Zenvia : 4Q23 Prepared Remarks

Prepared Remarks Q3 2023

Cassio Bobsin, Founder and CEO

Hello everyone, I am Cassio Bobsin, CEO and Founder of Zenvia. Thank you for joining us at Zenvia's Fourth Quarter and Full Year 2023 earnings presentation.

I would like to start by addressing the transaction that we announced in the beginning of February to solve our medium and long term funding gap. In this sense, I would like to thank everyone who was directly involved in it: our financial team, the banks, the partners, for making it happen, for their commitment to our long-term strategy.

I won't get into the details of the transactions, I will leave it to Shay, but the important message here is the full confidence, that I do, that we all do, in this new phase of Zenvia's expansion, and that's the reason why I personally committed 50 million reais, or around 10 million dollars in the Company.

We spent these last three years since our IPO building the most comprehensive CX solution for B2C companies in Latin America, through a series of R&D and M&A initiatives.

Zenvia is now a leading CX SaaS player offering a cutting-edge Customer Cloud that enables B2C companies to sell more and serve better with a unified solution for automation, integration and communication across the customer journey.

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We see a huge potential of cross-sell and upsell for our growing customer base with this new approach, as we'll dramatically simplify how customers experiment new use cases and combine all of our integrated technologies within the same interface and price plan.

This evolution also puts us in a strategic position to lead CX transformation across the untapped potential of the Latin American market.

In sync with this new phase, we are also unifying our business areas under a new organizational structure, as we announced a couple of days ago a new CRO role to consolidate the former business areas we had. To take over this role, we hired Gil Hansen, a veteran in the Brazilian software and IT scene, who formerly served as executive in Brazil's top three software companies - Stone, Linx, and TOTVS.

This new structure will be organized by customer segments, instead of product divisions, reflecting the evolution of Zenvia's business and operating model towards a unified approach that will strengthen the Company's integrated offering opening new ways for customers to explore everything we're able to offer.

Gil will also oversee two very important growth initiatives: the rollout of Zenvia Customer Cloud to all our customers, as well as our international expansion. With

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these movements, Luca Bazuro and Cristiano Franco remain working at Zenvia, now with a renewed focus and reporting to Gil.

We expect that this enhanced organizational structure will create synergies and efficiencies between the former business units without incurring any additional costs.

We are very enthusiastic about the consolidation of our portfolio expansion strategy, which led to Zenvia Customer Cloud and all the new possibilities of profitable growth for the near future, and we 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 quarter and year.

Shay Chor, CFO and IRO

Thank you, Cassio.

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I will start with a snapshot of our performance in 2023 compared to 2022 and also where we are headed into 2024.

Our revenues grew 7% year over year in 2023, to 808 million reais, translating into an Adjusted Gross Profit increase of 15% in the period, with an Adjusted Gross Margin of 47.4%, up by 340 bps, and leading to a record normalized EBITDA of 76 million reais, close to the midpoint of the 2023 guidance range.

This is a result of a balanced and profitable revenue mix that is paving the way for our future growth. We are projecting growing around 15 to 20% our topline in 2024 to reach between 930 to 970 million reais, with Adjusted Gross Margin remaining in the healthy level of between 42 to 45 percent.

Let's now dive deeper in the results of the quarter and the year.

We had very strong results in terms of topline in the last quarter of 2023. Both SaaS and CPaaS expanded two digits.

In the CPaaS business, this performance attests to the full recovery of volumes previously lost when we were better balancing growth and profitability in a competitive market. It is important to highlight here that there's a third and very important component to this equation, which is quality. Zenvia is the leading CPaaS company in Brazil and guarantees like no other the level of delivery that is expected

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by our clients. CPaaS revenues grew an impressive 30% in the fourth quarter, mainly with wholesalers and large enterprises.

Our SaaS business also delivered a solid increase - of 16% - in the fourth quarter compared to the same period last year, and sequentially it grew 11%, in line with the sequential growth we had seen in Q3 of 2023. The growth in SaaS is coming mainly from SMBs, a segment that should form the cornerstone of our SaaS strategy in 2024.

On a consolidated basis, revenues went up 24% in Q4 2023, bringing annual 2023 revenues up 7%, with SaaS growing 13% and CPaaS 3%.

On the next slide, let's take a look at how this expansion has translated into a balanced and profitable portfolio mix.

While in the fourth quarter snapshot we can see a little higher mix of CPaaS in revenues when we compare 2022 and 2023, in terms of Adjusted Gross Profit there was a big increase in the mix from CPaaS, attesting to the balance of volume growth and profitability that we were seeking. Especially in the fourth quarter, when CPaaS grew 30%, its share of gross profit reached 62%, compared to 54% in the same period a year ago.

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The fourth quarter numbers are almost replicated in the full year picture, with SaaS reaching 37% of net revenues and 41% of Adjusted Gross Profit, while CPaaS makes 63% of net revenues and 59% of gross profit.

We are happy with this balanced and profitable portfolio of almost 13 thousand active customers, that trust us to take care of their customer's journeys.

This portfolio is already producing a SaaS annual recurring revenue of 250 million reais at the end of the year, up from the 239 million reais at the end of December 2022, mainly as a result of the M&A integration and increase in SMBs businesses in the period.

Regarding our Net Revenue Expansion, it was heavily impacted by the downsell in large enterprises on the consulting business related to the macroeconomic impact in 2023. We can already see a recovery with revenues up 1.5% when we compare FY 2023 to FY 2022 in this segment. Still, the downsell pulled Net Revenue Expansion down to 102% compared to 124% in Q4 2022. Even though there are already signs of improvement in the conversion of sales cycle to large enterprise customers, we expect most of the positive impact to be recorded only in 2024.

Let's now discuss our profitability.

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While Adjusted Gross Profit remained largely stable in Q4 2023 compared to Q4 2022 in the SaaS business, the margin dropped a thousand basis points to 64.5%, mainly as a result of the consulting business clients that are coming back slowly and with lower margins.

This was mainly offset by the CPaaS business, where Adjusted Gross Profit went up by 40% with Adjusted Gross Margin also up by 380 basis points to 51.2% in Q4.

Even though we have reached a good balance of volume and profitability, the higher CPaaS share in the revenue mix, by its own nature, impacts consolidated margins down, but again, these are still very healthy margins.

When we look at the same picture for the year, we see Adjusted Gross Profit expansion in both businesses, increase in Adjusted Gross Margin of CPaaS and a slight decrease in Adjusted Gross Margin of SaaS, for the reason we already discussed.

It is important to remember here that given our leadership in the Brazilian SMS market and the more balanced market dynamics, we have been able to leverage a more efficient cost structure to gain market share with certain strategic large enterprise customers, which led to the strong recovery in SMS volumes with healthy profitability levels we are reporting.

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We are confident that this strategy is helping us improve our relationships with these customers, allowing us to capitalize on cross-selling and up-selling opportunities.

Let's now discuss our G&A expenses.

Decreasing costs was one of the main goals of the Company in 2023, and we are happy to report that we accomplished a 13% decrease in G&A Expenses in 2023 compared to 2022, from 147 million reais to 129 million reais - a reduction of 18 million reais. This brought G&A as a percentage of revenues to 16.0% in 2023 from 19.5% in 2022 - a 350 basis points reduction, and a key factor to boost EBITDA to record high, as we will discuss in the next slide.

The record EBITDA in 2023 reflects all the efforts in terms of improving mix, margins and streamlining costs. As you can see in this slide, the toll that we paid to pivot the business from CPaaS to a SaaS single customer cloud is far behind us and we are now poised for new highs in 2024 and onwards.

In the 2024 guidance that we have already released, we are budgeting an approximate 70% increase in our EBITDA for 2024, to reach the midpoint of the range between 120 and 140 million reais.

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Another important accomplishment that was finalized and communicated in the beginning of 2024, but was mostly developed in 2023, was the solution for our mid and long term funding gap, as Cassio mentioned in his opening remarks.

Between extension of short-term debt with banks and the renegotiation of the earnouts with Movidesk and D1, including grace periods, we were able to reduce around 120 million reais in financial liabilities in 24, extend maturities to at least December 2026 bringing the new average debt term including both earnouts and bank loans to 2.8 years from current 1.6. Now, long term maturity loans comprise 78% of our debt.

This was indeed a milestone for our company, and after this restructuring, we are much closer to having the optimal capital structure to support our strategic objectives while maximizing shareholder value.

As a subsequent event, and because of this improved capital structure, we raised additional funding with local Brazilian banks in the amount of 40 million reais by the end of April.

Next, to finalize, let's discuss our Guidance for both 2023 and 2024.

This chart brings a summary of how we delivered against our guidance for 2023.

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As you can see, we over delivered on CPaaS revenues but underdelivered in SaaS revenues, mainly from the downsell in the consulting business for enterprises, which made us 3% shy on the revenues guidance for the year.

In turn, we reach the high point of the range of the guidance for Adjusted Gross Profit margin and its expansion.

And in terms of the EBITDA, we got pretty close to the midpoint of the range.

To finalize, here's the new guidance for 2024, where you can see we expect to grow our revenues by 15 to 20% in 2024, which is slightly below what we effectively delivered in Q4, reaching between 930 and 970 million reais. Adjusted Gross Profit Margin is expected to be in line with 2023 figures, between 42% and 45%. In terms of EBITDA, we expect a growth of around 70% reaching between 120 and 140 million reais, being the low end of the range similar to annualizing the normalized EBITDA we delivered in Q4 of 2023. These expectations reflect our healthy portfolio with a balanced profitable mix, streamlined internal structure and leverage under control.

Thank you for all your support in 2023. We appreciate your continued trust as we move ahead. We are committed to building a profitable and exciting future for Zenvia.

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