ZENVIA Reports Q3 2024 and 9M 2024 Results
Zenvia (NASDAQ: ZENV) reported strong Q3 2024 results with double-digit growth in revenue and profitability. Revenue increased 30.1% YoY to BRL 284.4 million, driven by growth in both SaaS (+16%) and CPaaS (+37%) segments. Normalized EBITDA reached BRL 41.2 million, up 153.1% from Q3 2023, marking the highest quarterly EBITDA in three years. The company officially launched Zenvia Customer Cloud in October 2024, an AI-powered solution for customer experience management. Despite a 10.8% decrease in total active customers to 12,152, the company maintains its FY 2024 guidance of BRL 930-970 million in revenue and BRL 120-140 million in Normalized EBITDA.
Zenvia (NASDAQ: ZENV) ha riportato risultati solidi per il terzo trimestre del 2024, con una crescita a due cifre in fatturato e redditività. Il fatturato è aumentato del 30,1% su base annua, raggiungendo 284,4 milioni di BRL, grazie alla crescita nei segmenti SaaS (+16%) e CPaaS (+37%). EBITDA normalizzato ha raggiunto i 41,2 milioni di BRL, con un incremento del 153,1% rispetto al terzo trimestre del 2023, segnando il più alto EBITDA trimestrale degli ultimi tre anni. L'azienda ha ufficialmente lanciato Zenvia Customer Cloud nell'ottobre 2024, una soluzione basata sull'IA per la gestione dell'esperienza cliente. Nonostante una diminuzione del 10,8% nel numero totale di clienti attivi, sceso a 12.152, l'azienda mantiene la sua previsione per l'intero anno 2024, con un fatturato previsto tra 930 e 970 milioni di BRL e un EBITDA normalizzato compreso tra 120 e 140 milioni di BRL.
Zenvia (NASDAQ: ZENV) reportó sólidos resultados para el tercer trimestre de 2024, con un crecimiento de dos dígitos en ingresos y rentabilidad. Los ingresos aumentaron un 30,1% interanual, alcanzando 284,4 millones de BRL, impulsados por el crecimiento en los segmentos de SaaS (+16%) y CPaaS (+37%). EBITDA normalizado alcanzó los 41,2 millones de BRL, un aumento del 153,1% respecto al tercer trimestre de 2023, marcando el EBITDA trimestral más alto en tres años. La empresa lanzó oficialmente Zenvia Customer Cloud en octubre de 2024, una solución impulsada por IA para la gestión de la experiencia del cliente. A pesar de una disminución del 10,8% en el total de clientes activos, que se redujo a 12.152, la compañía mantiene su guía para el año fiscal 2024 de entre 930 y 970 millones de BRL en ingresos y entre 120 y 140 millones de BRL en EBITDA normalizado.
젠비아 (NASDAQ: ZENV)는 2024년 3분기 강력한 실적을 발표하며 매출과 수익성에서 두 자릿수 성장을 기록했습니다. 매출은 전년 대비 30.1% 증가하여 2억 8440만 BRL에 달하며, SaaS(+16%) 및 CPaaS(+37%) 부문에서의 성장이 주효했습니다. 정상화된 EBITDA는 4천 120만 BRL에 도달하여 2023년 3분기 대비 153.1% 증가했으며, 지난 3년간 가장 높은 분기 EBITDA를 기록했습니다. 이 회사는 2024년 10월에 고객 경험 관리를 위한 AI 기반 솔루션인 젠비아 고객 클라우드를 공식 출시했습니다. 총 활성 고객 수가 12,152명으로 10.8% 감소했음에도 불구하고, 회사는 2024 회계연도 매출 전망인 9억 3천만~9억 7천만 BRL과 정상화된 EBITDA 1억 2천만~1억 4천만 BRL을 유지하고 있습니다.
Zenvia (NASDAQ: ZENV) a annoncé des résultats solides pour le troisième trimestre 2024, avec une croissance à deux chiffres de ses revenus et de sa rentabilité. Les revenus ont augmenté de 30,1% par rapport à l'année précédente, atteignant 284,4 millions de BRL, soutenus par la croissance des segments SaaS (+16%) et CPaaS (+37%). EBITDA normalisé a atteint 41,2 millions de BRL, en hausse de 153,1% par rapport au troisième trimestre 2023, marquant le plus haut EBITDA trimestriel en trois ans. L'entreprise a lancé officiellement Zenvia Customer Cloud en octobre 2024, une solution alimentée par l'IA pour la gestion de l'expérience client. Malgré une diminution de 10,8% du nombre total de clients actifs, qui est tombé à 12 152, l'entreprise maintient ses prévisions pour l'exercice 2024, avec un chiffre d'affaires prévu entre 930 et 970 millions de BRL et un EBITDA normalisé entre 120 et 140 millions de BRL.
Zenvia (NASDAQ: ZENV) berichtete über starke Ergebnisse im dritten Quartal 2024 mit zweistelligem Wachstum bei Umsatz und Rentabilität. Der Umsatz stieg im Jahresvergleich um 30,1% auf 284,4 Millionen BRL, was durch das Wachstum in den Segmenten SaaS (+16%) und CPaaS (+37%) vorangetrieben wurde. Das normalisierte EBITDA erreichte 41,2 Millionen BRL, was einem Anstieg von 153,1% im Vergleich zum dritten Quartal 2023 entspricht und das höchste vierteljährliche EBITDA seit drei Jahren darstellt. Das Unternehmen hat im Oktober 2024 offiziell die Zenvia Customer Cloud eingeführt, eine KI-gestützte Lösung zur Verwaltung des Kundenservice. Trotz eines Rückgangs der insgesamt aktiven Kunden um 10,8% auf 12.152 behält das Unternehmen seine Prognose für das Geschäftsjahr 2024 bei, die einen Umsatz von 930 bis 970 Millionen BRL und ein normalisiertes EBITDA von 120 bis 140 Millionen BRL vorsieht.
- Revenue grew 30.1% YoY to BRL 284.4 million in Q3 2024
- Normalized EBITDA increased 153.1% YoY to BRL 41.2 million
- Net Income of BRL 52.4 million in Q3 2024, up from -BRL 11.9 million in Q3 2023
- Operating cash flow increased 252.3% YoY to BRL 56.6 million
- Total active customers decreased 10.8% YoY to 12,152
- Non-GAAP Adjusted Gross Margin declined 2.3 percentage points to 36.0%
- Cash balance decreased 11.9% YoY to BRL 102.7 million
- SaaS Non-GAAP Adjusted Gross Margin declined 3.3 percentage points to 57.7%
Insights
The Q3 2024 results show significant positive momentum for Zenvia.
Key positives include improved operational efficiency with G&A expenses reduction, strong cash flow generation and successful launch of the Zenvia Customer Cloud platform. However, margin pressure persists, particularly in the enterprise segment, with Non-GAAP Adjusted Gross Margin declining 2.3 percentage points to
The company appears on track to meet its FY2024 guidance of
The launch of Zenvia Customer Cloud marks a strategic transformation in the company's product offering. This AI-powered platform integrates customer journey management across multiple channels, positioning Zenvia competitively in the growing CX SaaS market. Early adoption metrics showing improved lead quality and conversion rates validate the platform's effectiveness.
The platform's unified approach reduces technical complexity for clients while creating potential for higher-margin recurring revenue streams. The shift to onboarding new clients directly to Zenvia Customer Cloud indicates confidence in the platform's stability and value proposition, though competitive pressures in enterprise segments need monitoring.
Double-digit growth in both top-line and profitability, with strong EBITDA and Cashflow
LTM Normalized EBITDA of BRL 135.2 million, on track to meet 2024 guidance
Official launch of Zenvia Customer Cloud in October 2024
SÃO PAULO, Nov. 18, 2024 /PRNewswire/ -- Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in
Cassio Bobsin, Founder & CEO of ZENVIA, said: "The highlight this quarter was the conclusion of the strategic plan we initiated back in 2018, that allowed us to officially launch the Zenvia Customer Cloud, a significant milestone in our commitment to enhancing customer relationships through practical, AI-driven solutions. Early adopters have already seen improvements in lead quality, conversion rates, and customer satisfaction, demonstrating the immediate value of this technology. At the same time, this launch is the foundation stone for Zenvia's CX SaaS strategy for the next five years. Alongside this milestone, we have made strides in streamlining our operations and becoming more efficient, resulting in a notable YoY reduction in G&A expenses as a percentage of revenue. The rollout of Zenvia Customer Cloud and our increased operational efficiency together reflect our focus on enabling more informed and personalized customer interactions while delivering value both to our clients and shareholders."
Shay Chor, CFO & IRO of ZENVIA, said: "This quarter, we accelerated our organic expansion with double-digit growth in both revenue and profitability. We were able to capitalize on unique temporary revenue opportunities in our CPaaS segment, while in the SaaS segment we saw significant growth with SMBs. At the same time, the combination of stronger revenues and strict expense control resulted in our highest quarterly EBITDA in three years, putting us on track to meet our full year guidance. Last but not least, we continue to take advantage of working capital opportunities to ensure EBITDA is converted into cash."
Key Financial Metrics (BRL MM and %) | Q3 2024 | Q3 2023 | YoY | 9M 2024 | 9M 2023 | YTD |
Revenues | 284.4 | 218.6 | 30.1 % | 728.2 | 590.6 | 23.3 % |
Gross Profit | 89.8 | 70.9 | 26.6 % | 258.2 | 220.3 | 17.2 % |
Gross Margin | 31.6 % | 32.5 % | -1.1p.p. | 35.5 % | 37.3 % | -2.1p.p. |
Non-GAAP Adjusted Gross Profit(1) | 102.5 | 83.8 | 22.3 % | 296.3 | 259.5 | 14.2 % |
Non-GAAP Adjusted Gross Margin(2) | 36.0 % | 38.3 % | -2.3p.p. | 40.7 % | 43.9 % | -3.2p.p. |
Operating Income/Loss (EBIT) | 17.9 | -6.8 | n.m | 18.2 | -26.1 | n.m |
Adjusted EBITDA(3)(5) | 41.2 | 15.7 | 162.7 % | 87.8 | 38.4 | 128.8 % |
Normalized EBITDA(4)(5) | 41.2 | 16.3 | 153.1 % | 98.1 | 39.0 | 151.3 % |
Income/Loss of the Period | 52.4 | -11.9 | n.m | (19.7) | (43.8) | -54.9 % |
Cash Balance | 102.7 | 116.5 | -11.9 % | 102.7 | 116.5 | -11.9 % |
Net Cash Flow from (used in) Operating Activities | 56.6 | 16.1 | 252.3 % | 61.9 | 148.4 | -58.3 % |
Total Active Customers(6) | 12,152 | 13,624 | -10.8 % | 12,152 | 13,624 | -10.8 % |
(1) | For a reconciliation of our Non-GAAP Gross Profit to Gross Profit, see Selected Financial Data section below. |
(2) | We calculate Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue. |
(3) | For a reconciliation of our Adjusted EBITDA to Loss for the Period, see Selected Financial Data section below. |
(4) | For a reconciliation of our Normalized EBITDA to Loss for the Period, see Selected Financial Data section below. |
(5) | In December 2023, the Company identified that the allowance for expected credit losses and cost with amortization of intangibles was understated. The calculation was reassessed in the annual financial statements and Management has retrospectively revised the first six months of 2023 for comparison purposes. |
(6) | 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. The consolidated number of Total Active Customers doesn't reflect the sum of SaaS and CPaaS Clients, as there is cross selling between them. |
Highlights Q3 2024
- Revenues totaled
BRL 284.4 million , up30% when compared toBRL 218.6 million in Q3 2023 as a result of both SaaS (+16% ) and CPaaS (+37% ) YoY expansion. CPaaS saw abnormally high temporary volumes with certain customers, while SaaS grew mainly from small and medium businesses. - Non-GAAP Adjusted Gross Profit of
BRL 102.5 million was up22% YoY, while Non-GAAP Adjusted Gross Margin was down by 2.3 percentage points landing at36.0% . This decrease is mainly due to:
(i) Higher CPaaS mix in the period due to the specific one-off volumes, which were opportunistic for revenue. We don't expect this same volume level in Q4 2024.
(ii) Lower SaaS margins due to tighter margins from enterprises, which continue to reflect a very competitive environment, more than offsetting the better small and medium business mix.
- Total active customers were 12.2k, being 6.4k from SaaS and 6.0k from CPaaS. As mentioned last quarter, this YoY decrease reflects a client-base cleanup which took place in Q2 2024.
- Normalized EBITDA was positive
BRL 41.2 million in the quarter, up153.1% from Q3 2023, benefiting from higher revenues and strict expense control. This was our highest quarterly EBITDA in three years. - Cash Balance of BR 102.7 million, a sequential increase of
BRL 13.3 million as a direct result of our focus on cash preservation without jeopardizing our sustainable growth, including the continued use of working capital instruments. - On October 15, Zenvia announced the official launch of Zenvia Customer Cloud, its comprehensive AI-powered solution designed to transform the customer experience by integrating solutions across all customer journey stages—from marketing and sales to service and relationship management. The Zenvia Customer Cloud allows companies to manage customer interactions across multiple channels, including WhatsApp, email, SMS, and apps, within a single, centralized platform. This unified approach streamlines processes, reducing the need for multiple software solutions, while increasing productivity through intelligent automation. The platform leverages AI-enabled automation to enhance productivity and efficiency, positioning Zenvia for strong, profitable growth while providing deeper insights into customer behavior.
Highlights 9M 2024
- Revenues totaled
BRL 728.2 million , up23% when compared toBRL 590.6 million in 9M 2023 as a result of both SaaS (+15% ) and CPaaS (+28% ) YoY expansion. - Non-GAAP Adjusted Gross Profit of
BRL 296.3 million was up14% YoY while Non-GAAP Adjusted Gross Margin was down 3.2 percentage points YoY to40.7% , due to a higher mix of CPaaS in revenues, combined with lower margins with large enterprises in the SaaS business and an increase in infrastructure costs related to the final phase of the integration of acquired companies. - Normalized EBITDA was positive
BRL 98.1 million in the period, up151% from 9M 2023, which is in line with our expectations and on track to deliver the full year guidance ofBRL 120 million toBRL 140 million .
SaaS Business
SaaS Key Operational & Financial Metrics | Q3 2024 | Q3 2023 | YoY | 9M 2024 | 9M 2023 | YTD |
Revenues | 87.6 | 75.3 | 16.3 % | 243.2 | 211.4 | 15.0 % |
Gross Profit | 37.9 | 33.1 | 14.5 % | 98.1 | 95.2 | 3.1 % |
Gross Margin | 43.3 % | 44.0 % | -0.7p.p. | 40.3 % | 45.0 % | -4.7p.p. |
Non-GAAP Adjusted Gross Profit(1) | 50.6 | 46.0 | 10.0 % | 136.2 | 134.4 | 1.3 % |
Non-GAAP Adjusted Gross Margin(2) | 57.7 % | 61.0 % | -3.3p.p. | 56.0 % | 63.6 % | -7.6p.p. |
Net Revenue Expansion (NRE) | 110 % | 102 % | 8.0p.p. | 110 % | 102 % | 8.0p.p. |
Total Active Customers(3) | 6,427 | 6,780 | -5.2 % | 6,427 | 6,780 | -5.2 % |
(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 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. |
Our SaaS business Revenue went up
It is worth noting that new clients are now onboarded directly to the Zenvia Customer Cloud, enhancing value not only on channel options but also by leveraging SaaS solutions.
Q3 2024 Non-GAAP Adjusted Gross Profit was up
Year-to-date, while our Non-GAAP Adjusted Gross Profit went up
CPaaS Business
CPaaS Key Operational & Financial Metrics | Q3 2024 | Q3 2023 | YoY | 9M 2024 | 9M 2023 | YTD |
Revenues | 196.8 | 143.3 | 37.4 % | 485.1 | 379.2 | 27.9 % |
Non-GAAP Adjusted Gross Profit(1) | 51.9 | 37.8 | 37.2 % | 160.1 | 125.1 | 28.0 % |
Non-GAAP Adjusted Gross Margin(2) | 26.4 % | 26.4 % | - | 33.0 % | 33.0 % | - |
Total Active Customers(3) | 6,053 | 7,248 | -16.5 % | 6,053 | 7,248 | -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. |
We recorded abnormally high volumes from large enterprise customers in the CPaaS business in this third quarter, in line with the trend we saw in Q2 2024. While we consider this to be temporary and do not expect it to continue into the fourth quarter, it was an opportunistic move to our top line.
The segment reported Net Revenues of
Year-to-date, our CPaaS business reported Net Revenues of
Regarding Total Active Customers, as we mentioned in the last quarter, the YoY decrease was primarily due to the clean-up and removal held in Q2 2024 of smaller CPaaS clients who were not generating revenue. These moves reflect our focus on retaining customers that contribute with revenues and EBITDA generation, as attested by the more than
Consolidated Financial Result Analysis
Revenue
In this quarter, consolidated revenues were positively impacted by both segments, but especially by CPaaS which recorded higher-than-expected volumes that were opportunistic for revenue and cash balance. This resulted in a higher share of CPaaS in the revenue mix, of
These effects are reflected in the
Looking at our consolidated Non-GAAP Adjusted Gross Margin, it declined 2.3 percentage points year-over-year to
Nonetheless, Adjusted EBITDA in Q3 2024 was positive
Normalized EBITDA, which excludes the earn-outs and non-recurring events, amounted to
Net Income in Q3 2024 amounted to
Reiterating FY 2024 Guidance
FY 2024 Guidance | |
Revenue | BRL$930 - |
Y/Y Growth | |
Non-GAAP Adjusted Gross Margin | |
Normalized EBITDA | BRL |
Conference Call
The Company's senior management team will host a webcast to discuss the results and business outlook on Tuesday, November 19, 2024, at 10:00 am ET. To access the webcast presentation, click here.
Additional information regarding Zenvia can be found at https://investors.zenvia.com.
Contacts
Investor Relations Caio Figueiredo Fernando Schneider | Media Relations – FG-IR Fabiane Goldstein – (954) 625-4793 – fabi@fg-ir.com
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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, over 13,000 customers and operations throughout
Forward-Looking Statements
The preliminary quarter and year-to-date 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.
SELECTED FINANCIAL DATA
The following selected financial information are preliminary, unaudited and are based on management's initial review of operations for the third quarter of 2024.
Income Statement
Q3 | 9M | ||||||
2024 | 2023 | Variation | 2024 | 2023 | Variation | ||
(non-audited) | (restated) | (non-audited) | (restated) | ||||
(in thousands of R$) | ( %) | (in thousands of R$) | ( %) | ||||
Revenue | 284,449 | 218,597 | 30.1 % | 728,244 | 590,563 | 23.3 % | |
Cost of services | -194,639 | -147,662 | 31.8 % | -470,042 | -370,293 | 26.9 % | |
Gross profit | 89,810 | 70,935 | 26.6 % | 258,202 | 220,270 | 17.2 % | |
Selling and marketing expenses | -28,075 | -29,252 | -4.0 % | -81,435 | -81,501 | -0.1 % | |
General and administrative expenses | -30,602 | -29,696 | 3.1 % | -95,165 | -98,491 | -3.4 % | |
Research and development expenses | -12,514 | -14,898 | -16.0 % | -41,381 | -40,011 | 3.4 % | |
Allowance for expected credit losses | -4,559 | -2,654 | 71.8 % | -11,454 | -24,631 | -53.5 % | |
Other income and expenses, net | 3,812 | -1,237 | -408.2 % | -10,594 | -1,773 | 497.5 % | |
Operating gain (loss) | 17,872 | -6,802 | -362.7 % | 18,173 | -26,137 | -169.5 % | |
Financial expenses | -32,649 | -19,885 | 64.2 % | -137,782 | -55,734 | 147.2 % | |
Finance income | 62,962 | 8,520 | 639.0 % | 70,434 | 15,132 | 365.5 % | |
Financial expenses, net | 30,313 | -11,365 | -366.7 % | -67,348 | -40,602 | 65.9 % | |
Income/Loss before taxes | 48,185 | -18,167 | -365.2 % | -49,175 | -66,739 | -26.3 % | |
Deferred income tax and social contribution | 7,335 | 7,323 | 0.2 % | 37,429 | 26,962 | 38.8 % | |
Current income tax and social contribution | -3,071 | -1,013 | 203.2 % | -7,998 | -4,019 | 99.0 % | |
Income/Loss for the period | 52,449 | -11,857 | -542.3 % | -19,744 | -43,796 | -54.9 % | |
Income/Loss attributable to Company Owners | 52,621 | -11,943 | -540.6 % | -19,798 | -44,008 | -55.0 % | |
Non-controlling interests | 172 | -86 | -300.0 % | -54 | -212 | -74.5 % | |
Balance Sheet
December 31, 2023 (audited) | September 30, 2024 (non-audited) | ||
(in thousands of reais) | |||
Assets | |||
Current assets | 250,331 | 342,601 | |
Cash and cash equivalents | 63,742 | 102,662 | |
Trade and other receivables | 148,784 | 195,882 | |
Recoverable assets | 28,058 | 29,585 | |
Prepayments | 5,571 | 5,755 | |
Other assets | 4,176 | 8,717 | |
Non-current assets | 1,461,233 | 1,503,868 | |
Restricted cash | 6,403 | 6,072 | |
Prepayments | 1,109 | 561 | |
Other assets | 10 | 10 | |
Deferred tax assets | 91,971 | 129,400 | |
Property, plant and equipment | 14,413 | 19,685 | |
Intangible assets | 1,347,327 | 1,323,744 | |
Judicial deposits | - | 24,396 | |
Total assets | 1,711,564 | 1,846,469 | |
December 31, 2023 (audited) | September 30, 2024 (non-audited) | ||
Liabilities | |||
Current liabilities | 607,374 | 691,498 | |
Trade and other payables | 353,998 | 437,435 | |
Loans, borrowings and Debentures | 36,191 | 69,855 | |
Liabilities from acquisitions | 134,466 | 100,994 | |
Employee benefits | 50,085 | 49,081 | |
Tax liabilities | 18,846 | 17,969 | |
Lease liabilities | 2,056 | 1,769 | |
Deferred revenue | 11,547 | 14,325 | |
Taxes to be paid in installments | 185 | 70 | |
Non-current liabilities | 215,243 | 269,142 | |
Liabilities from acquisitions | 160,237 | 179,750 | |
Loans, borrowings | 51,605 | 47,072 | |
Provisions for tax, labor and civil risks | 1,721 | - | |
Lease liabilities | 752 | 1,484 | |
Employee Benefits | 615 | 1,961 | |
Derivative financial instruments | - | 38,599 | |
Taxes to be paid in installments | 313 | 276 | |
Equity | 888,947 | 885,829 | |
Capital | 957,525 | 1,007,522 | |
Reserves | 247,464 | 215,762 | |
Foreign currency translation reserve | 3,129 | 1,446 | |
Other components of equity | 283 | 283 | |
Accumulated losses | (319,591) | (339,389) | |
Non-controlling interests | 137 | 205 | |
Total equity and liabilities | 1,711,564 | 1,846,469 | |
Indebtness
Interest | December 31, 2023 (audited) | September 30, 2024 (non-audited) | ||
(in thousands of R$) | ||||
Working capital | 69,667 | 103,330 | ||
Debentures | 18.16 % | 18,129 | 13,597 | |
Total | 87,796 | 116,927 | ||
Cash Flow
Q3 | 9M | ||||
2024 (non-audited) | 2023 (restated) | 2024 (non-audited) | 2023 (restated) | ||
(in thousands of R$) | |||||
Net cash from (used in) operating activities | 56,583 | 16,063 | 61,852 | 148,381 | |
Net cash used in investing activities | -14,886 | -15,632 | -48,393 | -33,070 | |
Net cash from (used in) financing activities | -29,276 | -28,283 | 25,517 | -98,197 | |
Exchange rate change on cash and cash equivalents | 830 | 1,780 | -56 | -850 | |
Net (decrease) increase in cash and cash equivalents | 13,251 | -26,072 | 38,920 | 16,264 | |
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 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:
Q3 | 9M | ||||
Consolidated | 2024 (non-audited) | 2023 (non-audited) | 2024 (non-audited) | 2023 (non-audited) | |
(in thousands of R$) | |||||
Gross profit | 89,810 | 70,935 | 258,202 | 220,270 | |
(+) Amortization of intangible assets acquired from business combinations | 12,653 | 12,850 | 38,092 | 39,211 | |
Non-GAAP Adjusted Gross Profit(1) | 102,463 | 83,785 | 296,294 | 259,481 | |
Revenue | 284,449 | 218,597 | 728,244 | 590,563 | |
Gross Margin(2) | 31.6 % | 32.5 % | 35.5 % | 37.3 % | |
Non-GAAP Adjusted Gross Margin(3) | 36.0 % | 38.3 % | 40.7 % | 43.9 % | |
(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:
Q3 | 9M | ||||
SaaS Segment | 2024 (non-audited) | 2023 (non-audited) | 2024 (non-audited) | 2023 (non-audited) | |
(in thousands of R$) | |||||
Gross profit | 37,904 | 33,105 | 98,082 | 95,166 | |
(+) Amortization of intangible assets acquired from business combinations | 12,653 | 12,850 | 38,092 | 39,211 | |
Non-GAAP Adjusted Gross Profit(1) | 50,557 | 45,955 | 136,174 | 134,377 | |
Revenue | 87,632 | 75,324 | 243,174 | 211,373 | |
Gross Margin(2) | 43.3 % | 44.0 % | 40.3 % | 45.0 % | |
Non-GAAP Adjusted Gross Margin(3) | 57.7 % | 61.0 % | 56.0 % | 63.6 % | |
(1) | We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment. |
(2) | We calculate gross margin for our SaaS business segment as gross profit for our SaaS business segment divided by revenue of our SaaS business segment. |
(3) | We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit for our SaaS business segment divided by revenue for our SaaS business segment. |
Q3 | 9M | ||||
CPaaS Segment | 2024 (non-audited) | 2023 (non-audited) | 2024 (non-audited) | 2023 (non-audited) | |
(in thousands of R$) | |||||
Gross profit | 51,906 | 37,830 | 160,120 | 125,104 | |
(+) Amortization of intangible assets acquired from business combinations | 0 | 0 | 0 | 0 | |
Non-GAAP Adjusted Gross Profit(1) | 51,906 | 37,830 | 160,120 | 125,104 | |
Revenue | 196,817 | 143,273 | 485,070 | 379,190 | |
Gross Margin(2) | 26.4 % | 26.4 % | 33.0 % | 33.0 % | |
Non-GAAP Adjusted Gross Margin(3) | 26.4 % | 26.4 % | 33.0 % | 33.0 % | |
(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:
Q3 | 9M | ||||
2024 (non-audited) | 2023 (non-audited) | 2024 (non-audited) | 2023 (non-audited) | ||
(in thousands of R$) | |||||
Income/Loss for the period | 52,449 | -11,857 | -19,744 | -43,796 | |
Current and Deferred Income Tax | -4,264 | -6,310 | -29,431 | -22,943 | |
Financial expenses, net | -30,313 | 11,365 | 67,348 | 40,602 | |
Depreciation and Amortization | 23,288 | 22,468 | 69,667 | 64,536 | |
Adjusted EBITDA(1) | 41,160 | 15,666 | 87,840 | 38,399 | |
Earn-outs | -84 | -631 | - 10,245 | - 631 | |
Normalized EBITDA(2) | 41,244 | 16,297 | 98,085 | 39,030 | |
(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-q3-2024-and-9m-2024-results-302309184.html
SOURCE Zenvia
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