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ZENVIA Reports Q3 2024 and 9M 2024 Results

Published

2 years ago

on

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 Latin America empowering companies to craft personal, engaging and fluid experiences throughout the customer journey, today reported its operational and financial metrics for the third quarter and nine months of 2024.

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, up 30% when compared to BRL 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 up 22% YoY, while Non-GAAP Adjusted Gross Margin was down by 2.3 percentage points landing at 36.0%. 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, up 153.1% 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, up 23% when compared to BRL 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 up 14% YoY while Non-GAAP Adjusted Gross Margin was down 3.2 percentage points YoY to 40.7%, 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, up 151% from 9M 2023, which is in line with our expectations and on track to deliver the full year guidance of BRL 120 million to BRL 140 million.

SaaS Business

SaaS Key Operational & Financial Metrics
(BRL MM and %)

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 16% YoY in Q3 2024 to BRL 87.6 million from BRL 75.3 million in Q3 2023, primarily from small and medium sized customers. Year-to-date, the increase was similar, of 15%.

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 10% YoY to BRL 50.6 million from BRL 46.0 million, primarily driven by higher-margin SMBs. Despite this, Non-GAAP Adjusted Gross Margin from SaaS went down 3.3 percentage points to 57.7%, as we saw tighter margins from large enterprises amid continued fierce competitive market dynamics in this segment.

Year-to-date, while our Non-GAAP Adjusted Gross Profit went up 1.3%, our Non-GAAP Adjusted Gross Margin was down 7.6 percentage points, mainly from the same impact of large enterprises with lower margins coupled with the increased infrastructure costs related to the final integration phase of the acquired companies.

CPaaS Business

CPaaS Key Operational & Financial Metrics
(BRL MM and %)

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 BRL 196.8 million in Q3 2024, up 37% YoY, while Non-GAAP Adjusted Gross Profit increased at a similar rate to BRL 51.9 million from BRL 37.8 million in Q3 2023. Non-GAAP Adjusted Gross Margin was flat at 26.4%, when compared to Q3 2023.

Year-to-date, our CPaaS business reported Net Revenues of BRL 485.1 million, up 28% YTD, with our Non-GAAP Adjusted Gross Profit increasing at a similar rate, leading to a flat Non-GAAP Adjusted Gross Margin of 33.0%, when compared to the same period last year. 

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 30% increase in both CPaaS top line and Non-GAAP Adjusted Gross Profit in this quarter. It is also worth noting the sequential increase in total CPaaS active customers  to 6,053 in Q3 2024 from 5,506 in Q2 2024, also leveraged by the primary onboarding of new SMB customers to Zenvia Customer Cloud.

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 69.2% in Q3 2024 compared to 65.5% in Q3 2023.

These effects are reflected in the 37% increase in CPaaS Non-GAAP Adjusted Gross Profit, accompanied by a 10% increase in SaaS Non-GAAP Adjusted Gross Profit, which jointly brought the Consolidated Non-GAAP Adjusted Gross Profit up 22%.

Looking at our consolidated Non-GAAP Adjusted Gross Margin, it declined 2.3 percentage points year-over-year to 36.0% in Q3 2024 from 38.3% in Q3 2023. As we always explain, a higher CPaaS mix impacts margins, but this quarter we also saw lower margins from some enterprise customers in SaaS and the impact on cost of services from the increase in infrastructure costs tied to the final phase of acquired companies’ integration.

Nonetheless, Adjusted EBITDA in Q3 2024 was positive BRL 41.2 million, compared to BRL 15.7 million in Q3 2023. The combination of higher revenues, stricter expense control and operating efficiencies allowed our EBITDA to multiply by 2.6 times in the period, reaching the highest quarterly level of the last three years. Year-to-date, our G&A Expenses went down to BRL 95.2 million, or -3.4% YoY, which led the G&A as a percentage of revenues to 13.1%, a 3.6 percentage point decrease from the 16.7% reported in the same period of 2023. When compared to two years ago, right before we started our streamlining efforts, this decrease was of 5.4 percentage points, from 18.5%.

Normalized EBITDA, which excludes the earn-outs and non-recurring events, amounted to BRL 98.1 million in 9M 2024, which compares to BRL 39.0 million in the same period of 2023.  As a result, our LTM Normalized EBITDA reached BRL 135.2 million at the end of September 2024, putting us on track to meet our 2024 guidance.

Net Income in Q3 2024 amounted to BRL 52.4 million, an increase of BRL 64.3 million from Q3 2023. This includes a positive non-cash impact of BRL 43.8 million in Financial Income as a result of the mark-to-market of a derivative instrument related to the equity raise made by Cassio Bobsin in Q1 2024. Excluding this impact, we estimate Net Income would be positive at BRL 8.7 million, mostly due to the strong operating results.

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

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

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 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

100% CDI+2.51% to
6.55% and 8.60%

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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Technology

Portland General Electric declares dividend

Published

43 minutes ago

on

July 25, 2026

By

PORTLAND, Ore., July 24, 2026 /PRNewswire/ — The board of directors of Portland General Electric Company (NYSE: POR) declared a quarterly common stock dividend of $0.55125 per share.

The company’s dividend is evaluated based on capital requirements and financial performance. PGE targets a dividend payout ratio of 60 to 70% over the long term.

The quarterly dividend is payable on or before October 15, 2026, to shareholders of record at the close of business on September 25, 2026.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

Forward-looking statements include statements, other than statements of historical or current fact, regarding the Company’s amount and timing of dividends payable as well as other statements containing words such as “committed to,” “targets,” or similar expressions.

There can be no assurance that future dividends will be declared. The declaration of future dividends is subject to approval of our board of directors and various risks and uncertainties, including, but not limited to: our cash flow and cash needs; the timing or amount of dividends paid; the timing or outcome of various legal and regulatory actions; changes in the Company’s business strategy; increases in capital expenditures; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE’s credit ratings and outlook on such credit ratings restrictions on the payment of dividends under existing or future financing arrangements; changes in tax laws relating to corporate dividends; deterioration in our financial condition or results, and those risks, uncertainties, and other factors identified from time-to-time in our filings with the United States Securities and Exchange Commission (SEC), including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly reports on Form 10-Q. These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov and on the Company’s website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Media Contact:
Drew Hanson
Corporate Communications
Phone: 503-464-2067

Investor Contact:
Erin Schwartz
Investor Relations
Phone: 503-464-7751

View original content:https://www.prnewswire.com/news-releases/portland-general-electric-declares-dividend-302834503.html

SOURCE Portland General Company

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Technology

Care Career Announces Acquisition of MAS Medical Staffing, Completing Its First Acquisition Phase and Expanding Annual Revenue Beyond $150 Million, with a Path to Exceed a Quarter Billion by the End of 2026 Through Additional Acquisitions and Organic Growth

Published

3 hours ago

on

July 24, 2026

By

WOODBRIDGE, N.J., July 24, 2026 /PRNewswire/ — Care Career, a rapidly growing healthcare workforce technology organization, today announced the acquisition of MAS Medical Staffing, one of the Northeast’s leading healthcare workforce organizations. Financial terms of the transaction were not disclosed.

The acquisition represents Care Career’s seventh strategic acquisition in the past 24 months, further strengthening the company’s position as one of the largest healthcare workforce organizations in the United States while accelerating its strategy to redefine the future of healthcare workforce management through artificial intelligence, enterprise technology, and workforce innovation.

MAS Medical Staffing has built an outstanding reputation for delivering high-quality workforce solutions through strong client relationships, exceptional clinician engagement, and deep regional expertise throughout the Northeastern United States. The acquisition significantly expands Care Career’s geographic footprint while broadening its access to healthcare professionals, client relationships, workforce data, and regional market intelligence.

Care Career is building a technology-enabled workforce ecosystem powered by its AI-powered workforce platform, where every acquisition contributes not only additional market presence, but also expanded data, enhanced artificial intelligence capabilities, digital innovation, and operational scale that continuously improve the experience for clients and clinicians alike. As the platform grows, every clinician engagement, client interaction, credential, placement, and workforce trend strengthens the intelligence of Career’s technology, creating a continuously improving ecosystem designed to deliver faster, smarter, and more effective workforce solutions.

The acquisition also brings MAS Medical Staffing’s MAESTRA® engagement technology, along with its client relationships and clinician network, directly onto Career’s AI-powered workforce platform. MAESTRA’s scheduling, credentialing, and communication capabilities will be integrated into Care Career’s existing technology stack, further enhancing clinician engagement across onboarding, scheduling, and career management while providing healthcare organizations with greater workforce visibility and operational efficiency.

“Our vision is to build the AI-powered infrastructure that modernizes healthcare workforce management,” said Siva Konatham, Group President and Chief Executive Officer of Care Career. “Under my leadership, Care Career is focused on transforming a fragmented, labor-intensive industry into a data-driven, technology-enabled ecosystem that improves speed, efficiency, and workforce visibility for healthcare providers. Each acquisition strengthens our platform intelligence, expands our scale, and enhances our margin potential. By integrating advanced analytics, AI automation, and digital engagement tools, we are not just growing revenue—we are building a smarter, more scalable model positioned to lead the next era of healthcare workforce solutions.”

The combined organization will leverage expanded recruiting resources, centralized credentialing, advanced workforce analytics, AI-enabled automation, and digital engagement technologies—all powered by Care Career’s AI-powered workforce platform—to deliver broader recruiting capabilities, faster response times, enhanced workforce insights, and expanded national coverage. Clinicians will benefit from a seamless digital experience that simplifies every stage of their careers—from job discovery and credentialing to onboarding, scheduling, communication, and long-term career development.

With seven strategic acquisitions completed in less than two years, representing the first round of acquisitions now totaling more than $150 million in annual revenue, Care Career has rapidly expanded its national presence while executing a disciplined growth strategy focused on technology integration, operational excellence, and workforce innovation. The company has also signed additional Letters of Intent with other entities with expected close dates in the third quarter of 2026. Upon completion of these transactions, coupled with organic growth, Care Career expects consolidated annual revenue to exceed a quarter of a billion dollars by the end of 2026.

The addition of MAS Medical Staffing further strengthens the organization’s ability to serve healthcare systems, hospitals, long-term care providers, outpatient facilities, and other healthcare organizations across an increasingly diverse geographic footprint.

“The healthcare workforce industry is entering a new era where technology, artificial intelligence, and data-driven decision-making will define the market leaders,” Konatham added. “Every acquisition we complete expands the intelligence of our AI-powered workforce platform, enhances the value we deliver to our clients, and creates more opportunities for clinicians. We believe the combination of exceptional people, innovative technology, and strategic scale positions Care Career to lead the next generation of healthcare workforce solutions.”

About Care Career

Care Career is a technology-enabled healthcare workforce solutions company dedicated to transforming how healthcare organizations recruit, engage, credential, deploy, and retain clinical talent. Powered by its proprietary AI-powered workforce platform and supported by advanced artificial intelligence, enterprise technology, and workforce analytics, Care Career is building an intelligent healthcare workforce ecosystem that connects providers and clinicians more efficiently while improving workforce performance, operational effectiveness, and patient care. Following seven strategic acquisitions over the past 24 months the first round of acquisitions totaling more than $150 million in annual revenue and with additional signed LOIs under contract expected to complete shortly, positioning the company to surpass a quarter of a billion dollars in consolidated annual revenue by the end of 2026, Care Career has become one of the nation’s largest and fastest-growing healthcare workforce organizations, serving healthcare providers and clinicians across the United States.

About MAS Medical Staffing

MAS Medical Staffing is a premier healthcare workforce organization recognized for exceptional service, strong client partnerships, and a commitment to connecting healthcare professionals with rewarding career opportunities. With an established presence throughout the Northeastern United States, MAS Medical Staffing has earned a reputation for quality, responsiveness, and delivering workforce solutions that help healthcare providers meet their evolving workforce needs while supporting clinicians throughout every stage of their careers.

View original content to download multimedia:https://www.prnewswire.com/news-releases/care-career-announces-acquisition-of-mas-medical-staffing-completing-its-first-acquisition-phase-and-expanding-annual-revenue-beyond-150-million-with-a-path-to-exceed-a-quarter-billion-by-the-end-of-2026-through-additional-acqu-302834472.html

SOURCE Care Career

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Technology

PointsKash Demonstrates How Businesses Can Build on Bitcoin Without Burdening the Blockchain

Published

3 hours ago

on

July 24, 2026

By

As industry debate surrounding Bitcoin Improvement Proposal (BIP-110) intensifies, PointsKash unveils an architecture designed to work regardless of the proposal’s outcome.

SCOTTSDALE, Ariz., July 24, 2026 /PRNewswire/ — As the global Bitcoin community debates Bitcoin Improvement Proposal 110 (BIP-110) and the future of data stored on the Bitcoin blockchain, PointsKash, Inc. today announced that its next-generation kiosk infrastructure was intentionally designed to operate efficiently under any outcome of the proposal.

Rather than storing operational data directly on the Bitcoin blockchain, PointsKash utilizes a layered architecture that combines Bitcoin‘s unmatched security with modern decentralized communications technology. Every transaction, machine event, system update, and operational record generated across the PointsKash network is cryptographically verified, securely maintained off-chain, and anchored to the Bitcoin blockchain through a single immutable cryptographic proof.

This approach allows thousands of operational events to be permanently verified while utilizing only a minimal amount of blockchain data.

As discussion surrounding BIP-110 has intensified across the digital asset industry, PointsKash believes the debate does not require choosing between innovation and responsible blockchain stewardship.

“The industry has been debating whether businesses can build meaningful applications on Bitcoin without unnecessarily consuming blockchain space,” said Michael Herron, Chief Executive Officer of PointsKash. “We believe we’ve demonstrated that the answer is yes. Bitcoin provides the world’s most trusted immutable timestamp and security layer, while higher-volume operational data belongs on technologies specifically designed to manage it. By combining both, we’ve built an architecture that is scalable, transparent, and future-ready regardless of how the BIP-110 discussion ultimately evolves.”

The company’s infrastructure assigns every kiosk its own unique cryptographic identity, allowing each machine to securely authenticate every transaction and operational event. Those records are then independently verifiable through cryptographic proofs while remaining resistant to alteration or manipulation—even by PointsKash itself.

According to the company, this architecture delivers several significant advantages:

Mathematically verifiable transaction records for regulators, banking partners, auditors, and enterprise customers.Improved network reliability, allowing kiosks to continue operating during temporary connectivity interruptions without losing transaction history.Enhanced cybersecurity, with every machine maintaining its own authenticated identity and secure communications.A scalable blockchain architecture that minimizes on-chain data while preserving complete auditability.

“Bitcoin was created to provide trust, security, and permanence—not to become a storage system for every piece of application data,” Herron added. “Our philosophy has always been simple: use Bitcoin for what it does better than anyone else—creating immutable proof that records have never been altered—and leverage modern decentralized technologies for everything else. We believe that’s the future of enterprise blockchain infrastructure.”

PointsKash believes this architecture positions the company among a new generation of fintech innovators utilizing Bitcoin as a secure trust layer while developing scalable financial applications for enterprise deployment.

The technology also establishes the foundation for future blockchain-based financial products currently under development, including enhanced digital audit capabilities, verifiable financial records, enterprise licensing opportunities, and next-generation digital asset infrastructure.

As the Bitcoin ecosystem continues to mature, PointsKash believes its technology demonstrates that responsible innovation and blockchain scalability can successfully coexist—providing enterprise organizations with the confidence to build on Bitcoin without contributing unnecessary data to the network.

About PointsKash, Inc.

PointsKash, Inc. is a financial technology company developing an integrated ecosystem of AI-enabled self-service financial centers, digital banking, digital payment solutions, cryptocurrency services, loyalty rewards, enterprise merchant technologies, and mobile financial applications. Through proprietary software, Artificial Intelligence, and strategic partnerships, PointsKash is building innovative financial solutions designed to empower consumers, merchants, and enterprise organizations throughout North America.

For more information, visit www.pointskash.com.

Media Contact

PointsKash, Inc.
Investor Relations
info@pointskash.com
www.pointskash.com

Forward-Looking Statements

This press release contains forward-looking statements regarding anticipated technology integrations, Artificial Intelligence initiatives, product development, future commercialization plans, expected operational efficiencies, business strategy, and future growth. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could affect actual results include, but are not limited to, technology development timelines, integration efforts, financing, regulatory developments, market conditions, and other risks facing the Company. PointsKash undertakes no obligation to update any forward-looking statements except as required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pointskash-demonstrates-how-businesses-can-build-on-bitcoin-without-burdening-the-blockchain-302834473.html

SOURCE PointsKash Inc.

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