Zenvia : 2Q23 Prepared Remarks

Prepared Remarks Q2 2023

Cassio Bobsin, Founder and CEO

Hello everyone and thank you for joining us at Zenvia's Second Quarter 2023 earnings call. I'm Cassio Bobsin, Founder & CEO. Thank you all for being with us today. Our results for the second quarter showed stability and consistency for Zenvia as we resolved our funding gap while managing the correct balance of revenue growth and profitability. We are making good process integrating systems and platforms, allowing us to begin capitalizing on cross-selling opportunities such as selling bundled packages of certain services, which is already showing positive early results.

We are very excited by the ongoing evolution of our platform and its potential, and we are continuing to leverage the massive generative AI opportunity that is quickly changing our industry. In the second quarter, we unveiled two new AI-powered tools to enhance the customer journey, including Zenvia Understand, which empowers customer support representatives with easy-to-use platform that delivers an automated report with quantitative analysis on customer interactions, and Zenvia Chatbots, which leverage AI to deliver efficient, humanized support. We see every day how AI can bring transformative results to our clients. Through personalized experiences, predictive analytics, and superior customer understanding, our AI-powered solutions directly fuel our clients' businesses. We are in a new era where proactive is the new reactive, and with our SaaS platform, our clients are making customer loyalty and satisfaction a standard, not an aspiration.

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I am excited to share with you our vision moving forward, which we are calling One Zenvia, and that we have been discussing internally for a while now. One Zenvia is about creating a new world of experiences through an integrated platform, allowing us to continue our focus on capturing synergies and improving the value proposition of our platform.

The One Zenvia vision is based on uniting the three most important factors in customer experience: a fluid experience, an engaging experience, and a personal experience.

We will push fluid experiences by selling our products in a suite format, allowing our customers to pick and choose which products best fit their needs and thereby expanding our positioning while operating a large volume with ease. Our existing strategy is already aligned with the suite format, as we have been evolving as an integrated SaaS platform.

We will continue to build engaging experiences by leveraging AI, which as I just explained, is rapidly changing the customer experience arena. Not only will AI continue to enhance the customer journey, but it will also improve our internal processes, making us more efficient.

And lastly, we will leverage our competitive edge - our deep understanding of customers and their behavior - to provide our clients with increasingly

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personalized experiences through the construction of a customer data platform, or CDP. This will allow us to deepen our relationships with clients by expanding the integration of our platform with internal systems from our clients.

To progress towards our vision of One Zenvia, in the upcoming quarters we are concentrating on delivering key initiatives from our strategic roadmap, including structuring projects that will accelerate product bundling and cross-selling. We are very motivated by our new focus towards One Zenvia and look forward to sharing more information with you in the coming months. Now, I'll hand it over to Shay to cover our performance in the second quarter.

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Shay Chor, CFO and IRO

Thank you, Cassio. Hello everyone and thank you for being with us today. Let's start on Slide 5.

We are happy to report that in this second quarter of 2023, we focused on resolving our funding gap for 2023 while managing the right balance between revenue growth and profitability. In finding and operating within that balance, we were able to deliver stronger margins across business lines, which led to over 9% year over year growth in Gross Profit and an EBITDA of 15 million reais - marking four quarters in a row of positive EBITDA. And we did this despite the challenging economic environment that we continue to successfully adapt to and navigate.

Total revenues dropped 5% year-over-year in the quarter as a result of our focus on maintaining a profitable CPaaS business. However, we were to resume sequential top line growth, with net revenues increasing almost 8% when compared to Q1 2023. This better performance is explained by the recovery of volumes with certain large CPaaS customers, and we expect this trend to continue in the second half of the year, especially given the easier comps from lower volumes in H2 2022.

The 9% increase in Gross Profit added nearly 6 percentage points to our adjusted gross margin which reached 44% -attesting to our full commitment and path towards profitability.

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Let's take a look at our key financials for the first half of 2023.

Our performance in the first half of 2023 largely reflects the same trends that we saw for the second quarter, with solid margins across business lines leading to gross profit growth of nearly 23% year over year and gross margin expanding nearly 12 percentage points to 47.4%. It's important to highlight here that H1 2022 had consolidated only 2 months of Movidesk.

EBITDA in the first half of 2023 was 39 million reais, up from negative 25 million reais in the first half of 2022, a delta of 64 million reais. Our stronger EBITDA and better working capital management led to solid operating cash flow of 118 million reais, and both were key in solving the funding gap for this year.

Now, let's compare the second quarter of 2023 to the first quarter of the year, which shows our progress in the first half of the year.

Here on this slide you can see that sequentially, we grew revenues by 7.7%, driven mainly by a recovery in profitable SMS volumes from some of our large enterprise clients. Our SaaS business, when excluding consulting to large enterprises, grew 2% quarter over quarter.

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