VTEX (VTEX) 2024 Q3 法說會逐字稿

Hello everyone, and welcome to the VTEX earnings conference Call for the quarter ended september 30th, 2024.

大家好，歡迎參加截至 2024 年 9 月 30 日的季度 VTEX 收益電話會議。

I am Julia Vater Fernández, VP of Investor Relations for VTEX.

我是 Julia Vater Fernández，VTEX 投資者關係副總裁。

Our senior executives presenting today are Geraldo Thomaz Jr, Founder and Co-CEO, and Ricardo Camatta Sodre, Chief Financial Officer.

今天出席會議的高階主管包括創辦人兼聯合執行長 Geraldo Thomaz Jr 和財務長 Ricardo Camatta Sodre。

Additionally, Mariano Gomide de Faria, Founder and Co-CEO, and Andre Spolidoro, Chief Strategy Officer, will be available during today's Q&A session.

此外，創辦人兼聯合執行長 Mariano Gomide de Faria 和首席策略長 Andre Spolidoro 也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.

我想提醒您的是，管理層可能會就公司的持續成長前景、行業趨勢以及產品和技術舉措等事項做出前瞻性陳述。

These statements are based on currently available information and our current assumptions, expectations and projections for future events.

這些陳述是基於目前可用的資訊以及我們目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 currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

雖然我們認為，鑑於目前可獲得的信息，我們的假設、預期和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。

Certain risks and uncertainties are described under Risk Factors and Forward-Looking Statements sections of VTEX's Form 20-F for the year ended December 31st, 2023 and other VTEX's filings within the US Securities and Exchange Commission, which are available on our investor relations website.

截至2023 年12 月31 日的VTEX 20-F 表格的風險因素和前瞻性陳述部分以及VTEX 在美國證券交易委員會提交的其他文件中描述了某些風險和不確定性，這些文件可在我們的投資者關係網站上找到。

Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures.

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。

A reconciliation of those measures to the nearest comparable GAAP measures can be found in our third-quarter 2024 earnings press release available on our investor relations website.

這些指標與最接近的可比較 GAAP 指標的調整可以在我們的投資者關係網站上發布的 2024 年第三季收益新聞稿中找到。

Now, let me turn the call over to Geraldo.

現在，讓我把電話轉給傑拉爾多。

Geraldo, the floor is yours.

傑拉爾多，地板是你的。

Thank you, Julia.

謝謝你，茱莉亞。

Welcome everyone, and thank you for joining our third quarter 2024 earnings conference call.

歡迎大家，並感謝您參加我們的 2024 年第三季財報電話會議。

We are proud to report that our product innovation and expanded platform capabilities continue to be key drivers of growth, further strengthening our competitive moat.

我們很自豪地報告，我們的產品創新和擴展的平台能力仍然是成長的關鍵驅動力，進一步增強了我們的競爭優勢。

Through our complete and composable approach, we are deepening relationships with existing customers while also attracting high-profile brands and retailers, driving both top-line growth and profitability.

透過我們完整且可組合的方法，我們正在加深與現有客戶的關係，同時吸引知名品牌和零售商，推動營收成長和獲利能力。

VTEX made strong strides toward profitable growth.

VTEX 在獲利成長方面取得了長足的進步。

During a period of macro uncertainty, we continued delivering strong subscription revenue growth while also optimizing our cost basis, resulting in a gross profit growth of 28% in FX neutral this quarter.

在宏觀不確定性時期，我們繼續實現強勁的訂閱收入成長，同時優化我們的成本基礎，導致本季在外匯中性的情況下毛利成長 28%。

Significant progress is also noticeable on a Rule of 40 basis, with VTEX achieving 32% this quarter, up from 28% in the same period last year.

在 40 法則的基礎上也取得了顯著的進展，VTEX 本季達到 32%，高於去年同期的 28%。

We may be slightly more than a handful of quarters away from reaching the 40% target presented on our Investor Day last year.

我們距離去年投資者日提出的 40% 目標可能還需要幾季的時間。

Finally, as macro uncertainty may begin to clear, we have streamlined VTEX to fully capitalize on the attractive market opportunities ahead.

最後，隨著宏觀不確定性可能開始消除，我們簡化了 VTEX，以充分利用未來有吸引力的市場機會。

We are proud to serve some of the most influential brands and retailers, fostering trusted relationships and supporting their success, which ultimately pushes us toward our vision to become the backbone for connected commerce.

我們很自豪能夠為一些最具影響力的品牌和零售商提供服務，培養可信賴的關係並支持他們的成功，這最終推動我們實現成為互聯商業支柱的願景。

On top of our existing customer's robust performance, adding new customers further strengthens our growth engine.

除了現有客戶的強勁表現之外，新客戶的增加進一步增強了我們的成長引擎。

New contract signatures have remained robust.

新合約簽署依然強勁。

This quarter, we are excited to highlight the successful go-live of Fast Shop in Brazil, one of the big accounts we were implementing throughout the year.

本季度，我們很高興地重點介紹 Fast Shop 在巴西的成功上線，這是我們全年實施的大客戶之一。

This solid sales momentum in our most mature market, compounded by the progress in the US and Europe, and newer products such as our B2B offering and VTEX Ad Network, gives us confidence in our long-term profitable growth potential.

我們最成熟市場的強勁銷售勢頭，再加上美國和歐洲的進步，以及我們的 B2B 產品和 VTEX 廣告網絡等新產品，使我們對長期盈利增長潛力充滿信心。

On Q3, 2024, beyond Fast Shop's go-live in Brazil, we've expanded our customer base with new wins, including: Beko in Austria, Bemol, Champion Relógios, Ferramentas Negrão, FQM Consumo, GrêmioMania, and Jorge Bischoff in Brazil; Comfama and Rimax in Colombia; Cálidda and Farmacia Universal in Peru; and US Electrical Services in the US.

2024 年第三季度，除了Fast Shop 在巴西上線之外，我們還透過新的勝利擴大了我們的客戶群，包括：奧地利的Beko、Bemol、Champion Relógios、Ferramentas Negrão、FQM Consumo、GrämioMania 和Jorge Bischoff（奧地利）巴西;哥倫比亞的 Comfama 和 Rimax；秘魯的 Cálidda 和 Farmacia Universal；和美國的美國電力服務公司。

Our existing customers are also deepening their partnership with VTEX.

我們現有的客戶也正在加深與 VTEX 的合作關係。

Colgate launched a new store in Switzerland, expanding its footprint across Switzerland, Brazil, and the US.

高露潔在瑞士開設了一家新店，將其足跡擴大到瑞士、巴西和美國。

Hearst added two new stores, Harper's Bazaar and Prevention, bringing their store count to five across the US.

赫斯特 (Hearst) 增加了兩家新店，即《Harper's Bazaar》和《Prevention》，使全美門市數量達到五家。

Keune Hair cosmetics launched a new store in the UK.

Keune Hair 化妝品在英國開設了一家新店。

Now serving the UK, Belgium, France, and the Netherlands.

目前服務於英國、比利時、法國和荷蘭。

Mazda expanded into Belgium, now operating in three countries across Europe.

馬自達擴展到比利時，目前在歐洲三個國家開展業務。

And Samsung added two new stores in Uruguay, now operating in three countries in Latin America.

三星在烏拉圭開設了兩家新店，目前在拉丁美洲的三個國家開展業務。

We are grateful for the trust of our customers, whom we look forward to serving with excellence.

我們感謝客戶的信任，期待為他們提供卓越的服務。

Their decision to entrust VTEX reflects the value of our product, and the deep relationships we forge as we collaboratively shape the future of ecommerce.

他們委託 VTEX 的決定反映了我們產品的價值，以及我們在共同塑造電子商務的未來時所建立的深厚關係。

And talking about collaboratively shaping the future of commerce, this year we hosted several key events to strengthen our brand presence across various geographies, including the US, Brazil, and Barcelona.

談到合作塑造商業的未來，今年我們舉辦了幾場重要活動，以加強我們在不同地區（包括美國、巴西和巴塞隆納）的品牌影響力。

This quarter was the turn of a high-potential market for us, Mexico.

本季對我們墨西哥來說是一個高潛力市場的轉變。

VTEX Connect Latam 2024, which has become a flagship event for digital commerce in the region with over 10,000 registered participants in Mexico City.

VTEX Connect Latam 2024 已成為該地區數位商務的旗艦活動，在墨西哥城擁有超過 10,000 名註冊參與者。

The event featured prominent players such as Amazon, Decathlon, Grupo Coppel, HEB, L'Oréal, Mondelez, TikTok, and many others, with Apple Co-Founder Steve Wozniak headlining as the keynote speaker.

這場活動雲集了亞馬遜、迪卡儂、Grupo Coppel、HEB、歐萊雅、億滋、TikTok 等眾多知名企業，蘋果聯合創始人史蒂夫·沃茲尼亞克 (Steve Wozniak) 擔任主題演講人。

Like our other events this year, VTEX Connect Latam was instrumental in boosting brand awareness, and recognition, driving lead generation and potential future conversion in our sales funnel.

與我們今年的其他活動一樣，VTEX Connect Latam 在提高品牌知名度和認可度、推動銷售管道中的潛在客戶開發和未來潛在轉換方面發揮了重要作用。

This quarter, we have also launched the VTEX Vision Fall edition, an initiative designed to align our product roadmap with customer needs and showcase the robustness of our platform to prospects.

本季度，我們也推出了 VTEX Vision 秋季版，該計畫旨在使我們的產品路線圖與客戶需求保持一致，並向潛在客戶展示我們平台的穩健性。

Reinforcing our position as the leading composable and complete commerce platform, let's highlight some key announcements.

為了鞏固我們作為領先的可組合和完整商務平台的地位，讓我們重點介紹一些重要的公告。

On the retail media side, in this edition, we expanded the VTEX Ad Network media kit portfolio with new ad formats.

在零售媒體方面，在本版中，我們透過新的廣告格式擴展了 VTEX Ad Network 媒體套件組合。

Sponsored products now appear in search auto-complete suggestions and product galleries, boosting visibility and customer engagement with a seamless experience.

贊助產品現在出現在搜尋自動完成建議和產品庫中，透過無縫體驗提高可見度和客戶參與度。

We've also simplified the process for advertisers to measure and visualize campaign performance, offering deeper insights and facilitating data driven decisions.

我們也簡化了廣告主衡量和視覺化廣告活動效果的流程，提供更深入的見解並促進數據驅動的決策。

Advertisers can now easily export campaign data, search terms, and product insights, providing comprehensive reports with just a few clicks.

廣告主現在可以輕鬆匯出行銷活動數據、搜尋字詞和產品見解，只需點擊幾下即可提供全面的報告。

Additionally, we announced upcoming features, such as ads with product recommendations powered by Synerize and sponsored banners, targeting shoppers at the discovery phase.

此外，我們還宣布了即將推出的功能，例如由 Synerize 提供支援的產品推薦廣告和贊助橫幅，以發現階段的購物者為目標。

The VTEX Ad Network already counts with leading publishers such as Fast Shop, Drogaria Pacheco São Paulo, and Zona Sul, among others.

VTEX 廣告網路已經與 Fast Shop、Drogaria Pacheco São Paulo 和 Zona Sul 等領先發布商合作。

We've also introduced new data models for catalog, promotion, and external marketplace data to the VTEX Data Pipeline.

我們還在 VTEX 數據管道中引入了用於目錄、促銷和外部市場數據的新數據模型。

The product is now compatible with any preferred data warehouse, BI tools, and CRM systems, making it easier than ever to deliver VTEX commerce data where it's needed most.

該產品現在與任何首選資料倉儲、BI 工具和 CRM 系統相容，因此比以往更輕鬆地在最需要的地方交付 VTEX 商務資料。

These new models offer a unified view of commerce operations, allowing businesses to optimize their strategies seamlessly.

這些新模型提供了商業營運的統一視圖，使企業能夠無縫優化其策略。

These are just a few of the exciting updates in the VTEX Vision Fall edition.

這些只是 VTEX Vision 秋季版中一些令人興奮的更新。

I encourage everyone to visit our website at vision.vtex.com, for the complete list of the releases, enhancements, and product innovations.

我鼓勵大家造訪我們的網站 Vision.vtex.com，以取得版本、增強功能和產品創新的完整清單。

In the third quarter of 2024 we also expanded our platform's post-purchase capabilities with the acquisition of Weni, a leader in AI-powered customer service solutions.

2024 年第三季度，我們也透過收購人工智慧客戶服務解決方案的領導者 Weni 來擴展我們平台的售後能力。

Although a small financial investment, this strategic acquisition significantly enhances VTEX's ability to offer a comprehensive, end-to-end customer experience platform tailored to the personalized needs of today's consumers.

儘管財務投資很小，但此次策略性收購顯著增強了 VTEX 提供全面、端到端客戶體驗平台的能力，以滿足當今消費者的個人化需求。

VTEX customers will now benefit from AI-driven, intuitive customer support options that boost efficiency and drive sustainable business success through a more connected and seamless commerce journey.

VTEX 客戶現在將受益於人工智慧驅動的直覺客戶支援選項，透過更互聯和無縫的商務旅程提高效率並推動永續的業務成功。

Weni's AI capabilities allow us to deliver more than software.

Weni 的人工智慧能力使我們能夠提供的不僅僅是軟體。

Through AI, we will deliver measurable business outcomes of increased customer engagement and satisfaction while optimizing outdated and inefficient call center operations.

透過人工智慧，我們將提供可衡量的業務成果，提高客戶參與度和滿意度，同時優化過時且低效的呼叫中心營運。

Finally, this acquisition aligns perfectly with our vision to be the backbone for connected commerce, shaping the future of digital commerce by empowering brands and retailers to deliver personalized, omni-channel experiences at every touch point.

最後，此次收購完全符合我們成為互聯商務支柱的願景，透過賦能品牌和零售商在每個接觸點提供個人化的全通路體驗，塑造數位商務的未來。

Now, turning to the heart of our company, our customers, I'd like to share some success stories.

現在，談到我們公司的核心、我們的客戶，我想分享一些成功的故事。

Bemol, one of Brazil's largest retailers with 39 stores, 48 pharmacies, and five distribution centers, successfully migrated its entire operation to VTEX, including its B2C franchise model and headless app, seeking a scalable, efficient platform to unify operations, streamline sales, and introduce innovative financial solutions like Bemol Store Credit, Bemol Vale Bonus, Crédi to Bemol, and Bemol PIX.

Bemol 是巴西最大的零售商之一，擁有39 家商店、48 家藥局和5 個配送中心，成功地將其整個業務遷移到VTEX，包括其B2C 特許經營模式和無頭應用程序，尋求一個可擴展、高效的平台來統一運作、簡化銷售和管理推出創新的金融解決方案，例如 Bemol Store Credit、Bemol Vale Bonus、Crédi to Bemol 和 Bemol PIX。

During the phased rollout, the website already experienced a 12% boost in conversion rates and a 33% increase in average revenue per session.

在分階段推出期間，網站的轉換率已經提高了 12%，每次會話的平均收入增加了 33%。

After fully migrating all traffic to VTEX, organic traffic rose by 8%, supported by a 56% faster loading performance in mobile devices with limited processing power and internet connectivity.

將所有流量完全遷移到 VTEX 後，自然流量增加了 8%，這得益於處理能力和網路連線有限的行動裝置的載入效能提高了 56%。

These advancements not only improved the user experience, but also reinforced Bemol's expansion across Brazil.

這些進步不僅改善了使用者體驗，也加強了 Bemol 在巴西的擴張。

With VTEX, Bemol is now positioned for further growth, capitalizing on scalable architecture and strong financial integrations to provide a superior omni-channel experience.

透過 VTEX，Bemol 現在已做好了進一步發展的準備，利用可擴展的架構和強大的財務整合來提供卓越的全通路體驗。

Colgate-Palmolive, the global leader in oral, skin and pet care, continues its expansion with VTEX.

高露潔棕欖是口腔、皮膚和寵物護理領域的全球領導者，並透過 VTEX 繼續擴張。

Following the successful B2B implementations of PCA Skin Professional and Colgate Oral Professional in the US, Colgate has now extended its digital strategy to international markets, recently launching Oral Professional in Switzerland, and its European B2B site on VTEX.

繼 PCA Skin Professional 和 Colgate Oral Professional 在美國成功實施 B2B 後，高露潔現已將其數位策略擴展到國際市場，最近在瑞士推出了 Oral Professional，並在 VTEX 上推出了歐洲 B2B 網站。

Colgate's headless global architecture powered by VTEX enabled a seamless rollout, demonstrating the platform's adaptability and scalability across diverse markets and business models.

高露潔由 VTEX 支援的無頭全球架構實現了無縫部署，展示了該平台在不同市場和業務模式中的適應性和可擴展性。

We are thrilled to support Colgate's continued expansion in the US and Europe, underscoring their commitment to digital commerce innovation.

我們很高興支持高露潔在美國和歐洲的持續擴張，突顯了他們對數位商務創新的承諾。

Decathlon, a global leader in sporting goods retail with over 1,700 stores across 64 countries, leveraged VTEX's Sales App in Brazil to enhance its omni-channel strategy and create a seamless shopping experience across both physical and digital stores.

迪卡儂是全球體育用品零售領域的領導者，在64 個國家/地區擁有1,700 多家商店，利用VTEX 在巴西的銷售應用程式來增強其全通路策略，並在實體店和數位商店中打造無縫的購物體驗。

By integrating their sales channels, Decathlon allows customers to purchase items not in local stock by accessing a unified inventory across all stores.

透過整合銷售管道，迪卡儂允許客戶透過存取所有商店的統一庫存來購買本地庫存以外的商品。

The VTEX Sales App enabled personalized customer interactions, real-time stock visibility, and flexible checkout, ensuring a faster, more agile shopping experience.

VTEX 銷售應用程式實現了個人化的客戶互動、即時庫存可見性和靈活的結帳，確保更快、更靈活的購物體驗。

This innovation has helped Decathlon maintain its commitment to delivering high-quality, customer-centric service, driving operational efficiency and increasing conversion rates through a fully unified commerce platform.

這項創新幫助迪卡儂履行了其承諾，即提供高品質、以客戶為中心的服務，透過完全統一的商務平台提高營運效率並提高轉換率。

Fast Shop, the leading Brazilian retailer with 36 years of history, 85 stores, and 15 distribution centers, selected VTEX to migrate from its legacy platform due to high costs and lack of flexibility.

Fast Shop 是巴西領先的零售商，擁有 36 年的歷史、85 家商店和 15 個配送中心，由於成本高且缺乏靈活性，選擇 VTEX 從其舊平台遷移。

Fast Shop has now significantly lowered its total cost of ownership and gained access to our robust and deep ecosystem of third-party solutions, enhancing its customer experience and rapidly expanding into new channels like B2B.

Fast Shop 現在已顯著降低了總擁有成本，並獲得了我們強大而深入的第三方解決方案生態系統的訪問權限，從而增強了客戶體驗並迅速擴展到 B2B 等新管道。

All operations, including physical stores, online storefronts, marketplace, and B2B, will now be integrated into a single unified platform.

所有業務，包括實體店、線上店面、市場和 B2B，現在都將整合到一個統一的平台中。

They've also developed a custom app for in-store sales teams, delivering personalized shopping experiences.

他們還為店內銷售團隊開發了一款客製化應用程序，提供個人化的購物體驗。

This strategic shift strengthens Fast Shop's premium customer journey, offering a seamless omni-channel experience with exclusive services and a strong loyalty program, Fast Prime.

這項策略轉變加強了 Fast Shop 的優質客戶旅程，透過獨家服務和強大的忠誠度計畫 Fast Prime 提供無縫的全通路體驗。

We are thrilled to see immediate improvements in site performance and sales conversions and look forward to supporting them with agility and flexibility in all future developments.

我們很高興看到網站效能和銷售轉換率立即得到改善，並期待在未來的所有開發中為他們提供敏捷性和靈活性的支援。

Hearst, one of the largest global diversified information and media companies, has leveraged VTEX's extensive native capabilities, multi-site architecture, and VTEX IO developer cloud to successfully integrate with the prestige beauty retailer, Sephora, becoming part of Hearst's expanding digital marketplace.

Hearst 是全球最大的多元化資訊和媒體公司之一，利用 VTEX 廣泛的本地功能、多站點架構和 VTEX IO 開發者云，成功與知名美容零售商 Sephora 集成，成為 Hearst 不斷擴大的數位市場的一部分。

Now available across leading lifestyle publications like Women's Health, Cosmopolitan, Harper's Bazaar, Men's Health, and Prevention, Hearst's integration with Sephora marks a new era transforming the buying experience for consumer media businesses.

赫斯特與絲芙蘭的整合現已在《女性健康》、《Cosmopolitan》、《時尚芭莎》、《男性健康》和《預防》等領先生活方式出版物上發布，標誌著消費媒體企業購買體驗轉變的新時代。

Readers can now seamlessly purchase products that are mentioned or featured in published content from their favorite national magazine and websites, making every touch point a sales opportunity.

讀者現在可以從他們最喜歡的國家雜誌和網站無縫購買已發佈內容中提到或特色的產品，使每個接觸點都成為銷售機會。

Women's Health, a trusted publication contributing to the well-being of women everywhere, has expanded its reach by instantly enabling readers to become customers.

《女性健康》是一本值得信賴的出版物，為世界各地女性的福祉做出貢獻，它透過立即使讀者成為客戶來擴大其影響力。

Now, with just a click, over 8,500 products with Sephora's diverse assortment are available, offering customization and rewards through its popular Beauty Insider loyalty program.

現在，只需點擊一下，絲芙蘭就有超過 8,500 種多樣化的產品可供選擇，並透過其廣受歡迎的 Beauty Insider 忠誠度計劃提供客製化和獎勵。

We are excited to accompany Hearst in this journey that marks a major advancement for the media industry, delivering a seamless experience with shoppable interfaces for effortless product discovery and purchase.

我們很高興能陪伴赫斯特踏上這段旅程，這標誌著媒體行業的重大進步，透過可購物介面提供無縫體驗，輕鬆發現和購買產品。

Closing this section, I would like to extend my sincere gratitude to the 1,409 VTEXers.

最後，我謹向 1,409 位 VTEXers 致上誠摯的謝意。

It takes a collective effort, and together we are reshaping the future by establishing VTEX as the backbone for connected commerce.

這需要集體努力，我們正在共同重塑未來，將 VTEX 打造成互聯商業的支柱。

We have ambitious goals and unite we will seize every opportunity.

我們有遠大的目標，團結一致，我們將抓住每一個機會。

I will now hand the call over to Ricardo.

我現在將電話轉交給里卡多。

Thank you, Geraldo.

謝謝你，傑拉爾多。

Hi everyone, I am pleased to share VTEX's Q3, 2024 financial results.

大家好，我很高興分享 VTEX 2024 年第三季的財務表現。

This quarter our GMV reached $4.4 billion, marking a year-over-year growth of 10% in US dollars and 17% in FX neutral.

本季我們的 GMV 達到 44 億美元，以美元計算年增 10%，以匯率中立計算年增 17%。

With same-store sales remaining in the teens range.

同店銷售額仍維持在十幾歲範圍內。

Our revenue stood at $56.0 million, representing a year-over-year increase of 11% in US dollars and 19% on an FX neutral basis.

我們的營收為 5,600 萬美元，以美元計算年增 11%，以匯率中立計算年增 19%。

Subscription revenue reached $53.9 million, representing an increase of 13% in US dollars and 22% in FX neutral, primarily driven by good momentum in new contract signatures, solid performance from existing customers, and cross-selling of add-on services.

訂閱收入達到 5,390 萬美元，以美元計算增長 13%，按匯率中性計算增長 22%，這主要得益於新合約簽署的良好勢頭、現有客戶的穩健表現以及附加服務的交叉銷售。

Services revenue totaled $2.1 million, a by-design reduction given that the evolution of our ecosystem has allowed our new customers in the US and Europe to rely less on direct services from VTEX, which in many cases were sold at a loss to onboard our initial larger customers in these regions.

服務收入總計210 萬美元，這是有意減少的，因為我們的生態系統的發展使我們在美國和歐洲的新客戶減少了對VTEX 的直接服務的依賴，在許多情況下，VTEX 是虧本出售的，以便加入我們最初的服務。

Now, going to our costs and expenses: our non-GAAP gross margin reached 75%, up from 71% in the same quarter last year.

現在，讓我們來看看我們的成本和費用：我們的非 GAAP 毛利率達到 75%，高於去年同期的 71%。

The approximately 410 basis points year-over-year improvement was mainly driven by hosting cost efficiencies, resulting in our non-GAAP subscription gross margin increasing 230 basis points, reaching 79% in Q3, 2024 from 76% in the same quarter last year.

年比成長約 410 個基點主要是由託管成本效率推動的，導致我們的非 GAAP 訂閱毛利率成長 230 個基點，從去年同期的 76% 達到 2024 年第三季的 79%。

While work remains to fully reach our Investor Day subscription gross margin target model goal, future improvements may be more marginal.

雖然要完全達到我們的投資者日訂閱毛利率目標模型目標仍有待完成，但未來的改進可能會更加有限。

Moving down the P&L, this quarter we achieved a positive 14% non-GAAP operating income margin, marking a 10 percentage-point improvement year-over-year.

從損益表來看，本季我們實現了 14% 的非 GAAP 營業利潤率，年增了 10 個百分點。

Our non-GAAP total operating expenses were $34.2 million, slightly up from $34.1 million in the same quarter last year.

我們的非 GAAP 總營運費用為 3,420 萬美元，略高於去年同期的 3,410 萬美元。

As mentioned earlier, most of this margin expansion is driven by revenue growth, supported by a well-invested and efficient organizational structure, which will allow us to invest in R&D and sales and marketing to fully capitalize on market opportunities as they emerge.

如前所述，利潤成長大部分是由收入成長推動的，並由投資充足且高效的組織結構的支持，這將使我們能夠投資於研發、銷售和行銷，以充分利用出現的市場機會。

Combining our operating income result with disciplined working capital management resulted in our free cash flow in Q3, 2024 reaching $7.7 million, representing a 14% margin and up from 5% margin in the same quarter last year.

將我們的營業收入結果與嚴格的營運資本管理相結合，我們的自由現金流在 2024 年第三季達到 770 萬美元，利潤率達到 14%，高於去年同期的 5%。

We are well-positioned to continue delivering strong cash conversion and will remain focused on pursuing the most suitable, high-return opportunities for the long term.

我們處於有利位置，可以繼續提供強勁的現金轉換，並將繼續專注於尋求最合適的長期高回報機會。

Notably, given our strong free cash flow, we managed to increase our cash and short-term investment position to $217 million even after allocating capital in some inorganic opportunities.

值得注意的是，鑑於我們強勁的自由現金流，即使在將資本分配給一些無機機會之後，我們仍設法將現金和短期投資頭寸增加至 2.17 億美元。

Looking ahead, we remain encouraged by our sales momentum and operational leverage.

展望未來，我們的銷售動能和營運槓桿仍然令人鼓舞。

As macro uncertainty may begin to clear, we have streamlined VTEX to fully capitalize on current market opportunities.

隨著宏觀不確定性可能開始消除，我們簡化了 VTEX，以充分利用當前的市場機會。

We reaffirm our commitment to delivering profitable growth by continuously focusing on maximizing revenue and long-term value.

我們重申，我們致力於透過不斷關注收入和長期價值最大化來實現獲利成長。

We will continue to evaluate our investment levels in alignment with demand, sales conversion rates, and return on investment, with the Rule of 40 as our north star.

我們將繼續根據需求、銷售轉換率和投資回報來評估我們的投資水平，並將 40 法則作為我們的北極星。

Moving on to guidance.

繼續指導。

From a revenue perspective, given tougher comps in Q4 that will ease up in Q1, we are targeting FX neutral year-over-year revenue growth of 14% to 17% for the fourth quarter of 2024, implying a $64.8 million to $66.8 million range.

從營收角度來看，考慮到第四季的比較情況將在第一季有所緩解，我們的目標是2024 年第四季在匯率中立的情況下營收年增​​14% 至17%，這意味著收入範圍為6,480 萬美元至6,680 萬美元。

For the full year 2024, as we continue executing our profitable growth strategy, we are targeting FX neutral year-over-year revenue growth of 18.5% to 19.5%, implying a range of $230 million to $232 million based on Q3's average FX rate.

2024 年全年，隨著我們繼續執行獲利成長策略，我們的目標是匯率中性的年收入成長18.5% 至19.5%，這意味著根據第三季的平均匯率計算，營收範圍為2.3 億美元至2.32 億美元。

We are raising our non-GAAP operating income and free cash flow margins target to low teens.

我們正在將非公認會計原則營業收入和自由現金流利潤率目標提高到十幾歲以下。

In conclusion, VTEX holds significant growth potential, supported by our progress toward profitable growth.

總之，VTEX 擁有巨大的成長潛力，這得益於我們在獲利成長方面的進展。

We're seeing strong sales momentum with new customers, geographical and brand expansion from existing customers, and improved operational efficiency, positioning us to seize future opportunities.

我們看到新客戶帶來的強勁銷售動能、現有客戶的地域和品牌擴張以及營運效率的提高，使我們能夠抓住未來的機會。

We remain optimistic about Brazil's potential, the vast opportunities in Latin America, and the large and attractive markets in the US and Europe.

我們對巴西的潛力、拉丁美洲的巨大機會以及美國和歐洲龐大且有吸引力的市場保持樂觀。

We will continue pursuing disciplined growth, making firm steps toward our ambition to become the global backbone for connected commerce.

我們將繼續追求有紀律的成長，朝著成為全球互聯商業支柱的雄心壯志邁出堅定的步伐。

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

現在讓我們開始提問吧。

Thank you.

謝謝。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Marcelo Santos, JP Morgan.

馬塞洛桑托斯，摩根大通。

Hi, good evening.

嗨，晚上好。

Thanks for taking my questions.

感謝您回答我的問題。

The first question is, if you could provide some additional color on the growth of subscription revenues, how is that going per region?

第一個問題是，如果您可以提供有關訂閱收入增長的更多信息，那麼每個地區的情況如何？

You had some tougher situation in Argentina, so I just wanted to -- if you could focus a bit there, but also talk about the other regions.

阿根廷的情況比較艱難，所以我只是想——如果你能稍微關心一下那裡，但也談談其他地區。

And the second question is, do you see this margin level as sustainable and are you happy with the growth margin combo?

第二個問題是，您認為這個利潤水準是否可持續，並且您對成長利潤組合感到滿意嗎？

How would you consider that?

你會如何考慮？

Thank you.

謝謝。

Hi, Marcelo.

嗨，馬塞洛。

Ricardo here.

里卡多在這裡。

Thanks for your question.

謝謝你的提問。

So, in Q3 we achieved a total revenue growth of 18.7% in FX Neutral.

因此，在第三季度，我們在匯率中立的情況下實現了 18.7% 的總收入成長。

That's close to the midpoint of the guidance range of 18% to 20% that we provided last quarter.

這接近我們上季度提供的 18% 至 20% 指導範圍的中點。

And that's also a two-year CAGR in FX Neutral of 22% for total revenue, and on your question, 23% for subscription revenue.

這也是總收入 22% 的兩年複合年增長率（外匯中性），而就你的問題而言，訂閱收入為 23%。

It's important to note these two-year CAGR, given that last year we were positively impacted by an acceleration of consumption in Argentina from August until November and as mentioned in last year's earnings call.

值得注意的是，考慮到去年我們受到阿根廷 8 月至 11 月消費加速的正面影響，正如去年的財報電話會議中所提到的那樣，這兩年的複合年增長率非常重要。

And I would also add that from organic revenue growth, it was very similar to the total revenue growth, as the Weni acquisition contributed only a negligible amount to our revenue and did it solely in the last month of the quarter.

我還要補充一點，有機收入成長與總營收成長非常相似，因為收購 Weni 對我們的營收貢獻微乎其微，而且僅在本季最後一個月實現。

So, continuing on your question, the subscription revenue.

那麼，繼續你的問題，訂閱收入。

We delivered a robust year-over-year growth of 22% in FX Neutral.

我們在外匯中性方面實現了 22% 的強勁同比增長。

Even against these challenging comps in Argentina, where last year's pre-devaluation consumption behavior affected the baseline.

即使與阿根廷這些具有挑戰性的比較相比，去年貨幣貶值前的消費行為也影響了基準。

And as mentioned last quarter, Argentina remained a couple percentage points headwind to our growth this quarter.

正如上季度所提到的，阿根廷本季的成長仍落後幾個百分點。

And as noted in the Q4 outlook, we expect this headwind to reduce by December when Argentina FX devaluation happened last year and consumption started adjusting.

正如第四季度展望中所指出的，我們預計到 12 月，當阿根廷去年發生外匯貶值且消費開始調整時，這種阻力將會減少。

And our ex-Argentina performance underscores the strong underlying performance of the company on a more recurring basis.

我們在阿根廷的業績突顯了該公司在更經常性基礎上的強勁基礎業績。

And I would also add that as we rely more on the VTEX ecosystem of partners, we experience a by-design reduction in our services offering.

我還想補充一點，隨著我們更依賴 VTEX 合作夥伴生態系統，我們所提供的服務在設計上有所減少。

This decision negatively impacts our services revenue and positively impacts our gross margin and bottom line, as in many instances these services were sold at a loss.

這項決定對我們的服務收入產生了負面影響，並對我們的毛利率和利潤產生了積極影響，因為在許多情況下，這些服務都是虧本出售的。

So, the strategic by-design decision to increase our services offering last year was a consequence of the first couple bigger implementations we were doing in the U.S. and Europe.

因此，去年增加服務範圍的策略設計決定是我們在美國和歐洲進行的前幾次大規模實施的結果。

And now, as the ecosystem matures and already did larger implementations, we are confident to lower the services offering, minimizing the impact on our margins.

現在，隨著生態系統的成熟並且已經進行了更大規模的實施，我們有信心降低服務提供量，最大限度地減少對我們利潤的影響。

So, looking ahead, as we lap the tough comps, the strong performance of existing stores and our robust sales momentum are fundamental factors that instil confidence in our ability to deliver solid, profitable growth.

因此，展望未來，當我們經歷艱難的競爭時，現有商店的強勁表現和強勁的銷售勢頭是增強我們實現穩健、盈利增長能力的信心的基本因素。

So, I believe that answers the first question.

所以，我相信這回答了第一個問題。

Marcelo, could you please repeat the second question?

馬塞洛，您能重複第二個問題嗎？

The second question is about the sustainability of margins and if you are happy with the growth margin combo.

第二個問題是關於利潤率的可持續性以及您是否對成長利潤率組合感到滿意。

Yeah, perfect.

是的，完美。

I am happy to start on this one and others feel free to compliment.

我很高興開始這項工作，其他人也可以隨意讚美。

So, the margin is sustainable, yes.

所以，利潤是可持續的，是的。

We have a target model of 80% for the subscription gross margin.

我們的訂閱毛利率目標模型為 80%。

We are making progress toward that.

我們正在朝著這個方向取得進展。

We are at 78.5% in this quarter.

本季我們的進度為 78.5%。

So we still have 1.5 percentage-points to get there.

因此，我們還有 1.5 個百分點的差距才能實現這一目標。

From the overall gross margin, we are at 74% and change and the target is 75%.

從整體毛利率來看，我們是74%，目標是75%。

So, we are moving towards that level.

所以，我們正在朝著這個水準邁進。

And then, when we look at the operating margin, we reached 14% this quarter, while our goal is 20%.

然後，當我們看營業利潤率時，本季我們達到了 14%，而我們的目標是 20%。

So, these incremental margins will come as we scale and drive revenue leverage over time.

因此，隨著我們隨著時間的推移擴大規模並提高收入槓桿，這些增量利潤將會隨之而來。

So, we are a high growth company, and we continue to prioritize this revenue growth and we are committed to profitable growth with additional well-aligned hires in R&D and sales marketing as we see fit.

因此，我們是一家高成長的公司，我們將繼續優先考慮收入成長，並致力於透過在我們認為合適的情況下在研發和銷售行銷方面增加適當的員工來實現盈利成長。

So, as this momentum continues, we will certainly update you all on the progress.

因此，隨著這種勢頭的持續，我們一定會向大家通報最新進展。

But we feel like we have a well-invested structure at the moment and we will continue to improve on margins going forward.

但我們覺得目前我們擁有良好的投資結構，未來將繼續提高利潤率。

Cesar Medina, Morgan Stanley.

塞薩爾·梅迪納，摩根士丹利。

Hi, thanks for taking my call.

您好，感謝您接聽我的電話。

A quick question.

一個簡單的問題。

Can you provide more context on what you highlighted as a strong new contract signature momentum?

您能否提供更多背景資訊來說明您強調的強勁新合約簽署勢頭？

I'm asking this, because it seems as if bookings that you reported in the quarter accelerated.

我問這個問題是因為您在本季度報告的預訂量似乎有所增加。

So, it would be great to have some color in terms of what's going on, where is this coming from, what type of sectors, and more importantly, the mix of regions where you are getting this acceleration.

因此，如果您能對正在發生的事情、它來自哪裡、行業類型，以及更重要的是，您獲得這種加速的地區的組合有一些了解，那就太好了。

Thank you.

謝謝。

So, I can take this one and, Sodre, if you please join adding anything.

所以，我可以接受這個，Sodre，如果你請加入添加任何內容。

So thanks for the question.

謝謝你的提問。

Mariano here.

馬裡亞諾在這裡。

As mentioned in our prepared remarks, our global pipeline shows steady improvement, followed by our unique composable and complete commerce platform.

正如我們在準備好的演講中所提到的，我們的全球管道顯示出穩步改善，其次是我們獨特的可組合和完整的商務平台。

We deliver very low TCO compared to our competitors, pretty fast time to market, and very flexible solution for testing multiple go-to-market strategies.

與競爭對手相比，我們提供非常低的 TCO、相當快的上市時間以及用於測試多種上市策略的非常靈活的解決方案。

Our technical sales model, successfully customer case studies and recognition from IDC, from Forrester, and from Gartner, all contribute to this momentum that you might see.

我們的技術銷售模式、成功的客戶案例研究以及 IDC、Forrester 和 Gartner 的認可，所有這些都促成了您可能會看到的這一勢頭。

So, in today's challenging retail landscape with high interest rate, VTEX popped as the partner for the sustainable growth and profitable growth.

因此，在當今充滿挑戰的高利率零售環境中，VTEX 成為永續成長和獲利成長的合作夥伴。

So, in Brazil, to be more narrow on the analysis, we see strong B2C growth potential as more players are now open to migrate to VTEX, moving away from the legacy platforms or homegrown.

因此，在巴西，從更狹隘的角度來看，我們看到了強大的 B2C 成長潛力，因為現在越來越多的參與者願意遷移到 VTEX，遠離傳統平台或本土平台。

In that sense, this quarter we had two lives that is an evidence of this movement, like Fast Shop and Bemol.

從這個意義上說，本季我們有兩個生命是這項運動的證據，例如 Fast Shop 和 Bemol。

Big retailers based on homegrown and custom legacy migrating for VTEX.

基於本土和客製化傳統的大型零售商遷移到 VTEX。

And these are only an example of a couple of the clients under implementation.

這些只是正在實施的幾個客戶端的範例。

But as you know, we just comment the clients that goes live.

但如您所知，我們只是評論上線的客戶。

On the B2B side, also grows as the company modernized their front-end and channels approach, which gave us a huge opportunity to keep growing and redefining the commerce landscape in Brazil and Latin America.

在 B2B 方面，隨著公司前端和通路方法的現代化，我們也實現了成長，這為我們提供了不斷發展和重新定義巴西和拉丁美洲商業格局的巨大機會。

In the United States and Europe, our portfolio is expanding across categories, omnichannel marketplace customers, including Hearst in the U.S. and OBI in Europe.

在美國和歐洲，我們的產品組合正在跨類別、全通路市場客戶擴展，包括美國的赫斯特和歐洲的 OBI。

We also have H Mart in the U.S., Auchan in Europe.

美國還有H Mart，歐洲有歐尚。

And this quarter, we can celebrate go-lives from Colgate-Palmolive and Keune, both in B2B models across the U.S. and Europe.

本季度，我們可以慶祝 Colgate-Palmolive 和 Keune 在美國和歐洲的 B2B 模式中上線。

Colgate now operates both B2C and B2B in the U.S., while Keune is live in four European countries, so further expanding their retail footprint with VTEX.

高露潔目前在美國經營 B2C 和 B2B 業務，而 Keune 則在四個歐洲國家開展業務，因此透過 VTEX 進一步擴大了其零售足跡。

So these milestones, coupled with industry recognition have significantly strengthened our brand presence and our pipeline.

因此，這些里程碑以及行業認可極大地增強了我們的品牌影響力和產品線。

We are confident in our path forward, building on execution, reputation, and customer success histories to capture the market opportunity that's ahead of us.

我們對前進的道路充滿信心，以執行力、聲譽和客戶成功歷史為基礎，抓住眼前的市場機會。

And just to further complement from a financial perspective, Cesar, the increase in deferred revenue is consistent with the strong contract signature momentum mentioned in the prepared remarks and by Mariano just now.

只是為了從財務角度進一步補充，塞薩爾，遞延收入的增加與準備好的演講中和馬裡亞諾剛才提到的強勁合約簽署勢頭是一致的。

And now having said that, it's important to note that there was also some increase in the deferred revenue duration.

話雖如此，值得注意的是，遞延收入期限也有所增加。

Therefore, adjusting by average duration, the increase in deferred revenue was a bit more modest than what is presented in our balance sheet, without any duration adjustment, but still a pretty solid improvement.

因此，在平均久期調整後，遞延收入的成長比我們資產負債表中顯示的要溫和一些，沒有任何久期調整，但仍然是一個相當堅實的改善。

Leonardo Olmos, UBS.

萊昂納多·奧爾莫斯，瑞銀集團。

Hi, everyone.

大家好。

Just one question from my side.

我這邊只有一個問題。

Can you talk a little bit about system integrators?

您能談談系統整合商嗎？

Can you talk about your current relationship with them?

您能談談您目前與他們的關係嗎？

How has it been evolving?

它是如何演變的？

What types of strategy are you thinking about for 2025?

您在考慮 2025 年採取什麼類型的策略？

And if you have one or more competitors, they are growing relevance in terms of those distributions in system integrators.

如果您有一個或多個競爭對手，那麼他們在系統整合商的這些分佈方面的相關性越來越大。

Thank you.

謝謝。

Yep.

是的。

So, VTEX ecosystem matures.

至此，VTEX生態係日趨成熟。

We are seeing, as you can see on our numbers and the service revenue of VTEX, it's not increasing as the revenue.

我們看到，正如您在我們的數據和 VTEX 的服務收入中看到的那樣，它並沒有隨著收入的增長而增加。

That's a sign that our ecosystem of SIs are maturing in all regions.

這表明我們的系統整合商生態系統在所有地區都在走向成熟。

So, VTEX's needs to provide direct service has declined.

因此，VTEX 提供直接服務的需求已經下降。

So, system integrators in new geos now bring stronger experience in executing implementation projects on our platform.

因此，新地理區域的系統整合商現在在我們的平台上執行實施專案時帶來了更豐富的經驗。

And therefore, since the Q1, you can notice that we gradually reduce our direct roles in our implementations resulting in a lower contribution from service revenue and higher margins and you can expect that as our target company.

因此，自第一季以來，您可以注意到我們逐漸減少了實施中的直接角色，導致服務收入的貢獻較低，利潤率較高，您可以預期我們的目標公司也是如此。

We believe the SI, it is pretty complete and can be a strength or leverage for us to deploy projects all over the world.

我們相信 SI，它非常完整，可以成為我們在世界各地部署專案的優勢或槓桿。

Our focus remains on subscription revenue, the core of our product-driven business model, and a key driver of profitability.

我們的重點仍然是訂閱收入，這是我們產品驅動的業務模式的核心，也是獲利能力的關鍵驅動因素。

Leveraging a mature ecosystem of system integrators enables us to have this global reach, global support, and a profitable growth.

利用成熟的系統整合商生態系統使我們能夠擁有全球影響力、全球支援和獲利成長。

Notably, 96% of our revenue are subscription-based, while service contributes 4% only.

值得注意的是，我們 96% 的收入來自訂閱，而服務僅貢獻 4%。

So, subscription revenue is the true indicator of the business health, and in Q3, it grew 22% FX-neutral, paired with our increasing gross profit, which rose 28% in FX-neutral this quarter.

因此，訂閱收入是業務健康狀況的真正指標，在第三季度，剔除匯率因素後，訂閱收入成長了22%，同時我們的毛利也不斷成長，剔除匯率因素，本季毛利成長了28% 。

Did I answer your question?

我回答你的問題了嗎？

Yes, yes, and great news.

是的，是的，還有個好消息。

Just a small part of my question, if you could maybe double-click on it.

這只是我的問題的一小部分，如果你可以雙擊它。

The competitor spark that I asked?

我問的競爭對手的火花？

Is there any competitor that is advancing with SIs or any other form?

是否有任何競爭對手正在透過 SI 或任何其他形式推進？

Thank you.

謝謝。

So competition, the competitive environment has remained stable.

所以競爭、競爭環境一直保持穩定。

While we always receive questions about peers potentially expanding from long-tail or SMB segments, or some enterprise competitors displaying increased aggressiveness in one region or another region, we haven't observed any significant shifts.

雖然我們總是收到有關同行可能從長尾或中小企業領域擴張的問題，或者一些企業競爭對手在一個地區或另一個地區表現出更大的侵略性，但我們沒有觀察到任何重大變化。

Our overall annual revenue churn remains consistent in the mid-single-digit range, and we continue to gain market share globally.

我們的整體年收入流失率保持在中個位數範圍內，並且我們繼續獲得全球市場份額。

Nevertheless, we are monitoring the competitive environment, ensuring our value prop and technology stack to remain highly competitive.

儘管如此，我們正在監控競爭環境，確保我們的價值支柱和技術堆疊保持高度競爭力。

But just summarizing, we didn't see any kind of major shift in the competitive landscape.

但總而言之，我們沒有看到競爭格局有任何重大轉變。

Great.

偉大的。

All right, a lot of great news.

好吧，有很多好消息。

Thank you very much.

非常感謝。

Have a good night.

祝你晚安。

(Operator Instructions)

（操作員說明）

And there are no further questions.

沒有其他問題了。

So this does conclude our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call over to Geraldo Thomaz, founder and Co-CEO of VTEX for closing remarks.

我現在將把電話轉給 VTEX 創辦人兼聯合執行長 Geraldo Thomaz 致閉幕詞。

In conclusion, I would like to reaffirm our commitment to delivering profitable growth and our objective of returning to the Rule of 40.

最後，我想重申我們對實現獲利成長的承諾以及回歸 40 法則的目標。

This quarter's progress reflects the dedication of our team at VTEX.

本季度的進展反映了我們 VTEX 團隊的奉獻精神。

Once we set our goals, we work relentlessly to achieve them, no matter the scale of our ambitions.

一旦我們設定了目標，無論我們的抱負有多大，我們都會堅持不懈地努力實現它們。

With over 20 years of history, we can confidently say that VTEX grows stronger each year, and this year is no exception.

擁有20多年的歷史，我們可以自信地說，VTEX一年比一年強大，今年也不例外。

We are honored to support some of the world's leading brands and retailers as we define commerce together.

我們很榮幸能夠支持一些世界領先的品牌和零售商，共同定義商業。

Bridging the gap between physical and digital channels, and strengthening an industry with immense potential ahead.

彌合實體通路和數位通路之間的差距，增強未來潛力巨大的產業。

Our purpose is to keep our customers ahead of the curve, adaptable, and resilient in the face of constant change.

我們的目標是讓我們的客戶在不斷變化的情況下保持領先、適應能力和彈性。

With strong sales momentum and continued platform innovation, VTEX is well positioned for sustained growth and to solidify its role as an e-commerce leader on a global basis.

憑藉強勁的銷售動能和持續的平台創新，VTEX 已做好持續成長的準備，並鞏固其作為全球電子商務領導者的地位。

We have a long, invigorating journey ahead of us, and we are here to seize it as we remain fully committed to delivering value to our customers, investors and stakeholders, and as we continue our journey to becoming the backbone for connected commerce.

我們前面還有一段漫長而充滿活力的旅程，我們將繼續充分致力於為客戶、投資者和利害關係人提供價值，並繼續成為互聯商業的支柱，抓住這一機會。

Thank you, everyone, for being part of this journey.

謝謝大家參與這趟旅程。

We look forward to keeping you updated at our next earnings call.

我們期待在下次財報電話會議上向您通報最新情況。

You may disconnect now.

您現在可以斷開連線。

Have a wonderful week.

祝你有個愉快的一周。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。

Disconnect now.

立即斷開連線。

Have a wonderful week.

祝你有個愉快的一周。