A Zenvia,one of the main providers of cloud-based CX solutions in Latin America, that enables companies to create personalized experiences, enveloping and fluid throughout the entire customer journey, today released its operational and financial metrics for the second quarter of 2024 (Q2 2024) and the first half of 2024 (H1 2024)
Cassio Bobsin, founder and CEO of Zenvia, we maintained our focus throughout the quarter on the implementation of Zenvia Customer Cloud, with the launch very well received by our customers. We also launched our innovative Generative AI Chatbot solution in June, that allows the creation and implementation of chatbots in a few minutes. In just two months since the launch, 99 chatbots have already been developed by companies from eight different sectors in Latin America.. We are excited about the opportunities generated by these innovations and committed to growing and strengthening our leadership position in the market. The dedication of our team and the positive response from our clients reinforce our confidence in the transformative potential of these solutions and in our ability to exceed expectations as we evolve.”
Shay Chor, CFO and Director of Investor Relations at Zenvia, affirms: "We delivered another quarter with solid revenue growth in Q2 2024, with margins within the range oforientação, even taking into account that the increase in revenues was concentrated in both segments in large corporate clients, that normally have smaller margins. It is worth highlighting in this quarter the significant reduction in G&A expenses, that fell more than 10% when compared to the same period of the previous year, positively impacting our EBITDA and attesting to our ongoing commitment to rigorous cost control. We remain committed to maintaining the good momentum of the Company, expanding the Zenvia Customer Cloud and optimizing our operations with a focus on the de-leveraging of the Company.”
| Key Financial Metrics (R$ millions and %) | 2T 2024 | 2T 2023 | A/A | 1S 2024 | 1S 2023 | A/A |
| Recipe | 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 |
| Adjusted Non-GAAP Gross Profit | 100,2 | 83,2 | 20,4% | 193,8 | 175,7 | 10,3% |
| Adjusted Gross Margin Non-GAAP(1) | 43,3% | 43,1% | 0,2p.p | 43,7% | 47,2% | -3,6p.p |
| Lucro/Prejuízo Operacional (EBIT) | 10,0 | -7,0 | n.a | 0,3 | -19,3 | n.a |
| Adjusted EBITDA | 33,6 | 14,9 | 125,5% | 46,7 | 22,7 | 105,3% |
| Normalized EBITDA(2) | 33,7 | 14,9 | 126,1% | 56,8 | 22,7 | 150,0% |
| Lucro/Prejuízo do Período | (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) operational activities | 18,1 | 32,8 | -44,6% | 5,3 | 132,3 | -96,0% |
| Total Active Customers(3) | 11.849 | 14.740 | -19,6% | 11.849 | 14.740 | -19,6% |
- We calculate the Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue
- In December 2023, the company identified that the provision for doubtful debts and the costs with amortization of intangibles were underestimated. The value was recalculated in the annual financial statements and Management retrospectively reviewed the first six months of 2023 for comparison purposes
- We define an Active Client as an account (based on a CNPJ) at the end of any period that has been a source of any type of revenue in the previous three months. Customers who did not generate revenue in the previous three months are classified as Inactive Customers
Highlights of Q2 2024
- Total revenues amounted to R$ 231,2 million, increase of 19,8% of R$ 192,9 million registered in Q2 2023, as a result of the expansion of both SaaS (+15,6% A/A) quanto do CPaaS (+22,1% A/A). The growth of both segments came mainly from large corporate clients
- Adjusted Non-GAAP Gross Profit of R$ 100,2 million, increase of 20,4% A/A, with Adjusted Gross Margin Non-GAAP remaining virtually stable, with an increase of 0,2 pontos percentuais A/A para o nível esperado de 43,3%, as highlighted in ourorientaçãofor 2024. This reduction is due to
- Greater participation of CPaaS in the period, mainly from large corporate clients with lower margins; and
- Lower SaaS margin, since the segment also grew more in large corporate clients with lower margins
- The total number of active customers has fallen to 11,8 thousand, being 6,8 thousand of SaaS and 5,5 thousand of CPaaS. This reduction reflects the cleaning of the customer base, combining the implementation of Zenvia Customer Cloud – that unifies the contracts of SaaS clients – with the decline in smaller CPaaS clients who used low volumes of SMS and were less profitable
- Normalized EBITDA of R$ 33,7 million in the quarter, increase of 126,1% compared to Q2 2023, benefiting from the increase in revenues and strict control of expenses
- On June 19, we announce the launch of our Generative AI Chatbot, a revolutionary solution for chatbot development, making its development as simple and intuitive as a personal interaction and accessible to companies of all sizes looking to enhance and automate customer service. The main highlights of the tool are easy customization and efficient integration with multiple communication channels, ensuring a superior solution for all customer needs. In two months since the launch, 99 chatbots have already been developed by companies in eight sectors of Latin America
- The migration of the customer base to Zenvia Customer Cloud has already begun, and the expectation is that the implementation will be complete by the end of the year. So far, we observe healthy levels of recurring revenue, churnand cross adoption
Highlights of 1H 2024
- Total revenues amounted to R$ 443,8 million, increase of 19,3% of R$ 372,0 million registered in Q1 2023, due to the expansion of both SaaS (+13,8% A/A) quanto do CPaaS (+22,5% A/A)
- Adjusted Non-GAAP Gross Profit of R$ 193,8 million, increase of 10,3% A/A, while the Adjusted Gross Margin Non-GAAP fell 3,6 pontos percentuais A/A para o nível esperado de 43,7%
- Positive normalized EBITDA of R$ 56,8 million in the semester, increase of 150,0% compared to Q1 2023, in line with our expectations and with theorientaçãofrom R$ 120 million to R$ 140 million for the year 2024
