VTEX (VTEX) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to VTEX's earnings conference call for the second quarter of 2025. I'm Julia Vater Fernández, VP of Investor Relations. Joining me today are Geraldo Thomaz Júnior, our Founder and co-CEO; and Ricardo Camatta Sodré, our Chief Financial Officer.

大家好，歡迎參加VTEX 2025年第二季財報電話會議。我是投資者關係副總裁朱莉婭·瓦特·費爾南德斯 (Julia Vater Fernández)。今天加入我的是我們的創辦人兼聯合執行長 Geraldo Thomaz Jönior；和我們的財務長 Ricardo Camatta Sodré。

Also joining us for the Q&A session are Mariano Gomide de Faria, Founder and Co-CEO; and Andre Spolidoro, Chief Strategy Officer.

參加問答環節的還有創辦人兼聯合執行長 Mariano Gomide de Faria 和首席策略長 Andre 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 may 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.

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。

During this call, we may also reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP figures can be found in our Q2 2025 earnings press release also available on our Investor Relations website.

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。您可以在我們的 2025 年第二季收益新聞稿中找到與最具可比性的 GAAP 數據的對賬，該新聞稿也可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 second-quarter 2025 earnings conference call. VTEX continued to deliver resilient performance driven by disciplined execution and relevant progress on our global expansion.

謝謝你，茱莉亞。歡迎大家，感謝您參加我們的 2025 年第二季財報電話會議。VTEX 在嚴格的執行和全球擴張的相關進展的推動下繼續保持強勁的業績。

Despite the challenging market for our retailer base in Brazil and Argentina and more gradual overall market demand from new customers migrations, our AI initiatives on support cost efficiency, combined with our disciplined execution, delivered a quarter of resilient operational profitability. As a result, we have raised our non-GAAP income from operations and free cash flow guidance by over 10%.

儘管我們在巴西和阿根廷的零售商群體面臨市場挑戰，且新客戶遷移帶來的整體市場需求較為緩慢，但我們在支持成本效率方面的人工智慧舉措，加上我們嚴謹的執行，使我們在本季度實現了穩健的營運盈利。因此，我們將非公認會計準則營業收入和自由現金流指引提高了 10% 以上。

On the global expansion front, we're excited to highlight key developments this quarter, including the expansion of our partnership with Whirlpool in the US for the launch of the KitchenAid website and the addition of the new enterprise customers across both the US and Europe. It is encouraging to see the US and Europe, large and attractive markets, growing twice as fast as the overall company.

在全球擴張方面，我們很高興地強調本季的關鍵發展，包括擴大與美國惠而浦的合作夥伴關係以推出 KitchenAid 網站以及在美國和歐洲增加新的企業客戶。令人鼓舞的是，美國和歐洲這兩個龐大且有吸引力的市場的成長速度是公司整體成長速度的兩倍。

Turning to subscription revenue. We recorded $57.2 million, representing 11% year-over-year increase in FX neutral. That's within our guidance in US dollars, but below on an FX-neutral basis. From a GMV perspective, this performance was primarily impacted by Argentina, where the early signs of recovery seen in the first quarter did not continue with the second quarter reflecting a reversal on that trend.

轉向訂閱收入。我們錄得 5,720 萬美元，比去年同期的外匯中性增長 11%。以美元計算，這在我們的指導範圍內，但低於外匯中性水平。從 GMV 的角度來看，這一表現主要受到阿根廷的影響，該國第一季出現的復甦跡象並未持續，而第二季則反映了這一趨勢的逆轉。

Additionally, we observed a mix shift in Brazil. New and large customers that have a lower implied take rate demonstrated greater resilience amid the high-interest-rate environment. While this shift has an overweight impact on GMV growth, it translated into a more modest contribution to revenue.

此外，我們觀察到巴西的混合變化。隱含接受率較低的新客戶和大客戶在高利率環境下表現出更強的韌性。雖然這種轉變對 GMV 成長產生了過大的影響，但對收入的貢獻卻較為溫和。

Despite a challenging market, the continued resilience and scalability of our business model enabled us to maintain strong financial discipline and operational leverage. Our gross profit reached $45.3 million, up 15.2% in FX neutral, representing a 3.5 percentage points margin increase year over year.

儘管市場充滿挑戰，但我們業務模式的持續彈性和可擴展性使我們能夠保持強大的財務紀律和營運槓桿。我們的毛利達到 4,530 萬美元，以匯率中性計算成長 15.2%，利潤率年增 3.5 個百分點。

Our non-GAAP income from operations increased by 46% in FX neutral to $8.5 million, representing a 14.4% margin and a 3.3% point margin increase versus the same quarter of last year. This resilient operational profitability and stable churn levels give us the confidence and capacity to double down on strategic initiatives that will fuel our next phase of growth.

不計入匯率變動，我們的非公認會計準則營業收入成長了 46%，達到 850 萬美元，利潤率比去年同期成長了 14.4%，利潤率提高了 3.3 個百分點。這種強勁的營運獲利能力和穩定的客戶流失率使我們有信心和能力加倍實施策略舉措，推動我們下一階段的成長。

We are actively investing in B2B commerce and retail media to high-potential underpenetrated areas that are already unlocking new revenue streams and reinforcing our position as a key partner to enterprise brands.

我們正在積極投資 B2B 商務和零售媒體，投資那些潛力巨大但尚未完全滲透的領域，這些領域已經開闢了新的收入來源，並鞏固了我們作為企業品牌關鍵合作夥伴的地位。

Combined with the progress of our global expansion, these initiatives form a powerful engine for scalable value creation. Together, they reflect a disciplined growth strategy that positions VTEX to capture significant upside in the years ahead.

這些舉措與我們全球擴張的進程相結合，形成了可擴展價值創造的強大引擎。總體而言，它們體現出一種嚴謹的成長策略，使 VTEX 能夠在未來幾年獲得巨大的成長空間。

Moving to our commercial and product update for the quarter. In Q2, we successfully brought several new customers live, including Alo Yoga, Amigão Supermercados, Drogaleste, and Lindt in Brazil, ShopAZ in Kosovo, Fraiche in Mexico, Cash Piscines in France, Delta House in Portugal, Road Runner Sports, and American Water Resources in the US.

轉向本季的商業和產品更新。在第二季度，我們成功吸引了幾位新客戶，包括巴西的 Alo Yoga、Amigão Supermercados、Drogaleste 和 Lindt，科索沃的 ShopAZ，墨西哥的 Fraiche，法國的 Cash Piscines，葡萄牙的 Delta House，美國的 Road Runner Sports 和 American Water Resources。

We also strengthened relationship with key existing customers. Hinode Group added a B2B store in Colombia, now running B2B and B2C models across four countries in Latin America. Keune continued to expand its B2B presence across Europe, adding Sweden and Norway to its Germany, Belgium, France, Netherlands, and UK operations. LG launched a new store in Ecuador, expanding its presence across Latin America.

我們也加強了與現有主要客戶的關係。Hinode集團在哥倫比亞新增B2B門市，目前已在拉丁美洲四個國家開展B2B和B2C模式。Keune 繼續擴大在歐洲的 B2B 業務，將瑞典和挪威加入其德國、比利時、法國、荷蘭和英國的業務中。LG 在厄瓜多開設了一家新店，擴大了在拉丁美洲的影響力。

Veste launched Estoque in Brazil, their multi-brand outlet that offers discounted items from across the group's premium fashion labels, expanding its portfolio of VTEX stores that already includes Le Lis, Bo.bô, John John, Dudalina, and Individual. Whirlpool launched KitchenAid in the US, marking its first US store launch with VTEX while continuing our global relationship in over 20 countries.

Veste 在巴西推出了多品牌直營店 Estoque，提供該集團旗下各個高端時尚品牌的折扣商品，擴大了其 VTEX 商店組合，該組合目前已包括 Le Lis、Bo.bô、John John、Dudalina 和 Individual。惠而浦在美國推出了 KitchenAid，標誌著其與 VTEX 首次在美國開設門市，同時繼續我們在 20 多個國家的全球合作關係。

This recent go-lives highlight the global competitiveness of our platform as we deepen adoption with existing customers, attract new ones, and expand our network of partners. This was clear on display at VTEX Day 2025, where 25,000 participants experienced how our ecosystem is coming together to power real-world commerce across B2B, B2C, and hybrid models.

隨著我們加深現有客戶的採用、吸引新客戶並擴大合作夥伴網絡，最近的上線凸顯了我們平台的全球競爭力。這一點在 2025 年 VTEX 日得到了清晰展示，25,000 名參與者體驗了我們的生態系統如何共同推動 B2B、B2C 和混合模式下的現實世界商業發展。

Building on that energy, we're now set to launch the latest addition of VTEX Vision, our digital initiative designed to provide visibility into our product road map and demonstrate how our innovation priorities are directly aligned with customers' needs. Together, these two initiatives reflect meaningful progress across four strategic pillars: B2B commerce, retail media, omnichannel, and agentic commerce.

基於這種活力，我們現在準備推出最新的 VTEX Vision，這是我們的數位計劃，旨在讓我們的產品路線圖更加清晰，並展示我們的創新重點如何與客戶的需求直接保持一致。這兩項措施共同體現了四大策略支柱的重大進展：B2B 商務、零售媒體、全通路和代理商務。

First, B2B commerce remains one of our top strategic priorities. We are introducing a newly re-architected B2B buyer portal designed to solve for the complexity of corporate purchase. It includes embedded tools for governance such as multilevel organizational management, budgeting controls, and approval-based workflows, alongside native punchout integration to connect seamlessly with external procurement system. These innovations allow large organizations to scale purchasing through efficient self-service experience, while maintaining compliance and overall oversight.

首先，B2B 商務仍然是我們的首要策略重點之一。我們正在推出一個全新架構的 B2B 買家門戶，旨在解決企業採購的複雜性。它包括嵌入式治理工具，例如多層組織管理、預算控制和基於審批的工作流程，以及本機打孔集成，以便與外部採購系統無縫連接。這些創新使大型組織能夠透過高效的自助服務體驗擴大採購規模，同時保持合規性和整體監督。

Second, retail media is emerging as a transformative force in digital commerce, and we are positioning VTEX Ads as a fully integrated monetization engine. As retailers seek new profit levers and advertisers demand measurable outcomes, our platform is introducing features, such as video ad formats, off-site traffic integrations, and in-store media activations.

其次，零售媒體正在成為數位商務的變革力量，我們將 VTEX Ads 定位為完全整合的貨幣化引擎。隨著零售商尋求新的利潤槓桿和廣告商要求可衡量的成果，我們的平台正在推出影片廣告格式、站外流量整合和店內媒體活化等功能。

We are also entering a strategic partnership with Globo, integrating VTEX Ads with Brazil's largest media network to enable high-impact campaigns. These advancements elevate VTEX beyond commerce infrastructure to become the operating system for retail media monetization.

我們還與 Globo 建立了策略合作夥伴關係，將 VTEX Ads 與巴西最大的媒體網絡整合，以進行具有高影響力的宣傳活動。這些進步使 VTEX 超越了商業基礎設施，成為零售媒體貨幣化的作業系統。

Third, omnichannel commerce, which remains a cornerstone for our product strategy, as enterprise needs to unify digital and physical experiences. We are introducing AI-powered semantic search and product recommendations designed to increase conversion through contextual intent-based discovery. New in-store innovations, such as Tap on Phone transform mobile device into secure payment terminals for assisted selling.

第三，全通路商務仍是我們產品策略的基石，因為企業需要統一數位和實體體驗。我們正在推出人工智慧語義搜尋和產品推薦，旨在透過基於上下文意圖的發現來提高轉換率。新的店內創新，例如 Tap on Phone，將行動裝置轉變為用於輔助銷售的安全支付終端。

Additionally, the delivery promise feature enables shoppers to view fulfillment options filtered by speed, location, and method directly from the search of product detail page. These capabilities reinforce our commitment to delivering seamless personalized commerce experiences at scale.

此外，送貨承諾功能使購物者能夠直接從產品詳細資訊頁面的搜尋中查看按速度、位置和方法過濾的履行選項。這些能力強化了我們致力於大規模提供無縫個人化商務體驗的承諾。

Last but not least, agentic commerce is redefining operational agility for our customers. We're introducing AI agents that automate core workflows, reduce complexity, and accelerate time to value. This include a customer service agent powered by Weni capable of resolving inquiries across channels like WhatsApp, Instagram, and e-mail, a visual editor agent that empowers nontechnical teams to modify storefronts in real time without code, and a data insights agent that surface real-time business intelligence through natural language queries.

最後但同樣重要的一點是，代理商務正在為我們的客戶重新定義營運敏捷性。我們正在引入人工智慧代理，以自動化核心工作流程、降低複雜性並加快價值實現時間。其中包括一個由 Weni 提供支援的客戶服務代理，能夠解決 WhatsApp、Instagram 和電子郵件等管道上的查詢；一個視覺化編輯器代理，使非技術團隊能夠在沒有程式碼的情況下即時修改店面；以及一個資料洞察代理，可以透過自然語言查詢顯示即時商業智慧。

With these capabilities embedded into the VTEX platform, we are enabling enterprise customers to scale with precision and unlock new efficiencies through intelligent automation. These highlights are just a glimpse of the powerful innovations we're bringing to the market. To discover the full breadth of product releases and strategic advancements, we invite you to stay tuned for the upcoming addition of VTEX Vision. But innovation for us is never an end in itself. Every product we build, every capability we introduce is guided by a single objective, delivering extraordinary outcomes for our customers.

透過將這些功能嵌入到 VTEX 平台，我們使企業客戶能夠精確擴展並透過智慧自動化釋放新的效率。這些亮點只是我們向市場推出的強大創新的冰山一角。為了全面了解產品發布和策略進步，我們邀請您繼續關注即將推出的 VTEX Vision。但對我們來說，創新本身永遠不是目的。我們製造的每一款產品、引入的每一項功能都以一個目標為指導，為我們的客戶帶來非凡的成果。

Now, let's take a look on how this vision translates into measurable impact on the ground for customer success stories that reflects real value for our platform.

現在，讓我們來看看這個願景如何轉化為對客戶成功案例的實際可衡量影響，從而反映出我們平台的真正價值。

Whirlpool launched a KitchenAid commerce site in the US, marking the customers' first VTEX implementation in the market. More than a platform migration, Whirlpool's launch of KitchenAid in the US marked a strategic shift to a modular, scalable commerce architecture. The headless site integrates with four distribution centers for nationwide fulfillment and connects seamlessly to ERP, PIN, CRM, and pricing system via a robust middleware layer. The checkout experience is also fully headless, supporting multiple payment methods, including credit card, PayPal, and buy now, pay later solutions.

惠而浦在美國推出了 KitchenAid 商務網站，標誌著客戶首次在市場上實施 VTEX。惠而浦在美國推出 KitchenAid 不僅是一次平台遷移，更標誌著其向模組化、可擴展商業架構的策略轉變。無頭站點與四個配送中心集成，實現全國範圍的配送，並透過強大的中間件層無縫連接到 ERP、PIN、CRM 和定價系統。結帳體驗也完全是無頭的，支援多種付款方式，包括信用卡、PayPal 和先買後付解決方案。

The platform also enables enhanced customer experiences such as headless log-in, product personalization through engraving, gift wrapping options, and a range of warranty plans, all natively support within VTEX.

該平台還可以增強客戶體驗，例如無頭登入、透過雕刻實現產品個人化、禮品包裝選項以及一系列保固計劃，所有這些都在 VTEX 內得到原生支援。

With the rollout, KitchenAid's improved its site performance and reduced development overhead while establishing a standardized architecture that is already accelerating future deployments over in other markets. The Delta House, Portugal's most iconic coffee brand, marks the brand's first venture into commerce with a greenfield project powered by VTEX.

透過此次推出，KitchenAid 提高了其網站效能並降低了開發開銷，同時建立了標準化架構，這已經加速了其他市場未來的部署。葡萄牙最具代表性的咖啡品牌 Delta House 首次透過 VTEX 支持的綠地計畫進軍商業領域。

More than just an online coffee store, Delta House offers a curated selection of products across categories like wine, beers, water, soft drinks, and snacks, delivering an experience that captures the quality, warmth, and heritage of the Delta brand. VTEX was selected for its flexibility in designing personalized user journeys, its support for multiple payment methods, and its native features such as pickup points, allowing the brands to engage customers in new interactive ways.

Delta House 不僅僅是一家線上咖啡店，還提供精選的葡萄酒、啤酒、水、軟性飲料和小吃等類別的產品，營造出體現 Delta 品牌品質、溫暖和傳統的體驗。VTEX 之所以被選中，是因為它在設計個人化用戶旅程方面的靈活性、對多種支付方式的支援以及其提貨點等原生功能，使品牌能夠以新的互動方式吸引客戶。

One of the key differentiators of VTEX's unified admin, which enables Delta's team to manage logistics, payments, marketing, and customer service from a single integrated environment, with a future-ready architecture and a seamless shopping experience, the Delta House brings the Delta Cafés spirit online, connecting tradition and innovation while laying a solid foundation for digital growth.

VTEX 統一管理的主要差異化因素之一是 Delta House，它使 Delta 團隊能夠在單一整合環境中管理物流、支付、行銷和客戶服務，具有面向未來的架構和無縫的購物體驗，將 Delta Cafés 的精神帶到了線上，連接傳統與創新，同時為數位成長奠定堅實的基礎。

Road Runner Sports, a leading US specialty retailer operating since 1983, modernized its e-commerce operation by migrating from a legacy platform to VTEX, adopting a headless API-first architecture built to unify digital and physical channels. Rather than re-platforming all at once, the company opted for a phased migration strategy, first, moving its e-commerce engine to VTEX and now progressive adopting native capabilities.

Road Runner Sports 是美國一家領先的專業零售商，成立於 1983 年，透過從傳統平台遷移到 VTEX 實現了其電子商務營運的現代化，採用了無頭 API 優先架構來統一數位和實體通路。該公司沒有一次性重新建構平台，而是選擇了分階段遷移策略，首先將其電子商務引擎遷移到 VTEX，然後逐步採用原生功能。

The new architecture features a fully decoupled front-end integrated with third-party services, while VTEX manages core commerce functions like catalog pricing and promotion. This implementation unlocked faster innovation and efficiency for Road Runner Sports, turning a complex tech stack into a scalable, streamlined, and future-proof operation.

新架構具有與第三方服務整合的完全解耦的前端，而 VTEX 則管理目錄定價和促銷等核心商務功能。此次實施為 Road Runner Sports 帶來了更快的創新和效率，將複雜的技術堆疊轉變為可擴展、精簡且面向未來的操作。

Espaço Smart, a leading provider of industrialized and construction systems in Brazil, expanded its digital capabilities with the launch of a B2B commerce channel powered by VTEX. After identifying that a large share of enterprise customers were using its B2C site, the company built a tailored experience for professional buyers such as contractors, installers, and distributors. Leveraging the VTEX B2B suite, the new channel offers features like customer segmentation, personalized pricing, quick reordering, and digital quotation requests. all designed to reduce negotiation time and increase purchase frequency.

Espaço Smart 是巴西領先的工業化和建築系統供應商，它透過推出由 VTEX 提供支援的 B2B 商務管道擴展了其數位能力。在發現大量企業客戶正在使用其 B2C 網站後，該公司為承包商、安裝人員和分銷商等專業買家打造了客製化體驗。利用 VTEX B2B 套件，新管道提供客戶細分、個人化定價、快速重新訂購和數位報價請求等功能，旨在減少談判時間並增加購買頻率。

By assigning customer commercial terms during the client onboarding, Espaço Smart eliminated repetitive negotiations while enabling recurring order with greater speed and confidence. The operation is fully integrated with company's ERP, ensuring control over pricing, taxes, and inventory while also supporting omnichannel coordination with its 43 physical stores.

透過在客戶入職期間分配客戶商業條款，Espaço Smart 消除了重複談判，同時能夠以更快的速度和更大的信心實現重複訂單。該業務與公司的 ERP 完全集成，確保對價格、稅收和庫存的控制，同時還支援與其 43 家實體店的全通路協調。

With 60% of its product portfolio manufactured in-house, the company delivers both efficiency and reliability to its B2B clients. This new channel not only improves operational agility and customer insights but also advances Espaço Smart's mission to make modern, sustainable construction more accessible and scalable.

該公司 60% 的產品組合均由內部生產，為其 B2B 客戶提供高效且可靠的服務。這個新管道不僅提高了營運靈活性和客戶洞察力，而且還推進了 Espaço Smart 的使命，即使現代永續建築更易於訪問和可擴展。

Retail Media is another area where we've seen meaningful evolution. VTEX Ads delivers value across the full ecosystem, both for publishers and advertisers. Two standout examples: Bemol, a leading Brazilian retailer, leveraging VTEX Ads to monetize its digital storefront, and Reckitt, a global consumer goods company driving performance through target retail media activations. Bemol Ads is transforming the mall e-commerce operation into a powerful monetization engine.

零售媒體是我們看到有意義發展的另一個領域。VTEX Ads 為發布商和廣告商的整個生態系統帶來價值。兩個突出的例子：巴西領先的零售商 Bemol 利用 VTEX Ads 將其數位店面貨幣化；以及全球消費品公司 Reckitt 透過目標零售媒體活化來推動業績。Bemol Ads 正在將商場電子商務營運轉變為強大的貨幣化引擎。

And its largest campaign, they activated sponsored products, dynamic banners, and more advertising formats, generating over BRL1 million in incremental sales and achieving an outstanding ROAS above 40x. Success came from precise targeting, dynamic CPC management, and strong collaboration fueled by regional demand insights and real-time optimization.

在其規模最大的活動中，他們啟動了贊助產品、動態橫幅和更多廣告形式，產生了超過 100 萬巴西雷亞爾的增量銷售額，並實現了 40 倍以上的出色 ROAS。成功源自於精準的定位、動態的 CPC 管理以及由區域需求洞察和即時優化推動的強大協作。

Reckitt chose VTEX Ads network to scale its retail media strategy, achieving a breakthrough in performance and media efficiency, particularly within the complex pharmaceutical channel. By moving from fragmented media buys to a fully integrated data-driven approach, Reckitt activated campaigns across 19 retail partners, resulting in sevenfold increase in retail media-driven sales and a fivefold boost in campaign activity, both while tripling its ROAS.

利潔時選擇 VTEX 廣告網路來擴展其零售媒體策略，在效能和媒體效率方面取得了突破，尤其是在複雜的醫藥管道中。透過從分散的媒體購買轉向完全整合的數據驅動方法，利潔時在 19 家零售合作夥伴中開展了行銷活動，使零售媒體驅動的銷售額增加了七倍，行銷活動增加了五倍，同時 ROAS 也增加了兩倍。

With the structured inventory, flexible format, and real-time optimization, VTEX Ads enabled Reckitt to align media, data, and operations, establishing a scalable high-impact retail media engine across the region.

憑藉結構化的庫存、靈活的格式和即時優化，VTEX Ads 幫助利潔時協調媒體、數據和運營，在整個地區建立了可擴展的高影響力零售媒體引擎。

Now to wrap up before passing the floor to Ricardo, I would like to take a moment to recognize the dedication of our 1,283 VTEXers whose talent and commitment are instrumental in bringing our vision to life. I also want to extend my sincere gratitude to our customers, partners, and investors for their continued trust and collaboration.

現在，在將發言權交給里卡多之前，我想花點時間讚揚我們 1,283 名 VTEX 員工的奉獻精神，他們的才華和承諾對於實現我們的願景至關重要。我也要向我們的客戶、合作夥伴和投資者表達誠摯的感謝，感謝他們一直以來的信任與合作。

With that, I will hand the call over to Ricardo.

說完這些，我將把電話交給里卡多。

Thank you, Geraldo. Hi, everyone. I'm pleased to share with you VTEX's Q2 2025 financial results. In the second quarter of 2025, GMV reached $4.8 billion, growing 9% year over year in US dollars and 14% on an FX-neutral basis.

謝謝你，傑拉爾多。大家好。我很高興與大家分享 VTEX 2025 年第二季的財務表現。2025 年第二季度，GMV 達到 48 億美元，以美元計算年增 9%，以匯率中性計算成長 14%。

This led to subscription revenue reaching $57.2 million compared to $54.0 million in Q2 of last year, a 6% increase in US dollars and 11% on an FX-neutral basis. As mentioned by Geraldo, subscription revenue for the quarter came in within guidance in US dollars, but below on FX-neutral basis. From a GMV perspective, that's driven primarily by a reversal in Q2 of the recovery trend we started to see in Q1 in Argentina.

這使得訂閱收入達到 5,720 萬美元，而去年第二季為 5,400 萬美元，以美元計算成長 6%，以外匯中性運算成長 11%。正如傑拉爾多所提到的，本季的訂閱收入以美元計算在預期範圍內，但以外匯中性計算則有所下降。從 GMV 的角度來看，這主要是由於阿根廷在第一季開始出現的復甦趨勢在第二季出現逆轉。

From a subscription revenue perspective, we also saw a mix shift in Brazil with new and larger customers gaining representation. Although these customers have lower implied take rates that represented a more limited contribution to our revenue growth in Q2, our scalable model results in similar margins, which is clearly demonstrated by our gross margin improvements.

從訂閱收入的角度來看，我們也看到巴西的成分發生了變化，新客戶和大客戶的數量增加。儘管這些客戶的隱含接受率較低，對我們第二季度營收成長的貢獻較為有限，但我們的可擴展模型產生了相似的利潤率，這從我們的毛利率提高中得到了清楚的證明。

While this challenging market environment introduced short-term headwinds, it also underscores the strength and resilience of our business model. Designed for scalability and efficiency, our model allows us to navigate volatility while protecting operational profitability. We have maintained a disciplined execution while continuing to invest strategically in our platform and global expansion. This balanced approach drove meaningful margin expansion and further validated the operating leverage embedded in our model.

雖然這個充滿挑戰的市場環境帶來了短期阻力，但也凸顯了我們商業模式的優點和韌性。我們的模型專為可擴展性和效率而設計，使我們能夠應對波動，同時保護營運獲利能力。我們保持了嚴謹的執行力，同時繼續對我們的平台和全球擴張進行策略性投資。這種平衡的方法推動了利潤率的顯著擴張，並進一步驗證了我們模型中嵌入的營運槓桿。

Reflecting these dynamics, our non-GAAP subscription gross margin reached 80% in Q2 2025, up 180 basis points year over year from 78% in Q2 2024. This expansion continues to be driven primarily by gains in customer support efficiency, where we are further scaling AI-powered automation to improve service quality while reducing support costs.

反映這些動態，我們的非 GAAP 訂閱毛利率在 2025 年第二季達到 80%，較 2024 年第二季的 78% 年成長 180 個基點。這項擴張仍然主要受到客戶支援效率提高的推動，我們正在進一步擴展人工智慧自動化，以提高服務質量，同時降低支援成本。

This trend reinforces our commitment to operational excellence and position us to sustain strong margin performance over the long term. Our total gross margin, which includes services, rose to 77%, up 350 basis points year over year, compared to 74% in Q2 2024. Aside from the subscription gross margin gains, which I just described, our overall gross margin also keeps benefiting from a declining mix of services revenue as we increasingly leverage our ecosystem of partners to support implementation projects.

這一趨勢加強了我們對卓越營運的承諾，並使我們能夠長期保持強勁的利潤率。我們的總毛利率（包括服務）上升至 77%，年增 350 個基點，而 2024 年第二季為 74%。除了我剛才描述的訂閱毛利率成長之外，隨著我們越來越多地利用合作夥伴生態系統來支持實施項目，我們的整體毛利率也繼續受益於服務收入組合的下降。

Turning to expenses. As I mentioned before, we remain firmly committed to disciplined management while allocating capital strategically to support long-term growth and innovation.

談到費用。正如我之前提到的，我們堅定地致力於嚴謹的管理，同時策略性地分配資本以支持長期成長和創新。

In Q2, non-GAAP operating expenses totaled $37.0 million, representing a 4% increase year over year. This quarter, we had flattish G&A and sales and marketing expenses, contributing to a 2 percentage point year-over-year reduction in their combined weight as a percentage of total revenue. This efficiency created additional room to support our continued investments in R&D, focused on expanding and enhancing our platform capabilities. This balance between discipline and strategic investments continues to deliver results.

第二季度，非公認會計準則營業費用總計 3,700 萬美元，較去年同期成長 4%。本季度，我們的一般及行政費用和銷售及行銷費用持平，導致其佔總收入的比例年減了 2 個百分點。這種效率創造了額外的空間來支持我們在研發方面的持續投資，專注於擴大和增強我們的平台能力。紀律與策略投資之間的這種平衡持續產生成果。

Non-GAAP income from operations reached $8.5 million, up from $6.3 million in Q2 2024, representing an increase of 35% in US dollars. This drove a 3 percentage points year-over-year margin expansion, resulting in a 14% non-GAAP operating margin for the quarter. VTEX's results underscores our commitment to profitable growth and reflect the positive trajectory of our financial model, even in a more complex and volatile business environment.

非公認會計準則營業收入達 850 萬美元，高於 2024 年第二季的 630 萬美元，以美元計算成長 35%。這推動利潤率年增 3 個百分點，使本季非 GAAP 營業利潤率達到 14%。VTEX 的表現凸顯了我們對獲利成長的承諾，並反映了我們的財務模式的積極軌跡，即使在更複雜和動盪的商業環境中也是如此。

Our financial discipline also translates into strong cash generation, reinforcing the efficiency and resiliency of our cash conversion profile. Free cash flow for the quarter was $7.1 million, up from $3.0 million in the same quarter of last year, resulting in a free cash flow margin of 12%, an improvement of 7 percentage points year over year.

我們的財務紀律也轉化為強勁的現金產生能力，增強了我們的現金轉換效率和彈性。本季自由現金流為 710 萬美元，高於去年同期的 300 萬美元，自由現金流利潤率為 12%，較去年同期成長 7 個百分點。

On a year-to-date basis, free cash flow was $13.8 million, remaining very aligned with our year-to-date non-GAAP income from operations. In this light, disciplined capital allocation remains a key priority as we focus on delivering long-term value to our shareholders.

從年初至今，自由現金流為 1,380 萬美元，與我們年初至今的非 GAAP 營業收入基本一致。有鑑於此，我們專注於為股東創造長期價值，嚴謹的資本配置仍然是我們的首要任務。

This quarter, we concluded the share repurchase program authorized by our Board of Directors in December 2024, executed as part of our broader capital allocation strategy to maximize shareholder returns. In Q2, we repurchased 0.8 million shares at an average price of $4.82 per share. Considering the current and the previous year's share repurchase activities, total shares repurchased reached $16.0 million with an average price of $4.86 per share and a total cost of $78.2 million.

本季度，我們完成了董事會於 2024 年 12 月批准的股票回購計劃，該計劃是我們更廣泛的資本配置策略的一部分，旨在最大化股東回報。第二季度，我們以每股 4.82 美元的平均價格回購了 80 萬股。考慮到目前和去年的股票回購活動，回購股票總額達到 1,600 萬美元，平均價格為每股 4.86 美元，總成本為 7,820 萬美元。

On July 31, 2025, our Board of Directors authorized an additional share repurchase program for an aggregate consideration of up to $40 million. As we look ahead, we continue to navigate a challenging market environment.

2025 年 7 月 31 日，我們的董事會批准了一項額外的股票回購計劃，總對價高達 4,000 萬美元。展望未來，我們將繼續應對充滿挑戰的市場環境。

The volatility observed in Q2, particularly the reversal of recovery in Argentina and the mix shift in Brazil, alongside isolated contract cancellations and slower decision-making cycles among retailers and brands, has introduced additional impact into near-term revenue forecast. Nevertheless, we remain confident in our competitive positioning, our global expansion strategy, and the resilience of our business model.

第二季度出現的波動，特別是阿根廷經濟復甦的逆轉和巴西經濟的組合轉變，以及個別合約取消和零售商和品牌決策週期的放緩，對近期收入預測產生了額外的影響。儘管如此，我們仍然對我們的競爭定位、全球擴張策略和商業模式的彈性充滿信心。

With a focus on innovation, efficiency, and scalability, VTEX is well-positioned to capture the long-term trends shaping global commerce. With that in mind, for the third quarter of 2025, we are targeting FX-neutral year-over-year subscription revenue growth in the range of 6% to 9%, implying a range of $57.5 million to $59.0 million. For the full year 2025, we are now targeting FX-neutral year-over-year subscription revenue growth of 9% to 12%, implying a range of $233 million to $239 million based on July's average FX rate.

VTEX 專注於創新、效率和可擴展性，能夠掌握影響全球商業的長期趨勢。考慮到這一點，對於 2025 年第三季度，我們的目標是外匯中性年增 6% 至 9%，即 5,750 萬美元至 5,900 萬美元。對於 2025 年全年，我們目前的目標是實現外匯中性同比增長 9% 至 12%，根據 7 月份的平均外匯匯率計算，這意味著收入範圍將在 2.33 億美元至 2.39 億美元之間。

Turning to our margin outlook. Backed by disciplined cost and expense management and ongoing operational efficiencies, we are raising our full-year 2025 outlook for non-GAAP income from operations and free cash flow margins to the high teens, reflecting the strength of our execution and the scalability of our platform.

談談我們的利潤前景。在嚴格的成本和費用管理以及持續的營運效率的支持下，我們將 2025 年全年非 GAAP 營業收入和自由現金流利潤率預期上調至高十幾個百分點，這反映了我們的執行力和平台的可擴展性。

With that, although we are reviewing our subscription revenue forecast by 2% in US dollars, we are increasing our non-GAAP income from operations and free cash flow in dollar amounts by more than 10%.

因此，儘管我們將以美元計算的訂閱收入預測下調了 2%，但我們將以美元計算的非 GAAP 營業收入和自由現金流提高了 10% 以上。

To conclude, our Q2 performance reinforces the resilience of our business model, disciplined execution, and long-term growth foundation. We are particularly encouraged by the relevant progress in the US and Europe and the attractive long-term opportunity in B2B and retail media. Despite a challenging market, VTEX remains well-positioned with a globally competitive platform, a clear strategy, and an increasing relevance among global enterprise brands.

總而言之，我們第二季的業績增強了我們的商業模式、嚴格的執行力和長期成長基礎的韌性。美國和歐洲的相關進展以及 B2B 和零售媒體領域具有吸引力長期機會令我們特別鼓舞。儘管市場充滿挑戰，VTEX 仍憑藉全球競爭平台、清晰的策略以及在全球企業品牌中日益增強的相關性而佔據有利地位。

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)。

Hi, good evening. Thanks for taking my questions. I have two, both regarding the guidance. So could you please discuss the decline in the guidance in terms of GMV and new subscriptions sold? Like I'm just trying to break down how much is the growth in GMV of your clients, the variable component of your revenues? And how much would that be due to a longer time to close new contracts and to bring new clients in?

嗨，晚上好。感謝您回答我的問題。我有兩個，都是關於指導的。那麼，您能否討論一下 GMV 和新訂閱銷售方面的指導下降的原因？就像我只是想分析一下您的客戶的 GMV 成長了多少，即您的收入的可變部分？這在多大程度上是由於簽訂新合約和吸引新客戶的時間更長？

And the second, in the margin -- increased margin expectations, could you please discuss more in detail which are the lines that are scaling the most or yielding most benefit that give you confidence that this increased margin will come?

第二，在利潤率－利潤率預期增加方面，您能否更詳細地討論一下哪些業務線的規模最大或收益最大，讓您有信心利潤率會有所增加？

Thanks, Marcelo. Let me walk you through the context behind our Q3 guidance and the full-year outlook. So our Q3 and fiscal year 2025 guidance reflects a couple of factors we are closely monitoring, as you mentioned in your question.

謝謝，馬塞洛。讓我向您介紹我們第三季指引和全年展望的背景。因此，正如您在問題中提到的那樣，我們的第三季和 2025 財年指引反映了我們正在密切關注的幾個因素。

So the first factor is the GMV performance of our existing customers, a variable that we have limited control over. So starting with our customer base in Argentina, after signs of recovery in Q1, Q2 reversed back to negative double-digit GMV year-over-year FX-neutral growth, prompting the change in our outlook.

因此，第一個因素是我們現有客戶的 GMV 表現，這是我們控制有限的變數。因此，從我們在阿根廷的客戶群開始，在第一季出現復甦跡象之後，第二季又回落至同比外匯中性成長的負兩位數 GMV，這促使我們改變了前景。

And moving to Brazil, we are seeing a continued mix shift towards larger enterprise customers. This is strategically positive, but with softer near-term revenue conversion due to the lower implied take rate, although we're still attractive margins. And it's important to note that while we don't control, we can't always predict the GMV performance of our existing customers, we are increasing our efforts to work more closely with them, supporting the execution of their strategies and unlocking additional growth opportunities through the platform.

轉向巴西，我們看到客戶結構持續向大型企業客戶轉變。從策略上來說，這是正面的，但由於隱含的接受率較低，短期收入轉換率較低，儘管我們的利潤率仍然具有吸引力。值得注意的是，雖然我們無法控制，也無法總是預測現有客戶的 GMV 表現，但我們正在加強與他們更緊密地合作，支持他們實施策略，並透過平台釋放更多成長機會。

The second factor driving a significantly smaller impact is that we are also seeing softer overall market migrations and a view isolated contract cancellations tied to high-risk implementations. While some of these projects may still come through, we excluded them from our near-term forecast given what we see as the most likely scenario.

導致影響明顯較小的第二個因素是，我們也看到整體市場遷移趨於疲軟，並且只看到與高風險實施相關的合約取消。儘管其中一些項目可能仍會實現，但考慮到我們認為最有可能的情況，我們將它們排除在近期預測之外。

And it's important to mention that although we see some isolated cancellations, the most strategic projects we have under implementation remain on track. So all in, these dynamics drove a 5 percentage point revision in our FX-neutral subscription growth guidance for the year and equivalent to a 2% US dollar revenue adjustment at the midpoint of our guidance.

值得一提的是，儘管我們看到一些孤立的取消，但我們正在實施的最具策略性的項目仍在按計劃進行。總的來說，這些動態因素促使我們對今年的外匯中性訂閱成長預測進行了 5 個百分點的修正，相當於在我們預測的中點進行了 2% 的美元收入調整。

And as I said, the large majority of the FX-neutral impact comes from the Argentina and Brazil GMV effect, with a much smaller portion coming from the softer overall market demand and the few isolated contract cancellations. That said, we expect some acceleration in Q4, supported by easier comps and continued traction in the US and Europe. And then with that, on the profitability side, which is also part of our guidance, our updated guidance highlights the strength of the model.

正如我所說，外匯中性影響的大部分來自阿根廷和巴西的商品交易總額效應，而來自整體市場需求疲軟和少數孤立的合約取消的影響則小得多。儘管如此，我們預計第四季將會有所加速，這得益於美國和歐洲的比較數據更容易和持續的拉動。然後，在獲利能力方面，這也是我們指導的一部分，我們更新的指導凸顯了該模型的優勢。

Despite reducing 2025 revenue guidance by 2% in US dollars in the midpoint, we raised our full-year non-GAAP operating income and free cash flow margin outlook by over 10% in dollar amount. So this speaks to the durability of our platform, the disciplined execution, and our ability to deliver profitable growth even in more complex conditions.

儘管我們在中期將 2025 年的收入預期以美元計算下調了 2%，但我們仍將全年非 GAAP 營業收入和自由現金流利潤率預期以美元計算提高了 10% 以上。這證明了我們平台的耐用性、嚴格的執行力以及即使在更複雜的條件下實現盈利增長的能力。

And on where the margin improvement is coming, Marcelo, Year-to-date, our non-GAAP operating income margin is up approximately 4 percentage points versus last year, driven by gains in the AI support automation, more autonomous implementations, and the ecosystem maturity. So a lot of it coming from the gross margin side.

關於利潤率的成長，馬塞洛說，今年迄今為止，我們的非 GAAP 營業收入利潤率比去年增長了約 4 個百分點，這得益於人工智慧支援自動化、更多自主實施和生態系統成熟度的成長。所以其中很大一部分是來自毛利率方面。

On the expense side, despite investing more in R&D, G&A, and sales and marketing are flat year-over-year in absolute terms. And the latter, sales and marketing, had some headcount reduction in the first half of the year that should show some savings in the second half of the year. And for context, like we ended 2024 with 13% non-GAAP operating margin.

在費用方面，儘管在研發、一般及行政開支以及銷售和行銷方面的投資增加，但絕對值比去年同期持平。後者，即銷售和行銷部門，在上半年裁減了一些員工，這應該會在下半年帶來一些節省。就背景而言，我們在 2024 年底的非 GAAP 營業利潤率為 13%。

And that, combined with what I just mentioned, position us on track to reach high-teen margins for 2025. supporting our decision to raise the full-year operating income and free cash flow margin guidance as we did.

再加上我剛才提到的這些，我們預計在 2025 年達到高十幾%的利潤率，支持我們提高全年營業收入和自由現金流利潤率指引的決定。

So this margin expansion not only boost the profitability, but also creates room to invest in high-impact R&D areas like B2B, retail media, and commerce, like Geraldo mentioned in the prepared remarks. So it's a clear validation of our ability to scale with discipline and drive long-term shareholder value.

因此，利潤率的擴大不僅提高了獲利能力，而且還為投資 B2B、零售媒體和商業等高影響力研發領域創造了空間，正如 Geraldo 在準備好的評論中所提到的那樣。因此，這清楚地證明了我們有能力嚴格按照規定擴大規模並推動長期股東價值。

Luca Brendim, Bank of America.

美國銀行的盧卡·布倫迪姆 (Luca Brendim)。

I also have two here. Following on the similar line to Marcelo, on the larger clients on the US that you -- and Europe that you mentioned would be coming in, in the next few quarters. Were there any changes in terms of when those will be coming live, maybe a delay? And if that was implicit in the guidance in some way?

我這裡也有兩個。與馬塞洛類似，您提到的美國和歐洲的大客戶將在未來幾季內到來。這些功能的上線時間是否有任何變化，也許是延遲？如果這在指導中以某種方式隱含了呢？

Or when we're talking about those clients, we should expect something similar, and if the isolated cancellations were also in one of those clients? And then a second, more on a structural level, if you guys are seeing any changes in terms of competition in any particular region with the new competitors that are growing in LatAm, or if you continue to see similar trends overall?

或者當我們談論這些客戶時，我們應該期待類似的事情，如果孤立的取消也發生在其中一個客戶中？其次，從結構層面來看，隨著拉丁美洲新競爭對手的不斷增加，你們是否看到特定地區的競爭發生了變化，或者總體上是否繼續看到類似的趨勢？

Okay. Thank you for the question. On the implementation cycle, we are not seeing any change, significant change. Despite the macro volatility, the project is undergoing, we don't see any kind of shortening or enlargement of the implementation cycle. Of course, we are signing more enterprise deals in US and Europe, and it's growing twice as the LatAm business. And the Tier 1 clients have a larger implementation cycle, but it's already in the guidance.

好的。謝謝你的提問。在實施週期中，我們沒有看到任何變化，重大的變化。儘管該專案正在經歷宏觀波動，但我們並未看到實施週期有任何縮短或延長。當然，我們在美國和歐洲簽署了更多的企業協議，其成長速度是拉丁美洲業務的兩倍。一級客戶的實施週期更長，但這已經在指導中了。

On the competition, we are seeing traction in our international strategic markets, means US and Europe. So the highlights growing momentum is our global expansion confirms that our platform is resonating in more mature competitive regions. A key milestone that makes the point on that was the launch of KitchenAid, e-commerce website in the United States. Whirlpool has been a longtime VTEX partner, but this marks their first implementation with us in the US, a strong validation of our platform.

在競爭方面，我們看到國際戰略市場（即美國和歐洲）的吸引力不斷增強。因此，我們全球擴張的亮點在於其成長勢頭證實了我們的平台在競爭更成熟的地區引起了共鳴。一個重要的里程碑是在美國推出電子商務網站 KitchenAid。惠而浦一直是 VTEX 的長期合作夥伴，但這是他們首次與我們在美國合作，這是對我們平台的強大驗證。

We are very focused on making KitchenAid a customer success and turning this into a reference implementation. Alongside it, we are also bringing online large-scale customers with billions in annual GMV, which should further boost momentum and credibility. In Europe, we had several go-lives this quarter and continue progressing towards the highly anticipated Manchester City Football Club project.

我們非常注重讓 KitchenAid 成為客戶的成功，並將其轉化為參考實作。除此之外，我們還將帶來每年交易總額達數十億美元的線上大型客戶，這將進一步提升我們的勢頭和信譽。在歐洲，本季我們已啟動多項項目，並繼續朝備受期待的曼城足球俱樂部項目邁進。

These milestones reflect our rising strategic relevance in the region. Across both regions, contracting signing momentum is solid. The pipeline is growing. And while we made significant strides, we're still just getting started in those regions.

這些里程碑反映了我們在該地區日益上升的戰略意義。在這兩個地區，簽約勢頭強勁。管道正在不斷增長。儘管我們取得了重大進展，但我們在這些地區仍才剛起步。

To finish, VTEX's position as a complete and composable platform is maturing and matching the demand of enterprise B2C and B2B platforms in the US and EMEA. I hope I answered the question.

最後，VTEX 作為一個完整且可組合的平台的地位正在日趨成熟，並滿足美國和歐洲、中東和非洲地區企業 B2C 和 B2B 平台的需求。我希望我回答了這個問題。

(Operator Instructions)

（操作員指示）

Maria Infantozzi, Itaú.

Maria Infantozzi，義大利。

I have two questions. The first one related to Argentina. Can you give us more color on the main drivers for the deterioration in the operating momentum of the region? Can you please comment on how you perceive the competitive landscape evolving in the region? And also regarding Brazil, I just wanted to ask you guys to tell us how you calibrate for a potential consumption deceleration in Brazil in the second half of the year in your current guidance, please?

我有兩個問題。第一個與阿根廷有關。能否詳細介紹一下該地區經營動能惡化的主要因素？您能否評論一下您如何看待該地區競爭格局的演變？另外關於巴西，我只是想請你們告訴我們，你們如何在目前的指導中校準今年下半年巴西潛在的消費減速？

Maria, as a reminder, we don't disclose regional performance on a quarterly basis. We disclose annually, but I can give directionally commentary for what we are seeing in Argentina. And then once we have the full year release, we can go into more details. So Argentina was a significant drag this quarter. As I mentioned in the prepared remarks, in Q1, we saw promising signs of GMV growth recovery from our customer base in Argentina.

瑪麗亞，提醒一下，我們不會按季度披露區域表現。我們每年都會披露信息，但我可以針對阿根廷的情況給出方向性的評論。一旦我們發布全年數據，我們就可以透露更多細節。因此，阿根廷是本季的重大拖累因素。正如我在準備好的演講中提到的，在第一季度，我們看到了阿根廷客戶群的 GMV 成長復甦的良好跡象。

To give you a sense, the GMV FX-neutral year-over-year growth started Q1 in the double-digit negative range and exited in the high single-digit positive range by March. So we expected that trend to at least keep stable in Q2. But instead, the recovery reversed for our customer base and GMV growth fell back to the double-digit negative territory in Q2.

為了讓您有個大致的了解，GMV 外匯中性同比增長在第一季開始時處於兩位數的負值範圍內，到 3 月份則退出了高個位數的正值範圍。因此我們預計該趨勢至少在第二季會保持穩定。但相反，我們的客戶群復甦勢頭卻出現逆轉，第二季 GMV 成長回落至兩位數負值區域。

And given that there is the hot sales event in May, Argentina has a heavier weight in Q2. So this reversal had a meaningful impact for us. So Argentina remains a volatile market. Now we still remain focused on the long-term opportunity of gaining share, supporting our customers, and driving additional adoption. And we weathered volatility in the region before and emerged stronger by staying close to our customer base.

而考慮到5月有熱銷活動，阿根廷在第二季的權重更大。所以這次逆轉對我們產生了重大影響。因此阿根廷仍然是一個動盪的市場。現在，我們仍然專注於獲得市場份額、支持客戶和推動更多採用的長期機會。我們之前曾經歷過該地區的動盪，並透過與客戶群保持密切聯繫而變得更加強大。

and executing with discipline. So on the overall competitive landscape in the market, looking at other digital commerce platforms, we don't see any changes specifically in Argentina on the competitive landscape.

並嚴格執行。因此，從市場整體競爭格局來看，看看其他數位商務平台，我們沒有看到阿根廷的競爭格局有任何變化。

And then Maria, if you could repeat on your second question, please?

那麼瑪麗亞，您能重複您的第二個問題嗎？

Just regarding the operating trends in Brazil for the second half of the year, I just wanted to make sure how do you calibrate your expectations for a potential deceleration of consumption in the second half of this year?

關於今年下半年巴西的營運趨勢，我只是想確保您如何調整今年下半年消費可能減速的預期？

Perfect. Perfect. Yes. Great question. So in Brazil, we did see some same-store sales deceleration in although the total GMV FX-neutral growth in Brazil was in the low 20s and pretty stable versus Q1 because we have new customers joining.

完美的。完美的。是的。好問題。因此，在巴西，我們確實看到同店銷售額有所放緩，儘管巴西的整體 GMV 外匯中性成長率處於 20% 出頭，並且與第一季相比相當穩定，因為我們有新客戶加入。

But we had that mix shift towards new and larger enterprise customers with lower implied take rates that I mentioned on the prepared remarks. So we are assuming a deceleration in the second half, given how we saw the same-store sales deceleration in the second half of the year. Now there's a lot of moving pieces here with the interest rates and FX, and other political and macroeconomic points, right? So it's hard for us to forecast the GMV of our customers, but we are embedding in the guidance some deceleration in the second half of the year for Brazil, given for how long the interest rates have been high in the country.

但正如我在準備好的評論中提到的，我們已經將這種組合轉向了新的、更大的企業客戶，這些客戶的隱含接受率較低。因此，考慮到下半年同店銷售額的減速，我們預計下半年銷售額將會減速。現在，利率、外匯以及其他政治和宏觀經濟方面都有很多變動，對嗎？因此，我們很難預測客戶的 GMV，但考慮到巴西利率長期處於高位，我們在預測中預期巴西下半年的 GMV 成長率會放緩。

And how does this compare with the fourth quarter results of the past year? Sorry, just this follow-up.

這與去年第四季的業績相比如何？抱歉，僅此後續。

Yes. So we saw a deceleration of same-store sales in Q4 of last year. I would say that Q1 was more aligned. We saw more deceleration in Q2. And so we are embedding that to the second half of the year as well.

是的。因此，我們看到去年第四季同店銷售額有所下降。我想說 Q1 比較一致。我們在第二季度看到了進一步的減速。因此，我們也將把這項措施融入今年下半年。

Gustavo, (inaudible).

古斯塔沃，（聽不清楚）。

I'll stick to one. So the company has been very vocal about B2B, during VTEX Day and retail media as well in most recent one. Considering this recent market volatility, if you could comment on if and how anything has changed in the strategy and the pace of the rollout of those solutions with clients?

我會堅持一個。因此，該公司在最近的 VTEX 日和零售媒體上都非常重視 B2B。考慮到最近的市場波動，您能否評論一下向客戶推出這些解決方案的策略和速度是否發生了變化以及如何變化？

So all these two initiatives, they're not on macroeconomics in my perspective, there's no big structural change in the market. Actually, if there is a structural change in the market, it will be to reinforce the value proposition of both these initiatives.

因此，從我的角度來看，這兩項措施都與宏觀經濟無關，市場不會發生大幅的結構性變化。實際上，如果市場發生結構性變化，將會強化這兩項措施的價值主張。

As you know, like retail media is key for any retailer to be sustainable and profitable during the new phase of commerce, like you need to monetize your personal inventory, you need to monetize your data, your proprietary data and especially like if you consider the current macroeconomic conditions, this is a must-have for all the retailers across the globe, including retailers.

如您所知，零售媒體是任何零售商在新商業階段實現永續發展和盈利的關鍵，例如，您需要將您的個人庫存貨幣化，您需要將您的數據、您的專有數據貨幣化，特別是如果您考慮到當前的宏觀經濟條件，這對全球所有零售商（包括零售商）來說都是必備的。

On B2B, this is a trend that we're seeing like people did spend some investment like years ago, 10 years ago in B2B in the US and Europe. Now they're open to renew because legacy solutions. And we're seeing in Brazil, like people wanting to have self-service portal, serving the customer through the digital channel. And this is a secular trend.

在 B2B 領域，我們看到了一種趨勢，就像幾年前，10 年前美國和歐洲的人們確實在 B2B 領域投入了一些投資。現在他們願意進行更新，因為這是遺留的解決方案。我們發現在巴西，人們希望擁有自助服務門戶，透過數位管道為客戶提供服務。這是一個長期趨勢。

It's not related to the conjuncture. So the strategy is the same. All these macroeconomic shifts are not informing any new actions on these two ventures.

這與形勢無關。所以策略是一樣的。所有這些宏觀經濟變化都沒有為這兩個企業帶來任何新的行動。

And that does conclude our Q&A session today. I will now turn the call back over to Geraldo Thomaz for closing remarks. Geraldo?

今天的問答環節到此結束。現在我將把電話轉回給傑拉爾多·托馬斯 (Geraldo Thomaz) 作結束語。杰拉爾多？

Thank you for the great questions. Before we close, I wanted to leave you with the confidence we have in VTEX's directions and long-term vision. Our bold product paths like B2B and retail media are redefining how enterprises operate and monetize, while agentic commerce is bringing AI-powered autonomy into the present. These innovations aren't incremental. They're foundational shifts designed to meet the real-world needs of global brands.

感謝您提出這些精彩的問題。在結束之前，我想讓大家知道我們對 VTEX 的方向和長期願景充滿信心。我們大膽的產品路徑，如 B2B 和零售媒體，正在重新定義企業的營運和獲利方式，而代理商務正在將人工智慧驅動的自主性帶入現在。這些創新並不是漸進的。它們是旨在滿足全球品牌現實需求的基礎性轉變。

We're also seeing that vision translates into results. We are making relevant progress in the US and Europe, and we're just scratching the surface of the opportunity. With a growing base of high-quality customers and a platform built to scale, our long-term outlook is strong. We're more committed than ever to delivering enduring value to our customers, partners, and shareholders.

我們也看到願景轉化為成果。我們在美國和歐洲取得了相關進展，但我們才剛剛觸及機會的表面。隨著優質客戶群的不斷成長和平台的不斷擴大，我們的長期前景十分光明。我們比以往任何時候都更致力於為我們的客戶、合作夥伴和股東提供持久的價值。

Thank you for your continued trust. We look forward to the road ahead. The best of VTEX is still to come. Thank you for your continued support and partnership. We look forward to sharing more progress with you in the coming quarters.

感謝您一直以來的信任。我們對未來的道路充滿期待。VTEX 的精彩還在後頭。感謝您一直以來的支持與合作。我們期待在未來幾季與您分享更多進展。

Thank you for joining us today. Have a great day.

感謝您今天加入我們。祝你有美好的一天。