|
The Cayman Islands
(State or Other Jurisdiction of Incorporation or Organization) |
| |
7372
(Primary Standard Industrial Classification Code Number) |
| |
N/A
(I.R.S. Employer Identification No.) |
|
|
S. Todd Crider
Grenfel S. Calheiros Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York, NY 10017 (212) 455-2000 |
| |
Manuel Garciadiaz
Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 (212) 450-4000 |
|
| | ||||||||
Title of Each Class of Securities to be Registered
|
| | |
Proposed Maximum Aggregate
Offering Price(1)(2)(3) |
| | |
Amount of Registration Fee(3)
|
|
Class A common shares, par value US$ per share
|
| | | US$ | | | | US$ | |
| | |
Page
|
| |||
| | | | iii | | | |
| | | | 1 | | | |
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| | | | 70 | | | |
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| | | | 82 | | | |
| | | | 99 | | | |
| | | | 114 | | | |
| | | | 118 | | | |
| | | | 120 | | | |
| | | | 121 | | | |
| | | | 139 | | | |
| | | | 141 | | | |
| | | | 146 | | | |
| | | | 159 | | | |
| | | | 160 | | | |
| | | | 161 | | | |
| | | | 162 | | | |
| | | | 165 | | | |
| | | | 166 | | | |
| | | | F-1 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Revenue
|
| | | | 62,764 | | | | | | 354,035 | | | | | | 276,380 | | |
Cost of services(2)(3)
|
| | | | (46,233) | | | | | | (260,786) | | | | | | (186,084) | | |
Gross profit
|
| | | | 16,531 | | | | | | 93,249 | | | | | | 90,296 | | |
Selling and marketing expenses(2)(4)
|
| | | | (4,613) | | | | | | (26,018) | | | | | | (18,241) | | |
Administrative expenses(2)(3)
|
| | | | (7,245) | | | | | | (40,868) | | | | | | (35,683) | | |
Research and development expenses(2)(4)
|
| | | | (1,743) | | | | | | (9,832) | | | | | | (3,931) | | |
Gain on bargain purchase
|
| | | | 440 | | | | | | 2,479 | | | | | | — | | |
Allowance for credit losses
|
| | | | (662) | | | | | | (3,733) | | | | | | (2,287) | | |
Other income and expenses, net
|
| | | | 793 | | | | | | 4,473 | | | | | | 96 | | |
Operating profit
|
| | | | 3,501 | | | | | | 19,750 | | | | | | 30,250 | | |
Finance costs
|
| | | | (1,207) | | | | | | (6,811) | | | | | | (7,352) | | |
Finance income
|
| | | | 751 | | | | | | 4,239 | | | | | | 3,446 | | |
Net finance costs
|
| | | | (456) | | | | | | (2,572) | | | | | | (3,906) | | |
Profit before income tax and social contribution
|
| | | | 3,045 | | | | | | 17,178 | | | | | | 26,344 | | |
Deferred income tax and social contribution
|
| | | | (564) | | | | | | (3,186) | | | | | | (3,457) | | |
Current income tax and social contribution
|
| | | | (26) | | | | | | (148) | | | | | | (3,022) | | |
Profit for the year
|
| | | | 2,455 | | | | | | 13,844 | | | | | | 19,865 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Selling and marketing expenses
|
| | | | (71) | | | | | | (402) | | | | | | — | | |
Administrative expenses
|
| | | | (74) | | | | | | (419) | | | | | | — | | |
Research and development expenses
|
| | | | (54) | | | | | | (306) | | | | | | — | | |
Total
|
| | |
|
(200)
|
| | | |
|
(1,127)
|
| | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cost of services
|
| | | | (116) | | | | | | (653) | | | | | | — | | |
Administrative expenses
|
| | | | (1,965) | | | | | | (11,087) | | | | | | (11,044) | | |
Total | | | | | (2,081) | | | | | | (11,740) | | | | | | (11,044) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Selling and marketing expenses
|
| | | | (464) | | | | | | (2,615) | | | | | | — | | |
Research and development expenses
|
| | | | (464) | | | | | | (2,615) | | | | | | — | | |
Total
|
| | |
|
(928)
|
| | | |
|
(5,230)
|
| | | | | — | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | | 2,188 | | | | | | 12,342 | | | | | | 50,676 | | |
Total current assets(2)
|
| | | | 14,021 | | | | | | 79,089 | | | | | | 104,281 | | |
Total non-current assets
|
| | | | 30,119 | | | | | | 169,894 | | | | | | 168,083 | | |
Total assets
|
| | | | 44,140 | | | | | | 248,983 | | | | | | 272,364 | | |
Total current liabilities
|
| | | | 13,256 | | | | | | 74,777 | | | | | | 73,717 | | |
Total non-current liabilities
|
| | | | 13,273 | | | | | | 74,869 | | | | | | 50,153 | | |
Total liabilities
|
| | | | 26,529 | | | | | | 149,646 | | | | | | 123,870 | | |
Total equity
|
| | | | 17,611 | | | | | | 99,337 | | | | | | 148,494 | | |
Total liabilities and equity
|
| | | | 44,140 | | | | | | 248,983 | | | | | | 272,364 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Non-GAAP Gross Profit(2)
|
| | | | 16,647 | | | | | | 93,902 | | | | | | 90,296 | | |
Non-GAAP Operating Profit(3)
|
| | | | 6,270 | | | | | | 35,368 | | | | | | 41,294 | | |
EBITDA(4) | | | | | 6,834 | | | | | | 38,546 | | | | | | 44,763 | | |
Adjusted EBITDA(5)
|
| | | | 7,521 | | | | | | 42,424 | | | | | | 44,763 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Active customers(1) (#)
|
| | | | 7,751 | | | | | | 5,871 | | |
Revenue growth rate(2)
|
| | | | 28.1% | | | | | | — | | |
Net revenue expansion rate(2)
|
| | | | 117.1% | | | | | | 116.8% | | |
| | |
As of December 31, 2019
|
| |||||||||||||||||||||
| | |
Zenvia Brazil, as Reported
|
| |
As Adjusted
|
| ||||||||||||||||||
| | |
(in US$
thousands)(1) |
| |
(in R$
thousands) |
| |
(in US$
thousands)(1) |
| |
(in R$
thousands) |
| ||||||||||||
Loans and borrowings, current
|
| | | | 3,137 | | | | | | 17,696 | | | | | | | | | | | | | | |
Loans and borrowings, non-current
|
| | | | 8,093 | | | | | | 45,650 | | | | | | | | | | | | | | |
Total equity
|
| | | | 17,611 | | | | | | 99,337 | | | | | | | | | | | | | ||
Total capitalization
|
| | | | 28,841 | | | | | | 162,683 | | | | | | | | | | | | | | |
| | |
No Exercise
US$ |
| |
Full Exercise
US$ |
|
Assumed initial public offering price per Class A common shares(1)
|
| | | | | | |
Net tangible book value per common share at December 31, 2019(2)
|
| | | | | | |
Pro forma net tangible book value per common share after completion of this offering(2)
|
| | | | | | |
Increase in pro forma net tangible book value per common share attributable to current shareholders(2)
|
| | | | | | |
Dilution in pro forma net tangible book value per common share attributable to new shareholders(2) (3)
|
| | | | | | |
| | |
Common Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
per Common Share (US$) |
| |||||||||||||||||||||||||||
| | |
Amount
|
| |
Percentage of
Total Common Shares (%) |
| |
Amount
(US$ million) |
| |
Percentage
(%) |
| ||||||||||||||||||||||||
Current shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | | | | | 100 | | | | | | | | | | | 100 | | | | | | | |
Year
|
| |
Period-end
|
| |
Average for
Period(1) |
| |
Low
|
| |
High
|
| ||||||||||||
| | |
(R$ per US$)
|
| |||||||||||||||||||||
2016
|
| | | | 3.259 | | | | | | 3.483 | | | | | | 3.119 | | | | | | 4.156 | | |
2017
|
| | | | 3.308 | | | | | | 3.193 | | | | | | 3.051 | | | | | | 3.381 | | |
2018
|
| | | | 3.875 | | | | | | 3.656 | | | | | | 3.139 | | | | | | 4.188 | | |
2019
|
| | | | 4.031 | | | | | | 3.946 | | | | | | 3.652 | | | | | | 4.260 | | |
2020
|
| | | | 5.197 | | | | | | 5.158 | | | | | | 4.021 | | | | | | 5.937 | | |
2021 (through January 25, 2021)
|
| | | | 5.509 | | | | | | 5.341 | | | | | | 5.163 | | | | | | 5.509 | | |
Month
|
| |
Period-end
|
| |
Average for
Period(1) |
| |
Low
|
| |
High
|
| ||||||||||||
| | |
(R$ per US$)
|
| |||||||||||||||||||||
July 2020
|
| | | | 5.140 | | | | | | 5.288 | | | | | | 5.111 | | | | | | 5.429 | | |
August 2020
|
| | | | 5.471 | | | | | | 5.461 | | | | | | 5.276 | | | | | | 5.651 | | |
September 2020
|
| | | | 5.641 | | | | | | 5.400 | | | | | | 5.253 | | | | | | 5.653 | | |
October 2020
|
| | | | 5.772 | | | | | | 5.626 | | | | | | 5.521 | | | | | | 5.780 | | |
November 2020
|
| | | | 5.332 | | | | | | 5.418 | | | | | | 5.282 | | | | | | 5.693 | | |
December 2020
|
| | | | 5.197 | | | | | | 5.146 | | | | | | 5.058 | | | | | | 5.279 | | |
January 2021 (through January 25, 2021)
|
| | | | 5.509 | | | | | | 5.341 | | | | | | 5.163 | | | | | | 5.509 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Revenue
|
| | | | 62,764 | | | | | | 354,035 | | | | | | 276,380 | | |
Cost of services(3)
|
| | | | (46,233) | | | | | | (260,786) | | | | | | (186,084) | | |
Gross profit
|
| | | | 16,531 | | | | | | 93,249 | | | | | | 90,296 | | |
Selling and marketing expenses(2)(4)
|
| | | | (4,613) | | | | | | (26,018) | | | | | | (18,241) | | |
Administrative expenses(2)(3)
|
| | | | (7,245) | | | | | | (40,868) | | | | | | (35,683) | | |
Research and development expenses(2)(4)
|
| | | | (1,743) | | | | | | (9,832) | | | | | | (3,931) | | |
Gain on bargain purchase
|
| | | | 440 | | | | | | 2,479 | | | | | | — | | |
Allowance for credit losses
|
| | | | (662) | | | | | | (3,733) | | | | | | (2,287) | | |
Other income and expenses, net
|
| | | | 793 | | | | | | 4,473 | | | | | | 96 | | |
Operating profit
|
| | | | 3,501 | | | | | | 19,750 | | | | | | 30,250 | | |
Finance costs
|
| | | | (1,207) | | | | | | (6,811) | | | | | | (7,352) | | |
Finance income
|
| | | | 751 | | | | | | 4,239 | | | | | | 3,446 | | |
Net finance costs
|
| | | | (456) | | | | | | (2,572) | | | | | | (3,906) | | |
Profit before income tax and social contribution
|
| | | | 3,045 | | | | | | 17,178 | | | | | | 26,344 | | |
Deferred income tax and social contribution
|
| | | | (564) | | | | | | (3,186) | | | | | | (3,457) | | |
Current income tax and social contribution
|
| | | | (26) | | | | | | (148) | | | | | | (3,022) | | |
Profit for the year
|
| | | | 2,455 | | | | | | 13,844 | | | | | | 19,865 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Selling and marketing expenses
|
| | | | (71) | | | | | | (402) | | | | | | — | | |
Administrative expenses
|
| | | | (74) | | | | | | (419) | | | | | | — | | |
Research and development expenses
|
| | | | (54) | | | | | | (306) | | | | | | — | | |
Total
|
| | |
|
(200)
|
| | | |
|
(1,127)
|
| | | | | — | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cost of services
|
| | | | (116) | | | | | | (653) | | | | | | — | | |
Administrative expenses
|
| | | | (1,965) | | | | | | (11,087) | | | | | | (11,044) | | |
Total | | | | | (2,081) | | | | | | (11,740) | | | | | | (11,044) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(*)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Selling and marketing expenses
|
| | | | (464) | | | | | | (2,615) | | | | | | — | | |
Research and development expenses
|
| | | | (464) | | | | | | (2,615) | | | | | | — | | |
Total
|
| | |
|
(928)
|
| | | |
|
(5,230)
|
| | | | | — | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 2,188 | | | | | | 12,342 | | | | | | 50,676 | | |
Trade and other receivables
|
| | | | 11,016 | | | | | | 62,136 | | | | | | 51,200 | | |
Current tax assets
|
| | | | 479 | | | | | | 2,703 | | | | | | 2,068 | | |
Prepayments
|
| | | | 205 | | | | | | 1,158 | | | | | | 71 | | |
Other assets
|
| | | | 133 | | | | | | 750 | | | | | | 266 | | |
Total current assets
|
| | | | 14,021 | | | | | | 79,089 | | | | | | 104,281 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Interest earning bank deposits
|
| | | | 583 | | | | | | 3,292 | | | | | | 4,714 | | |
Property, plant and equipment
|
| | | | 3,102 | | | | | | 17,496 | | | | | | 9,198 | | |
Intangible assets and goodwill
|
| | | | 26,434 | | | | | | 149,106 | | | | | | 154,171 | | |
Total non-current assets
|
| | | | 30,119 | | | | | | 169,894 | | | | | | 168,083 | | |
Total assets
|
| | | | 44,140 | | | | | | 248,983 | | | | | | 272,364 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 3,137 | | | | | | 17,696 | | | | | | 12,852 | | |
Trade and other payables
|
| | | | 7,526 | | | | | | 42,454 | | | | | | 44,322 | | |
Current tax liabilities
|
| | | | 919 | | | | | | 5,185 | | | | | | 6,405 | | |
Employee benefits
|
| | | | 1,198 | | | | | | 6,755 | | | | | | 5,235 | | |
Lease liabilities
|
| | | | 476 | | | | | | 2,687 | | | | | | — | | |
Dividends payable
|
| | | | — | | | | | | — | | | | | | 4,718 | | |
Installment payment of taxes
|
| | | | — | | | | | | — | | | | | | 185 | | |
Total current liabilities
|
| | | | 13,256 | | | | | | 74,777 | | | | | | 73,717 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Related parties
|
| | | | 927 | | | | | | 5,230 | | | | | | — | | |
Loans and borrowings
|
| | | | 8,093 | | | | | | 45,650 | | | | | | 35,377 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
Employee benefits
|
| | | | 200 | | | | | | 1,127 | | | | | | — | | |
Lease liabilities
|
| | | | 816 | | | | | | 4,604 | | | | | | — | | |
Provisions
|
| | | | 264 | | | | | | 1,489 | | | | | | 1,193 | | |
Deferred tax liabilities
|
| | | | 2,973 | | | | | | 16,769 | | | | | | 13,583 | | |
Total non-current liabilities
|
| | | | 13,273 | | | | | | 74,869 | | | | | | 50,153 | | |
Total liabilities
|
| | | | 26,529 | | | | | | 149,646 | | | | | | 123,870 | | |
Equity | | | | | | | | | | | | | | | | | | | |
Capital
|
| | | | 16,644 | | | | | | 93,883 | | | | | | 93,883 | | |
Reserves
|
| | | | 967 | | | | | | 5,454 | | | | | | 54,611 | | |
Total equity
|
| | | | 17,611 | | | | | | 99,337 | | | | | | 148,494 | | |
Total liabilities and equity
|
| | | | 44,140 | | | | | | 248,983 | | | | | | 272,364 | | |
|
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Non-GAAP Gross Profit(2)
|
| | | | 16,647 | | | | | | 93,902 | | | | | | 90,296 | | |
Non-GAAP Operating Profit(3)
|
| | | | 6,270 | | | | | | 35,368 | | | | | | 41,294 | | |
EBITDA(4) | | | | | 6,834 | | | | | | 38,546 | | | | | | 44,763 | | |
Adjusted EBITDA(5)
|
| | | | 7,521 | | | | | | 42,424 | | | | | | 44,763 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Gross profit
|
| | | | 16,531 | | | | | | 93,249 | | | | | | 90,296 | | |
(+) Amortization of intangible assets acquired from business combinations
|
| | | | 116 | | | | | | 653 | | | | | | — | | |
Non-GAAP Gross Profit(2)
|
| | | | 16,647 | | | | | | 93,902 | | | | | | 90,296 | | |
Revenue
|
| | | | 62,764 | | | | | | 354,035 | | | | | | 276,380 | | |
Gross margin(3)
|
| | | | 26.3% | | | | | | 26.3% | | | | | | 32.7% | | |
Non-GAAP Gross Margin(4)
|
| | | | 26.5% | | | | | | 26.5% | | | | | | 32.7% | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Profit | | | | | 2,455 | | | | | | 13,844 | | | | | | 19,865 | | |
(+) Income tax and social contribution (current and deferred)
|
| | | | 591 | | | | | | 3,334 | | | | | | 6,479 | | |
(+) Net finance costs
|
| | | | 456 | | | | | | 2,572 | | | | | | 3,906 | | |
Operating profit
|
| | | | 3,502 | | | | | | 19,750 | | | | | | 30,250 | | |
(+) Expenses with long-term incentive plans
|
| | | | 200 | | | | | | 1,127 | | | | | | — | | |
(+) Amortization of intangible assets acquired from business combinations
|
| | | | 2,081 | | | | | | 11,740 | | | | | | 11,044 | | |
(–) Gain on bargain purchase
|
| | | | (440) | | | | | | (2,479) | | | | | | — | | |
(+) Compensation expenses related to business combinations(2)
|
| | | | 927 | | | | | | 5,230 | | | | | | — | | |
Non-GAAP Operating Profit(3)
|
| | | | 6,270 | | | | | | 35,368 | | | | | | 41,294 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in US$)(1)
|
| |
(in R$)
|
| |
(in R$)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Profit | | | | | 2,454 | | | | | | 13,844 | | | | | | 19,865 | | |
(+) Income tax and social contribution (current and deferred)
|
| | | | 591 | | | | | | 3,334 | | | | | | 6,479 | | |
(+) Net finance costs
|
| | | | 456 | | | | | | 2,572 | | | | | | 3,906 | | |
(+) Depreciation and amortization
|
| | | | 3,333 | | | | | | 18,796 | | | | | | 14,513 | | |
EBITDA(2) | | | | | 6,834 | | | | | | 38,546 | | | | | | 44,763 | | |
(+) Long-term incentive plans
|
| | | | 200 | | | | | | 1,127 | | | | | | — | | |
(+) Compensation expenses related to business combinations(3)
|
| | | | 927 | | | | | | 5,230 | | | | | | — | | |
(–) Gain on bargain purchase
|
| | | | (440) | | | | | | (2,479) | | | | | | — | | |
Adjusted EBITDA(4)
|
| | | | 7,521 | | | | | | 42,424 | | | | | | 44,763 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Active customers(1) (#)
|
| | | | 7,751 | | | | | | 5,871 | | |
Revenue growth rate(2)
|
| | | | 28.1% | | | | | | — | | |
Net revenue expansion rate(2)
|
| | | | 117.1% | | | | | | 116.8% | | |
| | |
As of and for the year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Real GDP growth (contraction)(1)
|
| | | | N/A | | | | | | 1.1% | | | | | | 1.0% | | |
Inflation (IGP-M)(2)
|
| | | | 7.3% | | | | | | 7.5% | | | | | | (0.5)% | | |
Inflation (IPCA)(3)
|
| | | | 4.3% | | | | | | 3.8% | | | | | | 3.0% | | |
CDI(4) | | | | | 5.9% | | | | | | 6.4% | | | | | | 9.9% | | |
TJLP(5) | | | | | 6.2% | | | | | | 6.7% | | | | | | 7.1% | | |
SELIC Rate
|
| | | | 4.5% | | | | | | 6.5% | | | | | | 7.0% | | |
Appreciation (depreciation) of the real against the U.S. dollar
|
| | | | (4.0)% | | | | | | (15.0)% | | | | | | (1.2)% | | |
Exchange rate (R$ per U.S.$1.00) at the end of the period(6)
|
| | | | 4.031 | | | | | | 3.875 | | | | | | 3.308 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2018(1)
|
| |
Variation
|
| |||||||||
| | |
(in R$)
|
| |
(in R$)
|
| |
(%)
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Revenue
|
| | | | 354,035 | | | | | | 276,380 | | | | | | 28.1% | | |
Cost of services
|
| | | | (260,786) | | | | | | (186,084) | | | | | | 40.1% | | |
Gross profit
|
| | | | 93,249 | | | | | | 90,296 | | | | | | 3.3% | | |
Selling and marketing expenses
|
| | | | (26,018) | | | | | | (18,241) | | | | | | 42.6% | | |
Administrative expenses
|
| | | | (40,868) | | | | | | (35,683) | | | | | | 14.5% | | |
Research and development expenses
|
| | | | (9,832) | | | | | | (3,931) | | | | | | 150.1% | | |
Gain on bargain purchase
|
| | | | 2,479 | | | | | | — | | | | | | n.m. | | |
Allowance for credit losses
|
| | | | (3,733) | | | | | | (2,287) | | | | | | 63.2% | | |
Other income and expenses, net
|
| | | | 4,473 | | | | | | 96 | | | | | | n.m. | | |
Operating profit
|
| | | | 19,750 | | | | | | 30,250 | | | | | | (34.7)% | | |
Finance costs
|
| | | | (6,811) | | | | | | (7,352) | | | | | | (7.4)% | | |
Finance income
|
| | | | 4,239 | | | | | | 3,446 | | | | | | 23.0% | | |
Net finance costs
|
| | | | (2,572) | | | | | | (3,906) | | | | | | (34.2)% | | |
Profit before income tax and social contribution
|
| | | | 17,178 | | | | | | 26,344 | | | | | | (34.8)% | | |
Deferred income tax and social contribution
|
| | | | (3,186) | | | | | | (3,457) | | | | | | (7.8)% | | |
Current income tax and social contribution
|
| | | | (148) | | | | | | (3,022) | | | | | | (95.1)% | | |
Profit for the year
|
| | | | 13,844 | | | | | | 19,865 | | | | | | (30.3)% | | |
Significant unobservable inputs
|
| |
Relationship between significant unobservable inputs and
measurement of the present value of cash flows |
|
•
Annual forecast revenue growth rate;
•
Forecast of the growth rate of variable input costs; and
•
Risk-adjusted discount rate.
|
| |
The present value of cash flows could increase (decrease) if:
•
the annual growth rate of revenue was higher (lower);
•
the cost growth rate was (higher) lower; or
•
the risk-adjusted discount rate was (higher) lower.
|
|
| | |
2019
|
| |
2018
|
| ||||||
Weighted average annual revenue growth
|
| | | | 16.48% | | | | | | 20.74% | | |
Weighted average annual growth of variable cost
|
| | | | 18.74% | | | | | | 20.08% | | |
Weighted average cost of capital
|
| | | | 15.90% | | | | | | 19.00% | | |
Growth in perpetuity
|
| | | | 0% | | | | | | 0% | | |
| | |
For the Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
(in thousands of R$)
|
| |||||||||
Net cash from operating activities
|
| | | | 26,451 | | | | | | 39,553 | | |
Net cash used in investment activities
|
| | | | (9,927) | | | | | | (10,921) | | |
Net cash used in financing activities
|
| | | | (54,858) | | | | | | (6,616) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (38,334) | | | | | | 22,016 | | |
|
| | | | | |
As of December 31,
|
| |||||||||
| | |
Interest
|
| |
2019
|
| |
2018
|
| ||||||
| | | | | |
(in thousands of R$)
|
| |||||||||
Working capital
|
| |
100% CDI+3.95%, 100% CDI+2.40% or
TJLP+2.98% |
| | | | 60,985 | | | | | | 43,453 | | |
BNDES Prosoft
|
| |
TJLP+2.96%
|
| | | | 2,338 | | | | | | 3,068 | | |
Leases
|
| |
100% CDI+2.00% to 3.86% or 7.25%
|
| | | | 23 | | | | | | 1,708 | | |
Total | | | | | | | | 63,346 | | | | | | 48,229 | | |
Current
|
| | | | | | | 17,696 | | | | | | 12,852 | | |
Noncurrent
|
| | | | | | | 45,650 | | | | | | 35,377 | | |
| | |
Total
|
| |
Less than
1 year |
| |
1-5 Years
|
| |
More than
5 years |
| ||||||||||||
| | |
(in thousands of R$)
|
| |||||||||||||||||||||
Lease liabilities
|
| | | | 7,291 | | | | | | 3,273 | | | | | | 5,082 | | | | | | — | | |
Trade payables
|
| | | | 42,454 | | | | | | 42,454 | | | | | | — | | | | | | — | | |
Total
|
| | |
|
49,745
|
| | | |
|
45,727
|
| | | |
|
5,082
|
| | | | | — | | |
| | |
Balance as of
December 31, 2019 |
| |
Risk
|
| |
Scenario I
(Probable) |
| |
Scenario II
|
| |
Scenario III
|
| ||||||||||||
| | |
(in thousands of R$)
|
| | | | |
(in thousands of R$, except percentages)
|
| ||||||||||||||||||
Financial investments
|
| | | | 3,292 | | | |
Decrease of CDI
|
| | | | 5.94% | | | | | | 4.46% | | | | | | 2.97% | | |
Financial revenues
|
| | | | | | | | | | | | | 196 | | | | | | 147 | | | | | | 98 | | |
BNDES financing
|
| | | | 2,338 | | | |
Increase of TJLP
|
| | | | 130 | | | | | | 163 | | | | | | 195 | | |
Rates subject to variation
|
| | | | | | | | | | | | | 5.57% | | | | | | 6.96% | | | | | | 8.36% | | |
Financings
|
| | | | 61,008 | | | |
Increase of CDI
|
| | | | 3,625 | | | | | | 4,531 | | | | | | 5,437 | | |
Rates subject to variation
|
| | | | | | | | | | | | | 5.94% | | | | | | 7.43% | | | | | | 8.91% | | |
Activity
|
| |
Number of Employees as
of December 31, 2020 |
| |
% of Total
|
| ||||||
Technology
|
| | | | 144 | | | | | | 30.64% | | |
Sales / Customer Experience
|
| | | | 180 | | | | | | 38.30% | | |
Product / Marketing
|
| | | | 61 | | | | | | 12.98% | | |
Financial / Legal
|
| | | | 68 | | | | | | 14.47% | | |
Human Resources
|
| | | | 17 | | | | | | 3.62% | | |
Total | | | | | 470 | | | | | | 100.0% | | |
Name
|
| |
Age
|
| |
Position
|
|
Jorge Steffens
|
| | 55 | | | Chairman | |
Cassio Bobsin
|
| | 40 | | | Board member | |
Carlos Henrique Testolini
|
| | 58 | | | Board member | |
Eduardo Aspesi*
|
| | 61 | | | Independent board member | |
Name
|
| |
Age
|
| |
Position
|
|
Cassio Bobsin
|
| | 40 | | | Chief Executive Officer | |
Renato Friedrich
|
| | 62 | | | Chief Financial Officer | |
Lilian Lima
|
| | 52 | | | Chief Technology Officer | |
Fábio Matias de Souza
|
| | 49 | | | Chief Operating Officer | |
Gabriela Ferreira Vargas
|
| | 34 | | | Chief Marketing Officer | |
| | |
Common Shares Beneficially Owned
Prior to Offering |
| |
Total
Voting Power Before Offering(1) |
| |
Common
Shares to be Sold in Offering |
| |
Common Shares Beneficially
Owned After Offering without Exercise of Underwriters’ Option |
| |
Total
Voting Power After Offering without Exercise of Underwriters’ Option(1) |
| |
Additional
Common Shares to be Sold in Offering with Full Exercise of Underwriters’ Option |
| |
Common Shares Beneficially
Owned After Offering with Full Exercise of Underwriters’ Option |
| |
Total
Voting Power After Offering with Full Exercise of Underwriters’ Option(1) |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
%
|
| ||||||||||||||||||||||||
Pre-IPO Shareholders
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cassio Bobsin(2)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oria Tech Zenvia
Co-investment — Fundo de Investimento em Participações Multiestratégia(3) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oria Tech I Inovação Fundo
de Investimento em Participações Multiestratégia(4) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Spectra I Fundo de Investimento em Participações Multiestratégia Investimento No Exterior(5)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Spectra II Fundo de Investimento em Participações Multiestratégia Investimento No Exterior(5)
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| ||||||||||||||||||
Directors and Executive Officers(3)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | 100.00 | | | | | | | | | 100.00 | | | | | | | | | | | | | | | 100.00 | | | | | | | | | 100.00 | | | | | | | | | | | | | | | 100.00 | | | | | | | | | 100.00 | | | | | |
Underwriter
|
| |
Number of
Class A Common Shares |
|
Goldman Sachs & Co. LLC
|
| | | |
Morgan Stanley & Co. LLC
|
| | | |
Allen & Company LLC
|
| | | |
Total | | | | |
| | |
Total
|
| ||||||
| | |
Per Class A
common share |
| |
No Exercise
|
| |
Full Exercise
|
|
| | |
(US$)
|
| ||||||
Initial public offering price
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by us
|
| | | | | | | | | |
Underwriting discounts and commissions to be paid by the selling shareholders
|
| | | | | | | | | |
Proceeds, before expenses, to us
|
| | | | | | | | | |
Proceeds, before expenses, to the selling shareholders
|
| | | | | | | | | |
| | |
Amount (US$)
|
| |||
Expenses: | | | | | | | |
SEC registration fee
|
| | | | | | |
listing fee
|
| | | | | | |
FINRA filing fee
|
| | | | | | |
Printing and engraving expenses
|
| | | | | | |
Legal fees and expenses
|
| | | | | | |
Accounting fees and expenses
|
| | | | | | |
Miscellaneous costs
|
| | | | | | |
Total
|
| | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| | | | | F-47 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 6 | | | | | | 12,342 | | | | | | 50,676 | | |
Trade and other receivables
|
| | | | 7 | | | | | | 62,136 | | | | | | 51,200 | | |
Current tax assets
|
| | | | 8 | | | | | | 2,703 | | | | | | 2,068 | | |
Prepayments
|
| | | | | | | | | | 1,158 | | | | | | 71 | | |
Other assets
|
| | | | | | | | | | 750 | | | | | | 266 | | |
| | | | | | | | | | | 79,089 | | | | | | 104,281 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Interest earning bank deposits
|
| | | | 6 | | | | | | 3,292 | | | | | | 4,714 | | |
Property, plant and equipment
|
| | | | 9 | | | | | | 17,496 | | | | | | 9,198 | | |
Intangible assets and goodwill
|
| | | | 10 | | | | | | 149,106 | | | | | | 154,171 | | |
| | | | | | | | | | | 169,894 | | | | | | 168,083 | | |
Total assets
|
| | | | | | | | | | 248,983 | | | | | | 272,364 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | 11 | | | | | | 17,696 | | | | | | 12,852 | | |
Trade and other payables
|
| | | | 13 | | | | | | 42,454 | | | | | | 44,322 | | |
Current tax liabilities
|
| | | | 14 | | | | | | 5,185 | | | | | | 6,405 | | |
Employee benefits
|
| | | | 15 | | | | | | 6,755 | | | | | | 5,235 | | |
Lease liabilities
|
| | | | 12 | | | | | | 2,687 | | | | | | — | | |
Dividends payable
|
| | | | | | | | | | — | | | | | | 4,718 | | |
Installment payment of taxes
|
| | | | | | | | | | — | | | | | | 185 | | |
| | | | | | | | | | | 74,777 | | | | | | 73,717 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Related parties
|
| | | | 17 | | | | | | 5,230 | | | | | | — | | |
Loans and borrowings
|
| | | | 11 | | | | | | 45,650 | | | | | | 35,377 | | |
Employee benefits
|
| | | | 15 | | | | | | 1,127 | | | | | | — | | |
Lease liabilities
|
| | | | 12 | | | | | | 4,604 | | | | | | — | | |
Provisions for labor, tax and civil risks
|
| | | | 16 | | | | | | 1,489 | | | | | | 1,193 | | |
Deferred tax liabilities
|
| | | | 24 | | | | | | 16,769 | | | | | | 13,583 | | |
| | | | | | | | | | | 74,869 | | | | | | 50,153 | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | |
Capital
|
| | | | 18 | | | | | | 93,883 | | | | | | 93,883 | | |
Reserves
|
| | | | 18 | | | | | | 5,454 | | | | | | 54,611 | | |
Total equity
|
| | | | | | | | | | 99,337 | | | | | | 148,494 | | |
Total equity and liabilities
|
| | | | | | | | | | 248,983 | | | | | | 272,364 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| |||||||||
Revenue
|
| | | | 20 | | | | | | 354,035 | | | | | | 276,380 | | |
Cost of services
|
| | | | 21 | | | | | | (260,786) | | | | | | (186,084) | | |
Gross profit
|
| | | | | | | | | | 93,249 | | | | | | 90,296 | | |
Sales and marketing expenses
|
| | | | 21 | | | | | | (26,018) | | | | | | (18,241) | | |
General administrative expenses
|
| | | | 21 | | | | | | (40,868) | | | | | | (35,683) | | |
Research and development expenses
|
| | | | 21 | | | | | | (9,832) | | | | | | (3,931) | | |
Allowance for credit losses
|
| | | | 21 | | | | | | (3,733) | | | | | | (2,287) | | |
Gain on bargain purchase
|
| | | | 1.b | | | | | | 2,479 | | | | | | — | | |
Other income and expenses, net
|
| | | | 23 | | | | | | 4,473 | | | | | | 96 | | |
Operating profit
|
| | | | | | | | | | 19,750 | | | | | | 30,250 | | |
Finance costs
|
| | | | 22 | | | | | | (6,811) | | | | | | (7,352) | | |
Finance income
|
| | | | 22 | | | | | | 4,239 | | | | | | 3,446 | | |
Net finance costs
|
| | | | | | | | | | (2,572) | | | | | | (3,906) | | |
Profit before tax
|
| | | | | | | | | | 17,178 | | | | | | 26,344 | | |
Deferred income tax and social contribution
|
| | | | 24 | | | | | | (3,186) | | | | | | (3,457) | | |
Current income tax and social contribution
|
| | | | 24 | | | | | | (148) | | | | | | (3,022) | | |
Profit of the year
|
| | | | | | | | | | 13,844 | | | | | | 19,865 | | |
Net earnings per share (expressed in Reais per share) | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 26 | | | | | | 3.131 | | | | | | 4.493 | | |
Diluted
|
| | | | 26 | | | | | | 3.131 | | | | | | 4.493 | | |
| | | | | | | | | | | | | | |
Profit reserve
|
| | | | | | | |
Total
shareholders’ equity |
| ||||||||||||
| | |
Note
|
| |
Capital
|
| |
Legal
reserve |
| |
Investments
reserve |
| |
Retained
earnings |
| |||||||||||||||||||||
Balance at January 1, 2018
|
| | | | | | | | | | 93,883 | | | | | | 2,169 | | | | | | 37,295 | | | | | | — | | | | | | 133,347 | | |
Profit for the period
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,865 | | | | | | 19,865 | | |
Deductions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legal reserve
|
| | |
|
18.c
|
| | | | | — | | | | | | 993 | | | | | | — | | | | | | (993) | | | | | | — | | |
Dividends
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | — | | | | | | (4,718) | | | | | | (4,718) | | |
Investments reserve
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | 14,154 | | | | | | (14,154) | | | | | | — | | |
Balance at December 31, 2018
|
| | | | | | | | | | 93,883 | | | | | | 3,162 | | | | | | 51,449 | | | | | | — | | | | | | 148,494 | | |
Profit for the period
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,844 | | | | | | 13,844 | | |
Deductions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legal reserve
|
| | |
|
18.c
|
| | | | | — | | | | | | 692 | | | | | | — | | | | | | (692) | | | | | | — | | |
Dividends
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | (51,449) | | | | | | — | | | | | | (51,449) | | |
Minimum mandatory dividends
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | | | | | | | (3,288) | | | | | | (3,288) | | |
Aproved and paid additional dividends
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | — | | | | | | (8,264) | | | | | | (8,264) | | |
Investments reserve
|
| | |
|
18.c
|
| | | | | — | | | | | | — | | | | | | 1,600 | | | | | | (1,600) | | | | | | — | | |
Balance at December 31, 2019
|
| | | | | | | | | | 93,883 | | | | | | 3,854 | | | | | | 1,600 | | | | | | — | | | | | | 99,337 | | |
| | |
2019
|
| |
2018
|
| ||||||
Cash flow from operating activities | | | | | | | | | | | | | |
Profit of the year
|
| | | | 13,844 | | | | | | 19,865 | | |
Adjustments for: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 18,796 | | | | | | 14,513 | | |
Gain on bargain purchase
|
| | | | (2,479) | | | | | | | | |
Addition to allowance for credit losses
|
| | | | 3,733 | | | | | | 2,698 | | |
Provisions for labor, tax and civil risks
|
| | | | 6,677 | | | | | | 5,418 | | |
Provision for bonus and profit sharing
|
| | | | 4,641 | | | | | | 3,032 | | |
Provision for compensation
|
| | | | 5,230 | | | | | | — | | |
Interest from loans and borrowings
|
| | | | 3,889 | | | | | | 5,922 | | |
Interest on leases
|
| | | | 798 | | | | | | — | | |
Loss on write-off of intangible assets
|
| | | | 170 | | | | | | — | | |
Loss on write-off of property, plant and equipment
|
| | | | 55 | | | | | | 2 | | |
Tax expenses
|
| | | | 3,334 | | | | | | 6,479 | | |
Changes in assets and liabilities | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | (14,536) | | | | | | (4,824) | | |
Prepayments
|
| | | | (1,087) | | | | | | 4,783 | | |
Other assets
|
| | | | 274 | | | | | | 1,042 | | |
Trade and other payables and other liabilities
|
| | | | (9,585) | | | | | | (12,361) | | |
Cash generated from operating activities
|
| | | | 33,754 | | | | | | 46,569 | | |
Interest paid on loans and leases
|
| | | | (4,691) | | | | | | (4,654) | | |
Income taxes paid
|
| | | | (2,612) | | | | | | (2,362) | | |
Net cash flow from operating activities
|
| | | | 26,451 | | | | | | 39,553 | | |
Cash flow from investing activities | | | | | | | | | | | | | |
Acquisition of subsidiary, net of cash acquired
|
| | | | (1,862) | | | | | | — | | |
Acquisition of property, plant and equipment
|
| | | | (5,108) | | | | | | (2,805) | | |
Investment in interest earning bank deposits
|
| | | | 1,422 | | | | | | (3,214) | | |
Acquisition of Intangible assets
|
| | | | (4,379) | | | | | | (4,902) | | |
Net cash used in investment activities
|
| | | | (9,927) | | | | | | (10,921) | | |
Cash flow from financing activities | | | | | | | | | | | | | |
Proceeds from loans and borrowings
|
| | | | 25,000 | | | | | | 24,259 | | |
Repayment of borrowings
|
| | | | (9,879) | | | | | | (28,565) | | |
Payment of lease liabilities
|
| | | | (2,260) | | | | | | — | | |
Dividends paid
|
| | | | (67,719) | | | | | | (2,310) | | |
Net cash used in financing activities
|
| | | | (54,858) | | | | | | (6,616) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | (38,334) | | | | | | 22,016 | | |
Cash and cash equivalents at January 1
|
| | | | 50,676 | | | | | | 28,660 | | |
Cash and cash equivalents at December 31
|
| | | | 12,342 | | | | | | 50,676 | | |
| | |
Total Voice
2019 |
| |||
Consideration transferred
|
| | | | 2,015 | | |
Fair value of other net assets, including PP&E and cash and equivalents
|
| | | | 57 | | |
Client portfolio (a)
|
| | | | 518 | | |
Intangible — Digital platform (b)
|
| | | | 3,919 | | |
Gain on bargain purchase
|
| | | | 2,479 | | |
Tax on gain on bargain purchase
|
| | |
|
(843)
|
| |
Net gain on bargain purchase
|
| | | | 1,636 | | |
Assets acquired
|
| |
Valuation technique
|
|
Intangible assets — Allocation of the customer portfolio and platform | | | Income approach: The MPEEM method (Multi-Period Excess Earnings Method) assumes that the fair value of an intangible asset is equal to the present value of the cash flow attributable to that asset, subtracting the contribution from other assets, tangible or intangible. | |
| | | | | | | | |
2019
|
| |||||||||
| | |
Country
|
| |
Direct
% |
| |
Indirect
% |
| |||||||||
MKMB Soluções Tecnológicas Ltda.
|
| | | | Brazil | | | | | | 99.99 | | | | | | 0.01 | | |
Total Voice Telecom S.A.
|
| | | | Brazil | | | | | | 100 | | | | | | — | | |
| | | | | | | | |
2018
|
| |||||||||
| | |
Country
|
| |
Direct
% |
| |
Indirect
% |
| |||||||||
MKMB Soluções Tecnológicas Ltda.
|
| | | | Brazil | | | | | | 99.99 | | | | | | 0.01 | | |
| | |
2019
|
| |
2018
|
| ||||||
Gross Revenue from contracts with customers
|
| | | | 379,106 | | | | | | 295,035 | | |
| | |
2019
|
| |
2018
|
| ||||||
Primary geographical markets | | | | | | | | | | | | | |
Brazil
|
| | | | 336,770 | | | | | | 284,512 | | |
EUA
|
| | | | 20,143 | | | | | | 2,738 | | |
South Africa
|
| | | | 8,070 | | | | | | 5,058 | | |
Ireland
|
| | | | 4,350 | | | | | | 2,642 | | |
Netherland
|
| | | | 5,117 | | | | | | — | | |
Others
|
| | | | 4,656 | | | | | | 85 | | |
Total
|
| | | | 379,106 | | | | | | 295,035 | | |
Type of service
|
| |
Nature and timing of satisfaction of
performance obligations, including significant payment terms |
| |
Revenue recognition policies
|
|
Communication Platform
|
| | The Company revenue is mainly derived from fees based on the usage-based services available on its communication platform. The use of these services is measured by the individual volume and revenues based on these volumes are recognized in the period of use. The Company also has revenue from subscription-based fees that are derived from certain “take or pay” contracts or with unlimited use of the platform functionalities. Revenue from subscription-based contracts is | | | Revenue is recognized upon the transfer of control of services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts that have been invoiced are recorded in accounts receivable and in revenue or customer advances depending on whether the revenue | |
Type of service
|
| |
Nature and timing of satisfaction of
performance obligations, including significant payment terms |
| |
Revenue recognition policies
|
|
| | | recognized by month. The Company provides services to customers under pay-as-you-go contracts and term-based contracts for a fixed or indefinite period. Small customers and customers who pay by credit card are billed in advance while large customers are monthly billed under the postpaid model. Collections are performed up to an average of thirty days after billings. Customers who pay on the prepaid model, draw down their balances as they use our products. | | | recognition criteria have been met. Company’s arrangements with customers do not provide for rights of return and our contracts do not provide customers with the right to take possession of the software supporting the applications. | |
Carrier billing
|
| | Carrier Billing is a business model in which there is a provider that makes its content available through the connections that the Company has with carriers (telephone companies), which provide the service to the final consumer. The provider has the responsibility for the content as well as establishing the price. The company acts as an agent in the process, receiving the amounts collected by the carriers and passing on to the providers their respective amounts. Therefore, net revenue is recorded by the fee charged to content providers for the service. | | | The carrying billing business is characterized as an operation in which Company has contracts with mobile phone operations in Brazil and providers of informational content through digital platforms, in which final customers of the mobile phone companies can subscribe the content from providers and receive information in a regular basis in their cell phones. In this operation, Company performs the billings against mobile phone operators and transfers to the content providers, receiving a fee to perform such service. Revenue is recognized when content providers deliver the services to final customers. Zenvia recognizes revenue at the amount of the net fees to be received in these operations. | |
|
Financial assets at FVTPL
|
| | These assets are subsequently measured at fair value. Net income, plus interest or dividend income, is recognized in profit or loss. | |
|
Financial assets at amortized cost
|
| | These assets are subsequently measured at amortized cost using the effective interest rate method. Amortized cost is reduced for impairment losses. Interest income, foreign exchange gains and impairment losses are recognized in the income statement. Any gain or loss on derecognition is recognized in profit or loss. | |
| | |
Financial
Statements disclosed on 12/31/2018 |
| |
Impact
of the adoption of IFRS 16 |
| |
Financial
statements — 01/01/2019 |
| |
Financial
statements on 12/31/2019 |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets
|
| | | | 104,281 | | | | | | — | | | | | | 104,281 | | | | | | 79,089 | | |
Non-current assets
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | 9,198 | | | | | | 8,306 | | | | | | 17,504 | | | | | | 17,496 | | |
Other non-current assets
|
| | | | 158,885 | | | | | | — | | | | | | 158,885 | | | | | | 152,398 | | |
| | | | | 168,083 | | | | | | 8,306 | | | | | | 176,389 | | | | | | 169,894 | | |
Total assets
|
| | | | 272,364 | | | | | | 8,306 | | | | | | 280,670 | | | | | | 248,983 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | — | | | | | | 3,273 | | | | | | 3,273 | | | | | | 2,687 | | |
Other current liabilities
|
| | | | 73,717 | | | | | | — | | | | | | 73,717 | | | | | | 72,090 | | |
| | | | | 73,717 | | | | | | 3,273 | | | | | | 76,990 | | | | | | 74,777 | | |
Non-current | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | | | — | | | | | | 5,033 | | | | | | 5,033 | | | | | | 4,604 | | |
Other non-current liabilities
|
| | | | 50,153 | | | | | | — | | | | | | 50,153 | | | | | | 70,265 | | |
| | | | | 50,153 | | | | | | 5,033 | | | | | | 55,186 | | | | | | 74,869 | | |
Shareholders’ equity
|
| | | | 148,494 | | | | | | — | | | | | | 148,494 | | | | | | 99,337 | | |
Total equity and liabilities
|
| | | | 272,364 | | | | | | 8,306 | | | | | | 280,670 | | | | | | 248,983 | | |
|
In thousands of reais
|
| |
01/01/2019
|
| |||
Right-of-use assets — property, plant and equipment
|
| | | | 8,306 | | |
Lease liabilities
|
| | | | 8,306 | | |
In thousands of reais
|
| |
01/01/2019
|
| |||
Operating lease commitments at December 31, 2018 as disclosed under IAS 17 in the Company’s consolidated financial statements
|
| | | | 10,957 | | |
Discounted using the incremental borrowing rate at January 1, 2019
|
| | | | 8,306 | | |
Finance lease liabilities recognized as at December 31, 2018 (note 11)
|
| | | | 1,708 | | |
Lease liabilities recognized at January 1, 2019
|
| | | | 10,014 | | |
| | |
2019
|
| |
2018
|
| ||||||
Cash and banks
|
| | | | 11,834 | | | | | | 8,385 | | |
Short-term investments maturing in up to 90 days (a)
|
| | | | 508 | | | | | | 42,291 | | |
Short-term investments maturing in over 90 days (b)
|
| | | | 3,292 | | | | | | 4,714 | | |
| | | | | 15,634 | | | | | | 55,390 | | |
Cash and cash equivalents
|
| | | | 12,342 | | | | | | 50,676 | | |
Interest earnings bank deposits
|
| | | | 3,292 | | | | | | 4,714 | | |
| | |
2019
|
| |
2018
|
| ||||||
Domestic
|
| | | | 58,910 | | | | | | 52,041 | | |
Abroad
|
| | | | 8,314 | | | | | | 4,173 | | |
| | | | | 67,224 | | | | | | 56,214 | | |
Allowance for expected credit losses
|
| | | | (5,088) | | | | | | (5,014) | | |
| | | | | 62,136 | | | | | | 51,200 | | |
|
Balance at January 1, 2018
|
| | | | (2,727) | | |
|
Additions
|
| | | | (2,698) | | |
|
Write-offs
|
| | | | 411 | | |
|
Balance at December 31, 2018
|
| | | | (5,014) | | |
|
Additions
|
| | | | (6,940) | | |
|
Reversal
|
| | | | 3,207 | | |
|
Write-offs
|
| | | | 3,659 | | |
|
Balance at December 31, 2019
|
| | | | (5,088) | | |
| | |
2019
|
| |
2018
|
| ||||||
Unbilled services (a)
|
| | | | 31,898 | | | | | | 25,939 | | |
falling due
|
| | | | 18,996 | | | | | | 21,182 | | |
Overdue (days): | | | | | | | | | | | | | |
1-30
|
| | | | 7,442 | | | | | | 3,836 | | |
31-60
|
| | | | 3,772 | | | | | | 727 | | |
61-90
|
| | | | 2,010 | | | | | | 350 | | |
91-120
|
| | | | 285 | | | | | | 236 | | |
121-150
|
| | | | 1,059 | | | | | | 296 | | |
>150
|
| | | | 1,762 | | | | | | 3,648 | | |
| | | | | 67,224 | | | | | | 56,214 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Corporate income tax (IRPJ) (a)
|
| | | | 2,039 | | | | | | 889 | | |
Social contribution (CSLL) (a)
|
| | | | 528 | | | | | | 1,058 | | |
Services tax (ISSQN)
|
| | | | 1 | | | | | | — | | |
Federal VAT (PIS/COFINS)
|
| | | | 71 | | | | | | 48 | | |
Others
|
| | | | 64 | | | | | | 73 | | |
| | | | | 2,703 | | | | | | 2,068 | | |
| | |
Average annual
depreciation rates (%) |
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net balance
in 2019 |
| |||||||||
Furniture and fixtures
|
| |
10
|
| | | | 1,351 | | | | | | (470) | | | | | | 881 | | |
Leasehold improvements
|
| |
10
|
| | | | 4,171 | | | | | | (1,220) | | | | | | 2,951 | | |
Data processing equipment
|
| |
20
|
| | | | 12,779 | | | | | | (6,395) | | | | | | 6,384 | | |
Right of use — leases
|
| |
20 to 30
|
| | | | 9,410 | | | | | | (2,449) | | | | | | 6,961 | | |
Machinery and equipment
|
| |
10
|
| | | | 517 | | | | | | (335) | | | | | | 182 | | |
Other fixed assets
|
| |
10 to 20
|
| | | | 298 | | | | | | (161) | | | | | | 137 | | |
| | | | | | | | 28,526 | | | | | | (11,030) | | | | | | 17,496 | | |
|
| | |
Average annual
depreciation rates (%) |
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net balance
2018 |
| |||||||||
Furniture and fixtures
|
| |
10
|
| | | | 1,339 | | | | | | (339) | | | | | | 1,000 | | |
Leasehold improvements
|
| |
10
|
| | | | 4,084 | | | | | | (806) | | | | | | 3,278 | | |
Data processing equipment
|
| |
20
|
| | | | 9,589 | | | | | | (4,998) | | | | | | 4,591 | | |
Machinery and equipment
|
| |
10
|
| | | | 447 | | | | | | (263) | | | | | | 184 | | |
Other fixed assets
|
| |
10 to 20
|
| | | | 274 | | | | | | (129) | | | | | | 145 | | |
| | | | | | | | 15,733 | | | | | | (6,535) | | | | | | 9,198 | | |
|
| | |
Average
annual depreciation rates % |
| |
2018
|
| |
Additions
|
| |
IFRS 16
adoption |
| |
Additions
due to acquisitions |
| |
Write-offs
|
| |
2019
|
| ||||||||||||||||||
Furniture and fixtures
|
| | | | | | | 1,339 | | | | | | 20 | | | | | | — | | | | | | 5 | | | | | | (13) | | | | | | 1,351 | | |
Improvements to third parties
|
| | | | | | | 4,084 | | | | | | 87 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,171 | | |
Data processing equipment
|
| | | | | | | 9,589 | | | | | | 3,655 | | | | | | — | | | | | | 6 | | | | | | (471) | | | | | | 12,779 | | |
Right of use — leases
|
| | | | | | | — | | | | | | 1,245 | | | | | | 8,306 | | | | | | — | | | | | | (141) | | | | | | 9,410 | | |
Machinery and equipment
|
| | | | | | | 447 | | | | | | 76 | | | | | | — | | | | | | 11 | | | | | | (17) | | | | | | 517 | | |
Other fixed assets
|
| | | | | | | 274 | | | | | | 25 | | | | | | — | | | | | | 2 | | | | | | (3) | | | | | | 298 | | |
Cost | | | | | | | | 15,733 | | | | | | 5,108 | | | | | | 8,306 | | | | | | 24 | | | | | | (645) | | | | | | 28,526 | | |
Furniture and fixtures
|
| |
10
|
| | | | (339) | | | | | | (132) | | | | | | — | | | | | | — | | | | | | 1 | | | | | | (470) | | |
Improvements to third parties
|
| |
10
|
| | | | (806) | | | | | | (414) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,220) | | |
Data processing equipment
|
| |
20
|
| | | | (4,998) | | | | | | (1,832) | | | | | | — | | | | | | — | | | | | | 435 | | | | | | (6,395) | | |
Right of use — leases
|
| |
20 to 30
|
| | | | — | | | | | | (2,590) | | | | | | — | | | | | | — | | | | | | 141 | | | | | | (2,449) | | |
Machinery and equipment
|
| |
10
|
| | | | (263) | | | | | | (85) | | | | | | — | | | | | | — | | | | | | 13 | | | | | | (335) | | |
Other fixed assets
|
| |
10 to 20
|
| | | | (129) | | | | | | (32) | | | | | | — | | | | | | — | | | | | | — | | | | | | (161) | | |
(-) Accumulated depreciation
|
| | | | | | | (6,535) | | | | | | (5,085) | | | | | | — | | | | | | — | | | | | | 590 | | | | | | (11,030) | | |
Total | | | | | | | | 9,198 | | | | | | 23 | | | | | | 8,306 | | | | | | 24 | | | | | | (55) | | | | | | 17,496 | | |
|
| | |
Average
annual depreciation rates (%) |
| |
2017
|
| |
Additions
|
| |
Write-offs
|
| |
2018
|
| ||||||||||||
Furniture and fixtures
|
| | | | | | | 1,328 | | | | | | 11 | | | | | | — | | | | |
|
1,339
|
| |
Improvements to third parties
|
| | | | | | | 4,061 | | | | | | 23 | | | | | | — | | | | |
|
4,084
|
| |
Data processing equipment
|
| | | | | | | 6,873 | | | | | | 2,757 | | | | | | (41) | | | | |
|
9,589
|
| |
Machinery and equipment
|
| | | | | | | 441 | | | | | | 6 | | | | | | — | | | | |
|
447
|
| |
Other fixed assets
|
| | | | | | | 266 | | | | | | 8 | | | | | | — | | | | |
|
274
|
| |
Cost | | | | | | | | 12,969 | | | | | | 2,805 | | | | | | (41) | | | | | | 15,733 | | |
Furniture and fixtures
|
| |
10
|
| | | | (206) | | | | | | (133) | | | | | | — | | | | |
|
(339)
|
| |
Improvements to third parties
|
| |
10
|
| | | | (398) | | | | | | (408) | | | | | | — | | | | |
|
(806)
|
| |
Data processing equipment
|
| |
20
|
| | | | (3,685) | | | | | | (1,352) | | | | | | 39 | | | | |
|
(4,998)
|
| |
Machinery and equipment
|
| |
10
|
| | | | (176) | | | | | | (87) | | | | | | — | | | | |
|
(263)
|
| |
Other fixed assets
|
| |
10 to 20
|
| | | | (89) | | | | | | (40) | | | | | | — | | | | |
|
(129)
|
| |
(-) Accumulated depreciation
|
| | | | | |
|
(4,554)
|
| | | |
|
(2,020)
|
| | | | | 39 | | | | |
|
(6,535)
|
| |
Total | | | | | | | | 8,415 | | | | | | 785 | | | | | | (2) | | | | | | 9,198 | | |
| | |
Average annual
amortization rates % |
| |
Cost
|
| |
Amortization
|
| |
Net balance in 2019
|
| |||||||||
Intangible assets under development
|
| |
—
|
| | | | 1,095 | | | | | | — | | | | | | 1,095 | | |
Trademarks and patents
|
| |
—
|
| | | | — | | | | | | — | | | | | | — | | |
Software license
|
| |
20 to 50
|
| | | | 2,816 | | | | | | (1,685) | | | | | | 1,131 | | |
Database
|
| |
10
|
| | | | 800 | | | | | | (307) | | | | | | 493 | | |
Goodwill (b)
|
| |
—
|
| | | | 78,778 | | | | | | — | | | | | | 78,778 | | |
Customer portfolio (b)
|
| |
10
|
| | | | 110,954 | | | | | | (56,330) | | | | | | 54,624 | | |
Platform
|
| |
20
|
| | | | 16,144 | | | | | | (3,159) | | | | | | 12,985 | | |
| | | | | | | | 210,587 | | | | | | (61,481) | | | | | | 149,106 | | |
|
| | |
Average annual
amortization rates % |
| |
Cost
|
| |
Amortization
|
| |
Net balance in 2018
|
| |||||||||
Intangible assets under development
|
| |
—
|
| | | | 1,531 | | | | | | — | | | | | | 1,531 | | |
Trademarks and patents
|
| |
—
|
| | | | 133 | | | | | | — | | | | | | 133 | | |
Software license
|
| |
20 to 50
|
| | | | 2,149 | | | | | | (1,249) | | | | | | 900 | | |
Database
|
| |
10
|
| | | | 800 | | | | | | (227) | | | | | | 573 | | |
Goodwill
|
| |
—
|
| | | | 78,778 | | | | | | — | | | | | | 78,778 | | |
Customer portfolio
|
| |
10
|
| | | | 110,436 | | | | | | (45,244) | | | | | | 65,192 | | |
Platform
|
| |
20
|
| | | | 8,118 | | | | | | (1,054) | | | | | | 7,064 | | |
| | | | | | | | 201,945 | | | | | | (47,774) | | | | | | 154,171 | | |
| | |
Average annual
amortization rates % |
| |
2018
|
| |
Additions
|
| |
Transfers
|
| |
Additions
due to acquisitions |
| |
Write-offs
|
| |
2019
|
| ||||||||||||||||||
Intangible asset in progress (a)
|
| | | | | | | 1,531 | | | | | | 3,671 | | | | | | (4,107) | | | | | | — | | | | | | — | | | | | | 1,095 | | |
Trademarks and patents
|
| | | | | | | 133 | | | | | | — | | | | | | — | | | | | | — | | | | | | (133) | | | | | | — | | |
Software license
|
| | | | | | | 2,149 | | | | | | 708 | | | | | | — | | | | | | — | | | | | | (41) | | | | | | 2,816 | | |
Database
|
| | | | | | | 800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 800 | | |
Goodwill
|
| | | | | | | 78,778 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 78,778 | | |
Customer portfolio
|
| | | | | | | 110,436 | | | | | | — | | | | | | — | | | | | | 518 | | | | | | — | | | | | | 110,954 | | |
Platform
|
| | | | | | | 8,118 | | | | | | — | | | | | | 4,107 | | | | | | 3,919 | | | | | | — | | | | | | 16,144 | | |
Cost | | | | | | | | 201,945 | | | | | | 4,379 | | | | | | — | | | | | | 4,437 | | | | | | (174) | | | | | | 210,587 | | |
Software license
|
| |
20-50
|
| | | | (1,249) | | | | | | (440) | | | | | | — | | | | | | — | | | | | | 4 | | | | | | (1,685) | | |
Database
|
| |
10
|
| | | | (227) | | | | | | (80) | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | |
Customer portfolio
|
| |
10
|
| | | | (45,244) | | | | | | (11,086) | | | | | | — | | | | | | — | | | | | | — | | | | | | (56,330) | | |
Platform
|
| | | | | | | (1,054) | | | | | | (2,105) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,159) | | |
(-) Accumulated amortizations
|
| | | | | | | (47,774) | | | | | | (13,711) | | | | | | — | | | | | | — | | | | | | 4 | | | | | | (61,481) | | |
Total | | | | | | | | 154,171 | | | | | | (9,332) | | | | | | — | | | | | | 4,437 | | | | | | (170) | | | | | | 149,106 | | |
|
| | | | | |
2017
|
| |
Additions
|
| |
Transfers
|
| |
2018
|
| ||||||||||||
Intangible asset in progress (a)
|
| | | | | | | 5,167 | | | | | | 4,482 | | | | | | (8,118) | | | | |
|
1,531
|
| |
Trademarks and patents
|
| | | | | | | 133 | | | | | | — | | | | | | — | | | | |
|
133
|
| |
Software license
|
| | | | | | | 1,729 | | | | | | 420 | | | | | | — | | | | |
|
2,149
|
| |
Database
|
| | | | | | | 800 | | | | | | — | | | | | | — | | | | |
|
800
|
| |
Goodwill
|
| | | | | | | 78,778 | | | | | | — | | | | | | — | | | | |
|
78,778
|
| |
Customer portfolio
|
| | | | | | | 110,436 | | | | | | — | | | | | | — | | | | |
|
110,436
|
| |
Platform
|
| | | | | | | — | | | | | | — | | | | | | 8,118 | | | | |
|
8,118
|
| |
Cost
|
| | | | | |
|
197,043
|
| | | | | 4,902 | | | | | | — | | | | |
|
201,945
|
| |
Software license
|
| |
20-50
|
| | | | (934) | | | | | | (315) | | | | | | — | | | | |
|
(1,249)
|
| |
Database
|
| |
10
|
| | | | (147) | | | | | | (80) | | | | | | — | | | | |
|
(227)
|
| |
Customer portfolio
|
| |
10
|
| | | | (34,200) | | | | | | (11,044) | | | | | | — | | | | |
|
(45,244)
|
| |
Platform
|
| | | | | | | — | | | | | | (1,054) | | | | | | — | | | | |
|
(1,054)
|
| |
(-) Accumulated amortizations
|
| | | | | | | (35,281) | | | | | | (12,493) | | | | | | — | | | | | | (47,774) | | |
Total | | | | | | | | 161,762 | | | | | | (7,591) | | | | | | — | | | | | | 154,171 | | |
Significant unobservable inputs
|
| |
Relationship between significant unobservable inputs and
measurement of the present value of cash flows |
|
| | | The present value of cash flows could increase (decrease) if: | |
•
Annual forecast revenue growth rate;
•
Forecast of the growth rate of variable input costs;
•
Risk-adjusted discount rate.
|
| |
•
the annual growth rate of revenue was higher (lower);
•
the cost growth rate was (higher) lower;
•
the risk-adjusted discount rate was (higher) lower.
|
|
| | |
2019
|
| |
2018
|
| ||||||
Weighted average annual revenue growth
|
| | | | 16.48% | | | | | | 20.74% | | |
Weighted average annual growth of variable cost
|
| | | | 18.74% | | | | | | 20,08% | | |
Weighted average cost of capital (WACC)
|
| | | | 15.90% | | | | | | 19,00% | | |
Growth in terminal value
|
| | | | 0% | | | | | | 0% | | |
| | |
2019
|
| |
2018
|
| ||||||
Weighted average annual revenue growth
|
| | | | 9.40% | | | | | | 17.22% | | |
Weighted average annual growth of variable cost
|
| | | | 11.52% | | | | | | 16.58% | | |
| | | | | |
2019
|
| |
2018
|
| ||||||
| | | Interest p.a. | | | | | | | | | | | | | |
Working capital
|
| |
100% CDI + 2.40% to 3.95% and TJLP + 2.98%
|
| | | | 60,985 | | | | | | 43,453 | | |
BNDES Prosoft
|
| | TJLP + 2.96% | | | | | 2,338 | | | | | | 3,068 | | |
Lease
|
| | 100% CDI + 2.00% to 3.86% and 7.25% | | | | | 23 | | | | | | 1,708 | | |
| | | | | | | | 63,346 | | | | | | 48,229 | | |
Current
|
| | | | | | | 17,696 | | | | | | 12,852 | | |
Non-current
|
| | | | | | | 45,650 | | | | | | 35,377 | | |
| | |
2019
|
| |||
2021
|
| | | | 22,578 | | |
2022
|
| | | | 14,909 | | |
2023
|
| | | | 8,163 | | |
| | | | | 45,650 | | |
|
| | |
2018
|
| |||
2020
|
| | | | 13,394 | | |
2021
|
| | | | 13,927 | | |
2022
|
| | | | 7,436 | | |
2023
|
| | | | 620 | | |
| | | | | 35,377 | | |
| | |
Loans and financing
|
| |||
Balance at January 1, 2018
|
| | | | 51,267 | | |
Changes in cash
|
| | | | (8,960) | | |
Interest paid
|
| | | | (4,654) | | |
Proceeds from loans and borrowings
|
| | | | 24,259 | | |
Repayments of borrowings
|
| | | | (28,565) | | |
Changes not affecting cash
|
| | | | 5,922 | | |
Interest and exchange-rate expenses
|
| | | | 5,922 | | |
Balance at December 31, 2018
|
| | | | 48,229 | | |
Changes in cash
|
| | | | 11,228 | | |
Interest paid
|
| | | | (3,893) | | |
Proceeds from loans and borrowings
|
| | | | 25,000 | | |
Repayments of borrowings
|
| | | | (9,879) | | |
Changes not affecting cash
|
| | | | 3,889 | | |
Interest and exchange-rate expenses
|
| | | | 3,889 | | |
Balance at December 31, 2019
|
| | | | 63,346 | | |
| | |
2019
|
| |||
Lease of properties
|
| | | | 6,377 | | |
Lease of equipment
|
| | | | 914 | | |
| | | | | 7,291 | | |
Current
|
| | | | 2,687 | | |
Non-current
|
| | | | 4,604 | | |
Period
|
| |
12/31/2019
|
| |||
2020
|
| | | | — | | |
2021
|
| | | | 2,722 | | |
2022
|
| | | | 1,807 | | |
2023
|
| | | | 553 | | |
Lease payment
|
| | |
|
5,082
|
| |
Financial changes
|
| | |
|
(478)
|
| |
Present value of lease payment
|
| | |
|
4,604
|
| |
| | |
Properties
|
| |
Equipment
|
| |
Total
|
| |||||||||
Balance on December 31, 2018
|
| | | | — | | | | | | — | | | | | | — | | |
Initial adoption
|
| | | | 7,498 | | | | | | 808 | | | | | | 8,306 | | |
Balance on January 1, 2019
|
| | | | 7,498 | | | | | | 808 | | | | | | 8,306 | | |
Remeasurements and new contracts
|
| | | | 556 | | | | | | 689 | | | | | | 1,245 | | |
Interests
|
| | | | 709 | | | | | | 89 | | | | | | 798 | | |
Lease payments
|
| | | | (2,386) | | | | | | (672) | | | | | | (3,058) | | |
Balance on December 31, 2019
|
| | | | 6,377 | | | | | | 914 | | | | | | 7,291 | | |
| | |
2019
|
| |
2018
|
| ||||||
Domestic suppliers
|
| | | | 39,216 | | | | | | 40,198 | | |
Abroad suppliers
|
| | | | — | | | | | | 5 | | |
Advances from clients
|
| | | | 2,169 | | | | | | 1,362 | | |
Advances — carrier billing business sale (a)
|
| | | | — | | | | | | 2,757 | | |
Other accounts payable
|
| | | | 1,069 | | | | | | — | | |
| | | | | 42,454 | | | | | | 44,322 | | |
| | |
2019
|
| |
2018
|
| ||||||
Social security
|
| | | | 757 | | | | | | 1,038 | | |
Severance indemnity fund (FGTS)
|
| | | | 222 | | | | | | 185 | | |
Federal VAT (PIS/COFINS)
|
| | | | 2,323 | | | | | | 1,948 | | |
Withholding income taxes
|
| | | | 1,007 | | | | | | 2,009 | | |
Service taxes (ISSQN)
|
| | | | 874 | | | | | | 1,218 | | |
Other
|
| | | | 2 | | | | | | 7 | | |
| | | | | 5,185 | | | | | | 6,405 | | |
| | |
2019
|
| |
2018
|
| ||||||
Salary
|
| | | | 58 | | | | | | — | | |
Labor provisions (13th salary and vacation)
|
| | | | 3,076 | | | | | | 2,730 | | |
Provision for bonus
|
| | | | 3,445 | | | | | | 2,505 | | |
Other obligations
|
| | | | 176 | | | | | | — | | |
Long-term benefits (a)
|
| | | | 1,127 | | | | | | — | | |
| | | | | 7,882 | | | | | | 5,235 | | |
Current
|
| | |
|
6,755
|
| | | |
|
5,235
|
| |
Non-current
|
| | |
|
1,127
|
| | | |
|
—
|
| |
| | |
2019
|
| |
2018
|
| ||||||
Service tax (ISSQN) Lawsuit — Company BWMS (a)
|
| | | | 1,374 | | | | | | 1,374 | | |
Service tax (ISSQN) Lawsuit — Company Zenvia (a)
|
| | | | 22,697 | | | | | | 16,220 | | |
Labor provisions
|
| | | | 115 | | | | | | 48 | | |
Other Provisions
|
| | | | 813 | | | | | | 680 | | |
| | | | | 24,999 | | | | | | 18,322 | | |
Service tax (ISSQN) judicial deposits — Lawsuit Company BWMS (a)
|
| | | | (1,374) | | | | | | (1,374) | | |
Service tax (ISSQN) judicial deposits — Lawsuit Company Zenvia (a)
|
| | | | (22,126) | | | | | | (15,755) | | |
Labor appeals judicial deposits
|
| | | | (10) | | | | | | — | | |
| | | | | (23,510) | | | | | | (17,129) | | |
| | | | | 1,489 | | | | | | 1,193 | | |
|
Balance at January 1, 2018
|
| | | | 16,001 | | |
|
Additions
|
| | | | 5,765 | | |
|
Reversals
|
| | | | (347) | | |
|
Payments
|
| | | | (3,097) | | |
|
Balance at December 31, 2018
|
| | | | 18,322 | | |
|
Additions
|
| | | | 6,795 | | |
|
Reversals
|
| | | | (118) | | |
|
Balance at December 31, 2019
|
| | | | 24,999 | | |
|
Balance at January 1, 2018
|
| | | | 14,595 | | |
|
Additions
|
| | | | 5,580 | | |
|
Compensations
|
| | | | (3,046) | | |
|
Balance at December 31, 2018
|
| | | | 17,129 | | |
|
Additions
|
| | | | 6,381 | | |
|
Balance at December 31, 2019
|
| | | | 23,510 | | |
| | |
2019
|
| |||||||||||||||
| | |
Amounts due
by related parties (Assets) |
| |
Amounts due
to related parties (Liabilities) |
| |
Operating income
from related parties (Income/loss) |
| |||||||||
Investment acquisition (a)
|
| | | | — | | | | | | 5,230 | | | | | | — | | |
| | | | | — | | | | | | 5,230 | | | | | | — | | |
| | |
2019
|
| |||||||||
Shareholders
|
| |
Number of shares
|
| |
Percentage
|
| ||||||
Oria Tech Zenvia Co-Investment FIP Multiestrategia
|
| | | | 1,938,279 | | | | | | 43.8386% | | |
Cássio Bobsin Machado
|
| | | | 1,915,644 | | | | | | 43.3266% | | |
Oria Tech 1 Inovacao Fundo de Investimentos em Participações
|
| | | | 527,534 | | | | | | 11.9314% | | |
Spectra I — Fundo de Investimento em Partipações
|
| | | | 7,988 | | | | | | 0.1807% | | |
Spectra II — Fundo de Investimento em Partipações
|
| | | | 31,954 | | | | | | 0.7227% | | |
Total
|
| | | | 4,421,399 | | | | | | 100.0000% | | |
| | |
2019
|
| |
2018
|
| ||||||
Profit for the year — Calculation basis
|
| | | | 13,844 | | | | | | 19,865 | | |
Formation of reserves | | | | | | | | | | | | | |
Legal (5%)
|
| | | | (692) | | | | | | (993) | | |
Mandatory minimum dividends (25%) (i)
|
| | | | (3,288) | | | | | | (4,718) | | |
Dividends in addition to the mandatory minimum (i)
|
| | | | (8,264) | | | | | | — | | |
Net income after legal reserve — Transferred to the investment reserve
|
| | | | 1,600 | | | | | | 14,154 | | |
| | |
2019
|
| |
2018
|
| ||||||
Gross operating revenue
|
| | | | 379,106 | | | | | | 295,035 | | |
Cancellations
|
| | | | (5,749) | | | | | | (2,390) | | |
PIS/COFINS (Federal VAT taxes)
|
| | | | (12,402) | | | | | | (10,486) | | |
ISSQN (Municipality service taxes)
|
| | | | (6,747) | | | | | | (5,779) | | |
Other taxes on sales
|
| | | | (173) | | | | | | — | | |
Revenue | | | | | 354,035 | | | | | | 276,380 | | |
| | |
2019
|
| |
2018
|
| ||||||
Personnel expenses (a)
|
| | | | 47,531 | | | | | | 34,502 | | |
Costs with operators/Other costs
|
| | | | 250,275 | | | | | | 178,027 | | |
Depreciation and amortization
|
| | | | 18,796 | | | | | | 14,513 | | |
Outsourced services
|
| | | | 9,714 | | | | | | 5,795 | | |
Rentals/insurance/condominium/water/energy
|
| | | | 920 | | | | | | 2,908 | | |
Communication
|
| | | | 2,485 | | | | | | 2,196 | | |
Travel expenses
|
| | | | 1,754 | | | | | | 1,293 | | |
Allowance for credit losses
|
| | | | 3,733 | | | | | | 2,287 | | |
Marketing expenses / events
|
| | | | 2,778 | | | | | | 1,605 | | |
Other expenses
|
| | | | 3,251 | | | | | | 3,100 | | |
| | | | | 341,237 | | | | | | 246,226 | | |
Cost of services
|
| | | | 260,786 | | | | | | 186,084 | | |
Sales and marketing expenses
|
| | | | 26,018 | | | | | | 18,241 | | |
General administrative expenses
|
| | | | 40,868 | | | | | | 35,683 | | |
Research and development expenses
|
| | | | 9,832 | | | | | | 3,931 | | |
Allowance for credit losses
|
| | | | 3,733 | | | | | | 2,287 | | |
| | | | | 341,237 | | | | | | 246,226 | | |
|
| | |
2019
|
| |
2018
|
| ||||||
Salary
|
| | | | 21,286 | | | | | | 17,501 | | |
Benefits
|
| | | | 1,521 | | | | | | 1,674 | | |
Compulsory contributions to social security
|
| | | | 9,122 | | | | | | 6,861 | | |
Compensation
|
| | | | 348 | | | | | | 686 | | |
Provisions (vacation/13th salary)
|
| | | | 3,634 | | | | | | 3,383 | | |
Provision for bonus and profit sharing
|
| | | | 4,641 | | | | | | 3,032 | | |
Compensation (b)
|
| | | | 5,230 | | | | | | — | | |
Other
|
| | | | 1,749 | | | | | | 1,365 | | |
| | | | | 47,531 | | | | | | 34,502 | | |
| | |
2019
|
| |
2018
|
| ||||||
Financial cost | | | | | | | | | | | | | |
Interest on loans and financing
|
| | | | (3,870) | | | | | | (5,922) | | |
Discounts given
|
| | | | (250) | | | | | | (412) | | |
Foreign exchange losses
|
| | | | (480) | | | | | | (299) | | |
Bank expenses and IOF (tax on financial transactions)
|
| | | | (597) | | | | | | (404) | | |
Other financial expenses
|
| | | | (203) | | | | | | (315) | | |
Interests on leasing contracts
|
| | | | (798) | | | | | | — | | |
Losses on derivative instruments
|
| | | | (613) | | | | | | — | | |
| | | | | (6,811) | | | | | | (7,352) | | |
Financial income | | | | | | | | | | | | | |
Interest
|
| | | | 241 | | | | | | 136 | | |
Foreign exchange gain
|
| | | | 514 | | | | | | 13 | | |
Interests on financial instrument
|
| | | | 2,926 | | | | | | 2,522 | | |
Other financial income
|
| | | | 186 | | | | | | 775 | | |
Gains with derivative financial instruments
|
| | | | 372 | | | | | | — | | |
| | | | | 4,239 | | | | | | 3,446 | | |
| | |
2019
|
| |
2018
|
| ||||||
Other providers (a)
|
| | | | 2,082 | | | | | | — | | |
Write-off of assets
|
| | | | (179) | | | | | | 3 | | |
Gain on sale of carrier billing (note 1.a)
|
| | | | 2,757 | | | | | | — | | |
Other expenses
|
| | | | (362) | | | | | | (151) | | |
Other income
|
| | | | 175 | | | | | | 244 | | |
| | | | | 4,473 | | | | | | 96 | | |
| | |
2019
|
| |
2018
|
| ||||||
Deferred taxes on temporary differences and tax losses
|
| | | | 3,186 | | | | | | 3,457 | | |
Current tax expenses
|
| | | | 148 | | | | | | 3,022 | | |
Tax expense
|
| | |
|
3,334
|
| | | |
|
6,479
|
| |
| | |
2019
|
| |
2018
|
| ||||||
Income before income tax and social contribution
|
| | | | 17,178 | | | | | | 26,344 | | |
Basic rate
|
| | | | 34% | | | | | | 34% | | |
Income tax and social contribution
|
| | | | (5,841) | | | | | | (8,957) | | |
Tax incentives
|
| | | | 2,896 | | | | | | 1,992 | | |
Others
|
| | | | (389) | | | | | | 486 | | |
Tax expense
|
| | | | (3,334) | | | | | | (6,479) | | |
Effective rate
|
| | | | 19.41% | | | | | | 24.59% | | |
| | |
2019
|
| |
2018
|
| ||||||
Provision for labor, tax and civil risk
|
| | | | 8,415 | | | | | | 6,213 | | |
Allowance for doubtful accounts
|
| | | | 1,730 | | | | | | 1,705 | | |
Tax losses and negative basis of social contribution tax
|
| | | | 3,536 | | | | | | 3,931 | | |
Other temporary differences
|
| | | | 2,709 | | | | | | 2,191 | | |
| | | | | 16,390 | | | | | | 14,040 | | |
Goodwill
|
| | | | (22,741) | | | | | | (14,973) | | |
Customer portfolio
|
| | | | (10,418) | | | | | | (12,650) | | |
| | | | | (33,159) | | | | | | (27,623) | | |
| | | | | (16,769) | | | | | | (13,583) | | |
|
| | |
2019
|
| |
Impact on
income (loss) |
| |
2018
|
| |
Impact on
income (loss) |
| |
2017
|
| |||||||||||||||
Provision for tax liabilities
|
| | | | 8,415 | | | | | | 2,202 | | | | | | 6,213 | | | | | | 864 | | | | | | 5,349 | | |
Allowance for doubtful accounts
|
| | | | 1,730 | | | | | | 25 | | | | | | 1,705 | | | | | | 778 | | | | | | 927 | | |
Tax losses and negative basis of social contribution
tax |
| | | | 3,536 | | | | | | (395) | | | | | | 3,931 | | | | | | (1,328) | | | | | | 5,259 | | |
Goodwill
|
| | | | (22,741) | | | | | | (7,768) | | | | | | (14,973) | | | | | | (7,768) | | | | | | (7,205) | | |
Customer portfolio
|
| | | | (10,418) | | | | | | 2,232 | | | | | | (12,650) | | | | | | 2,232 | | | | | | (14,882) | | |
Other temporary differences
|
| | | | 2,709 | | | | | | 518 | | | | | | 2,191 | | | | | | 1,765 | | | | | | 426 | | |
Total
|
| | |
|
(16,769)
|
| | | |
|
(3,186)
|
| | | |
|
(13,583)
|
| | | |
|
(3,457)
|
| | | |
|
(10,126)
|
| |
| | |
2019
|
| |
2018
|
| ||||||
Basic and diluted earnings per share | | | | | | | | | | | | | |
Numerator
|
| | | | | | | | | | | | |
Profit of the year assigned to Company’s shareholders
|
| | | | 13,844 | | | | | | 19,865 | | |
Denominator
|
| | | | | | | | | | | | |
Weighted average for number of common shares
|
| | | | 4,421,401 | | | | | | 4,421,401 | | |
Basic and diluted earnings per share (in reais)
|
| | | | 3.131 | | | | | | 4.493 | | |
| | |
2019
|
| |
2018
|
| ||||||||||||||||||||||||||||||
| | |
Fair value
through profit or loss |
| |
Amortized
cost |
| |
Level 1
|
| |
Fair value
through profit or loss |
| |
Amortized
cost |
| |
Level 1
|
| ||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 508 | | | | | | 11,834 | | | | | | 508 | | | | | | 42,291 | | | | | | 8,385 | | | | | | 42,291 | | |
Interest earnings bank deposits
|
| | | | 3,292 | | | | | | — | | | | | | 3,292 | | | | | | 4,714 | | | | | | — | | | | | | 4,714 | | |
Trade accounts receivable
|
| | | | — | | | | | | 62,136 | | | | | | — | | | | | | — | | | | | | 51,200 | | | | | | — | | |
| | | | | 3,800 | | | | | | 73,970 | | | | | | 3,800 | | | | | | 47,005 | | | | | | 59,585 | | | | | | 47,005 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | — | | | | | | 63,346 | | | | | | — | | | | | | — | | | | | | 48,229 | | | | | | — | | |
Trade and other payable
|
| | | | — | | | | | | 42,454 | | | | | | — | | | | | | — | | | | | | 44,322 | | | | | | — | | |
| | | | | — | | | | | | 105,800 | | | | | | — | | | | | | — | | | | | | 92,551 | | | | | | — | | |
| | |
Consolidated
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Cash and cash equivalents
|
| | | | 12,342 | | | | | | 50,676 | | |
Interest earnings bank deposits
|
| | | | 3,292 | | | | | | 4,714 | | |
Trade accounts receivable
|
| | | | 62,136 | | | | | | 51,200 | | |
| | | | | 77,770 | | | | | | 106,590 | | |
|
Non-derivative financial liabilities
|
| |
Book value
|
| |
Contractual cash flow
|
| |
Up to 12
months |
| |
1-2
years |
| |
2-3
years |
| |
>3
years |
| ||||||||||||||||||
Loans and financing
|
| | | | 63,346 | | | | | | 70,951 | | | | | | 19,821 | | | | | | 25,289 | | | | | | 16,699 | | | | | | 9,142 | | |
Trade and other payables
|
| | | | 42,454 | | | | | | 42,454 | | | | | | 42,454 | | | | | | — | | | | | | — | | | | | | — | | |
Lease liabilities
|
| | | | 7,291 | | | | | | 8,355 | | | | | | 3,273 | | | | | | 2,722 | | | | | | 1,807 | | | | | | 553 | | |
| | | | | 113,091 | | | | | | 121,760 | | | | | | 65,548 | | | | | | 28,011 | | | | | | 18,506 | | | | | | 9,695 | | |
Variable rate assets
|
| |
2019
|
| |
2018
|
| ||||||
Financial assets
|
| | | | 3,292 | | | | | | 4,714 | | |
Financial liabilities
|
| | | | 63,346 | | | | | | 48,229 | | |
Operation
|
| |
Balance at
12/31/2019 |
| |
Risk
|
| |
Scenario I
(probable) |
| |
Scenario II
|
| |
Scenario III
|
| ||||||||||||
Interest rate subject to variation
|
| | | | 3,292 | | | |
CDI decrease
|
| | | | 5.94% | | | | | | 4.46% | | | | | | 2.97% | | |
Financial investments
|
| | | | | | | | | | | | | 196 | | | | | | 147 | | | | | | 98 | | |
Operation
|
| |
Balance at
12/31/2019 |
| |
Risk
|
| |
Scenario I
(probable) |
| |
Scenario II
|
| |
Scenario III
|
| ||||||||||||
Loans — BNDES
|
| | | | 2,338 | | | |
TJLP increase
|
| | | | 130 | | | | | | 163 | | | | | | 195 | | |
Interest rate subject to variation
|
| | | | | | | | | | | | | 5.57% | | | | | | 6.96% | | | | | | 8.36% | | |
Financing
|
| | | | 61,008 | | | |
CDI increase
|
| | | | 3,625 | | | | | | 4,531 | | | | | | 5,437 | | |
Interest rate subject to variation
|
| | | | | | | | | | | | | 5.94% | | | | | | 7.43% | | | | | | 8.91% | | |
| | |
2019
|
| |
2018
|
| ||||||
Loans and borrowings
|
| | | | 63,346 | | | | | | 48,229 | | |
Cash and cash equivalents
|
| | | | (12,342) | | | | | | (50,676) | | |
| | | | | 51,004 | | | | | | (2,447) | | |
Total equity
|
| | | | 99,337 | | | | | | 148,494 | | |
Net cash/Shareholders’ equity (%)
|
| | | | 0.51 | | | | | | (0.02) | | |
| | |
05/29/2020
|
| |||||||||
Shareholders
|
| |
Balance of shares
|
| |
Percentual
|
| ||||||
Oria Tech Zenvia Co-Investment FIP Multiestrategia
|
| | | | 2,298,482 | | | | | | 48.0693% | | |
Cássio Bobsin Machado
|
| | | | 1,915,644 | | | | | | 40.0628% | | |
Oria Tech 1 Inovacao Fundo de Investimentos em Participações
|
| | | | 527,534 | | | | | | 11.0326% | | |
Spectra I — Fundo de Investimento em Partipações
|
| | | | 7,988 | | | | | | 0.1671% | | |
Spectra II — Fundo de Investimento em Partipações
|
| | | | 31,954 | | | | | | 0.6683% | | |
Total
|
| | | | 4,781,602 | | | | | | 100.0000% | | |
| | |
Rodati Motors
Corporation 2020 |
| |||
| | |
(R$ thousand)
|
| |||
Consideration transferred
|
| | | | 156,548 | | |
Other net assets, including PPE
|
| | | | 5,671 | | |
Client portfolio
|
| | | | 1,975 | | |
Intangible — Digital platform
|
| | | | 54,521 | | |
Deferred tax liabilities
|
| | | | (18,078) | | |
Goodwill | | | | | 112,459 | | |
| | |
Notes
|
| |
12/31/2019
|
| |
1/1/2019
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 5 | | | | | | 1,401,617 | | | | | | 2,556,869 | | |
Trade receivables
|
| | | | 6 | | | | | | 150,756 | | | | | | 195,577 | | |
Taxes recoverable
|
| | | | 7 | | | | | | 20,946 | | | | | | 16,052 | | |
Related parties
|
| | | | 8 | | | | | | — | | | | | | 8,041 | | |
Other receivables
|
| | | | | | | | | | 5,071 | | | | | | 6,468 | | |
Total current assets
|
| | | | | | | | | | 1,578,390 | | | | | | 2,783,007 | | |
Noncurrent assets | | | | | | | | | | | | | | | | | | | |
Taxes recoverable
|
| | | | 7 | | | | | | 14,028 | | | | | | — | | |
Guarantee deposit
|
| | | | | | | | | | 1,742 | | | | | | 2,768 | | |
Property, plant and equipment
|
| | | | 9 | | | | | | 47,938 | | | | | | 47,574 | | |
Total noncurrent assets
|
| | | | | | | | | | 63,708 | | | | | | 50,342 | | |
Total assets
|
| | | | | | | | | | 1,642,098 | | | | | | 2,833,349 | | |
Liabilities and equity | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Trade payables
|
| | | | 10 | | | | | | 301,491 | | | | | | 93,858 | | |
Taxes payable
|
| | | | 11 | | | | | | 64,385 | | | | | | 84,754 | | |
Payroll and related taxes
|
| | | | 12 | | | | | | 181,989 | | | | | | 116,918 | | |
Payables to related parties
|
| | | | 8 | | | | | | 2,462 | | | | | | 2,520 | | |
Other liabilities
|
| | | | 13 | | | | | | 48,211 | | | | | | 64,464 | | |
Total current liabilities
|
| | | | | | | | | | 598,538 | | | | | | 362,514 | | |
Equity | | | | | | | | | | | | | | | | | | | |
Share capital
|
| | | | 14 | | | | | | 5,554,723 | | | | | | 5,554,723 | | |
Capital reserve
|
| | | | | | | | | | 739,259 | | | | | | 246,420 | | |
Other comprehensive income
|
| | | | | | | | | | 670,942 | | | | | | 281,714 | | |
Accumulated losses
|
| | | | | | | | | | (5,921,364) | | | | | | (3,612,022) | | |
Total equity
|
| | | | | | | | | | 1,043,560 | | | | | | 2,470,835 | | |
Total liabilities and equity
|
| | | | | | | | | | 1,642,098 | | | | | | 2,833,349 | | |
| | |
Notes
|
| |
2019
|
| ||||||
Revenue
|
| | | | 4c | | | | | | 1,772,615 | | |
Cost of services
|
| | | | 15 | | | | | | (601,188) | | |
Gross profit
|
| | | | | | | | | | 1,171,427 | | |
General administrative expenses
|
| | | | 15 | | | | | | (2,725,475) | | |
Sales and marketing expenses
|
| | | | 15 | | | | | | (336,675) | | |
Impairment loss on trade receivables
|
| | | | | | | | | | (76,124) | | |
Other income and expenses, net
|
| | | | 15 | | | | | | 28,582 | | |
Operating loss
|
| | | | | | | | | | (1,938,265) | | |
Finance costs
|
| | | | | | | | | | (432,626) | | |
Finance income
|
| | | | | | | | | | 61,549 | | |
Net finance costs
|
| | | | 16 | | | | |
|
(371,077)
|
| |
Loss for the year
|
| | | | | | | | | | (2,309,342) | | |
Other comprehensive income | | | | | | | | | | | | | |
Items that are or may be reclassified subsequently to profit or loss
|
| | | | | | | | | | | | |
Cumulative translation adjustment
|
| | | | | | | | | | 389,228 | | |
Total comprehensive income for the year
|
| | | | | | | | | | (1,920,114) | | |
| | |
Note
|
| |
Capital
|
| |
Capital
reserve |
| |
Other
comprehensive income |
| |
Accumulated
losses |
| |
Total
shareholders’ equity |
| |||||||||||||||
Balance at January 1, 2019
|
| | | | | | | 5,554,723 | | | | | | 246,420 | | | | | | 281,714 | | | | | | (3,612,022) | | | | | | 2,470,835 | | |
Cumulative translation adjustment
|
| | | | | | | — | | | | | | — | | | | | | 389,228 | | | | | | — | | | | | | 389,228 | | |
Share-based payments
|
| | | | | | | | | | | | | 492,839 | | | | | | | | | | | | | | | | | | 492,839 | | |
Net loss for the year
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,309,342) | | | | | | (2,309,342) | | |
Balance at December 31, 2019
|
| | | | | | | 5,554,723 | | | | | | 739,259 | | | | | | 670,942 | | | | | | (5,921,364) | | | | | | 1,043,560 | | |
| | |
2019
|
| |||
Cash flow from operating activities | | | | | | | |
Loss for the year
|
| | | | (2,309,342) | | |
Adjustments for: | | | | | | | |
Depreciation
|
| | | | 17,574 | | |
Hyperinflation impacts
|
| | | | 399,512 | | |
Share-based payments
|
| | | | 492,839 | | |
Impairment loss on trade receivables
|
| | | | 76,124 | | |
Interest and fines
|
| | | | 15,562 | | |
Others
|
| | | | (3,121) | | |
Changes in assets and liabilities | | | | | | | |
Trade receivable
|
| | | | (31,302) | | |
Other accounts receivables
|
| | | | 10,464 | | |
Taxes recoverable
|
| | | | (18,922) | | |
Trade payables
|
| | | | 207,633 | | |
Payroll and related taxes
|
| | | | 65,071 | | |
Taxes payable
|
| | | | (20,369) | | |
Payables to related parties-partners
|
| | | | (58) | | |
Other accounts payables
|
| | | | (16,251) | | |
Cash flow used in operating activities
|
| | | | (1,114,586) | | |
Interest and fines paid
|
| | | | (15,562) | | |
Net cash flow from operating activities
|
| | | | (1,130,148) | | |
Cash flow from investment activities | | | | | | | |
Property, plant and equipment acquisitions
|
| | | | (25,104) | | |
Net cash used in investment activities
|
| | | | (25,104) | | |
Net decrease in cash and cash equivalents
|
| | | | (1,155,252) | | |
Cash and cash equivalents at January 1
|
| | | | 2,556,869 | | |
Cash and cash equivalents at December 31
|
| | |
|
1,401,617
|
| |
| | |
Country
|
| |
2019
Interest % |
| |||
Rodati Services S.A.
|
| | Argentina | | | | | 100 | | |
Rodati Servicios, S.A. de CV
|
| | Mexico | | | | | 100 | | |
Rodati Motors Central de Informações de Veículos Automotores Ltda.
|
| | Brazil | | | | | 100 | | |
Type of service
|
| |
Nature and timing of satisfaction of
performance obligations, including significant payment terms |
| |
Revenue recognition policies
|
|
SaaS
|
| | Revenues are mainly derived from fees based on the usage-based services. The use of these services is measured at the time the service is available to customers or based on volumes of interactions between the Company’s clients and their own customers. Revenues are recognized through the period of time the service is available for use or based on usage by customers, depending on each agreement, depending on the particular agreement with customers. | | | Revenue is recognized upon the transfer of control of the services to customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue (classified in other liabilities), depending on whether the revenue recognition criteria have been met. Arrangements with customers do not provide for rights of return of right to take possession of the software supporting the applications. | |
| | |
2019
|
| |||
Mexico
|
| | | | 1,116,226 | | |
Argentina
|
| | | | 710,254 | | |
Brazil
|
| | | | 152,962 | | |
Chile
|
| | | | 247,498 | | |
Peru
|
| | | | 28,150 | | |
Colombia
|
| | | | 51,380 | | |
Ecuador
|
| | | | 25,672 | | |
Paraguay
|
| | | | 34,657 | | |
Uruguay
|
| | | | 19,600 | | |
Panama
|
| | | | 13,388 | | |
United States
|
| | | | 9,333 | | |
Costa Rica
|
| | | | 9,157 | | |
Others
|
| | | | 13,918 | | |
| | | | | 2,432,195 | | |
Deductions
|
| | |
|
(659,580)
|
| |
Net revenues
|
| | |
|
1,772,615
|
| |
|
|
Financial assets at FVTPL
|
| | These assets are subsequently measured at fair value. Net income, plus interest or dividend income, is recognized in profit or loss. | |
|
Financial assets at amortized cost
|
| | These assets are subsequently measured at amortized cost using the effective interest rate method. Amortized cost is reduced for impairment losses. Interest income, foreign exchange gains and impairment losses are recognized in the income statement. Any gain or loss on derecognition is recognized in profit or loss. | |
| | |
2019
|
| |
1/1/2019
|
| |||
Cash and banks
|
| |
297, 756
|
| | | | 175,528 | | |
Cash on payment platform (a)
|
| |
56,026
|
| | | | 354,803 | | |
Investments in Argentine Funds (b)
|
| |
—
|
| | | | 478,356 | | |
Financial investments (c)
|
| |
1,047,835
|
| | | | 1,548,182 | | |
| | |
1,401,617
|
| | | | 2,556,869 | | |
| | |
2019
|
| |||
Argentine Peso
|
| | | | 118,942 | | |
Brazilean Real
|
| | | | 15,064 | | |
Mexican Peso
|
| | | | 82,042 | | |
US Dollar
|
| | | | 1,185,569 | | |
| | | | | 1,401,617 | | |
| | |
2019
|
| |
1/1/2019
|
| ||||||
Trade receivables
|
| | | | 237,012 | | | | | | 205,709 | | |
(-) Allowance for impairment of receivables
|
| | | | (86,256) | | | | | | (10,132) | | |
Total
|
| | |
|
150,756
|
| | | |
|
195,577
|
| |
|
| | |
2019
|
| |
1/1/2019
|
| ||||||
Argentine Peso
|
| | | | 34,075 | | | | | | 81,605 | | |
Brazilean Real
|
| | | | 41,050 | | | | | | 2,820 | | |
Mexican Peso
|
| | | | 45,386 | | | | | | 111,152 | | |
US Dollar
|
| | | | 30,245 | | | | | | — | | |
| | | | | 150,756 | | | | | | 195,577 | | |
Changes in expected losses from trade receivables are as follows: | | | | ||||||||||
Balance at January 1, 2019
|
| | | | (10,132) | | | | | | | | |
Additions
|
| | | | (76,124) | | | | | | | | |
Balance at December 31, 2019
|
| | | | (86,256) | | | | | | | | |
| | |
2019
|
| |
|
| |||
Falling due
|
| | | | 40,153 | | | | | |
Past due
|
| | | | 196,859 | | | | | |
30 days
|
| | | | 92,019 | | | | | |
From 31 to 60 days
|
| | | | 21,710 | | | | | |
From 61 to 90 days
|
| | | | 8,531 | | | | | |
From 91 to 120 days
|
| | | | 5,704 | | | | | |
From 121 to 150 days
|
| | | | 2,809 | | | | | |
From 151 to 180 days
|
| | | | 981 | | | | | |
Over 180 days
|
| | | | 65,105 | | | | | |
| | | | | 237,012 | | | | | |
| | |
2019
|
| |
1/1/2019
|
| ||||||
Tax enacted by Law 25,413
|
| | | | 14,028 | | | | | | 7,011 | | |
Corporate income tax
|
| | | | 11,699 | | | | | | — | | |
Value Added Tax (VAT)
|
| | | | 1,826 | | | | | | — | | |
Other taxes recoverable
|
| | | | 7,421 | | | | | | 9,041 | | |
Total
|
| | |
|
34,974
|
| | | |
|
16,052
|
| |
Current assets
|
| | | | 20,946 | | | | | | 16,052 | | |
Non-current assets
|
| | | | 14,028 | | | | | | — | | |
| | |
2019
|
| |
1/1/2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Related parties (a)
|
| | | | — | | | | | | 8,041 | | |
Total assets
|
| | | | — | | | | | | 8,041 | | |
Liabilities | | | | | | | | | | | | | |
Reimbursement to shareholders (b)
|
| | | | 2,462 | | | | | | 2,520 | | |
Total liabilities
|
| | | | 2,462 | | | | | | 2,520 | | |
| | |
Average
annual rate % |
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net
balance at 12/31/19 |
| |
Net
balance at 1/1/2019 |
| |||||||||||||||
NIT equipment
|
| | |
|
20
|
| | | | | 69,813 | | | | | | (34,076) | | | | | | 35,737 | | | | | | 33,738 | | |
Furniture and fixtures
|
| | |
|
10
|
| | | | | 7,051 | | | | | | (1,962) | | | | | | 5,089 | | | | | | 5,467 | | |
Facilities
|
| | |
|
10
|
| | | | | 9,914 | | | | | | (2,802) | | | | | | 7,112 | | | | | | 8,369 | | |
Total
|
| | | | | | | | | | 86,778 | | | | | | (38,840) | | | | | | 47,938 | | | | | | 47,574 | | |
| | |
Average
annual rate % |
| |
12/31/18
|
| |
Additions
|
| |
Exchange rate
changes |
| |
Inflation Effects
|
| |
12/31/19
|
| ||||||||||||||||||
IT equipment
|
| | | | | | | | | | 55,583 | | | | | | 18,842 | | | | | | (9,852) | | | | | | 5,240 | | | | | | 69,813 | | |
Furniture and fixtures
|
| | | | | | | | | | 6,765 | | | | | | 2,793 | | | | | | (4,817) | | | | | | 2,310 | | | | | | 7,051 | | |
Facilities
|
| | | | | | | | | | 10,240 | | | | | | 3,469 | | | | | | (7,264) | | | | | | 3,469 | | | | | | 9,914 | | |
Cost | | | | | | | | | | | 72,588 | | | | | | 25,104 | | | | | | (21,933) | | | | | | 11,019 | | | | | | 86,778 | | |
IT equipment
|
| | | | 20 | | | | | | (21,845) | | | | | | (14,804) | | | | | | 6,817 | | | | | | (4,244) | | | | | | (34,076) | | |
Furniture and fixtures
|
| | | | 10 | | | | | | (1,298) | | | | | | (1,145) | | | | | | 1,238 | | | | | | (757) | | | | | | (1,962) | | |
Facilities
|
| | | | 10 | | | | | | (1,871) | | | | | | (1,625) | | | | | | 1,832 | | | | | | (1,138) | | | | | | (2,802) | | |
(-) Accumulated depreciation
|
| | | | | | | | | | (25,014) | | | | | | (17,574) | | | | | | 9,887 | | | | | | (6,139) | | | | | | (38,840) | | |
Total | | | | | | | | | | | 47,574 | | | | | | 7,530 | | | | | | (12,046) | | | | | | 4,880 | | | | | | 47,938 | | |
| | |
2019
|
| |
1/1/2019
|
| ||||||
Domestic suppliers
|
| | | | 218,048 | | | | | | 93,858 | | |
Foreign suppliers
|
| | | | 83,443 | | | | | | — | | |
Total | | | | | 301,491 | | | | | | 93,858 | | |
| | |
2019
|
| |
1/1//2019
|
| ||||||
Value Added Tax (VAT)
|
| | | | 46,334 | | | | | | 41,404 | | |
Foreign suppliers
|
| | | | 18,051 | | | | | | 43,350 | | |
Total | | | | | 64,385 | | | | | | 84,754 | | |
| | |
2019
|
| |
1/1/2019
|
| ||||||
Salaries payable
|
| | | | 56,096 | | | | | | 39,784 | | |
Management compensation
|
| | | | 69,019 | | | | | | 27,549 | | |
Labor provisions (13th salary and vacation pay)
|
| | | | 7,087 | | | | | | 1,380 | | |
Social security contribution
|
| | | | 29,171 | | | | | | 23,287 | | |
Social security contribution — Plan
|
| | | | 13,946 | | | | | | 24,018 | | |
Other obligations
|
| | | | 6,670 | | | | | | 900 | | |
Total | | | | | 181,989 | | | | | | 116,918 | | |
| | |
12/31/19
|
| |
1/1/2019
|
| ||||||
Reimbursement to customers
|
| | | | 19,802 | | | | | | — | | |
Deferred revenue
|
| | | | 12,830 | | | | | | 64,464 | | |
Advances from customers
|
| | | | 15,520 | | | | | | — | | |
Others
|
| | | | 59 | | | | | | — | | |
Total | | | | | 48,211 | | | | | | 64,464 | | |
| | |
2019
|
| |||||||||
Shareholders
|
| |
Number of shares
|
| |
Percentage
|
| ||||||
Investors
|
| | | | 22,550,792 | | | | | | 62.83% | | |
Founders of the Company
|
| | | | 13,167,561 | | | | | | 36.68% | | |
Current and former Company employees
|
| | | | 176,500 | | | | | | 0.49% | | |
Total
|
| | | | 35,894,853 | | | | | | 100.00% | | |
|
Grant date
|
| |
Commencement of vesting
|
| |
Vesting period
|
| |
Number of shares
|
| |
Expenses recognized in 2019
|
| |
Unrecognized future costs
|
| ||||||||||||
|
6/28/2018
|
| | | | 6/28/2018 | | | |
48 months
|
| | | | 6,503,686 | | | | | | 492,839 | | | | | | 1,232,098 | | |
| | |
2019
|
| |||
Salaries and charges
|
| | | | (1,440,007) | | |
Share-based payments
|
| | | | (492,839) | | |
Business Service Provider (BSP)
|
| | | | (490,921) | | |
Other general expenses
|
| | | | (305,528) | | |
Professional fees
|
| | | | (386,197) | | |
IT expenses
|
| | | | (15,023) | | |
Travel expenses
|
| | | | (120,825) | | |
Reserch and development of new technologies
|
| | | | (90,183) | | |
Rental
|
| | | | (79,427) | | |
Marketing expenses
|
| | | | (71,921) | | |
Commissions
|
| | | | (20,944) | | |
Internet and phones
|
| | | | (8,058) | | |
Impairment of trade receivables
|
| | | | (76,124) | | |
Depreciation
|
| | | | (15,509) | | |
Others
|
| | | | (97,374) | | |
| | | | | (3,710,880) | | |
| | |
2019
|
| |||
Cost of services
|
| | | | (601,188) | | |
General administrative expenses
|
| | | | (2,725,475) | | |
Sales and marketing expenses
|
| | | | (336,675) | | |
Impairment on trade receivables
|
| | | | (76,124) | | |
Other income and expenses, net
|
| | | | 28.582 | | |
| | | | | (3,710,880) | | |
| | |
2019
|
| |||
Financial cost | | | | | | | |
Inflation adjustment
|
| | | | (399,512) | | |
Banking expenses
|
| | | | (13,973) | | |
Exchange losses
|
| | | | (1,952) | | |
Interest and fines
|
| | | | (15,562) | | |
Others
|
| | | | (1,627) | | |
| | | | | (432,626) | | |
Financial income | | | | | | | |
Interest income
|
| | | | 61,549 | | |
| | | | | 61,549 | | |
| | | | | (371,077) | | |
| | |
2019
|
| |||
Loss before income tax
|
| | | | (2,309,342) | | |
Parent Company rate
|
| | | | 21% | | |
Income tax
|
| | | | 484,962 | | |
Differences of tax rate on subsidiaries
|
| | | | 90,232 | | |
Non-deductible expenses
|
| | | | (113,664) | | |
Others
|
| | | | 10,404 | | |
Net Operating Loss Carryforward not recorded
|
| | | | (471,932) | | |
Income taxes on statement of profit or loss
|
| | | | — | | |
| | |
Fair value through
profit or loss |
| |
Amortized
Cost |
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | — | | | | | | 353,782 | | |
Financial investments
|
| | | | 1,047,835 | | | | | | — | | |
Trade account receivables
|
| | | | — | | | | | | 150,756 | | |
| | | | | 1,047,835 | | | | | | 504,538 | | |
Liabilities | | | | | | | | | | | | | |
Trade payables
|
| | | | — | | | | | | 301,491 | | |
| | | | | — | | | | | | 301,491 | | |
| | |
2019
|
| |||
Cash and cash equivalents
|
| | | | 353,782 | | |
Financial investments
|
| | | | 1,047,835 | | |
Trade accounts receivable
|
| | | | 150,756 | | |
| | | | | 1,552,373 | | |
Variable rate assets
|
| |
2019
|
| |||
Financial assets
|
| | | | 1,047,835 | | |
Financial liabilities
|
| | | | — | | |
Operation
|
| |
Balance at
12/31/2019 |
| |
Risk
|
| |
Scenario I
(probable) |
| |
Scenario II
|
| |
Scenario III
|
| |||||||||||||||
Interest rate subject to variation
|
| | | | 1,047,835 | | | | | | Index decrease | | | | | | 1.41% | | | | | | 1.06% | | | | | | 0.71% | | |
Impact on Profit and Loss
|
| | | | | | | | | | | | | | | | (14,774) | | | | | | (11,081) | | | | | | (7,387) | | |
Non-derivative financial liabilities
|
| |
Book value
|
| |
Contractual cash flows
up to 12 months |
| ||||||
Trade payables
|
| | | | 301,491 | | | | | | 301,491 | | |
| | | | | 301,491 | | | | | | 301,491 | | |
|
Goldman Sachs & Co. LLC
|
| |
Morgan Stanley
|
| |
Allen & Company LLC
|
|
| | | | Zenvia Inc. | | ||||||
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | Cassio Bobsin | |
| | | | | | | Title: | | |
Chief Executive Officer
|
|
| | | | By: | | |
|
| |||
| | | | | | | Name: | | | Renato Friedrich | |
| | | | | | | Title: | | |
Chief Financial Officer
|
|
| | |
Name
|
| |
Title
|
|
By: | | |
Name:
|
| | Chief Executive Officer (principal executive officer) | |
| | | | ||||
By: | | |
Name:
|
| | Chief Financial Officer (principal financial officer and principal accounting officer) | |
| | | | ||||
By: | | |
Name:
|
| | Director (Chairman) | |
| | | | ||||
By: | | |
Name:
|
| | Director | |
| | | | ||||
By: | | |
Name:
|
| | Director | |
| | | | ||||
By: | | |
Name:
|
| | Director | |
| | | | ||||
By: | | |
Name:
|
| | Director | |
| | | | ||||
By: | | |
Name:
|
| | Director | |
| | | | ||||
By: | | |
Name:
|
| | Authorized Representative in the United States | |
Exhibit No.
|
| |
Description
|
|
1.01*
|
| | Form of Underwriting Agreement | |
3.01*
|
| | Form of Memorandum and Articles of Association of Zenvia Inc., effective upon completion of the offering | |
4.01*
|
| | Form of Shareholders’ Agreement between , effective upon completion of the offering | |
4.02*
|
| | Form of Registration Rights Agreement between , effective upon completion of the offering | |
5.01*
|
| | Opinion of Maples and Calder, Cayman Islands counsel to Zenvia Inc., as to the validity of the Class A common shares | |
10.01*
|
| | Material contracts | |
14.01*
|
| |
English translation of the Code of Ethics (Código de Ética)
|
|
21.01
|
| | List of subsidiaries | |
23.01*
|
| | Consent of KPMG Auditores Independentes | |
23.02*
|
| | Consent of Maples and Calder, Cayman Islands counsel to Zenvia Inc. (included in Exhibit 5.01) | |
23.03*
|
| | Consent of Pinheiro Neto Advogados, Brazilian counsel to Zenvia Inc. | |
24.01
|
| | Powers of attorney (included on signature page to the registration statement) | |
99.01*
|
| | Consent of independent director nominee | |
Exhibit 21.01
List of Subsidiaries of the Registrant
Name of Subsidiary | Jurisdiction of Incorporation or Organization | |
Zenvia Mobile Serviços Digitais S.A. | Brazil | |
Rodati Motors Corporation | United States | |
Rodati Motors Central de Informações de Veículos Automotores Ltda. | Brazil | |
Rodati Servicios, S.A. de C.V. | Mexico | |
Rodati Services S.A. | Argentina | |
Zenvia Mexico, S.de RL de C.V. | Mexico | |
Total Voice Comunicações S.A. | Brazil | |
MKMB Soluções Tecnológicas Ltda. | Brazil |
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