VTEX (VTEX) 2023 Q1 法說會逐字稿

Hello, everyone, and welcome to the VTEX Earnings conference call for the quarter ended March 31, 2023. I'm Julia Vater Fernandez, Investor Relations Director for VTEX. Our senior executives presenting today are Geraldo Thomaz Jr., Founder and Co-CEO and Ricardo Camatta Sodre, Chief Financial Officer. Additionally, Mariano Gomide de Faria, founder and

大家好，歡迎參加截至 2023 年 3 月 31 日的季度 VTEX 收益電話會議。我是 Julia Vater Fernandez，VTEX 投資者關係總監。今天出席會議的高級管理人員包括創始人兼聯合首席執行官 Geraldo Thomaz Jr. 和首席財務官 Ricardo Camatta Sodre。此外，Mariano Gomide de Faria，創始人和

Co-CEO, and Andre Spolidoro, Chief Strategy Officer, will be available during today's Q&A session.

聯合首席執行官和首席戰略官安德烈·斯波利多羅 (Andre Spolidoro) 將出席今天的問答環節。

I would like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events.

我想提醒您的是，管理層可能會就公司的持續增長前景、行業趨勢以及產品和技術舉措等事項做出前瞻性陳述。這些陳述基於當前可用的信息以及我們當前對未來事件的假設、預期和預測。

While we believe that our assumptions, expectations and projections are reasonable in view of the current available information, you are cautioned not to place undue reliance on these forward-looking statements. Certain risks and uncertainties are described under Risk Factors and the Forward-Looking Statement sections of VTEX Form 20-F for the year ended December 31, 2022, and other VTEX filings within the U.S. Securities and Exchange Commission, which are available on our Investor Relations website.

雖然我們認為，鑑於當前可用信息，我們的假設、預期和預測是合理的，但請注意不要過分依賴這些前瞻性陳述。截至2022 年12 月31 日的VTEX 表格20-F 的風險因素和前瞻性聲明部分以及美國證券交易委員會提交的其他VTEX 文件中描述了某些風險和不確定性，這些內容可在我們的投資者關係中找到網站。

Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found in our first quarter 2023 earnings press release available on our Investor Relations website.

最後，我想提醒大家，在本次電話會議期間，我們可能會討論一些非公認會計準則措施。這些指標與最接近的可比 GAAP 指標的調節可以在我們的投資者關係網站上發布的 2023 年第一季度收益新聞稿中找到。

Now I'll turn the call over to Geraldo. Geraldo, the floor is yours.

現在我將把電話轉給杰拉爾多。杰拉爾多，地板是你的。

Thank you, Julia. Welcome, everyone, and thanks for joining our first quarter 2023 earnings conference call. The year's first quarter has been promising as we have experienced robust growth and successful implementation of strategy in all regions. This has further reinforced our leading position in the digital landscape of Latin America and enhances our presence globally. It gives me great pleasure to share with you the strides we have made in establishing VTEX as 1 of the leading worldwide digital commerce platforms.

謝謝你，朱莉婭。歡迎大家，並感謝您參加我們的 2023 年第一季度收益電話會議。今年第一季度前景光明，我們在所有地區都實現了強勁增長並成功實施了戰略。這進一步鞏固了我們在拉丁美洲數字領域的領先地位，並增強了我們在全球的影響力。我很高興與您分享我們在將 VTEX 打造成全球領先的數字商務平台之一方面所取得的進步。

Despite the persistent challenges presented by the macroeconomic environment, we achieved a strong performance in the first quarter, with GMV growing by 22% year-over-year, a reflection of the resilient performance of our customers. The performance of our customers during this period allowed us to surpass our revenue projections, while at the same time, we delivered quarter-over-quarter subscription gross margin improvement.

儘管宏觀經濟環境持續存在挑戰，我們第一季度仍取得了強勁的業績，GMV同比增長22%，反映了客戶的韌性表現。在此期間，客戶的表現使我們超越了收入預測，同時，我們的訂閱毛利率環比有所改善。

In the first quarter of 2023, we added several new customers who previously did not have an online store presence in the countries they started operating with us. This include Prezunic, Todo Dia and Rede D’Or in Brazil,

2023 年第一季度，我們增加了幾位新客戶，這些客戶以前在與我們合作開始運營的國家/地區沒有在線商店。其中包括巴西的 Prezunic、Todo Dia 和 Rede D’Or，

Intime in Chile, and Only Muebles in Colombia. We've also added customers that migrated from other platforms. This includes companies that went live in Q1, such as Banco Provincia in Argentina, Whitebird in Canada, Easy in Colombia, Farmaenlace in Ecuador, Canali in Italy, Sonepar in Peru, Floria in Romania and CornerUp in the U.S.

智利的銀泰百貨和哥倫比亞的Only Muebles。我們還添加了從其他平台遷移的客戶。其中包括第一季度上線的公司，例如阿根廷的 Banco Provincia、加拿大的 Whitebird、哥倫比亞的 Easy、厄瓜多爾的 Farmae​​nlace、意大利的 Canali、秘魯的 Sonepar、羅馬尼亞的 Floria 和美國的 CornerUp。

Going back to the first quarter 2023. In addition to attracting new customers, we also focus on strengthening our relationships with existing customers by supporting their expansion efforts. During the first quarter, several premier brands and retailers chose to expand their operations with us by opening new stores and further integrating with us.

回到 2023 年第一季度。除了吸引新客戶外，我們還致力於通過支持現有客戶的擴張努力來加強與現有客戶的關係。第一季度，一些頂級品牌和零售商選擇通過開設新店並進一步與我們整合來擴大與我們的業務。

This include: Belcorp, who added a store in Ecuador, currently operating in 6 countries in Latin America; CAE, who had 2 of its brands B2C stores in Canada, operating with us, both B2B and B2C in North America; Mazda, who added Netherlands currently operating in 6 countries in Europe; H&M, who added a store in Ecuador currently operating in 5 countries in Latin America; Motorola, who added a store in Singapore currently operating in 20 countries across the globe; and Samsung is now present in 4 countries, both B2B and B2C across the globe.

其中包括：Belcorp在厄瓜多爾新增了一家門店，目前在拉丁美洲6個國家開展業務； CAE，在加拿大擁有 2 個品牌 B2C 商店，與我們一起在北美運營 B2B 和 B2C 商店；馬自達補充說，荷蘭目前在歐洲 6 個國家開展業務； H&M，在厄瓜多爾開設了一家門店，目前在拉丁美洲 5 個國家開展業務；摩托羅拉在新加坡開設了一家商店，目前在全球 20 個國家/地區開展業務；三星目前在全球 4 個國家開展 B2B 和 B2C 業務。

The decision of these brands to expand their operations with us is a testament of the strength of our platform, its relevant value proposition and the trust we have built with our customers. We are excited to continue supporting them as they expand their reach into new geographies and leverage the assets of their physical stores.

這些品牌決定與我們一起擴大業務，證明了我們平台的實力、相關價值主張以及我們與客戶建立的信任。我們很高興能夠繼續為他們提供支持，因為他們將業務範圍擴大到新的地區並利用其實體店的資產。

I would like to draw attention to a significant event in the first quarter of 2023, the NRF Retail's Big Show, which brings together the most influential players in the retail industry to set trends and discuss the future of retail. The event was held in New York City and attracted over 6,000 retailers and 2,500 unique brands from over 90 countries.

我想提請大家注意 2023 年第一季度的一項重大活動，即 NRF 零售大秀，該活動匯集了零售行業最有影響力的參與者，引領趨勢並討論零售業的未來。該活動在紐約市舉行，吸引了來自 90 多個國家的 6,000 多家零售商和 2,500 個獨特品牌。

During the event, we positioned VTEX as a challenger brand, focusing on profitable growth for our customers, highlighting our out-of-the-box capabilities and raising awareness among participants. Also during the event, we announced the release of our proprietary white paper, "Three investments to drive e-commerce growth" by VTEX's analyst in Residence, Jordan Jewell, which I would like to invite you all to take a look at it, available at VTEX's homepage.

活動期間，我們將 VTEX 定位為挑戰者品牌，專注於客戶的利潤增長，強調我們的開箱即用能力並提高參與者的意識。此外，在活動期間，我們還宣布發布由 VTEX 駐場分析師 Jordan Jewell 撰寫的專有白皮書《推動電子商務增長的三項投資》，我想邀請大家看一下，可查閱在 VTEX 的主頁上。

In the first quarter of 2023, we are excited to announce our partnership with Kount, an Equifax company, 1 of the most well-known credit bureaus globally. This partnership will allow us to offer our customers a world-class antifraud solution, further enhancing the security and reliability of our platform. This partnership will also be monetized through a profit-sharing approach with minimum monthly fees.

2023 年第一季度，我們很高興地宣布與 Equifax 旗下公司 Kount 建立合作夥伴關係，該公司是全球最著名的徵信機構之一。這種合作夥伴關係將使我們能夠為客戶提供世界一流的反欺詐解決方案，進一步增強我們平台的安全性和可靠性。這種合作關係還將通過最低月費的利潤分享方式實現貨幣化。

Finally, we are pleased to formally announce that we have initiated the monetization process of our ISV's partner ecosystem. To this end, we have successfully concluded agreements with key players such as Inswitch, an omnichannel 360 Fintech-as-a-Service that will help our customers to implement digital financial service quickly and efficiently. Although we do not foresee a significant contribution to revenue in the immediate future, these partnerships and other initiatives established a strong groundwork for monetizing our ecosystem and the long-term revenue growth for VTEX.

最後，我們很高興地正式宣布，我們已經啟動了 ISV 合作夥伴生態系統的貨幣化流程。為此，我們已成功與 Inswitch 等主要參與者達成協議，Inswitch 是一家全渠道 360 度金融科技即服務，將幫助我們的客戶快速高效地實施數字金融服務。儘管我們預計不會在不久的將來對收入做出重大貢獻，但這些合作夥伴關係和其他舉措為我們的生態系統貨幣化和 VTEX 的長期收入增長奠定了堅實的基礎。

Let me now share with you some success stories of our customers that demonstrate the capabilities of our platform and the remarkable outcomes they have achieved. I'm thrilled to share Samsung's recent success in creating data observability operations using VTEX IO. This project has allowed Samsung to improve its operational efficiency by more intelligently centralizing and integrating information from multiple channels. The project was initiated just 2 weeks before Black Friday 2022 and has since produced remarkable results for its digital commerce operation in Brazil.

現在讓我與您分享我們客戶的一些成功故事，這些故事展示了我們平台的功能以及他們所取得的卓越成果。我很高興與大家分享三星最近在使用 VTEX IO 創建數據可觀察性操作方面取得的成功。該項目使三星能夠通過更智能地集中和整合來自多個渠道的信息來提高運營效率。該項目於 2022 年黑色星期五前兩周啟動，自此為其在巴西的數字商務運營取得了顯著成果。

Relying on VTEX IO back-end services and APIs, Samsung implemented various solutions including pixel app templates, order feed, order hook and custom control dashboards, also an alert mechanism via Telegram. The result was a more proactive operation, informed decision-making and an enhanced customer experience with better delivery quality and faster response times.

依靠 VTEX IO 後端服務和 API，三星實施了各種解決方案，包括像素應用程序模板、訂單源、訂單掛鉤和自定義控制儀表板，以及通過 Telegram 的警報機制。結果是更加積極主動的運營、明智的決策以及通過更好的交付質量和更快的響應時間增強的客戶體驗。

Six months after implementation, Samsung saw a decrease in response time from 4 hours to 40 minutes. With this success, Samsung continues developing innovative launch strategy and automation to improve inventory tracking and predict purchase flow, ensuring peace of mind for themselves, their partners and end customers. Overall, this project has been a game changer for Samsung and set a new operational excellence standard.

實施六個月後，三星的響應時間從 4 小時減少到 40 分鐘。憑藉這一成功，三星繼續開發創新的發布策略和自動化，以改善庫存跟踪和預測採購流程，確保自己、合作夥伴和最終客戶安心。總體而言，該項目改變了三星的遊戲規則，並設定了新的卓越運營標準。

Claro, a leading telecommunication company in Latin America chose VTEX's composable architecture as their digital commerce platform in Peru to simplify their current architecture and achieve a fast time to market. With our out-of-the-box features, Claro solved their business requirements, including marketplaces.

Claro 是拉丁美洲一家領先的電信公司，選擇 VTEX 的可組合架構作為其在秘魯的數字商務平台，以簡化其當前架構並實現快速上市。借助我們的開箱即用功能，Claro 解決了他們的業務需求，包括市場需求。

Divvino, one of the Brazil's largest online wine platform, collected VTEX to improve its front-end capability and ensure a frictionless migration for its subscribers. As a result, Divvino now has an internal marketplace and has increased its revenue channels by selling new products such as wine accessories.

Divvino 是巴西最大的在線葡萄酒平台之一，它收集了 VTEX 以提高其前端能力並確保其訂閱者順利遷移。因此，Divvino 現在擁有了一個內部市場，並通過銷售葡萄酒配件等新產品增加了收入渠道。

A high aesthetic wear brand operating in Saudi Arabia and the United Arab Emirates chose VTEX for our headless implementation capabilities and flexibility to culture-specific product requirements. With our platform, they now have a catalog that enable multi-language product translations and the Checkout.com payment tool, which provides a better customer experience for the users.

一個在沙特阿拉伯和阿拉伯聯合酋長國運營的高美感服裝品牌選擇 VTEX，是因為我們的無頭實施能力以及對特定文化產品要求的靈活性。借助我們的平台，他們現在擁有支持多語言產品翻譯的目錄和 Checkout.com 支付工具，為用戶提供更好的客戶體驗。

Vital Mayorista, a large wholesale supermarket brand in Argentina customized their checkout with different payment options with VTEX. Furthermore, the customer incorporated a shopping car rule feature during the checkout process, enabling the implementation of purchasing rules for approving, canceling or modifying online orders.

阿根廷大型批發超市品牌 Vital Mayorista 通過 VTEX 定制了不同付款方式的結賬方式。此外，客戶在結賬過程中加入了購物車規則功能，可以實現批准、取消或修改在線訂單的購買規則。

This has assisted their consumers in adhering to the requirements necessary for completing the purchase, leading to an increase in conversion rates. With these key improvements, Vital has increased their orders by more than 140%.

這有助於消費者遵守完成購買所需的要求，從而提高轉化率。通過這些關鍵改進，Vital 的訂單量增加了 140% 以上。

Banco Provincia, a publicly listed bank in Argentina selected VTEX as their technology partner due to our ability to handle complex architecture requirements, including adding sellers and implementing multiple internal and external integrations. VTEX's previous experience with similar customers such as Banco Inter made us a suitable chance for Banco Provincia. With VTEX's help, Banco Provincia successfully launched its platform, becoming a highly successful marketplace in Argentina with a daily record of more than 10,000 orders.

阿根廷上市銀行 Banco Provincia 選擇 V​​TEX 作為其技術合作夥伴，因為我們有能力處理複雜的架構要求，包括添加賣家和實施多個內部和外部集成。 VTEX 之前與 Banco Inter 等類似客戶合作的經驗為我們提供了與 Banco Provincia 合作的合適機會。在 VTEX 的幫助下，Banco Provincia 成功推出了其平台，成為阿根廷非常成功的市場，每日訂單量超過 10,000 個。

Although their journey is ongoing, Banco Provincia plans to double the number of sellers in their portal and expand the product catalog in various industries with VTEX's assistance. Their continued drive to enhance the platform, will enable their growth and success.

儘管他們的旅程仍在繼續，但 Banco Provincia 計劃在 VTEX 的幫助下將其門戶中的賣家數量增加一倍，並擴大各個行業的產品目錄。他們不斷努力增強平台，將使他們成長並取得成功。

Oba Hortifruti, a grocery chain with more than 70 stores and 2 distribution centers in Brazil, chose VTEX's omnichannel strategy to leverage sales opportunities. With our features such as shipping from stores and pick up in stores, Oba improved their logistics and customized their web and user experience.

Oba Hortifruti 是一家在巴西擁有 70 多家商店和 2 個配送中心的雜貨連鎖店，選擇 VTEX 的全渠道戰略來利用銷售機會。借助我們的商店發貨和商店提貨等功能，Oba 改善了他們的物流並定制了他們的網絡和用戶體驗。

Jeffers Pet, an online pet retailer in the U.S.A that operates in B2C and B2B models chose VTEX to strengthen its customer experience and increase sales using our Live Shopping feature. Our customers has experienced a significant increase in their conversion rates during live event, doubling their average sales volume during the session.

Jeffers Pet 是一家以 B2C 和 B2B 模式運營的美國在線寵物零售商，選擇 VTEX 來利用我們的實時購物功能來增強其客戶體驗並增加銷售額。我們的客戶在現場活動期間的轉化率顯著提高，會議期間的平均銷量翻了一番。

I also want to share an update on the Cia. Hering case, a major Brazilian fashion group with over 800 physical stores. Recapping, they replatformed to VTEX in only 3 months, focusing the process on growth and website performance. The replatforming process provided our customers with a fully customizable store front, faster user experience, improved checkout experience, and first-party apps and multiple channels integrations. As a result, the company saw already a 30% increase in the average order value and a 40% decrease in their abandoned carts.

我還想分享有關中央情報局的最新消息。 Hering Case，巴西主要時尚集團，擁有800多家實體店。回顧一下，他們僅用了 3 個月就將平台重新調整為 VTEX，重點關注增長和網站性能。平台重塑流程為我們的客戶提供了完全可定制的店面、更快的用戶體驗、改進的結賬體驗以及第一方應用程序和多渠道集成。結果，該公司的平均訂單價值增加了​​ 30%，廢棄購物車減少了 40%。

To include the operational update, I would like to inform you that our ESG framework has been made available in our Investor Relations website, highlighting all the initiatives VTEX has implemented and supported in these regards. At VTEX, we believe in leading by example and driving positive change in the work through ethical and responsible actions. We see ourselves as agents of transformation in the e-commerce field working towards a more sustainable society.

為了包括運營更新，我想通知您，我們的 ESG 框架已在我們的投資者關係網站上提供，重點介紹了 VTEX 在這些方面實施和支持的所有舉措。在 VTEX，我們相信以身作則，並通過道德和負責任的行動推動工作中的積極變革。我們將自己視為電子商務領域轉型的推動者，致力於建設更加可持續的社會。

In our desired future, we declare and are committed to become the leaders in diversity within the technology sector, value the importance of fostering a culture that embraces multiple perspectives and creating a safe and respectable environments for all members of our ecosystem.

在我們期望的未來，我們宣布並致力於成為技術領域多元化的領導者，重視培育包容多種觀點的文化並為我們生態系統的所有成員創造一個安全和受尊重的環境的重要性。

I would like to express my gratitude to our 1,339 VTEX employees who are dedicated to making our declared future a reality, as well as to our customers, partners and investors. Before I turn the call to Ricardo, I'm happy to inform you that we will be hosting the VTEX Day, the largest e-commerce event in Latin America and third globally on June 5th and 6th in Sao Paulo. I'm excited to invite you to come and experience the VTEX culture and witness the strength of our ecosystem at this magnificent event.

我要向致力於使我們所宣稱的未來成為現實的 1,339 名 VTEX 員工以及我們的客戶、合作夥伴和投資者表示感謝。在給 Ricardo 打電話之前，我很高興地通知您，我們將於 6 月 5 日至 6 日在聖保羅舉辦 VTEX Day，這是拉丁美洲最大、全球第三大的電子商務活動。我很高興邀請您前來體驗 VTEX 文化，並在這場盛會中見證我們生態系統的實力。

Additionally, on June 6th, we'll be holding a Q&A session for investors, where Mariano and I will answer all these questions and exchange ideas. If you are interested in participating on this session, contact Julia and she will provide all the details. We will be delighted to have you to join us.

此外，6 月 6 日，我們將為投資者舉行問答環節，我和馬里亞諾將回答所有這些問題並交換想法。如果您有興趣參加本次會議，請聯繫 Julia，她將提供所有詳細信息。我們將很高興您的加入。

I will now hand the call over to Ricardo to discuss our financial performance for the quarter.

我現在將電話轉交給里卡多，討論我們本季度的財務業績。

Thank you, Geraldo. Hi, everyone. I'm pleased to share VTEX's Q1 2023 financial results with you. Despite the challenging macroeconomic environment, our company's top line performance remained robust, as highlighted by Geraldo, our Q1 GMV achieved 22% year-over-year growth in U.S. dollars and 21% on an FX-neutral basis.

謝謝你，杰拉爾多。大家好。我很高興與您分享 VTEX 2023 年第一季度的財務業績。儘管宏觀經濟環境充滿挑戰，我們公司的營收表現仍然強勁，正如 Geraldo 所強調的那樣，我們第一季度的 GMV 以美元計算同比增長 22%，在匯率中性的基礎上增長 21%。

Our Q1 revenue exceeded our expectations and surpassed the upper end of our guidance, reaching $42.3 million and reflecting a year-over-year growth of 22% in U.S. dollars and 22% on an FX-neutral basis. This outcome clearly demonstrates the resiliency of our blue-chip customer base, and we are reassured to observe that we are continuing to assist our customers in outperforming the market.

我們第一季度的收入超出了我們的預期，也超過了我們指導的上限，達到 4230 萬美元，按美元計算同比增長 22%，在匯率中性基礎上同比增長 22%。這一結果清楚地表明了我們藍籌客戶群的彈性，我們放心地看到我們將繼續幫助我們的客戶跑贏市場。

Double-clicking on our top line, our subscription revenue reached $39.8 million in the first quarter of 2023, from $32.6 million in the same quarter last year, a year-over-year increase of 22% in U.S. dollars and 22% on an FX-neutral basis. Our services revenue reached $2.5 million in the first quarter of 2023 from $2.1 million in the same quarter last year, a year-over-year increase of 21% in U.S. dollars and 28% on FX-neutral.

雙擊我們的收入線，我們的訂閱收入在 2023 年第一季度達到 3980 萬美元，而去年同期為 3260 萬美元，按美元計算同比增長 22%，按外匯計算同比增長 22% - 中性基礎。我們的服務收入從去年同期的 210 萬美元增至 2023 年第一季度的 250 萬美元，按美元計算同比增長 21%，按匯率中性計算同比增長 28%。

Even with seasonality being a headwind this quarter, our subscription gross margin was slightly better than last quarter's. Our non-GAAP subscription gross profit was $29.4 million compared to $22.7 million in the first quarter of 2022. Non-GAAP subscription gross margin was 73.9% in the first quarter of 2023 compared to 73.5% in the last quarter and 69.6% in the same quarter of 2022.

儘管本季度季節性因素不利，但我們的訂閱毛利率仍略高於上季度。我們的非GAAP 訂閱毛利潤為2940 萬美元，而2022 年第一季度為2270 萬美元。2023 年第一季度非GAAP 訂閱毛利率為73.9%，上一季度為73.5%，上一季度為69.6% 。 2022 年第四季度。

The 430 basis points year-over-year margin expansion shows the commitment of our team to keep improving our margins. This margin improvement was driven mainly by the migration of noncore services to more efficient hosting providers and the optimization and operational leverage of our support cost. We are more than proud of what we have achieved in this front, and we are excited about what is to come.

利潤率同比增長 430 個基點表明我們團隊致力於不斷提高利潤率。利潤率的提高主要是由於將非核心服務遷移到更高效的託管提供商以及我們的支持成本的優化和運營槓桿。我們對在這方面取得的成就感到非常自豪，並對未來感到興奮。

We delivered a year-over-year improvement of 190 basis points on our overall gross margin in Q1. We are working on a few implementations in the U.S. and Europe, where we have proactively invested on our services offering to ensure successful go-lives. By design, this impacted our services gross margin. And therefore, our overall gross margin experienced a slightly declined quarter-over-quarter.

我們第一季度的整體毛利率同比提高了 190 個基點。我們正在美國和歐洲進行一些實施，並積極投資於我們的服務產品，以確保成功上線。按照設計，這影響了我們的服務毛利率。因此，我們的整體毛利率環比略有下降。

While this commercial decision may have a small impact on our gross margin in the short term, it will position us better in newer regions in the medium to long term, enabling us to implement new customers smoothly and successfully.

雖然這一商業決策可能在短期內對我們的毛利率產生很小的影響，但從中長期來看，它將使我們在新地區佔據更好的地位，使我們能夠順利、成功地開發新客戶。

Our non-GAAP total operating expenses reached $31.9 million in the first quarter of 2023 from $29.1 million in the prior quarter and $35.9 million in the same period last year. The year-over-year improvement reflects the organizational restructuring we made over the past couple of quarters.

2023 年第一季度，我們的非 GAAP 總運營費用從上一季度的 2910 萬美元和去年同期的 3590 萬美元增至 3190 萬美元。同比改善反映了我們在過去幾個季度進行的組織重組。

As a result of the better-than-expected margin improvements with the top line coming at a robust pace, our non-GAAP operating income improved from a negative 39.5% margin in the same quarter last year to a negative 9.7% margin in first quarter 2023. This represents 30 percentage points improvement year-over-year.

由於利潤率改善好於預期且營收強勁增長，我們的非 GAAP 營業收入從去年同季度的負利潤率 39.5% 提高到第一季度的負利潤率 9.7% 2023 年。這意味著同比提高了30個百分點。

As of the 3 months ended March 31, 2023, VTEX had a negative $5.0 million free cash flow compared to a positive $2.5 million in the prior quarter and a negative $16.1 million free cash flow in the first quarter of 2022. Before I move to the outlook for the second quarter and fiscal year 2023, I would like to update you on the share repurchase program approved in August of last year.

截至 2023 年 3 月 31 日的三個月，VTEX 的自由現金流為負 500 萬美元，而上一季度為正 250 萬美元，2022 年第一季度為負 1610 萬美元。展望第二季度和2023財年，我想向您介紹去年8 月批准的股票回購計劃的最新情況。

As of March 31, 2023, the remaining balance under this authorization was nearly $12 million. We repurchased 4.6 million shares at an average price of $3.91 per share. We expect to continue executing our plan based on the evaluation of market conditions and applicable legal requirements.

截至2023年3月31日，該授權項下的剩餘餘額近1200萬美元。我們以每股 3.91 美元的平均價格回購了 460 萬股股票。我們希望根據市場狀況和適用法律要求的評估繼續執行我們的計劃。

Looking ahead, while macroeconomic conditions remain uncertain, we are pleased with the resiliency of our results. We are confident in our ability to navigate these uncertainties and remain committed to supporting our customers through every step of their journey.

展望未來，儘管宏觀經濟狀況仍然不確定，但我們對業績的彈性感到滿意。我們對應對這些不確定性的能力充滿信心，並繼續致力於為客戶的每一步提供支持。

We are currently targeting revenue in the $45.0 million to $45.8 million range for the second quarter of 2023, implying a year-over-year growth of 19% on FX-neutral basis in the middle of the range.

我們目前的目標是 2023 年第二季度的收入在 4500 萬美元至 4580 萬美元之間，這意味著在該範圍中間的匯率中性基礎上同比增長 19%。

For the full year 2023, considering the current performance of the company, we are increasing the bottom of the range, now targeting the full year to end between 16% and 19% on FX neutral year-over-year basis, implying a range of $185 million to $190 million based on year-to-date average FX rates.

對於 2023 年全年，考慮到公司目前的業績，我們正在提高該範圍的下限，現在的目標是在外匯中性的基礎上同比增長 16% 至 19%，這意味著一系列根據年初至今的平均匯率計算，為1.85 億至1.9 億美元。

In conclusion, we remain committed to our customers' digital transformation journey and supporting them with the appropriate set of tools and products. Despite the uncertain times we are currently facing, our customer base continues to show its resiliency. We are grateful for our customers' unwavering trust in VTEX platform, which is evident through our consistently low annual revenue churn. This has resulted in a robust business model for VTEX that will continue to generate growth in a sustainable and ambitious manner.

總之，我們仍然致力於客戶的數字化轉型之旅，並為他們提供適當的工具和產品。儘管我們目前面臨不確定的時期，但我們的客戶群繼續表現出彈性。我們感謝客戶對 VTEX 平台的堅定信任，這從我們持續較低的年收入流失率中可見一斑。這為 VTEX 帶來了強大的商業模式，並將繼續以可持續和雄心勃勃的方式實現增長。

As we continue executing on our strategy for profitable growth, we anticipate a substantial year-over-year expansion in our non-GAAP operating income margins in the second quarter of 2023, followed by incremental improvements in the second half of the year. Our commitment to delivering value for our customers, partners and shareholders has never been stronger, and we are excited about the opportunities ahead.

隨著我們繼續執行盈利增長戰略，我們預計 2023 年第二季度的非 GAAP 營業利潤率將同比大幅增長，隨後下半年將逐步改善。我們對為客戶、合作夥伴和股東創造價值的承諾從未如此堅定，我們對未來的機遇感到興奮。

With that, let's open it up for questions now. Thank you.

現在讓我們開始提問吧。謝謝。

(Operator Instructions) Our first question comes from the line of Marcelo Santos with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的馬塞洛·桑托斯（Marcelo Santos）。

The first question, I wanted to understand a bit better if you could give some more color on the GMV growth. It was a good growth in the first quarter, but there was a sequential deceleration. So if you could explain the moving parts here, and I think that would be very interesting.

第一個問題，我想更好地理解您是否可以對 GMV 增長提供更多說明。第一季度增長良好，但隨後出現放緩。因此，如果您能在這裡解釋一下活動部件，我認為那會非常有趣。

And the second question is about the competitive environment. When Brazilian software company launched a new brand called Wake targeting midsized companies. Is that something that somehow crosses your path or that you have seen somehow impacting maybe the low end of your clients? Or -- or is this totally a different business?

第二個問題是關於競爭環境。巴西軟件公司針對中型企業推出了名為 Wake 的新品牌。這是否以某種方式橫亙在你的道路上，或者你發現它以某種方式影響了你的低端客戶？或者——或者這是完全不同的業務？

Marcelo, this is Geraldo speaking. Good to talk to you. So about the GMV growth, we think that we are outperforming the general market although the pace of the GMV growth is lower than last year, mainly because of the same-store sales, VTEX same-store is decelerating a little bit. We're still growing more than the average market.

馬塞洛，我是杰拉爾多。很高興和你說話。所以關於GMV的增長，我們認為我們跑贏了整體市場，雖然GMV增長的速度低於去年，主要是因為同店銷售，VTEX同店有點減速。我們的增長仍然超過平均市場。

And we attribute that to the fact that we have a more robust customers and also that the platform allows these customers to succeed. I think the greatest and latest example of that is the fact that we have this capability that allow our customers to deliver from physical stores, deliver from physical store is very good for most of our customers, especially fashion customers. They have less rupture, they have more inventory available at the website.

我們將此歸因於我們擁有更強大的客戶，並且該平台使這些客戶能夠取得成功。我認為最偉大和最新的例子是，我們擁有這種能力，允許我們的客戶從實體店送貨，從實體店送貨對我們的大多數客戶，尤其是時尚客戶來說非常好。他們的破裂較少，網站上有更多庫存。

It allows also the salesperson at the physical store to sell products that are not available at the -- currently at the physical store. So this allow collaboration between the online and offline world in a very seamless way. And this is growing a lot as VTEX's capabilities is ramping up very fast. In the last 2 years, we almost more than doubled the volume of what we call collaborative orders on omnichannel, the -- it was less than half of 2 years ago. So this is -- this is our explanation for our growth on GMV more than the market recently.

它還允許實體店的銷售人員銷售當前實體店沒有的產品。因此，這使得線上和線下世界之間能夠以非常無縫的方式進行協作。隨著 VTEX 功能的快速提升，這一數字正在大幅增長。在過去的兩年裡，我們所謂的全渠道協作訂單量幾乎增加了一倍多，不到兩年前的一半。這是我們對最近 GMV 增長超過市場的解釋。

The -- about the competition with Wake like e-commerce platforms, we have several competitors, all the time, there's always a new set of competitors. I do believe Wake is positioned to compete with our Tier 3 and Tier 2 customers, we're going to do our work as we should do, and we're going to serve our customers the best way possible. So we plan to continue to serve them well.

關於與 Wake 這樣的電子商務平台的競爭，我們有幾個競爭對手，一直以來，總會有一批新的競爭對手。我確實相信 Wake 能夠與我們的 3 級和 2 級客戶競爭，我們將按照我們應該做的那樣做我們的工作，我們將盡可能以最好的方式為我們的客戶提供服務。所以我們計劃繼續為他們提供良好的服務。

And our next question comes from the line of Clarke Jeffries with Piper Sandler.

我們的下一個問題來自克拉克·杰弗里斯和派珀·桑德勒的對話。

I wanted to follow up on the sort of question around GMV growth. And specifically, was it in line with your expectations? And what it seems most curious to me is the deceleration in GMV growth, but the actual acceleration in subscription growth. Was there a reason or a dynamic in which a typical economic model was changing such that GMV growth coming down didn't result in an equal drawdown in subscription?

我想跟進有關 GMV 增長的問題。具體來說，它符合您的預期嗎？我最好奇的是 GMV 增長減速，但訂閱增長實際加速。是否存在某種原因或動力導致典型的經濟模式發生變化，導致 GMV 增長的下降並沒有導致訂閱量的同等減少？

Yes. Clarke, Ricardo here. Thank you for the question. Very good question. So on the GMV growth, what we saw was, as Geraldo mentioned, for the existing stores, existing customers, same-store sales was slightly below but we did see new customers coming on board especially through some upselling initiatives that was above what we expected.

是的。克拉克，里卡多在這裡。感謝你的提問。非常好的問題。因此，就GMV 增長而言，正如Geraldo 提到的那樣，對於現有商店、現有客戶，同店銷售額略低於我們，但我們確實看到新客戶加入，特別是通過一些高於我們預期的追加銷售舉措。

So this helps to explain also your second part of the question, that because of this slightly better mix or higher mix of new customers that have a slightly higher implied take rate because they paid the fixed fee. But in the beginning, they don't bring a lot of GMV has improved this performance on the revenue side. So that has matched a little bit more the GMV growth with the revenue growth. Hopefully, that answers the question.

因此，這也有助於解釋問題的第二部分，即由於新客戶的這種稍微更好的組合或更高的組合，這些新客戶的隱含率略高，因為他們支付了固定費用。但一開始，他們並沒有帶來很多GMV，卻在營收方面提升了這一表現。因此，GMV 增長與收入增長更加匹配。希望這能回答問題。

Yes, absolutely. And then I think a follow-up to that is really around some of the commentary around maybe subsidizing or maybe being flexible on price for the services and implementation. So fair to say that there was some economic sensitivity around the implementation, but that the customers were more than willing to pay the fixed fee on the subscription fee once implemented, and this is really around trying to accelerate or reduce the friction to adoption.

是的，一點沒錯。然後我認為後續行動實際上是圍繞一些可能補貼或可能在服務和實施的價格上靈活的評論。公平地說，實施存在一些經濟敏感性，但一旦實施，客戶非常願意支付訂閱費的固定費用，這實際上是為了加速或減少採用的摩擦。

And then I guess, the last follow-up to that is, how long do you expect to maybe have those concessions? Is it still a good ROI to maybe be flexible on services to promote adoption?

然後我想，最後一個後續行動是，您預計這些讓步會持續多久？靈活地提供服務以促進採用仍然是一個不錯的投資回報率嗎？

Yes. So Mariano here, thank you for the question. So I think you are mentioning about the service gross margin. So the overall gross margin in Q1, it was an improvement year-over-year from 63.6% to 65.6%. But the quarter-over-quarter was a compression, right? So seasonality can explain part of the quarter-over-quarter if you see last year's, but we also made a deliberate commercial decision to closely support the implementation of relevant new customers in the U.S. and in Europe.

是的。馬里亞諾在這裡，謝謝你的提問。所以我認為你提到的是服務毛利率。因此，第一季度的整體毛利率同比從 63.6% 上升至 65.6%。但季度環比是壓縮，對吧？因此，如果您看到去年的情況，季節性可以解釋部分季度環比的情況，但我們也做出了深思熟慮的商業決定，以密切支持美國和歐洲相關新客戶的實施。

And these are kind of over care it is to ensure the success of their go-lives. So as a result of this strategy move, we are creating strong relationships with recent signed customers, ensuring a high-quality integration and onboarding experience and advancing our expansion into these new geos with reputational cases. This is quite important for our declared future to pursue reputational cases, it is what makes us strong.

這些都是為了確保他們的上線成功而過度關心的。因此，由於這一戰略舉措，我們正在與最近簽約的客戶建立牢固的關係，確保高質量的集成和入職體驗，並通過聲譽案例推進我們向這些新地區的擴張。這對於我們未來追求聲譽案件非常重要，這使我們變得強大。

But while this decision may impact our service in the gross margin in the short term, it will position us better in newer regions as U.S. and Europe in the mid and long term. Additionally, it is important to clarify that this commercial decision should not compromise our ability to reach a sustainable breakeven by the fourth quarter of this year.

但是，雖然這一決定可能會在短期內影響我們服務的毛利率，但從中長期來看，它將使我們在美國和歐洲等新地區佔據更好的地位。此外，需要澄清的是，這一商業決定不應損害我們在今年第四季度實現可持續盈虧平衡的能力。

And we have mentioned in previous earnings calls. So we are on track, instead of it will enable us to pursue a much greater market opportunity. So we are optimistic by taking this decision, and we are looking forward for the results of it.

我們在之前的財報電話會議中已經提到過。所以我們已經走上了正軌，相反它將使我們能夠追求更大的市場機會。因此，我們對做出這一決定持樂觀態度，並期待其結果。

And our next question comes from the line of Franco Granda from D.A. Davidson.

我們的下一個問題來自 D.A. 的 Franco Granda。戴維森。

I was hoping to follow up on the gross margin question on the other side of the business and the subscription side. You obviously had some nice uptick from your infrastructure improvements. But I was wondering, is there more room for upside there? Or how should we think about that as we go through the year?

我希望跟進業務另一端和訂閱方面的毛利率問題。顯然，您的基礎設施改進取得了一些不錯的進步。但我想知道，還有更多上升空間嗎？或者說，當我們度過這一年的時候，我們應該如何思考這個問題？

Thank you. Thank you very much for the question. This is Geraldo here. Thank you. So at the time of the IPO, we were -- our gross margin was getting smaller than historically was. And we were growing a lot like -- we're bringing customers and we were investing in new capabilities very fast because of the pandemic, we needed to be much faster than efficient.

謝謝。非常感謝你的提問。這是杰拉爾多。謝謝。因此，在首次公開募股時，我們的毛利率正在低於歷史水平。我們的成長非常像——我們正在吸引客戶，並且由於大流行，我們正在非常快地投資新功能，我們需要的速度比效率要快得多。

I would say that, in a sense, you see consistent improvements in our gross margins since, I guess, 1 year or a little bit more than 1 year ago. And this is a deliberate effort of R&D and, of course, optimizations in our support processes. This is related mostly to how we architecture our hosting capabilities, how we make them more efficient, how we move from Windows instances to Linux instances, we move to more modern processors.

我想說，從某種意義上說，自一年或一年多前以來，您會看到我們的毛利率持續改善。這是研發的刻意努力，當然也是我們支持流程的優化。這主要與我們如何構建託管功能、如何提高其效率、如何從 Windows 實例遷移到 Linux 實例、如何遷移到更現代的處理器有關。

This is an area where there's a lot of improvements should be done. And while the growth is a little bit lower in our end, there is more bandwidth on the R&D side for us to focus on these improvements. So to answer your question, yes, we'll continue to invest in the improvement of our gross margin. And we thought, you cannot expect that like we almost improved the subscription gross margin by 400 basis points, right, in the year-over-year, you won't expect that rhythm, but you expect marginal improvements, yes.

這是一個需要做很多改進的領域。雖然我們的增長有點低，但研發方面有更多的帶寬讓我們可以專注於這些改進。因此，回答你的問題，是的，我們將繼續投資於提高毛利率。我們認為，你不能指望像我們幾乎將訂閱毛利率提高 400 個基點一樣，對吧，在同比中，你不會期望這種節奏，但你期望邊際改善，是的。

All right. That's some good color. I appreciate it. And then for my second question, I was hoping to get some color on the costs associated with Loja Integrada, your SMB business. On the 6-K, it was filed, they noticed that the cost nearly doubled year-over-year. Can you speak about those increases that?

好的。這是一個很好的顏色。我很感激。對於我的第二個問題，我希望了解與您的中小企業業務 Loja Integrada 相關的成本。據報導，在 6-K 上，他們注意到成本同比幾乎翻了一番。您能談談那些增加嗎？

Ricardo here. Happy to take that one. So on the 6-K, we don't disclose the breakout of the expenses for Loja Integrada versus the overall VTEX. We do have some disclosure on the stock-based compensation for the management team there, but that's not the full picture of the expenses for Loja Integrada. But what I could say is that Loja Integrada has been performing in a similar pace to VTEX, I would say, both on a revenue growth perspective, as well as on operating margin perspective.

里卡多在這裡。很高興接受那個。因此，在 6-K 上，我們沒有透露 Loja Integrada 與整體 VTEX 的費用明細。我們確實披露了一些有關管理團隊的股票薪酬的信息，但這並不是 Loja Integrada 費用的全貌。但我想說的是，無論是從收入增長角度還是從營業利潤率角度來看，Loja Integrada 的表現都與 VTEX 類似。

So it's not exactly the same, but it is similar. So they are going through the same trends that we are seeing that VTEX on the overall numbers, right? The underneath the numbers, the details are pretty different because they are in the SMB business. And VTEX is more enterprise, but the overall numbers are similar. So it's not a boost to our results, but it's not also a detriment to our results.

所以說不完全一樣，但是很相似。所以他們正在經歷與我們在總體數字上看到的 VTEX 相同的趨勢，對嗎？在數字下面，細節有很大不同，因為它們屬於中小企業業務。 VTEX 更企業化，但總體數字相似。因此，這不會促進我們的業績，但也不會損害我們的業績。

Thanks for the clarification. I appreciate it.

感謝您的澄清。我很感激。

And our next question comes from the line of Cesar Medina with Morgan Stanley.

我們的下一個問題來自塞薩爾·梅迪納 (Cesar Medina) 與摩根士丹利 (Morgan Stanley) 的對話。

On the commentary in the release, you mentioned that you haven't seen additional reservation on sales cycles. And on that front, can you comment on how this is impacting sales time, ramp time, your backlog and more importantly, your expansion outside of Brazil, in LatAm and developed markets?

在新聞稿的評論中，您提到您沒有看到銷售週期上有額外的預訂。在這方面，您能否評論一下這對銷售時間、爬坡時間、積壓訂單以及更重要的是您在巴西以外、拉丁美洲和發達市場的擴張有何影響？

So yes, proud to answer here, Mariano. So the sales cycle is not changing. It is -- the maturity of each region can influenciate the sales cycle. But the sales cycles in each region, we are seeing kind of a -- kind of, let's say, a commoditization of, let's say, of the sales cycle. So we are not expecting not a good surprise or even a worse surprise based on the sales cycle.

所以，是的，很自豪在這裡回答，馬里亞諾。所以銷售週期沒有改變。每個地區的成熟度都會影響銷售週期。但是，從每個地區的銷售週期來看，我們看到了一種銷售週期的商品化。因此，根據銷售週期，我們預計不會出現好的意外，甚至更糟糕的意外。

And the international expansion, how are your clients outside of Brazil reacting amid the macro uncertainty?

至於國際擴張，您在巴西以外的客戶在宏觀不確定性的情況下有何反應？

Perfect. So I can say some words about our international expansion. Like, for example, we shifted our approach towards a more technical sales strategy early last year, and we have been focused on building a kind of POCs and engaging the clients on a more technical way. This is only possible because of the VTEX platform features and capabilities, the out-of-the-box capabilities allow us to prove to our clients by doing it instead of selling it.

完美的。我可以談談我們的國際擴張。例如，我們去年初將我們的方法轉向了更具技術性的銷售策略，我們一直專注於構建一種 POC 並以更具技術性的方式吸引客戶。這之所以成為可能，是因為 VTEX 平台的特性和功能，開箱即用的功能使我們能夠通過實踐而不是出售來向客戶證明。

And this approach of not [speech] the selling, but speech the product is making the difference. We are seeing the conversion rate answering to this kind of approach. So it's -- of course, it's making it harder for our competitors to replicate our proof-of-concept approach. Additionally, we have been dedicating more and more to tech teams solution engineering to engage on the first calls with our prospects.

這種方法不是[言論]銷售，而是言論產品正在發揮作用。我們看到了這種方法的轉化率。當然，這讓我們的競爭對手更難復制我們的概念驗證方法。此外，我們一直在越來越多地致力於技術團隊的解決方案工程，以便與我們的潛在客戶進行第一次通話。

And I believe VTEX is pioneering on this sense. And it is a big bet for the U.S. and Europe, putting more engineering in front of the clients as early in the process as possible. So -- and we anticipate being able to disclose some of the customers we have signed contracts with over the coming quarters as they are having their go lives. And we can say that B2B demand, it isn't high. So VTEX has a unique offer for B2B.

我相信 VTEX 在這方面處於領先地位。對於美國和歐洲來說，這是一個很大的賭注，儘早將更多的工程設計擺在客戶面前。因此，我們預計能夠披露一些在未來幾個季度與我們簽訂合同的客戶，因為他們正在投入使用。而且我們可以說B2B的需求並不高。因此，VTEX 為 B2B 提供了獨特的優惠。

The digital commerce platform plus the distributor order management plus the marketplace ready platform makes VTEX a unique offering for the B2B industry. So we do feel optimistic that we are moving into the right direction and the consistency of our reputational cases going live, we will create more and more the brands that we want in U.S., in Europe. And you can call, for example, Gartner and IDC analysis -- and analysis, and they will share with you their perspective about VTEX.

數字商務平台加上分銷商訂單管理以及市場就緒平台使 VTEX 成為 B2B 行業的獨特產品。因此，我們確實對我們正在朝著正確的方向前進以及我們的聲譽案例的一致性感到樂觀，我們將在美國和歐洲創造越來越多我們想要的品牌。例如，您可以致電 Gartner 和 IDC 分析機構，他們會與您分享他們對 VTEX 的看法。

So I believe the increase of those analyst companies on the coverage of VTEX, it is a good sign of our reputation increasing as well. So we are optimistic for the quarters and the years to come in the U.S. and Europe.

所以我相信這些分析公司對VTEX的報導的增加，這也是我們聲譽提高的一個好跡象。因此，我們對美國和歐洲的季度和未來幾年持樂觀態度。

(Operator Instructions) Our next question comes from the line of [Luca Brendan] with Bank of America.

（操作員指令）我們的下一個問題來自美國銀行的 [Luca Brendan] 線路。

Two questions here. The first one, if you could just clarify a little bit on those higher expenses to support the implementation costs, is this related just to clients that are yet to go live? Or -- has this already been implemented before -- started to be implemented before with the previous clients?

這裡有兩個問題。第一個，如果您能澄清一下用於支持實施成本的更高費用，這是否只與尚未上線的客戶有關？或者——這是否已經在之前的客戶中實施過——之前已經開始實施？

And then the second question, if you could give us some color on how you're seeing the e-commerce market mainly in Brazil, but if you could also give a color from how things are going in the other regions compared to what we saw in the first quarter, if you're seeing some sort of recovery or if the market remains difficult?

然後是第二個問題，您是否可以告訴我們您如何看待主要在巴西的電子商務市場，但您是否也可以告訴我們其他地區的情況與我們所看到的相比的情況在第一季度，您是否看到某種複蘇或市場仍然困難？

Luca, Ricardo here. Happy to answer the first one. So on the investment that we are making on the services side, this is connected with the implementation. So new customers coming on board, it's not with the existing customers of VTEX. It's very specific on helping cases that we have signed customers in U.S. and Europe to undergo a successful implementation and go live. And the second question, if you could repeat, please?

盧卡，里卡多在這裡。很高興回答第一個問題。所以我們在服務方面的投資是與實施相關的。因此，新客戶的加入，並不是 VTEX 的現有客戶。我們已經在美國和歐洲簽署了客戶成功實施並上線的幫助案例，這是非常具體的。第二個問題，請您重複一遍好嗎？

If you could just tell us how you're seeing the e-commerce market so far in the second quarter and the outlook going forward comparing it to the first quarter?

您能否告訴我們您如何看待第二季度迄今為止的電子商務市場以及與第一季度相比的未來前景？

So the e-commerce market, we are seeing a lot of retailers in the world suffering. These are kind of, let's call the god effect, right? COVID plus war plus inflation plus high interest rate. It is 1 of the kind of worst kind of [pivot] of macro conditions we have in the market in the last 30 years. So all the retailers that needs to finance themselves in a new environment, they will suffer.

因此，在電子商務市場上，我們看到世界上許多零售商都在遭受苦難。這些是一種，我們稱之為上帝效應，對嗎？新冠病毒加上戰爭加上通貨膨脹加上高利率。這是過去 30 年來市場中最糟糕的宏觀狀況之一。因此，所有需要在新環境中為自己融資的零售商都將遭受損失。

So you can see the Body Bath & Beyond and other retailers in the U.S., in Europe, they will suffer, they will go Chapter 11. They will go bankrupt. So that's not different in Latin America. Maybe Latin America is a little bit more resilient because the companies there are more used to crisis. But at the end of the day, that's something that is pretty obvious in effect.

所以你可以看到 Body Bath & Beyond 和美國、歐洲的其他零售商將遭受損失，他們將進入破產法第 11 章。他們將破產。所以這在拉丁美洲也沒有什麼不同。也許拉丁美洲的韌性更強一些，因為那裡的公司更習慣危機。但歸根結底，這實際上是非常明顯的。

The money is much more expensive than it used to be before. That brings the client -- the customers to make more pragmatic decisions. So in terms of the positioning where VTEX is we're a kind of a backbone for connected commerce, where you can have your time to market faster than other platforms. We might see a demand coming that we need to be very cautioned on being optimistic on this because a crisis is never good, but might have an effect that allows us to serve a wave that clients that want to not use any more custom softer and use VTEX or any other platform to serve a more lean approach.

錢比以前貴多了。這使客戶能夠做出更務實的決策。因此，就 VTEX 的定位而言，我們是互聯商務的支柱，在這裡您可以比其他平台更快地上市。我們可能會看到這樣的需求，即我們需要對此保持樂觀，因為危機永遠不會有好處，但可能會產生影響，使我們能夠為那些不想使用任何定制軟件的客戶提供服務並使用VTEX 或任何其他提供更精益方法的平台。

So -- we can say like for good and for bad, we can expect the same pace. So we are keeping -- seen our 2 quarters on a $45 million to $45.8 million year-over-year with a 19% FX neutral, and we keep seeing the 2023 in between $185 million to $190 million, that's a 16% to 19% FX neutral. So we didn't change roughly the guidance that we have been doing in the last quarter.

所以——我們可以說，無論好壞，我們都可以期待同樣的速度。因此，我們預計 2 個季度的收入同比將達到 4500 萬至 4580 萬美元，匯率中性率為 19%，我們預計 2023 年的收入將在 1.85 億至 1.9 億美元之間，即 16% 至 19%外匯中性。因此，我們沒有粗略地改變我們在上個季度所做的指導。

And there are no further questions at this time. Geraldo, Thomaz, I'll turn the call back over to you.

目前沒有其他問題。杰拉爾多，托馬斯，我會把電話轉給你。

To conclude the earnings call, I would like to thank everyone who joined us today for our first quarter 2023 earnings conference call. We're treated to share our successes from past quarter which includes robust growth and successful implementation of strategy in all regions, further reinforcing our leading position in the digital landscape of Latin America and enhancing our presence globally.

在結束本次財報電話會議時，我要感謝今天參加我們 2023 年第一季度財報電話會議的所有人。我們有幸分享上個季度的成功經驗，包括在所有地區的強勁增長和成功實施戰略，進一步鞏固我們在拉丁美洲數字領域的領先地位，並增強我們在全球的影響力。

We have experienced an increase in GMV by 22% year-over-year, which reflects our customers' resilient performance even in challenging times. We have also expanded our customer base, adding several new customers and strengthening our relationship with the existing ones. I'm looking forward to keep you updated on new customer adds across the years. Great things are about to come. We continue to be excited about our path of being the backbone for connected commerce.

我們的 GMV 同比增長了 22%，這反映了我們的客戶即使在充滿挑戰的時期也能表現出堅韌的表現。我們還擴大了我們的客戶群，增加了一些新客戶並加強了我們與現有客戶的關係。我期待著向您通報多年來新增客戶的最新情況。偉大的事情即將到來。我們繼續對成為互聯商務支柱的道路感到興奮。

Thank you again for your continued support, and we look forward to your participation on our future updates. You may now disconnect.

再次感謝您一直以來的支持，我們期待您參與我們未來的更新。您現在可以斷開連接。

And this concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。