VTEX (VTEX) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to VTEX's earnings conference call for the first quarter of 2025. I'm Julia Vater Fernandez, VP of Investor Relations. Joining me today are Geraldo Thomaz Jr., our Co-Founder and Co-CEO; and Ricardo Camatta Sodré, our Chief Financial Officer. Also joining us for the Q&A session are Mariano Gomide de Faria, Co-Founder and Co-CEO; and André Spolidoro, Chief Strategy Officer.

大家好，歡迎參加VTEX 2025年第一季財報電話會議。我是投資者關係副總裁 Julia Vater Fernandez。今天與我一起出席的還有我們的共同創辦人兼聯合執行長 Geraldo Thomaz Jr. 和我們的財務長 Ricardo Camatta Sodré。參加問答環節的還有共同創辦人兼共同執行長 Mariano Gomide de Faria 和首席策略長 André Spolidoro。

Before we begin, please note that today's remarks may include forward-looking statements. These statements are based on our current assumptions and projections, and actual results might differ. Additional information regarding risks and uncertainties is detailed in our Form 20-F for the year ended December 31, 2024, and other filings with the SEC, all of which are available on our Investor Relations website. During this call, we may also reference certain non-GAAP financial measures. Reconciliation to the most comparable GAAP figures can be found in our Q1 2025 earnings press release, also available on our Investor Relations website.

在我們開始之前，請注意今天的評論可能包含前瞻性陳述。這些陳述基於我們目前的假設和預測，實際結果可能有所不同。有關風險和不確定性的更多信息，請參閱我們截至 2024 年 12 月 31 日的 20-F 表格以及向美國證券交易委員會提交的其他文件，所有這些文件均可在我們的投資者關係網站上查閱。在本次電話會議中，我們也可能參考某些非公認會計準則財務指標。與最具可比性的 GAAP 數據的對帳可以在我們的 2025 年第一季財報新聞稿中找到，也可以在我們的投資者關係網站上找到。

With that, let me turn the call over to Geraldo. Geraldo, the floor is yours.

說完這些，讓我把電話轉給傑拉爾多。杰拉爾多，現在請你發言。

Thank you, Julia. Welcome, everyone, and thanks for joining our first-quarter 2025 earnings conference call. We delivered a solid start to the year despite the ongoing macroeconomic volatility. Subscription revenue grew 15% in FX-neutral in the first quarter. As we look ahead, the recent go-lives of key enterprise customers combined with the continued progress in our product innovation and platform expansion initiatives reinforce our confidence in the sustainability of our profitable growth strategy.

謝謝你，茱莉亞。歡迎大家，感謝您參加我們的 2025 年第一季財報電話會議。儘管宏觀經濟持續波動，但我們今年取得了良好的開端。第一季訂閱收入按匯率中性計算增長了 15%。展望未來，近期主要企業客戶的上線，加上我們產品創新和平台擴展計畫的持續進展，增強了我們對獲利成長策略永續性的信心。

In a seasonally softer quarter, we also delivered profitable growth and significant margin expansion. Our gross profit reached $41 million, a 22% growth in FX neutral and a 2.7 percentage points margin increase year over year. Additionally, our non-GAAP operating income increased to $5.3 million, an 85% growth and a 4.3 percentage points margin increase year over year. This strong operating income was supported by even stronger free cash flow generation of $6.6 million.

在季節性疲軟的季度中，我們也實現了獲利成長和利潤率大幅擴大。我們的毛利達到 4,100 萬美元，以外匯中性計算成長 22%，利潤率年增 2.7 個百分點。此外，我們的非公認會計準則營業收入增至 530 萬美元，年增 85%，利潤率增加 4.3 個百分點。這筆強勁的營業收入得益於更強勁的 660 萬美元自由現金流。

Finally, our non-GAAP net income reached $5.3 million in the first quarter and $34.5 million over the last 12 months. I'll let Ricardo further expand on the financials shortly.

最後，我們的非公認會計準則淨收入在第一季達到 530 萬美元，在過去 12 個月達到 3,450 萬美元。我會讓里卡多盡快進一步闡述財務狀況。

VTEX continues to solidify its position as the platform of choice for global CIOs and CEOs, seeking operational efficiency and commercial agility. Enterprises choose VTEX for more than software, but for outcomes, accelerated time to market, increased revenue, improved margins, and reduced complexity. Looking ahead, we're building a future for VTEX that goes even beyond that, a future where VTEX Intelligent agents evolve into digital workers, autonomously managing core workflows and core across service, demand generation, and merchandising for our customers. We're not just adapting to the future of commerce; we're building it.

VTEX 繼續鞏固其作為全球 CIO 和 CEO 首選平台的地位，追求營運效率和商業敏捷性。企業選擇 VTEX 不僅是為了軟體，還為了成果、加快產品上市時間、增加收入、提高利潤率和降低複雜性。展望未來，我們正在為 VTEX 建立一個更遠的未來，在這個未來中，VTEX 智慧代理將發展成為數位化工作者，自主管理核心工作流程和核心服務、需求產生和客戶商品銷售。我們不僅要適應商業的未來，還要建立它。

Now, let me highlight a few commercial achievements of the quarter. In the first quarter, we successfully brought several new customers live, including Magazzino and LG in Argentina; Americanas, Apoio Entrega, Moda Colmeia, Oscar Calçados, and Urban Performance in Brazil; LF10 in Colombia; Orocash in Ecuador, La Sirena in Spain; Berel and Procarga in Mexico; and GS1 US and J.W. Pepper in the US.

現在，讓我重點介紹一下本季的一些商業成就。第一季度，我們成功引進了幾位新客戶，包括阿根廷的 Magazzino 和 LG；巴西的 Americanas、Apoio Entrega、Moda Colmeia、Oscar Calçados 和 Urban Performance；哥倫比亞的 LF10；厄瓜多爾的 Orocash、西班牙的 La Sirena；墨西哥的 Berel 和 Procarga；以及美國的 GS11 和 J.W.111。

We also strengthened our relationship with existing customers. Bemol launched a new vertical, Bemol Farma, now operating two stores in Brazil. Colgate launched a new store in Germany, expanding its VTEX presence across the Americas and Europe. Crocs launched a new store in Chile, now present in five Latin American markets with VTEX. Hearst launched Ultra Daily Shop in the US, expanding its VTEX presence to six stores. Levi's added Colombia, now present in six Latin American markets. And Mondelēz launched a new B2B store in Spain and in Ecuador, expanding its VTEX footprint into Europe.

我們也加強了與現有客戶的關係。Bemol 推出了新的垂直市場 Bemol Farma，目前在巴西經營兩家商店。高露潔在德國開設了一家新店，擴大了在美洲和歐洲的 VTEX 業務。Crocs 在智利開設了一家新店，目前已與 VTEX 合作在五個拉丁美洲市場開展業務。赫斯特在美國推出了 Ultra Daily Shop，將其 VTEX 業務擴展至六家門市。Levi's 增加了哥倫比亞業務，目前已在六個拉丁美洲市場開展業務。億滋國際在西班牙和厄瓜多開設了新的 B2B 商店，將 VTEX 業務擴展到歐洲。

Another noteworthy development this quarter, though not yet live, is that Manchester City Football Club has joined the VTEX platform. The club is currently implementing VTEX as the foundation of its official digital commerce strategy. We're supporting Manchester City in reimagining and streamlining its digital commerce experiences to deliver a seamless and intuitive journey for fans. This initiative will enable supporters to access and purchase City-related experiences through a unified and efficient checkout process, whether online or via mobile.

本季度另一個值得注意的發展是曼城足球俱樂部加入了 VTEX 平台，儘管尚未上線。該俱樂部目前正在實施 VTEX 作為其官方數位商務策略的基礎。我們正在支持曼城重新構想和簡化其數位商務體驗，為球迷提供無縫直覺的旅程。該計劃將使支持者能夠透過統一、高效的結帳流程（無論是在線上還是透過行動裝置）存取和購買與城市相關的體驗。

To build our own momentum in contract signatures and reinforce brand trust, we launched the EV Wall campaign, featuring cricket icon Ravindra Jadeja as the VTEX ambassador. The campaign resonated strongly with CEOs and CTOs in the US, where approximately half have an affinity for cricket, helping us connect with an influential and professionally relevant audience.

為了在合約簽署方面建立自己的勢頭並加強品牌信任，我們發起了 EV Wall 活動，並以板球偶像 Ravindra Jadeja 為 VTEX 大使。這項活動在美國執行長和技術長中引起了強烈共鳴，其中大約有一半的人對板球感興趣，這有助於我們與有影響力且與專業相關的受眾建立聯繫。

We also hosted the second edition of VTEX Connect in New York City, our flagship event for senior commerce executives held immediately following NIS. This year, we expanded the event scope and quality, welcoming CEOs, CIOs, and senior executives from leading retailers. Simone Biles delivered a keynote fireside chat, joined by Brazilian gymnastics champion Rebeca Andrade.

我們也在紐約市主辦了第二屆 VTEX Connect，這是我們在 NIS 之後立即為高級商務主管舉辦的旗艦活動。今年，我們擴大了活動範圍和質量，邀請了來自領先零售商的執行長、資訊長和高階主管。西蒙·拜爾斯發表了主題爐邊談話，巴西體操冠軍麗貝卡·安德拉德也參與其中。

The event showcased our leadership in digital commerce and strengthened our relationship with partners and decision-makers. In addition to its increased impact, the event was executed with greater cost efficiency. Supported by over 14 sponsors, VTEX Connect New York served as a strategic platform to deepen relationships with our partners and enhance VTEX's visibility among top industry stakeholders, and engage directly with key decision-makers within the NRF office. By gathering the industry's most influential voices and integrating globally recognized figures, we continue to elevate VTEX's position at the forefront of digital commerce transformation.

這項活動展現了我們在數位商務領域的領導地位，並加強了我們與合作夥伴和決策者的關係。除了影響力增強之外，活動的舉辦也提高了成本效益。VTEX Connect New York 得到了超過 14 個贊助商的支持，成為一個策略平台，以加深與合作夥伴的關係，提高 VTEX 在頂級行業利益相關者中的知名度，並直接與 NRF 辦公室內的關鍵決策者接觸。透過匯聚業界最具影響力的聲音並整合全球知名人物，我們不斷提升 VTEX 在數位商務轉型領域的領先地位。

We are also proud to share that VTEX was once again recognized as the Customer's Choice in the 2025 Gartner Voice of Customers for Digital Commerce Report for the second year in a row. This recognition is especially meaningful because it is based entirely on our customers' reviews, underscoring our platform's impact and reliability. This recognition, based solely on real customer reviews, highlights our ability to deliver exceptional product capability, ease of use, reliable support, and measurable business impact.

我們也很自豪地宣布，VTEX 連續第二年在 2025 年 Gartner 數位商務客戶之聲報告中被評為「客戶之選」。這項認可意義非凡，因為它完全基於我們客戶的評價，強調了我們平台的影響力和可靠性。這項認可完全基於真實的客戶評論，凸顯了我們提供卓越的產品性能、易用性、可靠的支援和可衡量的業務影響的能力。

In the landscape where choosing the right commerce partners is mission-critical, being named customers' choice for the second year in a row reinforces VTEX's position as the trusted, scalable, and innovation-driven platform of choice for global enterprises.

在選擇合適的商業夥伴至關重要的環境下，連續第二年被評為客戶之選鞏固了 VTEX 作為全球企業值得信賴、可擴展和創新驅動的首選平台的地位。

Before moving on to our customer success stories, I'd like to revisit the concept introduced earlier. VTEX is evolving from a single platform into a comprehensive suite of commerce products designed with seamless interoperability at its core. This transformation underpins our positioning as the commerce suite of choice for both CIOs and CEOs globally.

在講述我們的客戶成功案例之前，我想先重新回顧一下先前介紹的概念。VTEX 正在從單一平台發展成為以無縫互通性為核心的綜合商業產品套件。此次轉型鞏固了我們作為全球資訊長和執行長首選的商務套件的定位。

We're doubling down on our two high-impact product bets, B2B commerce and retail media. In the first quarter of 2025, we accelerated our retail media strategy with the acquisition of Newtail, a leader in the Brazilian retail advertising space. This added over 400 advertisers and brands to our network, including Casas Bahia, Panvel, KaBuM!, and Leroy Merlin, and positioned VTEX as a leading end-to-end retail media product.

我們正在加倍押注兩大具有高影響力的產品，即 B2B 商務和零售媒體。2025 年第一季度，我們收購了巴西零售廣告領域的領導者 Newtail，加速了我們的零售媒體策略。這為我們的網路增加了超過 400 個廣告商和品牌，包括 Casas Bahia、Panvel、KaBuM! 和 Leroy Merlin，並將 VTEX 定位為領先的端到端零售媒體產品。

With VTEX Ads, we now offer a unified high-performance solution that combines our composable commerce infrastructure with Newtail's media innovation. Advertisers gain access to hyper-target inventory, detailed performance insights, and intelligent placements, enabling smarter targeting and stronger returns across the full commerce journey. We're building the next generation of scalable data-driven retail media, and we're here to lead and consolidate the space.

透過 VTEX Ads，我們現在提供統一的高效能解決方案，將我們的可組合商務基礎設施與 Newtail 的媒體創新相結合。廣告主可以存取超目標庫存、詳細的效能洞察和智慧展示位置，從而在整個商業旅程中實現更智慧的定位和更強勁的回報。我們正在建立下一代可擴展的數據驅動零售媒體，並且我們致力於引領和鞏固這一領域。

With that said, let's go into a couple of customer stories to put in a tangible way how we are working side-by-side with our customers to get meaningful business impact. Americanas, one of Brazil's most iconic and influential retail giants, chose VTEX to simplify operations and drive efficiency with innovative solutions, replacing some of the in-house development systems. Through VTEX, out-of-the-box features, and collaborations with specialized partners, we delivered a comprehensive customer solution tailored to Americanas' needs.

話雖如此，讓我們來了解幾個客戶故事，以切實的方式說明我們如何與客戶並肩工作以獲得有意義的業務影響。巴西最具代表性和影響力的零售巨頭之一 Americanas 選擇 V​​TEX 來簡化營運並透過創新解決方案提高效率，取代一些內部開發系統。透過 VTEX、開箱即用的功能以及與專業合作夥伴的合作，我們提供了根據 Americanas 需求量身定制的綜合客戶解決方案。

This included robust omnichannel capabilities, marketplace integrations, and advertising tools. This solution streamlined processes, accelerated time to market, and significantly lowered the total cost of ownership. In addition to VTEX's native capabilities, Americanas is also leveraging the strength of the VTEX ecosystem by integrating partner solutions, replacing certain legacy systems with more scalable alternatives.

這包括強大的全通路功能、市場整合和廣告工具。此解決方案簡化了流程、加快了產品上市時間並顯著降低了整體擁有成本。除了 VTEX 的原生功能外，Americanas 還透過整合合作夥伴解決方案來利用 VTEX 生態系統的優勢，以更具可擴展性的替代方案取代某些遺留系統。

Following a detailed system analysis and close collaboration, we codesigned a streamlined future-ready architecture that enhances operational efficiency, supports rapid scalability, and aligns seamlessly with Americanas' long-term strategic objectives. The Americanas win underscored the continued depth of opportunity within Brazil, a market where VTEX already had a strong presence, yet still holds significant runway for growth.

經過詳細的系統分析和密切合作，我們共同設計了一個精簡的面向未來的架構，以提高營運效率，支援快速擴展，並與 Americanas 的長期戰略目標無縫銜接。美洲公司的勝利凸顯了巴西市場持續存在的深度機遇，VTEX 在巴西市場已經佔有重要地位，並且仍然擁有巨大的成長空間。

It demonstrates that even in more developed geographies, there are remaining sizable high-impact digital transformation opportunities for us to capture over the coming years. A leading frozen food retailer in Spain partnered with VTEX to modernize its digital commerce and bridge the gap between its physical stores and online presence, seeking greater flexibility, and the brand chose VTEX for its ability to manage complex catalogues and store-level logistics with ease.

這表明，即使在更發達的地區，未來幾年仍有大量具有重大影響的數位轉型機會供我們抓住。西班牙一家領先的冷凍食品零售商與 VTEX 合作，實現其數位商務現代化，彌合實體店和線上業務之間的差距，尋求更大的靈活性，該品牌選擇 VTEX 是因為它能夠輕鬆管理複雜的目錄和商店級物流。

VTEX also enabled smooth integration with the customers' new loyalty program, creating a more intuitive and personalized customer journey. With marketplace capabilities and omnichannel features now fully implemented, they are delivering a seamless connected shopping experience across every touch point.

VTEX 也實現了與客戶新忠誠度計畫的順利整合，創造了更直覺和個人化的客戶旅程。隨著市場功能和全通路功能的全面實施，他們正在每個接觸點提供無縫連接的購物體驗。

Cencosud, one of Latin America's largest retail groups, transformed its post-purchase experience in Brazil by implementing Weni by VTEX to automate out-of-stock products to institutions via WhatsApp. Initially launched with Prezunic and quickly scaled to Bretas, GBarbosa, and Mercantil, the solution enables real-time customer approval and delivers a 9% increase in the average order value of impacted orders.

Cencosud 是拉丁美洲最大的零售集團之一，它透過 VTEX 實施 Weni，透過 WhatsApp 自動向機構發送缺貨產品，從而改變了其在巴西的售後體驗。該解決方案最初與 Prezunic 合作推出，並迅速擴展到 Bretas、GBarbosa 和 Mercantil，可實現即時客戶批准，並使受影響訂單的平均訂單價值提高 9%。

By streamlining communication and driving operational efficiency, Cencosud is delivering a smarter, more scalable digital experience across its brands.

透過簡化溝通和提高營運效率，Cencosud 為其品牌提供了更智慧、更具可擴展性的數位體驗。

I'm also pleased to highlight a significant customer success that demonstrates the versatility and power of our platform. J.W. Pepper, one of the leading sheet music retailers in the US, has successfully transformed its digital commerce operation with VTEX.

我也很高興地強調一個重要的客戶成功案例，它證明了我們平台的多功能性和強大功能。J.W. Pepper 是美國領先的樂譜零售商之一，已利用 VTEX 成功轉型其數位商務營運。

Facing industry-specific challenges such as complex product discovery and event-driven shopping, the company leveraged VTEX's composable architecture and native headless CMS to build tailored experiences for educators and worship leaders. This empowered their business teams to accelerate content updates and reduce reliance on development resources. Rather than a full rebuild, we adopted a strategic approach, retaining critical legacy workflows while modernizing the core commerce journey through targeted integrations and specialized tools for digital licensing, personalization, and complex checkout flows. Today, J.W. Pepper operates on a flexible, scalable platform that supports a diverse customer base and adapts easily to seasonal demand patterns.

面對複雜的產品發現和事件驅動購物等行業特定挑戰，該公司利用 VTEX 的可組合架構和原生無頭 CMS 為教育工作者和禮拜領袖打造量身定制的體驗。這使得他們的業務團隊能夠加快內容更新並減少對開發資源的依賴。我們沒有進行全面重建，而是採取了一種策略性方法，保留了關鍵的遺留工作流程，同時透過有針對性的整合和針對數位授權、個人化和複雜結帳流程的專用工具來實現核心商務旅程的現代化。如今，J.W. Pepper 在一個靈活、可擴展的平台上運營，支援多樣化的客戶群並輕鬆適應季節性需求模式。

This case underscores our ability to deliver impactful digital transformation and specialized high complexity industry while preserving business continuity and maximizing ROI. Nestlé, one of the world's largest food and beverage companies, drove strong results with VTEX ads to power retail media campaigns across key partner channels. Confronted with limited visibility into retail sales performance, Nestlé turned to VTEX ads for real-time insights directly from retailer platforms. This data-driven approach enabled rapid campaign optimization and stronger performance across categories. In its latest major campaign, Nestlé achieved a 16.3% return on ad spend in the chocolate category.

這個案例強調了我們在保持業務連續性和最大化投資回報率的同時，實現有影響力的數位轉型和專業化高複雜性行業的能力。雀巢是全球最大的食品和飲料公司之一，它利用 VTEX 廣告推動主要合作夥伴管道的零售媒體活動，取得了顯著成效。由於零售銷售業績的可見度有限，雀巢轉向 VTEX 廣告，以便直接從零售商平台獲取即時洞察。這種數據驅動的方法能夠快速優化廣告活動並提高各個類別的效能。在最新的重大活動中，雀巢在巧克力類別中的廣告支出回報率達到了 16.3%。

Beyond immediate impact, the initiatives unlock valuable strategic insights for future activations. With VTEX Ad, Nestlé streamlined collaboration with retail partners and showcased how real-time data can drive smarter decisions and stronger outcomes in a highly competitive market.

除了直接影響之外，這些舉措還為未來的活動提供了寶貴的策略見解。借助 VTEX Ad，雀巢簡化了與零售合作夥伴的合作，並展示了即時數據如何在競爭激烈的市場中推動更明智的決策和更強勁的成果。

Procarga, a leading distributor and manufacturer of lifting solutions in Mexico, selected VTEX to accelerate its digital transformation. Aiming to enhance the buying experience for B2B distributors and expand into B2C, the company is adopting a dual-channel strategy powered by VTEX. The new solution built on VTEX's composable architecture delivers a modern self-service commerce experience focused on efficiency and scalability.

Procarga 是墨西哥領先的起重解決方案分銷商和製造商，它選擇 VTEX 來加速其數位轉型。為了提升 B2B 經銷商的購買體驗並擴展到 B2C，該公司正在採用由 VTEX 提供支援的雙通路策略。基於 VTEX 可組合架構建構的新解決方案提供了注重效率和可擴展性的現代自助商務體驗。

It features custom UX/UI, ERP integrations, and mobile-ready access, ensuring a seamless journey across all channels. These initiatives marked a strategic move for Procarga, strengthening customer engagement and driving growth across Mexico's industrial retail markets.

它具有客製化的 UX/UI、ERP 整合和行動就緒存取功能，確保跨所有管道的無縫旅程。這些舉措標誌著 Procarga 的策略性舉措，旨在加強客戶參與度並推動墨西哥工業零售市場的成長。

Now I'd like to take a moment to express my gratitude to our 1,320 VTEX team members, whose extraordinary contributions propel us forward as the backbone for connected commerce. I'd also like to thank our valued customers, partners, and investors.

現在，我想花點時間向我們的 1,320 名 VTEX 團隊成員表示感謝，他們的傑出貢獻推動我們成為互聯商務的中堅力量。我還要感謝我們尊貴的客戶、合作夥伴和投資者。

I will now hand the call to Ricardo.

我現在將電話交給里卡多。

Thank you, Geraldo. Hi, everyone. I'm pleased to share VTEX's Q1 2025 financial results. Before diving into the numbers, as a reminder, this is our first quarter reporting under US GAAP.

謝謝你，傑拉爾多。大家好。我很高興分享 VTEX 2025 年第一季的財務表現。在深入研究數字之前，需要提醒的是，這是我們根據美國公認會計準則發布的第一季報告。

We published a reconciliation presentation in a Form 6-K on April 15, and a comparison of 2023 and 2024 financials under US GAAP is available on our Investor Relations website. With that said, let's go to our quarterly numbers. GMV for the quarter reached $4.3 billion, growing 8% year over year in US dollars and 17% on an FX-neutral basis.

我們於 4 月 15 日在 6-K 表中發布了一份對帳報告，您可以在我們的投資者關係網站上查看根據美國 GAAP 計算的 2023 年和 2024 年財務狀況的比較。話雖如此，讓我們來看看季度數據。本季 GMV 達 43 億美元，以美元計算年增 8%，不計匯率因素則成長 17%。

This led to subscription revenue reaching $52.6 million compared to $50.4 million in Q1 of last year, a 4% increase in US dollars and 15% on an FX-neutral basis. Now moving down the P&L. We are pleased to announce the positive operational leverage achieved even with the inherently softer seasonality observed in all first quarters.

這使得訂閱收入達到 5,260 萬美元，而去年第一季為 5,040 萬美元，以美元計算成長 4%，以外匯中性運算成長 15%。現在向下移動損益表。我們很高興地宣布，儘管第一季的季節性因素總體上較為疲軟，但我們仍然實現了積極的營運槓桿。

Our non-GAAP subscription gross margin reached 79% this quarter, up 191 basis points year over year from 77% in Q1 2024. This expansion reflects our continued focus on operational efficiency, with the most notable gains coming from customer support optimization efforts.

本季度，我們的非 GAAP 訂閱毛利率達到 79%，較 2024 年第一季的 77% 年成長 191 個基點。此次擴張反映了我們對營運效率的持續關注，其中最顯著的收益來自於客戶支援優化工作。

Leveraging AI-powered automation, we were able to improve service quality while significantly reducing support-related costs. Our total gross margin, which includes services, rose to 76%, up 371 basis points year over year compared to 72% in Q1 2024.

利用人工智慧自動化，我們能夠提高服務質量，同時大幅降低與支援相關的成本。我們的總毛利率（包括服務）上升至 76%，較 2024 年第一季的 72% 年成長 371 個基點。

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 by the subscription gross margin gains I just mentioned.

我們的總毛利率提高主要是由於服務收入佔總收入的比重降低，因為我們更依賴我們的生態系統來提供實施服務，以及我剛才提到的訂閱毛利率提高。

On the expense side, we maintained strong discipline. Non-GAAP operating expenses came in at $35.9 million, slightly up from $35.2 million in the same quarter last year, an increase of less than 2% year over year. This reflects stable sales and marketing and G&A expenses, while the increase in R&D was strategic, supporting our continued investment in product development and innovation. This disciplined approach led to a significant improvement in profitability, with non-GAAP operating income reaching $5.3 million in Q1 2025, up from $2.9 million in Q1 2024, an increase of over 80% year over year in US dollars. This translates into a 4 percentage point margin expansion, bringing our non-GAAP operating income margin to 10% for the quarter.

在支出方面，我們保持了嚴格的紀律。非公認會計準則營運費用為 3,590 萬美元，略高於去年同期的 3,520 萬美元，較去年同期成長不到 2%。這反映了穩定的銷售、行銷和一般行政費用，而研發費用的成長具有策略性，支持我們對產品開發和創新的持續投資。這種嚴謹的方法帶來了獲利能力的顯著提高，2025 年第一季的非 GAAP 營業收入達到 530 萬美元，高於 2024 年第一季的 290 萬美元，以美元計算同比增長超過 80%。這意味著利潤率擴大了 4 個百分點，使我們本季的非 GAAP 營業收入利潤率達到 10%。

These results highlight the strength of our operating model and the consistent evolution of our financial profile. As we evolve on our profitability growth strategy, non-GAAP net income has become an increasingly relevant metric. In Q1 2025, non-GAAP net income reached $5.3 million and a 10% margin, up from $2.4 million in the same period last year, more than doubling year over year and a 5.2 percentage points improvement in margin.

這些結果凸顯了我們營運模式的優勢和財務狀況的持續發展。隨著我們獲利成長策略的不斷發展，非公認會計準則淨收入已成為越來越重要的指標。2025年第一季，非公認會計準則淨收入達530萬美元，利潤率為10%，高於去年同期的240萬美元，較去年同期成長一倍以上，利潤率提高5.2個百分點。

As mentioned by Geraldo, on a trailing 12-month basis, non-GAAP net income totaled $34.5 million, reflecting the ongoing strengthening of our profitability profile as we continue executing with discipline and scaling efficiently. Aligned with our non-GAAP operating income, as of the three months ended March 31, 2025, we had a positive $6.6 million free cash flow compared to $1.6 million free cash flow in the same quarter of the prior year, reaching a free cash flow margin of 12% and a 9 percentage point margin improvement year over year.

正如傑拉爾多所提到的，在過去 12 個月中，非 GAAP 淨收入總計 3,450 萬美元，這反映出隨著我們繼續嚴格執行並有效擴展，我們的獲利狀況不斷增強。與我們的非 GAAP 營業收入一致，截至 2025 年 3 月 31 日止三個月，我們的自由現金流為正 660 萬美元，而去年同期的自由現金流為 160 萬美元，自由現金流利潤率達到 12%，利潤率同比提高 9 個百分點。

In the first quarter of 2025, regarding the one-year share repurchase program authorized by our Board of Directors on December 3, 2024, VTEX repurchased a total of 2.7 million Class A common shares at an average price of $5.56 per share, representing an aggregate amount of $15 million. Considering the current and the previous year's share repurchase programs, the total executed amounted to 15.2 million shares with an average price of $4.86 per share and a total cost of $74.3 million.

2025 年第一季度，根據董事會於 2024 年 12 月 3 日批准的一年期股票回購計劃，VTEX 以每股平均 5.56 美元的價格回購了總計 270 萬股 A​​ 類普通股，總金額為 1500 萬美元。考慮到當前和前一年股票回購計劃，執行的股票回購總量為 1520 萬股，平均價格為每股 4.86 美元，總成本為 7,430 萬美元。

As we move forward with our business outlook, we continue to navigate a macroeconomic environment marked by volatility in the same-store sales and GMV growth, increasing the uncertainty of projections. That said, we remain confident in VTEX's profitable growth trajectory. VTEX is well-positioned to capture an attractive market opportunity, and we remain encouraged by our leading market positioning, platform expansion, and operational leverage.

隨著我們業務前景的推進，我們將繼續應對以同店銷售額和 GMV 成長波動為特徵的宏觀經濟環境，這增加了預測的不確定性。儘管如此，我們仍然對 VTEX 的獲利成長軌跡充滿信心。VTEX 已準備好抓住極具吸引力的市場機遇，我們領先的市場定位、平台擴展和營運槓桿仍令我們感到鼓舞。

Considering these, we are currently targeting FX-neutral year-over-year subscription revenue growth of 12.5% to 15.5% for the second quarter of 2025, implying a $57.0 million to $58.5 million range. For the full year 2025, as we continue executing our profitable growth strategy, we continue to target FX-neutral year-over-year subscription revenue growth of 14.0% to 17.0%, implying a range of $238 million to $244 million based on the average of April's FX rate. We are targeting non-GAAP operating income and free cash flow margins of mid-teens.

考慮到這些，我們目前的目標是，2025 年第二季訂閱營收年增 12.5% 至 15.5%，不計入匯率變動，即 5,700 萬美元至 5,850 萬美元的範圍。對於 2025 年全年，隨著我們繼續執行獲利性成長策略，我們繼續將外匯中性訂閱收入年增率目標設定為 14.0% 至 17.0%，根據 4 月份外匯匯率平均值計算，這意味著收入範圍將在 2.38 億美元至 2.44 億美元之間。我們的目標是非公認會計準則營業收入和自由現金流利潤率達到十幾歲左右。

To wrap up, in Q1, we delivered solid subscription revenue growth. As indicated by our guidance, we remain confident in the strength and sustainability of our profitable growth strategy in Q2 and for the full year 2025, supported by key new enterprise customers going live and our ongoing platform expansion.

總而言之，在第一季度，我們實現了穩健的訂閱收入成長。正如我們的指引所示，在關鍵新企業客戶的上線和我們平台的持續擴展的支持下，我們仍然對第二季度和 2025 年全年盈利增長戰略的力度和可持續性充滿信心。

We will stay focused on disciplined execution, leveraging our strong fundamentals and resilient business model as we continue to gain global traction as the backbone for Connected Commerce. We remain committed to delivering lasting value for our customers, partners, and shareholders.

我們將繼續專注於嚴謹的執行，利用我們強大的基本面和有彈性的商業模式，繼續作為互聯商務的支柱獲得全球關注。我們始終致力於為客戶、合作夥伴和股東提供持久的價值。

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

好了，現在就讓我們開始提問吧。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)。

I actually have two. The first is if you could comment a bit on subscription gross profit. You almost touched the target model of 79%, close to 80% in a seasonally weak quarter. Is this a sustainable gain going forward? And what are the main sources of the gain?

我實際上有兩個。首先，您是否可以對訂閱毛利發表一些評論？您幾乎觸及了 79% 的目標模型，在季節性疲軟的季度中接近 80%。這是否是未來可持續的效益？其收益主要來自於哪些方面？

And the second question is regarding headcount reduction. What are the main areas that are seeing headcount reduction at the company?

第二個問題是關於裁員。公司裁員的主要領域有哪些？

Hi, Marcelo. Ricardo Sodré here. Thanks for the question. So on gross margin, we are pleased with the continued progress in our margin profile this quarter. In Q1 2025, as you mentioned, we delivered a 190 basis point improvement in subscription gross margin and a 370-basis-point improvement in the overall gross margin on a year-over-year basis. These gains are particularly meaningful given the seasonality that's softer in nature in the first quarter, making the expansion both sequentially and year over year a strong validation of the scalability and the resilience of our business model.

你好，馬塞洛。這裡是 Ricardo Sodré。謝謝你的提問。因此，就毛利率而言，我們對本季利潤率的持續改善感到滿意。正如您所提到的，2025 年第一季度，我們的訂閱毛利率年增了 190 個基點，整體毛利率比去年同期提高了 370 個基點。考慮到第一季的季節性因素較為溫和，這些成長尤其有意義，環比和同比的擴張有力地驗證了我們業務模式的可擴展性和彈性。

This performance reflects disciplined execution on multiple fronts. A key driver has been the optimization of our customer support operations, as mentioned in the prepared remarks, where we are seeing tangible benefits from the strategic use of AI. These enhancements are allowing us to both elevate service quality and materially reduce support-related costs, delivering a meaningful impact on gross margin.

這一表現反映了多方面的嚴格執行。正如在準備好的評論中所提到的，一個關鍵驅動因素是優化我們的客戶支援運營，我們從策略性使用人工智慧中看到了切實的好處。這些改進使我們能夠提高服務品質並大幅降低與支援相關的成本，從而對毛利率產生重大影響。

Another important contributor is the continued maturity of our global ecosystem of system integrator partners. As our partner network scales and becomes more autonomous, we are increasingly shifting implementation services to these third parties. This is a strategic priority, and we've been advancing over several quarters, and it not only supports margin expansion on a total gross margin, not on a subscription gross margin, but on a total gross margin. And it also reinforces our asset-light, highly scalable operating model.

另一個重要因素是我們全球系統整合商合作夥伴生態系統的持續成熟。隨著我們的合作夥伴網路不斷擴大並變得更加自主，我們正越來越多地將實施服務轉移到這些第三方。這是一項策略重點，我們已經推進了幾個季度，它不僅支持總毛利率的擴大，不是訂閱毛利率，而是總毛利率的擴大。這也強化了我們的輕資產、高度可擴展的營運模式。

On getting closer to the target, we just posted a 79% subscription gross margin. So the target is 80%. So we are going towards and approaching this target, but not yet there. And our margin expansion reflects the successful execution of our long-term disciplined strategy, so we remain focused on further strengthening our profitability profile while delivering value to our customers. And if you could repeat the second question, please?

在接近目標的過程中，我們剛剛公佈了 79% 的訂閱毛利率。所以目標是80%。因此，我們正在朝著這個目標前進並接近它，但尚未實現。我們的利潤率成長反映了我們長期嚴謹策略的成功執行，因此我們將繼續專注於進一步加強我們的獲利能力，同時為客戶提供價值。您能重複一下第二個問題嗎？

The second was about headcount reduction. There was a sequential headcount reduction of 3.5%, if I'm not mistaken. Just wanted to know what the main areas are that are seeing this headcount cut?

第二是關於裁員。如果我沒記錯的話，員工總數連續減少了 3.5%。我只是想知道哪些主要領域會出現裁員？

I can address here, Mariano here. Actually, we see stability on the headcount, very, very small changes. And the only meaningful change was in the support area, but this is not it is a trend. So we see stability in headcount.

我可以在這裡發言，馬裡亞諾在這裡。實際上，我們看到員工人數保持穩定，變化非常小。唯一有意義的變化是在支撐領域，但這不是趨勢。因此，我們看到員工人數保持穩定。

Lucca Brendim, Bank of America.

盧卡·布倫丁，美國銀行。

I have two here on my side. The first one, in terms of the cost and expenses, we saw a significant increase in R&D. And I wanted to understand if there are specific new projects or a reason for this increase, or if it's according to what was already expected for the company? And also, second, if you could give us an update on the expansion for the US, if you're seeing any differences, or if you're continuing to see the same momentum we were having previously?

我這邊有兩個。第一，在成本和費用方面，我們看到研發支出大幅增加。我想了解是否有具體的新項目或增加的原因，或者是否符合公司已有的預期？其次，您能否向我們介紹美國擴張的最新情況，您是否發現有什麼不同，或者您是否繼續看到我們之前所擁有的相同勢頭？

I'll get the first one. If Mariano wants to get to the second one, I'll move the microphone to him. So about our R&D expense increase in the first quarter of 2025, our non-GAAP R&D expenses increased by 9.3% year over year, consistent with our stated strategy to invest in what we see as VTEX's greatest long-term differentiator, the product. This increase reflects our deliberate commitment to deepen and broaden our commerce platform. We continue to invest in expanding the depth and completeness of our product suite, reinforcing our competitive advantage, both in B2C, but most recently, B2B as well, and supporting the scalable growth across multiple geographies that you can see in multiple customer segments.

我會得到第一個。如果馬裡亞諾想講第二個，我會把麥克風移給他。因此，關於我們 2025 年第一季研發費用的成長，我們的非 GAAP 研發費用年增 9.3%，這符合我們所述的投資於我們認為是 VTEX 最大的長期差異化因素——產品的策略。這一成長反映了我們致力於深化和拓寬商業平台的決心。我們將繼續投資於擴大我們產品套件的深度和完整性，增強我們在 B2C 以及最近的 B2B 領域的競爭優勢，並支持您在多個客戶群中看到的跨多個地區的可擴展成長。

As we shared in prior quarters, we've been helping our hiring in a measured and disciplined way aligned with our product road map and strategic priorities. So this quarter's growth also reflects a normalization in hiring activity following periods of slower onboarding cycles as well as the continued advancement of critical innovation initiatives. So R&D remains central to our ability to win and retain enterprise customers and also to unlock new cross-sell and upsell opportunities through products like the one that I mentioned, B2B, VTEX adds, and others. So it's not only necessary, but it's strategic.

正如我們在前幾個季度所分享的那樣，我們一直在以符合我們產品路線圖和策略重點的有節制和有紀律的方式幫助我們的招募。因此，本季的成長也反映了在經歷了一段較慢的入職週期之後，招募活動的正常化以及關鍵創新舉措的持續推進。因此，研發仍然是我們贏得和留住企業客戶的核心，同時也是我們透過我提到的 B2B、VTEX 等產品釋放新的交叉銷售和追加銷售機會的核心。所以這不僅是必要的，而且具有戰略意義。

Beyond that, like every other company, this software company in the world, we are investing heavily in changing the way we design software, and we build software with AI. And this is not only changing the way we design and build software internally, but it will change and it is changing the way we interface with our customers, we interface with our partners, and it also informs the services and products that we will deliver in the near future. All of this requires a disciplined but extensive investment in R&D.

除此之外，與世界上所有其他公司一樣，這家軟體公司正在大力投資改變我們設計軟體的方式，並使用人工智慧建立軟體。這不僅改變了我們內部設計和建立軟體的方式，而且還將改變我們與客戶、與合作夥伴互動的方式，並且還將影響我們在不久的將來將提供的服務和產品。所有這些都需要在研發方面進行嚴格但廣泛的投資。

I can answer about the US sales. The sales motion is evolving in line with our expectations and with our long-term strategy. So we are focusing on landing and expanding high-value enterprise customers, building durable relationships, and delivering innovation that really drives measurable business impact. So we have a few high-impact signed logos that will be announced throughout the year, which we believe will further enrich the VTEX narrative and strengthen market perception.

我可以回答有關美國銷售的情況。銷售行動正在按照我們的預期和長期策略發展。因此，我們專注於吸引和擴大高價值企業客戶，建立持久的關係，並提供真正帶來可衡量業務影響的創新。因此，我們將在全年公佈一些具有高影響力的簽名標識，我們相信這將進一步豐富 VTEX 的敘事並加強市場認知。

Wins like Manchester City Football Club, now under implementation, highlight the global relevance and scalability of the VTEX platform. These customers are not only large in GMV potential, ranging from the hundreds of millions and even billions of dollars, but they also demonstrate our growing ability to serve as a strategic partner in complex and high-stakes stakes. So not a significant change, just a growing momentum in our brand, in the deals that are being deployed.

目前正在實施的曼城足球俱樂部等項目的成功凸顯了 VTEX 平台的全球相關性和可擴展性。這些客戶不僅擁有數億甚至數十億美元的GMV潛力，而且還展現了我們在複雜和高風險的專案中作為策略合作夥伴的能力不斷增強。因此，這並不是什麼重大變化，只是我們的品牌和正在部署的交易中出現了成長勢頭。

Leonardo Olmos, UBS.

瑞銀的萊昂納多·奧爾莫斯。

So I've got a couple of questions. So first, the macro situation in the US with the tariffs, if you could discuss a little bit what the sentiment is with the companies you discussed, how they're feeling about their IT budgets, and their willingness to prioritize front-end type of solutions, or back-end or cloud migration. So how are you pitching to clients in this context? I think I'll keep to this question.

我有幾個問題。首先，關於美國的關稅宏觀形勢，您可以稍微討論一下您所討論的這些公司的情緒，他們對 IT 預算的看法，以及他們優先考慮前端解決方案、後端或雲端遷移的意願。那麼在這種情況下您該如何向客戶推銷呢？我想我會繼續回答這個問題。

Leo, thanks. So speaking about macro more broadly, and then we can talk about the US and tariffs. So we see VTEX well-positioned to drive amid the evolving global trade landscape despite the shifting trade tariffs, currency fluctuations, and supply chain realignments. If you look at our robust performance in Q1, highlighted by the 17% growth year over year in FX-neutral on the GMV side and a healthy subscription revenue growth of 15%, it underscores VTEX's resilience and adaptability during this dynamic market condition.

利奧，謝謝。因此，更廣泛地談論宏觀問題，然後我們可以談論美國和關稅。因此，儘管貿易關稅不斷變化、貨幣波動和供應鏈調整，我們認為 VTEX 仍處於有利地位，可以在不斷變化的全球貿易格局中發揮推動作用。如果你看一下我們第一季的強勁表現，其中突出的是 GMV 方面外匯中性同比增長 17%，訂閱收入健康增長 15%，這凸顯了 VTEX 在這種動態市場條件下的韌性和適應性。

The current macroeconomic environment has prompted many enterprises to reassess their supply chains and seek more agile, cost-effective solutions. Although this increase creates volatility and impacts that are hard to predict and forecast, so far, Latin America has been less impacted than other regions. Historically, challenging economic periods prompt enterprises to reassess their technology infrastructure, emphasizing cost efficiency, flexibility, and rapid time to market. And VTEX Commerce Platform is uniquely positioned to meet these demands, offering a comprehensive solution that supports operational agility and resilience. With this context in mind, we are pleased with Q1 performance, particularly in the context of ongoing macroeconomic volatility.

目前的宏觀經濟環境促使許多企業重新評估其供應鏈，並尋求更靈活、更具成本效益的解決方案。儘管這種增長會造成難以預測和預報的波動和影響，但到目前為止，拉丁美洲受到的影響小於其他地區。從歷史上看，經濟困難時期會促使企業重新評估其技術基礎設施，並強調成本效率、靈活性和快速上市時間。VTEX 商務平台具有獨特的優勢，可滿足這些需求，提供支援營運敏捷性和彈性的綜合解決方案。考慮到這種背景，我們對第一季的表現感到滿意，特別是在宏觀經濟持續波動的背景下。

Our results came in at the top of the subscription revenue guidance range with margins improving significantly, reflecting consistent execution across the business and aligning with the expectations we outlined last quarter. When we issue our outlook, we also take a balanced view, factoring persistent consumption headwinds alongside the operational momentum we are seeing across the company. That balance perspective remains intact. Having said that, if we look at April, since there have been more movements in this macroeconomic front in April, April has exhibited increased volatility with stronger performance in the first half, followed by a softer second half. The shift in Easter seasonality from Q1 last year to Q2 this year has made it more difficult to extrapolate underlying trends, adding uncertainty around the timing of customer go-lives and the trajectory of consumption.

我們的業績達到了訂閱收入指導範圍的最高水平，利潤率大幅提高，反映了整個業務的一致執行，並與我們上個季度概述的預期一致。當我們發布展望時，我們也會採取平衡的觀點，將持續的消費逆風與我們在整個公司看到的營運勢頭結合起來。這種平衡觀點依然完好無損。話雖如此，如果我們看4月份，由於4月份宏觀經濟方面的波動比較大，所以4月份的波動性有所加大，上半年表現較強，下半年則有所疲軟。復活節季節性從去年第一季轉移到今年第二季度，這使得推斷潛在趨勢變得更加困難，增加了客戶上線時間和消費軌蹟的不確定性。

So against this backdrop, we are maintaining our full year guidance range. While Q1 results were solid on top of the guidance, we believe it's prudent to keep our outlook unchanged given the evolving conditions observed early in Q2. Regarding Q2 guidance, we are maintaining the same midpoint of 14% we issued for Q1 guidance. The slightly wider range of 3 percentage points for Q2 versus 2 percentage points previously for Q1 reflects increased uncertainty stemming from this heightened global market volatility and less visibility into future GMV performance. If we were to adjust for the Easter calendar shift, which fell in Q1 last year and Q2 this year, the underlying trends suggest both quarters, Q1 and Q2, would reflect a similar growth profile, reinforcing the stability of our underlying performance.

因此，在這種背景下，我們維持全年指導範圍。儘管第一季的業績穩健，超出預期，但考慮到第二季初觀察到的不斷變化的情況，我們認為維持展望不變是明智之舉。關於第二季指引，我們維持第一季指引的中點 14% 不變。第二季的漲幅略寬於 3 個百分點，而第一季的漲幅為 2 個百分點，這反映出全球市場波動加劇導致的不確定性增加，以及未來 GMV 表現的可預測性降低。如果我們根據復活節日曆的變化（去年第一季和今年第二季）進行調整，基本趨勢顯示第一季和第二季兩季將反映出類似的成長狀況，從而增強我們基本業績的穩定性。

And then, more specifically on the US and tariff impacts, we have a small market share in the US, so we are less exposed to these macroeconomic movements. It's more of a micro story than a macro story, but we remain very close in observing this shift and how we can position ourselves. And in the end, we continue to focus on what we can control, meaning adding value to our existing customers by helping them accelerate their sales efficiency, attracting new customers, and continuing to evolve with product innovation and platform expansion initiatives while keeping a disciplined approach to cost and expenses.

然後，更具體地說，關於美國和關稅的影響，我們在美國佔有很小的市場份額，因此我們受這些宏觀經濟變動的影響較小。這更像是一個微觀故事，而不是宏觀故事，但我們仍然密切觀察這種轉變以及我們如何定位自己。最後，我們將繼續專注於我們能夠控制的事情，即透過幫助現有客戶提高銷售效率、吸引新客戶以及繼續透過產品創新和平台擴展計劃不斷發展，同時對成本和費用保持嚴格的控制，為現有客戶增加價值。

Maria Clara Infantozzi, Itau.

瑪麗亞·克拉拉·因凡托齊 (Maria Clara Infantozzi)，伊塔烏。

I was wondering if you could explore a bit about the subscription revenue buildup, especially per geography and per category. So it came above our expectations at the top of the guidance. I was wondering if I could get more color on how the productivity gains of clients in Brazil are evolving, and what your expectations are going forward, especially for Brazil as well?

我想知道您是否可以探討訂閱收入的成長情況，特別是按地區和按類別。因此，它超出了我們預期的最高水準。我想知道我是否可以更多地了解巴西客戶的生產力成長是如何演變的，以及您對未來的期望，特別是對巴西的期望？

Maria, happy to start here, and others, feel free to chime in. So we don't open up a breakdown by geography or by category on a quarterly basis. We do this on an annual basis, but happy to share some qualitative color. As we mentioned when we published Q4, talking about guidance for Q1 and for the year, we are taking a more measured approach on the same-store sales given higher interest rates in many geographies and heightened macro volatility. We are working very hard to implement the customers that we signed last year to put them live.

瑪麗亞，很高興從這裡開始，其他人也可以隨意加入。因此，我們不會按季度按地區或類別公佈細分數據。我們每年都會這樣做，但很高興分享一些定性色彩。正如我們在發布第四季度業績時提到的那樣，談到第一季和全年的業績指引，鑑於許多地區的利率上升和宏觀波動加劇，我們對同店銷售額採取了更加審慎的態度。我們正在努力實現去年簽約的客戶的目標，並使其順利上線。

These customers have a range of different categories. We mentioned a few customers that went live this quarter, a highlight of Americanas in Brazil. So Brazil is helping the growth of the company with these new customers going live, and also in the US and Europe, as most of the contribution comes from adding new customers to our platform and increasing our growth. So no relevant highlights or lowlights versus expectations, I would say, that we laid off last quarter.

這些客戶屬於不同的類別。我們提到了本季上線的幾位客戶，這是美洲在巴西的一大亮點。因此，隨著這些新客戶的加入，巴西正在幫助公司成長，美國和歐洲也是如此，因為大部分貢獻來自於為我們的平台增加新客戶並促進我們的成長。因此，我想說，與預期相比，我們上個季度沒有出現任何亮點或不足之處。

And if I could ask another question related to the Retail Ads Media business. Can you please comment a bit more on the economics of this business and how it is embedded in the 2025 guidance?

我是否可以問另一個與零售廣告媒體業務相關的問題。您能否就該業務的經濟狀況以及它如何融入 2025 年指引進一步評論一下？

Thank you, Maria. So the business itself is very material right now, but we're very confident that we're doing the right things to make a material business inside VTEX in the near future. The business is like connecting our existing customers, let's call them the publishers, to advertisers so they can have a new media to advertise the media that we call retail media. Retail media is like advertising using the first-party data of the publishers, the merchants, and our customers at VTEX. This is like a network business, and we're very strong on one side of the network.

謝謝你，瑪麗亞。因此，目前業務本身非常重要，但我們非常有信心，我們正在做正確的事情，以便在不久的將來在 VTEX 內部打造一項重要業務。這項業務就像是將我們現有的客戶（我們稱他們為出版商）與廣告商聯繫起來，以便他們可以使用新媒體來宣傳我們稱為零售媒體的媒體。零售媒體就像使用出版商​​、商家和 VTEX 客戶的第一方資料進行廣告宣傳。這就像一個網路業務，我們在網路的一側非常強大。

And because we're strong on one side of the network, we are ramping up very fast on the other side of the network, the advertisers. After the acquisition of Newtail, we can say that we have almost 400 advertisers already announcing and doing advertising in our network. This, combined with our hundreds of publishers, can give us a competitive edge in a very good position to help and to monetize all the inventory that the retail can sell to the industry to manufacturers to their suppliers.

因為我們在網路的一側實力雄厚，所以我們在網路的另一端，也就是廣告商方面也發展得非常迅速。收購 Newtail 之後，我們可以說已經有近 400 個廣告商在我們的網路上宣布和投放廣告。結合我們數百家出版商的優勢，我們可以在非常有利的位置上獲得競爭優勢，幫助零售商將可以出售給行業、製造商和供應商的所有庫存貨幣化。

That concludes our Q&A session. I will now turn the conference back over to Geraldo Thomaz for closing remarks.

我們的問答環節到此結束。現在我將會議交還給傑拉爾多·托馬斯 (Geraldo Thomaz) 並請他致閉幕詞。

Thank you for the great questions. To close, I want to reiterate the confidence we have in the trajectory we're building at VTEX. We started the year with solid execution, growth, profitability, and free cash flow in a seasonally soft quarter. This performance reflects not just the short-term wins but the strength of the foundations we've laid over the past year, built on discipline, resiliency, and clear strategic direction. We're gaining meaningful traction across regions, winning and expanding with enterprise customers who choose VTEX, not just for technology, but for outcomes, faster time to market, improved margins, and simpler operations, among many other reasons.

感謝您提出的這些精彩問題。最後，我想重申我們對 VTEX 所建立軌蹟的信心。在季節性疲軟的一個季度中，我們以穩健的執行力、成長、獲利能力和自由現金流開啟了新的一年。這一表現不僅反映了短期的勝利，也體現了我們在過去一年中建立在紀律、韌性和明確的戰略方向基礎上的基礎的力量。我們在各個地區都獲得了顯著的吸引力，贏得了選擇 VTEX 的企業客戶的青睞並不斷擴大業務，他們不僅因為技術，還因為成果、更快的上市時間、更高的利潤率和更簡單的運營等諸多原因。

As we continue to evolve from a platform into a comprehensive commerce suite, we lay the groundwork for a future shaped by intelligent automation. We are confident that VTEX will remain at the forefront of digital commerce transformation. We're excited by what's ahead. We'll continue to execute with focus, scale with discipline and purpose, and deliver long-term value for our customers, partners, employees, and shareholders. We're just getting started.

隨著我們從一個平台不斷發展成為一個綜合的商業套件，我們為智慧自動化塑造的未來奠定了基礎。我們相信，VTEX將繼續走在數位商務轉型的前沿。我們對未來充滿期待。我們將繼續專注執行，嚴格按照紀律和目標擴大規模，為我們的客戶、合作夥伴、員工和股東創造長期價值。我們才剛開始。

Thank you again for your time and partnership. We look forward to speaking with you in our next earnings call. Have a great week.

再次感謝您的時間和合作。我們期待在下次收益電話會議上與您交談。祝您有個愉快的一周。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。