Good morning, everyone. It's a pleasure to have our first earnings call here after the IPO. We are really happy with the progress. This is a quarter that was very turbulent, but I believe that we do have good news to share with you today. Renan, for those of you that are new investors, it's worth it to give you some context on ClearSale and what it is. We are focused on avoiding fraud and identity robberies, when people use third-party information for fraud purposes, especially credit card fraud on e-commerce, and also fraudulent behavior like self-fraud, where they use their own card and then they say that they don't recognize that purchase. All this fraud is positioned in the e-commerce environment. The market has serious challenges in handling fraud. When in doubt, they refuse transactions with money also. They lose good customers, good sales, and have damage in their image. That's why ClearSale makes such a difference in the results of the companies. The triangle to have good fraud management really is having a minimum fraud rate. At the same time, when you have the maximum approval rate. Wow, just a minute. Here on the left bottom side, you can see the minimum fraud rate and while you have the maximum approval rate and the lower response time and the lowest friction possible. When we are thinking about approval, of course, we must think about conversion, because if the company places too many phases to perform the conclusion of its purchase or registration, the customer can just give up, and they can give up right when all of the acquisition costs are already spent. We've talked about this during the roadshow, that ClearSale really intends to minimize the real cost of fraud. We have some case studies where companies lose money with fraud, ineffective losses, transactions of good customers that are refused, which is what we call false positive costs with external suppliers and internal prevention costs, and with the prevention team. We are focused on improving more, and with this we can reduce the total fraud cost in any region we've tested. We are obsessed with approving good order using all of the technology and human intelligence we have available. Now just a bit about our story here. In 2005, we become a software as a service, a SaaS company. Now we start having the network effect and the shared database, which is a single base. If someone has a fraud in e-commerce, they can't do this afterwards in another one because they're all being seen by the same company, which is ClearSale. You have artificial intelligence in the space. In 2008, we outsourced this risk management with the responsibility for each approval for each order. At the end of the day, we say we have skin in the game, so I'm responsible for the customer's result. We had to solve all of the fraud in Brazil within 2008. That's when we began building many technological components for device fingerprints, the second authentication factor, and so on. After this, we began working with onboarding, which is what we call application fraud, where someone has to try to register or buy products or services or telecom services, or open up a checking account. In 2015, we take part of ClearSale, which is the e-commerce work with the non-on-site credit card transactions to the U.S. and then Mexico. In 2017, we started working with credit scoring. Also because of the richness in the database in 2018, most of the onboarding processes and registrations are done on mobile devices, and especially onboarding on telephone app. We reach 2020 with this exponential growth in the revenue and the technological network that we use to build our diverse solutions, such as the Data Trust, which is a frictionless solution with maximum approval and a very low rate of fraud. We had our IPO based on the CVM Instruction 400 on the 30th of July. It was the day of my birthday as well. We listed on Novo Mercado. It's listed on B3 with very unique rules with maximum corporate governance. The base offering was BRL 1.1 billion. We had a primary of BRL 625 million and a secondary of BRL 509 million. There's still going to be the greenshoe of approximately BRL 170 million. At the opening of the bid, when we opened up, it was like 20% high valuation. We became a real unicorn at the moment when we were listed and negotiated and traded for the first time. The use of proceeds is 50% for organic growth, so a lot of investments in commercial teams and all of the supply chain that this involves, such as teams with artificial intelligence, IT teams, and so on. 20% was for our open innovation area so that we can incubate many different options we have on our database, and 30% for inorganic growth and to also take advantage of the market opportunities and accelerate our roadmap for products. Now about the qualitative aspects and some achievements that we recently had. In e-commerce, with the meetings we had with investors in the roadshow, I said we always kind of needed to innovate to avoid churn, and that's when we started working with the second authentication factor on WhatsApp, which also increases efficiency and precision, and it reduces the need for human intervention. We had many evolutions in this quarter with SLA products to service other segments. We had many upsides. We also had biometric tests for pickup from store operations. We also had a shift in our phone system to Via, which has better quality in the calls with the human analysis and also to avoid SIM swap fraud because we're going to know exactly the date when that phone chip was switched. This is going to be valid for e-commerce as well. We also have the Data Trust evolution with the implementation of biometrics and modularization of the components. It may seem simple, but this is what gives you the scalability when you have all the components in a modular manner, and you can really produce these solutions for the customers. In open innovation, we also repositioned the fraud of small businesses as what we call Business Trust, and we intensified some research in different efforts and areas to work in, such as the health insurance field. Even though it is a challenge and we were very much questioned about from the end of June 2020 to June 2021, we grew 63% in the year in the amount of IT professionals, and we grew 35% in our commercial structure. I want to remind you that we had an LTV on the customer acquisition cost that was pretty high. We should invest more in the commercial structure. We should continue to invest in this front, especially with the LTV upon the customer acquisition cost continuing to be high. We had a 30% increase year-over-year. In the international expansion, we were a little more discreet, but we did hire two sales heads in Mexico. 1 is enterprise and some other partnerships, and then many different actions for people, diversity, and culture, which is really our guiding force. When there was the opening of the discourse at B3, we said that our biggest challenge was to ensure that nothing changed in ClearSale and to maintain our growth unit. Also a flu vaccination campaign, some diversity groups as well. We were able to keep up on the list of the best LGBT, also our climate survey reached an NPS of 85. The question is: would you recommend ClearSale as the best place to work? We had an NPS of 85, which is really high. Just one second. As an employer brand, our initiatives to attract talent really sponsored the Campus Party and also set a partnership with FURIA, which is an esports team. We had some charity work with the donation of some basic food baskets when the pandemic was more severe in the initial and the second quarter. Each of the employees would donate BRL 25, and the rest of the company would complete this with BRL 75. It was a very successful campaign. Moving on to the highlights of the second quarter of 2021. We grew our net revenue quarter upon quarter of 35%. Just to remind you that now we are comparing the period in the pandemic compared to another pandemic period, which is different than the first quarter when I would stop and compare a pandemic period with a pre-pandemic period. We grew 82% in the first quarter. This was very significant, as you'll see in the amount of orders that don't grow. It was also really levered by what we always said was our main avenue for growth, which was the onboarding revenue, so quarter upon quarter. Here you can see the pandemic is not moving in our favor really, it never did. Even so, we were able to grow 56% year upon year on onboarding, and it becomes more and more an important avenue for growth and also very relevant revenue for ClearSale. In e-commerce, even despite the absence of significant growth in orders, we still grew 31.6% year-over-year in Brazil and 20.1% year-over-year internationally. This was a little more discreet due to the valorization and the current depreciation. If it had been more stable, maybe we would've grown about 32% in line with Brazil. I n new sales, we simply brought in more recurring contract revenues than the entire last year. BRL 5.9 million compared to BRL 5.4 last year. If we were to compare the first semester entirely of 2021, compared with the entire quarter of 2020, we grew 125% in new sales, and we only grew the commercial team in 30% or 35%. Our LTV upon the customer acquisition cost even growing more than double what the same period last year, and also more than the entire last year, it should have had increased and reduced even with the increase of the commercial strength and sales force. The cost of expenses, we grew 71%. We were able to bring in the team from IT and analytics and redirection the human analysis to the biggest needs we had with the intensification of the second year in the pandemic. The Adjusted EBITDA, even despite these increases in costs and expenses and the structuring of the IPO, we had a positive EBITDA of BRL 21 million and 19%. Even in the quarter, when everyone was kind of busy with the IPO, if we were to use the growth and the growth of the EBITDA margin, we have 54, which positions ClearSale as according to the 40+ rule, as a company that is a very attractive company. Even in the first quarter in the IPO process. In regards to the growth of the net revenue, as I mentioned, 35% quarter-upon-quarter. Naturally, this was levered by the fact that in the first quarter, If you take a look over here, I was growing, at the moment of the pandemic compared to pre-pandemic period, where the involuntary volume of orders had grew 61%, and we had grown 82% in revenue in the first quarter. Now that the volume of orders grew only 9%, we were able to still grow 35%, really levered mainly by the highlight here. If we can take a look at the results in June of 2021 compared to June 2020, where we say what was our biggest avenue for growth, there's a lot of room for growth. Here you can see we're growing almost 73%, but also in all of the other avenues for growth such as I had mentioned. We did not expect, we did not wait for the IPO to accelerate this process in the company because we are cash generators. We just reduced our EBITDA to have more growth, this was a very successful measure. If you take a look at this new sales, we grew from 2.6 million of added contracts that are recurring till the first semester of 2020, till the 30th of June to 5.9 million, as I mentioned, greater than the entire last year. Here you can see our growth of 66% internationally and 70% onboard and 400% in e-commerce in Brazil. If you remember that the increase in orders did not happen, two effects did occur. One is that we're being able to bring new contracts, and also as the increase in orders not grow as much, a big issue, which was the internalization, is happening with greater outsourcing with ClearSale. This indicator here is in monthly recurring revenue. This would bring to next year, if there's no churn, about BRL 71 million in ARR. This is comparable to our churn rate, which we were able to reduce even more in the first semester compared to the second. If we analyze what we added as new revenue with sales compared to what we lost, the net revenue growth would be 5.5% that we're adding. BRL 5.9 million of recurring monthly contracts, and we only lost BRL 400,000, which would give us a forecasted churn of 2.8%. We believe this is more of a contextual issue, and it was even too low. I just want to remind you that we also grew in the amount of customers. Of course, the onboarding has a larger average ticket. We brought in almost 1,449 customers with a churn that was really low. In regards to growth and maintenance of the customers, we were spectacular. Actually, just to remind you that just in the 1st semester, we sold more than all of the year 2020. We have in this semester a growth of the net income, and that almost went sideways. If we're structuring the company for growth, we had to, first of all, readjust the amount of human analysis specialists because we had a second wave, and only in the second quarter were we actually able to actually have the human analysis offer proportional to the demand and really make all the indicators for our customers on the track for that. Our churn rate was really low. We reinforced this as well with major costs through our analytics IT team, and we've been able to bring in these professionals, which of course has costs. We also have some duplicity because we're also migrating to the cloud, which generates additional costs. This, of course, affects the margin, the percentage gross margin drop 8 percentage points, which was completely expectable and planned. In regards to expenses, we had an occasional increase because of the IPO, non-recurring expenses like consulting services, support for preparing for the audit, and so on. Besides this, we also reinforced our commercial structure, and we're going to continue to do this because our sales are healthier. We also have some administrative readjustment due to the IPO and to also support the growth. We need the IR to really bring in all these people. We also have an IR department now. If we did not have these costs and we kept up as we were before, we would have some growth of about 25%, and this would provide some scale to the company, which is not the case because we want to structure ourselves to be able to accelerate this growth even more. Even so, as I mentioned, we generated some EBITDA, and even so, in the quarter, we grew the EBITDA compared to last year, really favored by the high EBITDA in the first quarter as well. The final remarks here and message is we promised to the market that we would reduce our EBITDA and increase our growth. We were very effective in doing this because we were able to increase about 30%, 35% of our commercial sales force. We also increased new sales by 125%. Of course, we grew less this quarter than the last quarter because we consider a social isolation comparison against non-social isolation comparison. There's a pandemic and pre-pandemic period, but it's very healthy growth of 35%. We did all of this before using the IPO proceeds, and we were able to really focus on this because we're cash generators. We focused on our two main avenues for growth, which is onboarding in Brazil and e-commerce in Brazil. We already had our initial initiatives in our strategy for international growth, structuring our senior sales force and team for sales in Mexico, which still does not bring in significant results. Now with the IPO proceeds, we should continue this acceleration process and also get into more acceleration with the open innovation. With this, we are opening up for Q&A, and I want to thank you all for your time and attention. Thank you. Now we're going to begin the Q&A session, which can be submitted in writing or through audio. To submit a question, please use the Q&A button on the Zoom app, clicking on the icon on the bottom of your screen. If you would like to participate by audio, just write on the Q&A that you would like to participate, and your microphone will be opened after that, when your question is announced. The question may also be submitted in writing, typed directly in the Q&A field. Our first question comes from Ernesto Gabilondo. I will open up his mic now. Ernesto? Hi, good morning. Bernardo, can you hear me? Yes. Good morning. Perfect. Thank you. Ernesto Gabilondo from Bank of America. Congrats on your IPO. Thanks for the opportunity. A couple of questions from my side. The first question is if you can provide the EBITDA margin for Brazil and the international market as of second quarter. I'm just wondering if you can provide this type of information in your future quarterly releases. My second question is related to the international market. We have seen Riskified was listed in the U.S. market. Do you consider it as your most direct peer? What will be ClearSale's strategy in the U.S.? Would you like to be in the top three, or you feel comfortable to be within the top five? Any color on this will be very helpful. Thank you. Okay. Thanks for the question. I am going to address your second question, and then I will call Renan to talk about the first question. Riskified is one of our competitors. Due to the focus on region, the one that we consider more as a direct competitor, where we have the commercial disputes on new sales, is Signifyd. They have a similar business model than ClearSale. We have a low churn rate in the U.S., and we usually generate a better true cost of fraud. Usually when they shift from any competitor to ClearSale, they don't leave, and this is demonstrated by the churn rate. We are not worried about being the third or the fourth. We are always worried about quality and delivering the best true cost of fraud because there is no sense in selling, in acquiring new clients and providing a worse service and then have a high churn rate. As far as I know, most of these competitors works on losses, and we work on profit, and we use our proceeds to grow in a sustainable way. Renan, I think that we do have the EBITDA separated by Brazil and international. Do you have it or is it on the release? Yeah, we have on the release. Hi, Ernesto. Thanks for your question. We do have the EBITDA from the Brazilian operations on the release, which was BRL 26.8 million in the quarter, representing a 26% gross margin. You can consider by the financial statement, basically, what we name the controlled company is the Brazilian operation. You can have this proxy by the financial statement. Okay, perfect. Thank you very much. Please remember that if you have any questions to submit, please select the Q&A icon on the bottom of your screen, typing the question in directly or requesting participation via audio. We have a question from Thales Granello. Good morning. Congratulations on the results and for the IPO. Could you provide more details regarding what we should expect for the gross margin and EBITDA for the next quarter, please? Greater leverage operationally throughout the next quarters and at the end of migration of the cloud should lead to margins at levels that were in the second quarter of 2020. Thank you. Well, Thales, I don't know if we talked during the roadshow, but our strategy is compression of the EBITDA, which also goes through the gross margin compression because most of the professionals in the IT segment and AI are costs and not investments. We are structuring this to have an improvement in the product, service customers better in each segment, operating new segments as well. All of this, of course, pressures the cost, besides the structuring of the company for growth, which pressures expenses as well. We're already expecting an EBITDA compression throughout this and the next year, and exchanges in the growth that has been coming in so that after we could go into gross income or gross profit levels and EBITDA levels that we had previously. Maybe if I could just add on to this point. We also had the cloud impact with some cloud cost subsidy that consumed BRL 2.5 million in the quarter, and this represented almost two points in margin consumption, which should continue until October this year. Once again, excuse me. I'd like to remind you that if you have any questions, you should click on the Q&A icon on the bottom part of your screen, typing in the question directly or requesting participation via audio. We have another question in writing from Danilo Vichi. "What justifies the amount of transactions growing 9% and the revenue at ClearSale growing 53.7%? Apparently, I understand that there's an increase in the average ticket. Does this make sense?" Yes, that does make sense because when a customer has part of their management in-house and then decides to outsource all of the management with ClearSale, this increases their average ticket. Besides this amount of transactions could also be smaller, and it's not dropping that much. I just want to remind you that now we're already present in all of Brazil where physical retail open and the amount of transactions is not dropping, so new sales are also helping the amount of transactions keep stable. These are two combined effects, and one of these you're right about, which is contrary to what was questioned before about if there was an internalization with Actually, dis-internalization or more outsourcing. Besides this, we were still able to replace part of the orders that should be on a drop with new sales. Excuse me once again. I'd like to remind you that if you have any questions, please select the Q&A icon in the bottom part of your screen, typing the question directly or requesting participation via audio. Since there are no other questions, I would like to pass on the word to Mr. Bernardo Lustosa for his final remarks. Well, I think I've already made my final remarks. Really, I just want to remind you that we are at a quarter where we don't have social isolation, but we're comparing with a quarter last year with social isolation. The orders should drop, but even so, we're able to have new sales on e-commerce that helped the orders on e-commerce grow 9%, and we were able to increase our revenue in more comparable basis by 35%. Sorry, 32% in e-commerce, which is the same in international commerce. Also, as I had mentioned, we have been exchanging EBITDA for growth, and this growth is coming mainly through the onboarding process, which we always mentioned had a lot of market growth opportunity. We grew about 70% semester upon semester with added revenue and recurring monthly contracts. All of this was done, making us really happy with the expected results and demonstrating many different things that we were questioned about in regards to opportunities in our market in Brazil, if there is some kind of saturation in e-commerce and if there really was that much market share to capture. The commercial and sales efforts have been providing excellent results till the end of the first semester, which was 30th of June. We sold more than the entire last year, so our LTV on customer acquisition cost has actually gone up, which will obviously make me have to invest more and more in commercial and sales force since the revenue is not paid on the same day. Of course, we're going to have some margin compressions, but we'll accelerate growth a lot more in the future. With this, I want to thank you all for your participation today.
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