Good morning, ladies and gentlemen. We will be discussing the results of the second quarter of 2022. The video transmission is being transmitted simultaneously via webcast and will be available on the website of IR of the company at the address ri.clear.sale. The presentation of slides will also be available in CVM. After beginning, I would like to clarify that any declarations that may be done during this call about business perspective are just based on the current expectation of the administration. These expectations are subject to change and other market factors. Future predictions are not guarantees of performance, and they involve risks, uncertainties and assumptions because they talk about future events which may or may not happen depending on the circumstance, which may or may not occur. Economic conditions, industry conditions in the industry and other operational factors can affect the future results of the company and can also differ materially from those expressed in this call. With us today is Dr. Bernardo Lustosa, Director, President, and CEO, Alexandre Mafra, Financial Director and CFO of ClearSale, and Renan Ikemoto, Director of Investor Relations. Initially, Bernardo will make comments about the current results of the period, and after, Mafra will speak about the financial results of ClearSale, and then he will be available together with Ikemoto for any questions you might have. I'd like to now pass it over to Bernardo Lustosa. Bernardo, please go ahead. Good morning, everyone. It's a pleasure to be able to present to you the results of the second semester of ClearSale of 2022. First, I'd like to reinforce the growth, sustainable growth, long-term growth as the principal vision of ClearSale and the generation of confidence of our clients, generation which you'll be able to observe in the indicators during our presentation. First, a little bit of a history. ClearSale has been growing since 2008 with only the internal generation of cash at the time of the IPO, which was in July 30, 2021, with margin compressions and more and more aggressive growth. As the economic scenario changed, everybody knows inflation, consolidation and the situation became difficult. Lower credit offerings, and we saw that our client growth of our base, the natural growth, which we say was not coming strongly. We created and launched on August fourth a plan of balancing our margins with the sustainability program. Together with this program and this balancing plan, we made a series of plans which will now come into effect, and we want to be able to balance between growth and margins of the company. Talking about the balancing program, we also brought in excellent evolution of the financial numbers, which demonstrates the capacity of ClearSale to react. As I mentioned, we have always grown through internal cash generation, and when we needed to change the company to, in a sense, this route, we have maintained this capacity and the capacity of mobilization of the ClearSale team to do this. I wanted to initiate this part of the presentation accompanying qualitative and quantitative of the project, which we began on April 8th. Everything that you're gonna see in these results in this presentation is basically the results of only a month and a half when we launched this project on April 8th, and we've already had a positive impact, starting with the part of revenue. We worked greatly on revenue and rescission of original contracts, qualification of products, and added to this new sales in the quarter, which were very good. We grew BRL 45 million of ARR, which is a rapid increase of 63%, quarter-on-quarter compared to last year. In the costs area, focusing on the principal costs, we worked on the revision of margins with our clients. We worked on optimization of the process of cloud processes, which is our second biggest cost item, and our capacity to analyze the macro scenario according to demand, the rollout of the indicators, which brings more efficiency to the operation. This is all possible by looking at our gross margins increasing by 16%. Remember that just with 15 days of the project in effect, raising it to 29.2%. If we take some non-recurring effects from this first action of this balancing plan, the margin would be 31.3%, and if we adjusted by the impact of fraud, it would be 34.7%. Beyond costs and efficiencies, we also have revised our cost structure and our operational capacity prioritizing projects. If you want to do everything at once, we're gonna do everything, recurring expenses of 22% in the quarter, which is the same as BRL 22 million. You're gonna see this curve happening over the numbers that we show. In January, we started a war room with the best anti-fraud specialists in Brazil to reduce the impact that we had of the non-revenue of non-completion indicators with our clients. In the past, we spoke about that it's not the first or the second or third time that ClearSale goes through these crises, and that's what makes us to innovate even more. I can say that it's already under control. As you can see in this graph here, the discount of fraud in the first quarter corresponded to 9.6%. Now we also know that fraud, looking at these numbers, the June numbers are already more under control. However, there's a delay for the capture of this in our revenue due, which should come over this next quarter. On the fourth slide, which talks about our conquests, although we've been working on efficiency, cost reduction, and expenses, I also wanted to reinforce our commitment to long-term growth, always investing quite greatly in technology and innovation. We have here a development and innovation implementation of new platforms, the safest in the market, a frictionless Data Trust Platform, a data flow which brings the optimization both in the way we work as well as in the reduction of costs of processing and facilitating the sales and validity in real time. We have a Harmony Two project, which is a revision of all of the value streams and squads. We specialize these squads in management teams and have a better level of service for our clients. In the credit score, we positioned the brand with better pricing, communication, and this has reduced our beta because we go to the top of the funnel, which has been more and more representative for ClearSale. We also have the trust book, which is a book of variables which will permit us to bring better separation measured by the KS index and the lowest possible delivery time. We have a new commercial strategy through the same blocks, where the client can experiment and focus on proofs of concept, which makes us anticipate the possibility of anticipating our sales in long tail, in alliances and partnerships. We have more than 100,000 entities attended through alliances. In the long tail, we are automating our attendance, our service, bringing ClearSale service to the client through WhatsApp. We're integrating our alliances in our CRM since this is a sales channel which we want to professionalize even more and more, which makes it possible to capture in synergies and opportunities and also the construction of partnership programs which makes us more structured for the following and segmentation of our partners. In Explore, which is our open innovation area, we have two products which are very strong in technology. The Brand Protection, which is a product of monitoring brands, which detects phishing and kills these false sites. We have a new pricing of that product and advances in the detection of data leaks, which is called OSINT. We doubled in more than 6 months. We already have 20 clients. In Business Trust, where we have fraud of companies, defrauding companies, businesses defrauding businesses, we put four in six months. We already have 20 clients. This is still timid. It's not the results of ClearSale, but it shows our capacity to explore adjacencies and test new initiatives that have a correlation with what ClearSale does and identifying the market features so we can accelerate them. Many other new things in the diversity of inclusion. We have a formal policy approved in July of this year of diversity. We have the certification of GPTW Women, special partnerships for employees, and we also have the sign language interpretation in all of our internal events. In culture, social culture, we have an enthusiastic through Beta Learning, data learning. It has a great focus on people. We're training our employees, our ClearSale employees, who are not trained in IT, in technology, and we're training our own labor in-house, specializing them with workers who have many times began in the operation. We have a sports championship which began during the lockdown and continues now and has been strongly adhered to. We also have the first governance publication in the history of the company. Several highlights of the semester. We had BRL 123 million in revenue during the first half of the year, a growth of 10% compared to the same quarter of last year. We've been able to capture all the potential of revenue through fraud. We're already improving, as we saw in the previous slide. It could have been 13% instead of 10%. The onboarding revenue grows by 31% compared to the same period of last year. When I talk about onboarding, I'm talking about Application Fraud is also there, where our biggest clients are financial clients, banks, et cetera. We did BRL 73 million in Brazil e-commerce revenue, which is more or less in line with the numbers of the market, which the market has published, a fall off of 4% year-over-year compared to last year. also looking at the positive side, compared to the first quarter, it was a growth of 25%, which shows that the economic situation is slowly is getting better for consumption. The potential adjusted by chargebacks were 1% of growth compared to last year and 23% in this quarter when compared to the first quarter of last year. This shows a reduction of gap among the potential captured potential and the revenue of e-commerce, international e-commerce. We had a good surprise. We got BRL 16 million, which means a growth 55% compared to the second quarter of last year in reais and 66% in dollars. When we talk about new sales, we added BRL 45 million compared to the first quarter, 65% growth, a very good quarter, very representative, which shows the demand of the market for anti-fraud, 'cause fraud is a critical item. In taxes and expenses, we reduced it by BRL 22 million, which is a reduction of 14% compared to the first quarter. In the Brazil EBITDA, we arrived almost at the break-even in Brazil, remembering that ClearSale always generated cash in Brazil to incubate its new avenues of growth. In just one quarter, we've already grown by 86% with a margin of -BRL 1.6 million, -1.5%, which is the best numbers to me, which shows that we're an inflection point and that the balancing out plan which we have implemented, we thought we could capture only all of it in one quarter, shows that where we can go and the capacity of adaptation of the company. Our churn, even better than last year. I didn't even think this was possible, but it demonstrates the confidence of our clients in us. In theoretical numbers, if we divide it by the churn rate, we said that our average client would stay with us for more than 50 years. In the technology market where everything can be different, however, it's a churn for those who are accustomed with the software as a service, which is totally out of the outside of the curve. Now I'm gonna turn it over to Alexandre Mafra to show us our financial results. Thank you, Bernardo. Thank you all very much, and thank you for being with us. We're very happy to present the financial results of ClearSale. As Bernardo mentioned, ClearSale moves with our more than 20 years of history. We're a company that knew how to navigate balancing growth and profitability, and we have a very high capacity of reaction and a muscle memory, as you can see in this quarter. Before we go into the numbers, I'd like to share with you a few important events that have happened. First of all, we had the right of access, which was approved on the 23rd of June. We had stockholders who represented 0.6% of our capital exercising the sale at BRL 4.14. In the month of June, we anticipated this to the bank and the liquidation will happen on the 1st of July. Beyond that, we approved in the board a hedge for the long-term incentive program through swaps. It will be 3.2 million shares, 0.6% of the free float, with the idea of protecting the results of the company against the volatility of prices of our stocks so that we can complete our long-term incentive program. Finally, we have approved on the 11th the change of address of the headquarters to Barueri. With that, the expenses with the new headquarters will be lower than the current. It's a reduction of occupied area made possible by the institution of the remote first program. This program, besides the financial economies, gives a better quality of life for our employees, increase in the retention of talents, and a better optimization of equipment and time and productivity. This slide also gives a consolidated vision of our revenue. We start on the fraud attack, which grows by 3% a year if we consider the quarter as well as the accumulated numbers for the year. E-commerce in Brazil still suffers the influence of the macroeconomic situation, and it pulled back by 4% this year, both in the accumulated as well. However, we have an increase of 1.2% and of 2.8% in the accumulated rate, as was reinforced by Bernardo at the beginning. The onboarding application still has solid growth above 30% in the year, and the international e-commerce shows a considerable recovery, 65% in reais and 66% in dollars due to the increase in results of the base. Looking at slide number nine, net revenue. We're going to detail in each business unit. In Application Fraud, we were able to have a solid level of growth of 31% considering the quarter and 33% considering the year. E-commerce Brazil, the weak seasonality in the first half is with the relative improvement of the improvement and impact generated a quarterly growth of 25% or of 23% in potential. It's important to mention the reduction of the gap between the growth captured and the potential growth, which, as mentioned by Bernardo, this gap had been 9% in the fourth quarter of 2021, in the first quarter of 2022, and it was half of that in the second quarter of 2022. This reflects the improvement in our fraud indicators with the reduction of the financial impact. The indicators projected show a continuous improvement over the year. Finally, in the international e-commerce, we have an expressive acceleration in the annual growth, which is 55% or 66% in dollars in the same period. On to slide number 10. Here on the left-hand graph, you can see that the fraud application growth represents 30% of our current revenues in the first six months of 2022, already showing an increase of over 12 months. However, if we look at the distribution of new sales, the Application Fraud represents 67%, which shows the Application Fraud being our principal avenue of growth. It's worth mentioning that the Application Fraud business in our platform is a product which is more technological, made available by the investments which we made, and which will permit us to address a demand of the market growing in the most diverse sectors, especially in the financial sector. In slide 11, I present our operational indicators, which continue having solid performance, not just our new sales, BRL 46 million in ARR of new sales, an increase of 63% for the quarter and 41% for the year. We can say that 66% of this number comes from the cross-selling, upselling, which is the principal driver, which was an increase of 69% quarter-over-quarter and 61% year-over-year. In clients, we had a growth of 1.7 million clients to 6.7 million, or 35% in the year. Considering that the alliances that we have with several entities, we reached an expressive number of more than 100,000 companies attended. Our churn continues in very low levels. 0.59 year. Slide 12, we see the evolution of our costs and expenses. As a reflection of this balancing program, we have a decrease of BRL 22 million and a fall of 14% quarter-over-quarter. Here's the reflection of several of the initiatives that we mentioned in this, in the portion of costs. We have revision of margins per client, optimization of the processing on the cloud, and a focus on the efficiency of the operation and the rollout of the new projects. In expenses, we look at the expenses due to becoming adequate to the operational needs and a great prioritization of projects. It's important to mention that this continuous problem of balancing is alive and continuous, and we intend to continue to improve our profitability. On slide 13, we're going to talk about our adjusted EBITDA and adjusted EBITDA margin. As a result of everything that we've seen, we have an improvement of BRL 41 million in the quarter in our adjusted EBITDA. Even considering the reported EBITDA, we have an increase of BRL 39 million in the quarter. Important to mention that Brazil, we've been able to get close to the break even with an EBITDA of BRL 1.7 million, a margin of 1.5%. In this adjusted EBITDA, we're not even considering the impact of fraud of BRL 6.7 million. In other words, if we consider that number, the potential would already be positive. Going to slide 14, talk about our cash flow. In this slide, we see that we've had a cash consumption of BRL 193 million in the first half of the year. 58% is relative to acquisition of Beta Learning and the chargeback ops. BRL 49 million were intangibles, mostly investments in technology and development of software, which is responsible for the biggest advances that Bernardo mentioned at the beginning of the presentation. 49 million are the write-off of the Beta program, as I explained at the beginning of the presentation. We also had a consumption of 3.5 million with the acquisition of fixed assets. We also had an amortization of our debt of BRL 28.2 million, being that 7.2 were destined to a very, very painful debt payment cost of debt with very high interest rates. At this moment, we still have an operational consumption of BRL 49.6 in operational costs. Always looking at the better of our cash consumption, improvements in our cash consumption, we have two important pillars which we like to exploit. ClearSale was always a cash-generating company, and our operation in Brazil expansion financed our international expansion. We have this muscle memory, and this balance program starts to show this effect in this quarter. Beyond that, the investments that we made will be important to make it possible to enter into potential markets where we still have big opportunities, both entering most technologically and more profitably. For instance, in Application Fraud, we're improving our platform and technology platform, which will make it possible to gain space, especially in the financial segment. In e-commerce, the Flow project will make it possible to have scalability in such a big market as the traditional e-commerce market, and the entire sector of digital goods. We're evolving well in the Credit Score without mentioning the potential of the of these things. Now I'm going to pass it over to Bernardo for a final mention. We consider it a very positive quarter. It reinforces our commitment to long-term sustainable growth, and we show this with solid indicators, operational indicators, both in new sales as well as in the quantity of clients, acquired clients, and principally in our level of churn, which shows the confidence that the market has in ClearSale. We have maintained our biggest avenue of growth, which is Application Fraud of 30% year-over-year. We know that we have a systemic risk due to the economic moment. We are a usage-based SaaS company, so it depends on the consumption which is being affected by inflation, interest rates, access to credit, et cetera, which we know even so. We have improved our indicators for Brazilian e-commerce, which grew by 25% in the second quarter, first quarter compared to second quarter. Showing improvement in the economic moment. Our war room, which is the biggest specialist in fraud, was set up since January. I can say that it's already stabilized the fraud, and it's part of this growth to be captured, reducing with that the impact of e-commerce in Brazil. It shows the capacity of the team and ClearSale to move the needle to change its direction. As I always say, ClearSale grows every year with the generation of cash since 2008. When we decided to compress our margins to accelerate our growth, we saw all of the changes in the economic situation and decided to start the balancing program to focus on the balancing between growth and EBITDA margin. We launched on April 8th, and in 15 days just of the initial actions, we already reduced by BRL 22 million our expenses in the quarter. We improved our margins by 16%. Our EBITDA margin in just one quarter, basically in half of a quarter, 'cause when we look at the first actions into effect, this takes time. An improvement of, in BRL, of BRL 41 million in the EBITDA, we're close to the breakeven point, which shows that we are probably at an inflection point, and good things should be coming down the road. All these improvements that we observe are accompanied by the focus on growth, investment, technology, which will bring new products and new areas of growth together with New Ventures, which is our open innovation area. Exploring optionalities and indicators, reinforcing our expectation with a continuous margin over the years, as well as the maintenance of the cash situation. I wanted to thank you and open up now for any questions that you might have. Now, thank you very much for your presentation. We're now opening our block of questions -and -answers for investors and analysts, and I would like to ask you to send questions. You use the chat in the lower left-hand corner, and please use it so that we can have access to your call. We have several questions. I'm gonna start the first one from Flavio, Bank of America. Please identify yourself when you make your question. Also, Flavio's question is," My question is in relation to the balance plan. I'd like to understand what are the best results received up until now, and how do we see these results for the next quarters? Beyond that, how have we been able to react so well, so quickly? Okay. Thank you for the question. As far as the equilibrium plan on the sharing of that, we launched it on the 8th of April, and so the results should show up in the first quarter of May. Part of that is the stabilization of the fraud situation. Fraud, once you stabilize it, since it's complicated and it's cut discounts which penalized us in previous results, going forward, we believe that it will generate positive results through this reduction of costs. We have several other efficiency projects which are basically have just started. We have to change an aggressive mindset of growth from a mindset of balancing many efficiency products are on board. They will have effects over time since we see the reflection of the beginning of these plans. To reinforce that ClearSale has always grown in 2017 and 2018, every year consecutively with generating our own in-house cash generation and which has financed our investments in new initiatives. For example, we started with the credit card e-commerce anti-fraud program with a qualitative area within an open which was profitable. We entered the credit market in a profitable to generate cash. To invest in the U.S. has not yet generating any cash, but the equilibrium plan is there to generate that. All the open innovation units. We have this muscle memory to generating cash. We're at a moment of liquidity, better to generate cash in the sense of accelerating our margin compression, how we know how to change that and change this quickly in spite of all the uncertainties. For a company of cash generation, healthy cash generation, and has an positive impact of cash at the moment. Just one point which I'd like to mention, which is interesting. We don't have any silver bullet, which is a group of several actions with different maturities. This is the beauty of the balance plan that we have instituted. It's a very interesting project with several actions in maturation, which we believe will give results in the next quarters. As Bernardo mentioned, we've already been a cash-generating company. We are absolutely certain that we're a healthy company and a company that knows how to react. We're never gonna lose. Next question. Anybody who would like to ask a question, you can go to the chat in the lower left-hand corner and send it to us, and we'll read it to you here. From Henrique from Santander, "Did the first positive impact of the balance plan will be seen now in the quarter, in the second quarter? Can you go into the next steps and the potential positive impact going forward?" Part of it was commented now. It's good to remember that we're not losing our focus on sustainable growth, long-term sustainable growth. There are things, as you can see, we're a company that invests a lot in technology because these are projects that we believe will have a return. We're still rolling these out due to the transactional costs of ClearSale only at the beginning, the reduction of costs. We have our projects of efficiency maturing, maturation, and sales force which are underway. To give you a few examples, in relation to the indicators which were being built in the market, all of this associated with a demand which is very high, an anti-fraud demand which is very high in Brazil. Just to give you a few examples of the plan, we're working strongly to complete the Data Trust Platform, which will permit us to have more capacity with the biggest players in the financial markets in Brazil. I think we placed ourselves a challenge of looking at all of our lines of cost. These are things that are even simpler when in relation to the plan, the health plan, which is not simple, but when we put them, we look at our company in a different way, rather than just being in a 5,000m2 office looking at these challenges that we're doing now. Moving to priority, among other questions, we have a depth which is very interesting and different degrees of maturity in the process of implementation, which over time, we will always have the discipline to continue to look at in a very deep way, and we will certainly come back to capturing all of the opportunities that we see. Just to comment once again, everything that was doable was placed on the table, and all these projects were activated and are happening, from the cost reductions to efficiency projects. I wanna reinforce the involvement of our team. When we mentioned this team, we saw that we had a team, many of whom are part of the history of ClearSale, and we had a very strong involvement on the part of everyone. Very much. Thank you very much for that answer. Just remembering, in the lower left-hand corner, there's a chat. Please put your questions. Please feel free, and please put your name and the name of your company so we can mention it on the air. Give us a little time. If there are more questions, I'll pass it over to the directors for the next. We'll give you another moment to any more questions you might have. If you have any questions, please feel free to ask them now in the chat. We received a question passed along from Daniel Costa, an individual investor. "With the change of mix in the revenue and the more focus on onboarding, what's the expectation on the margins of the company, impact on margins of the company?" It's a very good question. Many times the market questions us because they see a compression, a margin compression followed by a wave of new sales for onboarding. This does not have a direct correlation. It has an inverse correlation. Due to the evolution of the results, it seems that there was a correlation. The products of Application Fraud are, and the other components are most automated components which have the highest gross margins. The tendency would be with the growth of sales of these onboarding Application Frauds, we will have an increase in gross margin, not a reduction. Another point is. The important to mention is a characteristic which is very much of this banking sector to be able to get in and have a lot of cross-selling and upselling. We see good opportunities in this long-term relationship with our financial market clients. Also, as you mentioned, it brings more technological components such as the anti-fraud program in e-commerce. It's more efficient, more agile, and also transform the profitability. Okay. Gonna repeat one more time. If anybody has a question, please use the chat in the lower left-hand corner, so we can give you access. We have one here from Santander, which asks you to comment on the tendency for chargebacks, which was strong in the first half of the year. This plan started before the balancing plan and all the growth of ClearSale. We've called the best specialists in Brazil to fight against the new standards of fraud which have been appearing. These new, which have become. There are many frauds using phony people, phony names. I can say that the latest projections up until June are that chargebacks will be under control with the vast majority of our clients, our 6,500 clients, and this result comes over time. The actions against fraud involve thinking with the mentality of the fraudster and each subset of challenges that we see and make adequate our algorithms, and then analyzing these risks in a different way through our algorithm. What we see in this quarter is just a reflection of the chargeback improvement program, given that it takes time for measurement, analysis, and discounting. We expect an improvement in that. We can't precisely say when, and we can't give that disclosure at this point in time. Very well, Bernardo. Once again, please use the chat on the left-hand corner of your screen if you'd like to ask any questions, and we'll mention it here. The next question from Vittorio. Excuse me if I didn't pronounce your name correctly. Also an individual investor. When do you hope to reach a break-even in the Brazil operation? We have to commemorate our small victories over time. We've been able to bring a balance out of the equilibrium in the EBITDA in Brazil. Going forward, the biggest objective of the company is to come back to becoming a healthy cash-generating company. We understand that in the next quarters, we'll be able to get to the Rule of 40 to have an operation with a positive EBITDA and certainly big comeback to a company that will generate cash. We have. We don't give guidance in this area, so we can talk about this in such an open way, but this is certainly what we've seen here going forward. Okay, people. Once again, if you have a question, please send it in the chat in the lower left-hand corner of your screen so that we can read it here. We have one from Brandão, individual investor, who says, "Onboarding has been down for 3 quarters in spite of these actions. What's your vision for the stabilization of the revenue in this area?" The recurring revenue of the onboarding in the last year was very expressive. We're a company, a user-based SaaS, and with the current credit situation in the market, in the economy, the orders do not get to the anti-fraud phase. They're done previously. In the current moment means that the consumption of these projects does not have such great growth, and we have a strategy for that, of putting the ClearSale closer and closer to the top of the funnel to be able to capture revenue through the projects going in that way. By setting ourselves up closer to the top of the funnel, we'll capture more revenue. I think to respect the time here, we ask you if you have any more questions, please feel free to send them after the presentation. IR will answer all of your questions. We have ri.clear.sale, and we'll be able to continue with our closing. We just have one last question which came in from Andrew, from Variant. "When will the break even come? When do you foresee a break even point in the company?" I think that's very much in line with the answer which we gave previously. We cannot take the eyes off of the small wins that we've had, looking at getting back to the Rule of 40 and EBITDA positive operations. Being a cash generating company, we have a movement of seasonality which also helps, but we're not gonna give that kind of guidance until we see the results of our work. Thank you, Mafra, for the answer. Due to the time, we're gonna close at this time our call. Our question- and- answers, I'm gonna pass it over to the management for their final comments. We thank you very much for your participation in our conference. Thank you all who've been with us here today for your questions as well. In spite of the uncertainty of the economic system and the concession of credit. Look at the different scenarios. The high liquidity and lower capital costs, which is now in the opposite situation. Looking at the other players that we consider we're in an inflection point. Our indicators have already reflected this inflection. The change in mindset that the company has been through of being a growth company, of an unbroken growth to a company where it's always been, and we will come back to being a growth company again with our own internal cash generation. Since we are sustainable, and we look at the long-term sustainability, we're not stopping to invest in our projects, in efficiency, in technology. We can't miss this market. We are where we always said we were. These results, even though it's not still a turnaround due to the cash flow, it still shows our capacity to react. This is the principal message we wanna leave with you here today. Thank you all for your time and your presence here on our call. Any other comments? Thank you all very much. Mafra, Bernardo and Renan
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