Best quarterly profitability metrics
recorded since IPO leveraged by our focus on
profitability
Adjusted Gross Margins of 48% and
Normalized EBITDA of BRL 9.9
million
Positive FCF of BRL 3.5 million in the quarter
SaaS business expanded +45% YoY
proforma boosted by NRE of 123% in Q3
Net Revenues up 10% YoY and 37.9%
YTD
Funding gap reduction with earn-outs
renegotiation
SÃO PAULO, Nov. 16,
2022 /PRNewswire/ -- Zenvia Inc.
(NASDAQ: ZENV), the leading cloud-based CX platform in
Latin America empowering companies
to transform their customer journeys, today reported its
operational and financial metrics for the third quarter of
2022.
Cassio Bobsin, Founder
& CEO of ZENVIA, said: "Over the past year,
we have doubled down on our strategic plan to position Zenvia as a
SaaS company, offering the most complete CX journey in Latin America, with a clear path to
profitability. This quarter proves us right, with our best EBITDA*
since the IPO and positive free cash flow despite the challenging
environment. Our achievements are a direct result of finding and
capitalizing on development opportunities in the short- and
medium-term to maximize profitability. We expect to continue
balancing profitability and growth, at the same time we pursue to
optimize our capital structure. We will intensify our efforts to
capture additional synergies and cross-selling opportunities to
return to our historical pattern of growing at a sustainable and
profitable pace."
Shay Chor, CFO & IRO
of ZENVIA, said: "As we
acknowledge the challenging global funding environment for tech
companies, we have been taking a series of initiatives to preserve
cash and generate EBITDA, including D1 and Movidesk's agreements to
extend the payment terms of earn-outs and rigid cost controls. We
are proud to have delivered in this quarter our best EBITDA* as a
listed company, coupled with positive free cash flow, and we expect
to finish the year with positive figures, as you can see in our
updated guidance. With our funding gap until the end of 2023 now
significantly reduced, we will continue to pursue and execute on
our plan and focus on expanding gross profit and generating
EBITDA."
Key Financial Metrics
|
Q3 2022
|
Q3 2021
|
YoY
|
9M 2022
|
9M 2021
|
YoY
|
Total Customers
|
13,976
|
11,302
|
23.7 %
|
13,976
|
11,302
|
23.7 %
|
Net Revenues (BRL MM)
|
180.4
|
163.7
|
10.2 %
|
581.8
|
422.1
|
37.9 %
|
Adjusted Gross Profit (BRL MM)
|
86.6
|
57.8
|
49.9 %
|
230.4
|
135.8
|
69.7 %
|
Adjusted Gross Margin
|
48.0 %
|
35.3 %
|
12.7p.p.
|
39.6 %
|
32.2 %
|
7.4p.p.
|
*Refers to Normalized EBITDA, which excludes certain
non-cash items related to future earn-out payments
Subsequent Events
- On October 26, 2022, Zenvia
announced the successful renegotiation of remaining payments linked
to the acquisitions of D1 and Movidesk: payments to be diluted over
two and three years, respectively, and the amount to be paid until
the end of 2023 was reduced from BRL 360
million to BRL 31
million.
- On November 10, 2022,
Zenvia's management approved a review of the corporate structure
aimed at reducing the Company's current workforce by 118 employees,
representing approximately 9% of Zenvia's total workforce in
Latin America. Zenvia is committed
to supporting affected employees with healthcare and career
replacement opportunities. Management currently estimates to reduce
around BRL 40.0 million of its
personnel expenses on a yearly basis as of 2023, with charges
primarily consisting of severance payments, employee benefits and
other related costs of BRL 5.0
million expected to impact fourth quarter and full year 2022
results. Such reduction is in line with the current global economic
scenario and the acceleration of the integration of acquisitions
and is being combined with several other cost-cutting actions as
the Company focuses on cash preservation and EBITDA generation.
Altogether, these actions are expected to generate approximately
BRL 70 million in savings on a yearly
basis as of 2023.
Our Business Lines
We report Revenue and Adjusted Gross Profit broken down by
SaaS and CPaaS. We believe this is the best way for all
stakeholders to understand our business and growth
levers.
SaaS Business
SaaS Key Operational & Financial
Metrics
|
Q3 2022
|
9M 2022
|
Total Customers
|
6,517
|
6,517
|
Net Revenues (BRL MM)
|
72.1
|
188.5
|
Adjusted Gross Profit (BRL MM)
|
49.4
|
126.8
|
Adjusted Gross Margin
|
68.5 %
|
67.3 %
|
Net Revenue Expansion (NRE)
|
123 %
|
123 %
|
Performance
Our SaaS business continued to grow during Q3 2022, with
net revenues amounting to BRL 72.1
million, an 11.8% sequential increase. Our 9M 2022 SaaS revenues reached BRL 188.5 million, with an Adjusted Gross Margin
of 67.3%. Net Revenue Expansion (NRE) totaled 123% compared to 120%
in Q2 2022. In October, the annualized recurring revenue (ARR) of
our SaaS business reached BRL 235
million.
CPaaS Business
CPaaS Key Operational & Financial
Metrics
|
Q3 2022
|
9M 2022
|
Total Customers
|
7,898
|
7,898
|
Net Revenues (BRL MM)
|
108.2
|
393.4
|
Adjusted Gross Profit (BRL MM)
|
36.7
|
102.0
|
Adjusted Gross Margin (%)
|
33.9 %
|
25.9 %
|
Performance
Our CPaaS business reported net revenues of BRL 108.2 million in 3Q 2022 while 9M 2022 revenues reached BRL 393.4 million, with adjusted gross margins of
33.9% and 25.9%, respectively - a direct result of our focus on
profitability in the last couple of quarters.
Since the beginning of the year, we have been seeing an
increased competitive environment in the CPaaS business, leading to
strong pricing pressure. Given our leadership position and our
focus on EBITDA and cash generation, we have been able to
positively balance volume drop with profitability expansion,
delivering a solid 15.0% sequential increase in Adjusted Gross
Profit, which totaled BRL 36.7
million in Q3 2022 compared to BRL
31.9 million in Q2 2022. For Q4 2022 and on, we will
continue to pursue this balance to maximize gross
profit.
Financial Results
Consolidated Revenue
Consolidated
Revenue in Q3 2022 totaled BRL 180.4
million, up 10.2% YoY, reflecting M&A gains and organic
growth.
Our 9M 2022 revenues, that
fully consolidate D1 and SenseData and consider five months of
Movidesk, totaled BRL 581.8 million
(+37.9%). The 9M 2021 revenues only
consolidated 2 months of D1, which contributed BRL 15.1 million on that period. The acquired
companies jointly contributed BRL 113.9
million to our consolidated net revenues in 9M 2022, while the YoY organic growth rate was
15.0%. The growth of our SaaS business, which we are building
through M&A transactions and R&D for new products, more
than offset the decrease in CPaaS related to a more competitive
business environment, and fully attests Zenvia's strategy to focus
on higher-margin SaaS services and improved revenue
mix.
Profitability
Adjusted Gross Profit increased 49.9% in the quarter to
BRL 86.6 million, reflecting the
strong margin expansion in both SaaS and CPaaS and improved revenue
mix, while Adjusted Gross Margin expanded 12.7 percentage points to
48.0%. Sequentially, Adjusted Gross Margin was up 10.2 percentage
points due to the better mix of SaaS services coupled with better
margins in CPaaS.
For 9M 2022, Adjusted Gross
Profit rose 69.7% to BRL 230.4
million, while Adjusted Gross Margin expanded 7.4 percentage
points to 39.6%.
Normalized EBITDA in Q3 2022 was positive BRL 9.9 million. This number excludes non-cash
expenses related to recognition of future payments of SenseData's
earn-out. Including this non-cash effect, non-GAAP Adjusted EBITDA
for the quarter was breakeven. In the first nine months of the
year, our Normalized EBITDA was positive BRL
0.4 million, while non-GAAP Adjusted EBITDA including
non-cash expenses was negative BRL 24.9
million.
The strong adjusted gross margin expansion and positive
normalized EBITDA both in the quarter and year-to-date reflect our
focus on strict cost control, profitability and cash preservation.
The initiatives to increase profitability include optimizing
processes to reduce personnel expenses and cutting non-personnel
G&A expenses such as consulting and travel expenses, amongst
others.
Agreements to extended earn-out payments
On October 26, 2022, we announced
agreements with the founders of D1 and Movidesk to extend the
payment terms of the earn-outs. These agreements are key to
reducing our funding gap to BRL 31.0
million from BRL 360.0 million
until the end of 2023, allowing us to focus on generating
EBITDA.
For D1, the last fixed installment due to certain former
shareholders on March 31, 2023, of
BRL 40.0 million, will now be paid,
as follows: (i) BRL 7.3 million in
January 2023, (ii) BRL 3.7 million in February 2023, (iii) BRL
4.6 million in March 2023 and
(iv) 23 monthly installments of BRL 1.2
million between April 2023 and
February 2025, subject to accrued
interests in line with Zenvia's current bank financing costs.
For Movidesk, the earn-out payment due to certain former
shareholders, previously expected to total BRL 320.0 million, will now be paid in fixed and
variable installments subject to accrued interest in line with
Zenvia's current bank financing costs. Per the terms of the
agreement, (i) 12 fixed monthly installments of BRL 100,000 will be paid from January 2023 until December 2023, (ii) BRL
204.4 million will be paid in 36 fixed monthly installments
subject to accrued interest from January
2024 until December 2026, and
(iii) an additional variable amount calculated in terms of certain
gross margin targets achieved by the end of September 2023, currently expected to total
BRL 24.0 million, will be paid in 6
monthly installments subject to accrued interest from January 2024 until June
2024.
Review of our Corporate Structure
On November 10, 2022, Zenvia's
management approved a review of the corporate structure aimed at
reducing the Company's current workforce by 118 employees,
representing approximately 9% of Zenvia's total workforce in
Latin America. Zenvia is committed
to supporting affected employees with healthcare and career
replacement opportunities.
Management currently estimates to reduce around BRL 40.0 million of its personnel expenses on a
yearly basis as of 2023, with charges primarily consisting of
severance payments, employee benefits and other related costs of
BRL 5.0 million expected to impact
fourth quarter and full year 2022 results.
Such reduction is in line with the current global economic
scenario and the acceleration of the integration of acquisitions
and is being combined with several other cost-cutting actions as
the Company focuses on cash preservation and EBITDA generation.
Altogether, these actions are expected to generate approximately
BRL 70 million in savings on a yearly
basis as of 2023.
Guidance
Given our focus on profitability and cash preservation, we are
introducing the expected Normalized EBITDA range for the end of
2022 and also updating our full year guidance to better reflect our
performance and projections.
|
|
FY 2022 Guidance
|
|
|
New
|
Old
|
Revenue (millions)
|
|
BRL $740 - $790
|
BRL $875-925
|
Y/Y
Growth
|
|
22% - 31%
|
43%-51%
|
CPaaS
Revenue
|
|
|
BRL $490 - $515
|
BRL$600-620
|
SaaS
Revenue
|
|
|
BRL $250 - $275
|
BRL$275-305
|
Adjusted Gross Margin
|
|
38% - 40%
|
35% - 36%
|
Y/Y
Expansion
|
|
5.7p.p. - 7.7p.p.
|
2.7p.p. - 3.7p.p
|
CPaaS Adj Gross
Margin
|
|
~27%
|
~22%
|
SaaS Adj Gross
Margin
|
|
~65%
|
~65%
|
|
|
|
|
EBITDA(1) (millions)
|
|
BRL $10 - $15
|
NA
|
|
|
|
|
|
|
|
(1) Normalized EBITDA, excluding non-cash impacts from
earn-outs adjustments
Annual General Meeting (AGM)
Zenvia invites all holders of record of the Company's
Class A common shares and the Class B common shares to attend its
Annual General Meeting (AGM) of shareholders, to be held on
Wednesday, November 30, 2022, at the
Company's headquarters - Avenida Paulista, 2300, 18th Floor, Suites
182 and 184, São Paulo, São Paulo, 01310-300, Brazil.
Conference Call
The Company will host a webcast on November 17, 2022, at 10:00 am EDT to discuss its operational and
financial metrics. To access the webcast presentation,
click here.
Additional information regarding Zenvia can be found
at
https://investors.zenvia.com.
Click here to see our full Investor Day Video
Presentation or go to our investor relations website, in the events
section, at the following link:
https://investors.zenvia.com/news-events/company-events/
Contacts
Investor Relations
Caio
Figueiredo
Fernando
Schneider
ir@zenvia.com
|
Media Relations – Grayling
Lucia Domville – (646)
824-2856 – lucia.domville@grayling.com
Fabiane Goldstein –
(954) 625-4793 –
fabiane.goldstein@grayling.com
|
About ZENVIA
ZENVIA is driven by the purpose of empowering companies to
create unique experiences for end-consumers through its unified CX
SaaS end-to-end platform. ZENVIA empowers companies to transform
their existing customer experience from non-scalable, physical and
impersonal interactions into highly scalable, digital-first and
hyper-contextualized experiences across the customer journey.
ZENVIA's unified end-to-end CX SaaS platform provides a combination
of (i) SaaS focused on campaigns, sales teams, customer service and
engagement, (ii) tools, such as software application programming
interfaces, or APIs, chatbots, single customer views, journey
designers, documents composer and authentication and (iii)
channels, such as SMS, Voice, WhatsApp, Instagram and Webchat. Its
comprehensive platform assists customers across multiple use cases,
including marketing campaigns, customer acquisition, customer
onboarding, warnings, customer services, fraud control,
cross-selling and customer retention, among others. ZENVIA's shares
are traded on Nasdaq, under the ticker ZENV.
Our SaaS Portfolio
Zenvia has evolved its product portfolio organically and
through acquisitions. Our platform now provides four SaaS solutions
designed for each phase of customers' journey, starting with the
first interaction with the brand and all the way to a continuous
relationship with the company. The SaaS business line carries
higher gross margins and is the business from where most of our
growth will come in the future. More than half of our margin
already comes from our solutions, when nearly three years ago this
percentage was zero.
Solution
|
Former
|
Focus
|
Zenvia Attraction
|
Zenvia
Campaign
|
Active end-customer
acquisition campaigns
|
Zenvia Conversion
|
Sirena
|
Converting leads into
sales using multiple communication channels
|
Zenvia Service
|
Movidesk
|
Enabling companies to
provide amazing customer service with structured support across
multiple channels
|
Zenvia Success
|
Sensedata
|
Enabling companies to
continuously engage customers based on their individual context,
promoting healthy and long-lasting relationships, transforming data
into insights
|
Our SaaS solutions can be used alone or
combined, allowing companies to start a program in a really simple
way in a matter of minutes, or they can go all the way to a fully
integrated, automated, and intelligent customer journey. We also
provide CX Tools that can be used to integrate and automate the
customer experiences in various ways. Our main tools are APIs,
Bots, Natural-language understanding (NLU) and Docs. The
Quantum platform connects all our solutions and tools
with the client's systems and processes. Companies can access our
platform and start choosing from any solution or tool. As they go
deeper into adopting multiple parts of the platform, we can break
down all CX barriers and unlock the true potential for end
customers.
Forward-Looking Statements
The preliminary second quarter operating results set forth
above are based solely on currently available information, which is
subject to change. These preliminary operating results constitute
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are made as of the date they were
first issued and were based on current expectations, estimates,
forecasts, and projections, as well as the beliefs and assumptions
of management. Words such as "expect," "anticipate," "should,"
"believe," "hope," "target," "project," "goals," "estimate,"
"potential," "predict," "may," "will," "might," "could," "intend,"
variations of these terms or the negative of these terms and
similar expressions are intended to identify these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond Zenvia's control. Zenvia's actual results could differ
materially from those stated or implied in forward-looking
statements due to several factors, including but not limited to:
our ability to innovate and respond to technological advances,
changing market needs and customer demands, our ability to
successfully acquire new businesses as customers, acquire customers
in new industry verticals and appropriately manage international
expansion, substantial and increasing competition in our market,
compliance with applicable regulatory and legislative developments
and regulations, the dependence of our business on our relationship
with certain service providers, among other factors.
SELECTED FINANCIAL DATA
|
Q3
|
9M
|
|
2022
|
2021
|
Variation
|
2022
|
2021
|
Variation
|
Income Statement
|
(non audited)
|
(non audited)
|
(non
audited)
|
(non audited)
|
|
(in thousands of BRL$)
|
( %)
|
(in thousands of BRL$)
|
( %)
|
Revenue
|
180,351
|
163,716
|
10.2 %
|
581,829
|
422,061
|
37.9 %
|
Cost of
services
|
-106,374
|
-110,914
|
-4.1 %
|
-382,380
|
-297,500
|
28.5 %
|
Gross profit
|
73,977
|
52,802
|
40.1 %
|
199,449
|
124,561
|
60.1 %
|
Selling and marketing
expenses
|
-34,389
|
-22,314
|
54.1 %
|
-90,579
|
-60,514
|
49.7 %
|
Administrative
expenses
|
-33,158
|
-79,489
|
-58.3 %
|
-107,498
|
-126,678
|
-15.1 %
|
Research and
development expenses
|
-17,395
|
-5,091
|
241.7 %
|
-46,588
|
-16,100
|
189.4 %
|
Allowance for credit
losses
|
-1,044
|
-1,407
|
-25.8 %
|
-5,041
|
-4,653
|
8.3 %
|
Other income and
expenses, net
|
-8,976
|
1,939
|
n.m.
|
-28,960
|
1,759
|
n.m
|
Operating profit
|
-20,985
|
-53,560
|
-60.8 %
|
-79,217
|
-81,625
|
-3.0 %
|
Finance
costs
|
-24,169
|
-10,838
|
123.0 %
|
-55,647
|
-37,807
|
47.2 %
|
Finance
income
|
6,956
|
2,427
|
186.6 %
|
28,506
|
21,092
|
35.2 %
|
Net finance costs
|
-17,213
|
-8,411
|
104.6 %
|
-27,141
|
-16,715
|
62.4 %
|
Loss before income tax and social
contribution
|
-38,198
|
-61,971
|
-38.4 %
|
-106,358
|
-98,340
|
8.2 %
|
Deferred income tax and
social contribution
|
10,793
|
3,856
|
179.9 %
|
26,678
|
13,512
|
97.4 %
|
Current income tax and
social contribution
|
-399
|
-1,458
|
-72.6 %
|
-1,122
|
-2,090
|
-46.3 %
|
Non-controlling
interests
|
27
|
0
|
n.m
|
43
|
0
|
n.m
|
Loss for the period attributable to Owners of the
Company
|
-27,777
|
-59,573
|
n.m
|
-80,759
|
-86,918
|
-7.1 %
|
|
Q3
|
9M
|
Cash Flow
Statement
|
2022
(non audited)
|
2021
(non audited)
|
2022
(non audited)
|
2021
(non audited)
|
|
(in thousands of BRL$)
|
Net cash from (used in)
operating activities
|
68,116
|
-90,326
|
81,538
|
-115,865
|
Net cash used in
investing activities
|
-21,938
|
-356,547
|
-341,361
|
-383,961
|
Net cash from (used in)
financing activities
|
-48,421
|
955,296
|
-183,628
|
1,023,327
|
Exchange rate change on
cash and cash equivalents
|
3,177
|
25,010
|
-17,687
|
26,422
|
Net (decrease) increase in cash and cash
equivalents
|
934
|
533,433
|
-461,138
|
549,923
|
Balance Sheet
|
September 30,
2021
(non audited)
|
December 31,
2021
(audited)
|
September 30,
2022
(non audited)
|
|
(in thousands of BRL$)
|
Assets
|
|
|
|
Current assets
|
789,036
|
766,059
|
310,124
|
Cash and cash
equivalents
|
609,903
|
582,231
|
121,093
|
Trade and other
receivables
|
119,364
|
142,407
|
147,413
|
Tax assets
|
15,833
|
15,936
|
30,266
|
Derivative and
Financial instruments
|
-
|
74
|
-
|
Prepayments
|
38,508
|
20,918
|
5,511
|
Other assets
|
5,428
|
4,493
|
5,841
|
|
|
|
|
Non-current assets
|
1,012,047
|
1,077,790
|
1,578,531
|
Tax assets
|
218
|
112
|
195
|
Prepayments
|
2,014
|
2,271
|
2,539
|
Financial
Investment
|
6,820
|
7,005
|
7,831
|
Property, plant and
equipment
|
16,107
|
15,732
|
19,413
|
Intangible assets and
goodwill
|
986,852
|
1,050,357
|
1,521,321
|
Deferred Tax
Assets
|
-
|
2,276
|
27,193
|
Other Assets
|
36
|
37
|
39
|
Total assets
|
1,801,083
|
1,843,849
|
1,888,655
|
Balance Sheet
|
September 30,
2021
(non-audited)
|
December 31,
2021
(audited)
|
September 30,
2022
(non-audited)
|
|
(in thousands of BRL$)
|
Liabilities
|
|
|
|
Current liabilities
|
322,135
|
429,883
|
461,152
|
Loans and
borrowings
|
55,798
|
64,415
|
86,900
|
Trade and other
payables
|
107,151
|
144,424
|
232,957
|
Liabilities from
acquisitions
|
111,790
|
176,069
|
70,214
|
Tax
liabilities
|
14,977
|
15,736
|
15,665
|
Employee
benefits
|
25,702
|
21,926
|
42,085
|
Lease
liabilities
|
2,057
|
2,220
|
1,718
|
Deferred
revenue
|
4,003
|
4,582
|
11,218
|
Taxes to be paid in
installments
|
522
|
511
|
395
|
Derivative and
Financial Instruments
|
135
|
-
|
-
|
Non-current liabilities
|
333,205
|
210,764
|
305,243
|
Liabilities from
acquisitions
|
156,648
|
60,220
|
209,131
|
Trade and other
payables
|
2,164
|
936
|
1,260
|
Loans and
borrowings
|
160,673
|
143,723
|
91,398
|
Lease
liabilities
|
2,414
|
2,038
|
2,431
|
Provisions for tax,
labor and civil risks
|
1,175
|
1,369
|
481
|
Deferred tax
liabilities
|
9,303
|
1,756
|
-
|
Taxes to be paid in
installments
|
828
|
722
|
503
|
Employee
Benefits
|
-
|
-
|
39
|
Equity
|
1,145,743
|
1,203,202
|
1,122,260
|
Capital
|
953,643
|
957,523
|
957,525
|
Reserves
|
224,401
|
226,599
|
261,186
|
Translation
reserve
|
25,530
|
34,638
|
-
|
Accumulated
losses
|
(57,831)
|
(15,558)
|
(96,317)
|
Non-controlling
interests
|
-
|
-
|
(134)
|
Total equity and liabilities
|
1,801,083
|
1,843,849
|
1,888,655
|
|
|
|
|
|
|
|
Q3
|
9M
|
Reconciliation of Adjusted Gross Profit and Adjusted
Gross Margin
|
2022
(non audited)
|
2021
(non audited)
|
2022
(non audited)
|
2021
(non audited)
|
|
(in thousands of BRL$)
|
Gross profit
|
73,977
|
52,802
|
199,449
|
124,561
|
(+) Amortization of
intangible assets acquired from business combinations
|
12,633
|
4,981
|
31,010
|
11,265
|
Non-GAAP Gross
Profit(1)
|
86,610
|
57,783
|
230,459
|
135,826
|
Revenue
|
180,351
|
163,716
|
581,829
|
422,061
|
Gross margin
|
41.0 %
|
32.3 %
|
34.3 %
|
29.5 %
|
Non-GAAP Gross
Margin(2)
|
48.0 %
|
35.3 %
|
39.6 %
|
32.2 %
|
(1) Adjusted Gross Profit
(2) Adjusted
Gross Margin
|
Q3
|
9M
|
Reconciliation of Adjusted
EBITDA
|
2022
(non audited)
|
2021
(non audited)
|
2022
(non audited)
|
2021
(non audited)
|
|
(in thousands of BRL$)
|
EBITDA
|
-178
|
-42,899
|
-24,921
|
-54,665
|
(+) Expenses related
to IPO Grants
|
0
|
45,074
|
0
|
47,025
|
Adjusted EBITDA
|
-178
|
2,175
|
-24,921
|
-7,640
|
Indebtedness
|
Interest
|
September 30,
2022
|
December 31, 2021
|
September 30, 2021
|
(in thousands of BRL$)
|
Working
capital
|
100% CDI+2.40% to
5.46% and 8.60% to
12.95%
|
137,298
|
163,138
|
171,471
|
Debentures
|
18.16 %
|
41,000
|
45,000
|
45,000
|
Total
|
|
178,298
|
208,138
|
216,471
|
View original
content:https://www.prnewswire.com/news-releases/zenvia-reports-q3-2022-results-301680704.html
SOURCE Zenvia Inc.