event.
Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of CVC Corp management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances that may or not occur. Investors should understand that conditions related to the macroeconomic scenario, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. Now, after having concluded the legal announcement, I would like to turn over to Mr. Leonel Andrade, CEO, who will start his presentation. Mr. Andrade, you may proceed.
Good afternoon, everyone. It is a pleasure to be here with you. I thank you all for your presence, for being with us. We are here to share news with you and the market on our results and the actions we are taking in the company.
I would now like to start the presentation on slide number four . I always like to start with this slide in internal, external events to highlight that we have been making changes at the company for the past year. These changes are aimed at having more solid and better governance. Within this context, we have redesigned the values and the purpose of the company. I always like to highlight our values. We have simplified with innovation, operate with transparency, are guided by sustainability. We honor our commitments, and we are proud to serve. Our values guide us towards our purpose to approximate people and their dreams, creating lifetime memories. Therefore, I would like to reinforce our commitment with transparency and more solid governance with better controls in place. Now moving on to page number five , the next page. We recently had one Investor's Day.
On this day, we talked extensively about the past and the progress of the company. The only aspect I would really like to highlight here with you is something that makes us very happy. We recently renegotiated the debts of the company. With that, S&P has reviewed our rating. We had an upgrade, which is very healthy, especially taking into account the pandemic and all of the challenges faced by the company. We are happy to see the market looking at us and seeing how we are recovering our credibility. In all fronts, in everything we do, credibility comes first so that all of our stakeholders, our employees, shareholders, partners, managers, the whole market in general, the community, the society, our creditors, franchises, distributor can see us as that. We have more and more credibility, and this is what we want to develop for the company.
I am very happy to have seen our rating go up by S&P. We also had a renewal of the board of directors, and with that, we have had strong and solid renovation in the boards of directors and in the management. Everything has been renovated so that we can have a better future, which will be very promising. From now on, we will see the impact on our decision-making process. Of course, today I would like to highlight that we are a company that has absolutely no pending issues in regulatory and accounting terms. We have no money, be it in any currency that include delayed payments or due payments. We will be stakeholders of the restart of tourism. I would also like to highlight that we are a company in movement last year to renew our company, and especially to change our governance and controls.
We also had a significant distraction to regulate all of the accounting issues, recapitalize the company, renegotiate our debts, and of course, that took a lot of time. We are today a company that is 100% focused on focusing our future on these renovations with a series of initiatives, as I mentioned. We summarize everything into three pillars. We are a company with a lot of strengths. Today, we have physical distribution, our capacity and our management, including credit, and our employee, our people. They are all being leveraged. We have better expectations for the future, while we have revisited all of our weaknesses and opportunities for improvement. Of course, digital transformation is among them, unification of platforms, governance and compliance, clients and dynamic pricing, data lake, data science, the client experience, and our business in Argentina, which definitely should improve dramatically.
At the same time, we have developed new initiatives. We have a public commitment to start initiatives which will render the company more robust and innovating. They are all taking place, and I wanted to share this with you. They are all going as expected. VHC, which started a solid expansion, which is already taking place, actually. Self-employed tourism agent, which will be starting this year. The loyalty program, which was launched. We have a credit card with Itaú. This is being distributed. Then in the next steps, we will conclude April with all the decisions made related to the technology platform. This year, we are probably going to have our loyalty program or fidelity program. I would like to remind you that this is not a marketing platform. It is a program. It will generate assets for our clients. Our marketplace is also moving on.
This initiative seems to be good and daring. We have made important definitions, and within a few months, it will be made available. Regarding the sustainability program, it will go live this quarter. At the end of May, we are going to launch our sustainability program with a commitment, an internal, actually, and external commitment. I now invite you to go to page seven. I have good news here. The pandemic challenge is huge, as you all know. Our main point is not losing our clients and make our clients not give up. We have had 810,000 passengers rescheduled, and we are perhaps the only company that has been very proactive in this regard to reschedule. For clients to travel, we need to have cash. You have to pay with hotels and the trade and also with land travels. We still have 650,000 passengers with credits for rescheduling.
It requires a strong operational capacity. In our case, this remains intact. Obviously, it demands intense quality work. The main challenge here for us and for the market is undoubtedly quality. Never before have we had such repressed demand and so many people to reschedule. Of course, it depends on hotels, airline companies, and our operational ability. We are ahead of the market, but we still have huge quality challenges. On the other hand, with Provisional Measure 1,024/ 2021, delayed to the end of the year, the resources made available to clients. This helps the whole sector. It is very valuable. As the whole sector was strongly affected by the pandemic, it is perhaps the economic segment that was hit the harshest. Our major challenge, and thanks to the cash, the capital inclusion provided by our shareholders, we can move on as expected.
When we concluded our numbers last Friday for the first time since the pandemic started, we have maintained our rating, and this is clearly something that troubled us, because there were some concerns. Today, the statement that was published has led to negotiation of debts, which are now lower than a year ago, thanks to all of you. The company situation is far more solid today. This Provisional Measure is very good, because when we look at the whole trade, this is essential for us to survive. It is no use for us to be alive if we are not healthy, and this is very important for the whole sector, including airlines, small providers, the tourist guides operating in Bahia, for example. Therefore, this Provisional Measure came just right at the right moment. I now invite you to move on to page eight.
It is important to give a look at what happened in the fourth quarter and how the company had been evolving. I am saying this in the past because we have a new challenge. I am much more optimistic today than I was three months ago, and I will tell you why. The company had evolved strongly, and if you see from the point of view of confirmed reservations, we reached the fourth quarter with BRL 1.7 billion of confirmed reservations. If you look on the right side, you will see that we boarded 2 million passengers. You can imagine that at the peak of the crisis, under restrictions, we only traveled in the domestic market, and still we boarded over 2 million companies. The company has its operational capacity intact and complete.
This is thanks to the work that was done, the credibility that was achieved, which led the company to come to the position we have now with an intact position. We have invested a lot in improving the profitability of the business. I now invite you to move on to the next page. On the left side, you can see that we had 52% when compared to the previous year. 52% of domestic tourism, it was resumed, and in international, only 16%. The combination of these numbers leads to the amount shared in the previous page. The best of all is when we look to the right side. We had 52% of reservations confirmed and a net revenue of almost 57%. With dynamic pricing, a new pricing model has led to very important achievements.
In Black Friday, we had an excellent week, and even though we had sales that were only 70% of the previous year, the revenue was greater. This helps us trust that everything that we implemented will take the company to a new level of sustainability, and especially, that we have a very healthy company in the future. I am convinced that we are going to be stronger in terms of representation, stronger in terms of comparison with the market, leading definitely the resumption of the business in Brazil, and the company will be much better. I am much more optimistic. The solution has been given. Nobody doubts that vaccination is a reality that will leave us to a totally different level in September or October.
Within six months, our operations will be strong, and that will coincide with summer in Brazil and tourism at the end of the year. Coverage is gigantic, and we will have strong recovery ahead of us. We have all of the financial and operational capacity to go through this period to be much stronger when our activities are resumed. I now turn over to Montilha, my colleague who is here with me. After Montilha, and the financial data, we will open for Q&A. I am totally available. Montilha, please.
Thank you, Leonel. Good afternoon, everyone. It is a pleasure to be here with you today. I will start on page 11 about CVC Corp results. I think that Leonel commented on most of it. We had important results. The company is resuming the impact may be seen on the fourth quarter.
It is very important to analyze two aspects. What Leonel mentioned about how strong domestic tourism is, and also the ticket of the company, the average ticket, which is higher than it was in the previous period, and it also has to do with pricing, product mix, and a differentiated commercial strategy. It is very important to generate cash, negotiate debts. Everything is doing very well. At the end of January, we concluded the capitalization of the bonus, which were used to pay our debts. The progression, you can see that the debts are lighter. We will talk about this later, but it is important to take into account that the effects have guaranteed that we could make two important adjustments. The first one is that we were able to reconstitute the tax issues, which will be recovered in the long run, BRL 220 million.
The write-off was done early this year, and it was based on the audit on the risks of continuation. Also, we recorded credit of BRL 317 million in the last quarter that had to do with the 2020 losses in the airport. With the elimination of the risk, the company is once again able to have future cash recover its tax debts. This is something that was recorded in the last quarter. This is something extremely important for us. Now, talking a little bit about cash generation in the next chat. As mentioned before, the generation of operational cash reached almost BRL 800 million in this period. Of course, as we have been discussing, with all of the rescheduling, what we have sold has not been realized yet, and that helped us with our operational cash.
This quarter was closed with a little bit more than BRL 900 million in cash. With everything reorganized, we are in a comfortable position regarding the future. We are very prepared for the future, actually. Sales conditions are similar to what we had in the past, with some improvements, especially regarding our own funding. Regarding debt, renegotiation of debt has led to some positive aspects. First of all, in the capitalization process, our gross debt decreased. It decreased in the fourth quarter and will decrease even further because of the capitalization that took place in the first quarter. This is something that is well known. Most of the resources were used for payments of the debentures, which are due in the first quarter. We also had another capitalization, which will take place until September and will be partially used to pay the debts of the last quarter.
With that, the company will be lighter and will be able to fund any future growth. Another extremely important aspect, which was disseminated when we renegotiated our debt, is that we have readjusted the covenants for a new curve after the sector is resumed. This is something that we will do. In the fourth quarter, we had a waiver. In the first quarter and according to the next periods, 2021, 2022, and 2023, we will have new covenants related to the new curves of financial obligations. In other words, we concluded the year with good capitalization, as Leonel mentioned. The company has operational capacity and financial capacity so that we can be important stakeholders in the resumption of tourism in the markets we work at. Now, talking a little bit about Brazil. In slide number 15, we had relevant growth, especially in Brazil.
With important boarding the domestic tourism, which is one of our strengths, especially in B2C, we did very well, both in terms of sales and boarding. This helped us a lot. The new policies and pricing and also the mix that helped us have a superior take growth when we compare it to the take rate of the past year. The results evolved well. As the volume grows, we will have very good coverage of our expenses, and we are moving in that direction. It is important to talk a little bit about the net income on page 16. As commented before, the sales and confirmed bookings were pulled by B2C in Brazil. This is where we have our franchise network, online operations in B2C. They all generated high volumes of income. In B2B, we are lagging behind because the international mix is more relevant than the domestic one.
When you look at revenue in both cases, for B2B and B2C, were very important. The percentage was also very important. B2C reached almost 70% because of the increase in the take rate, which was superior in B2C when compared to the previous year. We also had improvements in our B2B. Resumption is taking place in a healthy manner in our business, with contribution margins and volume, which are all very interesting. Operational expenses. Before we talk about numbers, it is important to highlight that the actions we have taken, especially trying to obtain business synergism, unifying businesses, especially in B2B, where we had four different companies. We revised our structure, what is corporate, what is not. We have eliminated redundancies.
In the fourth quarter, we can already see the results, and they are helping us fund part of the investments we are now making to take the company to a totally new net level. Basically, we are investing a lot in technology, in the development of new platforms, which are included in CapEx investments, but also in the organization to support business initiatives to improve processes, information security, and also operational efficiencies, whose results will be seen throughout 2022. We have clients pricing data lake, analytics, client relationship. This is something that we have really reinforced because of our strategy to become a more relational company, focusing on fidelity, repeat clients, and also with operational margins that are more aligned to the market, pursuing opportunities in the market. Finally, we have invested in the structuring of compliance, investments in our teams and processes in the financial area.
Therefore, I would say that we have implemented significant changes. We have an important year ahead of us. We hope that these investments will help us be more efficient as of 2022. Another important aspect, sales with our own funding represents 6%-8%. We have separated pre-COVID portfolio. This all had an important impact and everything was reconstituted throughout this time. On the right side, you can see our post-COVID portfolio for post-COVID sales, where we can see the default rates that are much lower than we saw even in the previous years. Our focus is on the quality of sales, better adjusting payment conditions, commercial conditions, because of the profile of the clients we are selling to. One of the examples is minimal payment of 40% of the sales to guarantee that the sales, even if they are canceled, they will not lead to losses for the company.
The business is doing well. It is promising. We have made significant investments in tools and processes, and I am sure that we will see the benefits in the upcoming periods. Finally, I would like to talk a little bit about Argentina. We have three companies in Argentina. The impact of COVID in Argentina, because of all of the restrictions that were imposed for a longer period, there is a mix that is much higher. In Brazil, we have between 30% and 40% in B2C. B2B, close to 15%. Here we have about 60%- 70%. The resumption in Argentina has been slower. It also has to do with the devaluation of their currency and the difficulty to reduce costs because of local regulatory issues. We continue vaccinating in Argentina. Perhaps we will have relevant volumes next year. Finally, I would like to turn over to the operator.
We are going to start our Q&A session.
Thank you. We now open for questions. If you have a question, please press star one on your touch phone at this or any time. To remove your question from the line, press star two. Questions are also received via webcast. Our first question is from Joseph Giordano from JP Morgan. Please move on.
Hello. Good afternoon, everyone. Leonel, Montilha, thank you for answering my question. This is a more philosophical question so that we can understand the structuring investments you are making, so that we can understand today how you see this progression of the digital sales and the platforms that are being developed, especially to make this process faster, and also make this model more feasible. I wanted to better understand what you have leveraged. I know this was very recent, but we hope that we resume activities in July.
But in the short and midterm, how do you see the progression of boardings and bookings for the first quarter throughout 2021 and early 2022?
Joseph and Leonel.
Well, this is Leonel. Thank you for your question. Regarding digital activities, we had a significant reinforcement in our team. You won't see the process of the company going down because a lot of the investments are steered towards technology and clients. The best terminology is for our business of client and pricing understanding. Dynamic pricing tools are being developed very strongly. In technology, all of the platforms are working in a project that we call MAPA. We're also going to launch some good news. We have a new app for clients based on a platform and different news on all of our stores.
All of our stores will have a strong increment from the point of view of digitalization, eliminating paperwork, and all of the day-to-day transactions, content, client content, are always digital. This is a reality. Different actions will also take place. Because we had 10 companies that were acquired, and we hadn't done anything to integrate and unify resources. Many years without investing in technology in the company, we have huge work ahead of us. This is enough work for two years. Everything is already mapped with different steps, but you will see significant progress at the end of the second quarter. We left from a difficult situation, and what you will see in the future and at the end of this year, you will see marketing and platform and B2B will be unified.
To buy products in the past, clients had to go into two or three different front ends. We didn't even have a shopping cart. I'm very optimistic. Technology is something that we cannot go without. The most important thing is to have adequate planning and to do everything consistently. This will make our company increasingly better. We're going to be a 100% digital company, even though we have a very large physical world. We have over 1,000 stores. We will continue dominating with our physical presence, including the different agents, but everything will be based in the digital world. Everything will be digitalized. All of our clients will be unified. This is what we're going to have. We're going to be good at this at the end of 2022. Will be increasingly better until we get there.
Now, regarding the resumption in this quarter, because of social distancing, quarantine, and all of the measures that were taken, and I think that they should take place. Many of our stores are in fact all closed, but this does not prevent us from selling somehow. We are able of making distance sales, but sales have decreased. We will be below 50% when we compare to the pre-pandemic time. We had recovered somehow and went back down. On the other hand, I'm totally convinced that this will go by and within six months we'll have good sales because this will happen when we resume and everything we're looking at, for example, in the United States which are a good benchmark for us. They're already talking about one of the best summers in their history in terms of tourism. Everybody is dying to travel. There's suppressed demand and successful vaccination.
Everybody's buying. We have businesses there that are doing very well. For example, VHC, we have a wait line to rent homes, and this is where all of our assets lie. It will happen in Brazil. The last quarter of this year will be very strong, and that's why we have to be well prepared in terms of investments, but also in terms of operations as a whole, so that we do not lose any of these businesses and can support our clients the best way possible. If today we gain one step back in short-term sales, in the midterm, I am more confident. Three months ago, we were selling a lot. We still did not have the vaccination solution. I am sure that we'll end this year in a very strong position. Thank you for your question, Joseph.
Thank you, Leonel. I just wanted to follow up.
Do you have an idea in terms of the capitalization from the industry, since funding is very relevant, and you did good work to strengthen your statement? Thank you very much.
Joseph, I am really concerned about the smaller ones. I'm concerned about our franchises. We're trying to see how we can better support them, even though I'm convinced that they're committed. I'm also worried about the smaller ones. We have a whole chain of guides and shuttles or small hotels scattered throughout Brazil. Once again, we have a series of discussions with government programs, and this is essential. I think that the trade will hurt from this crisis, but I'm sure that it will come out alive, and because we will be operationally consistent, this will all be very quick for them. Of course, it's not my duty to talk about competitors.
I think that airline companies have a huge challenge, but I'm also convinced that they will survive and that everybody will be flying, which is the most important thing. I don't know whether I've answered your question or not, but in fact, we are worried and at the same time confident that the crisis will be over and everybody will recover.
Thank you, Leonel.
The next question is from Ruben Couto, Santander.
Good afternoon, everybody. I have two questions actually, but they are related questions. The first one has to do with the take rate and the different initiatives in the market. They are promising, but the company concluded the year with bookings to be rescheduled. I wanted to understand, for how long the take rate will suffer the negative impact of all of this context.
I also wanted to understand whether the take rate at the end of the year will be cleaner or whether that will happen next year. Also, can you update us on the agreements that you have with the franchises when these contracts are over and how the negotiations will take place in the future if the take rate is stronger in the future?
Ruben, thank you very much for your question. Regarding the take rate, we have two different moments. All of them are part of the new pricing model. Dynamic pricing will dominate continuously more. We will have very robust platforms in all of the main businesses. This take rate legacy that you mentioned, I can't tell you exactly when this is over. It depends on when this takes place, but it will be very low at the end of the year.
We have been proactive because the suppressed demand is large at the end of the year with strong sales. We will do fine, and in 2022, there will be lower contamination, increasingly lower, and the advantage is that we are going to honor all of these travels, and on the other hand, because we have been proactive, we are trying to sell new things when we reschedule. We are always trying to sell a new product, a new service, and this can even improve the take rate of the legacy. Regarding the agreement with Master, we are a franchise company and will remain so. There is no objective program on master franchises. Some of them are very efficient. I do not have any mandate to eliminate these masters. Half of our network does not have master franchises where we negotiate directly with the franchises.
This number has increased somehow, but there will not be significant changes. We have changed our structure. Our management structure is such that in areas where we do not have masters, we have exclusive management, and we want to compare, see how we can improve this efficiency, and if the master is efficient, there is no problem. There is no reason for them not to be there. But in the future, the trend is to have less master franchises because the contracts are due in two years, in average, between 12 and 24 months. Some of them will remain, others not, but there is no mandate. The most important thing that I want to make clear is that operational efficiency is our guide. If they are efficient, they are kept. Otherwise, we are going to revisit it.
It is very important that they are totally based on the new business philosophy of the company, which are based on a digital company. If people are aligned with that, even though we have physical sales, the company must have all of the technological ability to do everything, respecting rules, adding value to getting to know our tourists. CVC got to where it is by knowing channels and products and clients, but the world has changed significantly, and CVC Corp will only going to overcome this if we invest in technology. I expect that I have answered your questions.
Yes. Thank you.
We will now move on with the webcast questions, which will be read by Joel.
Good afternoon. We have a question on Argentina. What are the main opportunities in the country, and what is the liquidity dynamic in this sector?
I will start, and then Montilha can add.
The economic challenge in Argentina is much higher than ours. The challenges for the resumption of tourism is also higher because of the typical behavior of tourism in Argentina. Because it involves a lot of international travel. It is the opposite in Brazil. 60% of the business is domestic. Actually, 70%, and 30% is international. In Argentina, it is the other way around. This resumption will be slower there with closed borders and limitations of travel abroad. On the other hand, what is happening in Argentina is that we are improving our businesses. We are also investing in efficiency, platform unification. Even though it is late compared to Brazil, I believe that in Argentina, we are also going to have a healthy business in the near future. We move on with questions via chat. Thank you.
The next question is on digitalization. The company is investing in platforms aiming at the future.
With the crisis of the pandemic, has this changed?
Thank you for your question. We do not have any delayed plans, and no investment has been discontinued because of the pandemic or any new risks. All of the digitalization process is taking place as planned. I am not concerned as manager of the company that the digital transaction takes place sooner. This is something that we are developing. It is like building a home, a building. Transactions were very fragile. We did not have any controls in place. We did not have a system. I am not worried about the front end. Everybody likes to see the front end. We are reconstructing our culture. We are reconstructing infrastructure or architecture in technology.
We may seem slower right now, but when it all takes place, we will be 100% confident that the transaction will be safe and proper, reaching all of the different ends, including accounting. Clients will be seen in a unified manner in any channel, and we are going to have all of the applications and front ends that are as friendly and efficient as possible. I remember that something we did for Smiles became a reference in digitalization. I always like to say that I started in Smiles in January 2013, and the first app only went live two years later. You may think that everything is done fast, but you cannot be safe, efficient at the same time. Rest assured that we will see robust work. The company will be 100% digital, even operating in the physical world. No investments were cut. Everything will go on as planned.
We have more chat questions. Good afternoon. They are asking you to comment on the accounting results and the investigations. Thank you very much.
This subject does not take any minute of our attention. The work was conducted by the board of directors with the support of external consultants. The board understood that it was time to make it known to shareholders, and at the end of the day, the shareholders will make the decision. Of course, the board of directors saw reasons to do that. As managers, it is my duty and the duty of my colleagues to follow the decisions that are made, decisions made by the shareholders or individual decisions, if anybody that owns more than 3% of the company wants to manifest. There is nobody in the company, absolutely nobody, with a suspect or involvement with any of these issues. I trust our team 100%.
Let us move on. Of course, I do not judge anybody. Everybody will have an opportunity to defend themselves, to use their own arguments. It is not my duty to review this topic. What we had to do in the company has been done, and I have highlighted this. If there was any distraction for management, it did take place, but it was last year when the whole accounting had to be redone. We renegotiated conditions, debt capitalization. That took time. The company focuses 100% in the future, and that makes me very happy, and therefore, this is something for the shareholders. It is not our business. I can guarantee that our company will be more and more transparent with better governance, better controls, compliance, and especially operational efficiency. Thank you very much.
We have more chat questions.
The last question is, "What are the main avenues for the future growth of the company?"
As we mentioned, we have to improve everything that is good at the company. We have to keep and improve what is good and also improve our weaknesses. We have a competitive advantage. It is distribution. We have very good distribution in the physical and digital world. Virtual world, I'm sorry. We are improving it, and we will have capacity to generate business that is not found anywhere else. Of course, there's a series of other businesses in tourism that we didn't take part in, and we're investing now. The first one is VHC. Houses for rental. Homes for rental is the only business in world tourism which was not impacted by the pandemic, but the other way around, it has grown.
This is a treasury in our hands, and we're going to invest in it. The other thing is getting to know what your tourists are like, and this has to do with CRM, client management. Improving everything with new tools and with our loyalty program. We never had it before, but it's a very robust business. We are going to be important actors in this area. Anything new is something that we want to analyze and be there, take place there. As long as they have high profitability, we're not going to look at the market based on the fact that somebody is doing it, and then we're going to do it. We're always going to look at the market so that we can do better. The best way to make money is to stop losing money.
Businesses that do not have a high probability of being profitable will be discontinued. With that, our position is very well, so that we can remain as the largest tourism company in Latin America. We want to continue growing, but we're going to do so sustainably, and we are going to evaluate and plan everything very well.
I don't know whether you have any questions. I believe that's our last one.
Yes, we have no further questions, and so we're going to close our Q&A session now. I turn over to Mr. Leonel Andrade for his final considerations, please.
Well, I think that the first aspect is that I wanted to thank you. It was a very harsh year. It goes without saying. It was the most difficult and challenging year in the history of the company. I've been heading the company for a year now.
It was a very gratifying year. With the confidence of the trade, actually everybody wants to negotiate with us, work with us. We just closed an exclusive business for the World Cup next year, and we are now the only company in Brazil that will have World Cup packages that are sold directly for clients. We recently negotiated exclusive sales for Rock in Rio next year. Everybody wants to do business with us, airline companies, among others. We did not discontinue any of our partnerships within this time. The market knows that we have survived. The market knows that they can trust us. We even had the new report of August. The market knows that we're staying. Our team is more and more diversified. We will work with sustainability very strongly. I am really very impressed. In the last quarter, we boarded over 2 million passengers.
This is amazing if we think that this was in the heat of the pandemic. If in the heat of the pandemic, we can board 2 million passengers in a quarter, can you imagine in a digitalized future when we are strong with the best brand in the market, the best distribution, the best channels? I am very optimistic regarding CVC Corp. I reinforce that we, in management, have a long-term commitment with the company. I hope to stay here for a long time, working happy with the support of our board of directors. Much better times are ahead of us, and CVC Corp will be more robust, stronger, and more profitable in the future, and sustainable, valuing the society, the community, the planet, diversity of people and ideas. As the best tour company in the market, I thank you all.
I thank you for your support, and I remain 100% available.
CVC Corp earnings result conference is now over. We thank you all for your participation. Have a good afternoon, and thank you for using Chorus Call.