Zenvia : 3Q22 Prepared Remarks

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Q3 2022

Prepared Remarks Q3 2022

Cassio Bobsin, Founder and CEO

Hello everyone, and welcome to Zenvia's earnings call. I'm Cassio Bobsin, Founder

• CEO. Today, we are going to review our performance for the third quarter and nine-months period of 2022.

Let's start on slide 4.

Since our IPO, we have been delivering on our promise to expand gross margin and increase profitability. I am very proud to report that we registered the best profitability metrics recorded as a listed company for a quarter, including positive free cash flow. This is a direct result of a better revenue mix backed by the expansion of our SaaS business together with the implementation of a strict cost control plan. As we are seeing a very competitive environment in the CPaaS business, with strong pricing pressure, we have been taking a series of measures to reduce overall expenses, putting Zenvia on a clear path to profitability. Also, given the challenging global environment to tech companies, management is now very much focused in improving the company's capital structure and maximizing cashflow.

Therefore, we recently announced two important initiatives: first, we have significantly reduced our funding gap until the end of 2023 by renegotiating the

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earn-outs terms with D1 and Movidesk. Second, we implemented several cost- cutting initiatives, which included downsizing of our corporate structure as announced last week. Shay will cover both initiatives in more detail during his remarks.

Also new this quarter, and as part of the guidance we provide to the market, we are introducing a full year EBITDA Guidance. With it, we are also adjusting revenue guidance down and adjusting up our gross profit margin.

Let's now take a look at our performance during the third quarter.

We are reporting positive evolutions on all our key metrics - net revenues, adjusted gross profit and adjusted gross margin. As you can see, we were able to increase the profitability of our operations, and more importantly, convert gross profit into EBITDA and free cash flow. We did this despite the challenging and more competitive environment like we lived in this quarter.

Net revenues were up 10%, while adjusted gross profit jumped 50% adding 12.7 percentage points to our adjusted gross margin - which attests our commitment and path towards profitability.

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On the next slide, and looking specifically at our gross margins, we can see the evolution of our gross profit margin since the first quarter of 2021 and the IPO until today.

We have delivered on the promises made during our IPO: We have expanded our margins significantly, a double-digit expansion whether it is since the IPO or on a year-over-year basis. In the nine-month period we recorded a gross margin of almost 40% as you can see in the orange bars to the right, which is close to the top range of our updated guidance for the full year of 2022. This is yet another proof that we are walking the talk on our path to profitability.

Looking ahead, we intend to accelerate the integration of our SaaS products and strengthen our cross-selling. On the CPaaS business, our plan is to continue to pursue a balance between volumes and profitability to maximize gross profit.

We have already been changing the customer experience of more than 300 million Humans in Latin America with our SaaS solutions by improving the way in which brands communicate with end-customers. The good results of all these initiatives and all the innovation we are bringing to the market are already reflected in our profitability.

However, there's still a huge white space opportunity in this market, and we have just begun to tap it. There is a promising future ahead, and we are ready to take

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the opportunities. We will be doing all this diligently, and with a strict focus on cost control and cash preservation. We aim to continue increasing our profitability and maximizing our returns.

I will now turn the floor to Shay for his remarks. I will be back after that for the Q&A.

Shay Chor, CFO and IRO

Thank you, Cassio. Hello everyone and thank you for being with us today.

I would like to start by breaking down our revenue and adjusted gross profit mix by SaaS and CPaaS. As we started to report like this only in Q2, we decided to present Q3 numbers compared sequentially to Q2 so that you all can fully understand our path to profitability.

When we analyze the performance of our revenues, on the chart to the left, you can see the sequential drop in revenues of 11.5%, which was mainly due to a 22% decline in CPaaS. This decline reflects our decision to focus on profitability, which led to lower volumes given the much more competitive environment, with strong pricing pressure. On the other hand, our SaaS revenues went up almost 12% sequentially and contributed to offset part of this decline.

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Let's now look to the graph on the right: it shows the mix of adjusted gross profit. We see sequential increases in both SaaS and CPaaS margins, which means that our focus on profitability paid-off. CPaaS delivered a solid 15% sequential increase while SaaS grew 11.8% - which consolidated into a 12.5% total increase in adjusted gross profit.

As you know, we have been transforming Zenvia into a SaaS company since our IPO. During this quarter, we can see how our software business already represents 57% of our gross profit, which demonstrates we are effectively more SaaS than CPaaS.

On the revenue side, SaaS represented 40% of the total in the quarter, a large sequential improvement from Q2, when SaaS was 29% of total. Important to highlight that the third quarter is the first in which we fully consolidate D1, SensaData and Movidesk.

Looking ahead, long term, we expect SaaS to represent about 70% of our gross profit. And, as Cassio said, we are just beginning to tap the huge white space in the SaaS market in Latin America.

Let's now address the cost side. We have been implementing cost cutting initiates throughout the entire year, especially as we accelerated the integration of the acquired companies and started extracting synergies. These initiatives also

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