The best quarterly profitability figures since the IPO, including the above guidance for EBITDA (2), point to the right strategic path towards sustainable profitability.
SÃO PAULO , April 4, 2023 /PRNewswire/ - Zenvia Inc. (NASDAQ: ZENV), Latin America's leading CX cloud-based platform that enables businesses to transform customer journeys, today released its fourth quarter of operating results and quarterly and full-year financial results. The year 2022.
Casio Bobsin, founder and CEO of ZENVIA, said : “In 2022, we are focused on integrating our latest achievements. We ended the year by combining the teams of three of the four companies. This means that we are ready to explore all the synergies by offering the most comprehensive CX SaaS platform in Latin America through a complete product suite: engagement, conversion, service and success. We are also at the beginning of a new era where generative AI will create huge opportunities in the CX-SaaS industry, enabling hyper-personalization, behavior prediction and actionable insights. It's a whole new world for CX and we're excited to be a key player in it.”
Shay Chor , CFO and IRO of ZENVIA, said: “We are proud to announce that our fourth quarter and full year 2022 operating and financial performance exceeded our profitability expectations, EBITDA exceeded our higher margin guidance and we continue to grow. gross margin increased 12 percentage points to 44%. Our normalized EBITDA reached BRL 23.5 million for the full year, with BRL 23.0 million recorded in the fourth quarter alone. The profitability is a direct result of adjustments to our cost structure, our focus on profitable sales and puts us on a strong entry pace through 2023, when we begin to benefit from Leverage. Sirena, D1 and Movedesk integrations”.
| Significant financial indicators | 4 2022 | 4 2021 | Yearly | FY 2022 | FY 2021 | Yearly |
| general customers | 13,336 | 11827 | 12.8% | 13,336 | 11827 | 12.8% |
| Net Profit (BRL MM) | 174.9: | 190.3: | -8.1% | 756.7: | 612.3: | 23.6% |
| Non-GAAP Gross Income (BRL MM) | 102.5: | 62.1: | 65.1% | 332.9: | 197.9: | 68.2% |
| Non-GAAP gross margin | 58.6% | 32.6% | 26.0 pages | 44.0% | 32.3% | 11.7 pages |
| Normalized EBITDA (2) (BRL MM) | 23.0: | -3.1: | New Mexico | 23.5: | 1.0: | New Mexico |
(1) The financial information selected in this report is preliminary, unaudited and based on management's preliminary review of operations for the fourth quarter and year ended December 31, 2022 , and is subject to completion of the routine annual audit and cancellation of the report. company. . Recent amendments and other significant developments may occur between now and the filing of the Company's Annual Report on Form 20-F.
(2) Normalized EBITDA excludes the non-cash impact of earnings adjustments and goodwill impairment. See our statement of cash flows for a reconciliation of EBITDA
Financial performance for the fourth quarter of 2022
- Net income decreased 8.1% year-on-year to BRL 174.9 million, mainly due to lower SMS volumes due to our focus on the profitability of the CPaaS segment.
- Non-GAAP total income increased 65.1% year-over-year to BRL 102.5 million , and non-GAAP total income increased 26.0 percentage points to 58.6%.
- Total active customers increased 12.8% to 13.4K , including 6.2K SaaS and 7.5K CPaaS, compared to 11.8K in Q4 2021.
- Cost reduction initiatives that save approximately BRL 70 million annually. In November, Zenvia announced other cost-cutting initiatives, including a 9% headcount reduction, acceleration of Movidsk integration, and independent management and employee costs.
- Operating cash flow of BRL 27.3 million reflects strong EBITDA generation and tight working capital management.
FY 2022 funding
- Net income increased by 23.6% year-on-year to BRL 756.7 million . This increased to BRL 114.5 million in 2021, mainly due to BRL 156.0 million from the combined Movidesk, D1 and SenseData businesses we acquired.
- SaaS net revenue was BRL 260.6 million and CPaaS net revenue was BRL 496.2 million.
- SaaS net revenue (NRE) grew 124% with annualized recurring revenue (ARR).
$239.0 million in December - Non-GAAP gross profit increased 68.2% year-over-year to BRL 332.9 million , with non-GAAP gross profit up approximately 12.0 percentage points to 44.0%.
- Non-GAAP SaaS gross margin was 68.2% and non-GAAP CPaaS gross margin was 31.0%.
- EBITDA (2) positive BRL 23.5 million
(2) Refers to normalized EBITDA excluding the non-cash impact of earnings adjustments and goodwill impairment. See our statement of cash flows for a reconciliation of EBITDA
subsequent events
- On January 18, 2023, Zenvia achieved industry-leading security standards with ISO 27001 certification, an international standard for information security management . ISO accreditation validates Zenvia's focus on privacy and security management, ensuring that customer data and information are stored in accordance with the strictest security protocols.
- On February 13, 2023, Zenvia released ChatGPT integration to its bulk SMS service solution . Zenvia Attraction can now provide more personalized and effective offers during the messaging process. This integration offers a new level of customization and effectiveness in communication campaigns with GPT-3 capabilities, increasing the quality and consistency of the messages sent. In addition, with GPT-3, Zenvia Charm will be able to create backups automatically, allowing Zenvia customers to save more time and energy and gain significant scale.
Our segments
We've broken down Non-GAAP revenue and gross profit for Q2 2022 by SaaS and CPaaS. We believe this is the best way for all stakeholders to understand our business and the drivers of our growth.
SaaS business
| Key financial and operational SaaS metrics | 4 2022 | FY 2022 |
| general customers | 6.231: | 6.231: |
| Net Profit (BRL MM) | 72.1: | 260.6: |
| Non-GAAP Gross Income (BRL MM) | 50.8: | 177.6: |
| Non-GAAP gross margin | 70.5% | 68.2% |
| Net Income Expansion (NRE) | 124% | 124% |
Net income from our SaaS business in Q4 2022 was BRL 72.1 million compared to Q3 2022, of which BRL 59.8 million was recurring. In December, the annual recurring revenue (ARR) of our SaaS business reached BRL 239.0 million . Non-GAAP total revenue increased 2.9% sequentially for the quarter. In fiscal 2022, our SaaS revenue reached BRL 260.6 million with a non-GAAP gross margin of 68.2%. Net revenue growth (NRE) was 124% compared to 123% in the third quarter of 2022.
An example of SaaS
Digitizing the commerce space was a challenge for Brazilian health insurance company Plural Saúde. After the company decided to rely on technology to change the way it works , Plural integrated its sales team software, which manages sales through WhatsApp, one of the most active ways to communicate with users on the market.
With a solution tailored to their business, Plural optimized customer service, increased conversion by 30% and increased sales in all regions. The project was developed long before the pandemic, in early 2020, as part of Plural's need to modernize its sales process. The growing use of WhatsApp has led the company to look for tools to manage the service at scale to make it easier for the sales team to organize and communicate with customers and prospects. Within a year, the company managed to double its customer base, showing that the team is on the right track to consolidate the brand and make it more competitive in the market.
"Of the many options on the market, we chose one with a simple user interface that not only IT can understand, but also the sales team." Apart from the intuitive design, it was completely customizable to suit everyone. our needs The dimensions we need. Another aspect is that the platform provides a mobile version where our brokers can serve our clients both in person and remotely," Fabio Lapolli, Plural's Marketing Director.
CPaaS business
| Key financial and operational metrics of CPaaS | 4 2022 | FY 2022 |
| general customers | 7505 | 7505 |
| Net Profit (BRL MM) | 102.8: | 496.2: |
| Non-GAAP Gross Income (BRL MM) | 51.6: | 153.6: |
| Non-GAAP gross margin | 50.2% | 31.0% |
Our CPaaS business reported net revenue of BRL 102.8 million for the fourth quarter of 2022, and fiscal 2022 revenue of BRL 496.2 million with a non-GAAP gross margin of 50.2% and 31.0%, respectively. reached , which is a direct result of our attention. revenues are by year.
Throughout the year, we saw a more competitive environment in the CPaaS industry, resulting in significant pricing pressure. Given our leadership position and focus on EBITDA and cash generation, we successfully managed declining volumes with profitable expansion and strong sequential growth in non-GAAP gross profit of 40.7% to BRL 51 for 36 in Q4 2022. We reached 6 million BRL. million in the third quarter of 2022. This was especially true for Q4 2022, a higher-volume, lower-margin period due to Black Friday and Christmas. We had lower volumes and higher margins this year. We hope to continue to seek this balance in 2023 to maximize gross profit.
Consolidated financial results
comes
Fourth quarter 2022 consolidated revenue decreased 8.1% year-over-year to BRL 174.9 million , primarily reflecting lower CPaaS revenue as we achieved higher gross margins.
Fully integrating D1 and SenseData and covering the eight months of Movidesk, our revenues for fiscal year 2022 were 756.7 million reais (+23.6%). This growth is mainly due to the contribution of these acquired companies.
In fiscal 2021, revenue was combined with just four months of D1, two months of SenseData and zero revenue from Movidesk, contributing a total of BRL 41.5 million during the period. Together, these three acquired companies contributed BRL 156.0 million to our consolidated net income for fiscal 2022, an increase of BRL 114.5 million, reinforcing Zenvia's strategy to focus on higher margin SaaS services and improved revenue across the mix. In turn, organic growth was 5%.
cost efficiency
Non-GAAP gross profit increased 65.1% to BRL 102.5 million in the quarter, reflecting strong margin growth and an improved revenue mix in both SaaS and CPaaS, while non-GAAP gross margin increased in 2021 increased to 58.6% from 32.6% in the 4th quarter of the year. As a result, non-GAAP gross margin increased approximately 11 percentage points due to a better mix of SaaS services combined with improved margins on CPaaS.
Non-GAAP gross profit for fiscal 2022 increased 68.2% to BRL 332.9 million , and non-GAAP gross profit increased to 44.0% from 32.3% in fiscal 2021 :
The impact of the BRL 5 million reduction in investment costs announced in November was reflected in EBITDA in Q4 2022. Staff cuts and other cost-cutting initiatives are expected to reduce costs by BRL 70 million annually starting in fiscal year 2023.
Normalized EBITDA for the fourth quarter of 2022 was positive at BRL 23.0 million . This figure does not include non-cash expenses related to the collection of future payments from Movidesk and SenseData revenues. Including this non-cash impact, adjusted EBITDA for the quarter was minus BRL 52.3 million . For the full year, normalized EBITDA was positive BRL 23.5 million , adjusted EBITDA including charges related to non-cash earnings was negative BRL 77.3 million .
Strong non-GAAP gross margin growth and positive normalized EBITDA for both the quarter and full year drive our focus on cost control, profitability and cash preservation. Profitability-enhancing initiatives include streamlining processes to reduce labor costs and, among others, reducing non-personnel and general administrative costs, such as consulting and travel.
During the quarter, the Company recorded a goodwill impairment of BRL 136.7 million in its SaaS business due to lower medium and long-term revenue growth due to a more challenging macroeconomic environment and a higher discount rate than reflected higher cost risk. . Including goodwill impairment and the non-cash impact of cost of income, EBITDA was negative BRL 189.1 million for the quarter and negative BRL 214.0 million for fiscal 2022.
FY 2022 Actual x guidance
We compare actual results to our revised fiscal 2022 guidance last quarter. Although revenue figures were at the lower end of guidance, all profitability figures were high. The normalized EBITDA forecast for the third quarter of 2022 was also above the upper guidance range.
| FY 2022 Actual x guidance | ||||||
| Current: | guide | |||||
| Revenue (in millions) | 756.7 R$ | 740 - 790 BRL | ||||
| year-on-year growth | 23.6% | 22% to 31% | ||||
| CPaaS revenue | R$ 496.2 | BRL 490-515 dollars | ||||
| SaaS revenue | 260.5 R$ | BRL 250-275 dollars | ||||
| 44% | 38% - 40% | |||||
| Y/Y extension | 11.7 pages | 5.7 pages - 7.7 pages | ||||
| Non-GAAP CPaaS Gross Margin | ~31% | ~27% | ||||
| Non-GAAP SaaS Gross Margin | ~68% | ~65% | ||||
| Normalized EBITDA | R$ 23.5 | 10 BRL - 15 dollars | ||||
(1) Normalized EBITDA excluding non-cash effects of capital gains and goodwill amortization adjustments.
See our statement of cash flows for a reconciliation of EBITDA.
Fiscal Year 2023 Management Presentation
| FY 2023 guidance | |
| Revenue (in millions) | 830 - 870 BRL |
| year-on-year growth | 9% to 15% |
| CPaaS revenue | 490-500 Brazilian Real |
| SaaS revenue | BRL 340-370 dollars |
| Non-GAAP gross margin | 42% to 45% |
| Y/Y expansion | -2.0 pp - +1.0 pp |
| CPaas: | ~26% |
| Saas | ~63% |
| Normalized EBITDA | BRL 70 - 90 dollars |
(1) Normalized EBITDA excluding non-cash effects of capital gains and goodwill amortization adjustments. See our statement of cash flows for a reconciliation of EBITDA.
Announcement of results and conference call
The Company will host a webcast on Wednesday, April 5, 2023 at 10:00 a.m. to discuss its operating and financial results. Click here to access the webcast presentation.
More information about Zenvia is available at https://investors.zenvia.com .
contacts
| Investor Relations Caio Figueiredo Fernando Schneider ir@zenvia.com | Public Relations - Grayling Lucia Domville - (646) 824-2856 - Fabiana Goldstein - (954) 625-4793 - |
About Zenvia
ZENVIA aims to enable companies to create a unique consumer experience through a comprehensive and unified CX-SaaS platform. ZENVIA enables companies to transform today's customer experience from in-person, physical, unscalable interactions to highly measurable, digitally connected, hyper-contextual experiences throughout the customer journey. ZENVIA's unified end-to-end CX SaaS platform offers a combination of SaaS with a focus on (i) campaigns, sales teams, customer service and engagement, (ii) tools such as APIs, chatbots, unique customer insights, journey, document creation . . and authentication and (iii) channels such as SMS, voice, WhatsApp, Instagram and web chat. Its comprehensive platform helps clients manage marketing campaigns, customer acquisition, customer onboarding, notifications, customer service, fraud prevention, cross-selling and customer retention, and more. supports customers in multiple use cases, including ZENVIA shares are listed on Nasdaq under the symbol ZENV.
forward-looking statements
The preliminary fourth quarter and full year operating results presented above are based only on current data, which is subject to change. These preliminary operating results constitute forward-looking statements within the meaning of the securities provisions of the Private Securities Litigation Reform Act of 1995. , estimates, forecasts and projections and management's beliefs and assumptions. "expect", "anticipate", "should", "believe", "expect", "goal", "project", "goals", "estimate", "potential", "expect", "could", "will," "may," "could," "on," variations of these terms or negations of these terms and similar expressions are intended to qualify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which relate to factors or circumstances beyond Zenvia's control: Zenvia's actual results may differ materially from those expressed or implied by forward-looking statements due to a number of factors, including but not limited to the following. bring in new areas and properly manage international expansion, significant and increasing competition in our market, relevant legal and regulatory developments and regulations, the dependence of our business on our relationships with certain service providers: , among other factors.
Our SaaS portfolio
Zenvia has grown its product portfolio organically and through acquisitions: Our platform now offers four SaaS solutions designed for each stage of the customer journey, from the first brand interaction to lasting business relationships: The SaaS segment generates higher gross margins, And that's where most of our future growth lies: More than half of our margin is already coming from our solutions, compared to almost zero three years ago:
| Solution | The former | concentrate |
| Zenvia attraction | Zenvia campaign | Active cross-channel end customer acquisition campaigns through data intelligence and cross-channel automation |
| Conversion to Zenvia | siren | Convert leads through multiple sales channels |
| Zenvia service | move | Enable companies to provide excellent customer service with coordinated support across multiple channels |
| Zenvia achievement | sensory data | Enable organizations to continuously engage with customers based on their unique context and develop healthy, long-lasting relationships by turning data into insights: |
Our SaaS solutions can be used individually or in combination, allowing businesses to launch a truly simple application in minutes or progress to a fully integrated, automated and intelligent customer journey: We also provide CX tools to integrate and automate customer experiences in a variety of ways: Our core tools are Application Programming Interface (API), robot-like software that performs automated, repetitive and predefined tasks (Bot), natural language understanding (NLU) and tools that allow companies to securely manage documents on the go: from end-user (Papers): The Quantum platform connects all our solutions and tools to customers' systems and processes: Companies can log into our platform and choose from any solution or tool: As they look at deploying more parts of the platform, we can hack CX all obstacles and unlock the true potential of end customers:
SELECTED FINANCIAL STATEMENTS
The following selected financial information is preliminary, unaudited and based on management's preliminary review of operations for the fourth quarter and year ended December 31, 2022, and is subject to the completion of the audit process and the date of the regular financial statements: Final adjustments and other significant developments may occur to have until now the filing of the Company's annual report on Form 20-F:
| Q4 | fiscal year | |||||
| 2022 | in 2021 | fluctuations | 2022 | in 2021 | fluctuations | |
| (unaudited) | (unaudited) | (unaudited) | (verified) | |||
| (in thousand R$) | (%) | (in thousand R$) | (%) | |||
| income | 174,886 | 190,263 | -8.1% | 756,715 | 612,324 | 23.6% |
| costs for services | -85,423 | -133,919 | -36.2% | -467803 | -431,419 | 8.4% |
| gross profit | 89,463 | 56,344 | 58.8% | 288,912 | 180,905 | 59.7% |
| Sales and marketing expenses | -28857 | -19853 | 45.4% | -119436 | -80,367 | 48.6% |
| administrative costs | -39960 | -28321 | 41.1% | -147458 | -154,999 | -4.9% |
| research and development costs | -17484 | -30,208 | -42.1% | -64072 | -46308 | 38.4% |
| loan loss provisions | -2748 | -1650 | 66.5% | -7789 | -6303 | 23.6% |
| goodwill impairment | -136723 | 0 | New Mexico | -136723 | 0 | New Mexico |
| Other net income and expenses | -73464 | 58,813 | New Mexico | -102424 | 60,572 | New Mexico |
| Operating profit | -209773 | 35,125 | -697.2% | -288990 | -46500 | 521.5% |
| financial costs | -21598 | -13960 | 54.7% | -77245 | -51767 | 49.2% |
| financial income | 4917 | 11706 | -58.0% | 33,423 | 32798 | 1.9% |
| net financial costs | -16681 | -2254 | 640.1% | -43,822 | -18969 | 131.0% |
| Loss before income tax and social security contributions | -226454 | 32,871 | -788.9% | -332812 | -65,469 | 408.4% |
| Deferred taxes and social security payments | 64,571 | 9801 | 558.8% | 91,249 | 23,313 | 291.4% |
| Current income taxes and social security contributions | -340 | -400 | -15.0% | -1462 | -2490 | -41.3% |
| missed period | -162223 | 42272 | -483.8% | -243,025 | -44646 | 444.3% |
| Loss of the period attributed to the owners of the company | -162270 | 42272 | -483.9% | -243,029 | -44646 | 444.3% |
| Loss of time to third parties | -47 | - | New Mexico | -4 | - | New Mexico |
| Q4 | fiscal year | |||
| 2022 (unaudited) | in 2021 (unaudited) | 2022 (unaudited) | in 2021 (verified) | |
| (in thousands of BRL) | ||||
| Net cash(s) from operating activities | 26917 | 18605 | 108,455 | -97260 |
| Net cash used in investing activities | -8422 | 84,069 | -349783 | -351,051 |
| Net cash provided by financing activities | -32,217 | -139453 | -215,845 | 935,033 |
| Changes in the exchange rate of cash and cash equivalents | -7128 | 9.108 | -24,815 | 35,530 |
| Net increase (decrease) in cash and cash equivalents: | -20850 | -27671 | -481,988 | 522,252 |
| December 31, 2021 (verified) | December 31, 2022 ( | |
| resources | ||
| current assets | 766,059 | 313.184 |
| Cash and cash equivalents | 582231 | 100243 |
| financial investments | - | 8160 |
| Trade receivables and other receivables | 142.407 | 156,012 |
| tax credit | 15936 | 35,579 |
| Financial instruments and derivative instruments | 74 | - |
| Advance payments | 20,918 | 6,369 |
| Other activities | 4493 | 6821 |
| Capital assets | 1,077,790 | 1,490,939 |
| tax credit | 112 | 107 |
| Advance payments | 2.271 | 2.207 |
| financial investments | 7005 | - |
| Property, equipment and supplies | 15732 | 19,590 |
| Intangible assets and goodwill | 1,050,357 | 1,377,232 |
| Deferred tax assets | 2276 | 91,769 |
| Other activities | 37 | 3.4 |
| total assets | 1,843,849 | 1,804,123 |
| December 31, 2021 (verified) | December 31, 2022 ( | |
| Passive | ||
| current liabilities | 429,883 | 476,337 |
| Credits, loans and bonds | 64,415 | 89,541 |
| Commercial and other obligations | 144,424 | 264,728 |
| acquisition obligations | 176069 | 60,778 |
| tax liability | 15736 | 17046 |
| Employee bonus | 21,926 | 35039 |
| lease obligation | 2220 | 1992 |
| deferred income | 4582 | 6873 |
| installment payments | 511 | 340 |
| Financial instruments and derivative instruments | - | - |
| Long-term liabilities | 210,764 | 374,546 |
| acquisition obligations | 60,220 | 290,852 |
| Commercial and other obligations | 936 | 1092 |
| Credits, loans and bonds | 143,723 | 77293 |
| lease obligation | 2038 | 2824 |
| Provisions of tax, labor and civil law risks | 1369 | 1969 |
| Deferred tax liabilities | 1756 | - |
| installment payments | 722 | 454 |
| Employee bonus | - | 62 |
| Equity | 1.203.202 | 953,240 |
| The capital city | 957,523 | 957,525 |
| վերապահումներ | 226,599 | 244,913 |
| Թարգմանությունը վերապահված է | 34638 | 9,485 |
| Կուտակային կորուստներ | (15,558) | (258,587) |
| ոչ տոկոսադրույքի վերահսկում | - | (96) |
| Ընդհանուր սեփական կապիտալ և պարտավորություններ | 1,843,849 | 1.804.123 |
| Q4 | ֆիսկալ տարի | |||
| Ոչ GAAP-ի համախառն շահույթի հաշտեցում էլ Ոչ GAAP համախառն մարժա | 2022 թ (չաուդիտի ենթարկված) | 2021 թ (չաուդիտի ենթարկված) | 2022 թ (չաուդիտի ենթարկված) | 2021 թ (ստուգվում) |
| (հազար BRL-ով) | ||||
| համախառն շահույթ | 89,463 | 56,344 | 288,912 | 180,905 |
| (+) Ձեռնարկատիրական գործունեության միավորումներով ձեռք բերված ոչ նյութական ակտիվների ամորտիզացիա | 13033 | 5720 | 44043 | 16,985 |
| Ոչ GAAP-ի համախառն | 102,496 | 62064 | 332,955 | 197890 |
| եկամուտը | 174,886 | 190,263 | 756,715 | 612,324 |
| Կոպիտ | 51.2% | 29.6% | 38.2% | 29.5% |
| Ոչ GAAP-ի համախառն | 58.6% | 32.6% | 44.0% | 32.3% |
| Q4 | ֆիսկալ տարի | |||
| 2022 թ (չաուդիտի ենթարկված) | 2021 թ (չաուդիտի ենթարկված) | 2022 թ (չաուդիտի ենթարկված) | 2021 թ (ստուգվում) | |
| (հազար R$-ով) | ||||
| EBITDA | -189075 | 49296 | -213.996 | -5,369 |
| (+) IPO դրամաշնորհների հետ կապված վճարներ | 0 | -576 | 0 | 46,449 |
| (+) Գուդվիլի ամորտիզացիա | 136,723 | 0 | 136,723 | 0 |
| Ճշգրտված EBITDA | -52,352 | 48720 | -77273 | 41080 |
| շահույթ | 75,386 | -51789 | 100744 | -40049 |
| Նորմալացված EBITDA | 23034 | -3069 | 23,471 | 1031 |
| պարտք | հետաքրքրություն | 31 դեկտեմբերի, 2021 թ | 31 դեկտեմբերի, 2022 թ | |
| (հազար BRL-ով) | ||||
| աշխատանքային կապիտալ | 100% CDI+2.40% 5.46% և 8.60% տ | 163.138 | 125,834 | |
| պարտավորությունները | 18.16% | 45000 | 41000 | |
| Ընդհանուր առմամբ | 208,138 | 166,834 | ||
Տես բնօրինակ բովանդակությունը՝ https://www.prnewswire.com/news-releases/zenvia-reports-q4--fy-2022-results1-301790129.html
ԱՂԲՅՈՒՐ Zenvia
