Good morning everyone, and thank you for waiting. Welcome to Pague Menos' conference call to discuss the first quarter of 2022 results. Today with us we have Mr. Mário Queiróz, CEO, and Mr. Luiz Novais, CFO. We would like to inform that during the company's presentation, all participants will be in a listen-only mode. Then there will be a Q&A session when further instructions will be given. Should you need any assistance during the conference, please press star zero to reach the operator. This event is also being broadcast simultaneously on the Internet via webcast and may be accessed at ri.paguemenos.com.br. Questions sent through the webcast platform will be answered by the IR team after the meeting. We would also like to inform that the conference call will be in Portuguese, presented by the company's management, and for the English conference, there will be simultaneous translation.
Before proceeding, we would like to inform that forward-looking statements made during this conference call are based on the beliefs and assumptions of Pague Menos' management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore they depend on circumstances that may or may not occur. Investors and analysts should understand that conditions related to macroeconomic factors, industry, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. I will now turn the conference over to Mr. Mário Queirós. Please, Mr. Mário, you may proceed.
Hello. Good morning, everyone. Welcome to another conference call to announce the results of Pague Menos in the first quarter of 2022. We are still going through the effects of the COVID-19 pandemic. There was another peak in January with the Omicron variant.
We had to face some consequences of this new variant. First, people again started running to the pharmacies looking for products related with this, COVID-19 symptoms. A lot of OTC medication antivirals. There was also a high absenteeism rate of our employees because the level of infectiveness of this variant is very high. It is not as lethal as the previous ones, but we still had a high rate of absenteeism among our employees, and this somewhat affected our NPS and our score on Reclame Aqui, but it was nothing, very relevant. We also suffered with stock-outs. These were industry related problems, and we are only starting to see normal levels in the month of April.
This quarter we had double-digit growth of our top line with strong inflationary pressure on our SKU and SG&A, which impacted our EBITDA. Novais is going to share with you the details and the numbers for these indicators. Then I'll be back to talk about our Health Hub and our digital platforms. Novais?
Thank you, Mário. Good morning everyone. Let's start on page four. As we do traditionally, we always start with the main highlights of the quarter, operational and strategic highlights. We had some important deliveries in this quarter. Since our IPO, we have been meeting all our estimations and all our KPIs are delivering results above expected. Here we have the six highlights. The three first are operational and the other are strategic. 7.1% same-store sales.
The contribution margin for same-store sales, we ended the quarter with 1,169 stores. 90 stores are less than one year old, and the other more than 1,000 stores are mature stores. These stores delivered a better contribution margin, 1 percentage point increase year-over-year. These are excellent results. In assortment, we are still improving our assortment of products in our stores in this quarter. We finished the quarter with 9,900 SKUs per store. This is an important indicator, and we saw some important advancements in two very strategic categories, generics and private label. We're going to give you more details later. We have three more very important strategic indicators here. First, the growth of our digital channels. Our digital channels grew by 63% year-over-year.
We reached 9% total share of digital channels, which is above the market average. A very good growth rate. These are very important channels for us. Clinic Farma, another strategic front that we have. We beat a new record of 837,000 appointments. This was boosted by the increase in COVID-19 cases in the start of the year. Last quarter, we had seen a peak in the number of appointments in our clinics, a very relevant volume. This is a record-breaking number, which increases awareness of the pharmaceutical and health services offered inside our stores. Finally, the last highlight of the quarter, we grew by nearly 7% our active customer base, which are customers that have bought from us in the last twelve months. 15.5 million active customers, another very important mark.
Our CRM and loyalty teams have been working hard to help us attract and retain new customers, and this has been helping us improve the performance of the company. On page number five, we see the evolution of our sales. Here, we're measuring total sales, same-store sales, and mature store sales. We start to see a detachment from same-store sales and mature store sales. Total sales was 10.5%, and same-store sales was 7.1%. The distance here is nearly four percentage points, which starts to show the growth of our stores. When we compare with previous quarters, we see an important growth. The 90 stores that we inaugurated in the past 12 months are already contributing to the growth of the company, but they are still at their early stages of maturation.
We believe that they will further contribute to the company's growth in the coming quarters. Next slide number six. Here we see the evolution of our market share. As we usually see in the first quarter of the year, there's a greater share of independent drugstores and associations due to the selling of the industry and distributors to retailers as a whole. That's why we have a higher purchase volume, and that's why we see a higher number for independent and associates, particularly in the North and Northeast, where the participation of these companies is greater than in other regions of the country. On the right, we see another important piece of data from IQVIA showing that the growth of the market as a whole is still very much based on the new openings.
Of the 11.9% growth of the market in the past 12 months, 7.9 basis points is captured from new openings, and the other 6 basis points come from other elements: mix, price, product, and so on and so forth. We're doing really good in these other components, but in store openings, since we started inaugurating and opening stores in the end of last year, we still see a smaller contribution of this element in to our growth. That's why we're very optimistic about the evolution of our market share in the coming periods. The new stores already have a higher level of contribution, and the new stores that we are inaugurating, we have very positive expectations for them. We are also very happy with the same-store sales, which is what we show in the next slide.
This is a new census study showing the like-for-like using the like-for-like methodology and comparing with other large chains. We see that we increased our market share in practically all regions of the country. This means that our stores are operating really well and gaining space. We're very happy with this information of the 1,080 same stores of the company. On page eight, we see the evolution of our expansion cycle. We finished the quarter with 90 new stores. We will continue to focus on the three main elements here on this chart, on the top part of the chart. Most of the stores were inaugurated in the Northeast and North of the country.
Most of the stores are focused on the B2, C, and D economic levels according to the IBGE measurements, and 70% of the stores are in smaller cities and 30% in capitals. These stores are very Their maturation curve is very aligned with the one that we projected. They're a little below this quarter due to the sales in February and March, which were somewhat weaker months due to the strong demand in January. These are stores that are performing really well. 90% of these 90 stores have already reached their break-even point and are already operationally profitable, which is a very important metric for us. We are also suffering the inflationary pressure on our CapEx.
The average cost of investment for inauguration of a store would be BRL 1.1 million, but it is now closer to BRL 1.35 million. There's a strong inflationary pressure. Despite these two elements, we have a very good expectation. The projections for these stores are more than 18%, which is much higher than the capital costs. This means we remain very optimistic about this new group of stores. We are also monitoring the stores. We're more closely monitoring these 90 new stores to make sure there's no cannibalization, and we are also very happy with the stores that are close to the newly inaugurated stores, and there's no cannibalization whatsoever. On slide number nine, we have the evolution of our products and services categories.
Strong highlight to generics, as I mentioned in the beginning. We grew 0.5 % year-over-year, reaching 9.6%. If we compare the months of the quarter, in the end of the quarter, we reached very near 10% of the total share of the company coming from generics. We're very focused. Our sales team is very focused on this category, which is helping us boost our sales and also contributing to the gross margin. We believe that our fair share in generics is closer to 12% or 13%, which means we have a lot of room to grow in this category, both in sales and in margin. The quarter was impacted by the COVID-19, the Omicron wave in the beginning of the year and also the influenza incidence this quarter.
We finished the quarter with 3.4% in services versus 3% last year. Next slide. Here, we show a little more about generics and private label. These are two categories that have been really positive and very strategic for us. We still believe there's a lot of room to improve the profitability of the company. In generics, we grew by 17.2%. These are IQVIA numbers, so the market grew 11.3% and Abrafarma 13%. We're growing well above the average of the market, and we still have room to grow in the coming periods. In private label, here we're measuring against ourselves, which is a very good reference. We were up nearly 16% in private label compared with self-service and total sales between 10% and 11%.
This was also well above the two other measurements to which we are comparing. We finished the period with 6.4% of total sales coming from private label, 30 basis points year-over-year growth, and we have a lot of launches programmed for this year. We're very positive about this category. Slide number 11, we see our gross profit and margin. We have some important elements here. As we saw, the mix of product categories has been helping us improve our margin, particularly in generics and private label. The product mix helped us with half a percentage point in this period, and we're also advancing really well in the control of our supply chain and our loss prevention team.
They have been working to control the expiration date of products in our store, so our inventory losses decreased by 30 basis points, which really helped our margin and is another factor that makes us really happy and shows the maturity of our supply chain and loss prevention work. We also have some negative pressures, but this is actually good news for us, but because we have been investing in digital channels, agreements, and partnerships. These are very important channels for us. They bring customer loyalty, they bring us a higher ticket and good sales increment and cash margin increment. We will continue to invest, even if we have a somewhat higher pressure on our gross profit. We will continue to invest in agreements and partnerships.
We also invested more in CRM activities in this period, and they have been helping us increase our customer base and retain some valuable active customers. These are three levers that we will continue to invest in, and the expectation for our margin this year is to move horizontally. We will continue to capture these positive aspects, and this will help us finance the margin reduction due to the growth in our digital channels and partnerships. Here we have G&A expenses on contribution margin on page 12. The good news is that we had a 20 basis point decrease, which is an important mark for us because the inflationary pressure, as I said, is very high. The salary readjustments and rental readjustments are at a very high level.
Still, we have been able to control our expenses and reduce by 20 basis points in same-store compared with the first quarter last year, which is very important for us. On the right, we see the contribution margin. As we heard in the beginning, due to the reduction in our sales expenses in same-store, we had an improvement of our contribution margin, 10 basis points. We go from 10.9 % to 11%. This is a very positive result because this will help us support this very intensive moment that we are in our cycle and the expansion of our company. Our same-store are helping finance the reduction and erosion of our margin due to the new inaugurations.
As I said in the beginning, 90% of the new stores are already operationally profitable, and they will help us improve the contribution margin of the company. Slide 13, we have our G&A expenses and our EBITDA. In G&A expenses, we had an important growth year-over-year, then BRL 2 million quarter-over-quarter. Here, we are still investing greatly in our technology team, and they will help us keep supporting this very relevant growth of our digital channels, which is very strategic for us. We will also continue to invest in some consulting firms that are helping us execute some projects that will bring results in the near future. We have inflationary pressure here. Particularly in January, in the company's headquarters in Fortaleza, we had our yearly salary readjustment.
It was a high rate of readjustment, so we had some pressure on our G&A expenses due to that. On the right, we see that all these fronts are helping us shape the future of the company, bringing new technologies and help us boost and improve the sales and purchase experience of the company as a whole. On the right, we have our adjusted EBITDA. We are at a very similar level than we were last quarter. We're very close to the tipping point. We started opening new stores in the second quarter last year, so now we start to compare periods with new openings. We're very optimistic about our margin in the next periods, and we will be able to resume that growth cycle that we were seeing before our expansion cycle.
We're also very optimistic about starting the integration of Extrafarma, which will help us reduce our administrative expenses. We have some very good prospects for the coming quarters. Next slide, we have our net income. This is very similar to what we saw for our EBITDA margin. Positive points, we have strong growth, 10.5% in sales, and we also had the effect of the deferred income tax, which was also helpful in the results of this quarter. The negative side here is the pressure coming from new openings in the last quarters, comparing periods with and without inaugurations. For net income, we have a similar scenario to what we had in our EBITDA. We're close to our tipping point. The new stores are performing really well.
The new stores are already delivering operational profit, and we have many projects to continuously capture gross margin and sales increases from these new stores, which will help with our results in the coming quarters. Now, cash cycle and indebtedness. We are at a normal level in terms of our cash cycle, close to 61 days. No great movements compared to other quarters. We continue to invest in inventories, and this investment has been paying off because this is helping us support the good levels of sales increase and margin increase, so we will keep the same level of investments in inventories. On the right, we see that our net debt by EBITDA rate is 1.5 x, and this is due to the investments in inventories and everything that we mentioned so far.
Now, I turn it over to Mário, who is going to talk about our Health Hub. Thank you. Thank you, Mário?
Thank you, Novais. We are now on slide number 17. Here we see our strategic pillars. We have all witnessed how pharmaceutical retail is transforming in Brazil, and two of these transformations are the development and advancement of digital channels and health services being offered in drugstores. Here on this chart, we see when we look at the market as a whole, Pague Menos has about 5% market share. When we look at online sales only, we have 12% market share.
Our share is higher when we look at digital channels only, and this results from all the work we have been doing to improve our e-commerce platform and our app, and also our infinite aisle services and the bet we made in our telesales, the decision to centralize our call centers, standardize the services, and offer promotions in a unified manner. Also our partnerships with Rappi, iFood, and other partners that have been really helpful in our advancement in the digital world. On the right, the third chart here, was a survey conducted by Abrafarma with Clínica SiS to measure the health services being offered in large pharmacy chains. We were pioneers in the offer of health services inside stores. Much more than just selling medication, we are offering services to the population.
We had 27% market share in all health services offered in Brazil. In addition to our pioneer work in our clinics that are spread throughout the country, today, we also have the largest portfolio of services offered. We also have all the investments that we are making into digitizing our Health Hub to offer everything that is available in our stores, to make everything that is in our stores available online. We also have our services marketplace, our partnerships with Dasa and others. The compounding service and expansion of the compounding service using our Health Hub and our health services marketplace. This is what has brought us to these great numbers in this sphere. On slide number 18, we have our indicators. As you heard from Novais, this was another record-breaking quarter and the number of appointments, 837,000 appointments this quarter.
This was, of course, boosted by the 500,000 COVID tests that we performed this quarter. The adherence rate of every 100 customers walking into our store, seven used some service from our clinics. The conversion rate of customers using Clinic Farma, 67% of the customers using Clinic Farma made a purchase on the same day. This shows how much this contributes to customer loyalty and retention. This, of course, contributes to increasing the average ticket and increasing our revenues. On slide number 19, here we talk about our digital strategy. I already talked about the market share of digital, 12%, a 2% increase year compared with 2020 when the digital channel boom started. Here on the left we see that the share of digital channels more than tripled compared with the first quarter, 2020.
We believe that very soon in the future, considering all the pipeline of improvements and services that we're bringing into our digital channels, we will be working at a double-digit level of market share for our digital channels. On the right, you see the channel, the breakdown by channel. E-commerce, an 18.2% increase. Phone sales, which resulted from our strategic decision to standardize and unify our customer service, nearly 60% increase. Super apps, 479% increase. Infinite shelf, which is about never saying no to our customers, so if they don't find something they need in our stores, they can pay at the store and receive at home. This modality grew more than 237% for a total growth of 63% in all our digital channels.
On page number 20, our new app is still at the pilot stage because despite being launched in quarter four last year, we have more than 600,000 downloads, but we are prioritizing the quality of the service right now than the browsability and usability of the app. We want it to be very user-friendly, very easy to use. We can see how well we're doing this when we see the improvement in our Play Store rating. We went from 2.1 to 4.2 on Play Store and 2.0 to 4.3 on Apple Store. We have not yet had the official launch of the app with promotions. We still have a lot of novelties coming. For example, customers will activate discounts at the store.
We will also offer cashback and also gift lists and many other features that we are embedding in this new app. This reassures us that our digital channels will continue to grow a lot in the future. I will stop now, and we can open for questions.
Thank you. We are now starting our question and answer session. If you want to send a question, please press star one. If at any point your question is answered, please press star two to remove yourself from the line. Questions will be answered as they are received. We kindly ask you that you pick up your handset when asking your question to provide optimum sound quality. Please wait while we poll for questions. The first question is from Mr. Joseph Giordano, J.P. Morgan.
Hello, good morning, Luiz. Good morning, Mário. Thank you for taking my question.
Actually, I'm going to extrapolate my question, and I'm going to go into the Extrafarma subject. Should we start to see the consolidation of Extrafarma's operation in the start of the second quarter? The second point is actually two questions. Today, do you have any visibility in the type of drugs? Also we're seeing in Grupo BIG and Carrefour, they are seeing even more opportunities for synergies. What I want to know is whether you're seeing any upsides for the synergies that you mapped out in the start of of last year when you announced the acquisition. We also see your same-store sales growing greatly, and this is closing the gap for your competition. I want to understand where you see the greatest opportunity today in terms of incremental improvement of the average sales by store.
We saw a little higher level of stockouts, so I want to understand how much this could be impacting the sales of this quarter. Is there anything else, anything related with assortment? I know stockouts have been a problem. Also price, I know that you're seeing higher inflationary pressure among your consumers.
Joseph, thank you so much for your question. Novais, please chip in if you want. About Extrafarma, we are very positive, very optimistic. Our attorneys are in constant contact with the general superintendents. I can't really give you a date, but we know we're very close to a decision. We know from everything we have discussed with our attorneys, we know about the latest requirements of CADE. We have answered to all of them. We should have a final decision very soon.
Now, when will we be able to really take on the business of Extrafarma? This will still depend on CADE's decision. We can't really tell you whether it's going to be in the second quarter because there's going to be a recess in July. This will depend on their final decision. Now, regarding the synergies, we have updated the inflation rates that we had projected for the synergies. Our team is very responsible, is very comfortable that we're going to be able to deliver within the planned ranges, about BRL 180-BRL 275. This is very much in line with what we had projected, and we are pretty certain of the value that we're going to be able to capture with this transaction. Now, as for average sales, we grew above expected.
We have been growing above expected since the IPO. We were very clear. Our projection was to reach BRL 600,000 in sales, and we were able to reach that number faster than we expected, now we are gradually growing. Of course, this has been somewhat impacted by the new openings. When we exclude new openings, we had BRL 622,000 in average sales. There's also the expansion of our mix. We continue to improve our assortment. Digital channels, of course, bring incremental sales because there's a migration of customers. Our customers are omni-channel, but we do have some customers that only want to buy online, so these are new customers. We also have our Health Hub, which helps us improve customer loyalty and increase the customer basket or shopping cart.
This has to do with cultural aspects and the change in culture that we're seeing, the population that is getting used now to getting health services at a drugstore. That's why we see this improvement in penetration and the population's perception about these health services. Also, we have our agreements and partnerships channel, which accounts for nearly 30% of our sales. These are very loyal customers that come through partnerships that we have with large organizations, both health organizations or financial organization associations, and they get differentiated discounts at our stores. This has also been contributing to increase the number of customers, and we have now reached 15.5 million active customers.
The resumption of the growth of our customer base is what makes us really comfortable that we will continue to see a gradual growth in our average sales in the future.
Thank you, Joseph, for your question. Regarding Extrafarma, as you heard from Mário, we're very optimistic. The limit deadline that CADE has, the competition authority has, is the end of August and early September. Until then, we will have a final decision for the process as a whole. Of the micro markets about which they requested additional information from us, so if there's any remedy, it will be a small remedy. As Mário said, we're very optimistic. About synergies, we're always very conservative and very realistic, so we will continue projecting the same levels.
Your last part, the last part of your question about sales, in addition to what Mario said about the digital and the Health Hub, we still see a lot of room for growth in generics. Also, private label is another product category that is, has been a very positive surprise. Assortment also. Although we reached 10,000 items, we still have room to improve, to increase. So we still have some levers that we're working on to help us further improve our average sales per store.
Perfect. Thank you.
The next question is from Helena Villares, Itaú.
Hello, can you hear me?
Yes, we hear you.
We have two questions. Thank you for answering our questions. The first question, we really like what we heard about your Health Hub. What are you thinking in terms of the next steps?
I just heard in your answer that you think this is going to be gradual because of the change in culture and mindset that is required from the population. What do you think you can improve in your platform, or what is already working really well? My second question, you broke down your data in new stores which are, delivering results above expected. The numbers are still a little below your initial expectations. Do you think that at some point you will revisit your store openings plan now that you acquired Extrafarma?
Let me start with your second question about our expansion. We are judiciously thinking about our expansion. We are assessing the quality of the locations. That's why we had a guidance of 80 stores last year.
We were able to meet that, but now we have a guidance of 120, and we just confirmed 120 new stores for 2022. We know that we have a lot of growth potential in terms of the revenue of our stores, and we still see a lot of opportunity in the north and northeast, which is where we have most of the Extrafarma stores. I do not believe this will impact our organic expansion, but we are carefully assessing all this to prevent any cannibalization and to understand the residual potential of each region in which we plan to open new stores. We don't believe that the integration of Extrafarma will have any impact on our expansion plan for the coming years.
Now, as for the Health Hub, we have been making some partnerships with Hapvida or Dasa, as I mentioned. We want to bring their flow of customers into our stores, and we want to relieve the pressure on clinics. We have been hearing from our partners that a large percentage of customers that go to ERs or emergency clinics, they wouldn't even go if they were able to use telemedicine to consult with a physician at a drugstore, for example. This would decrease hospital contamination, and this would help us take care of non-complex cases using this service at our stores. We are now trying to understand how we can help the health system, and particularly these partners that we mentioned, so that these customers can be referred to our drugstores, and our drugstores can be consolidated as a primary care center.
We are really focusing on these partnerships, trying to show the value of a Pague Menos store and the value of Clinic Farma, so that these people can get faster, less complex health services. Novais, do you have anything to add?
I would just add that regarding the guidance, as Mário said, we are very much focused on delivering the 120 stores for this year. We will maintain a very high level of transparency, both in terms of the maturation curve of our stores and any changes in our strategy, any changes in plans. We will keep you posted. For now, we are not expecting any changes.
Thank you very much.
The next question is from Danniela Eiger. She's XP Investimentos.
Good morning, Mário. Good morning, Luiz. Thank you for answering my question. My first question is a follow-up about your store expansion.
If I understood well, you still have the guidance of 120 stores for this year. In the first quarter, numbers were much lower than we expected, although we were already expecting a weaker first quarter compared to the other quarters of the year. Now, considering the integration of Extrafarma in the second quarter, it still makes sense to think that this expansion will accelerate throughout the year and will be more concentrated when you actually integrate Extrafarma, right?
I want to make it very clear, the expansion team is one thing, and the Extrafarma integration is another team. There's no impact on the dedication or the work of the team, the expansion team. Yes, the new openings in the first quarter were below expected, but this will not compromise our guidance for 120 stores this year.
In the second quarter, the numbers are back to normal. We are opening about 30 stores, so 40 stores in the first half of the year, and we have 80 stores left for the second quarter. We've opened many more stores than that before. Of course, it wasn't as we expected. We wanted this to be more distributed, more evenly distributed throughout the year, 30 stores per quarter. We know that the first quarter was a little complicated, particularly, due to the documentation issue. We are still confident that we will be able to deliver 120 new stores this year.
Now, my second question is about your profitability dynamics. We see that the increase in your private label sales ended up impacting the increase in digital and agreements, particularly when it comes to the gross margin.
Can we expect the gross margin to suffer with more pressure due to the higher penetration of digital and agreements and partnerships, and maybe this will be offset in the profitability and the EBITDA? Does it make sense to think this way looking forward? The other part of my question, can you give us an update. You talked about the normalization of your stockouts, but can you please explain the market dynamics. Do you see normal levels? Do you plan to see normal levels for April?
Regarding profitability in our gross margin, Novais, please, you can interrupt me if you want to add anything, but both digital and agreements and partnerships do put pressure on our margin. But the cash margin for the company is positive for both channels.
On the other hand, we have some levers that are helping us increase our margin, such as the growth in generics, the growth in private label. We already have one of the best gross margins in the market. We're measuring our competitiveness index region by region, category by category, because we know how competitive the market is right now. When we look, not just focusing on the large drugstore chains, but also independents and associations. We know they have a different mix, and it's a different game to compete with these organizations. That's why we have been fine-tuning our categories and monitoring our competitiveness index.
Our numbers show that because this increase in generics is a result of all the work that we did to understand how to better compete now against a different type of competitor, independent pharmacies and associations. That's how we have been improving our share in generics. This is indeed challenging, but we do have elements to offset the impact of digital and partnerships. I would call it a good problem.
Just to complement, the expectation is that our margin will move horizontally this year because we will have some positive elements, such as the levers that Mário just mentioned. We still believe in digital, and we see digital and agreements growing greatly. That's why it will move horizontally. In April, as we usually see due to the price readjustment that we have on April first.
In the first days of April, we see a weaker demand, because in the last days of March, people are buying their medications due to avoid the price increase. For the rest of the month, the demand went back to normal levels in April. In April, all in all, starting at April 5 or April 6, the demand went back to normal levels.
Okay, thank you.
To ask your question, please press star one. Please wait while we poll for questions. This question and answer session is now closed. Now, I would like to turn the conference over to Mr. Mário Queiroz for his final remarks.
I would just like to reinforce that even with resuming our expansion, our same stores are still delivering a very good contribution margin, 11%.
Most of our new openings, the 90 new openings in the past few months were in the northeast, which reiterates that our conviction that we still have a lot of opportunities in the northeast is true, holds true. We still have a lot of room to grow in the north and northeast of the country. Now, I'd also like to note the growth of our digital channels. We were able to reach 9% share. With all the pipeline of new features that we're planning, this reassures us that very soon in the future, we will be at double-digit share levels, 10%, 12%, which we already see in the south and southeast.
We are expanding in these regions where we already have a very strong penetration, and we're also being able to improve the share of digital in the North and Northeast, our core regions, where we still have a low uptake of digital channels in the population, and we are being able to change this behavior. Thank you all for attending our call today. Thank you for sending your questions, and we'll see you next quarter, or maybe before if we have something interesting to share with you.
Pague Menos's conference call is now finished. Thank you all for attending and have a great day.