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CONFERENCE CALL
MARCH 23, 2022
10:30 AM (BRAZIL) 9:30 AM (US-EST)
ri.positivotecnologia.com.br
MARCH 22, 2022
4Q 2021
Webcast in Portuguese
The Conference Call will be held by webcast, in Portuguese, with simultaneous translation into English.
4Q21 EARNINGS RELEASE
Curitiba, March 22, 2022 – Positivo Tecnologia S.A. (“Positivo Tecnologia” or “Company”; B3: POSI3), one of Latin America’s largest developers and manufacturers of hardware-based technology, announces its results for the fourth quarter of 2021 (“4Q21”). The financial information below, except where indicated, complies with IFRS (International Financial Reporting Standards). Balance in Brazilian Reais (R$).
POSITIVO TECNOLOGIA ATTAINS RECORD
REVENUE (R$4 BILLION, +54% VS. 2020)
AND EBITDA (R$345 MILLION, +112% VS. 2020)
4Q21 EARNINGS RELEASE
FINANCIAL HIGHLIGHTS OF THE PERIOD
4Q21
4Q20
Var.
2021
2020
Var.
2019
Var.
(R$ thousand)
Gross Revenue
1,258,141
1,050,431
19.8%
3,986,579
2,585,440
54.2%
2,227,687
79.0%
Net Revenue
1,074,331
886,519
21.2%
3,365,487
2,192,173
53.5%
1,915,308
75.7%
Gross Profit
210,340
206,563
1.8%
768,606
448,746
71.3%
480,108
60.1%
Gross Margin
19.6%
23.3%
-3.7 p.p.
22.8%
20.5%
2.4 p.p.
25.1%
-2.2 p.p.
EBITDA
92,263
251,192
(63.3%)
342,035
323,778
5.6%
143,189
138.9%
EBITDA Margin
8.6%
28.3%
-19.7 p.p.
10.2%
14.8%
-4.6 p.p.
7.5%
2.7 p.p.
Recurring EBITDA2
92,263
95,015
(2.9%)
344,870
162,474
112.3%
140,789
145.0%
Recurring EBITDA Mg.
8.6%
10.7%
-2.1 p.p.
10.2%
7.4%
2.8 p.p.
7.4%
2.9 p.p.
Net Income
41,854
149,761
(72.1%)
202,896
195,842
3.6%
20,848
873.2%
Net Margin
16.9%
-13.0 p.p.
-2.9 p.p.
1.1%
4.9 p.p.
3.9%
6.0%
8.9%
Recurring Net Income2
41,854
11,027
279.6%
202,896
57,108
255.3%
20,848
873.2%
Recurring Net Margin
3.9%
1.2%
2.7 p.p.
6.0%
2.6%
3.4 p.p.
1.1%
4.9 p.p.
Net Indebtedness / EBITDA
1.6x
1.3x
0.3x
1.6x
1.3x
0.3x
1.9x
-0.3x
LTM3
1) Does not include non-recurring items non-cash items (such as currency hedging of raw materials and inputs) and includes
results from equity income. Adjustment in 4Q20 for tax credits from lawsuit linked to the unconstitutionality of the inclusion of the current ICMS in the PIS and COFINS calculation basis.
Largest developer and manufacturer of hardware- based technology in Brazil
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4Q21 EARNINGS RELEASE
MESSAGE FROM THE MANAGEMENT
If we can choose a single word for 2021, it would be “diversification”. Positivo Tecnologia has never been so diversified, both in products and related segments, reflected in the strong results delivered each quarter. We are proud to say that we are again a growth company, based on years of experience developing hardware technology and a team dedicated to always delivering the best products and services to our customers.
Thus, we ended 2021 with an operational result even higher than in 2020, which shows the success of the strategy adopted and advancing in the transformation and diversification process of Positivo Tecnologia’s revenues. The continued strong demand for hardware and services in all the Company’s operating segments and the maturation of our ‘Growth Avenues’ allowed us to end the period with record revenues totaling R$4 billion, up by 54% over the last twelve months. Attentive to the market’s needs and opportunities, innovation and dexterity made revenue diversification part of the Company’s daily routine, becoming important growth vectors.
Despite all challenges during the year, such as logistics and shortages in supplies, due to the global Covid-19 pandemic, we continued to grow and improve our profitability, ending 2021 with recurring EBITDA totaling R$345 million, up by 112% YoY, and Recurring Net Income totaling R$203 million, up by 255% in twelve months.
In the Consumer Business Unit, we made important advances throughout the year, such as the partnership to manufacture laptops under the Compaq brand and the partnership with Transsion Holding to sell Infinix smartphones in Brazil, a sales hit at its launch. At Casa Inteligente, we continued to increase our customer base and build important corporate partnerships, thus strengthening the brand’s penetration in the market.
An important milestone in 2021 was the growth of the Corporate Business Unit, increasing its share of our revenue. We had record equipment sales, both for large corporations and small and medium- sized companies, and we also increased our market share in this segment. The HaaS (Hardware as Service) business has achieved unprecedented demand and already represents around 40% of sales revenue for large companies. Also noteworthy was the R-HaaS, with sales and rental of used and refurbished equipment, which gained traction throughout the year and represents an important contribution to promoting the culture of the circular economy.
Another Growth Avenue worth highlighting in the year is Payment Solutions. With the end of the exclusivity period with Cielo, we started to gain scale in Smart Payment Solutions, serving a significant addressable market that encompasses all acquirers and sub-acquirers in the country. In November, we announced a partnership with Nexgo to produce and supply new POS models aimed at companies of all sizes, reinforcing our position in this market and expanding our ability to generate business.
In Public Institutions Unit, we continued with growing results, delivering up to December a Gross Revenue 134% higher than the same period of the previous year. Regarding the projects already won (contracted and to be contracted), we totaled more than R$2.0 billion for the coming periods (excluding the electronic ballot boxes that will be delivered in 2022), in addition to recognizing a very heated pipeline in new bids to be disputed by the sector. Also, in December, we won a new bid
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4Q21 EARNINGS RELEASE
to supply another 176,000 electronic ballot boxes for the 2024 elections.
Additionally, we are very happy to announce that our Public Meeting with Analysts and Investors (Investor Day) was among the top 10 best-rated meetings by investment analysts (APIMEC Brasil) in 2021. This award recognizes the companies that best communicated with the market and rewards the effort and dedication of our Investor Relations team to bring the Company and its executives closer to investors, shareholders, analysts and other stakeholders. This progress of the Company’s results, combined with strong governance and proactive communication with the market, led to higher liquidity of our shares throughout the year and we became listed on the IBOV index in January this year.
We start 2022 with the activities on a new Growth Avenue, Positivo Tech Services, which provides advanced support to public organizations and companies throughout Brazil, with technical support for computers, laptops and tablets of all market brands. The Company is the only 100% Brazilian company to offer this service besides its brands, something unprecedented in the country.
We remain confident about 2022 and the coming years, and the reason for this optimism is mainly due to the revenue expansion in the Corporate segment. Combined with the strong pipeline in Public Institutions and more Growth Avenues, we can more than offset the drop estimated by the IDC in the Consumer Computers market, around 10 to 15% in volume (Brazil) for 2022.
We continue to work on building strong foundations to remain one of Brazil’s leading companies in hardware technology, and, once again, we thank our employees, shareholders, investors, customers and partners for their trust.
THE MANAGEMENT
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Positivo Tecnologia SA published this content on 22 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2022 22:41:04 UTC.

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