Zenvia Q4 2022 Earnings Call Transcript

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April 5, 2023

There are 5 speakers on the call.

Operator

Good morning and thank you for standing by. Welcome to Xandia's Q4 2022 and Full Year Earnings Conference Call. Today's speakers are Mr. Kasio Bobzin, Zambia's Founder and CEO and Shay Chor, CFO and Investor Relations Officer. Please be advised that today's conference is being recorded and a replay will be available at the company's IR website where you can also access today's presentation.

Operator

At this time, all participants are in listen only mode. After the prepared remarks, there will be a question and answer session. For the Q and A session, we ask you to write down your question via the Q and A icon at the bottom of your screen. Your name will then be announced, and you will be able to ask your question live. At this point, a request to activate your microphone will appear on your screen.

Operator

If you do not wish to open your microphone live, please write down no microphone at the end of your question. In this case, our operator will read your question aloud.

Speaker 1

Hello, everyone, and thank you for joining us at and this earnings call. I'm Kasio Babsim, Founder and CEO. Today, we're going to review our performance for the Q4 and full year 2022. Let's start on Slide 4. When I look back to 2022, the main word that comes to my mind is integration.

Speaker 1

As you all know, integrating an acquired company into business is a complex task, especially in our case, as we're building unified CX SaaS platform, Which requires a full integration. So I'm happy to the end of the year with D1 and Moversk totally integrated into Zenvia and with earnouts already enabled. This means we're now more than ready to fully explore the synergies that come from offering the most comprehensive CX SaaS platform in Latin America through a full suite of products, attraction, conversion, service and success and accelerate our growth. As we have been saying every quarter here, there is still a huge white space opportunity in the CX SaaS market in Latin America, And you have just began to tap it. But there are also big opportunities coming from AI that I would like to discuss with you.

Speaker 1

You are one where generative AI will generate massive opportunities within the SaaS industry, allowing hyper personalization and actionable insights. It is a brand new world for CX and we are very excited to be a leading player in it As we've been already integrating chattypti technology in our platform. Throughout the year, we expect to drive a whole new set of automation and efficiency improvements to our platform as we take advantage of this new technology that are being widely demanded by our customers. I will now turn the floor to Shay for his remarks.

Speaker 2

Thank you, Cassio. Hello, everyone, And thank you for being with us today. In the last quarter of 2022, we have a strategy focused on balancing growth and profitability. And I can affirm that we did that. We are reporting solid evolutions on gross profit and margin, which allowed us to generate positive EBITDA and operating cash flow.

Speaker 2

This was indeed the best quarterly profitability metric since our IPO, and the first quarter where we surpassed the BRL100 million milestone in gross profit. We did this despite the challenging and more competitive environment that we experienced not only this quarter, but most of the year. Even though our total revenue dropped 8% year over year As a result of our focus in a profitable CPaaS business, the SaaS business continues to be a top line performance expansion of 44% when comparing Q4 'twenty two to Q4 'twenty one. Our gross profit jumped 65%, adding 26 percentage points to our adjusted gross margin that reached 58.6%, which attests to our full commitment and path towards profitability. Let's take a look at the same picture for the full year.

Speaker 2

For the year, we can see double digit growth in all metrics. We grew revenues by 24%, gross profit by 68% and gross margin by 12 percentage points, leading us to a normalized EBIT, which excludes non cash impacts from earn outs and impairment of BRL23.5 million. This is directly related to a combination of solid SaaS growth and more profitable CPaaS, added to our focus on strict cost control and cash preservation in the Let's take a look at how each of our businesses contributing to profitability. Here on this slide, you can see the breakdown of our gross profit mix by SaaS and CPaaS and its evolution throughout the year. We can see sequential increases in both SaaS and CPaaS margins, which means that our focus on profitability paid off.

Speaker 2

CPaaS delivered a solid 41% sequential increase and a 62% expansion when compared to the 2nd quarter, when we started to see a more competitive environment. Our SaaS business surpassed the BRL50 1,000,000 gross profit mark this quarter, an 18% sequential increase leading to BRL102.5 million in total gross profit. Comparing Q4 to Q2, The increase in gross profit was 33%. Let's now look at this data in terms of weight in our financial metrics. As we've been saying since our IPO, we are on a mission to transform XANVIA into a SaaS company.

Speaker 2

And I'm very proud to report that our SaaS business is close to reaching BRL250 1,000,000,000 in size, with an annual recurring revenue of BRL239 1,000,000 in December. Net revenue expansion totaled 124 percent 2 compared to 123 percent in Q3 'twenty two. Even though Q4 is seasonally a strong quarter for CPaaS, Because of high holiday sales like Black Friday and Christmas, our SaaS services represented 41% of the total revenue in the 4th quarter, a large sequential improvement from Q2 when SaaS was only 29% of total. For the year, we already see 34% of our revenues coming from SaaS. In terms of gross profit, we had a split result this quarter, with SaaS representing 53% of gross profit for the full year.

Speaker 2

Looking ahead long term, we expect SaaS to represent about 70% of our gross profit. We are just beginning to tap the huge white space in the SaaS market in Latin America. We are working hard and confident on our strategic planning. Let's now move to the next slide comment on the evolution of our gross margin. On this slide, we present our gross margin evolution since the beginning of 2021.

Speaker 2

We have delivered on the promises made during our IPO. We have expanded our margins in Q4 significantly, a double digit expansion from both the IPO in Q2 of 2021 as well as from the same quarter last year. From Q1 'twenty one to Q4 'twenty two, it more than doubled. We reached a gross margin of almost 59% in Q4, taking the full year margin to 44%, as you can see in the orange bar to the right. This is above the top range of our updated guidance for the full year 2022 and yet another proof that we are walking the talk on our path to profitability.

Speaker 2

Looking ahead, it is worth noting here that we do not expect gross profit for 20 We'll discuss this in more detail in our 2023 guidance in more minutes. Let's move to the next slide. In this slide, we show how organic and inorganic growth contributed to 2022 revenue. The 3 more recently acquired companies, D1, MovieDesk and SensData, added BRL156 1,000,000 consolidated net revenues for the year. This number compares to BRL 41.5 million in contribution in full year 2021 when we consolidated only 4 months of D1, 2 months of SensData and 0 revenue from MovieDesk.

Speaker 2

It is worth noting that ex M and A Our revenues grew 5% year over year, while our gross margin jumped a solid 32%, once again demonstrating the result of our strategy to focus increasing the profitability of the more mature CPaaS business. Let's now address our efforts on the cost side that were relevant to our full year results. As of July of last year, we have begun implementing cost cutting initiatives, especially as we accelerated the integration of the acquired companies and starting extracting synergies. In addition to reducing non personnel G and A expenses, such as consulting and travel, among others, We also announced in November a downsize of our corporate structure, equivalent to 9% of the total workforce in Latin America. We incurred a one time expense of BRL5 million that was registered this quarter, mainly related to severance.

Speaker 2

In turn, We expect to capture approximately BRL70 million in reduced costs in 'twenty three onwards, being BRL40 million from the downsizing and BRL30 million from the other cost cutting initiatives. We have been pursuing a more efficient operations in the second half of twenty twenty two and will continue to do so constantly to improve EBITDA as demonstrated in the next slide. As a result of a very well executed strategy in a very complex environment, we recorded in the 4th quarter R23 $1,000,000 in normalized EBITDA, evidencing the profitability of our operation. A closer look at the quarterly trend in this chart shows how our EBITDA improved quarter after quarter during the year, with Q3 putting us at breakeven for the 1st 9 months of the year, While Q4 led us to beat our guidance for 2022. During the quarter, we registered a goodwill impairment of $136,700,000 in the SaaS business related to the slower revenue growth in the medium and long term on the back of a more challenging macro backdrop and a higher discount rate reflecting an increased perceived risk.

Speaker 2

Including the non cash impact from the goodwill impairment and earn out expenses, Our reported EBITDA was negative BRL189 million in the quarter and negative BRL214 million in full year. You can find a detailed EBITDA reconciliation in our financial statements. Let's see how our full 2022 EBITDA compares to historical numbers on the next slide. Here you can see the evolution of our EBITDA metrics in the last 5 years. We are happy to see the reverse of the negative trend as a direct result of the decision to pivot XANVIA into a SaaS company, bringing this performance back to the profitability path that has always been part of the 19 years of our It has not been easy, especially given the complex macro environment, but it has paid off.

Speaker 2

Both the quarterly trend we saw in the previous slide, with a strong exit rate for the year and a history of delivering profitable operations, shown in this slide, makes us confident in our capacity to deliver not only a solid EBITDA in 'twenty three, as we will discuss in a minute, but also a new record in EBITDA generation next couple of years. More than generating solid EBITDA, we have been very much focused on converting this EBITDA into cash. This slide shows that our operations generated a positive $27,000,000 operating cash flow. This is a combination of our focus on profitability, coupled with a strict working capital management, allowing us to maintain a healthy CapEx level to keep investing in innovation. Even after paying interest and amortizing debt, Our cash flow would still have been almost 10,000,000 reais positive in this quarter.

Speaker 2

Before we move to reviewing how we did against our 2022 guidance and provide guidance for 2023, would like to quickly remind you of the agreement with D1 Movie Desk and Sensata to extend the payment agreements of the earnouts, which allowed us to drastically reduce our funding gap until the end of 2023, as you can see in slide. We were able to reduce the total amount to be paid in 2023 to approximately R62 $1,000,000 down from R420 $1,000,000 by extended payment scheduled to the Q4 of 2026. To finalize, let's review our 2022 performance versus guidance and discuss our expectations for 2023. This slide summarizes our 2022 guidance versus actual figures. In terms of revenues, we remain within guidance ranges for all provided metrics, with CPaaS closer to the low end, while SaaS revenues were practically in the mid range.

Speaker 2

In turn, all profitability metrics are above guidance. Gross margin came at 44%, above the 40% we guided, with both SaaS and CPaaS margins also above guidance. CPaaS was 31% against 27% and SaaS was 68% against 65% guidance. The year over year evolution of the gross margin was 11.7 percentage points, well above the 7.7 percentage points at the top of the range. And finally normalized EBITDA of BRL 23.5 million that was also above our guidance of between BRL 10,000,000 and BRL 15 million.

Speaker 2

With a solid delivery on our 2022 numbers versus guidance, we are introducing our guidance for full year 'twenty three. We expect our revenues to be between R830 $1,000,000 and R8 BRL70 million, implying a 12% top line growth at the middle of the range, boosted by a 30% to 42% expansion of our SaaS business. Our CPaaS should stay flat, reflecting its more mature stage. Our gross margins should remain at a similar level compared to 2022 as we expect the higher SaaS in the revenue mix should be offset by lower margins on CPaaS. Finally, We expect our EBITDA to be between BRL 70,000,000 and BRL 90,000,000, implying that our EBITDA margin should be close to 10% level, putting us on track to deliver the 15% mid to long term level that we presented during our 2022 Investor Day.

Speaker 2

With this review of a solid quarter and high confidence in our business for 2023, we conclude our prepared remarks and are ready to take your questions.

Operator

We will now begin the question and answer session. Once again, for this Q and A session, we ask Q2 to write down your question via the Q and A icon at the bottom of your screen. Your name will then be announced, and you will be able to ask your question live. At this point, a request to activate your microphone will appear on your screen. If you prefer not to open your microphone live, please write down no microphone at the end of your question, and our operator will read your question aloud.

Operator

Our first question comes from Gabriela Moraes, sell side analyst from Itau BBA. We are now opening the audio so that you can ask your question live. Please go ahead.

Speaker 3

Hello guys. Good morning. Thank you for taking our questions. We have two points here on our side. The first one is regarding profitability.

Speaker 3

We saw an important expansion in profitability this quarter, and we would like to know that, besides the cutoff in work What are the main other drivers or initiatives to boost the EBITDA margin in 2023? And the other question It's regarding the top line, dynamic is in the communication as a service type division. When do you guys expect Expect to see some start of improvements on the revenues growth in this segment. That's basically it, guys. Thank you very much.

Speaker 2

Thanks, Gabriela. I guess, Caio can take us With the details, as let me just give a brief reminder here. So We are expecting approximately BRL 77.0 million in savings in 2023, coming from all the efforts that we did as of midyear of 2022. Approximately EUR 40,000,000 come from personnel, as we've been saying. And there's about EUR 30,000,000 in other lines and Caio can provide some details on where this SEK30 1,000,000 are coming from.

Speaker 4

Yeah, of course, Shar. The 3,000,000 is mainly coming from the reprioritization of our initiatives And we are starting to map. We did map already all the expenses that we can Could and not impact the performance of the business or we can do our without 3rd party do it ourselves. So coming from consulting, coming from also travel expenses and so on. So we did a really Detailed job here on mapping all the expenses that we could cut without impacting performance of the business.

Speaker 2

And Gabriela, I'm sorry, you cut a little for me. Can you just repeat your second question?

Speaker 3

Yeah. Sure. It's regarding the revenues growth in the communication as a service division. When do you guys expect expect to see some Improvement in the revenues growth of this division.

Speaker 2

Okay. So As we've been saying for our CPaaS business, as the end of Q2 of 'twenty two, we started to see increased competition, with some players even going to a price that, From our perspective, it would lead to negative profitability. So we decided to try and find the right balance between growth and Profitability, so it has been very volatile from this perspective, from what we see in the market. The second half of last year continued with this strong competition. We are seeing the market Less competitive in the 1st months of 'twenty 3.

Speaker 2

In our guidance, we embedded about Flat in terms of CPaaS. It will essentially, Gabriela, depend on how the market behaves in terms of pricing. This is not a business where we look into margins In terms of profitability, we look into profitability in terms of absolute reals generated because this business generates cash and this cash is the cash that we use to continue investing in expanding our SaaS business. So because we stopped looking into margin in percentage terms and start looking in absolute reals terms. We are less concerned with how top line behaves, and we are way more concerned with how much gross profit we are generating.

Speaker 2

So as long as gross profit is growing, that's what we will be aiming at. That said, again, we are seeing the market in the first months of 'twenty three, behaving much better in terms of pricing than it was in 'twenty two. I don't know if Caio or Casio has anything from a more high level perspective to add here.

Speaker 1

Thank you, Niel. It's Shay. We're seeing a market that is kept a strong pace in terms of demand for CPaaS, Although at some times it becomes more competitive, we should be able to achieve what we are focusing on, which is profitability. And that's Zoe pretty well. And looking forward to see a nice way to move into the whole year in terms of profitability from CPaaS.

Speaker 3

That's super clear, guys. Thank you very much.

Operator

Well, the next question comes from Leonardo Olmos, sell side analyst from UBS. We are now opening the audio so that you can ask your question live Or I can read it here. I will read it. Hi, good morning. Leonardo Olmos from UBS here.

Operator

One question from my end. Please discuss the expected evolution for the shift in revenue mix. When do you expect the revenue to grow back again? And what is the new normalized growth rate we should expect from Zambia. Thank you and have a good day.

Speaker 1

Shay, I'll take this from the shift in the revenue mix and then what we expect and then your work can complement on the Expected numbers. So looking for the big strategy, the big picture of the strategy that we're doing here, We're seeing the SaaS business that's going into a healthy growth over the couple This couple of quarters and we expect 2023 to keep the same pace of healthy growth, which means sustainable, yet not focusing on Growth that would be very costly to achieve, but growth that can be sustained over time with healthy rates. That flows to gross profit and then flows to EBITDA. As we understand that the whole market is affecting us And the whole tech industry to generate at some point a bit. Now we're going to discuss in that direction.

Speaker 1

And balance with CPaaS is the one that we look for how much we're able to achieve in terms of growth and CPaaS while considering gross profits as Shay, I already mentioned. So, we're seeing both businesses doing pretty well. We're seeing very high demand. We're seeing them Getting back to growth and especially when we look at gross profit growth. So that's what the way we're driving both businesses, both parts of the business into the numbers that we pick To drive in terms of what we expect looking 2023 and forward.

Speaker 1

So Shay or Kai would complement on the numbers, the normalized growth.

Speaker 2

So thanks, Kasur. So As we've been saying in our guidance is detailed in this and there's a reason for that, right? So we as we said, our CPaaS business, we expect it to be flat. And again, the reason is that for that specific business, we are not concerned with how our top line growth as much as we are concerned with our Gross profit and EBITDA and cash generation evolves, so we are looking more on the CPaaS business on a Gross profit and EBITDA basis than revenue growth, but you should expect it to be flat If and if it goes well and as we've seen improved, you can assume that low single It could be done. But again, at this point, we would prefer to be on the safe side and wait for to see if the competitive dynamics improve.

Speaker 2

And as for the SaaS business, we continue to see the SaaS business growing at around 30% a year. Q4, it grew 40% 44% on a pro form a basis. We continue to see a combination of net revenue expansion with clients being added. And that's the normalized level you should expect for the different businesses. I don't know if Caio wants to add anything to that.

Speaker 4

Sorry, yes, Shay of course, it's important to add here that we expect growth, although we see a flat in SEPAS revenue from 2022 to a full year view, we expect growth at the 2nd half of the year, because of the first half of the twenty twenty two was a strong Half for CPaaS in terms of revenue and in the second half of twenty twenty, we start to feel the stronger competition. We had a little bit of reduction on our CPaaS revenue. We expect the growth to come back in the second half 2020 3, so that's important too. And they will make the year flat, but it's important to highlight that.

Operator

2. Please use the Q and A icon at the bottom of your screen to write it down and we'll open your microphone. If you prefer not to open your microphone, Please write down no microphone at the end of your question and our operator will read your question aloud.

Speaker 2

Eric, I'll take a question here. Do you Expect to have to raise debt or equity this year to give yourself more breathing room. We are working with Several different alternatives to give us breathing room. And that, on top of the earnout renegotiations as we announced late last year. So the answer is yes.

Speaker 2

We've been discussing with banks possibility to extend maturity of the short term debt that we have maturing this year and all other instruments and alternatives That are available to us. And obviously, we understand that there's still some funding gap, And we will take all the measures, and we expect to be a matter of weeks, not months, to be able to come back and announce to the market that we are on the right track to solve our short term funding gap. There's a follow-up question on the same topic, which is cash flow for 2023. So If we assume BRL80 million in EBITDA at the mid of the range of the guidance that we provided of BRL70 million to BRL90 million, so BRL80 million in EBITDA. We expect CapEx to be around BRL40,000,000 BRL45 million.

Speaker 2

So that's EBITDA minus capex close to BRL40 at BRL35 million. And then we have approximately BRL40,000,000 BRL45 million in interest to be paid. So that gives you an idea of cash flow expectations for 2023, and that's why we see that there is still some funding gap that needs to be solved in the next 12 months. Another question here. With a strong gross profit margin reaching over 55%, why is the gross margin guidance for 23% almost unchanged year over year?

Speaker 2

I'll let Caio answer this one.

Speaker 4

Yes, of course, Shari. So we have two reasons here. First is because of the SaaS business, We expect a little bit of reduction on margins because of the better allocation between costs and expenses for the acquired companies. So we did a really strong job on allocating better what is really cost and expenses and when we are migrating some cost and expense they'll reduce A bit of the margins when comparing to 2022 from the acquired companies because they are smaller, they don't have the Currency that needed in terms of allocation, so that's reason 1. Reason 2 is also we do it To the market environment for CPaaS that we're seeing, we're expecting a little not keeping those margins that we saw in CPaaS During the year, we expect a little bit of reduction in order to guarantee the flat number of revenue you saw Between and the growth that we expect in the second half of the year.

Speaker 4

So that's the main two reasons.

Speaker 2

Thank you, Caio. Eric, can you report to see if we have more questions?

Operator

Yes. If you have a question, please use the Q and A icon at the bottom of your screen to write it down. And we will open your microphone. If you prefer not to open your microphone, please write down no microphone at the end of your question, and our operator will read your question aloud.

Speaker 2

There's another one interesting here, and I'll pass that to Casio. Would you guys add in the reports rule of 40 for Zenfia? Kas, I think it's For you to discuss not only rule of 40, but all the SaaS metrics that we look at into our day to day decisions.

Speaker 1

Yes, sure. We love SaaS metrics and these are the ones that we apply internally to check the healthiness of the business. Looking at specifically this concept Of combining growth rate and profit margin. As we're walking towards the path of interest Tabilit, this exact number is going to have a very interesting balance in the next couple of quarters As we are forecasting around 10% of the margin and from 2024, we are seeing I mean from the beginning of the year to the end of the year, we expect it to be a rising of this margin. We're seeing a very interesting balance Of how we're able to manage this growth rate with EBITDA margins.

Speaker 1

We do have Two different businesses, which means CPaaS has different logic comparing to SaaS, Which makes a bit more difficult and tricky for us to disclose just for a portion of the business. So that's why We and the auditing team prefer not to explicitly declare this kind of combined metric It would become a bit more, I mean, tricky to report both SaaS and SaaS. But we do use that for SaaS and it's doing pretty well on that

Speaker 2

Thanks, Casio. Next here, two questions on balance sheet. And first one, what contributes to the $120,000,000 increase on trade payable year over year? Caio, can you take that?

Speaker 4

Yes, of course. So in trade payable, we have mainly the carriers, The carriers that we have, they use our that we use for CPaaS for the all the methods that we use In the CPaaS, mainly in the CPaaS business. And also the increase comes from the Tuilo agreement that we have because the volume of Tuilo that use our Structure in Brazil, it's increasing and so that makes our total payable to the carriers higher. So that's The main reason why this trade book payments higher when compared to the last year.

Speaker 2

And just to add here for clarification our agreement with Tuilo is for revenue anticipation right so Tuilo pays us 3 months in advance So there is a positive working capital from this perspective because we get revenue from TUELIO ahead of our payment to the carriers. So it has been one of the tools we've been using to improve our working capital metrics. The second question on balance sheet is, can you explain how the liabilities from acquisition increases from $280,000,000 to $350,000,000 sequentially? Shouldn't the payment negotiation with T1 since data movie just reduce the liabilities instead of increasing it? Back to you, Kyle.

Speaker 4

Yes. No. So the total amount should not reduce because we renegotiated the method of payment, Not in one installment and several installments until 2026, but overall payment amount of payment Kept the same. Actually when we renegotiated, especially moved that we needed to recognize on our balance sheet There is now amount that was not recognized in the past year, so that's why they increased, but the overall Amount that we should pay did not change, so as expected. So that's why they increased the only Change that we had here was on how we would pay those earnouts.

Speaker 2

Can you provide some color on your recent ChatTubit integration, is there strong demand from clients in general, what you're most excited about AI integration at Sanvio? That's for you, Casio.

Speaker 1

Yes. As all of you have been checking on all the evolution of generative AI, we have been working with Microsoft and OpenAI to integrate this technology into our products. So we launched a couple weeks ago the first integration for creation of Generation of campaign content and would be evolving into other fronts of how to use Generative content into the different processes of customer experiences. I would say we're seeing very interesting opportunities to help both sales reps or customer service agents using your tool to Be more productive with chat GPT suggestions of the next best answer and also analysis of Ongoing customer interactions to get a better review of these interactions, so you can then act On the best interest of the company and also of the customer. We've also been working into different fronts to Help customers into the different parts of our product usage.

Speaker 1

So being testing different Opportunities to adopt ChatTPT into the whole UX or UI of our platform. So there are many fronts being worked on at this time, at this moment, but we expect next couple of weeks to release more couple to our customers. Some of them are in beta With a few customers. So we're very actually very excited because we're seeing that this technology is really practical And can really be useful, right on, as our customers are using our different solutions. And we also see demand from companies to integrate Jaz JPT into their bots or automation journeys.

Speaker 1

Now although we understand there's a bit of, I would say, lots of excitement, some of these have to take into The duration that it's a bit early to let your brand be Served by a Chaptivo's fully automated bot. It has that sometimes can be that can get out of control. I mean, you don't control the The output, 100%. That's why we're seeing that most applications would be either in a Very controlled environment or to accelerate the operations for customer service agents or sales reps. And of course, all other kind of content oriented process within Experiences overall.

Speaker 1

So, having said about some of these examples, we are looking at the big picture and it's Very important evolution of the whole industry, of the whole CX industry being able to add this Sort of 2 in a very easy manner and becoming accessible for everybody. So there's lots of excitement and now we're making it work With our customers, and it's doing pretty well in that sense.

Operator

So, this concludes our question and answer session. I would like to turn the conference back over to Mr. Kasfield Bobson for his closing remarks.

Speaker 1

Thank you very much for all that in this year. We're very happy to be To achieve during 2022, our guidance, some points even exceed our guidance. We're looking forward to 2023 to have a great year, a year where we are starting to benefit from all the acquisitions that we made in the last couple of years, Now fully integrated, being able to then to benefit from all the synergies. Our customers are very excited about all the opportunities we're being able to drive to them, Not only on the AI side, but especially on the unification and integration of our solutions Into becoming a very clearly unified CXaaS platform that will lead This whole evolution and transformation of the customer journey. So this will be a great year.

Speaker 1

And thank you very much for the attention and for the time. I hope you'll see you on the next

Operator

Q1. The conference has now been concluded. Xandia's IR area is at your disposal to answer any additional questions. Thank you for attending today's presentation. You may now disconnect, and have a nice day.

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Earnings Conference Call
Zenvia Q4 2022
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