VTEX (VTEX) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to the VTEX earnings conference call for the quarter ended December 31, 2024.

大家好，歡迎參加 VTEX 2024 年 12 月 31 日止季度財報電話會議。

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

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

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

今天出席的高階主管有：創辦人兼聯合執行長 Geraldo Thomaz Jr.；以及財務長 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；首席策略長 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.

我想提醒您，管理層可能會對公司持續成長前景、行業趨勢以及產品和技術計劃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 about future events.

這些聲明是基於目前可用的資訊以及我們目前的假設、期望和對未來事件的預測。

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.

雖然我們相信，根據目前可用的信息，我們的假設、期望和預測是合理的，但請注意不要過度依賴這些前瞻性陳述。

Certain risks and uncertainties are described and the risk factors and forward-looking statement sections of VTEC Form 20-F for the year end of December 31, 2024 and other VTEX filings within the US Security and Exchange Commission, which are available on our industry relations website.

某些風險和不確定性已被描述，並且截至 2024 年 12 月 31 日的 VTEC 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內的其他 VTEX 文件可在我們的行業關係網站上查閱。

Finally, I would like to remind you that during the course of this conference call we might discuss some non-ga 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大會措施。

A reconciliation of those measures to the nearest comparable GAAP measures can be found in our fourth quarter 2024 and expressly available on our Investor Relation website.

這些指標與最接近的可比較 GAAP 指標的對帳可以在我們 2024 年第四季中找到，並可在我們的投資者關係網站上明確查閱。

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.

杰拉爾多，現在你來發言。

Thank you, Julia.

謝謝你，茱莉亞。

Welcome, everyone, and thanks for joining our fourth-quarter 2024 earnings conference call.

歡迎大家，感謝您參加我們的 2024 年第四季財報電話會議。

We closed the year with our underlying business remaining stronger than ever.

我們以比以往更加強勁的基礎業務結束了這項財年。

Looking at the medium to long term, 2024 was a transformative year for VTEX.

從中長期來看，2024 年是 VTEX 轉型的一年。

We delivered significant milestones in our evolution as a global leader in digital commerce.

我們在成為數位商務全球領導者的過程中取得了重要的里程碑。

First, we continue to see a robust sales momentum in signing new enterprise customers onto the VTEX Platform, demonstrated by the number of customers that pay us more than $250,000 per year increasing from $126,000 to $155,000.

首先，我們繼續看到 VTEX 平台簽約新企業客戶的強勁銷售勢頭，每年向我們支付超過 250,000 美元的客戶數量從 126,000 美元增加到 155,000 美元，這證明了這一點。

Second, our annual revenue churn remains stable in the mid-single digit percentage range, an evidence of our customer satisfaction and our strong position in the competitive landscape.

其次，我們的年收入流失率保持穩定在中等個位數百分比範圍內，這證明了我們的客戶滿意度和我們在競爭中的強勢地位。

Third, we introduced new products such as VTEX Ads, Data Pipeline, and Shield, designed to empower our customers with AI-supported add-ons that enhance business outcomes and revenue generation, delivering efficiency, and tangible business results for our customers, and potentially contributing to VTEX's monetization capabilities.

第三，我們推出了 VTEX Ads、Data Pipeline 和 Shield 等新產品，旨在為我們的客戶提供 AI 支援的附加元件，以提高業務成果和創收，為我們的客戶提供效率和切實的業務成果，並可能為 VTEX 的貨幣化能力做出貢獻。

The three operational pillars highlighted above, adding new enterprise customers, maintaining low churn, and launching innovative products, are key to VTEX's medium and long-term success.

上述強調的三大營運支柱：增加新的企業客戶、維持低客戶流失率和推出創新產品，是 VTEX 長期成功的關鍵。

While our revenue model, with two-thirds coming from a take-rate on customer, GMV, closely aligns our success with that of our customers and benefits us from the growth of digital commerce.

我們的收入模式有三分之二來自於客戶的佣金率，即商品交易總額 (GMV)，該模式將我們的成功與客戶的成功緊密結合，並使我們受益於數位商務的成長。

It also introduces short-term volatility.

它還引入了短期波動。

This was evident this quarter and year, with revenue coming below expectations due to weaker same-store-sales, particularly in Brazil, amidst softer consumer spending and significant FX devaluation.

本季和今年的情況很明顯，由於同店銷售額較弱（尤其是在巴西），加上消費支出疲軟和外匯大幅貶值，導致收入低於預期。

Ricardo will elaborate further on this in the financial section.

里卡多將在財務部分進一步闡述這一點。

Now, going back to the three key operational growth drivers.

現在，回顧三個關鍵的營運成長動力。

On adding new enterprise customers, in 2024, we saw a strong contract signature momentum, with Brazil standing out as a highlight throughout the year and with notable contributions from the US and Europe in the second half.

在增加新的企業客戶方面，2024年，我們看到了強勁的合約簽署勢頭，其中巴西成為全年的亮點，而美國和歐洲在下半年也做出了顯著貢獻。

As a result, our deferred revenue increased 29% year over year, which is a testament to the attractiveness of our value proposition for net new customers and existing ones that renewal-after-renewal keep choosing VTEX.

因此，我們的遞延收入年增了 29%，證明了我們的價值主張對淨新客戶和不斷選擇 VTEX 的現有客戶具有吸引力。

These achievements reaffirm VTEX’s global ambitions of becoming the backbone for connected commerce, being more than just a software provider but the preferred comprehensive commerce suite by bold CIOs and CEOs worldwide.

這些成就再次證實了 VTEX 的全球雄心，即成為互聯商務的中堅力量，不僅是一家軟體供應商，也是全球大膽的 CIO 和 CEO 首選的綜合商務套件。

On keeping a low and stable churn.

保持較低且穩定的客戶流失率。

We further solidified our partnerships with top-tier brands and retailers, demonstrating our ongoing upmarket trajectory with a 23% increase in number of customers, generating over $250,000 in annual recurring revenue.

我們進一步鞏固了與頂級品牌和零售商的合作夥伴關係，展示了我們持續的高端市場軌跡，客戶數量增加了 23%，每年創造了超過 25 萬美元的經常性收入。

In 2024, we celebrated the go-lives of several key customers, including Hmart, MyEyeDr, Jeffers Pet, and Heart's ongoing expansion in the US; OBI, and an enterprise multinational fashion retailer in Europe; Motorola in Sweden, and Whirlpool in Poland; Pashmina in India; Nike, Adidas, and Elektra across Latin America; and Fast Shop, Hortifruti, and Bemol in Brazil, among many others.

2024 年，我們慶祝了幾位重要客戶的上線，包括 Hmart、MyEyeDr、Jeffers Pet 和 Heart 在美國持續擴張； OBI，歐洲跨國時尚零售商；瑞典的摩托羅拉和波蘭的惠而浦；印度的羊絨；拉丁美洲的 Nike、Adidas 和 Elektra；以及巴西的 Fast Shop、Hortifruti 和 Bemol 等。

Although our total number of customers has slightly decreased year-over-year, that’s driven by a lower intake of small customers that are not strategic nor financially relevant for VTEX.

雖然我們的客戶總數同比略有下降，但這是由於對 VTEX 不具有戰略意義或財務相關性的小客戶數量減少所致。

Our annual revenue churn remains stable in the mid-single-digits.

我們的年收入流失率仍然穩定在個位數的中等水準。

As our base of customers paying us more than $250,000 in ARR grows and compounds over time, it further strengthens VTEX’s long-term growth and resilience.

隨著向我們支付超過 25 萬美元 ARR 的客戶群不斷增長和復合，它進一步增強了 VTEX 的長期成長和彈性。

On launching product innovations.

關於推出產品創新。

VTEX is successfully transitioning from a single-product platform into an integrated suite of solutions.

VTEX 正在成功地從單一產品平台轉變為整合的解決方案套件。

Our offerings now span B2C, B2B, Sales App, Pick & Pack, Data Pipeline, Retail Media, Security Shield, and many more, empowering businesses through a well-connected ecosystem.

我們現在提供的服務涵蓋 B2C、B2B、銷售應用程式、揀貨包裝、資料管道、零售媒體、安全盾等，透過緊密相連的生態系統為企業提供支援。

Our strategic investments, including a stake in Synerise and the acquisition of Weni, expanded our AI and conversational commerce capabilities, while enabling us to enter two new segments; retail media and post-sales markets.

我們的策略性投資，包括對 Synerise 的股份和對 Weni 的收購，擴展了我們的人工智慧和對話式商務能力，同時使我們能夠進入兩個新的領域；零售媒體和售後市場。

This diversification strengthens our position as the most comprehensive suite of commerce solutions, going beyond software to serve as a trusted ally in executing our customers' growth strategies.

這種多樣化加強了我們作為最全面的商業解決方案套件的地位，超越了軟體，成為執行客戶成長策略的值得信賴的盟友。

As we look ahead, we remain steadfast in building trust with our customers and delivering on our promises alongside our ecosystem partners.

展望未來，我們將繼續堅定不移地與客戶建立信任，並與生態系統合作夥伴一起兌現承諾。

Trust is at the core of VTEX’s DNA and will continue to guide us as we solidify our leadership in digital commerce.

信任是 VTEX 的核心，並將在我們鞏固數位商務領導地位的過程中繼續指導我們。

With this segueway, let me go to the newly added customers during the fourth quarter of 2024, including: Dakota Criações, Donna Carioca, Hortifruti, Ortobom, and Rissul in Brazil; Torre in Chile; an enterprise multinational fashion retailer in Ireland; Coolbox and Hanes in Mexico; Sameca in Portugal; and Rahr Corporation and Lyon Bakery in the US.

順便說一下，我來介紹2024年第四季新增的客戶，包括：巴西的Dakota Criações、Donna Carioca、Hortifruti、Ortobom和Rissul；智利的托雷；愛爾蘭的跨國時裝零售商；墨西哥的 Coolbox 和 Hanes；葡萄牙的 Sameca；以及美國的Rahr Corporation和Lyon Bakery。

We’ve also focused on strengthening our relationships with existing customers, actively supporting their growth initiatives.

我們也致力於加強與現有客戶的關係，並積極支持他們的成長計畫。

During the fourth quarter, several premier brands and retailers chose VTEX to expand their operations with us, including Amo Beleza has launched a new brand, Mascavo, and now operates two B2C stores in Brazil.

在第四季度，幾個頂級品牌和零售商選擇 VTEX 與我們一起擴大業務，其中 Amo Beleza 推出了新品牌 Mascavo，目前在巴西經營兩家 B2C 商店。

Cartamundi has introduced the Grimaud brand in France, extending its operations to Europe in addition to its two B2C stores in the US.

Cartamundi 已在法國推出了 Grimaud 品牌，除了在美國開設兩家 B2C 商店外，還將業務擴展到歐洲。

Keune continues to expand its B2B presence across Europe, adding Germany to its Belgium, France, Netherlands, and UK operations.

Keune 繼續擴大在歐洲的 B2B 業務，將德國加入其比利時、法國、荷蘭和英國業務。

Mazda is further strengthening its European presence with the addition of France, which is now operating in four countries.

隨著法國市場的加入，馬自達進一步加強了在歐洲的影響力，目前其業務已覆蓋四個國家。

Solla has expanded to B2B in Colombia with two new accounts, Solla B2B and Distraves B2B, adding to their two existing B2C stores in the country.

Solla 已在哥倫比亞拓展 B2B 業務，開設了兩個新帳戶，即 Solla B2B 和 Distraves B2B，同時在該國開設了兩個現有的 B2C 商店。

And VOIT has expanded its B2C presence into the US, complementing its operations in Mexico.

VOIT 已將其 B2C 業務擴展到美國，以補充其在墨西哥的業務。

Additionally, in our continued pursuit of fostering our trusted ecosystem, we're thrilled to announce that we've launched a strategic partnership with Accenture through Logic, their retail technology Systems Integrator.

此外，在我們繼續致力於培育值得信賴的生態系統的過程中，我們很高興地宣布，我們已透過埃森哲的零售技術系統整合商 Logic 與埃森哲建立了戰略合作夥伴關係。

This collaboration empowers US enterprises to modernize their digital commerce infrastructure, addressing shifting buyer trends and rising market challenges.

此次合作使美國企業能夠實現其數位商務基礎設施的現代化，應對不斷變化的買家趨勢和日益嚴峻的市場挑戰。

With record retail closures highlighting the urgency for transformation, VTEX and Accenture are uniting to help brands stay competitive by leveraging VTEX’s agile platform and Accenture’s expertise in business transformation.

隨著創紀錄的零售店關閉凸顯了轉型的緊迫性，VTEX 和埃森哲正在聯手，利用 VTEX 的敏捷平台和埃森哲在業務轉型方面的專業知識，幫助品牌保持競爭力。

This partnership positions VTEX at the forefront of driving growth and resilience for US companies in today’s dynamic retail landscape.

此次合作使 VTEX 在當今充滿活力的零售環境中走在推動美國公司成長和復甦的前沿。

Now, before leaving the stage to Ricardo, I would like to share some customer success cases demonstrating our platform's tangible impact and potential, an enterprise multinational fashion retailer in Ireland partnered with VTEX to overcome significant technical and operational challenges.

現在，在將舞台留給 Ricardo 之前，我想分享一些客戶成功案例，展示我們平台的實際影響和潛力，愛爾蘭的跨國時尚零售商與 VTEX 合作，克服了重大的技術和營運挑戰。

Before VTEX, the company relied on a dedicated ecommerce textile platform that lacked scalability, functionalities, and the flexibility needed to support its growing digital commerce ambitions.

在 VTEX 之前，該公司依賴專用的電子商務紡織品平台，該平台缺乏可擴展性、功能性和靈活性，無法支援其日益增長的數位商務抱負。

Their primary objectives were integrating inventory from over 100 stores, centralizing digital sales, and driving revenue and efficiency improvements.

他們的主要目標是整合來自 100 多家商店的庫存、集中數位銷售以及提高收入和效率。

VTEX implemented its core platform with a white-label B2C operation to address these needs and enhanced the user experience with out-of-the-box features like color and sizing options.

VTEX 透過白標 B2C 作業實施其核心平台來滿足這些需求，並透過顏色和尺寸選項等開箱即用的功能增強了使用者體驗。

The architecture was further strengthened by a redesigned front end and integrations facilitated by middleware from our partner, Logic.

重新設計的前端和由我們的合作夥伴 Logic 提供的中間件實現的整合進一步加強了該架構。

Early indications suggest improved sales efficiency and platform usability by integrating smart checkout.

早期跡象表明，透過整合智慧結帳可以提高銷售效率和平台可用性。

Carajás, the leading retailer in the home improvement segment in Brazil, transformed its customer experience and boosted sales with Weni by VTEX.

Carajá s 是巴西家居裝飾領域的領先零售商，它利用 Weni by VTEX 改變了客戶體驗並提高了銷售量。

With 11 physical stores, 2 distribution centers, and over 20,000 SKUs ranging from decoration to construction products, Carajás needed an efficient post-sales channel to enhance customer service and drive incremental revenue.

Carajá s 擁有 11 家實體店、2 個配送中心和超過 20,000 個 SKU（從裝飾產品到建築產品），需要高效率的售後管道來增強客戶服務並增加收入。

By integrating conversational commerce with Weni by VTEX, Carajás automated key processes, including cart recovery with optional human assistance, order updates, and financial solutions like invoice retrieval and PIX payments.

透過將對話式商務與 VTEX 的 Weni 結合，Carajá 實現了關鍵流程的自動化，包括具有可選人工協助的購物車恢復、訂單更新以及發票檢索和 PIX 支付等財務解決方案。

This automation led to remarkable results such as a 15 times higher conversion rate on WhatsApp than email; an expansion in their ROI in abandoned cart recovery, which reached double-digits; and a 68% message read rate, well above the 40% to 45% average for emails.

這種自動化帶來了顯著的效果，例如 WhatsApp 的轉換率比電子郵件高 15 倍；廢棄購物車恢復的投資報酬率擴大，達到了兩位數；訊息閱讀率達到 68%，遠高於電子郵件 40% 至 45% 的平均值。

We are proud to help Carajás embark on their conversational commerce journey, where WhatsApp has already become a comprehensive and efficient channel, delivering convenience, trust, and competitive differentiation throughout the customer journey.

我們很榮幸能夠幫助 Carajá 踏上對話式商務之旅，WhatsApp 已經成為一個全面而高效的管道，在整個客戶旅程中提供便利、信任和競爭差異化。

Heineken Brazil, home to some of the most beloved alcoholic beverage brands, chose VTEX Ads to run their digital campaigns.

喜力巴西公司是一些最受歡迎的酒精飲料品牌的所在地，該公司選擇 VTEX Ads 來開展其數位行銷活動。

It achieved exceptional results, with above-average return on ad spend in the fourth quarter of 2024.

它取得了卓越的成績，2024 年第四季的廣告支出回報率高於平均水平。

This success was powered by identifying Zona Sul’s highly qualified audience through first-party data, including transaction insights and search behavior on the platform.

這項成功得益於透過第一方數據（包括交易洞察和平台上的搜尋行為）來識別 Zona Sul 的高素質受眾。

By analyzing shopper intent, Heineken’s campaigns were strategically optimized, targeting consumers with high purchase intent and ensuring maximum impact across many SKUs.

透過分析購物者意圖，喜力啤酒的行銷活動得到了策略性優化，瞄準具有高購買意願的消費者，並確保在眾多 SKU 中發揮最大影響力。

Through this data-driven approach, VTEX Ads provided Heineken Brazil with actionable insights into key performance indicators like sell-out and market share, helping them refine their strategy for even better results.

透過這種數據驅動的方法，VTEX Ads 為喜力巴西公司提供了有關銷售量和市場份額等關鍵績效指標的可行見解，幫助他們改善策略以獲得更好的結果。

Pashmina.com, the leading B2C ecommerce platform specializing in luxury handcrafted Kashmiri pashminas, has partnered with VTEX to transform its digital operations and accelerate global growth.

Pashmina.com 是一家領先的 B2C 電子商務平台，專營奢華手工克什米爾羊絨披肩，目前已與 VTEX 合作，轉變其數位化營運並加速全球成長。

With 85% of its business coming from international exports, Pashmina.com migrated from its legacy platform to VTEX’s platform to enhance scalability, flexibility, and operational efficiency.

Pashmina.com 85% 的業務來自國際出口，該公司從其傳統平台遷移到 VTEX 平台，以提高可擴展性、靈活性和營運效率。

This transition empowered the brand to offer personalized shopping experiences, multilingual support, and local currency options for its customers across the US, Europe, Australia, and India.

這一轉變使該品牌能夠為美國、歐洲、澳洲和印度的客戶提供個人化的購物體驗、多語言支援和當地貨幣選擇。

This partnership allows Pashmina.com to expand its global presence, while celebrating the rich heritage of Kashmiri craftsmanship, all without the burden of managing its web infrastructure.

此次合作使 Pashmina.com 能夠擴大其全球影響力，同時弘揚克什米爾工藝的豐富遺產，而且無需承擔管理其網路基礎設施的負擔。

Together, we aim to redefine India’s digital retail landscape and set new benchmarks in global ecommerce innovation.

我們的目標是共同重新定義印度的數位零售格局，並為全球電子商務創新樹立新的標竿。

Sony, the renowned global electronics company, has selected Sales App as their primary platform to manage sales operations across LATAM stores.

全球知名電子公司索尼已選擇 Sales App 作為其管理拉丁美洲商店銷售營運的主要平台。

This partnership represents the first multi-country implementation of the Sales App, with seven stores across Ecuador and Chile already becoming their main in-store sales platform.

此次合作代表銷售應用程式首次在多國實施，厄瓜多爾和智利的七家商店已成為其主要的店內銷售平台。

To meet its specific operational needs, Sony has extended Sales App within the VTEX ecosystem using Jitterbit, integrating it with their existing systems.

為了滿足特定的營運需求，索尼使用 Jitterbit 在 VTEX 生態系統中擴展了銷售應用程序，並將其與現有系統整合。

Sony plans to expand Sales App usage to four additional countries in LATAM, Peru, Panama, Colombia, and Mexico, bringing the total number of stores to 18 with Sales App as its exclusive platform for all operations.

索尼計劃將銷售應用程式的使用範圍擴大到拉丁美洲、秘魯、巴拿馬、哥倫比亞和墨西哥這四個國家，使商店總數達到 18 家，並以銷售應用程式作為其所有營運的獨家平台。

This rollout underscores its potential to drive significant results across Sony’s regional network.

此次推出凸顯了其在索尼區域網路內推動重大成果的潛力。

Walmart, the multinational discount store operator and one of the largest corporations in the global retail industry, is transforming the mobile shopping experience across Central America by launching new apps in Costa Rica and Guatemala.

沃爾瑪是一家跨國折扣店營運商，也是全球零售業最大的公司之一，它正在哥斯達黎加和危地馬拉推出新的應用程序，從而改變整個中美洲的行動購物體驗。

The apps offer a flexible, customized shopping solution for each country; and store format, from Walmart Supercenters to Supermarkets and Discount Stores.

這些應用程式為每個國家提供靈活、客製化的購物解決方案；和商店形式，從沃爾瑪購物廣場到超市和折扣店。

Leveraging VTEX IO infrastructure and our API-first approach, the app’s advanced architecture enhances load time and performance, while intuitive navigation improves user experience, driving higher customer satisfaction.

利用 VTEX IO 基礎架構和我們的 API 優先方法，該應用程式的先進架構可縮短載入時間並提高效能，而直覺的導航可改善使用者體驗，從而提高客戶滿意度。

This is just the beginning, with additional brands across the region set to go live.

這只是個開始，該地區的更多品牌即將上線。

Through its digital expansion, Walmart is setting new standards for retail innovation in Central America, a development we proudly support.

透過數位化擴張，沃爾瑪為中美洲的零售創新設立了新的標準，我們很自豪地支持這項發展。

The Smart Storage Solutions business unit of Stanley Black & Decker successfully launched its Smart Storage digital commerce store, migrating from a content-only Sitecore website to the VTEX FastStore platform.

史丹利百得 (Stanley Black & Decker) 的智慧儲存解決方案業務部門成功推出了其智慧儲存數位商務商店，並從僅有內容的 Sitecore 網站遷移到 VTEX FastStore 平台。

This new platform delivers a seamless catalog browsing and purchasing experience for prominent brands like Vidmar, LISTA, and CribMaster.

這個新平台為 Vidmar、LISTA 和 CribMaster 等知名品牌提供了無縫的目錄瀏覽和購買體驗。

Built on the proven global architecture used for Stanley Engineered Fastening's website, also powered by VTEX, Smart Storage expands Stanley's assortment availability and commerce capabilities, positioning it to meet the rising demand of digitally-native B2B customers.

Smart Storage 建立在 Stanley Engineered Fastening 網站使用的經過驗證的全球架構之上，同樣由 VTEX 提供支持，它擴展了 Stanley 的商品組合可用性和商業能力，使其能夠滿足數位原生 B2B 客戶日益增長的需求。

The migration represents a pivotal step in enhancing operational efficiency and customer engagement in B2B digital commerce.

此次遷移是提高 B2B 數位商務營運效率和客戶參與度的關鍵一步。

To conclude this section, I want to express my gratitude to our 1,368 VTEX employees dedicated to making VTEX the backbone for connected commerce and to our customers, partners, and investors.

在結束本節之前，我要向致力於將 VTEX 打造為互聯商務支柱的 1,368 名 VTEX 員工以及我們的客戶、合作夥伴和投資者表示感謝。

With that, I will now hand over the call to Ricardo to discuss our financial performance for the quarter and the full year 2024

現在，我將把電話交給 Ricardo，討論我們本季和 2024 年全年的財務業績

Thank you, Geraldo.

謝謝你，傑拉爾多。

Hi everyone, it’s a pleasure to update you on our financial performance.

大家好，我很高興向大家通報我們的財務表現。

In the fourth quarter of 2024, our GMV reached USD5.4 billion, representing a flat year over year growth in US dollarsand 11% increase in FX-neutral.

2024年第四季，我們的GMV達到54億美元，以美元計算年增率持平，以外匯中性運算成長11%。

With this, we concluded the full year 2024, reaching USD18.2 billion in GMV, representing 10% and 16% growth in US dollarsand FX neutral, respectively.

至此，我們結束了 2024 年全年的 GMV 記錄，達到 182 億美元，以美元計價和以外匯中性計算分別成長 10% 和 16%。

Our revenue totaled USD61.5 million, growing year over year 1% in US dollars, and 12% in FX neutral in the fourth quarter of 2024, and reached USD226.7 million for the full year 2024, representing a 13% and 18% growth in US dollarsand FX neutral, respectively.

我們的總營收為 6,150 萬美元，2024 年第四季年增 1%，以美元計算成長 12%，以外匯中性運算成長 12%，2024 年全年達 2.267 億美元，以美元及外匯中性運算分別成長 13% 及 18%。

These results came below our guidance range of 14% to 17% FX neutral for the fourth quarter and 18.5% to 19.5% FX neutral for the full year.

這一結果低於我們對第四季度外匯中性的 14% 至 17% 的指導範圍以及全年外匯中性的 18.5% 至 19.5% 的指導範圍。

The primary driver for the gap versus our expectations came from a softer-than-expected GMV from existing customers in Brazil, where consumer spending softened.

與我們預期存在差距的主要原因是巴西現有客戶的 GMV 低於預期，而巴西的消費者支出則減弱。

On top of this, the US dollar meaningful appreciation against most currencies, and especially the Brazilian Real, further pressured our USD-reported results.

除此之外，美元兌大多數貨幣（尤其是巴西雷亞爾）大幅升值，進一步為我們以美元計算的業績帶來壓力。

Despite Brazil's challenging consumption scenario, as mentioned by Geraldo, we remain confident in our ability to sustain a profitable growth trajectory based on the robust momentum in adding new enterprise customers, our stable and low churn, and our recent product innovation launches.

正如傑拉爾多所說，儘管巴西的消費情況充滿挑戰，但我們仍然有信心，憑藉增加新企業客戶的強勁勢頭、穩定且低的客戶流失率以及近期推出的產品創新，我們能夠維持盈利的增長軌跡。

Double-clicking on our revenues, our subscription revenue reached USD59.5 million in the fourth quarter of 2024, representing a year over year increase of 2% in US dollarsand 13% in FX neutral, on top of last year’s 36% in US dollars and 27% in FX neutral growth.

雙擊我們的收入，我們的訂閱收入在 2024 年第四季達到 5,950 萬美元，以美元計算年增 2%，以外匯中性運算成長 13%，而去年以美元計算成長 36%，以外匯中性運算成長 27%。

For the full year, subscription revenue reached USD217.7 million, up from USD190.3 million in 2023, representing a 14% and 20% growth in US dollarsin FX neutral.

全年訂閱收入達 2.177 億美元，高於 2023 年的 1.903 億美元，以外匯中性計算，美元成長 14% 和 20%。

In 2024 our existing stores revenue increased to USD169.0 million.

2024年我們現有門市的收入增加到1.69億美元。

Our net revenue retention reached 104% in FX neutral.

在外匯中性的情況下，我們的淨收入保留率達到了 104%。

As a key driver to net revenue retention, our same-store sales growth reached 10% in FX neutral.

作為淨收入保留的關鍵驅動因素，我們的同店銷售額在外匯中性情況下成長達到 10%。

Looking at same-store sales throughout 2024.

展望 2024 年全年同店銷售額。

For the first three quarters same-store sales growth was in the teens level while in Q4 it dropped to single digit range, given tougher comps in Argentina and softer consumer spending in Brazil.

前三個季度，同店銷售額增幅處於百分之十幾的水平，而由於阿根廷的競爭更為激烈以及巴西的消費支出疲軟，第四季度同店銷售額增幅下降至個位數。

It is important to mention that the upselling of new features, contract renewals at better terms and inflation adjustments have partially offset the impact in our NRR from the weaker same-store sales from our customers.

值得一提的是，新功能的追加銷售、以更優惠條款續約合約以及通貨膨脹的調整，部分抵消了客戶同店銷售額下降對我們 NRR 的影響。

On top of our existing stores' growth, we continued attracting new stores, adding USD27.9 million in revenue to our base, representing approximately 16% of our 2023 VTEX Platform revenue.

在現有門市成長的基礎上，我們也持續吸引新門市，為我們的基礎增加了 2,790 萬美元的收入，約占我們 2023 年 VTEX 平台收入的 16%。

The solid contract signature momentum is coupled with our LTV/CAC ratio that remains at a strong fold, exceeding the 6x cash-on-cash mark.

穩健的合約簽署勢頭與我們的 LTV/CAC 比率相結合，保持強勁，超過了 6 倍的現金對現金水平。

This year, a significant highlight is the continued progress of our existing stores' P&L, reinforcing the strength of our inherently attractive business model.

今年的一個顯著亮點是我們現有門市的損益表繼續取得進展，增強了我們固有的吸引力商業模式的實力。

Existing stores' gross margin increased from 77% in 2023 to 81% in 2024, while operating margin reached 43%, marking 8 percentage point increase year-over year.

現有門市毛利率由2023年的77%提升至2024年的81%，營業利益率達43%，較前一年提升8個百分點。

Additionally, given our net revenue retention of 104% in FX neutral, our existing stores’ P&L is significantly above the Rule of 40, giving us confidence in our Rule of 40 goal at maturity.

此外，鑑於我們在外匯中立下的淨收入保留率為 104%，我們現有商店的損益表顯著高於 40 規則，這使我們對到期時的 40 規則目標充滿信心。

Meanwhile, for new stores' margins, we delivered a 10 percentage point improvement in gross margin year over year and 5 percentage point operational leverage improvement in R&D and G&A, which were all basically re-invested into sales and marketing, strategically positioned to seize the significant growth opportunity ahead.

同時，就新店利潤率而言，我們的毛利率同比提高了 10 個百分點，研發和一般行政費用的營運槓桿提高了 5 個百分點，這些資金基本上都重新投資於銷售和營銷，戰略上定位於抓住未來巨大的增長機會。

Now, analyzing the geographical breakdown of our revenue.

現在，分析一下我們收入的地理分佈。

In 2024, revenue generated outside Brazil accounted for 43.4% of our total revenues.

2024 年，巴西以外產生的收入占我們總收入的 43.4%。

Looking at the year over year FX neutral growth by region: Brazil’s subscription revenue grew 28% in FX neutral, a slight acceleration versus last year mostly given the solid sales momentum mentioned throughout the year and despite the year end softness in same-store sales; Latin America, excluding Brazil subscription revenue increased 6% in FX neutral, and removing the Argentina headwind the region grew at a pace just slightly below Brazil’s; and the rest of the world subscription revenue grew 34% in FX neutral, demonstrating a relevant compounding rate even as we increase the baseline.

綜觀各地區年比外匯中性成長：巴西的訂閱收入在外匯中性下成長了 28%，較去年同期略有加速，這主要是因為全年都保持著強勁的銷售勢頭，儘管年底同店銷售額有所疲軟；拉丁美洲（不包括巴西）的訂閱收入在外匯中性情況下增長了 6%，除去阿根廷的阻力，該地區的增長速度略低於巴西；世界其他地區的訂閱收入在外匯中性的情況下成長了 34%，即使我們提高基線，也顯示出相關的複合率。

Moving down our P&L, we have maintained strong discipline on costs and expenses.

在降低損益表的同時，我們一直嚴格控製成本和費用。

Important to note that all figures I will now present are non-GAAP.

值得注意的是，我現在提供的所有數據都是非 GAAP 的。

You can find the reconciliation of those measures to the nearest comparable GAAP measures in our fourth quarter 2024 earnings press release on our Investor Relations website.

您可以在我們投資者關係網站上的 2024 年第四季財報新聞稿中找到這些指標與最接近的可比較 GAAP 指標的對帳。

Our subscription gross profit reached USD46.9 million, resulting in 78.9% subscription gross margin, up from 78.6% in the same period last year.

我們的認購毛利達4,690萬美元，認購毛利率為78.9%，高於去年同期的78.6%。

Our total gross margin, which includes services, rose to 75.1%, compared to 74.1% in Q4 2023.

我們的總毛利率（包括服務）從 2023 年第四季的 74.1% 上升至 75.1%。

Our total gross margin improvement was mostly driven by the lower mix of services revenue in our total revenue, as we are relying more on our ecosystem to provide implementation services, and, to a smaller extent, by operational efficiencies in support cost, despite the currency headwind experienced in the quarter.

我們的總毛利率改善主要是由於服務收入佔總收入的比重較低，因為我們更依賴我們的生態系統來提供實施服務，而且，儘管本季度經歷了貨幣逆風，但在較小程度上，也得益於支持成本的營運效率。

Operating expenses were USD33.8 million, slightly below the USD34.2 million recorded in the prior quarter, resulting in an operating income of USD12.4 million, representing a 20.1% margin, up from 19.1% in the same quarter of the prior year.

營業費用為 3,380 萬美元，略低於上一季的 3,420 萬美元，導致營業收入為 1,240 萬美元，利潤率為 20.1%，高於去年同期的 19.1%。

Aligned with this, our free cash flow performance was equally strong reaching the same USD12.4 million and 20.1% margin, consistent with the target model we communicated to the market.

與此相符的是，我們的自由現金流表現同樣強勁，達到相同的 1,240 萬美元和 20.1% 的利潤率，與我們向市場傳達的目標模型一致。

The resiliency of our operating income and free cash flow margin clearly demonstrates our natural operational hedge against FX fluctuations, as even though the weighted average of our basket of currencies depreciated approximately 10% year over year against the US dollars, we still improved our operating income margin by 1 percentage point and our free cash flow margin by 4.5 percentage points.

我們的營業收入和自由現金流利潤率的彈性清楚地表明了我們對外匯波動的自然營運對沖，因為即使我們的一籃子貨幣的加權平均值兌美元同比貶值約 10％，我們仍然將營業收入利潤率提高了 1 個百分點，自由現金流利潤率提高了 4.5 個百分點。

Looking at the full year, the improvements have been even more significant.

縱觀全年，改善更為顯著。

Our subscription gross margin improved 196 basis points, reaching 78.2%, while our overall gross margin expanded by 402 basis points, reaching 74.1%.

我們的訂閱毛利率提高了196個基點，達到78.2％，而我們的整體毛利率擴大了402個基點，達到74.1％。

Operating margin improved nine percentage points, reaching 13%, going from USD7.7 million in 2023 to USD29.5 million in 2024.

營業利潤率提高了 9 個百分點，達到 13%，從 2023 年的 770 萬美元增至 2024 年的 2,950 萬美元。

Free cash flow also significantly increased, from [USD3.8 million] in 2023 to [USD25.2 million] in 2024.

自由現金流也大幅增加，從 2023 年的 [380 萬美元] 增加到 2024 年的 [2,520 萬美元]。

We also did strategic capital allocations, like Weni and a minority investment in Synerise, and launched a new share-repurchase program.

我們也進行了策略資本配置，例如Weni和對Synerise的少數股權投資，並啟動了新的股票回購計畫。

Approved by our board of directors on December 3, 2024, the program authorizes the repurchase of up to USD30.0 million in Class A common shares and will remain in effect until December 2, 2025.

該計劃已於 2024 年 12 月 3 日獲得我們董事會的批准，授權回購最多 3,000 萬美元的 A 類普通股，有效期至 2025 年 12 月 2 日。

In the fourth quarter of 2024, we repurchased 1.8 million Class A common shares at an average price of USD6.08 per share, totaling USD11.2 million.

2024年第四季，我們以平均每股6.08美元的價格回購了180萬股A類普通股，共1,120萬美元。

We’ll continue to allocate capital with diligence, aligned with our strategic vision and aiming to maximize long term returns and value generation for VTEX, our customers, partners, employees, and investors.

我們將繼續勤勉地分配資本，與我們的策略願景保持一致，旨在為 VTEX、我們的客戶、合作夥伴、員工和投資者實現長期回報和價值最大化。

As we move forward with our business outlook, we remain confident in our business resiliency.

隨著我們業務前景的不斷推進，我們仍然對業務彈性充滿信心。

Despite Brazil’s FX volatility and existing customers’ GMV softness in the short term, we see an attractive opportunity to help our customers outperform the market, attract new customers, cross-sell our suite of products to our base, and efficiently manage our costs and expenses to deliver operational leverage.

儘管短期內巴西的外匯波動和現有客戶的 GMV 疲軟，我們仍然看到了一個有吸引力的機會，可以幫助我們的客戶超越市場，吸引新客戶，向我們的廣大客戶交叉銷售我們的產品套件，並有效管理我們的成本和費用，實現營運槓桿。

Considering this, we are currently targeting FX neutral year over year subscription revenue growth of 13% to 15% for the first quarter of 2025, implying a USD51.0 million to USD52.0 million range.

考慮到這一點，我們目前的目標是，2025 年第一季的訂閱收入年增 13% 至 15%，即 5,100 萬美元至 5,200 萬美元的範圍。

For the full year 2025, as we continue executing our profitable growth strategy, we are targeting FX neutral year over year subscription revenue growth of 14% to 17%, implying a range of USD235 million to USD241 million based on the quarter-to-date average FX rate.

展望 2025 年全年，我們將繼續執行獲利性成長策略，我們的目標是實現外匯中性訂閱營收年增 14% 至 17%，根據本季迄今的平均外匯匯率計算，這意味著營收範圍將在 2.35 億美元至 2.41 億美元之間。

We are targeting non-GAAP operating income and free cash flow margins of mid-teens.

我們的目標是非公認會計準則下的營業收入和自由現金流利潤率達到十幾歲左右。

Given the evolution of our partner ecosystem, we plan to increasingly rely on VTEX's ecosystem of system integrators for new customer implementations.

鑑於我們合作夥伴生態系統的發展，我們計劃越來越依賴 VTEX 的系統整合商生態系統來實現新的客戶實施。

We view our lower short-term growth rate as temporary, influenced by the abrupt FX devaluation and a softening of consumption in Brazil.

我們認為短期成長率下降只是暫時的，受到外匯突然貶值和巴西消費疲軟的影響。

Looking ahead, our operational and long-term indicators are showing strong performance.

展望未來，我們的營運和長期指標表現強勁。

We have seen a significant 23% increase in the number of customers generating over $250,000 in ARR, and our deferred revenue has also meaningfully increased by 29% year over year.

我們看到產生超過 25 萬美元 ARR 的客戶數量顯著增加了 23%，我們的遞延收入也比去年同期大幅增加了 29%。

Our annual revenue churn remains in the mid-single digits, with larger customers experiencing low-single-digit churn.

我們的年度收入流失率仍維持在中等個位數，而較大客戶的收入流失率則為低個位數。

Finally, and not less important, we are excited to be expanding with compelling new products that are enhancing our offerings.

最後，同樣重要的是，我們很高興能夠推出引人注目的新產品來增強我們的產品範圍。

Overall, we remain optimistic about the future and look forward to the opportunities that lie ahead in the coming years.

總體而言，我們對未來仍然保持樂觀，並期待未來幾年的機會。

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

現在讓我們開始提問吧。

Thank you.

謝謝。

(Operator Instructions) Marcelo Santos, JPMorgan.

（操作員指示） 摩根大通的馬塞洛桑托斯 (Marcelo Santos)。

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 regarding the guidance, the subscription revenue guidance growth, and ASA mutual terms for 2025.

第一個問題是關於指導、訂閱收入指導成長以及 2025 年的 ASA 共同條款。

Could you discuss this a bit more into the regions that you operate?

您能否就您所經營的地區進一步討論一下這個問題？

Maybe comparing how they grew last year, like what are you kind of testing that the main moving part that you have on that guidance?

也許透過比較他們去年的成長情況，你正在測試該指導方針中的主要變動部分是什麼？

That's the first question.

這是第一個問題。

And the second question, I think on the opening remarks, you commented that you're transitioning from a single product company to more of -- I forgot the exact words, but more of a platform of solutions.

第二個問題，我想在開場白中，你們說過你們正在從一家單一產品公司轉型為——我忘記了確切的措辭，但更多的是一個解決方案平台。

What would be the P&L impacts over the long term of of such transition?

這種轉變長遠來看會對損益產生什麼影響？

What should we expect in a different line?

我們對不同的線路應該有什麼期待？

Thank you very much.

非常感謝。

Hi, Marcelo, thanks for the question.

你好，馬塞洛，謝謝你的提問。

Happy to take the first one regarding the guidance for 2025.

很高興回答 2025 年指導的第一個問題。

So our Q1 and full year 2025 guidance assumptions reflect a balanced view of consumption headwinds and the continuous strengthen of our operational execution.

因此，我們對 2025 年第一季和全年的指導假設反映了對消費逆風的平衡看法以及我們營運執行的持續加強。

So on the same store sales, growth front, remember that this was in the team, level during the first three quarters of 2024, but it decelerated to single digits, in Q4.

因此，在同店銷售額成長方面，請記住，這是在 2024 年前三個季度的團隊水平，但在第四季度減速至個位數。

And as mentioned in the prepared remarks, and for 2025, we are assuming the same source sales growth rate in neutral, roughly aligned with what we saw in Q4, factoring in ongoing consumption pressures, particularly in Brazil.

正如在準備好的評論中所提到的，對於 2025 年，我們假設源銷售成長率保持中性，與我們在第四季度看到的大致一致，考慮到持續的消費壓力，特別是在巴西。

We are going to your question on geographical right side.

我們將回答您關於地理位置右側的問題。

We are embedding a recovery in Argentina where we are starting to see some signs of over your consumption improvement.

阿根廷正在進入復甦階段，我們開始看到消費改善的一些跡象。

And then with that, we are assuming Argentina should return to positive growth in 2025, although we still expect it to grow less than the average, of the company given the uncertainty of the speed of recovery of the country.

因此，我們假設阿根廷將在 2025 年恢復正成長，儘管考慮到該國復甦速度的不確定性，我們仍預期其成長將低於平均值。

And as we like to talk as well, right, we separate existing customers and new customers.

正如我們也喜歡談論的那樣，我們將現有客戶和新客戶區分開來。

On the new customer front, we are assuming some increase in average implementation plus ramp up time, given the mix of larger customers we currently have in the backlog across the world.

在新客戶方面，考慮到我們目前在世界各地積壓的大型客戶組合，我們假設平均實施和啟動時間會增加。

And with that, and given the meaningful new customers already signed in 2024, you can note that there is an implied acceleration from the midpoint of our Q1 guidance to the midpoint of our four year guidance.

有鑑於此，並考慮到 2024 年已經簽約的重要新客戶，您可以注意到，從我們的第一季指引中點到四年指引中點存在隱含的加速。

And this acceleration is mostly driven by operational drivers, not by macro recovery assumption.

這種加速主要是由營運驅動因素而非宏觀復甦假設所推動。

And these operational drivers basically the expected goal lives of already signed a new enterprise customers.

這些營運驅動因素基本上是已經簽約新企業客戶的預期目標壽命。

And on the second question, if you could repeat it, please.

關於第二個問題，請您重複一下。

So, you mentioned in the beginning of the prepared remarks that VTEX is transitioning from being a single product company to use the word that I forgot, but I think it was something like a platform of solutions, an ecosystem of solutions.

所以，您在準備好的演講開始時提到，VTEX 正在從單一產品公司轉型為使用我忘記的詞，但我認為它有點像解決方案平台，解決方案生態系統。

I just wanted to understand better what would be the midterm P&L impact of such transition like as you add more solutions and products to your shelf.

我只是想更了解這種轉變對中期損益的影響是什麼，例如當你在貨架上添加更多的解決方案和產品時。

How does this impact the different parts of your P&L?

這對您的損益表的不同部分有何影響？

Yeah, perfect.

是的，完美。

So happy to start, and then others feel free to chime in.

很高興開始，然後其他人可以自由地加入。

So we are undergoing this transition already, right?

所以我們已經經歷這個轉變了，對嗎？

I mean, when we're talking about this commerce suite, we are talking of not just the all you can eat B2C platform, but also the B2B video media, the sales app, the VTEX shield, data pipeline, and so on.

我的意思是，當我們談論這個商務套件時，我們談論的不僅僅是你可以吃的 B2C 平台，還包括 B2B 視訊媒體、銷售應用程式、VTEX 屏蔽、數據管道等等。

So this is something that we have been.

這就是我們一直以來所做的事情。

Executing for the past, let's say a few quarters, and we have been already investing behind it, on the R&D side so we can actually launch these products.

就過去的執行情況而言，比如說幾個季度，我們已經在研發方面進行了投資，因此我們能夠真正推出這些產品。

These are not ideas, right?

這些都不是想法吧？

I mean, these are products that have been launched and we have customers using them.

我的意思是，這些產品已經推出並且我們的客戶正在使用它們。

So, we wouldn't expect, any, relevant impacts on the investment side of the P&L.

因此，我們預期損益表的投資面不會受到任何相關影響。

And then on the other parts of the P&L I'm thinking long term, the way that we think about it is that some of these products, they have a different buyer inside the organization.

然後，關於損益表的其他部分，我正在長期考慮，我們的想法是，其中一些產品在組織內部有不同的買家。

And then you you potentially increase the thickness of the VEX solution.

然後您就可以潛在地增加 VEX 解決方案的厚度。

By having these different products, being used, on, not just on the commerce side but also on the marketing side, the security side, the data side, and so on.

透過這些不同的產品，不僅可以用於商業方面，還可以用於行銷​​方面、安全方面、資料方面等等。

So it's more about, stickiness and, lifetime value of customers than short-term impacts on the P&O.

因此，這與客戶黏性和終身價值有關，而不是對 P&O 的短期影響。

I can add something here so the, thank you, I can add something, the financial distress that the retailers and brands are suffering.

我可以在這裡補充一些內容，謝謝，我可以補充一些內容，零售商和品牌正在遭受的財務困境。

Creates the opportunity for a company like us to give them an out of the box fully integrated solution so they can write off providers and unify in a very simple way what we are calling the simplification of the operation that gives them more margins and unlocks some revenues, so

為我們這樣的公司創造了機會，為他們提供現成的完全集成的解決方案，這樣他們就可以註銷供應商，用非常簡單的方式統一我們所說的簡化操作，從而為他們帶來更多利潤，釋放一些收入，因此

--

--

When we call ourselves, that's what we disclaim in the VTEX 2028 charter in our VEX 2024 annual report, quote, VTE is the commerce street of choice for both CIOs and COs globally.

當我們稱自己為 VEX 2024 年度報告中的 VTEX 2028 章程所否認的內容時，VTE 是全球 CIO 和 CO 的首選商業街。

That means that we will not provide only B2C anymore.

這意味著我們將不再只提供B2C。

So as we are testing those markets in the last two years now we became a commerce suite.

因此，當我們在過去兩年測試這些市場時，我們現在成為了一個商業套件。

So you can have the B2C with us, you can have the B2B with us, but also you can have the addons such as.

因此，您可以與我們開展 B2C 業務，可以與我們開展 B2B 業務，還可以擁有諸如此類的附加元件。

For example, the pick and pack, the shield data pipeline, all of this, it is to simplify the operation of our customers and allowing them to serve these efficiency necessary ways they will be forced to serve.

例如，揀選和包裝，屏蔽資料管道，所有這些，都是為了簡化我們客戶的操作，並允許他們以必要的效率為他們提供他們被迫提供服務的方式。

So what we can expect in terms of P&L impact is said not not really much.

因此，就損益表的影響而言，我們可以預期的不多。

What we can see is that the capacity that we do have inside our clients to guide them.

我們可以看到，我們確實擁有指導客戶的能力。

To use a simple solution is pretty strong and we are using it so we already have clients that are using three or four products of VTEX and this is creating more thickness and preparing the clients for for the future.

使用簡單的解決方案非常有效，我們正在使用它，因此我們已經有客戶使用 VTEX 的三到四種產品，這正在創造更多的厚度並為客戶的未來做好準備。

Perfect, very clear.

完美，非常清晰。

Thank you very much.

非常感謝。

Thiago Kapulskis, Itau BBA.

蒂亞戈·卡普爾斯基斯（Thiago Kapulskis），伊塔烏 BBA。

Hi everyone, thanks for the opportunity to ask questions.

大家好，感謝給我提問的機會。

I also have two questions.

我也有兩個問題。

So the first one, just to get a little bit more color on the softness that you saw in Brazil this quarter.

因此，第一個問題，我們只是想進一步了解本季巴西的疲軟表現。

Is there anything specific in terms of sectors, verticals, regions that you would call out?

在行業、垂直行業和地區方面，您有什麼特別想說的嗎？

And also, how are you thinking about that on your guidance looking into Q1 and also into the full year?

另外，您對第一季以及全年的預測是如何看待這個問題的？

How are you incorporating those effects?

您如何結合這些效果？

And my second question is more related to the environment in the US given the new administration coming in.

我的第二個問題更與新政府上台後的美國環境有關。

I know that by the end of last year, there was a lot of bullishness on everything.

我知道，截至去年年底，一切都充滿了樂觀情緒。

Just want to hear a little bit from you guys more on the pipeline of new deals and the conversations the mood continues to be positive, if it changes?

只是想多聽聽你們關於新交易管道和談話的內容，氣氛是否會繼續保持積極，如果有變化的話？

Any color there would be great.

任何顏色都很棒。

Great.

偉大的。

Thanks, Thiago.

謝謝，蒂亞戈。

Ricardo here.

這裡是里卡多。

Happy to take the first one, and I believe Mariano can address the second one.

很高興回答第一個問題，我相信馬裡亞諾可以解決第二個問題。

So on the GMV softness and macro impact, before answering the question, let me take a step back and do a quick recap of our revenue model as I think it helps on aligning the foundations.

因此，關於 GMV 疲軟和宏觀影響，在回答問題之前，讓我先退一步，快速回顧一下我們的收入模式，因為我認為這有助於協調基礎。

So as you know, Thiago, approximately 1/3 of our revenue comes from a fixed fee, while the remaining 2/3 are tied to our customers' GMV.

如你所知，蒂亞戈，我們的收入約有 1/3 來自固定費用，而剩下的 2/3 與我們客戶的 GMV 掛鉤。

We like the revenue model structures as it align our success with our customers' success, provides us with long-term exposure to the continued penetration of e-commerce and automatically protects us against inflation.

我們喜歡這種收入模式結構，因為它將我們的成功與客戶的成功結合起來，讓我們能夠長期承受電子商務持續滲透的壓力，並自動保護我們免受通貨膨脹的影響。

Having said that, this revenue model may also introduce some short-term volatility.

話雖如此，這種收入模式也可能帶來一些短期波動。

In the positive consumption cycles, it's a tailwind to our short-term performance.

在積極的消費週期中，這對我們的短期表現有利。

And in the negative cycles, it's a short-term headwind.

在負面週期中，這是一個短期的逆風。

From an operational and medium- to long-term perspective, our focus remains on signing new enterprise customers, keeping a high gross retention and helping our existing customers grow their GMV above the market.

從營運和中長期來看，我們的重點仍然是簽約新的企業客戶，保持較高的總留存率，並幫助我們現有的客戶實現高於市場的 GMV 成長。

And from this perspective, we are seeing a strong performance.

從這個角度來看，我們看到了強勁的表現。

New customer contract signatures continue at a solid pace, which is reflected in our deferred revenue growing 29% and the number of customers paying us more than $250,000 per year, growing 23% -- and also our annual revenue churn remains in line with historical levels in the mid-single-digit range, where our fastest-growing clusters of customers, the ones above $250,000, our revenue churn is even lower in the low single digits.

新客戶合約簽署繼續保持穩健的速度，這反映在我們的遞延收入增長 29% 以及每年向我們支付超過 25 萬美元的客戶數量增長 23% 上——同時我們的年收入流失率仍與歷史水平保持一致，處於中等個位數範圍內，其中我們增長最快的客戶群，即 25 萬美元的客戶群甚至更低，我們增長最快的客戶群甚至在 25 萬美元範圍內，我們的收入率較低。

So on the GMV softness, let me just try to share some context in Brazil.

因此，關於 GMV 疲軟，讓我嘗試分享一些巴西的背景資訊。

The same-store sales that we saw in Brazil, which is the GMV growth of our existing customer base, for instance, the year-over-year same-store sales growth in FX neutral in Brazil unexpectedly decelerated by roughly 6 percentage points from Q3 to Q4.

例如，我們在巴西看到的同店銷售額，即我們現有客戶群的 GMV 增長，巴西外匯中性情況下的同店銷售額同比增長從第三季度到第四季度意外減速了約 6 個百分點。

The abrupt FX devaluation and the rising interest rates weighted on consumer spending and the significant appreciation of the U.S. dollars against most currencies, particularly the Brazilian real also further pressure this type of consumption behavior.

外匯大幅貶值、利率上升對消費支出造成壓力，而美元兌大多數貨幣（特別是巴西雷亞爾）大幅升值也進一步對這種消費行為造成壓力。

On specific segments, we saw a more relevant deceleration in home appliance and electronics.

在具體領域，我們看到家電和電子產品的成長減速更為顯著。

But as you know, this is volatile.

但正如你所知，這是不穩定的。

Every quarter changes a bit, but those were the key segments that we saw some of this deceleration.

每個季度都會發生一些變化，但這些是我們看到部分減速的關鍵部分。

Hopefully, that answers your question.

希望這能回答您的問題。

Well, great.

嗯，很棒。

Thank you very much.

非常感謝。

Leonardo Olmos, UBS.

瑞銀的萊昂納多·奧爾莫斯（Leonardo Olmos）。

Sorry.

對不起。

I think there was a second question.

我認為還有第二個問題。

Yes.

是的。

There was a second one.

還有第二個。

It's about the new administration in US.

這是關於美國新政府的事。

Is that correct?

那正確嗎？

Yes, if I'm still in, yes.

是的，如果我還在的話，是的。

About the environment, the new administration remember that by the end of last year, the environment was very positive overall in the US, and I guess that would be good for deals and everything.

關於環境，新政府記得，截至去年年底，美國的整體環境非常積極，我認為這對交易和一切都有好處。

Just want to understand how you see the new administration came in and how the move from the perspective of eventually signing deals or negotiating deals and that kind of thing.

只是想了解您如何看待新政府的上台以及從最終簽署協議或談判協議等的角度來看新政府將採取什麼行動。

Okay.

好的。

So I will answer in two aspects.

那我就從兩個方面來回答一下。

The first one is in what matters for VTEX.

第一個問題是 VTEX 關心的問題。

So we keep seeing the same sales momentum, increasing the pipeline in the U.S. in B2C, B2B grocery.

因此，我們不斷看到相同的銷售勢頭，美國 B2C、B2B 雜貨市場的通路不斷增加。

So we continue to see the same trend and a good momentum to be created in the United States.

因此，我們繼續看到同樣的趨勢和在美國形成的良好勢頭。

And what can the new administration affect this momentum?

新政府會對這股勢頭產生什麼影響呢？

I am not sure if this will affect VTEX like specifically.

我不確定這是否會對 VTEX 產生特別的影響。

But let me say that, if macro that we cannot predict, if the new administration creates volatility that will affect inflation, that will affect interest rates, of course, the retail and the brands will be affected.

但我要說的是，如果我們無法預測宏觀經濟，如果新政府製造的波動會影響通貨膨脹，會影響利率，當然，零售和品牌也會受到影響。

And on this scenario, you do have a more kind of momentum for the companies to change and to simplify their operations.

在這種情況下，公司確實有更大的動力去改變和簡化他們的營運。

So we always see a crisis on the retail as a good momentum for VTEX because the companies that used to have their own custom platform that's pretty expensive to maintain, use the crisis to make the decisions to simplify their process.

因此，我們始終將零售業的危機視為 VTEX 的良好勢頭，因為過去擁有自己的客製化平台且維護成本相當高的公司會利用這場危機來做出簡化流程的決策。

So we cannot anticipate that the volatility will be good or bad for VTEX in the U.S. and even that is a very small country for us.

因此，我們無法預測波動對美國的 VTEX 來說是好是壞，儘管美國對我們來說只是一個非常小的國家。

But we like a lot when crisis creates the momentum for companies to change, and we are seeing this in our pipeline.

但我們非常喜歡危機為公司變革創造動力，我們在我們的管道中看到了這一點。

Alright, great.

好的，太棒了。

Thank you very much.

非常感謝。

Leonardo Olmos, UBS.

瑞銀的萊昂納多·奧爾莫斯（Leonardo Olmos）。

Hi, everyone.

大家好。

Good evening.

晚安.

Can you discuss a little bit the assumptions for the guidance?

能否稍微討論一下該指導的假設？

I'm sorry to go back to Marcelo and Thiago's question.

很抱歉再次回答馬塞洛和蒂亞戈的問題。

But just to understand, so we saw Latin America ex Brazil growing 6% in 2024.

但要理解的是，我們預計 2024 年巴西以外的拉丁美洲將成長 6%。

You said that Argentina may go to 0.

你說阿根廷可能會去0。

So if you could discuss a little bit the other challenges in LatAm, ex Brazil and ex Argentina.

所以如果你可以討論拉丁美洲（巴西和阿根廷除外）面臨的其他挑戰。

And Brazil has been doing great.

巴西的表現非常出色。

So I assume you're putting some retraction in the guidance, which, of course, makes a lot of sense.

因此，我認為你會在指導中加入一些撤回內容，這當然是非常有意義的。

However, the rest of the world, which is mentioned in the U.S. is not that relevant.

然而，美國所提到的世界其他地區卻不那麼相關。

So there was a 37% growth in '23 going down to 34% almost.

因此，23年的成長率從37%下降到幾乎34%。

And then what you're assuming is still seeing deceleration in the rest of the world.

然後，您假設世界其他地區仍將出現經濟減速。

So I know you don't give guidance, but just to understand the assumptions in Marcelo's question is with Argentina a little bit.

所以我知道你沒有給指導，但只是了解馬塞洛問題中的假設與阿根廷有一點關係。

I just was hoping you could discuss other countries as well online.

我只是希望您也可以在網路上討論其他國家。

Thank you.

謝謝。

Yes, sure.

是的，當然。

Thanks, Ricardo here.

謝謝，我是里卡多。

So if we look at our growth, the subscription revenue growth in FX neutral in the fourth quarter, we grew roughly 13% year over year, right?

因此，如果我們看我們的成長，第四季外匯中性的訂閱收入成長，我們比去年同期成長了大約 13％，對嗎？

So this is how we are exiting this year, right?

所以這就是我們今年的結束方式，對嗎？

And as we have been mentioning, there is a relevant headwind from the Argentina on this growth rate that was expected when we issued the guidance for the fourth quarter.

正如我們所提到的，阿根廷對這一增長率施加了相當大的阻力，這是我們在發布第四季度指引時預料到的。

The unexpected part was the deceleration on the same-store sales growth of our existing customers, right, this roughly 6 percentage point deceleration that we saw in Brazil in Q4.

意想不到的是，我們現有客戶的同店銷售額成長放緩，第四季度我們在巴西看到的同店銷售額成長放緩了約 6 個百分點。

So we starting from this base of roughly 13% growth that we saw in Q4.

因此，我們從第四季度看到的大約 13% 的成長基礎開始。

And then for Q1, if you look at the guidance, the midpoint of the guidance is 14%, right?

然後對於第一季度，如果你看一下指導意見，指導意見的中間點是 14%，對嗎？

And that accelerates to a midpoint of 15.5% for the year.

今年的中位數成長率將加速至 15.5%。

So part of this acceleration versus Q4 is the decrease of the headwind of Argentina.

因此，與第四季相比，這一加速的部分原因是阿根廷逆風的減弱。

As I said, we are assuming some recovery and starting to see some recovery in Argentina.

正如我所說，我們預計阿根廷將出現一些復甦，而且我們開始看到復甦。

They are going to positive territory, but they still -- the assumptions that they will still grow less than the overall of the company.

他們正走向積極的領域，但他們仍然——假設他們的成長仍將低於公司的整體成長。

So there is still some headwind there, although we do see.

因此，儘管我們確實看到，但那裡仍然存在一些阻力。

But then there is this now headwind of Brazil with this lower same-store sales and this consumption at a lower level.

但現在巴西面臨逆風，同店銷售額較低，消費水準較低。

So this is the key moving pieces of the guidance.

這是指導的關鍵部分。

And as I mentioned to Marcelo on the first question, on the new customer side, we are assuming some increase in average implementation plus ramp-up time, given the mix of larger customers that we have in the backlog.

正如我在第一個問題中向馬塞洛提到的那樣，在新客戶方面，考慮到我們積壓的大客戶組合，我們假設平均實施和啟動時間會增加。

So there is also some impact there, and that's kind of across the world, including US and Europe as we have customers under implementation that are more on the larger side.

所以那裡也有一些影響，而且這種影響遍布世界各地，包括美國和歐洲，因為我們正在實施的客戶規模更大。

Understood.

明白了。

Thank you very much and have a good night, everyone.

非常感謝大家，祝大家晚安。

Luca Bernardinelli, Bank of America.

美國銀行的盧卡‧伯納迪內利 (Luca Bernardinelli)。

Good afternoon, everyone.

大家下午好。

Thanks for taking my question.

感謝您回答我的問題。

I have two here.

我這裡有兩個。

The first one is on Brazil.

第一個是關於巴西的。

Regarding the payroll tax exemption, if you guys will be passing that through to clients in some way?

關於薪資稅豁免，你們是否會以某種方式將其轉嫁給客戶？

And what can we expect in terms of the impact for that?

我們對其影響有何期待？

And also second, you guys showed the breakdown for the margins for existing stores and also the margins for new stores for 2024.

其次，你們展示了現有商店利潤率和 2024 年新店利潤率的細目。

And the margin for new stores actually went down and the one for existing stores went up.

新店的利潤率實際上下降了，而現有店的利潤率卻上升了。

So I just want to check if this has to do with the profile with larger clients?

所以我只是想檢查這是否與較大客戶的資料有關？

And how can we think about that going forward if most of the expansion should continue to come from the existing stores or if we should see an expansion for new stores as well?

如果大部分擴張應該繼續來自現有商店，或者我們是否也應該看到新店的擴張，那麼我們該如何考慮未來？

Thank you.

謝謝。

Great.

偉大的。

Thanks, Luca.

謝謝，盧卡。

Happy to take the questions here.

很高興在這裡回答這些問題。

So on the payroll tax change in Brazil, as you know, after some back and forth for potential payroll tax regulation in Brazil, the situation seems to accommodate with the progressive reinclusion of taxes over the next few years.

因此，關於巴西的工資稅改革，如您所知，在巴西就潛在的工資稅監管進行了一些反覆討論之後，情況似乎將在未來幾年內逐步重新納入稅收。

Given that we have also progressively improved our margins, the potential impact of the current proposed change in payroll taxes should not have any material impact to VTEX.

鑑於我們也逐步提高利潤率，目前提議的工資稅變化的潛在影響不應該對 VTEX 產生任何重大影響。

At the most under the current legislation approved, VTEX could face an annual impact of approximately low single-digit million dollars on our operating income and roughly half of that on our net income, as you have noted, VTEX Shield on these additional expenses.

在目前批准的立法下，VTEX 每年最多可能面臨約數千萬美元的營業收入損失，其中約一半會對我們的淨收入造成影響，正如您所說，VTEX Shield 可以解決這些額外費用。

Over time, we expect that these impacts to diminish and potentially disappear altogether as we continue to enhance our operating margin.

隨著時間的推移，我們預計，隨著我們不斷提高營業利潤率，這些影響將會減弱，甚至完全消失。

And it's important to reinforce that regardless of the potential impact, our target for the operating margin for the year, the mid-teens remains intact.

需要強調的是，無論潛在影響如何，我們今年的營業利潤率目標（即十五六成的水平）仍然保持不變。

And the first question, Luca, was about -- sorry, could you please repeat?

盧卡，第一個問題是－抱歉，您能重複一遍嗎？

Yeah.

是的。

The other question is for the breakdown for the existing stores and new store margins that the margin for the new stores actually went down for existing stores went up?

另一個問題是，對於現有店鋪和新店利潤率的細分，新店的利潤率實際上是下降了，而現有店舖的利潤率卻上升了？

And how can we think about that going forward?

我們該如何思考這個問題呢？

And why the new stores went down if it was because of the larger clients coming in?

如果是因為更大的顧客湧入，那麼為什麼新店數量會減少呢？

Yeah.

是的。

Perfect, Lucca.

完美，盧卡。

So on the new stores, we achieved a 10 percentage point improvement in gross margin year-over-year, right?

那麼在新店方面，我們的毛利率年增了 10 個百分點，對嗎？

So that's important to note.

因此，這一點很重要。

And this improvement is largely attributed to our increased reliance on the ecosystem for implementations, which reduces the pressure on the service side.

而這種提升很大程度上得益於我們更依賴生態系統去實現，從而減輕了服務端的壓力。

And we also realized 5 percentage point operational leverage improvement in R&D and G&A.

我們也在研發和一般及行政管理方面實現了 5 個百分點的營運槓桿提升。

And then the drag on the margin on your question is that we chose to strategically reinvest these 10 percentage points from gross margin and the 5 percentage points operating leverage in R&D and G&A in sales and marketing to capitalize on the growth opportunity.

關於您提到的利潤率的拖累，我們選擇將毛利率中的 10 個百分點和研發及一般行政管理費用中的 5 個百分點的營運槓桿戰略性地再投資於銷售和營銷，以利用增長機會。

So with that, if you look at the operating level, it didn't change that much.

因此，如果從操作層面來看，變化並不大。

It slightly reduced versus the prior year.

與上年度相比略有減少。

And this is as we invest in sales and marketing to go after larger customers and expand geographically the company as well.

這是因為我們投資銷售和行銷來爭取更大的客戶並擴大公司的地理範圍。

And I would say that's also important to highlight that our LTV over CAC, right, which when we think about the new stores P&L, we lose money in the short-term, but to get customers for us for the long-term.

我想說，強調我們的 LTV 高於 CAC 也很重要，當我們考慮新店的損益表時，我們會在短期內虧損，但從長遠來看，我們會獲得客戶。

So it's about the return on invested capital.

所以這與投資資本的回報有關。

And the way that we think about return on invested capital is the LTV or CAC and that remains above 6x cash on cash with a payback period around 2.5 years.

我們考慮投資資本回報率的方式是 LTV 或 CAC，這仍然高於現金的 6 倍，回收期約為 2.5 年。

So this is a strong performance that underscores the attractiveness of our investment in acquiring new customers and making it a compelling proposition for the long-term growth of the company as well.

因此，這是一項強勁的表現，凸顯了我們在吸引新客戶方面的投資的吸引力，也使其成為公司長期成長的引人注目的主張。

Perfect, very clear.

完美，非常清晰。

Thank you for the answer.

謝謝你的回答。

And that concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Geraldo for closing remarks.

現在我將會議交還給傑拉爾多，請他致最後總結。

2024 was a transformative year for VTEX, defined by innovation, operational excellency and robust momentum in both new and renewed contracts.

2024 年是 VTEX 轉型的一年，其特點是創新、卓越營運以及新合約和續約合約的強勁勢頭。

While the fourth quarter growth fell short of expectations due to short-term FX volatility and existing customers' GMV softness in Brazil, we have laid an exceptional strong foundation to propel VTEX into its next phase for the company.

雖然由於短期外匯波動和巴西現有客戶的 GMV 疲軟，第四季度的成長低於預期，但我們為推動 VTEX 進入公司下一階段奠定了堅實的基礎。

We expanded our platform into a connected ecosystem with AI-powered solution like VTEX Ads and Shield, enhancing customer outcomes and positioning VTEX as the most comprehensive commerce suite.

我們將我們的平台擴展為一個互聯的生態系統，並利用 VTEX Ads 和 Shield 等人工智慧解決方案，從而增強客戶成果並將 VTEX 定位為最全面的商業套件。

Our strategic investments and evolving product portfolio have strengthened our leadership and opened new revenue streams, reinforcing confidence in our long-term growth potential.

我們的策略性投資和不斷發展的產品組合增強了我們的領導地位並開闢了新的收入來源，增強了我們對長期成長潛力的信心。

We've made significant progress towards sustainable profitable growth.

我們在實現可持續獲利成長方面取得了重大進展。

As we step into 2025, we're committed to building on this solid foundation, delivering value and driving innovation for our customers and shareholders.

邁入 2025 年，我們致力於在此堅實基礎上再接再厲，為客戶和股東創造價值並推動創新。

Thank you for your trust and partnership.

感謝您的信任與合作。

We look forward to updating you at our next earnings call.

我們期待在下次收益電話會議上向您通報最新情況。

And 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。