Hello, and welcome to our earnings calls for the second quarter 2022 of Intelbras. I am Bruno Teixeira, I am the RI Head of the company, and I am very happy to be with you here. We have Altair Silvestri, our CEO, we have Rafael Boeing, our CFO, Marcio Ferreira, and Henrique Fernandez, our superintendents. We are going to start our earnings call. This call is being recorded and will be made available on the company's RI website, where you can also find the PowerPoint presentation that is used. At the end of the presentation, you will be able to download the file and also see the video.
For the Q&A session, we would like to give you the instructions that you should use the Q&A icon at the bottom of the screen. Please write your name, the company, and the language you are going to be asking the question in, and we are going to answer the questions in order. Whenever we call out your name, you can turn on your microphone and ask your question. You can also only send a question in writing if you would prefer to do that. The information contained in the presentation and any statements that may be made during the conference call about the business perspectives, projections, as well as operating and financial targets for Intelbras, are based on the beliefs and assumptions of the company's management and on currently available information.
Forward-looking statements do not guarantee performance. They involve risks, uncertainties, and assumptions as they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand the general economic and market conditions, as well as other operating factors may affect the future performance of Intelbras and lead to results that differ materially from those expressed in such forward-looking statements. All right. We have finished this first stage of instructions and explanations, and we are going to start the presentation now. We will try to be very brief and objective so that we can make use of our time here with the Q&A session, which is always very productive.
Starting off with our main financial indicators. We have very robust revenue this second quarter with a 40% growth with a year-on-year comparison. We have BRL 1.15 billion. This is the first quarter where we have an income that is over BRL 1 billion. Our EBITDA has grown as well, and it is a robust growth and in line with our expectations. From the EBITDA perspective, we have a 24% growth on a year-on-year comparison. We have BRL 119 million, basically. Net income also grew on a year-on-year comparison. It is a 13% growth, virtually BRL 97 million. When we look at our return on invested capital, the metric that we use for the presentation is one that excludes Renovigi, so that we can have the same base of comparison. So we have 22%. So it is a slight growth quarter-on-quarter and an 11 percentage point reduction year-on-year.
When we look at our revenue historical data, we like to show this chart really showing how the company has been performing and showing older and newer data. We have a 32.4% growth in the first half of 2022, and on the quarter-on-quarter comparison, 40% growth. When we look at our EBITDA indicator, we also have a chart here showing the historical performance. We had a 13% growth in the first half of the year, comparing the first half of 2022 and the first half of 2021, and a 24% increase comparing the second quarter of 2021 and 2022. These indicators really show how eager we are to continue to deliver better and better results, and this is what we've been doing in the first half of 2022.
Now, when we delve into more details about the EBITDA and EBITDA margin, we have here the progress we have had since the second quarter 2021. This dip we have had from 13.2% to 11.7% in the EBITDA margin already includes the Renovigi inclusion, this acquisition. We already had this expectation to have a lower EBITDA margin with them in comparison to our base operation, and you can see this change here. It's worth mentioning that if we had a calculation excluding Renovigi, we would have a figure that is very close to the 13.2% we had in the second quarter last year. So closer to 13% rather than 11%, which is the consolidated figure.
The operations have been responding well to our strategies, and the results can be seen in the first half of 2022, especially in the second quarter of 2022.
As for the main business highlights, and we can delve into the segments here. In Security, we had a very strong quarter. It had a 4% revenue growth quarter-on-quarter. It's a substantial improvement to our margin. It's clear that there are opportunities and that these opportunities are being seized in the Security market. We'd also like to mention that there is a growth of over 60% of the revenue originated from the projects and the verticals of the accounts.
Access control has also been showing good results. The gross margin, which we understand may have been a concern to some of the shareholders. It is an understanding the market may be difficult at this point, but we can show here in figures how well the company can manage prices and costs and work with our partners. They have always helped us to achieve good results. In the second quarter, Security, we had 47% of our revenue. So 47% of our revenue was Security.
We've been talking since the fourth quarter review and the discussion of the whole 2021 performance, and we see the pre-pandemic economic activities. Whenever we speak about providers and retail, we see that more clearly, and we can see stable revenue in the second quarter in comparison to the first quarter when we look at Communication. We have the margins here. We've been improving our gross margins and our sales. So we see this improvement here quarter-on-quarter, 2 percentage points. This is a reflection of the improvement in our sales. Also, it's worth mentioning a movement that we had already seen before concerning band C that was removed now so that we could have 5G in the whole of the national territory. There is the Anatel 5G auction that took place last year.
As of the second quarter or the second half of 2022, the C band process is going to get started. We already took part in the first auction, in the first bid. We will see the revenues coming from this business opportunity as part of our third quarter results. Communication accounted for 19% of our revenue in the second quarter. Lastly, Energy. It is the sector or segment that has been growing the fastest. Here we are including Renovigi for these figures. We have been growing at a faster pace organically than expected. We did so in the first quarter. We have been growing at a good pace, and the market has been having a fiercer style of competition. We have seen a lot of imports in the first quarter, some of our competitors being a lot more aggressive when it comes to pricing.
It is important that we also follow these pricing trends in the market. There is no absolute leader in this market. There are some companies that are more relevant that stand out, but no one has really taken over the market as a leader and can set prices or establish a healthier type of dynamics. We have done what was necessary so that our partners, our resellers, would be able to continue with their business. We see here a compression of our margin that is quite substantial, especially when you look at the first quarter, which was 5.7 percentage points. We can talk about this later on. We are already working on improving or recovering these margins in July and in the second half of the year.
We talk a lot about solar energy, and we have our power items with chargers, with UPSs and so on, and they have been growing well. We have a new national UPS line, which has been very successful. With these segments all put together, we have the whole of Energy accounting for 34% of our revenue in the second quarter. Just to try and help you understand the ratio of Intelbras and Renovigi, which we had as of May this year, we can see here the margins and the revenue. Renovigi has a gross margin that is lower than ours, which led to a bit of a compression of our results.
We have a very important point here that I would like to highlight, which is one of the main drivers that led us to this acquisition, which was not only the quality of Renovigi as a partner, but also the understanding that there were parallel channels to ours. After we started managing the company, we can really confirm that only 8% of sales overlap when you compare both bases. That really underscores our plan to cover more territory in Brazil. It is important to have resellers all over Brazil offering Intelbras and Renovigi, allowing us to be more present with better business all over the country. That really underscores or reinforces our presence, and this is how we see the development of the second half of 2022, also including the margin recovery activities for Renovigi and Intelbras.
We can already see a trend towards improvement of the margins. Another important point that we have been talking about in our past earnings meetings or conference calls is that we see an improvement in our supply chain. It is not yet as good as it was prior to the pandemic, but it has improved by leaps and bounds, and that allows for our inventory levels to be closer to our standard that we normally have, 120 days on average. Between March and June, we have seen a decrease in the number of days here for stocks and inventories, and this also includes the Renovigi operations. Inventory has really been moving towards the 120 days mark, which is what we expect for our operations. That has a direct impact on our cash. We had been talking about cash generation from operations.
We had spoken about our expectations for the second quarter, and we really have been able to bring it back to positive levels. The negative cash generation that we had had in the previous quarters had to do with these investments that we had been making in inventory. Operations continue to have very solid foundations and quite stable foundations, and we see that the reorganization of inventory is allowing money to fall back into our cash. We are also seeing now more stability in the cash position, and we are generating positive cash again. From a CapEx perspective, the acquisition of Renovigi and the expansion of our industrial capacity are following the plan, and the maintenance CapEx continues to be 2% of revenue as expected.
I always like to calculate this and keep it up to date so that we can also keep that up to date in your models. The CapEx growth has really been as per our expectations. Lastly, just before we start our Q&A session, what are our perspective and expectations for the second half of the year? We understand that the integration with Renovigi is a priority. We have three main pillars, three main work lines, so to speak. Commercial line that is spearheaded by Marcio Ferreira. They have been focusing on how to work with resellers, and we have been prioritizing our loyal resellers. Also thinking about new ways to work with Renovigi, so that they can feel comfortable with these operations, and they can grow. A second pillar is spearheaded by Henrique Fernandez, and that has to do with operations.
You have all of the supply chain that is involved. Materials coming from the origin up to Renovigi, looking at costs, looking at payment terms. Also, our working capital for Renovigi is being worked on. A third pillar that is spearheaded by Rafael Boeing has to do with the financial and accounting aspects. We know that these three pillars are going to take our levels here in gross margin and EBITDA results of Renovigi to a better level in the second half of the year. The solar market is still very aggressive, solar energy market is, and we see there is a trend for improvement, and we are prioritizing our businesses with the best margins, and we really hope that growth will be in line with the results.
When I spoke about Communication, I mentioned our C-band cleaning, and we have to bear that in mind because in the next three years, we're going to see revenues generated from the C-band. It's important that we understand that the process has already begun, and that with the C-band cleaning, we will see 5G being made available in the whole of the country. Lastly, the verticals. This is a wager that the company made about two, three years ago, and it has been paying out. It is working well. There's new revenue coming from new partners and end customers that are important, that are relevant, and that gives us a very positive outlook for the second half of the year. When we look at projects here, we see a share of recurrence that always has to do with services and deliveries that really justify this recurring revenue.
We have positive perspectives here. We believe it will continue to accelerate, and we'll be able to count on this sales channel and the share of the market, which is still small for Intelbras, but which is growing. With that, I conclude our presentation. I will now stop sharing my screen, and we can start our Q&A session.
We have two questions here already. The first question comes from Bernardo, a Sell-Side analyst from XP. There are two questions. First one about the solar energy segment. I would like to understand this fiercer competition you mentioned in second quarter , and what do you expect as of July? Mr. Altair, would you like to start?
As we have been saying, many companies have come to us this year. Pardon me. Many investors have come to us. The solar market will need a good brand, good management in the future. It will need a lot of capital. Even though receivables at a short term will need product diversification. That calls for substantial investment. There was a gold fever, so to speak, a fad, where everyone was buying gold last year and the start of this year. The supply was very strong, and then there was very fierce competition to try and sell items in the inventory to generate cash. We joined it at first, but then we stepped back. It isn't a good type of competition, we believe. This is a market that will get more consolidated in the next two to three years.
Those that have a stronger brand, a stronger relationship with the consumer are the ones that are going to stand in the end, because this type of product is bought to last 25, 30 years. That will have an impact in customers' decisions. No one has yet sort of sold this proposition. We're now training our resellers to sell these items. When we joined the Security business, that was the same. The same happened. There must be a post-sales type of commitment. With solar energy, this is even more critical than in Security. We believe that really promoting the brand and showing a good trust between resellers and customers is something that is very important for the solar market in the coming years. We are prioritizing this organization, this integration with Renovigi, and we have really invested a lot in our infrastructure.
That was enough, and now we're trying to pick up speed, pick up momentum. Also, with the synergies we achieved with Renovigi, there was a climb in interest rates, and that sort of held the market back. Many consumers were buying devices and paying with the savings in Energy. But now with interest rates higher, there's a difference, but the market still exists. This market needs to become more professional with more confident customers and willing to value the brand. Solar is a very important topic that we need to touch on.
Marcio, there's also a question around pricing Renovigi products, so maybe you can already answer that as well.
Hello, everyone. As Altair said, and answering the first question and complementing what he said, competition continues to be fierce. Bruno mentioned that in his presentation. July was a challenging month, but we continue to keep our growth levels, and we really focus on quality sales. We don't go for price competition only. If we do that, we would reduce our margins, and our objective is to recover our margins.
We have already taken over Renovigi operations. We did so officially on May 1. From then, we already started changing the context of Renovigi margins. We really made the decision to accelerate their margins, and that will hold back sales volumes for a bit, but sales become more robust and healthier. This is how we work at Intelbras. We don't sell at any cost, right? Because we really care for the post-sales and the relationship with the customer. We have a unique type of post-sales commitment, and that keeps sales levels at a healthy level.
Bruno mentioned that there is a very small overlap between the activities and products of the companies. It's actually lower than 8%. on October 1, we will start the channels program at Renovigi so that we will have more loyalty, and we're more robust there, too. The commercial integration is getting faster and faster. We have already made changes to team compensations and profit-sharing. We have more governance now. We're following the practices that Intelbras developed in the past years, and that is really leading to a new atmosphere that is important for our sales.
Thank you, Marcio. That was great. We have new questions coming up around solar energy. There's another question from Bernardo around Communication, but let's talk about solar energy for now, and then we go back. There's a question from Felipe Cheng, from Santander, a Sell-Side Analyst. He's asking about the perspectives of Renovigi maybe delivering over BRL 1 billion here.
We mentioned that when we acquired Renovigi, because the revenues seem to be a bit lower than the expectations. So how do we understand these BRL 100 million in these two months, and what do we expect for Renovigi in the coming months? Are we confident to get to BRL 1 billion in 12 months, of course, right?
I would like to start. Intelbras, when it comes to solar energy, really built it from scratch. We focused on management, productivity, and now we have really gained momentum. With Renovigi, we're going to have a lot of really work. We need to prioritize improvement on productivity and structuring. There will be a few snags, right? There will be a few hurdles there, as we have had in the past two months and we will have still for a while, but we believe that soon we will be accelerating it, b ut maybe we will not get to that level of revenue that was mentioned initially, surpassing BRL 1 billion, because we are more concerned about starting 2023 in a healthy, productive way with the company as it needs to be, without pending improvement points and with the solar brand stronger than it is today.
And everyone in Renovigi and Intelbras well-trained. And we know that solar energy is not the same everywhere, as the products are not the same as people may think. So we know that the brand is important, the quality of the product is important. So maybe we will not get to that level that we mentioned originally. Maybe we will offset that with Intelbras margins.
Marcio, would you like to complement that? You are on mute.
We are concerned about the quality of sales and about having well-organized companies. Renovigi had disorganized inventories and high costs, so we are working on that front. As of August, we have more balanced products and shipping costs because when we took over, inventories were unbalanced. There were items that were out, and now in August, we will start seeing the results. As it was said, all of this reorganization has an impact on the initial project that has been presented to the market, but we will be able to organize it all so that we can accelerate faster. So just to it is going to get consolidated. I speak from experience, right? Also thinking that we know the companies. When we acquired Renovigi, we knew that, and we acquired other companies. These people manage their company in a way that is not really sustainable.
If we had not bought Renovigi or any other company had not bought Renovigi, certainly Renovigi would not be the company that would consolidate everything in the future. We know that other companies are in the same situation. Many companies struggling with productivity and all. There is one last question here around the Solar segment. Asking about the ICMS tax and the decree that limited it. If we have any comments to make around that. We talked about that. We have been talking about this from the beginning.
That has had no impact. Consumers do not even know this. Some resellers try to accelerate sales with that argument for the consumers, b ut this is not something that we can see, and the Energy costs have really been going up constantly. So with the ICMS tax going down, Energy is probably going to continue to go up. So that offsets it.
All right. Then there are a few questions about Communication. Let us start with the first one from Bernardo, who was the first one to write, the XP sell-side analyst. So he would like to touch on a few points. So what is the expectation for the Ku band sales? The Ku band. How the Qualcomm project has been performing, the update on tests and the CPE and 5G FWA.
Well, the Ku band is going to be there for four years, and it is a small volume. We have learnt our lessons from the past. So the Ku band is something that we do not include in our budget, in our plans. Of course, it is an additional revenue, but it is temporary. So 9 million parts could be the demand, and we hope to have an interesting percentage there. At least 30%, but we are working with 20%, right? But we're seeking to really have 30%. That is an interesting volume. These efforts need to add. There could be a couple of gaps, but we're not counting on it to put in a budget in.
The second point, Altair, is the 5G project, if there is any update on that front. The update is that the project is standing strong. We have some production that starts at the end of this year, being sold in smaller volumes at first, but as of January, we should start getting to the volumes we expect to have. We have good expectations. This is an important market. People may often think, "Oh, hey, but what is the difference between one fiber and another?" There are very important factors that have to do with mobility, access, how wires and fibers get to the customer, and the speed that you can install these pieces. We're very confident about this market. We hope to have an interesting share there, about 30% in this market as well.
Just to complement it, what Altair just said and what Bernardo asked, this is a partnership that is going really well. We have a functional CPE. There's a good partnership with Qualcomm. With the volatility of FX rates, we don't have an exact expectation for the cost, but it should be very competitive, as has a. That really has taken us to the decision of producing modules in Brazil. It's the only country in Latin America where they're going to be produced, and that opens up some opportunities for exports, really.
There's still another point here from Cheng, the Santander analyst around Communication, which is, if to our mind, this increase in revenue with the C band, if that would allow for us to be flat at the end of 2022 comparing to 2021 when it comes to Communication, and if we have any expectations on gross margin for the C band.
The estimate for the gross margin for the C band, as we're not really counting on it for our budget, then we haven't really cost-shared. So the EBITDA margin is very interesting in this project. It's basically the same, with the exception of the very few people who are involved with the project, then the gross margin should be basically the EBITDA margin. This is a project where you could have about 70% for the margin. So that will certainly contribute to improving the EBITDA margin of the company. This product should have an EBITDA margin of about 15%.
As for the revenue, do we expect to see growth in the revenue at the end of the year?
I haven't really calculated that, but there is a chance. That's what we expect. I was going to check the figures here now.
All right. I think we can now look at the next set of questions. There's a question about Security here from Cheng as well. So how do we see the revenues coming from the verticals project, the corporate clients that we have talked about?
If we have any reference, the progress of the margins from this revenue. So how we read this context of the projects. This is a dream that Intelbras has had for many years. We started a few times in the past in the Communications segment, and then we gave it up. It is a challenging segment. It is a new market. For about two years, we decided to really invest in it even before the IPO because we really understood there was a source of growth. That was a market that we did not operate in, and with the structure that we had with the teams, with the new technologies, the new product lines, training resellers. We really wanted the segment to be trained and ready to deal with it. So we worked very hard, but we are already reaping the benefits of this investment.
This is a substantial growth that we see. Of course, compared to our volume, it is not that much, but we are growing about 70% a year, and that should carry on for a while. It is a new untapped market. I think that this market could, compared to the Security market, just for us to have an idea of how large it can be. In 2001, we were market leaders in the Telephone segment. Right? And we were leaders in numbers and all. And there were other friends, right? Energy, public centrals. And I found out that I mean, we had BRL 150 as a revenue at the time. And the other company had BRL 450 million in revenue, and they were working only in the vertical segment.
So Intelbras has a lot to explore still on that front. Do you want to complement that, Henrique?
No.
Nope. I think that was clear. If I may say something, Bruno, we have a good pipeline for the future. There is a lot in it. It looks good. And we believe that will make 2022, 2023 look good.
Yeah, there is a very robust pipeline. When you see what that represents in business, it is very small. And when we look at the top of the pyramid, as Altair said, there is another business within. So it is one of our biggest investments and where there is a lot to do and to grow. And that really matches our offers in this Hardware as a Service. there is a question here from Diego about it, which is how we have been faring in that front. What are the perspectives? I do not know if Marcio would like to say anything.
Yeah, sure. Just speaking about projects still, and that has Hardware as a Service as well. we have been working with a project where we have some special distributors to help improve the high-end front so that we can multiply the competencies that we have in the factory with value-added sales, with more reselling, so that we can really cover regions better. And that has been really working well. So this has a better average ticket. And sometimes the chain remuneration and billing directly from the factory, that is important so that we can be competitive. Henrique mentioned percentages of revenue, and they have grown. So the whole is growing, and the vertical's share is growing as well. And this is a margin that is superior to what we normally have in the company. So those are two important points.
Our verticals is doing really well, our verticals team, and we're also choosing some key channels to multiply the value added. With HaaS, we have been improving our fronts here. We see software working as well with Mongan70, these companies that have revenue coming from recurring items. The interest rates in the market have an impact a bit, but we're devising other projects that Rafael is working on with us so that we can fund end customers even better with our resale. We're going to be using the resources that we had for Hardware as a Service for this mechanism.
Just a comment that I found out last week. If we look at Hardware as a Service, comparing the first quarter this year to last year, and the second quarter this year and last year, we see a revenue growth of almost 80% in the first quarter and over 80% in the second quarter. We can really see that the revenue is growing, and slowly but surely, it will cover its ground. It's not that representative for the total figures of the company, but it's contributing to our good results.
I always say this is a market as large as what we have in Security, but it's got different characteristics. We have a separate type of, or a unique type of organization. We need to keep it that way, because otherwise, the company will take everything to verticals and will leave behind the rest to other companies. We don't want to lose anything. This is additional revenue anyway. We can't lose the base here, the foundation. We keep the business separated, the team separated, and yeah.
All right. There is one last question here in the Q&A. We will answer that question and then conclude our presentation if there are no further questions. Oh, there's one further question, Rene, so let's continue. That's good conversation that's going on here. Fabio has a question from Canvas about the M&A processes perspectives that we have there o pportunities.
We continue to do it. We don't have any company as large as Renovigi on our radar right now, but there are several other smaller ones with BRL 100 million in revenue or less, with new technologies or new products that could be interesting. We continue to look at that. Some of them we're auditing already. This is an activity that we can't leave aside. Why not buy a big company? It's so much work that we have with Renovigi now consolidating it and looking at the solar segment. We're going to be one of the few players that are very successful in three years' time.
We have enough on our plate right now. We don't have to get another company there to be acquired that is as large. What we have already assures over 20% growth for the coming years. We need to focus on the products that we already have and continue to find opportunities relating to smaller companies with new technologies, new products that would be interesting for us.
All right, great. The last question here from Marcus, one question from Marcus is around Communication. Let's talk about volume and revenue. Is there any bottleneck that is clear, and what would this bottleneck be? How we see revenue, margin, and volume in Communication.
Well, the bottleneck, there's one challenge that hasn't been ironed out completely is the chip supply or the card supply for networks, mainly. The technology updates and upgrades, that's always a challenge because it always changes very fast. With the IPO and with the whole U.S.A.-China issue, there is a lot of demand with these technology companies, with them coming to Intelbras. So this is an interesting bottleneck, and we're very confident with our partnerships and negotiations, and that really should come true. If it does come true, it will take Intelbras to new levels when it comes to Communication. Henrique?
One of the things that really helped us during the pandemic was that we had strong partnerships with shareholders, major shareholders of Intelbras as well. We're really looking for new partnerships and alliances. If there is a difficult scenario in the future, we will be backed up by larger partners with product availability that can help us in this endeavor. So we have very good expectations when it comes to Communication. We have networks, and results have been improving, and Communication itself. The margin's been bouncing back, really, as Altair said, with good expense control. That's really motivating us more and more to get to higher levels for the second quarter, for the second half, pardon me.
We always say that the company is a company that knows how to work with technology. We're good at adapting products to our markets. A lot is developed by us, but we wouldn't be able to develop everything, all of our products for all of these fronts. Dahua, a technology partner that we have, if we have 500 people in development, they have 5,000. So it's important that we work with them adapting these products. This is really what we are doing now. Our doors are wide open, even more open than we had prior to the IPO. Especially when you think of the United States and China situation.
All right. Thank you, Altair. We have one question from Caio, an investor, asking about the alignment between shareholders and the executives and controllers, the incentive plans, the targets. He also asks about the share values. We don't talk too much about our shares. We talk more about the results, but maybe we should give some information here.
Well, the management of the company has its bonuses really tied up with the results, and revenue and results are the main points. They account for 80% of the targets of the management of the company. Long-term incentives were approved by the board. According to the targets that are met at the end of a year, there is phantom shares that are created. They're not actual shares, but they are tied to the company's shares value. After a few years, that can be converted into cash as per the shares of the time, after four or five years. Part of it will stay up to the end of their journey with the company. If they leave the company, they don't take the money they haven't been paid yet. That is also one way to retain talent and also to keep the team interested in increasing share values.
All right. Thank you, Mr. Altair. We have no further questions here. I will turn the floor over to you, sir, so that you can make your final remarks. I would like to thank everyone for joining us.
Thank you everyone. Once more, thank you for joining us, for listening to us, and thank you for believing in the company. I would like to thank you for that. We may trip over a problem here or there, but we are still very confident that there is a lot of good things happening here. I always like to say that some investors visit us and they say, "This is in the budget, this is in the budget." So what is in the budget, right? What is in the plan?
We have a very serious commitment to our targets, and sometimes we do not put in the plan some things that are still to happen because we know that nothing in the future will happen for sure, and things may go south in one point or another. But in the end, on average, we always reach very good results. We continue to be very confident. We are very confident in the solar segment. There is this minor reduction in the margin for now, but we have this commitment to the long-term improvement. We want the company to be well-structured. We are working with Renovigi. We really want it to be growing at the same pace as Intelbras.
The Communication segment is also improving its revenue. There is a bright outlook with new partnerships, 5G, Security, also access control. We are creating new markets there. There are new products to be launched. Facial recognition, that is coming up. This is a new market to be explored. Our products are growing. There is a very good perspective in Security, even though we already have a very substantial share of the market. That is that. Thank you very much for joining us, and we will see you in three months with good news. Thank you.
Thank you, Altair. Thank you everyone, and this is the end of our conference call. Have a great afternoon. Bye-bye.