Normalized EBITDA of BRL
76.1 million within the guidance range for FY
2023
Strict cost control led G&A as % of revenues to
16.0% in FY23 from 19.5% in FY 2022
SÃO PAULO, May 13, 2024
/PRNewswire/ -- Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based
CX solution in Latin America
empowering companies to transform their customer journeys, today
reported its operational and financial metrics for the fourth
quarter and full year of 2023.
Cassio Bobsin, Founder &
CEO of ZENVIA, said: "As we close the year, I extend gratitude
to all stakeholders for their commitment to our long-term strategy.
2023 marked the culmination of a challenging yet rewarding phase of
integrating multiple acquisitions into Zenvia, strengthening our
position as a leading cloud-based CX solution in Latin America. Our Adjusted EBITDA at the end
of the period, of nearly BRL 80
million, attests our ability to balance profitability with
the challenge of executing the integrations. We
resolved our medium and long-term funding gap through strategic
financial renegotiations and a personal investment, reflecting my
deep belief in our vision and the excellence of our team. We are
now ready to unlock solid and profitable growth. We're enthusiastic
about future opportunities and expanding our presence in
Brazil and Latin America. Thank you for your trust and
support as we build a promising future for our company."
Shay Chor, CFO & IRO of
ZENVIA, said: "We are pleased to report our results for the
period, highlighting the delivery of our EBITDA within FY 2023
guidance. Our new EBITDA guidance for 2024 contemplates an YoY
increase of around 70% to a range between BRL 120 million and BRL
140 million, which reflects our healthy portfolio with a
balanced profitable mix, streamlined internal structure and
leverage under control. After our recent restructuring, we are
closer to having the right capital structure to support our
strategic objectives while maximizing shareholder value. We
appreciate your continued trust and support as we move ahead,
committed to building a profitable and exciting future for
Zenvia."
|
Key Financial
Metrics (BRL MM)
|
Q4
2023
|
Q4
2022
|
YoY
|
FY
2023
|
FY
2022
|
YTD
|
|
Total Active
Customers(1)
|
12,929
|
13,336
|
-3.1 %
|
12,929
|
13,336
|
-3.1 %
|
|
Revenues
|
217.0
|
174.9
|
24.1 %
|
807.6
|
756.7
|
6.7 %
|
|
Gross
Profit
|
109.4
|
89.5
|
22.2 %
|
330.5
|
288.9
|
14.4 %
|
|
Gross
Margin
|
50.4 %
|
51.2 %
|
-9.5 p.p.
|
40.9 %
|
38.2 %
|
0.4 p.p.
|
|
Non-GAAP Adjusted
Gross Profit(2)
|
122.2
|
102.5
|
19.2 %
|
382.6
|
333.0
|
14.9 %
|
|
Non-GAAP Adjusted
Gross Margin(3)
|
56.3 %
|
58.6 %
|
(2.3 p.p.)
|
47.4 %
|
44.0 %
|
3.4 p.p.
|
|
Operating Loss
(EBIT)
|
-2.1
|
-209.8
|
-99.0 %
|
-10.7
|
-289.0
|
-96.3 %
|
|
Adjusted
EBITDA(4)
|
22.1
|
-52,4
|
n.m
|
77.1
|
(77.3)
|
n/m
|
|
Normalized
EBITDA(5)
|
29.5
|
23.0
|
28.0 %
|
76.1
|
23.5
|
n/m
|
|
Loss for the
Period
|
-31.5
|
-162.2
|
-80.6 %
|
-60.8
|
-243.0
|
-75.0 %
|
|
Cash
Balance
|
63.7
|
100.2
|
-36.4 %
|
63.7
|
100.2
|
-36.4 %
|
|
Net cash flow from
(used in) operating activities
|
13.9
|
26.9
|
-48.3 %
|
162.5
|
108.5
|
49.9 %
|
|
(1)
|
We define an Active
Customer as an account (based on a corporate taxpayer registration
number) at the end of any period that was the source of any amount
of revenue for us in the preceding three months. We classify a
customer from which we generated no revenue in the preceding three
months as an Inactive Customer.
|
|
(2)
|
For a reconciliation of
our Non-GAAP Gross Profit to Gross Profit, see Selected Financial
Data section below.
|
|
(3)
|
We calculate Non-GAAP
Gross Margin as Non-GAAP Gross Profit divided by
revenue.
|
|
(4)
|
For a reconciliation of
our Adjusted EBITDA to Loss for the Period, see Selected Financial
Data section below.
|
|
(5)
|
For a reconciliation of
our Normalized EBITDA to Loss for the Period, see Selected
Financial Data section below.
|
Financial Highlights Q4 2023
- Revenues totaled BRL 217.0 million, up 24.1% when compared
to BRL 174.9 million in Q4 2022 as a
result of both SaaS (+16.1% YoY) and CPaaS (+29.7%) expansion.
While SaaS expanded among all customer profiles, CPaaS expanded SMS
volumes mainly with wholesalers and large enterprises.
- Non-GAAP Adjusted Gross Profit of BRL 122.2 million was up
19.2% YoY while Non-GAAP Adjusted Gross Margin decreased by 2.3
percentage points to 56.3% YoY, primarily driven by the higher mix
of CPaaS in the period, mainly from large enterprises with lower
margins, coupled with lower margins in SaaS which also grew in
large enterprises.
- Total number of active customers reached 12.9k, being 7.1k
from SaaS and 6.3k from CPaaS.
- Adjusted EBITDA was positive BRL 22.1 million in the
quarter, up BRL 74 million from
negative BRL 52.4 million in Q4 2022
and +39.2% sequentially. This includes the positive BRL1.6 million impact from the non-cash earn-out
reversal of expenses related to SenseData in Q4 2023. In the
quarter we also had non-recurrent impact related to previous
quarters, which negatively impacted our normalized EBITDA in
R$ 9.0 million. Therefore, the
Normalized EBITDA for Q4 2023 is BRL 29.5
million, up 78.9% sequentially and an increase of 28.0%
YoY.
Financial Highlights FY 2023
- Revenues totaled BRL 807.6 million, up 6.7% when compared
to BRL 756.7 million in Q4 2022 as a
result of both SaaS (+13.2% YoY) and CPaaS (+3.3%) expansions.
- Strong Non-GAAP Adjusted Gross Profit of BRL 382.6 million, up 14.9% YoY, with
Non-GAAP Adjusted Gross Margin expanding 3.4 p.p. to 47.4%,
due to better revenue mix.
- Adjusted EBITDA evolved to positive BRL 77.1 million
in FY 2023, up BRL 154 million from negative BRL 77.1 million in FY 2022. This stronger
Adjusted EBITDA is mainly related to the 14.4% increase in Gross
Profit coupled with strict cost control that led to a 12.6% drop in
G&A expenses to BRL 128.8 million
in FY 2023 from BRL 147.5 million in
FY 2022. This reduced the ratio of G&A as a percentage of
revenues to 16.0% in FY23 from 19.5% in FY22.
- Normalized EBITDA was BRL 76.1 million, more than 3x the
Normalized EBITDA recorded in 2022 of BRL
23.5 million, and a record high of the Company.
Subsequent Events
- On February 6, 2024, Zenvia
announced that it had entered into agreements with a group of
stakeholders aimed at addressing its existing funding gap. The
transactions included:
|
Type
|
Extension of
short-term debt
with banks
|
Renegotiation
of Movidesk's
earnout
|
Renegotiation
of D1's
earnout
|
|
Amount
|
BRL 100
MM
|
BRL 207
MM
|
BRL 20
MM
|
|
Negotiation
|
Payment terms were
extended to 36 months, with a 6-month grace period and 30 monthly
payments
|
Payment terms were
extended to 60 months, with Zenvia's option to convert ˜BRL100 MM
of total debt into equity, subject to certain conversion periods
agreed between the parties
|
Payment terms were
extended to 36 months, with a 6-month grace period and 30 monthly
payments
|
|
New final
maturity
|
December
2026
|
December
2028
|
December
2026
|
- In addition, Cassio Bobsin, Zenvia's Founder and CEO
acquired, through Bobsin Corp, 8,860,535 Class A common shares at a
price of US$ 1.14 per share, equal to
the Nasdaq closing price on January 30,
2024, totaling an investment of approximately BRL 50 million. Under the terms of the investment
agreement, over the next three years, Bobsin Corp is entitled to
additional cash or equity returns based on certain liquidity or
corporate transaction events, with potential returns tied to the
appreciation of Zenvia's share price. This arrangement could lead
to a maximum shareholder dilution of about 11% at the time of such
events.
- The Company also introduced, on the same date, its Normalized
EBITDA guidance for 2024, with a range between BRL 120 million
and BRL 140 million, implying almost
70% increase for the year when compared to the midpoint of the
range.
- Considering the announced transactions and the guidance for
2024, the main financial impacts of the operation are the
following: (i) Zenvia's cash outflow to pay financial liabilities
in 2024 was reduced by approximately BRL 120
million; (ii) Zenvia's average debt (including earnouts and
bank loans) term improves from current 1.6 to 2.8 years; and (iii)
Zenvia's pro-forma leverage at the end of 2024, considering the new
2024 Normalized EBITDA guidance and the conversion of the full
permitted amount of Movidesk's earnout into equity for the period,
would be approximately 2.0x.
- As a result of the improved capital structure mentioned
above, Zenvia raised additional funding with local Brazilian
banks in the amount of R$ 40 million
by the end of April 2024.
- On May 2, 2024, Zenvia
announced the hiring of Mr. Gilsinei Hansen for the newly-created
role of Chief Revenue Officer (CRO), reporting to
Cassio Bobsin. The new role was
created to consolidate the current segments into one single
Business area which will be responsible for the entire customer
journey. The new area will be organized by customer profile/segment
instead of by solution/product, with a focus on strengthening the
Company's integrated offering, improving experiences for all
customers, and driving profitable growth. Mr. Hansen will also
oversee two important growth initiatives: the rollout of Zenvia
Customer Cloud, Zenvia's unified, multichannel solution that
centralizes and manages customer data; and the Company's
international expansion.
SaaS Business
|
SaaS Key Operational
& Financial Metrics (BRL MM and %)
|
Q4
2023
|
Q4
2022
|
YoY
|
FY
2023
|
FY
2022
|
YTD
|
|
Revenues
|
83.6
|
72.0
|
16.1 %
|
295.0
|
260.6
|
13.2 %
|
|
Gross Profit
|
41.1
|
40.7
|
1.0 %
|
136.3
|
128.6
|
5.9 %
|
|
Gross Margin
|
49.2 %
|
56.5 %
|
(7.4) p.p
|
46.2 %
|
49.4 %
|
(3.2) p.p
|
|
Non-GAAP Adjusted Gross
Profit (1)
|
54.0
|
53.8
|
0.4 %
|
188.3
|
172.7
|
9.1 %
|
|
Non-GAAP Adjusted Gross
Margin(2)
|
64.5 %
|
74.6 %
|
(10.1) p.p
|
63.8 %
|
66.3 %
|
(2.4) p.p
|
|
Net Revenue Expansion
(NRE)(3)
|
102 %
|
124 %
|
-21.6 p.p
|
102 %
|
124 %
|
-21.6 p.p
|
|
Total Active
Customers(4)
|
7,127
|
6,231
|
14.4 %
|
7,127
|
6,231
|
14.4 %
|
|
(1)
|
For a reconciliation of
the Non-GAAP Adjusted Gross Profit of our SaaS business segment to
Gross Profit of our SaaS business segment, see Selected Financial
Data section below.
|
|
(2)
|
We calculate Non-GAAP
Adjusted Gross Margin of our SaaS business segment as Non-GAAP
Gross Profit of our SaaS business segment divided by revenue of our
SaaS business segment.
|
|
(3)
|
We believe that SaaS
Net Revenue Expansion (NRE) rate is one of the most reliable
indicators of our future revenue trends, as measuring our SaaS Net
Revenue Expansion (NRE) rate on revenue generated from our
customers provides a more meaningful indication of the performance
of our efforts to increase revenue from existing customers. In
order to calculate SaaS Net Revenue Expansion (NRE) rate, we first
select the cohort of customers on a prior trailing twelve months
period, sum up the total revenue of these customers for the
applicable twelve-month period and divide this sum by the sum of
the total revenue of these same customers on the prior trailing
twelve-month period.
|
|
(4)
|
We define an Active
Customer as an account (based on a corporate taxpayer registration
number) at the end of any period that was the source of any amount
of revenue for us in the preceding three months. We classify a
customer from which we generated no revenue in the preceding three
months as an Inactive Customer.
|
In Q4 2023, our SaaS business Revenue went up 16.1% YoY to
BRL 83.6 million, of which
BRL 62.5 million was
recurring-based, compared to BRL 72.0
million in Q4 2022, of which BRL 59.8
million was recurring-based. When we compare FY 2023 to FY
2022, the increase of 13.2% was mainly driven by the growth of SMBs
customers. Sequentially, our Q4 2023 SaaS revenues increased 11.1%,
from BRL 75.3 million in Q3 2023,
mostly with SMBs customers, which should form the cornerstone of
our growth strategy for 2024.
Our SaaS annual recurring revenue (ARR)(5) at the end
of December 2023 went up to
BRL 250 million, from BRL 233 million at the end of September 2023
and BRL 239 million at the end of
December 2022, mainly as a result of
M&A integration and increase in SMBs businesses.
As expected, H2 2023 numbers already recovered from the
negative impact of the downsell in large enterprises on the
consulting business related to the macroeconomic impact in H1 2023
and posted an increase of 1.5% when we compare FY 2023 to FY 2022.
Still, the downsell pulled Net Revenue Expansion down to 102%
compared to 124% in Q4 2022. Even though there are already signs of
improvement in the conversion of sales cycle to large enterprise
customers, we expect most of the positive impact to be recorded
only in 2024.
In terms of our profitability metrics, Q4 2023 Non-GAAP Adjusted
Gross Profit was practically stable YoY at BRL 54.0 million from BRL
53.8 million. The increase in revenues from large
enterprises combined with lower margins in the downsell resulted in
lower Non-GAAP Adjusted Gross Margin from SaaS, despite the growth
with SMBs customers. As a result, SaaS Non-GAAP Adjusted Gross
Margin was down 10.1 percentage points YoY to 64.5%.
For the FY 2023, our Non-GAAP Adjusted Gross Profit went up
9.1%, mostly as a result of the growth of SMBs customers.
SaaS Case Study: Ânima Educação (B3:ANIM)
Ânima, a
leading educational group in Brazil with 400,000 students, has integrated
Zenvia's customer experience solution into its marketing and sales
operations to improve engagement and effectiveness across its
digital channels. The initiative aimed to offer a more integrated
and seamless experience to attract and serve students swiftly and
effectively. As part of the implementation, Ânima set up specific
customer journeys for new enrollments, re-engaging former students,
promoting offers, and reconnecting with inactive prospects. The
addition of chatbots helped in screening candidates while providing
an option to switch to human agents during crucial interactions
like enrollment finalization, which led to an 18% increase in
digital channel sales conversion.
During the 2023 Black Friday event, Ânima managed to reduce the
response time on WhatsApp by 73% compared to the previous year,
while sales conversions increased by 7%. The shift from using a
toll-free number to local area codes for calls dramatically
improved callback rates by nearly tenfold. Additionally, the
adoption of Zenvia's digital solutions helped the group identify
and address service abandonment issues, reducing abandonment rates
by 31%. According to Gil Cabrera,
coordinator of planning and quality at Ânima, these insights have
been pivotal in understanding customer dissatisfaction and
improving operations, leading to significant cost savings on
platforms and a retention rate above 90%.
________________
(5) ARR is calculated by
multiplying the recurring revenue of December 2023 by 12.
CPaaS Business
|
CPaaS Key
Operational & Financial Metrics (BRL MM)
|
Q4
2023
|
Q4
2022
|
YoY
|
FY
2023
|
FY
2022
|
YTD
|
|
Revenues
|
133.4
|
102.9
|
29.7 %
|
512.6
|
496.2
|
3.3 %
|
|
Gross Profit
|
68.2
|
48.7
|
40.0 %
|
194.3
|
160.3
|
21.2 %
|
|
Gross Margin
|
51.2 %
|
47.4 %
|
3.8 p.p
|
37.9 %
|
32.3 %
|
5.6 p.p
|
|
Non-GAAP Adjusted Gross
Profit(1)
|
68.2
|
48.7
|
40.0 %
|
194.3
|
160.3
|
21.2 %
|
|
Non-GAAP Adjusted Gross
Margin(2)
|
51.2 %
|
47.4 %
|
3.8 p.p
|
37.9 %
|
32.3 %
|
5.6 p.p
|
|
Total Active
Customers(3)
|
6,263
|
7,505
|
-16.5 %
|
6,263
|
7,505
|
-16.5 %
|
|
(1)
|
For a reconciliation of
the Non-GAAP Adjusted Gross Profit of our CPaaS business segment to
Gross Profit of our CPaaS business segment, see Selected Financial
Data section below.
|
|
(2)
|
We calculate Non-GAAP
Adjusted Gross Margin of our CPaaS business segment as
Non-GAAP Gross Profit of our CPaaS business segment divided by
revenue of our CPaaS business segment.
|
|
(3)
|
We define an active
customer as an account (based on a corporate taxpayer registration
number) at the end of any period that was the source of any amount
of revenue for us in the preceding three months. We classify a
customer from which we generated no revenue in the preceding three
months as an inactive customer.
|
Q4 2023 saw a 29.7% YoY increase in CPaaS revenues, which
totaled BRL 133.4 million mainly
driven by the recovery of volumes with large enterprises.
As a result, our Non-GAAP Adjusted Gross Profit increased 40.0%
YoY, to BRL 68.2 million from
BRL 48.7 million, with Non-GAAP
Adjusted Gross Margin reaching 51.2% in Q4 2023 compared to 47.4%
in Q4 2022, up 3.8 percentage points.
We strategically chose to seize opportunities by accelerating
revenues and expanding our engagement with large enterprises in
both segments during this period, which resulted in strong revenue
growth in both segments, which will pave the way for future
growth.
Rich Communication Services (RCS)
Google is
actively expanding the reach of Rich Communication Services (RCS)
by leveraging its widespread Android operating system, which
dominates the global smartphone market. In Brazil, Android represents around 80-85% of
the market. Google has also placed a strong emphasis on security to
protect users from potential scams and threats. RCS incorporates
end-to-end encryption, ensuring that messages are secure from the
point they are sent to the moment they are received.
Zenvia is the top RCS partner for Google in Brazil, and in Q4 2023 the companies jointly
hosted an event for 200 clients, including the ones on the pilot
program, to explore results and next steps. Zenvia's RCS services
aim to provide a more immersive and interactive experience,
catering to the evolving needs of modern consumers and improving
engagement rates for businesses. By integrating RCS, Zenvia allows
businesses to send richer, more interactive messages compared to
traditional SMS. This includes the ability to send high-resolution
images, videos, carousels, and even provide suggested reply
buttons, making communications more engaging and effective.
In Brazil, in addition to SMS,
there's also a competition with WhatsApp, whose penetration rate in
the country is around 97-98%.
CPaaS Case Study: RCS for collections and new product
launches in Financial Services
A financial services company
implemented RCS to improve its collections process. The enhanced
features of RCS, in addition to the security provided by a branded
message and certified link/action button, significantly increased
customer engagement, resulting in a read rate of twice that of
traditional SMS.
Further exploring the potential of RCS, the same company also
used RCS to launch a new, more complex financial product. By
including an explanatory video in the RCS messages, they saw a read
rate six times higher than SMS. This approach helped customers
better understand the product and showcased RCS's ability to
effectively deliver complex information. These experiences
demonstrate the impactful role of RCS in enhancing communication
and engagement in the financial services sector.
Consolidated Financial Results
Revenue
Consolidated revenues in Q4 2023 totaled
BRL 217.0 million, up 24.1% YoY,
mainly reflecting the 29.7% increase in CPaaS revenues related to
the expansion in SMS volumes, due to our decision not to
participate in price wars in Q4 2022, combined with the increase of
16.1% YoY in our SaaS segment mainly leveraged by SMBs. In the FY
2023, revenues went up 6.7% YoY to BRL 807.6
million due to a 13.2% increase in the SaaS business and a
3.3% increase in revenues from the CPaaS business.
Profitability
Our Non-GAAP Adjusted Gross Profit
increased 19.2% YoY in Q4 2023 to BRL 122.2
million, mainly reflecting the 40.0% increase in CPaaS
Non-GAAP Adjusted Gross Profit which has lower margins than SaaS.
Non-GAAP Adjusted Gross Margin went down by 2.3 p.p. to 56.3% in Q4
2023 from 58.6% in Q4 2022, reflecting the higher CPaaS
participation in the revenue mix, from 58.8% in Q4 2022 to 61.5% in
Q4 2023.
Adjusted EBITDA in Q4 2023 was positive BRL 22.1 million, compared to negative
BRL 52.4 million in Q4 2022. If we
compare the full year of 2023 and 2022, our Adjusted EBITDA evolved
to positive BRL 77.1 million in 2023
from negative BRL 77.3 million in
2022 – an increase of BRL 154.4
million. This stronger Adjusted EBITDA is mainly related to
the 14.4% Gross Profit increase and strict cost control as result
of executing our savings plan initiated in July 2022, that led to a 12.6% drop in G&A
expenses to BRL 128.8 million in FY
2023 from BRL 147.5 million in the
same period of 2022. This reduced the ratio of G&A as a
percentage of revenue to 16.0% in FY23 from 19.5% in FY22.
Introducing FY 2024 Guidance
|
FY 2024
Guidance
|
|
Revenue
(millions)
|
BRL$930 - $970
|
|
Y/Y Growth
|
15% -
20%
|
|
Non-GAAP Adjusted Gross Margin
|
42% -
45%
|
|
Normalized EBITDA
(millions)
|
BRL$120 -
$140
|
Conference Call
The Company will upload the
presentation and pre-recorded remarks on its investors relations
website. The IR team will be available for any questions.
Additional information regarding Zenvia can be found at
https://investors.zenvia.com.
Contacts
|
Investor
Relations
Caio
Figueiredo
Fernando
Schneider
ir@zenvia.com
|
Media Relations
– FG-IR
Fabiane Goldstein –
(954) 625-4793 – fabi@fg-ir.com
|
About ZENVIA
Zenvia (NASDAQ: ZENV) is a technology
company dedicated to creating a new world of experiences. It
focuses on enabling companies to create personalized, engaging and
fluid experiences across the entire customer journey, all through
its unified, multi-channel customer cloud solution. Boasting two
decades of industry expertise, nearly 13,000 customers and
operations throughout Latin
America, Zenvia enables businesses of all segments to
amplify brand presence, escalate sales, and elevate customer
support, generating operational efficiency, productivity and
results, all in one place. To learn more and get the latest
updates, visit our website and follow our social media profiles on
LinkedIn, Instagram, TikTok and YouTube.
Forward-Looking Statements
The preliminary third
quarter and first nine months operating results set forth above are
based solely on currently available information, which is subject
to change. These preliminary operating results constitute
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made as of the date they were
first issued and were based on current expectations, estimates,
forecasts, and projections, as well as the beliefs and assumptions
of management. Words such as "expect," "anticipate," "should,"
"believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
variations of these terms or the negative of these terms and
similar expressions are intended to identify these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Zenvia's control. Zenvia's actual results could differ
materially from those stated or implied in forward-looking
statements due to several factors, including but not limited to:
our ability to innovate and respond to technological advances,
changing market needs and customer demands, our ability to
successfully acquire new businesses as customers, acquire customers
in new industry verticals and appropriately manage international
expansion, substantial and increasing competition in our market,
compliance with applicable regulatory and legislative developments
and regulations, the dependence of our business on our relationship
with certain service providers, among other factors.
Our SaaS Portfolio
Zenvia has evolved its product
portfolio organically and through acquisitions. Our SaaS solutions
are designed for each phase of the customer journey, starting with
the first interaction with the brand all the way to a continuous
relationship with the company. The SaaS segment carries higher
Gross Margins and is the business from which most of our growth
will come in the future. More than half of our margin already comes
from our SaaS solutions, compared to three years ago when this
percentage was zero.
|
Solution
|
Former
|
Focus
|
|
Zenvia
Attraction
|
Zenvia
Campaign
|
Active multi-channel
end-customer acquisition campaigns utilizing data intelligence and
multi-channel automation
|
|
Zenvia
Conversion
|
Sirena
|
Converting leads into
sales using multiple communication channels
|
|
Zenvia
Service
|
Movidesk
|
Enabling companies to
provide amazing customer service with structured support across
multiple channels
|
|
Zenvia
Success
|
Sensedata
|
Enabling companies to
continuously engage customers based on their individual context,
promoting healthy and long-lasting relationships, transforming data
into insights
|
|
Consulting
|
D1
|
A Business Intelligence
team that serves customer needs – mainly larger corporations - by
using SaaS and CPaaS integrated and taylor-made solutions to
enhance the end-consumer experience
|
Our SaaS solutions can be used alone or combined, allowing
companies to start a program in a matter of minutes, or they can go
all the way to a fully integrated, automated, and intelligent
customer journey. We also provide CX Tools that can be used to
integrate and automate the customer experience in various ways. Our
main tools are Application Programming Interface (APIs), a
robot-like software program that performs automated, repetitive,
pre-defined tasks (Bots), Natural-language understanding (NLU) and
tools that enable companies to manage documents securely and safely
during the end-consumer journey (Docs). Companies can access our
solution and start choosing from any solution or tool. As they go
deeper into adopting multiple parts of the solution, we can break
down all CX barriers and unlock the true potential for end
customers.
SELECTED FINANCIAL DATA
The following selected
financial information are preliminary, unaudited and are based on
management's initial review of operations for the fourth quarter
and full year of 2023.
|
Q4
|
12M
|
|
2023
|
2022
|
Variation
|
2023
|
2022
|
Variation
|
|
(non-audited)
|
(non-audited)
|
(non-audited)
|
(audited)
|
|
(in thousands of
R$)
|
( %)
|
(in thousands of
R$)
|
( %)
|
|
Revenue
|
217,014
|
174,886
|
24.1 %
|
807,577
|
756,715
|
6.7 %
|
|
Cost of
services
|
-107,655
|
-85,423
|
26.0 %
|
-477,035
|
-467,803
|
2.0 %
|
|
Gross
profit
|
109,359
|
89,463
|
22.2 %
|
330,542
|
288,912
|
14.4 %
|
|
Selling and marketing
expenses
|
-28,292
|
-28,857
|
-2.0 %
|
-109,793
|
-119,436
|
-8.1 %
|
|
General and
Administrative expenses
|
-30,332
|
-39,960
|
-24.1 %
|
-128,823
|
-147,458
|
-12.6 %
|
|
Research and
development expenses
|
-12,773
|
-17,484
|
-26.9 %
|
-52,784
|
-64,072
|
-17.6 %
|
|
Allowance for expected
credit losses
|
-41,246
|
-2,748
|
1400.9 %
|
-49,247
|
-7,789
|
532.3 %
|
|
Goodwill
Impairment
|
|
-136,723
|
|
|
-136,723
|
|
|
Other income and
expenses, net
|
1,167
|
-73,464
|
n.m
|
-606
|
-102,424
|
-99.4 %
|
|
Operating
loss
|
-2,117
|
-209,773
|
-99.0 %
|
-10,711
|
-288,990
|
-96.3 %
|
|
Financial
expenses
|
-16,907
|
-21,598
|
-21.7 %
|
-72,641
|
-77,245
|
-6.0 %
|
|
Finance
income
|
13,457
|
4,917
|
173.7 %
|
28,589
|
33,423
|
-14.5 %
|
|
Financial expenses,
net
|
-3,450
|
-16,681
|
-79.3 %
|
-44,052
|
-43,822
|
0.5 %
|
|
Loss before
taxes
|
-5,567
|
-226,454
|
-97.5 %
|
-54,763
|
-332,812
|
-83.5 %
|
|
Deferred income tax and
social contribution
|
-23,741
|
64,571
|
-136.8 %
|
202
|
91,249
|
-99.8 %
|
|
Current income tax and
social contribution
|
-2,191
|
-340
|
544.4 %
|
-6,210
|
-1,462
|
324.8 %
|
|
Loss for the
period
|
-31,499
|
-162,223
|
-80.6 %
|
-60,771
|
-243,025
|
-75.0 %
|
|
|
|
|
|
|
|
|
Loss for the period
attributable to Owners of the Company
|
-31,210
|
-162,270
|
-80.8 %
|
-61,004
|
-243,029
|
-74.9 %
|
|
Non-controlling
interests
|
289
|
-47
|
n.m
|
233
|
4
|
n.m
|
|
December 31,
2022
(audited)
|
December 31,
2023
(non-audited)
|
|
Assets
|
|
|
|
Current
assets
|
313,184
|
250,331
|
|
Cash and cash
equivalents
|
100,243
|
63,742
|
|
Financial
Investment
|
8,160
|
-
|
|
Trade and other
receivables
|
156,012
|
148,784
|
|
Recoverable
Tax
|
35,579
|
28,058
|
|
Prepayments
|
6,369
|
5,571
|
|
Other assets
|
6,821
|
4,176
|
|
|
|
|
Non-current
assets
|
1,490,939
|
1,461,233
|
|
Restricted
Cash
|
|
6,403
|
|
Recoverable
Tax
|
107
|
-
|
|
Prepayments
|
2,207
|
1,109
|
|
Property, plant and
equipment
|
19,590
|
14,413
|
|
Intangible assets and
goodwill
|
1,377,232
|
1,347,327
|
|
Deferred Tax
Assets
|
91,769
|
91,971
|
|
Other Assets
|
34
|
10
|
|
|
|
|
Total
assets
|
1,804,123
|
1,711,564
|
|
December 31,
2022
(audited)
|
December 31,
2023
(non-audited)
|
|
Liabilities
|
|
|
|
Current
liabilities
|
476,337
|
607,374
|
|
Loans, borrowings and
Debentures
|
89,541
|
36,191
|
|
Trade and other
payables
|
264,728
|
353,998
|
|
Liabilities from
acquisitions
|
60,778
|
134,466
|
|
Tax
liabilities
|
17,046
|
18,846
|
|
Employee
benefits
|
35,039
|
50,085
|
|
Lease
liabilities
|
1,992
|
2,056
|
|
Deferred
revenue
|
6,873
|
11,547
|
|
Taxes to be paid in
installments
|
340
|
185
|
|
Derivative and
Financial Instruments
|
-
|
-
|
|
|
|
|
Non-current
liabilities
|
374,546
|
215,243
|
|
Liabilities from
acquisitions
|
290,852
|
160,237
|
|
Trade and other
payables
|
1,092
|
-
|
|
Loans, borrowings and
Debentures
|
77,293
|
51,605
|
|
Lease
liabilities
|
2,824
|
752
|
|
Provisions for tax,
labor and civil risks
|
1,969
|
1,721
|
|
Taxes to be paid in
installments
|
454
|
313
|
|
Employee
Benefits
|
62
|
615
|
|
|
|
|
Equity
|
953,240
|
888,947
|
|
Capital
|
957,525
|
957,525
|
|
Reserves
|
244,913
|
247,464
|
|
Translation
reserve
|
9,485
|
3,129
|
|
Accumulated
losses
|
(258,587)
|
(319,591)
|
|
Other components of
equity
|
0
|
283
|
|
Non-controlling
interests
|
(96)
|
137
|
|
Total equity and
liabilities
|
1,804,123
|
1,711,564
|
|
Q4
|
12M
|
|
2023
(non-audited)
|
2022
(non-audited)
|
2023
(non-audited)
|
2022
(audited)
|
|
|
(in thousands of
R$)
|
|
Net cash from (used in)
operating activities
|
13,914
|
26,917
|
162,547
|
108,455
|
|
|
Net cash used in
investing activities
|
-20,833
|
-8,422
|
-53,903
|
-349,783
|
|
|
Net cash from (used in)
financing activities
|
-45,569
|
-32,217
|
-143,766
|
-215,845
|
|
|
Exchange rate change on
cash and cash equivalents
|
-277
|
-7,128
|
-1,379
|
-24,815
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
-52,765
|
-20,850
|
-36,501
|
-481,988
|
|
|
Interest
|
December 31,
2022
|
December 31,
2023
|
|
|
(audited)
|
(non-audited)
|
|
|
(in thousands of
RS)
|
|
Working
capital
|
100% CDI+2.51% to 6.55%
and
8.60%
|
125,834
|
69,667
|
|
Debentures
|
18.16 %
|
41,000
|
18,129
|
|
Total
|
|
166,834
|
87,796
|
|
|
|
|
|
|
Special Note Regarding Non-GAAP Financial Measures
This press release presents certain Non-GAAP financial measures,
which are not recognized under IFRS, specifically Non-GAAP Adjusted
Gross Profit, Non-GAAP Adjusted Gross Margin, Non-GAAP Adjusted
Gross Profit for our SaaS business segment, Non-GAAP Adjusted Gross
Profit for our CPaaS business segment, Non-GAAP Adjusted Gross
Margin for our SaaS business segment, Non-GAAP Adjusted Gross
Margin for our CPaaS business segment, Adjusted EBITDA and
Normalized EBITDA. A Non-GAAP financial measure is generally
defined as one that purports to measure financial performance but
excludes or includes amounts that would not be so adjusted in the
most comparable GAAP measure. Non-GAAP financial measures do not
have standardized meanings and may not be directly comparable to
similarly-titled measures adopted by other companies. These
Non-GAAP financial measures are used by our management for
decision-making purposes and to assess our financial and operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. We also believe that
the disclosure of our Non-GAAP Adjusted Gross Profit, Non-GAAP
Adjusted Gross Margin, Non-GAAP Adjusted Gross Profit for our SaaS
business segment, Non-GAAP Adjusted Gross Profit for our CPaaS
business segment, Non-GAAP Adjusted Gross Margin for our SaaS
business segment, Non-GAAP Adjusted Gross Margin for our CPaaS
business segment, Adjusted EBITDA and Normalized EBITDA. Flow
provides useful supplemental information to investors and financial
analysts and other interested parties in their review of our
operating performance. Potential investors should not rely on
information not recognized under IFRS as a substitute for the IFRS
measures of earnings, cash flows or profit (loss) in making an
investment decision.
The following table shows the reconciliation for our
consolidated Non-GAAP Gross Profit and consolidated Non-GAAP Gross
Margin:
|
Q4
|
FY
|
|
Consolidated
|
2023
(non-audited)
|
2022
(non-audited)
|
2023
(non-audited)
|
2022
(non-audited)
|
|
(in thousands of
R$)
|
|
Gross
profit
|
109,359
|
89,463
|
330,542
|
288,912
|
|
(+) Amortization of
intangible assets acquired from business combinations
|
12,850
|
13,033
|
52,061
|
44,043
|
|
Non-GAAP Adjusted
Gross Profit (1)
|
122,209
|
102,496
|
382,603
|
332,955
|
|
Revenue
|
217,014
|
174,886
|
807,577
|
756,715
|
|
Gross
Margin(2)
|
50.4 %
|
51.2 %
|
40.9 %
|
38.2 %
|
|
Non-GAAP
Adjusted
Gross Margin(3)
|
56.3 %
|
58.6 %
|
47.4 %
|
44.0 %
|
|
(1)
|
We calculate Non-GAAP
Adjusted Gross Profit as gross profit plus amortization of
intangible assets acquired from business combinations.
|
|
(2)
|
We calculate gross
margin as gross profit divided by revenue.
|
|
(3)
|
We calculate Non-GAAP
Adjusted Gross Margin as Non-GAAP Adjusted Gross Profit divided by
revenue.
|
The following tables shows the reconciliation for the Non-GAAP
Gross Profit and Non-GAAP Gross Margin for our SaaS and CPaaS
business segments:
|
Q4
|
FY
|
|
SaaS
Segment
|
2023
(non-audited)
|
2022
(non-audited)
|
2023
(non-audited)
|
2022
(non-audited)
|
|
(in thousands of
R$)
|
|
Gross
profit
|
41,115
|
40,722
|
136,280
|
128,639
|
|
(+) Amortization of
intangible assets acquired from business combinations
|
12,850
|
13,033
|
52,061
|
44,043
|
|
Non-GAAP Adjusted
Gross Profit(1)
|
53,965
|
53,755
|
188,341
|
172,682
|
|
Revenue
|
83,639
|
72,030
|
294,236
|
260,554
|
|
Gross
Margin(2)
|
49.2 %
|
56.5 %
|
46.3 %
|
49.4 %
|
|
Non-GAAP
Adjusted
Gross Margin(3)
|
64.5 %
|
74.6 %
|
64.0 %
|
66.3 %
|
|
(1)
|
We calculate Non-GAAP
Adjusted Gross Profit for our SaaS business segment as gross profit
for our SaaS business segment plus amortization of intangible
assets acquired from business combinations for our SaaS business
segment.
|
|
(2)
|
We calculate gross
margin for our SaaS business segment as gross profit for our Saas
business segment divided by revenue of our SaaS business
segment.
|
|
(3)
|
We calculate Non-GAAP
Adjusted Gross Margin for SaaS business segment as Non-GAAP
Adjusted Gross Profit for our SaaS business segment divided by
revenue for our SaaS business segment.
|
|
Q4
|
FY
|
|
CPaaS
Segment
|
2023
(non-audited)
|
2022
(non-audited)
|
2023
(non-audited)
|
2022
(non-audited)
|
|
|
(in thousands of
R$)
|
|
Gross
profit
|
68,244
|
48,741
|
194,262
|
160,273
|
|
|
(+) Amortization of
intangible assets acquired from business combinations
|
0
|
0
|
0
|
0
|
|
|
Non-GAAP Adjusted
Gross Profit(1)
|
68,244
|
48,741
|
194,262
|
160,273
|
|
|
Revenue
|
133,375
|
102,856
|
512,565
|
496,161
|
|
|
Gross
margin(2)
|
51.2 %
|
47.4 %
|
37.9 %
|
32.3 %
|
|
|
Non-GAAP Adjusted
Gross Margin(3)
|
51.2 %
|
47.4 %
|
37.9 %
|
32.3 %
|
|
|
(1)
|
We calculate Non-GAAP
Adjusted Gross Profit for our CPaaS business segment as gross
profit for our CPaaS business segment plus amortization of
intangible assets acquired from business combinations for our CPaaS
business segment.
|
|
(2)
|
We calculate gross
margin for our CPaaS business segment as gross profit for our CPaaS
business segment divided by revenue of our CPaaS business
segment.
|
|
(3)
|
We calculate Non-GAAP
Adjusted Gross Margin for CPaaS business segment as Non-GAAP
Adjusted Gross Profit for our CPaaS business segment divided by
revenue for our CPaaS business segment.
|
The following table shows the reconciliation for our Adjusted
EBITDA and Normalized EBITDA:
|
2023
|
2022
|
2023
|
2022
|
|
(non-audited)
|
(non-audited)
|
(non-audited)
|
(non-audited)
|
|
(in thousands of
R$)
|
|
Loss for the
period
|
-31,499
|
-162,223
|
-60,771
|
-243,025
|
|
Current and Deferred
Income Tax
|
25,932
|
-64,231
|
6,008
|
-89,787
|
|
Financial expenses,
net
|
3,450
|
16,681
|
44,052
|
43,822
|
|
Depreciation and
Amortization
|
24,184
|
20,698
|
87,807
|
74,994
|
|
Goodwill
Impairment
|
0
|
136,723
|
0
|
136,723
|
|
Adjusted
EBITDA(1)
|
22,067
|
-52,352
|
77,096
|
-77,273
|
|
Earn-outs
|
-1,594
|
75,386
|
-963
|
100,743
|
|
Non-Recurring
Events
|
9,013
|
0
|
0
|
0
|
|
Normalized
EBITDA(2)
|
29,486
|
23,034
|
76,133
|
23,470
|
|
(1)
|
We calculate Adjusted
EBITDA as loss for the period adjusted by income tax and social
contribution (current and deferred), financial expenses, net,
depreciation and the goodwill impairment.
|
|
(2)
|
We calculate Normalized
EBITDA as the Adjusted EBITDA adjusted by non-recurring events and
non-cash impacts from earn-out adjustments.
|
View original
content:https://www.prnewswire.com/news-releases/zenvia-reports-q4-2023-and-fy-2023-results-302144060.html
SOURCE Zenvia