Zenvia Inc (ZENV) 2025 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Zenvia Q1 2025 earnings conference call. Today, Shay Chor, CFO and Investor Relations Officer, will be our speaker. And both him and Mr. Cassio Bobsin, Zenvia's Founder and CEO, will be available for the Q&A.

早安，感謝您的支持。歡迎參加 Zenvia 2025 年第一季財報電話會議。今天，財務長兼投資者關係長 Shay Chor 將擔任我們的演講嘉賓。他和 Zenvia 創辦人兼執行長 Cassio Bobsin 先生都將出席問答環節。

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 Instructions)

請注意，今天的會議正在錄製中，重播將在該公司的 IR 網站上提供，您也可以在該網站上存取今天的簡報。（操作員指示）

Now I would like to welcome Shay Chor. Sir, the floor is yours.

現在我歡迎 Shay Chor。先生，請您發言。

Good morning, everyone. Thank you for being with us here today to discuss Zenvia's first-quarter 2025 results. I'm Shay Chor, CFO and IRO. Let's start a snapshot of the Q1 '25 performance, where you can see all the main financial KPIs of the period.

大家早安。感謝您今天與我們一起討論 Zenvia 2025 年第一季的業績。我是 Shay Chor，財務長兼 IRO。讓我們開始了解 25 年第一季的業績，您可以看到該期間的所有主要財務 KPI。

As you can see, in the first quarter, we recorded strong top-line growth of 39%, reaching almost BRL300 million, mainly driven by CPaaS. On the profitability side, we continue to experience margin pressure in the CPaaS business and some temporary impact on the SaaS business as we ramp up our Zenvia Customer Cloud solution.

如您所見，在第一季度，我們實現了 39% 的強勁營收成長，達到近 3 億巴西雷亞爾，這主要得益於 CPaaS 的推動。在獲利能力方面，隨著我們擴大 Zenvia 客戶雲端解決方案的規模，CPaaS 業務的利潤率持續面臨壓力，SaaS 業務也受到一些暫時影響。

Therefore, our consolidated adjusted gross profit declined 21% to BRL74 million from BRL94 million a year ago, with gross margin decreasing 25%. There were two main drivers behind this. First, on the CPaaS side, we saw another quarter with higher CPaaS mix due to strong volume growth with lower margins, combined with an increase in SMS costs applied by the carriers in January, which is expected to be passed through prices throughout the year.

因此，我們的合併調整後毛利從一年前的 9,400 萬巴西雷亞爾下降 21% 至 7,400 萬巴西雷亞爾，毛利率下降 25%。這背後有兩個主要驅動因素。首先，在 CPaaS 方面，由於銷售成長強勁但利潤率較低，再加上 1 月份營運商應用的簡訊成本增加，我們看到 CPaaS 組合在本季度有所增加，預計這一影響將透過全年價格轉嫁。

Second, on the SaaS side, while adjusted gross profit remained stable year over year, the margins were impacted by the transition to Zenvia Customer Cloud as we are still ramping up the business. I'll talk more about this later on. This drop in adjusted gross profit was partially offset by a BRL7.5 million decrease in G&A, which represented 8% of our revenues in the quarter, roughly half of what it represented a year ago. As a result, normalized EBITDA totaled BRL20 million in the quarter in line with our expectation and is expected to increase progressively over the course of the year.

其次，在 SaaS 方面，雖然調整後的毛利比去年同期保持穩定，但由於我們仍在擴大業務，利潤率受到向 Zenvia 客戶雲端過渡的影響。我稍後會詳細談論這一點。調整後毛利的下降被 750 萬巴西雷亞爾的一般及行政費用減少部分抵消，佔本季度收入的 8%，約為去年同期的一半。因此，本季的正常化 EBITDA 總額達到 2,000 萬巴西雷亞爾，符合我們的預期，預計全年將逐步增加。

It is important to highlight that we incurred approximately BRL8 million in onetime costs during Q1 related to the workforce reduction as announced on January 13. Let's take a deeper look at these results. In this slide, you can see the breakdown of our revenues between SaaS and CPaaS.

值得強調的是，正如 1 月 13 日宣布的裁員計畫一樣，我們在第一季產生了約 800 萬巴西雷亞爾的一次性成本。讓我們更深入地了解這些結果。在這張投影片中，您可以看到我們在 SaaS 和 CPaaS 之間的收入細分。

The revenue increase in this quarter came mainly from CPaaS, which remains very dynamic and volatile and went up 58%, making up 73% of our total revenues. The CPaaS revenue growth came mostly from certain customers that currently have tight margins.

本季的營收成長主要來自 CPaaS，該業務仍然非常活躍且波動，成長了 58%，占我們總收入的 73%。CPaaS 營收成長主要來自目前利潤率較低的某些客戶。

We are confident that the strategy of acquiring clients at tighter margins will pay off in the middle and long term as we do not need additional G&A expenses to manage them. In the SaaS business, revenue went up 5% year-over-year, mainly driven by higher revenues from SMB customers, an encouraging sign given that it is the target audience of Zenvia Customer Cloud.

我們相信，以更低利潤率獲取客戶的策略將在中長期內帶來回報，因為我們不需要額外的一般及行政費用來管理他們。在 SaaS 業務中，營收年增 5%，主要得益於中小企業客戶收入的增加，這是一個令人鼓舞的跡象，因為中小企業是 Zenvia 客戶雲的目標受眾。

The SaaS business represented 25% of our revenues in the quarter. This higher mix of CPaaS with low margins still impacts our gross margins. Let's move to the next slide to discuss our profitability. This slide gives us a comprehensive view on how gross profit and margin performed in the quarter. The first chart on the left shows the SaaS business.

本季度，SaaS 業務占我們營收的 25%。CPaaS 的較高比例和較低的利潤率仍然影響著我們的毛利率。讓我們進入下一張投影片來討論我們的獲利能力。這張投影片讓我們全面了解了本季毛利和利潤率的表現。左邊第一張圖是SaaS業務。

Adjusted gross profit was flat year over year at BRL43 million in Q1 '25, while adjusted gross margin from SaaS went down 2.7 percentage points to 54%. Even though SMB customers have higher margins than the average mix, we saw a decrease in the SaaS adjusted gross margins, primarily due to the transition to Zenvia Customer Cloud as the business is still in its ramp up phase.

25 年第一季調整後毛利與去年同期持平，為 4,300 萬巴西雷亞爾，而 SaaS 調整後毛利率下降 2.7 個百分點，至 54%。儘管 SMB 客戶的利潤率高於平均水平，但我們發現 SaaS 調整後的毛利率有所下降，這主要是由於業務仍處於成長階段，需要向 Zenvia 客戶雲端過渡。

We expect to keep scaling over the next quarter and improve profitability. It is worth noting here that revenues from Zenvia Customer Cloud solutions increased 15% year over year and are expected to increase even more as we ramp up the business.

我們預計下個季度將繼續擴大規模並提高獲利能力。值得注意的是，Zenvia 客戶雲端解決方案的營收年增 15%，隨著業務的成長，預計營收還會進一步成長。

In the middle of the slide, we can see the CPaaS performance that was again impacted by the newly acquired CPaaS clients with lower margins and increase from the carriers that I already mentioned. As a result, our consolidated adjusted gross profit totaled BRL74 million in Q1 '25 with an adjusted gross margin of 25%.

在投影片的中間，我們可以看到 CPaaS 的表現再次受到新收購的 CPaaS 客戶的影響，這些客戶的利潤率較低，而且我之前提到的營運商的利潤率有所增加。因此，2025 年第一季我們的合併調整後毛利總計 7,400 萬巴西雷亞爾，調整後毛利率為 25%。

Moving on, let's now discuss our G&A. Our G&A expenses this quarter went down 24% year over year, reaching BRL24 million, already including around BRL8 million in costs incurred in Q1 '25, as I mentioned earlier in this presentation. This brings G&A as a percentage of revenues to 8%, down 6.7 percentage points from the 14.7% reported in the same period of '24.

接下來，我們來討論一下我們的 G&A。正如我之前在演講中提到的那樣，本季度我們的 G&A 費用同比下降了 24%，達到 2400 萬巴西雷亞爾，其中已經包括 25 年第一季產生的約 800 萬巴西雷亞爾的成本。這使得一般及行政費用佔收入的百分比達到 8%，較 24 年同期的 14.7% 下降了 6.7 個百分點。

This is due to the workforce reduction of approximately 15% announced in January, that is expected to result in cost savings between BRL30 million and BRL35 million in '25, already factoring the severance expenses.

這是由於 1 月宣布裁員約 15%，預計在扣除遣散費後，2025 年將節省 3,000 萬至 3,500 萬巴西雷亞爾的成本。

Moving on to the next slide. Another key index that we have been highlighting in our presentation for a couple of quarters now, EBITDA minus CapEx, recorded a positive BRL10 million inflow in the quarter. When we look year over year, this metric remained mostly stable, and we also ended the quarter with a cash balance of BRL86 million.

繼續下一張投影片。我們在幾個季度的演示中一直強調的另一個關鍵指標是 EBITDA 減去資本支出，該指標在本季度錄得 1000 萬巴西雷亞爾的正流入。與去年同期相比，這項指標基本上保持穩定，本季末我們的現金餘額為 8,600 萬巴西雷亞爾。

We expect EBITDA to continue growing at a faster pace than our CapEx as it has been the case for the last few quarters. CapEx for '25 should remain at the same level of '24.

我們預計 EBITDA 將繼續以比資本支出更快的速度成長，就像過去幾季的情況一樣。25 年的資本支出應維持與 24 年相同的水準。

Moving on to the next slide to talk about our next steps. Although they've been very consistent for the last couple of quarters, it's always important to remind you what we've been doing at of the next steps.

繼續下一張投影片來討論我們的下一步。儘管過去幾季我們一直表現非常穩定，但提醒大家我們接下來的步驟是怎樣的仍然很重要。

As we embark on our new strategic cycle, we are focused on expanding Zenvia Customer Cloud in Brazil and Latin America. We are focused on accelerating organic growth, leveraging our scalable new platform and partner ecosystem, while maintaining our commitment to deleveraging the company.

隨著我們開始新的策略週期，我們專注於在巴西和拉丁美洲擴展 Zenvia 客戶雲。我們專注於加速有機成長，利用我們可擴展的新平台和合作夥伴生態系統，同時保持我們對降低公司槓桿率的承諾。

The rollout of the new strategic cycle announced in January is taking a toll on short-term profitability, but we are steadily advancing efforts to boost our medium- and long-term performance. At the same time, we are streamlining operations even further with AI playing in a key role, not just in how we serve clients, but in how we operate internally with greater efficiency and intelligence.

一月份宣布的新策略週期的推出對短期獲利能力產生了影響，但我們正在穩步推進努力，以提高我們的中長期業績。同時，我們正在進一步簡化運營，人工智慧不僅在我們如何服務客戶方面發揮關鍵作用，而且在我們如何以更高的效率和智慧進行內部運營方面也發揮關鍵作用。

As we disclosed in January, we will carefully evaluate opportunities to invest on core assets. We believe we own assets that hold significant value in their segments and an opportunistic investment to play a role in optimizing our capital structure. We are working hard for these actions to result in a more efficient company with exceptionally solid business metrics, enabling us to unlock value to our shareholders.

正如我們在一月份所揭露的那樣，我們將仔細評估投資核心資產的機會。我們相信，我們擁有的資產在其領域具有重大價值，並且是一種機會性投資，可以在優化我們的資本結構方面發揮作用。我們正在努力採取這些行動，使公司變得更加高效，擁有異常穩健的業務指標，從而使我們能夠為股東釋放價值。

With this, we conclude our prepared remarks, and we are ready to take your questions.

我們的準備發言到此結束，我們準備回答大家的提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Let me take the first question here in the webcast. Could you talk on some more of the reasons behind the CPaaS growth in terms of SMS volume? Do you think there is an AI tailwind here with companies spending a lot more campaigns now? Or is this a temporary short-term trend? Cassio, do you want to talk about the trends in the SMS and if there is anything AI related to this?

讓我來回答網路直播中的第一個問題。您能否談談 CPaaS 簡訊量成長背後的更多原因？您是否認為，隨著企業現在投入更多資金進行行銷活動，人工智慧會成為順風？還是這只是暫時的短期趨勢？卡西奧，你想談談 SMS 的趨勢嗎？以及是否有與此相關的 AI？

Yeah, sure. There is some seasonality in terms of SMS volumes due to marketing campaigns that are relying on SMS as its main channel. We understand that this is keeping a strong pace in the last couple of quarters and still giving us a bit of tailwind on the next couple of quarters as well. So it's not related to AI itself, but mostly to marketing campaigns that are being resulting in the volume increases in the last couple of months.

是的，當然。由於行銷活動依賴簡訊作為主要管道，因此簡訊數量具有一定的季節性。我們了解到，這在過去幾季保持了強勁的步伐，並且在接下來的幾個季度也為我們帶來了一些順風。因此，這與人工智慧本身無關，而主要與導致過去幾個月交易量增加的行銷活動有關。

And I think we do have a second question, right, Shay from the same Marley.

我認為我們確實還有第二個問題，對吧，來自同一個 Marley 的 Shay。

Yeah, let me just add before we go to the second question on trends. Q1 was actually pretty strong following what we saw in Q4, and actually the entire second half of last year. When we look into Q2, we see somewhat softening, although continue to be very strong, and we continue to see SMS volumes growing year over year above two digits -- high two digits. So it's not as strong as it grew in Q1, but continues to be -- with a strong growth in Q2 in terms of volumes.

是的，在我們討論關於趨勢的第二個問題之前，我先補充一點。從第四季以及去年整個下半年的表現來看，第一季的表現其實相當強勁。當我們觀察第二季度時，我們發現情況有所緩和，但仍然非常強勁，並且我們繼續看到短信數量同比增長超過兩位數 - 高兩位數。因此，它的成長不如第一季那麼強勁，但就銷量而言，第二季仍保持強勁成長。

Now going to the second question, any more color on Zenvia Customer Cloud? Would be helpful to understand how the 15% year-over-year growth for Customer Cloud is being calculated, given that Customer Cloud only launched in Q4. And does a 15% growth change the BRL180 million, BRL200 million guide for the year, given that it's lower than the 25%, 30% productive growth?

現在進入第二個問題，Zenvia 客戶雲端還有其他細節嗎？鑑於客戶雲端在第四季才推出，了解如何運算客戶雲端 15% 的年成長率將很有幫助。鑑於 25% 和 30% 的生產成長率低於 15% 和 30%，那麼 15% 的成長率是否會改變今年 1.8 億雷亞爾和 2 億雷亞爾的指導方針？

So let me start here, and Cassio, feel free to add on anything here. So when we talk about Zenvia Customer Cloud, we always include what is native Zenvia Customer Cloud, meaning new clients since we launched in October coming in directly into Zenvia Customer Cloud, but also the former businesses that are being migrated and clients are being migrated to Zenvia Customer Cloud.

那麼讓我從這裡開始吧，卡西奧，請隨意在這裡添加任何內容。因此，當我們談論 Zenvia 客戶雲時，我們總是包括原生的 Zenvia 客戶雲，這意味著自我們 10 月推出以來直接進入 Zenvia 客戶雲的新客戶，以及正在遷移的以前業務和正在遷移到 Zenvia 客戶雲的客戶。

So just to put into perspective, when we say about 15% growth year over year, it includes new clients in directly in Zenvia Customer Cloud, but also we compare the growth overall of the what we call the Zenvia Customer Cloud Plus, which includes the clients being migrated.

因此，從整體來看，當我們說同比成長約 15% 時，它包括直接來自 Zenvia Customer Cloud 的新客戶，但我們也比較了所謂的 Zenvia Customer Cloud Plus 的整體成長，其中包括正在遷移的客戶。

Second, obviously, that we believe that as we ramp up and people get to know more and more Zenvia Customer Cloud, this will be accelerated. And therefore, we continue confident that this business will grow 25% to 30% into -- in full year '25.

其次，顯然，我們相信，隨著我們的發展以及人們對 Zenvia 客戶雲的了解越來越多，這一進程將會加速。因此，我們仍然相信，到 2025 年全年，該業務將成長 25% 至 30%。

There's another question here in the webcast. What are the current headwinds for the fast adaptation for Zenvia Customer Cloud? Are the headwinds associated with the current high interest rates or customer cautious to migrate to Zenvia Customer Cloud? Cassio, do you want to take us on the challenges that we see on the first months of Zenvia Customer Cloud?

網路廣播還有另一個問題。目前 Zenvia Customer Cloud 快速適應的阻力是什麼？目前的高利率是否有不利因素，或者客戶是否對遷移到 Zenvia 客戶雲端持謹慎態度？Cassio，您願意帶我們了解 Zenvia 客戶雲端上線頭幾個月所面臨的挑戰嗎？

Sure. We're seeing strong adoption for new customers that come in Zenvia Customer Cloud. In terms of migration, we're being cautious on migrating customers because we want them to experience a very interesting improvement on their current solution.

當然。我們看到 Zenvia 客戶雲端受到越來越多新客戶的歡迎。在遷移方面，我們對遷移客戶持謹慎態度，因為我們希望他們能夠體驗當前解決方案的非常有趣的改進。

So we're taking time to get them by hand and having them understand what are the whole package that they are being deployed to them as this new solution gives them lots of different opportunities to adopt Zenvia Customer Cloud. So I would say that we're being cautious to get these customers to have a good experience, to stay on the platform, to evolve their usage.

因此，我們花時間親自讓他們了解部署給他們的整個軟體包是什麼，因為這個新解決方案為他們提供了採用 Zenvia 客戶雲端的許多不同機會。所以我想說，我們會謹慎地讓這些客戶獲得良好的體驗，留在平台上，並改進他們的使用方式。

So it's not about the customer being cautious, it's not about us being cautious to bring them an awesome experience when migrating.

因此，這不是關於客戶是否謹慎，也不是關於我們在遷移時是否謹慎地為他們帶來出色的體驗。

Thank you, Cassio. Another one here, could you please provide some color on asset sales progress? How is the earnout payments going, and more color on the leverage? So obviously, we cannot -- as was the case with the previous earnings call, we cannot comment specifically on asset sale. As we keep highlighting, this is something opportunistic, and we'll continue to evaluating opportunities if and when they arise.

謝謝你，卡西奧。另外，您能否提供一些資產銷售進度的詳細資訊？獲利支付進展如何？槓桿狀況如何？因此顯然，我們不能——就像上次收益電話會議的情況一樣，我們無法具體評論資產出售。正如我們不斷強調的那樣，這是一個機遇，如果機會出現，我們將繼續評估。

All the rest, so in terms of capital structure, and already taking the next question here and putting them together, we are -- we continue to seek a way to deleverage balance sheet faster and improve our capital structure.

就資本結構而言，其餘的一切，我們已經在這裡提出下一個問題並將它們放在一起，我們 - 我們將繼續尋求一種更快地降低資產負債表槓桿率並改善資本結構的方法。

This is important not only, obviously, from a pure financial reason and with high interest rates, deleveraging is even more important, but also because we believe that we could accelerate our growth if we had a better capital structure compared to our EBITDA.

這很重要，不僅因為顯然出於純粹的財務原因，而且在高利率的情況下，去槓桿更為重要，而且因為我們相信，如果我們擁有比 EBITDA 更好的資本結構，我們就可以加速成長。

So it's not a one-way progress or one alternative progress. It will have to come from liability management as we've been doing and we did again in the first half of this year, when we renegotiated with some banks grace period on loans amortization and also sales of non-core assets if it's the case. So it's a combined effort.

所以這不是單向的進步，也不是單一的進步。它必須來自負債管理，就像我們一直在做的那樣，並且我們在今年上半年再次這樣做，當時我們與一些銀行重新談判了貸款攤銷的寬限期，如果情況允許的話，還談判了非核心資產的銷售。所以這是一項共同努力。

As you can see also, we've been streamlining operations and reducing G&A expenses to accelerate EBITDA. So all of the usual tools and combination that we have to deleverage balance sheet. Hugo, can you report there are no further questions at this moment in the webcast?

正如您所看到的，我們一直在精簡營運並減少 G&A 費用以加速 EBITDA。因此，我們必須使用所有常用的工具和組合來降低資產負債表的槓桿率。雨果，您能否回報一下，目前網路直播中沒有其他問題了？

(Operator Instructions)

（操作員指示）

There's one more here. Can you provide us with guidance for the year or at least tell us how the trends are looking?

這裡還有一個。您能否為我們提供今年的指導，或至少告訴我們趨勢如何？

So the same way that we did in Q4, it's been a very volatile year, especially on the CPaaS side. And there are some ramp-ups on the Zenvia Customer Cloud side. So we decided to give a -- not to give a formal guidance for the year, but discuss short-term trends.

因此，就像我們在第四季度所做的那樣，這是非常動蕩的一年，尤其是在 CPaaS 方面。Zenvia 客戶雲方面也有一些提升。因此，我們決定不給出今年的正式指導，而是討論短期趨勢。

So as I mentioned in the first question, when we look into Q2, the SMS business -- CPaaS business continues to be strong, although slightly decelerating compared to what was Q1. And we continue to expect Zenvia Customer Cloud, and SaaS to continue growing the same trends that we saw in Q1 with some acceleration on Zenvia Customer Cloud side.

正如我在第一個問題中提到的，當我們研究第二季度時，SMS 業務 - CPaaS 業務繼續保持強勁，儘管與第一季相比略有放緩。我們繼續預計 Zenvia 客戶雲和 SaaS 將繼續保持我們在第一季看到的相同趨勢，並且 Zenvia 客戶雲方面將有所加速。

EBITDA reported was BRL20 million in Q1. But as we mentioned in our earnings release, there was a BRL8 million onetime expense related to severance costs, as we discussed on January 13, the reduction on our workforce.

報告顯示第一季的 EBITDA 為 2,000 萬巴西雷亞爾。但正如我們在收益報告中提到的那樣，有一筆 800 萬巴西雷亞爾的一次性費用與遣散費有關，正如我們在 1 月 13 日討論的那樣，我們裁員。

And so if we consider around closer to between BRL25 million and BRL30 million in recurring EBITDA in Q1, this is more what it should look like in Q2. And then second half is usually stronger because of seasonality. So these are the trends on a quarterly basis that we are looking at.

因此，如果我們考慮到第一季經常性 EBITDA 接近 2,500 萬至 3,000 萬巴西雷亞爾之間，那麼第二季的情況就更應該如此。由於季節性因素，下半年通常會更加強勁。這些就是我們正在關注的季度趨勢。

There are no -- oh, there's one more question here. Cassio, how Zenvia Customer Cloud is different from the solutions offered by competitors?

沒有——哦，這裡還有一個問題。Cassio，Zenvia Customer Cloud 與競爭對手提供的解決方案有何不同？

Okay. So usually, companies that are using software for their customer experience, they tend to have a very fragmented ecosystem of providers, which means they use on software for marketing campaigns in order for sales, another one for customer support, and some other solution for customer engagement and sometimes a different provider for automation, chatbots, and AI.

好的。因此，通常情況下，使用軟體來提升客戶體驗的公司往往擁有非常分散的供應商生態系統，這意味著他們會使用一個軟體進行行銷活動以促進銷售，另一個軟體用於客戶支持，並使用其他解決方案來促進客戶參與，有時還會使用不同的供應商來提供自動化、聊天機器人和人工智慧。

So what we were able to do at Zenvia Customer Cloud is to unify all those processes and solutions into the same software, meaning that it's in the same interface, same log in, same contract and business model, sharing customer data among all these different perspectives or processes, which in practical terms means that you can do a marketing campaign or a sales process or serve your customer and serve their tickets or demands, having the data of all the data from the customer within the same place, so you can see the whole context of the customer.

因此，我們在 Zenvia Customer Cloud 上能夠做的就是將所有這些流程和解決方案統一到同一個軟體中，這意味著它具有相同的介面、相同的登入、相同的合約和業務模型，在所有這些不同的視角或流程之間共享客戶數據，這實際上意味著您可以開展所有行銷活動或銷售流程，或者為您的客戶提供並滿足他們的客戶的需求，這樣就可以將其放在同一個地方。

And all of these shares the same database, which means every time you interact with the customer, you have the data being available for the whole customer journey. And what we're doing right now from Zenvia Customer Cloud is to we're building -- we're allowing customers to build agents and also providing some agents that automate some of these operations, such as identifying with the best customers or helping to understand what is the customer context for some support.

所有這些都共享同一個資料庫，這意味著每次您與客戶互動時，您都可以獲得整個客戶旅程的數據。我們現在透過 Zenvia 客戶雲所做的就是建構——我們允許客戶建立代理，並提供一些代理來自動執行其中一些操作，例如識別最佳客戶或幫助了解某些支援的客戶背景。

And all this is able to be developed and provided because we are a unified solution, and that's not something you can easily make with this fragmented ecosystem. So majority of small and medium customers have no other way to make that happen. That's why they're seeing huge benefit from Zenvia Customer Cloud.

所有這些都能夠開發和提供，因為我們是一個統一的解決方案，而這並不是你在這個分散的生態系統中能夠輕易實現的。因此大多數中小型客戶沒有其他方法來實現這一目標。這就是他們從 Zenvia 客戶雲中看到巨大利益的原因。

And these are large customers that we didn't necessarily expect to adopt Zenvia Customer Cloud as their solution are beginning to use our software. So we have huge banks and retailers using Zenvia Customer Cloud as their solution. And that's something we're seeing that there's a really very good opportunity for us as white space that we've been able to fill.

這些都是大客戶，我們不期望他們採用 Zenvia Customer Cloud 作為他們的解決方案，但他們也開始使用我們的軟體。因此，我們擁有大量銀行和零售商，他們使用 Zenvia 客戶雲作為解決方案。我們看到，這對我們來說確實是一個非常好的機會，因為我們能夠填補這個空白。

So that's why we are very excited about this app solution being somewhat unique to the market.

因此，我們對這個在市場上獨一無二的應用解決方案感到非常興奮。

A follow-up on this. Can you talk a little bit about clients who have been using customer cloud for longest? What the trends look like? How do they mature usage? Just give us some cost some view on use cases and what's been going with Zenvia Customer Cloud from a client perspective?

對此進行跟進。能否談談使用客戶雲端時間最長的客戶？趨勢是什麼樣的？它們是如何成熟使用的？只需向我們提供一些成本、一些用例觀點以及從客戶角度來看 Zenvia 客戶雲的進展？

Sure. We're still early in the cohorts, but we're able to see the behavior of these customers easily adopting new modules by themselves. Before Zenvia Customer Cloud, we provided our solutions as a standalone, each solution has a standalone offering, and we measured cross-sell of these solutions. And it was very difficult to sell a second software, as every time a customer would consider adopting a new software, we would compete with any other provider, that we're able to provide a niche solution.

當然。我們仍處於早期階段，但我們已經能夠看到這些客戶自行輕鬆採用新模組的行為。在推出 Zenvia Customer Cloud 之前，我們將我們的解決方案作為獨立產品提供，每個解決方案都有獨立的產品，並且我們會衡量這些解決方案的交叉銷售。銷售第二個軟體非常困難，因為每當客戶考慮採用新軟體時，我們都會與其他供應商競爭，以便能夠提供利基解決方案。

But as we provide Zenvia Customer Cloud, all the software embedded, they are a click away from current customers to try to experiment this new solution, which means they are, let's say, they're doing marketing campaigns.

但是，由於我們提供 Zenvia 客戶雲，因此所有軟體都嵌入其中，現有客戶只需點擊一下即可嘗試這種新解決方案，這意味著他們正在進行行銷活動。

If they want to engage with customers and make a sale, that's just a menu item. They just click, and they start interacting with these customers. If they want to create -- to provide a ticket control for customer support, they just click, and they're able to test this solution.

如果他們想與客戶互動並達成銷售，那隻是一個菜單項目。他們只需點擊一下，就可以開始與這些客戶互動。如果他們想要創建——為客戶支援提供票務控制，他們只需單擊即可測試該解決方案。

So this is creating a huge effect of cross adoption that it is around, I would say, 15 times what we had before in terms of cross adoption that we compared earlier to cross-sell, and that is getting a very good traction for customers. Every new customer that starts with one module over time, they easily go to a second or to a third module, and that is happening throughout the customer base.

因此，這產生了巨大的交叉採用效應，我想說，就交叉採用而言，與之前的交叉銷售相比，它大約是以前的 15 倍，這對客戶來說非常有吸引力。每個新客戶一開始都使用一個模組，隨著時間的推移，他們很容易轉到第二個或第三個模組，整個客戶群中都會發生這種情況。

And as we -- the business model that we created is able to monetize that, as we charge per interactions with end customers, it's kind of a volume usage model, we are able to monetize that. So we see these cohorts growing usage, and then upselling their plans as they continuously use all these new adopted solutions. So that's the trend that we're seeing.

而且，我們創建的商業模式能夠將其貨幣化，因為我們根據與最終客戶的每次互動收費，這是一種批量使用模式，我們能夠將其貨幣化。因此，我們看到這些群體的使用量不斷增長，然後隨著他們不斷使用所有這些新採用的解決方案，他們的計劃也隨之增加。這就是我們所看到的趨勢。

And the kind of customers that they are using, this is very broad, but it's fair to say that we see health, education, retail and financial services are being like the ones that benefit the most of the solution. And we thought it will be mostly for medium-sized companies, but we're also seeing large companies adopting the software. So that's kind of an unexpected trend for us, that we're seeing occur in the last couple of months. So that's pretty much what we're seeing nowadays.

他們所使用客戶的類型非常廣泛，但公平地說，我們看到醫療、教育、零售和金融服務是解決方案的最大受益者。我們認為它主要針對中型公司，但我們也看到大型公司也在採用該軟體。所以這對我們來說是一種意想不到的趨勢，我們看到了過去幾個月發生的這種趨勢。這就是我們現在所看到的情況。

Another one for you, Cassio. Would love if you guys can provide more color into the new franchise model. How is it going? And expansion into other countries in Latin America, how big is this an opportunity?

再給你一個，卡西奧。如果你們可以為新的特許經營模式提供更多色彩，我將非常高興。最近好嗎？並擴展到拉丁美洲的其他國家，這是多大的機會？

Sure. Just starting on LatAm, when we look at Zenvia Customer Cloud, we have around -- Shay correct me if I'm wrong, but around 40% of our revenues from ZCC Plus already coming from other countries other than Brazil and mostly all from LatAm. So we see the -- it's a very competitive solution that we're providing for the whole of LatAm. That's why we are investing to grow, and we're already seeing growth for LatAm as well.

當然。剛開始涉足拉丁美洲市場時，當我們查看 Zenvia 客戶雲時，我們大約有 - 如果我錯了，請 Shay 糾正我，但 ZCC Plus 大約 40% 的收入已經來自巴西以外的其他國家，而且大部分都來自拉丁美洲。因此，我們看到——這是我們為整個拉丁美洲提供的非常有競爭力的解決方案。這就是我們投資發展的原因，而且我們已經看到拉丁美洲的成長。

And in terms of the franchise model, we launched that model in Q1, beginning Q1, with zero partners, and we have more than 30 franchises already contracted, already working with us. It was our goal for the year, but we were able to achieve that on the first half of the year. Now we're working with them, and training and helping them on the first customers, and that is doing pretty well. That's why we are very excited with this new model.

就特許經營模式而言，我們在第一季推出了該模式，一開始沒有任何合作夥伴，但現在已經與 30 多家特許經營商簽約並與我們合作。這是我們今年的目標，但我們在上半年就達成了。現在我們正在與他們合作，對他們進行培訓並幫助他們迎接第一批客戶，而且進展順利。這就是我們對這個新模型感到非常興奮的原因。

We understand that throughout the year, as these new partners, they mature, we will be able to see an important part of our growth from Zenvia Customer Cloud coming from this model. And let's see what happens throughout the years. We're able to see the amount of growth, and the amount of leverage that will bring us, but it's been interesting, very interesting so far.

我們了解到，隨著這些新合作夥伴在全年的不斷成熟，我們將能夠看到 Zenvia 客戶雲端成長的重要部分來自於這種模式。讓我們看看這些年來會發生什麼。我們能夠看到增長的數量和它將給我們帶來的槓桿數量，但到目前為止這很有趣，非常有趣。

And Cassio, just to add on the LatAm side, so it's been -- we've been putting more focus on that. We have a team based out of Mexico. And it's been, as Cassio mentioned, competitive, but we see opportunities. We estimate around BRL50 million in revenues coming from LatAm in 2025. So it's more than 50% growth when we compare to 2024. So it's a strong improvement, strong growth. Obviously, opportunity is way bigger than this.

還有 Cassio，關於拉丁美洲方面，我們一直把更多的注意力放在這方面。我們在墨西哥有一個團隊。正如卡西奧所提到的，競爭很激烈，但我們也看到了機會。我們估計，2025 年來自拉丁美洲的收入約為 5,000 萬巴西雷亞爾。因此，與 2024 年相比，成長率將超過 50%。所以這是一個強勁的進步，強勁的成長。顯然，機會遠比這大。

But there are also, as I mentioned, there's a lot of growth that depends on our ability to deleverage balance sheet and being able to accelerate growth. But despite that, we are very happy with what we are seeing in our LatAm expansion as we put focus on it, and it's one of the specific goals that we have for 2025.

但正如我所提到的，許多成長都取決於我們去槓桿的能力和加速成長的能力。但儘管如此，我們對拉美擴張的進展感到非常高興，因為我們將重點放在了拉丁美洲地區，這也是我們 2025 年的具體目標之一。

Can you please address the issue of customer churn? Is this a result of your business transition? What are you doing currently to retain customers? Cassio?

您能解決客戶流失的問題嗎？這是您的業務轉型的結果嗎？您目前正在採取什麼措施來留住客戶？卡西奧？

Sure. As we have some solutions that we consider legacy solutions, where we expect that we have a bit of churn that is higher on this legacy software than on the core software. When we look at the core software, which means a ZCC and the ones that are going to be migrated to see, there we don't see a huge problem in terms of churn that has been healthy.

當然。由於我們有一些被視為遺留解決方案的解決方案，我們預期這些遺留軟體的流失率會高於核心軟體。當我們查看核心軟體（即 ZCC 和即將遷移的軟體）時，我們並沒有發現在客戶流失方面有巨大的問題，而且情況一直都很好。

Of course, we're always working to get a better retention of these customers. Usually, what we have in terms of churn for this portion of the business is more early churn. And these tend to be customers that try and at some point, they understand that it's not the best solution for them. But when we see the base churn that is pretty low, and when we compared to benchmarks, we're very healthy in terms of churn for the base of customers. So it's a mix of different portions of churn.

當然，我們一直在努力更好地留住這些客戶。通常，對於這部分業務，我們所面臨的客戶流失更多的是早期客戶流失。這些客戶往往會嘗試，但到了某個時候，他們就會明白這不是最好的解決方案。但當我們看到基本客戶流失率相當低時，當我們與基準進行比較時，我們發現客戶群的流失率非常健康。因此，它是不同部分客戶流失的混合體。

We're reversified in the churn level, considering all these aspects. But of course, we are always working to get not only better rotation, but also better development of customers that stay in the base, and we're able to do that with cross adoption and usage, the volume usage business model.

考慮到所有這些方面，我們在客戶流失水平上進行了逆轉。但當然，我們一直在努力不僅獲得更好的輪換，而且也更好地發展留在基地的客戶，我們能夠透過交叉採用和使用，即批量使用業務模式來做到這一點。

Thank you, Cassio. I'm not seeing any further questions here. Hugo, can you report?

謝謝你，卡西奧。我沒有看到這裡還有其他問題。雨果，你能報告一下嗎？

(Operator Instructions)

（操作員指示）

I guess that's it from Q&A side, Hugo.

我想這就是問答部分的內容，Hugo。

Okay. This concludes our Q&A session. I would like to turn the conference back over to Mr. Cassio Bobsin for his closing remarks.

好的。我們的問答環節到此結束。我想將會議交還給卡西奧·博布辛先生，請他致閉幕詞。

Thank you very much for everyone's attention. We are very happy to share with you the results of Q1, and we're seeing a very interesting year for us. It's a year of getting profitability growth combined. We're seeing the beginning of the year, giving good trends for the whole 2025. So expect to see you in the next quarter.

非常感謝大家的關注。我們非常高興與大家分享第一季的業績，對我們來說，這是非常有趣的一年。這是獲利能力整體成長的一年。我們正目睹新年伊始，並為整個 2025 年帶來良好的趨勢。期待下個季度見到您。

The conference has now concluded. Zenvia's IR area is at your disposal to answer any additional questions. Thank you for attending today's presentation. You may now disconnect. Have a nice day.

會議現已結束。Zenvia 的 IR 區域可以為您解答任何其他問題。感謝您參加今天的演講。您現在可以斷開連線。祝你今天過得愉快。