and achieve profitable growth. We reiterate our confidence that Gol will re-emerge as strong and even more resilient as markets normalize. Now, I would like to initiate the Q & A session. Thank you. The conference call is now open for questions. If you have a question, please press * 1 at this or any time. If at any point your question is answered, you may remove yourself from the queue by pressing * 2. We ask that when you ask your questions, speak close to the receiver of the device, so that everyone can hear you clearly. Participants can also send questions via the webcast platform. You need to click on the? In the upper-left hand corner and type in your question. Please hold while we poll for questions. Our first question is from Steven Trent with Citi. Please go ahead. Good morning, gentlemen and thanks very much for taking my questions. I just kind of wanted, you know, your high-level views on international demand to the U.S. spooling up again. You know, now that you're partnered with American Airlines, you know, what sort of bigger opportunities are you seeing on the horizon, and do you see any opportunity as well for American to possibly increase its stake in Gol in some point in the future? Hi Steven, Kakinoff here, good morning. Thank you very much for your question. Let me give you an overview on the North American market specifically. Uh, firstly you know we are, uh, now gradually reaching our international goals. So we have already made available the ticket sales for Cancun in Mexico, Dominicans, for the Dominican Republic, and we are now resuming Montevideo and Buenos Aires. So, the United States, uh, will be likely the route to be added in our international portfolio by the end of the second quarter of next year. And it is because, you're right, with the borders are now open to the Brazilians, but, and there is a considerable but, which is, uh, the, the, the, default, the exchange rate made, made the purchase, the ticket purchase and the whole trip cost, including hotels, train and car expense, pretty expensive from the Brazilian perspective. Uh, you know the real has the devaluated quite significantly along the last quarter, so the Brazilian economic conditions, uh, also, was, uh, were affected during the, the last three months. And the combination of a real excitement to resume international trips has a great contrast with the important constraint imposed by the exchange rate. So the passengers are willing to fly, mainly to the United States, but that, that trip became quite, quite expensive at the moment. So, uh, I cannot say there is a boom related to North American ticket, to, related to airline tickets, uh, to fly to the United States. Uh, you know, we are about to begin the Brazilian high season, December and January. And uh, typically, that's the period when you see more passengers willing to travel for leisure purpose. It is not going to be different this year, maybe it's slightly better for the international markets. And the second constraint, which is also affecting demand, is that there is a backlog to provide North American visas to the Brazilians, which we will not be, uh, solved, or rather addressed in the forecast. So if you have five members… a family of five members, uh, it's very much likely that at least one of them has no valid visa, uh, at the moment, making not possible to, to fly to the United States. So all those things combined, uh, are affecting the potential, uh, uh, flight catch-up that we could get, if not by this, this, two constraints, and finally in our case, we have the partnership with American Airlines, who has already deployed a, a considerable capacity increase for the following three months. So we have decided to support, uh, that investment by selling, not the American Airlines tickets in our channels, as we done already since April 2020, uh, and to that strategy we are simultaneously attending our customers and, uh, supporting this additional capacity increase supplied by American Airlines, our partner. So we believe that, this is the, the best strategy to cope with the current demand, and then we will, uh, resume our out flight from Brasilia to Florida, uh, where a market which has not been attended by American Airlines at the moment from the second quarter next year on. So, this is, I mean, an overview of the North American market from the Brazilian perspective in the airline segment. Super Kaki, really appreciate that. And, and, just very quickly, just one last thing, uh. On business travel, any high-level trends you're seeing in the domestic market? And let me leave it at that, thank you. We, uh, we might be surprised by the speed, uh, to which the business segment is recovering the, uh, the, uh, its pre-pandemic level. We are now verifying that, and identifying, actually, that some specific segments in Brazil is catching up its business-… is, u- uh, catching up, uh, its business travel behavior. Uh, even above the, the pre-pandemic level, those are the services, y- uh, generally speaking. Uh, mainly those, those companies pretty much, uh, uh, uh, benefited by, by the new customer behavior. So like food delivery, just say, uh, uh, one example, and, and E-commerce, so those segments, uh, of Boeing. And they are probably <laugh> more than they were, uh, before, th- uh, the pandemic. And also, uh, some i- if I could say so, some other traditional segments, uh, those are pretty strong in, in Brazil. Uh, such as the agricultural business, oil and gas, and inaudible industries. So we, we foresee that by the beginning of the next year, we might be above our prior projection, which has… Consider that one-third of the business travelers would be gone for good, which might be not the case. So i- i- it, it's, it's too early to be precise, uh, u- uh, on that projection, but, uh, at this, this moment, we see that some, uh, segments are recovering faster than the next sector. Great. Thank you very much, Khaki. Thank you. The next question is from Mike Linenberg with Deutsche Bank. Please go ahead. Oh, yeah, hey. Good morning, everybody. Um, I wanna just, um, kinda run through liquidity, and I wanna make sure I'm sorta comparing apples to apples here. So, Sep 2, your total liquidity, it looked like it ended at 2.1 billion reais, and you're guiding to 3.8 at year-end. Is that, um, Rich, is that predominantly the American Airlines investment and an improvement, or an increase in your ATL? Or is there other things we should be mindful of? Yeah, no, the… You know, any, any transaction that's not closed is not in those numbers. So that, that is not in those numbers, Michael, nor is new additional, uh, capital reason. Um, the, the Q3 number, uh, and I'll, I'll walk you through that. Q3 number which was composed of the, the 4 billion reais that you mentioned, which is about, uh, 1.1 billion of cash investments, about 300