Pedro Caravina: Hi, guys. Thanks for taking our questions. First of all, congratulation on the results. So most of the questions we had were already answered. Just a follow-up. On the reshaping of Medcel, how is the intake going for the first quarter and what level of ticket adjustments should we expect for the new Medcel after the reshape? And also we saw an increase in margin for the quarter year-over-year. I was wondering what was the reason? It was like 230 bps for the fourth quarter 2022 versus fourth quarter 2021?
Luis André Blanco: Yeah, Hi, Pedro. Regarding Medcel, we established for the 2023 collection that started in the fourth quarter and will continue in the first quarter of 2023. We have a very important price increase. We are talking about roughly 50% of the price so to speak increase in terms of tickets. So we put that these in place for the Medcel cycle that started in the fourth quarter and will continue in the first quarter. So this was a part of this product restructuration that we have done. We changed the team. We changed the product. We changed how we deliver the content for the students. We focus a lot on helping the physicians to pass the test to have a more focused product. So we are confident that we made the right moves on that and we are confident that we will revert these situations for the next cycle.
It’s — what’s important is to change the way we are — we were expanding the gap between the next year. We are not seeing more than that. We are closing the gap. But I think more results we will be seeing on the next cycle of 2024. Regarding the expansion — the margin expansion for the fourth quarter, you are right, we have this margin expansions. And remember that, as VirgÃlio mentioned before, during 2021 we faced a lot of pressure coming from the Continuing Education sites and the COVID crisis started to be released — to be relieved at the fourth quarter. So the fourth quarter, it was the first quarter that where we started to see the intakes and started to rebound the revenues of the payment of the Continuing Education. So it was the beginning of it, and now as we mentioned before, Itanaji is — with a huge growth right now and is one of the main reasons to the margins if you compare fourth quarter 2022 regarding 2021.
VirgÃlio Gibbon: And Pedro, besides that in Continuing Education, so the Undergrad are kind of flat margins quarter-over-quarter. But also, we have Digital Services because of — although we have the issue on Medcel, have strong results coming on B2B. So the contribution margin — the gross margin come on Digital Service is much higher when you compare the fourth quarter 2022 to fourth quarter 2021. So, overall, we have this bps of margin increase on our fourth quarter.
Pedro Caravina: Very clear. Thank you.
VirgÃlio Gibbon: Thanks.
Renata Couto: So as we don’t have any more questions, I would like to thank you all for participating today with us. If you have any more questions, please do not hesitate to contact me or our IR team. It was a pleasure. See you next quarter.
