ZENVIA INC. ZENVIA
Repositioned and ready to grow
Earnings Presentation
4Q-2023
Opening Remarks
Cassio Bobsin Founder & CEO
Funding Gap Addressed, Full Confidence in the New Growth Phase
Type | Extension of | Renegotiation | Renegotiation | ||||||||||
short-term | debt | of Movidesk's | of D1's | ||||||||||
with banks | earnout | earnout | |||||||||||
Amount | BRL 100 MM | BRL 207 MM | BRL 20 MM | ||||||||||
Negotiation | Payment terms | Payment terms extended to 60 | Payment terms | ||||||||||
extended to 36 | months, with Zenvia's option to | extended to 36 | |||||||||||
months, including a 6- | convert ˜BRL100 MM of total debt | months, with a 6- | |||||||||||
month grace period | into equity, subject to certain | month grace period | |||||||||||
and 30 monthly | conversion periods agreed | and 30 monthly | |||||||||||
payments | between the parties | payments | |||||||||||
New final maturity | December 2026 | December 2028 | December 2026 | ||||||||||
+
Issuance of 8,860,535 Class A common shares (BRL50 million)
-BRL120MM | 2.8 years |
Reduction in financial liabilities | New average debt term |
in 2024 | from current 1.6 |
(including earnouts and bank loans) |
3
Key
Financial
Highlights
Shay Chor
CFO
Balanced and profitable revenue mix with margin increase in 2023 paving the way for future growth
Net Revenues [1] | Non-GAAP | |||
(BRL MM) | Adjusted Gross Profit | |||
(BRL MM) | ||||
930-970 | ||||
757 | 808 | -20% | 383 | |
+7% | +15 | |||
333 | +15% |
FY 2022 | FY 2023 | FY 2024 | FY 2022 | FY 2023 |
Guidance |
Strong Q4 2023 (+24% YoY) growth coupled with rollout of Zenvia Customer Cloud
Non-GAAP
Adjusted Gross Margin
(%)
EBITDA 2023 [2]
47.4 | BRL 76.1 MM |
42-45 | |
44.0 | |
EBITDA 2024 [2] | |
BRL 120-140 MM | |
FY 2022 FY 2023 FY 2024 | |
Guidance | |
Record EBITDA with +60% YoY | |
growth driven by gross profit | |
expansion coupled with strict cost | |
control |
[1] | FY 2022 includes eight months of Movidesk. | 5 |
[2] | Figure is Normalized EBITDA, which excludes non-cash impacts from earn-outs adjustments. Please refer to our Earnings Release for EBITDA reconciliation |
Volume recovery in CPaaS and additional expansion in SaaS…
+24.1%
+6.7% | |||
756.7 Chart Title | 807.6 |
Revenues (BRL MM)
174.9
102.9
72.0
Q4 2022
+29.7%
+16.1%
217.0
133.4
83.6
Q4 2023
496.2 | +3.3% | 512.6 | CPaaS |
SaaS | |||
260.6 | +13.2% | 295.0 | |
FY 2022 | FY 2023 |
While SaaS expanded among all customer profiles, CPaaS expanded SMS volumes mainly with wholesalers and large enterprises
Q4 2023 SaaS revenues +11.1% sequentially, mostly with SMBs, which should form the cornerstone of our growth strategy for 2024
6
… creating a balanced and profitable portfolio mix.
Revenue | Non-GAAP | Revenue | Non-GAAP | ||
Mix | Adj Gross Profit Mix | Mix | Adj Gross Profit Mix | ||
Q4 2022 | 46% | FY 2022 34% | 45% | ||
41% | 59% | 54% | 55% | ||
66% | |||||
SaaS
CPaaS
Q4 2023 | 38% | FY 2023 37% | 41% |
39% | |||
61% | 62% | 63% | 59% |
102% | BRL 250MM | 12.9k | being 7.1k from SaaS and |
in SaaS NRE (Q4 2023) in SaaS ARR (December 2023) | 6.3k from CPaaS | ||
Total number of active customers, | |||
7 |
Seizing opportunities on both segments…
Non-GAAP Adjusted Gross Profit & Margin
SaaS
+0.4%
53.8 | 54.0 | 70.0 | |||||
55.0 | 120.0% | ||||||
50.0 | 60.0 | ||||||
100.0% | |||||||
45.0 | 50.0 | ||||||
-10.1pp | 80.0% | ||||||
40.0 | 40.0 | ||||||
74.6% | |||||||
35.0 | 64.5% | 60.0% | |||||
30.0 | |||||||
30.0 | 40.0% | ||||||
20.0 | |||||||
25.0 | 20.0% | ||||||
20.0 | 10.0 | ||||||
0.0% | |||||||
Q4 2022 | Q4 2023 |
Non-GAAP Gross Profit (BRL MM)
Non-GAAP Gross Margin
Non-GAAP Adjusted Gross Profit & Margin
CPaaS
+40.0%
68.2100.0%
48.7
.8pp | 51.2% |
+3 |
47.4%
0.0%
Q4 2022 | Q4 2023 |
Non-GAAP Gross Profit (BRL MM)
Non-GAAP Gross Margin
Higher CPaaS participation in the revenue mix impacts margins
8
… drove gross profit expansion in the year.
Non-GAAP Adjusted Gross Profit & Margin
SaaS
+9.1% | 200.0 | ||||||||
188.3 | |||||||||
172.7 | |||||||||
180.0 | 100.0% | ||||||||
90.0%180.0 | |||||||||
160.0 | |||||||||
80.0% | |||||||||
140.0 | |||||||||
120.0 | -2.5pp | 160.0 | |||||||
70.0% | |||||||||
100.0 | 66.3% | 60.0%140.0 | |||||||
63.8% | |||||||||
80.0 | |||||||||
50.0% | |||||||||
60.0 | |||||||||
120.0 | |||||||||
40.0 | 40.0% | ||||||||
20.0 | 30.0%100.0 | ||||||||
FY 2022 | FY 2023 |
Non-GAAP Gross Profit (BRL MM)
Non-GAAP Gross Margin
[1] FY 2022 includes eight months of Movidesk.
Non-GAAP Adjusted Gross Profit & Margin
CPaaS
+21.2%
194.3
70.0%
160.3
32.3%37.9%
10.0%
FY 2022 | FY 2023 |
Non-GAAP Gross Profit (BRL MM)
Non-GAAP Gross Margin
9
Strong G&A decrease as important factor for EBITDA improvement
-24.1%
40.0 | ||||||
-8.8pp | 30.3 | |||||
22.8% | ||||||
14.0% | ||||||
20.0 | ||||||
Q4 2022 | Q4 2023 |
General & Administrative Expenses
% Revenues
60.0%
160.0
50.0%
140.0
40.0%
120.0
1000%.
30.
80.0
20.0%
60.0
10.0%
40.0
020.0%.
-12.6%
147.5
128.8
-3.5pp | |||
19.5% | |||
16.0% | |||
FY 2022 | FY 2023 |
General & Administrative Expenses % Revenues
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
[1] FY 2022 includes eight months of Movidesk. | 10 |
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Zenvia Inc. published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 13:43:16 UTC.
