Good morning everyone. Welcome to Positivo Tecnologia Q4 and 2022 Earnings Video Conference Call. Here with me today, Hélio Rotenberg, our founder and company CEO, Caio Gonçalves de Moraes, CFO and IRO, and Rodrigo Guercio, Vice President of Corporate Market. He is with us online. We will share a brief presentation about our results. We will open for the Q&A session. In order to send us your question, just click on the Q&A icon at the bottom of your Zoom bar. Let me turn it over to Hélio, who'll start the presentation.
Good morning, everyone. I'm very happy to share these results with you. It demonstrates that our strategy of diversifying the company, which was implemented in 2017, has been proven right. When one segment is down, the other one offsets it. We have been telling ourselves, we should not depend on a single product. This is how we have worked. Today, with this very extended broad portfolio, we can share these very good results. Our revenue increases more than 47% after two years growing and more than 63% growth over three years.
Our EBITDA, BRL 675 million, 97% increase. Despite a high interest rate, we have BRL 306 million of net income, and that is based also on the cost of finance. In this quarter, you can see our record revenue, BRL 1.5 billion, particularly leveraged by commercial and consumers. When we talk about consumers, we're talking about end consumers and commercial, all the corporate organizations and public institutions. Also special projects, mainly electronic ballots that we delivered last year. That accounts for 8% of our revenue.
The EBITDA of BRL 242 million in the Q4 is strong growth with very profitable projects in commercial segment and also 13.5% EBITDA margin in 2022. BRL 137 million net income, leading us to achieve BRL 306 million in 2022. Leverage ratio of 1.6. What we delivered in the Q4 was paid in the Q1 of this year. There is an increase in indebtedness when the company grows. We need to control that indebtedness also over our EBITDA. This is what we have been doing. You can see increase on the ROIC. Increase in this return, 30.8% above last year. Let me talk about 2023.
We issued a new guidance, BRL 5.5 billion-BRL 6.5 billion against the BRL 5.9 billion in 2022. We do not foresee a 47% growth. As a company, I think we have achieved a new level. Now we're starting from there and keep on growing. We saw a very strong growth over the last three years, and our different divisions will keep on growing, but perhaps slower now. I can say that as each division grows and not disruptive as before. As for our business model, very clear. You can see our special projects and 18%.
We separated them. Electronic ballots. We achieved 18% of our income coming from that. BRL 1.2 million that should be delivered this year, and part of it will be delivered still in 2023. 176,000 electronic ballots. The contract foresees up to 220,000. That contract may go up to BRL 1.6 billion. We may have more ballots for 2026. This is a long-term project. It's not only electronic ballots when I talk about special projects. There are also some totems that we classified as a special project.
We strive in order to identify other special projects, and that is related to our engineering capacity, our technology capacity, so that we can gain other so-called special projects that can replace the electronic ballots project. Commercial 64%. What does that mean? Growth of sales to private and government organizations. That means B2B. So, PCs, HaaS, hardware as a Service payment solutions that are also providing us good results. Tax services. We have also settled very good contracts, also with better margins vis-a-vis transaction, sales transactions. We also have education technology, servers and solutions. We provide servers to Pegasus, the largest computer at Petrobras, tablets.
We continue with consumer division. There was a drop after the pandemic. Now in 2022, we saw a slight recovery, particularly regarding notebooks and also the Infinix smartphone that starts selling at BRL 1,300, and that's where we also see some growth. We can see that some other areas increased more. Consumers accounting for 18%. In the past, it accounted for up to 50%. I'd like to turn it over to Guercio. At every Earnings Video Conference Call, we'd like to invite one vice president so that they can address their areas. Because corporate segment was very important last year, we invited Guercio to talk to us about that.
Thank you very much, Hélio. Okay, I'll try to be brief and to shed some light. I believe that Hélio gave us a very important summary. He already highlighted the key points. As for commercial, please allow me to stress some points. The diversification of our client portfolio. When you talk about different types of sectors: education, health, finance, amongst many others. These are the sectors that we approached in a more structured way. I'm firmly convinced that that also contributed to our success. We examined our performance. We were able to persevere and grow.
Another important point is the expansion of our portfolio considering or targeting rather the B2B client. The portfolio of services also supporting this demand of this specific group, considering the models that are now being rather used, i.e., hybrid work. This is how we see and provide services to companies that are operating under hybrid mode. Another point I'd like to highlight is the diversification of business, just as mentioned by Hélio before. It gives us the opportunity to increase our revenue at the same client, going beyond the device, beyond the hardware that we traditionally sell.
It has been already properly demonstrated that we can increase our revenue and also achieving healthier margins. As for different channels, I'd like to highlight that because of that portfolio diversification, our partners find us more appealing, and that allows us to also gain more partners. We were able to gain more than 500 new partners all over the country. They also support us in selling our products in other parts. Besides what Hélio already mentioned about the solutions, so high-performance solutions to the oil and gas sector and also the hybrid cloud. We are very skilled and very capable of providing that.
We also ran a pilot with Deloitte, and today this is used at a clinical teaching hospital, which is a means for them to run some remote imaging studies, and we expect to expand that to other segments. Also, the launch of PSS Connect, which is a project for partners- for partners that require digital transformation projects, and also the unit of digital transformation in order to support our clients to navigate in this continuously changing world with the use of technology. Going over IoT, 5G, data center and related services.
As for services, very briefly, I can tell you that we keep on diversifying our portfolio in order to support our clients, so that they can work under hybrid working mode, and obviously, solutions that require full outsourcing. As for payment solutions, we keep on growing in this segment too. Just as Hélio mentioned. Because of our engineering capacity, technology capacity. This is very important to different sectors, but specifically to payment solutions. Now we have gained the three major acquirers in Brazil, and that is directly related to how we work with them. Now let me turn it over to Hélio, so that we can continue with the presentation.
Well, 87% growth in the market of a private companies, and this is a very relevant growth, and we intend to keep on growing in this path. Now let me talk to you about government organizations, those that are sold via public bids. You can see very important growth at BRL 2.2 billion in 2022. You can see that we have really achieved great numbers and consistently. I'd like also to highlight education. The pandemic proved how important it is to have some type of device in the hands of students and teachers. That trend is still on, and we believe that this came to stay.
The importance of digital inclusion of students attending public schools as well as of their teachers. What we see is that state and municipal secretariats of education are buying these devices, and our presence is very strong. The day before yesterday, we participated in a request for proposal for thousands of tablets in the state of Ceará, 65,000 for the state of Rio Grande do Sul. Major bids in quantity and amount. Just to give an idea, the opportunity is out there, and we are very well-positioned.
Our very broad portfolio of product allows us to work and to present our quotes for these bids. We have a very good positioning in order to participate in these public tenders. We gain 59% of the bids in which we participate in. We have been participating in public bids for many years. We prepare our product, and then we present our tender. You can see that the pipeline is very strong. In 2022, that accounted for BRL 7.2 billion, and today, BRL 5.7 billion. A slight drop, but that just shows that we intend to work on this segment this year.
We have already ensured BRL 1.2 billion in contracts that have already been signed. That, bids that we won last year and this year. There is also in the pipeline BRL 5.7 billion in January of 2023. For consumer, this segment was impacted all over the world, in Brazil too. Everybody bought a computer during the pandemic, but last year we saw this drop because those computers were still being used by consumers. We believe that consumers will replace that new one in three to five years.
In 2023, we see already an increase in sales of computers. We believe that the sales in this segment was even higher before, compared to what we had before the pandemic in 2019. That is related to replacing the old ones. As for smartphones, particularly the entry smartphone, was also strongly affected. Smartphones become or present rather more features. The entry smartphones, we see this drop. This is a drop we see in general, but particularly in the entry smartphones. Besides that drop, there was also another fact that happened in Brazil, the increase in interest rates.
Retailers, the large retailers and small retailers, they decreased their inventory levels because of the finance costs. We can see that there was a decrease in inventory from 100 days to 60-70 days of inventory. We missed one month of sales over one year. Now we are going back to normal levels, and we expect to have sales under constant levels. Let's talk about Infinix. Infinix sales increases month-after-month, we know there is a large market. From BRL 900-BRL 3,500. That accounts for 75% of the total market. We have presence in this range. Infinix is very well accepted by consumers.
All reports coming from specialized media are very positive. Failure rate is very, very small- ex cellent camera, excellent quality, and we have the right entry price. That allows us also to increase our share at these retailers. Now 62,000 points of sales. As for Smart Homes, we have also launched products with increased value added, such as the robot vacuum and smart lockers. We have already more than 900,000 users enrolled, registered in our app. Their assessment is very good, 4.8 out of 5. Smart Homes is also another segment that is providing us with good results. Now I'd like to turn it over to Caio. Caio is going to give us more details about finance.
Thank you, Hélio. Let me start with gross revenue. That has already been addressed, but I find interesting to say that in 2022, we saw increased sales for corporate, our commercial B2B, and that allows us also to see recurrent revenue. We can also see increase in servers, both in recurring revenue and also high performance. POS, 200% increase with new acquirers. Today we operate with three major acquirers and sub-acquirers, has 190% increase.
When we consider everything, we saw 33% increase with new corporate contracts. As for government organizations, 76% year-over-year, with a very good mix of clients. That offsetted the drop in consumers, 43%, and even within that, in consumer, Infinix presented a strong growth, meeting our expectations. In the Q4, HaaS and services, BRL 92 million. For projects, special projects, also very strong revenue coming from that, sir, area. EBITDA and margin EBITDA. Because of this strong revenue coming from commercial, we see good margins. You can see continuous EBITDA growth.
You can see BRL 675 million, a record, and a margin, also 13.5% margin. As for the Q4, because of public projects, our margin was very healthy, 19.1% against 8.6% in 2021. As for our net income, Hélio already mentioned another record, BRL 306 million, a very important growth. You can see an increase by 51%. You can see that, you can see how the net income also increased. There was an increase in finance costs because of increased indebtedness related to our growth. We need to increase our indebtedness in order to grow.
That's related to growth, growing with profitability. From BRL 540 million to BRL 1.1 billion, this is our indebtedness and also the Selic rate that went from 4.4 to 12.4 in 2022. There's also the impact of the bankruptcy of a large retailer. Despite that, our net income was 6.1% in 2022 and 10.8% in the Q4 compared to the previous year. Let's talk about our ROIC and debt. It's very important to address working capital. Since the Q3, we have been mentioning that we saw a decrease in our inventory levels, and that's true.
There was a decrease in more than BRL 300 million in inventory. We also had a decrease in more expensive inventory for consumers. We replaced inventory for accounts receivable. We sold a great deal, many products, particularly in December. The good news is that part of that sales in large projects was already paid in the first month of 2023. That allows us to decrease our net indebtedness in the Q1 of 2023. More still about the indebtedness. I mentioned that we increased indebtedness in order to fund our growth, but this is under control.
Most of them in the long term, 57%, very good diversification of instruments. You can see our ratio, 1.6x of net indebtedness over EBITDA. By keeping this growth in corporate, in commercial, and also strong presence in public institutions and also the cycle of our capital, I am sure that our indebtedness will allow us to keep leverage close to the current ratio. Now I'd like to turn it over to Hélio again, so that he can talk about guidance for 2023.
Our guidance, BRL 5.5 billion-BRL 6.5 billion for 2023 against BRL 5.9 billion in 2022. That number is given because of the strong sales to corporate organizations. Growth in tech services with increased margins, also, rentals, leases, and also payment solutions. In the past, we were present in three major acquirers. Today we're not present only in one acquirer, but we can foresee growth in this segment. A very broad operating capacity with five factories, our offices in Asia, and all the structure to support our growth. Very consistent corporate sales.
As for government organizations, we have already sold BRL 1.2 billion of revenue for 2022. We may have levels that are slightly below last year. As for future pipeline, BRL 5.7 billion January of 2023. As for special projects, we have a contract that accounts for BRL 1.2 billion, and we need now to see how much of that will be actually paid in 2023 or sold. As for consumers, there is an indication that we will see better results, not at the level of 2022, but increase in computers especially, and also a stronger growth of Infinix, more than last year.
This is what makes us believe in this guidance, indicating the possibility of a growing year-over-year. The only thing I'd like to highlight about the guidance is that there will be a swap coming from the first to the second half of the year. Based on these large projects, we believe that this will be actually built in the second half. For example, for electronic ballots, because we need to receive the parts and then assembly them, and also for other projects. It seems that we will build them, the clients, in the second half. We foresee stronger, better results in the third and Q4 of 2023.
This is our guidance for 2023. Well, this is what we had to share with you. We are very happy. I feel really good for being able to share such results and to know that we got the right strategy, the diversification strategy. I'm very happy to be here to share these results with you. I'm very happy to have been the leader of this company and to support the company in promoting this portfolio diversification. This vision that will take the company to another level, a more profitable company, not only today, but also for the future. Thank you very much.
Thank you, Hélio. Thank you, Caio. Now let's start our Q&A session. Once again, in order to send us your question, you can send them by using the Q&A icon or by using the same icon. Just let us know that you want to ask your question live, and we will have your mic open. We do have some questions. First from Lucas Chaves, he's analyst with UBS. A live question.
Hello, everyone. Thank you very much for taking my question. I have a question about margins. What about margins achieved in the Q4? If we were able to distinguish what came from special projects and how much came from other channels. Can you give us an idea about that breakout? Thank you.
I'd say that there were some more profitable projects because the price of components dropped, and they were older projects. I'd say that we saw some increased margins in some segments compared to what we can expect for the future. We have large projects, special projects, both for commercial as well as for public government organizations, in which the margin was higher than the average. I'd say that we see healthy margins, and that really matches our vision for the future, if I can tell you what can happen. Thank you, Lucas, for your question.
Thank you. Very clear.
Next question from Marco Nardini, XP analyst.
Hello. Good morning. Can you hear me?
Yes.
Perfect. Good morning, Hélio, Caio, Rafaella, the entire Positivo team. Thank you for taking my question. Actually, I have two questions. The last one is a follow-up. First, can you please talk about negative working capital? We know that inventory levels decreased and accounts receivable increased.
After Caio's presentation, I understood that that was due to special projects that you are working and that you already paid at the beginning of 2023. We have this project in which the working capital scenario is not that good. What can you do in order to improve the working capital of the company? Can we expect this negative number to be seen over 2023? Also, I'd like to also understand the drop in Q4 about this line of business. What can you tell me?
I can answer the second question. Okay, Marco? Thank you. You're talking about payment solutions, right, and that drop. What we see is constant growth. Just to remind you, we had just one acquirer a year and a half ago. That exclusivity term ended, and now we are present, especially in smart payment solutions, Android solutions. Our value proposition is very good for this smart payment solutions. We are presenting major acquirers, but the approval process is very long. It takes a long time for you to have it set at different acquirers. Now we have already done that.
We are presenting five out of the six major acquirers, and we should see very robust deliveries in 2023. Besides that, we are also launching a selling project for sub-acquirers. For small sub-acquirers and also directly to retailers that can buy their machines, payment machines, devices directly. We are present in the five of large major acquirers, and we also have this project to reach and to increase our penetration at retailers and smaller sub-acquirers.
Just to add, in 2021, the entire POS payment lag took place in the Q4. In the quarter, you can see there was a drop, but when you analyze the year, the revenue was very positive. Just to add Hélio's answer. As for working capital. First thing, very important to say that the company's revenue increased by three times. We came from a historic level of BRL 2 billion to BRL 6 billion. Obviously, that needs to be funded with debt. For 2023, we expect a consolidation of revenues that we obtained in 2022, but we are not going to grow 50% again, as Hélio mentioned.
This already allows us to also have a healthier working capital scenario. Also with regard to indebtedness in sales of the Q4, that was already paid in the Q1 of 2023. We will have to fund projects in 2023, particularly projects that will take place in the second half of the year. We are not going to grow 47% this year. This will already allows us to have a different approach to working capital and also to decrease our indebtedness.
Thank you. It was very clear. Thank you very much.
Thank you, Marco. We have one more question, a live question from Alex Andre with SaraInvest.
Hello, guys. Can you hear me?
Yes.
Good morning, Hélio, Caio, Rafaella. Kudos for the results, I'd like to know about the mix strategy. Hélio mentioned. I can see that the company really got the approach right, the strategy right. I'd like to ask you to please elaborate on that, about the mix. We know that you have the right strategy. Can you please also talk about tech services? Thank you.
Good morning. Obviously, we do not want to depend on a segment only, on one segment only. That does not mean that we want to keep retail at 18%. That is an outlier because consumer segment did not present good result. How are we going to work around? Well, not to stay at 18%, but not to go back to more than 45%. Somewhere between perhaps 25%, 30%. This is the right share, we believe, for consumers. We also see an increase in commercial, corporate, private companies, and we are focusing on that segment.
We are hiring the best talent in the market and we are also expanding our portfolio so that we can increase our presence in this segment where we were small. We are increasing our market share, and we are now present in some areas in which we were not. That also turns Positivo a more appealing company. We provide different solutions from the entry point computer to very complex, from HaaS to added services. Just in answering your second question.
We start with break and fix. By fixing maintenance, providing maintenance. In the past, we would provide services only to our own devices within the warranty period. I don't know why we didn't start doing that before. Our service was only a cost center. We just provided services while that piece of equipment was under the warranty period. Why not use that for offering service after the warranty period? Why not offer that kind of service to other devices from other brands? First, break and fix.
With that, we gain new contracts. We expanded on that. Not only break and fix. We are also now installing parts, installing software, cloud consulting. We install Microsoft products, corporate security, comprehensive solutions, servers, networks. We have a roadmap at Positivo Tech Services, we are also increasing our competence in order to provide more services. Gercio, would you like to add anything?
I believe that Hélio is great in summarizing everything much better than I do. I'd like just to add one more thing. Something that is very close to our core business. We find opportunities to develop, for example, hyperconvergence, also to guide our clients towards public-private clouds. They will face that. What do they need to do in order to migrate? What kind of requirements do they need? What kind of support do they need? We have developed solutions for that.
Even Positivo HaaS. Very often when we talk to a client that wants to buy Hardware as a Service, they also asks us a package of services. Then we add tech services components within that offer that we present to our final client. Obviously, each company operates in a unique way, we are very flexible. Just to end, this model is on what we call the future business station.
How do we deploy infrastructure as a client that is migrating its infrastructure without actually involving a large number of people. Technologies and services that we are taking to our clients considering our reach, and that is certainly competitive edge that Positivo has. Today, we can provide this kind of services all over the country in a very large number of municipalities, and that is certainly unique to us. Our clients have bet together with us on the success of this kind of service. Okay. Thank you, Alex, for your question.
Thank you, Gercio and Hélio.
Now, next question, Flavio Bicca with Valor Futuro. I believe he has a connection issue, so let me move to the next question. Flavio, are you online?
Hello, Rafaella. Can you hear me?
Yes, now we can hear you.
Perfect. I'm sorry that I had some issues. Congratulations for the results. We invest on the company for some years. We underwent the same pains, and now we see this recovery. We feel very proud. In the last event, the investors, they was very good. The positioning of your products also. What I saw is that many investors were very happy with what you shared. Our only issue is about the financial results.
When you think about the macroeconomic scenario and the downturn, we can see that the company today pays a lot of interest rate. Do you expect to decrease your net indebtedness? You have already mentioned that in the Q1 you should receive some accounts, some sales. What do you consider to be healthy, a healthy level for the company to work and also finance costs? That is very important to be monitored all the time.
Thank you, Bicca. We already addressed that a little bit. Obviously, we want to reduce our finance costs, our indebtedness level. The fact that we don't need to fund working capital to promote growth. If that happens, we know that this growth will not be as high as last year's. That is very important. We already received some of what was held and that already improved. We expect to see more positive scenario. Our working capital scenario that was negative last year should be positive this year. That will also help us to reduce finance costs. As for the indebtedness approach, it should go down this year.
Okay. Thank you very much.
Thank you, Flavio. Next question, live Eduardo Cortez with Skade Capital.
Good morning. Can you hear me?
Yes.
Well, thank you for taking my question, and please let me know if I'm being too lengthy. First of all, congratulations for the company's results, and also thank you for always having a very good IR team. Well, in the release, you mentioned that HaaS accounts for 50% of new contracts. Which contracts are these? When you think about HaaS, how much has HaaS helped in your margins for the Q4?
As for HaaS, do you lease- w hen you talk about hardware, are you talking only about computers or are you talking about some other pieces of equipment that your client may need? Are you talking about new pieces of equipment, or can you release a piece of equipment that another client just returned to you? If you allow me, I'll ask you another question.
Guercio, can you please talk about HaaS?
Okay. About HaaS- w hat's important for you to understand is that we do not rent only devices. The PCs, notebooks, tablets. Today, and what is common, we also offer what we call data services, Data Center rather as a Service. Let's say that a customer needs to build a private cloud, so they can come to us, and then we add all the input that is necessary. I'm talking about hardware, software and related services. The execution of that project, and we provide that as a package. I can give you some other examples. We also promote the integration to third-party products.
That is very common in this market. We also promote the integration, particularly in education. We also promote the integration of our platform that we call Aprimora, which is our Software as a Service. To support learning. We also deliver other products as service. Many times the school comes to us and they ask, "I want the devices, I want services. I also want, for example, to have a centralized upload. I want projectors. And I may also need well services or programming kits as service." We can now deliver a full solution. What we see is that in corporate, the client wants to have just one vendor to provide everything.
Based on that, we play a role of technology integrator. We deliver all the solutions, all services, and they support with a single payment to Positivo. As for HaaS, we have what we call customer success. Within services, we have a team that examines the major KPIs, and they also deliver a book of indicators to these clients just to prove how that had a positive impact on their businesses. We establish a very strong partnership once we share these indicators. After that, we participate in their business and we understand what also helps them in their management and also in increasing their revenue.
I don't know if I gave you a comprehensive answer, but this is what we can deliver. Last point I'd like to mention is about refurbished products. This is something that we already do. At the end of a contract, clients usually extend that contract. If that does not happen, we certainly also use those products in short-term contracts, or we sell them. The last point I'd like to mention to the audience is that recently we also launched the HaaS Zero Carbon. This package of products and services with zero carbon footprint. That's what we are also offering to clients that acquire directly from Positivo. This is a very unique initiative, pioneer initiative.
This is the third year of growth. 199% growth in this segment, so annually above BRL 200 million. You can see that the share is increasing and the margin is also above the average. Because we give the client the possibility not to invest. In our finance modeling, we can also provide funding. We're talking about interest. That is contributing, and that has been increasing.
It's in general BRL 200 million against BRL 6 million, just to give you an idea on the market share. Fifty percent of sales of computers to mid and large companies, just to make sure that we have everything very clear.
Last question. We have another question now sent by Gulherme Mazzilli with Kinea. The company had the gross margin that is well above the previous quarters. How much of that is a recurring margin, and what should they expect of gross margin for 2023?
We have already indicated, in the Q4, we had a backlog of projects, and even for the quarter with a high margin in public or government organizations and corporate. In order to give you a projection of recurring margin, when you consider the equivalent gross margin achieved in this year, this is a number that we can perhaps consider as a new normal level to the company. We have consolidated an increased EBITDA margin, and we believe that we can have the same performance. For the quarter, it was a more specific scenario. When you consider the entire year, I think we can consider that.
Last question. Ronaldo Caselli, about EBITDA margin. Has always been around 5%, but after 2020, it increased and now it's around 12%-13%, be it because of retail in 2020 or government organizations later on. Can we expect convergence of EBIT margin to historic levels? Currently, the margin of government organizations is higher, but because of competition, can we see a drop in the future years?
Obviously, there's always the impact of operating leverage because our expenditures did not increase as the income. We saw increase in corporate services with increased margins. We also saw an increase in our share at government organizations. Despite the drop in consumer segment, we were able to keep a higher margin. For 2023, we expect to see a scenario that is similar to 2022. A strong presence in government organizations, also in corporate. We may see an increase in consumers, but we should never look back. The past is not going to repeat itself because the company's portfolio has changed a great deal.
One more question. I think that this can certainly be the last one. Obede Rodrigues with Iridium.
Good morning, everyone. Congratulations for the result. About vendors. Foreign market, there was a drop and that certainly had also relevant impact. Can you please add some color about that? Thank you.
Let me talk about vendors in general. It's true that we saw a drop. I saw more payments than a drop in our inventory levels. That's true. There was also a drop by BRL 300 million in inventory levels. We still have some inventory. Right now we are being able to sell that in the first half of 2023 of products to consumers. Considering the scenario we had last year. We believe that we will be able to sell in the first half of 2023 and then get to normal levels of inventory. After that, we will be able to also buy at normal levels too. Because of that phenomenon, we had that, what we saw. We believe we are going to be able to solve that by the end of the first half.
Do we have time for one more question or not? Okay, one more question. Leonardo Abboud with Teze Research.
What do you expect considering the mix and the revenue, and which segment do you expect to see positive impact and negative impact?
I believe I have already addressed that during the presentation, but we expect to keep special projects. We may see a decrease in public organizations and increase in corporate, and a slight increase in consumers. This is the revenue mix. Considering the guidance that we have just shared with you.
Great. We have more questions, but unfortunately we do not have time to answer all of them. Our IT team will answer all your questions after this video conference. With that, I'd like to turn it over to Hélio for his final remarks.
I'd like to thank our audience. Thank you for your questions. Always great questions that allows us to clarify any issues. Once again, we are very happy to share these results with you today. Thank you very much. Have a good day, everyone.