UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2024.
Commission File Number 333-
Zenvia Inc.
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Avenida Paulista, 2300, 18th Floor, Suites 182 and
184
São Paulo, São Paulo, 01310-300
Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form
20-F x Form 40-F ¨
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
ZENVIA Reports Q2 2024 and H1 2024 Results
Normalized EBITDA of BRL 33.7 million in Q2 2024
and BRL 56.8 million in H1 2024
Strict cost control led G&A as % of revenues
to 14.5% in H1 2024 from 18.5% in H1 2023
Promising early results of Zenvia Customer Cloud
soft launch, with healthy levels of recurring revenue, churn and crossed adoption
São Paulo, September 5,
2024 – Zenvia Inc. (NASDAQ: ZENV), the leading cloud-based CX solution in Latin America empowering companies to craft personal,
engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the second quarter
of 2024.
Cassio Bobsin, Founder & CEO of
ZENVIA, said: “During the quarter, we kept our focus on rolling out Zenvia
Customer Cloud, and we are pleased to report that the launch has been met with enthusiasm from our clients. We also released in June our
cutting-edge Generative AI Chatbot solution, which delivers value in just under six minutes and, within two months of its launch, has
already resulted in 99 chatbots developed by companies across eight sectors in Latin America. We are excited about the opportunities these
innovations present and remain committed to driving continued growth and strengthening our leadership position in the market. Our team’s
dedication and the positive response from our clients underscore our confidence in the transformative potential of these solutions and
our ability to exceed expectations as we move forward.”
Shay Chor, CFO & IRO of ZENVIA,
said: “We achieved another quarter of solid revenue growth in Q2 2024,
with margins remaining within our guidance range, despite the fact that the revenue increase was mainly driven by large enterprises in
both segments, which typically have lower margins. A key highlight of the quarter is the significant reduction in G&A expenses, which
was down more than 10% YoY in Q2, attesting our continued commitment to rigorous cost control, and positively impacting our EBITDA. Looking
ahead, we are focused on maintaining this momentum, rolling out Zenvia Customer Cloud and unlocking profitable value from our operations
to keep deleveraging the business.”
Key Financial Metrics (BRL MM and %) |
Q2 2024 |
Q2 2023 |
YoY |
H1 2024 |
H1 2023 |
YTD |
Revenues |
231.2 |
192.9 |
19.8% |
443.8 |
372.0 |
19.3% |
Gross Profit |
87.5 |
70.4 |
24.4% |
168.4 |
149.3 |
12.8% |
Gross Margin |
37.9% |
36.5% |
1.4p.p. |
37.9% |
40.1% |
-2.2p.p. |
Non-GAAP Adjusted Gross Profit(1) |
100.2 |
83.2 |
20.4% |
193.8 |
175.7 |
10.3% |
Non-GAAP Adjusted Gross Margin(2) |
43.3% |
43.1% |
0.2p.p. |
43.7% |
47.2% |
-3.6p.p. |
Operating Loss (EBIT) |
10.0 |
-7.0 |
n.m |
0.3 |
-19.3 |
n.m |
Adjusted EBITDA(3)(5) |
33.6 |
14.9 |
125.5% |
46.7 |
22.7 |
105.3% |
Normalized EBITDA(4)(5) |
33.7 |
14.9 |
126.1% |
56.8 |
22.7 |
150.0% |
Loss of the Period |
(15.9) |
(15.2) |
5.1% |
(72.2) |
(31.9) |
126.0% |
Cash Balance |
89.4 |
142.6 |
-37.3% |
89.4 |
142.6 |
-37.3% |
Net cash flow from (used in) operating activities |
18.1 |
32.8 |
-44.6% |
5.3 |
132.3 |
-96.0% |
Total Active Customers(6) |
11,849 |
14,740 |
-19.6% |
11,849 |
14,740 |
-19.6% |
| (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. |
| |
1 | Earnings Release | Q2 2024 |
Highlights Q2 2024
| ● | Revenues totaled BRL 231.2 million, up 19.8% when
compared to BRL 192.9 million in Q2 2023 as a result of both SaaS (+15.6% YoY) and CPaaS (+22.1%) expansion. CPaaS and SaaS saw growth
mainly from large enterprise customers. |
| ● | Non-GAAP Adjusted Gross Profit of BRL 100.2 million
was up 20.4% YoY while Non-GAAP Adjusted Gross Margin was mainly stable, up by 0.2 percentage points to the expected level of 43.3% YoY as highlighted in
our guidance for 2024. This decrease is due to: |
| (i) | Higher mix of CPaaS in the period, principally from
large enterprises with lower margins; and |
| (ii) | Lower SaaS margins, which also grew more in
large enterprises with lower margins. |
| ● | Total number of active customers decreased
to 11.8k, being 6.8k from SaaS and 5.5k from CPaaS. This decrease reflects a client-base cleanup, combining the rollout of Zenvia
Customer Cloud - that unifies SaaS clients' contracts - with a drop in smaller CPaaS clients which used lower volumes of SMS and
were less profitable. |
| ● | Normalized EBITDA was
positive BRL 33.7 million in the quarter, up 126.1% from
Q2 2023, benefiting from higher revenues and strict expense control. |
| ● | On June 19, we announced the launch of our Generative
AI Chatbot, a game-changing solution to revolutionize chatbot development, making it as simple and intuitive as a personal interaction
and accessible to businesses of all sizes looking to improve and automate customer service. Key highlights include easy customization
and efficient integration with multiple communication channels, ensuring a superior solution for all customer needs. Within two months
of its launch, 99 chatbots were already developed by companies across eight industry sectors in Latin America. |
| ● | The migration of the client base to Zenvia
Customer Cloud has already started, with a full rollout expected by the H1 2025. To date, we could observe healthy levels of recurring
revenue, churn, and cross-adoption. |
Highlights H1 2024
| ● | Revenues totaled BRL 443.8 million, up 19.3% when
compared to BRL 372.0 million in H1 2023 as a result of both SaaS (+13.8% YTD) and CPaaS (+22.5%) expansion. |
| ● | Non-GAAP Adjusted Gross Profit of BRL 193.8 million
was up 10.3% YTD while Non-GAAP Adjusted Gross Margin was down 3.6 percentage points YoY to the expected level of 43.7%. |
| ● | Normalized EBITDA was positive BRL 56.8 million
in the quarter, up 150.0% from H1 2023, which is in line with our expectations and in line to deliver the full year guidance of BRL 120
million to BRL 140 million. |
| |
2 | Earnings Release | Q2 2024 |
SaaS Business
SaaS Key Operational & Financial Metrics
(BRL MM and %) |
Q2 2024 |
Q2 2023 |
YoY |
H1 2024 |
H1 2023 |
YTD |
Revenues |
78.0 |
67.5 |
15.6% |
154.8 |
136.0 |
13.8% |
Gross Profit |
29.9 |
29.1 |
2.5% |
60.4 |
62.1 |
-2.6% |
Gross Margin |
38.3% |
43.2% |
-4.9p.p. |
39.0% |
45.6% |
-6.6p.p. |
Non-GAAP Gross Profit(1) |
42.5 |
42.0 |
1.3% |
85.9 |
88.4 |
-2.9% |
Non-GAAP Gross Margin(2) |
54.5% |
62.2% |
-7.7p.p. |
55.5% |
65.0% |
-9.5p.p. |
Net Revenue Expansion (NRE) |
100% |
116% |
-16p.p. |
100% |
116% |
-16p.p. |
Total Active Customers(3) |
6,770 |
6,888 |
-1.7% |
6,770 |
6,888 |
-1.7% |
| (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. |
In Q2 2024, our SaaS business Revenue went up 15.6% YoY to BRL 78.0
million, compared to BRL 67.5 million in Q2 2023, primarily from large enterprise customers, especially in the Consulting business that
has a low base of comparison in Q2 2023. In H1 2024, our SaaS business revenue increased 13.8%.
As a result, Q2 2024 Non-GAAP Adjusted Gross Profit was mainly stable,
up 1.3% YoY to BRL 42.5 million from BRL 42.0 million. It is worth noting that the soft launch of Zenvia Customer Cloud began at the end
of Q1 2024, and the team is focused on rolling out all functionalities by Q4 2024, when we expect to launch the full marketing campaign.
The revenue increase came mostly from large enterprises that carry lower
margins, leading to lower Non-GAAP Adjusted Gross Margin from SaaS. Despite being down by 7.7 percentage points YoY to 54.5%, this margin
level is expected, given that the large enterprise business carries lower margins when compared to the pure software business of circa
50%. For the same reason, in H1 2024, our Non-GAAP Adjusted Gross Profit was down 2.9%, which resulted in an expected decrease of 9.5
percentage points in our Non-GAAP Adjusted Gross Margin.
CPaaS Business
CPaaS Key Operational & Financial Metrics
(BRL MM and %) |
Q2 2024 |
Q2 2023 |
YoY |
H1 2024 |
H1 2023 |
YTD |
Revenues |
153.2 |
125.5 |
22.1% |
289.0 |
235.9 |
22.5% |
Non-GAAP Gross Profit(1) |
57.7 |
41.2 |
39.8% |
108.0 |
87.3 |
23.7% |
Non-GAAP Gross Margin(2) |
37.6% |
32.9% |
4.8p.p. |
37.4% |
37.0% |
0.4p.p. |
Total Active Customers(3) |
5,506 |
8,647 |
-36.3% |
5,506 |
8,647 |
-36.3% |
| (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. |
Our
CPaaS business reported Net Revenues of BRL 153.2 million in Q2 2024, up 22.1% YoY, while Non-GAAP Gross Profit increased 39.8% YoY to
BRL 57.7 million from BRL 41.2 million in Q2 2023. Non-GAAP Gross Margin reached 37.6%, compared to 32.9% in Q2 2023, mainly due to opportunities
of unusually high margins with certain large enterprises.
| |
3 | Earnings Release | Q2 2024 |
In H1 2024, our CPaaS business reported Net Revenues of BRL 289.0 million,
up 22.5% YTD, with our Non-GAAP Adjusted Gross Profit increasing at a similar rate, leading to a Non-GAAP Adjusted Gross Margin of 37.4%,
up 0.4 p.p. YoY.
It is worth noting that the decrease in the active customer base was
primarily due to the clean-up and removal of smaller CPaaS clients who were not generating revenue. This move reflects our
focus on retaining customers that contribute with revenues and EBITDA generation as attested by the 22% increase in CPaaS top line and
40% increase in Non-GAAP Adjusted Gross Profit during the quarter.
Consolidated Financial Results
Revenue
Consolidated revenues in Q2 2024
totaled BRL 231.2 million, up 19.8% YoY, reflecting the increases of 22.1% in CPaaS and 15.6% in SaaS. In H1 2024 consolidated revenues
totaled BRL 443.8 million, up 19.3% YTD, reflecting the increases of 22.5% in CPaaS and 13.8% in SaaS. The soft launch of Zenvia
Customer Cloud began at the end of Q1 2024, and the team is focused on rolling out all functionalities by Q4 2024, when we expect to launch
the full marketing campaign.
Profitability
Our Consolidated Non-GAAP Adjusted
Gross Profit went up by 20.4% YoY in Q2 2024 to BRL 100.2 million, mainly reflecting the 39.8% increase in CPaaS Non-GAAP Adjusted Gross
Profit. Non-GAAP Adjusted Gross Margin was stable YoY, up by 0.2 p.p. to 43.3% in Q2 2024
from 43.1% in Q2 2023. Higher than expected CPaaS margins were able to offset lower SaaS
margins, as the latter also expanded more with large enterprise customers. In addition, we had a higher share of CPaaS in the revenue
mix, of 66.3% in Q2 2024 compared to 65.0% in Q2 2023.
Adjusted EBITDA in Q2 2024 was
positive BRL 33.7 million, compared to BRL 14.9 million in Q2 2023. The 125.5% increase is
mainly due to higher revenues and stricter expense control. Normalized EBITDA amounted to BRL 56.8 million in H1 2024, which compares
to BRL 22.7 million in the same period of 2023. Our LTM Normalized EBITDA has reached BRL 110.2 million in June 2024, which puts us on
track to delivering on the 2024 guidance.
Reiterating FY 2024 Guidance
|
FY 2024 Guidance |
Revenue |
BRL$930 - $970 million |
Y/Y Growth |
15% - 20% |
Non-GAAP Adjusted Gross Margin |
42% - 45% |
Normalized EBITDA |
BRL$120 - $140 million |
| |
4 | Earnings Release | Q2 2024 |
Conference Call
The Company’s senior management team will host a webcast to discuss
the results and business outlook on Friday, September 6, 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
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, over 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 fourth quarter and full year 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 second quarter of 2024.
| |
5 | Earnings Release | Q2 2024 |
Income Statement
|
Q2 |
H1 |
|
2024 |
2023 |
Variation |
2024 |
2023 |
Variation |
|
(non-audited) |
(restated) |
(non-audited) |
(restated) |
|
(in thousands of R$) |
(%) |
(in thousands of R$) |
(%) |
Revenue |
231,159 |
192,919 |
19.8% |
443,795 |
371,966 |
19.3% |
Cost of services |
-143,624 |
-122,533 |
17.2% |
-275,403 |
-222,631 |
23.7% |
Gross profit |
87,535 |
70,386 |
24.4% |
168,392 |
149,335 |
12.8% |
Selling and marketing expenses |
-26,001 |
-24,807 |
4.8% |
-53,360 |
-52,249 |
2.1% |
General and administrative expenses |
-33,293 |
-37,348 |
-10.9% |
-64,563 |
-68,795 |
-6.2% |
Research and development expenses |
-14,071 |
-11,109 |
26.7% |
-28,867 |
-25,113 |
14.9% |
Allowance for expected credit losses |
-1,464 |
-3,708 |
-60.5% |
-6,895 |
-21,977 |
-68.6% |
Other income and expenses, net |
-2,690 |
-451 |
496.5% |
-14,406 |
-536 |
2587.7% |
Operating gain (loss) |
10,016 |
-7,037 |
-242.3% |
301 |
-19,335 |
-101.6% |
Financial expenses |
-37,895 |
-17,125 |
121.3% |
-105,133 |
-35,849 |
193.3% |
Finance income |
438 |
3,987 |
-89.0% |
7,472 |
6,612 |
13.0% |
Financial expenses, net |
-37,457 |
-13,138 |
185.1% |
-97,661 |
-29,237 |
234.0% |
Loss before taxes |
-27,441 |
-20,175 |
36.0% |
-97,360 |
-48,572 |
100.4% |
Deferred income tax and social contribution |
14,011 |
7,793 |
79.8% |
30,094 |
19,639 |
53.2% |
Current income tax and social contribution |
-2,507 |
-2,788 |
-10.1% |
-4,927 |
-3,006 |
63.9% |
Loss for the period |
-15,937 |
-15,170 |
5.1% |
-72,193 |
-31,939 |
126.0% |
|
|
|
|
|
|
|
Loss attributable to Owners of the Company |
-16,045 |
-15,226 |
5.4% |
-72,419 |
-32,065 |
125.9% |
Non-controlling interests |
108 |
56 |
92.9% |
226 |
126 |
79.4% |
Balance Sheet
|
|
December 31, 2023
(audited) |
June 30, 2024
(non-audited) |
|
|
(in thousands of R$) |
Assets |
|
|
|
Current assets |
|
250,331 |
304,179 |
Cash and cash equivalents |
|
63,742 |
89,411 |
Trade and other receivables |
|
148,784 |
170,326 |
Recoverable assets |
|
28,058 |
27,555 |
Prepayments |
|
5,571 |
9,871 |
Other assets |
|
4,176 |
7,016 |
Advances to Acquisition |
|
|
|
|
|
|
|
Non-current assets |
|
1,461,233 |
1,480,788 |
Restricted Cash |
|
6,403 |
6,749 |
Prepayments |
|
1,109 |
713 |
Other Assets |
|
10 |
10 |
Deferred Tax Assets |
|
91,971 |
122,065 |
Property, plant and equipment |
|
14,413 |
20,855 |
Intangible assets |
|
1,347,327 |
1,330,396 |
|
|
|
|
Total assets |
|
1,711,564 |
1,784,967 |
|
|
|
|
|
|
December 31, 2023
(audited) |
June 30, 2024
(non-audited) |
|
|
(in thousands of R$) |
Liabilities |
|
|
|
Current liabilities |
|
607,374 |
622,848 |
Trade and other payables |
|
353,998 |
374,933 |
Loans, borrowings and Debentures |
|
36,191 |
73,527 |
Liabilities from acquisitions |
|
134,466 |
99,936 |
Employee benefits |
|
50,085 |
47,811 |
Tax liabilities |
|
18,846 |
16,991 |
Lease liabilities |
|
2,056 |
1,962 |
Deferred revenue |
|
11,547 |
7,591 |
Taxes to be paid in installments |
|
185 |
97 |
Derivative and Financial Instruments |
|
- |
|
|
|
|
|
Non-current liabilities |
|
215,243 |
341,236 |
Liabilities from acquisitions |
|
160,237 |
187,096 |
Loans, borrowings |
|
51,605 |
56,037 |
Provisions for tax, labor and civil risks |
|
1,721 |
1,744 |
Lease liabilities |
|
752 |
1,834 |
Employee Benefits |
|
615 |
1,478 |
Derivative financial instruments |
|
- |
92,757 |
Taxes to be paid in installments |
|
313 |
290 |
|
|
|
|
Equity |
|
888,947 |
820,883 |
Capital |
|
957,525 |
1,007,522 |
Reserves |
|
247,464 |
206,887 |
Foreign currency translation reserve |
|
3,129 |
(2,188) |
Other components of equity |
|
283 |
283 |
Accumulated losses |
|
(319,591) |
(392,010) |
Non-controlling interests |
|
137 |
389 |
|
|
|
|
Total equity and liabilities |
|
1,711,564 |
1,784,967 |
| |
6 | Earnings Release | Q2 2024 |
Indebtness
|
Interest |
December 31, 2023
(audited) |
June 30, 2024
(non-audited) |
(in thousands of R$) |
Working capital |
100% CDI+2.51% to 6.55% and 8.60% |
69,667 |
113,730 |
Debentures |
18.16% |
18,129 |
15,834 |
Total |
|
87,796 |
129,564 |
| |
7 | Earnings Release | Q2 2024 |
Cash Flow
|
Q2 |
H1 |
|
2024
(non-audited) |
2023
(restated) |
2024
(non-audited) |
2023
(restated) |
|
(in thousands of R$) |
Net cash from (used in) operating activities |
18,134 |
32,758 |
5,269 |
132,318 |
Net cash used in investing activities |
-21,078 |
-14,735 |
-33,507 |
-17,438 |
Net cash from (used in) financing activities |
21,459 |
-31,548 |
54,793 |
-69,914 |
Exchange rate change on cash and cash equivalents |
-629 |
-2,918 |
-886 |
-2,630 |
Net (decrease) increase in cash and cash equivalents |
17,886 |
-16,443 |
25,669 |
42,336 |
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.
| |
8 | Earnings Release | Q2 2024 |
The following table shows the reconciliation for our consolidated Non-GAAP
Gross Profit and consolidated Non-GAAP Gross Margin:
|
Q2 |
H1 |
Consolidated |
2024
(non-audited) |
2023
(non-audited) |
2024
(non-audited) |
2023
(non-audited) |
|
(in thousands of R$) |
Gross profit |
87,535 |
70,386 |
168,392 |
149,335 |
(+) Amortization of intangible assets acquired from business combinations |
12,654 |
12,850 |
25,439 |
26,361 |
Non-GAAP Gross Profit(1) |
100,189 |
83,236 |
193,831 |
175,696 |
Revenue |
231,159 |
192,919 |
443,795 |
371,966 |
Gross margin(2) |
37.9% |
36.5% |
37.9% |
40.1% |
Non-GAAP Gross Margin(3) |
43.3% |
43.1% |
43.7% |
47.2% |
(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:
|
Q2 |
H1 |
SaaS Segment |
2024
(non-audited) |
2023
(non-audited) |
2024
(non-audited) |
2023
(non-audited) |
|
(in thousands of R$) |
Gross profit |
29,871 |
29,144 |
60,440 |
62,060 |
(+) Amortization of intangible assets acquired from business combinations |
12,654 |
12,850 |
25,439 |
26,361 |
Non-GAAP Gross Profit(1) |
42,525 |
41,994 |
85,879 |
88,421 |
Revenue |
77,977 |
67,467 |
154,797 |
136,049 |
Gross margin(2) |
38.3% |
43.2% |
39.0% |
45.6% |
Non-GAAP Gross Margin(3) |
54.5% |
62.2% |
55.5% |
65.0% |
| (1) | We calculate Non-GAAP Adjusted Gross Profit for our SaaS business segment as gross profit for our SaaS
business segment plus amortization of intangible assets acquired from business combinations for our SaaS business segment. |
| (2) | We calculate gross margin for our SaaS business segment as gross profit for our SaaS business segment
divided by revenue of our SaaS business segment. |
| (3) | We calculate Non-GAAP Adjusted Gross Margin for SaaS business segment as Non-GAAP Adjusted Gross Profit
for our SaaS business segment divided by revenue for our SaaS business segment. |
| |
9 | Earnings Release | Q2 2024 |
|
Q2 |
H1 |
CPaaS Segment |
2024
(non-audited) |
2023
(non-audited) |
2024
(non-audited) |
2023
(non-audited) |
|
(in thousands of R$) |
Gross profit |
57,652 |
41,241 |
107,952 |
87,275 |
(+) Amortization of intangible assets acquired from business combinations |
0 |
0 |
0 |
0 |
Non-GAAP Gross Profit(1) |
57,652 |
41,241 |
107,952 |
87,275 |
Revenue |
153,182 |
125,455 |
288,998 |
235,917 |
Gross margin(2) |
37.6% |
32.9% |
37.4% |
37.0% |
Non-GAAP Gross Margin(3) |
37.6% |
32.9% |
37.4% |
37.0% |
| (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:
|
Q2 |
H1 |
|
2024
(non-audited) |
2023
(non-audited) |
2024
(non-audited) |
2023
(non-audited) |
|
(in thousands of R$) |
Loss for the period |
-15,937 |
-15,170 |
-72,193 |
-31,939 |
Current and Deferred Income Tax |
-11,504 |
-5,005 |
-25,167 |
-16,633 |
Financial expenses, net |
37,457 |
13,138 |
97,661 |
29,237 |
Depreciation and Amortization |
23,582 |
21,935 |
46,379 |
42,068 |
Adjusted EBITDA(1) |
33,598 |
14,898 |
46,680 |
22,733 |
Earn-outs |
-80 |
- |
- 10,161 |
|
Normalized EBITDA(2) |
33,678 |
14,898 |
56,841 |
22,733 |
| (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-cash impacts
from earn-out adjustments. |
10 | Earnings Release | Q2 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: September 5, 2024
|
Title: Chief Executive Officer |
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