CI&T Inc Files 6-K, Confirms 20-F Reporting

TL;DR

CI&T Inc filed a 6-K, confirming it's a foreign private issuer and will use Form 20-F for annual reports.

AI Summary

CI&T Inc filed a Form 6-K on May 22, 2024, to report its status as a foreign private issuer. The filing confirms that CI&T Inc will file its annual reports under Form 20-F and is not submitting the current 6-K in paper format. The company's principal executive office is located in Campinas, Brazil.

Why It Matters

This filing is a routine procedural update for CI&T Inc, confirming its reporting obligations and location as a foreign private issuer, which is standard for companies listed on US exchanges but incorporated elsewhere.

Risk Assessment

Risk Level: low — This is a routine procedural filing with no new financial or operational information that would typically impact risk.

Key Players & Entities

• CI&T Inc (company) — Registrant
• Form 6-K (document) — Filing type
• Form 20-F (document) — Annual report form
• May 22, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $523.5 million — financial highlights Net Revenue was R$523.5 million compared to R$610.0 million in 1Q23 and
• $610.0 million — evenue was R$523.5 million compared to R$610.0 million in 1Q23 and R$522.6 million in 4Q23, a
• $522.6 million — ompared to R$610.0 million in 1Q23 and R$522.6 million in 4Q23, a sequential growth of 0.2%.
• $22.4 million — ntial growth of 0.2%. Net Profit was R$22.4 million compared to R$43.6 million in 1Q23. A
• $43.6 million — Profit was R$22.4 million compared to R$43.6 million in 1Q23. Adjusted EBITDA was R$84.3 m
• $84.3 million — million in 1Q23. Adjusted EBITDA was R$84.3 million compared to R$116.5 million in 1Q23. Th
• $116.5 million — EBITDA was R$84.3 million compared to R$116.5 million in 1Q23. The Adjusted EBITDA margin was
• $41.7 million — n was 16.1%. Adjusted Net Profit was R$41.7 million compared to R$62.4 million in 1Q23. The
• $62.4 million — Profit was R$41.7 million compared to R$62.4 million in 1Q23. The Adjusted Net Profit margin
• $355.9 m — cost of services provided in 1Q24 was R$355.9 million, 12.7% lower than in 1 Q23, and t
• $167.6 million — han in 1 Q23, and the gross profit was R$167.6 million. The adjusted gross profit in 1Q24 was
• $178.4 m — The adjusted gross profit in 1Q24 was R$178.4 million, with an adjusted gross profit ma
• $114.4 million — &A), and other operating expenses were R$114.4 million , a reduction of 2.1% compared to 1Q23.
• $84.3 m — 24. In 1Q24, the adjusted EBITDA was R$84.3 million, a reduction of 27.7% compared to
• $12.4 m — e. In 1Q24, net financial costs were R$12.4 million, 38.1% lower than in 1Q23, mainly

Filing Documents

• MainDocument.htm (6-K) — 1957KB
• 0001554855-24-000399.txt ( ) — 1958KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K Report Of Foreign Private Issuer Pursuant To Rule 13a-16 Or 15d-16 Of The Securities Exchange Act Of 1934 For the month of May 2024 Commission File Number: 001-41035 CI&T Inc (Exact Name of Registrant as Specified in its Charter) N/A (Translation of registrant's name into English) Estrada Guiseppina Vianelli De Napoli, 1455 – C, Globaltech 13.100-000 - Brazil Campinas-State of So Paulo 13086-902 - Brazil +55 19 21024500 (Address of principal executive office)) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ____ X ____ Form 40-F ________ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ________ No ____ X____ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ________ No ____ X____ CI&T Inc TABLE OF CONTENTS ITEM 1. 1Q24 Earnings Release 2. Unaudited condensed consolidated interim financial information for the three-month period ended March 31, 2024. 1 Table of Contents CI&T Reports Sequential Revenue Growth in 1Q24 Results New York - May 22 , 2024 /Business Wire/ - CI&T (NYSE: CINT, "Company"), a global digital specialist and fast-growing technology company, today announces its results for the first quarter of 2024 (1Q24) in accordance with International Financial Reporting Standards (IFRS). For comparison purposes, we refer to the results for the first quarter of 2023 (1Q23) and the fourth quarter of 2023 (4Q23). First quarter of 2024 (1Q24) operating and financial highlights Net Revenue was R$523.5 million compared to R$610.0 million in 1Q23 and R$522.6 million in 4Q23, a sequential growth of 0.2%. Net Profit was R$22.4 million compared to R$43.6 million in 1Q23. Adjusted EBITDA was R$84.3 million compared to R$116.5 million in 1Q23. The Adjusted EBITDA margin was 16.1%. Adjusted Net Profit was R$41.7 million compared to R$62.4 million in 1Q23. The Adjusted Net Profit margin was 8.0%. CI&T ended 1Q24 with 6,083 CI&Ters compared to 6,111 at the end of 4Q23. Cesar Gon, founder and CEO of CI&T, commented, "Our first quarter of 2024 has been truly transformative as we continue to make tremendous strides in our journey to becoming an AI-first company. By integrating AI into our operations and fostering a culture of efficiency and innovation, we capitalize on the amazing opportunities for value creation in this next chapter of the digital revolution. As early results, we are pleased to announce a 70 basis point revenue growth above our guidance in 1Q24 and to guide at least a 350 basis points sequential increase in 2Q24, resuming our growth trajectory. We anticipate this momentum will accelerate in the following quarters, leading to a period of resurgent growth in 2024 and beyond." Comments on the 1Q24 financial performance The net revenue was R$523.5 million in 1Q24, a decline of 14.2% compared to 1Q23, or a reduction of 12.1% at constant currency. Compared to 4Q23 , net revenue grew 0.2%. The geographic distribution of net revenue for 1Q24 was 41.6% from North America, 42.5% from Latam, 11.7% from Europe, and 4.2% from Asia Pacific. The cost of services provided in 1Q24 was R$355.9 million, 12.7% lower than in 1 Q23, and the gross profit was R$167.6 million. The adjusted gross profit in 1Q24 was R$178.4 million, with an adjusted gross profit margin of 34.1%, 1.0 percentage point lower than in 1Q23. In 1Q24, selling, general and administrative (SG&A), and other operating expenses were R$114.4 million , a reduction of 2.1% compared to 1Q23. This reduction can be primarily attributed to the non-recurring M&A expenses incurred in 2023, partially compensated by business restructuring expenses and increased sales efforts to resume growth in 1Q24. In 1Q24, the adjusted EBITDA was R$84.3 million, a reduction of 27.7% compared to 1Q23. Adjusted EBITDA margin was 16.1% in the quarter, a reduction of 3.0 percentage points compared to 1Q23 , mainly due to the decline in the gross profit margin and higher SG&A expenses as a percentage of net revenue. In 1Q24, net financial costs were R$12.4 million, 38.1% lower than in 1Q23, mainly driven by lower net foreign exchange volatility in the comparable period, and lower net debt position and interest rates . I ncome tax expense was R$16.8 million in 1Q24, 17.9% lower than in 1Q23. The income tax paid (cash effect) was R$3.3 million, equivalent to a cash tax rate of 8.4%. The net profit was R$22.4 million in 1Q24, compared to a net profit of R$43.6 million in 1Q23. Adjusted net profit was R$41.7 million, a decrease of 33.1% compared to 1Q23. The adjusted net profit margin decreased from 10.2% in 1Q23 to 8.0% in 1Q24, mainly due to lower Adjusted EBITDA, partially compensate

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