VTEX (VTEX) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to VTEX's earnings conference call for the third quarter of 2025. I'm Julia Vater Fernandez, VP of Investor Relations. Joining me are Geraldo Thomaz Jr., Founder and Co-CEO; Ricardo Camatta Sodre, CFO; and for the Q&A, our Founder and Co-CEO, Mariano Gomide de Faria; and Chief Strategy Officer, Andre Spolidoro, will also join us.

大家好，歡迎參加VTEX 2025年第三季財報電話會議。我是 Julia Vater Fernandez，投資者關係副總裁。與我一同出席的還有創辦人兼聯合執行長 Geraldo Thomaz Jr.；財務長 Ricardo Camatta Sodre；在問答環節，我們的創辦人兼聯合執行長 Mariano Gomide de Faria 和首席策略長 Andre Spolidoro 也將加入我們。

Before we begin, please note that today's remarks may include forward-looking statements. Actual results may differ due to risks and uncertainties described in our Form 20-F for the year ended December 31, 2024, and other SEC filings available on our IR website. We will also reference certain non-GAAP measures. Reconciliations to GAAP are included in our Q3 2025 earnings press release in our IR website.

在開始之前，請注意，今天的發言可能包含前瞻性陳述。實際結果可能因我們在截至 2024 年 12 月 31 日止年度的 20-F 表格以及我們投資者關係網站上提供的其他美國證券交易委員會文件中描述的風險和不確定性而有所不同。我們也會參考一些非GAAP指標。與 GAAP 的調節表已包含在我們投資者關係網站上發布的 2025 年第三季財報新聞稿中。

With that, I will turn the call over to Geraldo. Geraldo, the floor is all yours.

接下來，我將把電話交給傑拉爾多。杰拉爾多，現在輪到你發言了。

Thank you, Julia. Good afternoon, and thanks for joining our third-quarter 2025 earnings conference call. This quarter played out in line with the expectations we shared after Q2. Our business continues to show the hallmarks of a durable profit growth model, consistent execution, expanding margin, and the gradual ramp-up of high potential revenue streams.

謝謝你，茱莉亞。下午好，感謝各位參加我們2025年第三季財報電話會議。本季業績與我們在第二季結束後所做的預期一致。我們的業務持續展現出可持續的利潤成長模式、持續的執行力、不斷擴大的利潤率以及高潛力收入來源的逐步成長等特徵。

Focusing on our consistent execution and expanding margins, profitability improved meaningfully this quarter. AI-powered support automations continue to deliver sustainable efficiency gains, driving our non-GAAP subscription gross margins above 80% for the first time. We also achieved a 16% non-GAAP operating margin. And in a seasonally neutral quarter, our non-GAAP net income reached $10.6 million, a 41% growth year over year.

本季度，憑藉持續穩定的執行力和不斷擴大的利潤率，獲利能力得到了顯著提升。AI 支援的自動化持續帶來可持續的效率提升，使我們的非 GAAP 訂閱毛利率首次超過 80%。我們也實現了 16% 的非 GAAP 營業利潤率。在非季節性因素影響的季度，我們的非GAAP淨收入達到1,060萬美元，年增41%。

Our margin expansion reflects a deeper AI-driven transformation in how we operate. The most tangible outcome so far is in customer support, where automation has structurally reduced costs while enhancing service quality. The vast majority of the recent red count optimization stems from these AI productivity gains in support, while the remainder reflects normal commercial adjustments to market demand levels. At the same time, we're partially reinvesting these savings into R&D, fueling innovation and future growth.

我們的利潤率擴張反映了人工智慧驅動下，我們在運作方式上進行的更深層的變革。目前最顯著的成果體現在客戶支援方面，自動化在降低成本的同時提高了服務品質。近期紅色計數優化的絕大部分源自於人工智慧在支援方面的生產力提升，而其餘部分則反映了市場需求水準的正常商業調整。同時，我們將部分省下的資金再投資於研發，以推動創新和未來的成長。

Now expanding on our gradual ramp-up of high potential revenue streams, we're doubling down our four growth pillars: global expansion, B2B use case customers, retail media, and Agentic commerce. Our global expansion continues to make solid progress. We are seeing rising demand for enterprise-grade composable commerce solutions, especially in B2B as global brands modernize complex operations and migrate from legacy systems. A highlight this quarter is continued progress with a multibillion-dollar US enterprise implementation, a strong validation of our ability to serve large sophisticated customers globally.

現在，在逐步擴大高潛力收入來源的基礎上，我們將加倍投入四大成長支柱：全球擴張、B2B 用例客戶、零售媒體和代理商商務。我們的全球擴張持續取得穩定進展。我們看到，隨著全球品牌對複雜營運進行現代化改造並從傳統系統遷移，企業級可組合商務解決方案的需求不斷增長，尤其是在 B2B 領域。本季的一大亮點是價值數十億美元的美國企業實施專案持續取得進展，這有力地證明了我們有能力為全球大型複雜客戶提供服務。

In Brazil, we expanded our enterprise footprint with wins such as H&M, Itau, and Picpay, reinforcing our competitive strength even in more penetrated markets. Across Latin America, the environment remains cautious with longer decision cycles and slower top-of-funnel activities but our win rates remain stable, demonstrating the resiliency of our value proposition and our readiness to re-accelerate as macro conditions improve.

在巴西，我們透過贏得 H&M、Itau 和 Picpay 等客戶擴大了企業影響力，即使在滲透率更高的市場中，也鞏固了我們的競爭優勢。在整個拉丁美洲，市場環境依然謹慎，決策週期較長，銷售漏斗頂端的活動速度較慢，但我們的成交率保持穩定，這表明我們的價值主張具有韌性，並且隨著宏觀環境的改善，我們已做好重新加速發展的準備。

On the product front, B2B commerce is emerging as a major growth driver, developed with an AI-driven design focused on automation, scalability and deep integration into enterprise workflows, we're leveraging our existing customer base to expand into B2B. For instance, Electrolux, a long-time B2C customer, now uses VTEX to sell spare parts directly to its service network.

在產品方面，B2B 商務正在成為主要的成長驅動力，我們採用人工智慧驅動的設計，專注於自動化、可擴展性和與企業工作流程的深度集成，我們正在利用現有的客戶群擴展到 B2B 領域。例如，長期 B2C 客戶伊萊克斯現在使用 VTEX 直接向其服務網絡銷售備件。

We're also pursuing flagship projects globally, including the migration of a large US enterprise from legacy mainframes to VTEX. Success here would further validate our enterprise capabilities and open doors to new opportunities in the US and Europe. While B2B today represents a mid-single-digit percentage of our revenue, the new US deals are already roughly split between B2C and B2B, signaling a clear long-term opportunity.

我們也在全球推廣旗艦項目，包括將一家大型美國企業從傳統主機遷移到 VTEX。在此取得成功將進一步證明我們的企業實力，並為我們在美國和歐洲的新機會打開大門。雖然目前 B2B 業務僅占我們收入的個位數百分比，但新的美國交易在 B2C 和 B2B 之間已大致平分秋色，這表明存在明顯的長期機會。

Retail media continues to stand out as a key growth revenue, unlocking monetization layers for our customers. Following our strategic partnership with Globo, Brazil's largest media network, this quarter, we achieved another milestone with Electrolux, launching the first integrated campaign connecting Globo's digital reach with retail media placements across VTEX-powered stores. The campaign exceeded expectations, validating both the scale of the opportunity and the VTEX roles as the orchestrator of Brazil's first retail media ecosystem at scale.

零售媒體仍然是重要的成長收入來源，為我們的客戶解鎖了多種獲利模式。繼本季與巴西最大的媒體網絡 Globo 建立策略合作夥伴關係之後，我們與伊萊克斯又取得了另一個里程碑式的成就，推出了首個整合行銷活動，將 Globo 的數位影響力與 VTEX 旗下商店的零售媒體投放聯繫起來。該活動超出了預期，既驗證了這次機會的規模，也驗證了 VTEX 作為巴西首個大規模零售媒體生態系統組織者的角色。

Finally, our AI transformation is redefining how we build and deliver software. VTEX sits at the center of first-party brand other commerce as a platform orchestrating price, promotions, payments, fulfillment, service and loyalty. As AI accelerates fragmentation across customer touch points, these orchestration becomes increasingly critical.

最後，我們的人工智慧轉型正在重新定義我們建構和交付軟體的方式。VTEX 處於第一方品牌其他商業的核心地位，作為一個平台，它協調價格、促銷、支付、履行、服務和忠誠度。隨著人工智慧加速客戶觸點碎片化，這些協調工作變得越來越重要。

The new theme aggregators such as the Agentic Commerce Protocol are routing demand to brand owner channels, reinforcing the need for a unifying platform like VTEX. And our outcome-based pricing already aligns incentives so that we win as we help our customers win in these new AI channels.

像 Agentic Commerce Protocol 這樣的新主題聚合器正在將需求路由到品牌擁有者的管道，這更凸顯了像 VTEX 這樣的統一平台的必要性。我們基於結果的定價機制已經協調了激勵措施，這樣，當我們幫助客戶在這些新的人工智慧管道中取得成功時，我們也能獲得成功。

Additionally, through our multi-tenant cloud-native architecture, VTEX represents the collective intelligence of billions of click streams and transaction signals across hundreds of enterprises. This unified aggregated data set, combined with our enterprise customer base enables models that can predict behavior, increase conversion and personalize experiences at scale. Unlike on premise or single-tenant systems, VTEX is structurally advantaged to harness these network effects.

此外，透過我們的多租戶雲端原生架構，VTEX 代表了數百家企業數十億次點擊流和交易訊號的集體智慧。這個統一的聚合資料集，結合我們的企業客戶群，能夠建構預測行為、提高轉換率和大規模個人化體驗的模型。與本地部署或單一租戶系統不同，VTEX 在結構上具有優勢，可以利用這些網路效應。

And to make it tangible, AI is already delivering real business outcomes today. First, through data monetization with retail media. AI now enable our clients to turn their commerce data into a profit center, building their own retail media networks and generating high-margin revenue that can potentially double their margins over time. Our AI-driven recommendation and intelligence search features are already in beta with leading customers and results have been excellent.

更確切地說，人工智慧如今已經帶來了實際的商業成果。首先，透過零售媒體的數據貨幣化。人工智慧現在能夠幫助我們的客戶將他們的商業數據轉化為利潤中心，建立自己的零售媒體網絡，並產生高利潤收入，隨著時間的推移，這些收入有可能使他們的利潤翻倍。我們的人工智慧驅動的推薦和智慧搜尋功能已經面向領先客戶進行測試，結果非常出色。

Second, through automation that cut costs at scale, Weni by VTEX, our AI-powered customer support platform, helps retailers reduce after-sales services cost by up to 10 times and in some cases, saving millions by automating over 80% of call center interactions. AI is also transforming how we operate, making us faster, leaner and more efficient across support, implementation and product development. And we are investing decisively behind it, not as a feature, but as a full company transformation, an early demonstration in our subscription gross margin gains over the last year, resulting from our AI-empowered support.

其次，透過大規模自動化降低成本，我們的人工智慧客戶支援平台 Weni by VTEX 可協助零售商將售後服務成本降低多達 10 倍，在某些情況下，透過自動化 80% 以上的呼叫中心交互，節省數百萬美元。人工智慧也在改變我們的營運方式，使我們在支援、實施和產品開發方面更快、更精簡、更有效率。我們正在大力投資這項技術，它不是一項功能，而是一項全面的公司轉型，去年我們訂閱毛利率的成長就初步證明了這一點，這得益於我們人工智慧賦能的支持。

At the heart of our road map, we're seeking to power new AI agents to connect commerce, advancing conversational experiences and simplifying complex workflow through automation and semantic understanding. We're reshaping our R&D and our mindset to be fully AI native because companies that don't embrace this shift risk being left behind, just like those that missed the cloud revolution. That's the foundation of the next chapter for VTEX, one built on innovation, execution and profitable growth.

我們的路線圖的核心是尋求為新型人工智慧代理提供支持，以連接商業、推進對話體驗，並透過自動化和語義理解簡化複雜的工作流程。我們正在重塑研發和思維模式，使其完全適應人工智慧，因為不接受這種轉變的公司有被淘汰的風險，就像那些錯過了雲端運算革命的公司一樣。這是VTEX下一階段發展的基礎，一個建立在創新、執行和獲利成長的階段。

Shifting gears, our focus on driving solid and consistent commercial progress remains unchanged. This quarter, we celebrated several important go-lives from new customers, including H&M, Itau Shop, and Picpay in Brazil, Cromantic in Colombia, Kep Italia in Italy, STIHL in Mexico, and Etihad Arena in the United Arab Emirates.

換個角度來看，我們對推動穩健、持續的商業發展的關注點依然不變。本季度，我們慶祝了來自新客戶的幾項重要上線，包括巴西的 H&M、Itau Shop 和 Picpay，哥倫比亞的 Cromantic，意大利的 Kep Italia，墨西哥的 STIHL 以及阿聯酋的 Etihad Arena。

We also deepened relationship with existing customers, showcasing the scalability of our platform across models and markets. Belliz company launched a B2B store in Brazil, expanding beyond the VTEX powered B2C operations. It already runs for its Ricca, Kess, and Vertix brands. Casa Pinheiro has launched a new operation, Prosam, and now runs two B2C stores in Portugal.

我們也加深了與現有客戶的關係，展示了我們平台在不同型號和市場上的可擴展性。Belliz 公司在巴西推出了 B2B 商店，業務範圍擴展到了由 VTEX 提供支援的 B2C 業務之外。它已經為旗下的 Ricca、Kess 和 Vertix 品牌運作。Casa Pinheiro 推出了一項名為 Prosam 的新業務，目前在葡萄牙經營兩家 B2C 商店。

Johnson & Johnson launched the Johnson & Johnson MedTech store in Brazil, expanding its B2B operations in the region. A leading German home improvement retailer expanded into Austria, now operating in both Germany and Austria. And US Electrical Services launched two new stores in the US, Walters Wholesale Electric and Lade Electric Supply, now running three VTEX-powered stores. Expanding our customer base through new wins and deeper relationship is central to our growth strategy.

強生公司在巴西開設了強生醫療科技商店，擴大了在該地區的 B2B 業務。德國一家領先的家居建材零售商已將業務拓展至奧地利，目前在德國和奧地利均有業務。美國電氣服務公司在美國開設了兩家新店，分別是沃特斯批發電氣公司和萊德電氣供應公司，目前經營三家採用VTEX供電的商店。透過贏得新客戶和加深客戶關係來擴大客戶群是我們成長策略的核心。

Each successful customer success case serves as a proof point that attracts future customers. Consistent delivery builds trust, which we amplified through visibility initiatives like VTEX Connect, our global flagship event series inspired by VTEX Day.

每個成功的客戶案例都能發揮吸引潛在客戶的作用。持續交付能夠建立信任，我們透過 VTEX Connect 等宣傳活動來增強這種信任。 VTEX Connect 是我們受 VTEX Day 啟發而舉辦的全球旗艦活動系列。

This quarter, VTEX Connect LATAM in Mexico City solidified its position as the leading digital commerce event for Spanish-speaking Latin America with record scale over 20,000 registrations, 60 sponsors and more than 40 speakers, including Netflix Co-Founder, Marc Randolph. The event reinforced our brand leadership in the region and created new opportunities to deepen relationships and drive customer acquisition.

本季度，在墨西哥城舉辦的 VTEX Connect LATAM 鞏固了其作為拉丁美洲西班牙語地區領先的數位商務盛會的地位，註冊人數超過 20,000 人，贊助商超過 60 家，演講嘉賓超過 40 位，其中包括 Netflix 聯合創始人 Marc Randolph。這項活動鞏固了我們在該地區的品牌領導地位，並創造了深化客戶關係和推動客戶獲取的新機會。

Now to illustrate the process we are making on multiple fronts, let's highlight a few customer success stories from this quarter, featuring innovative brands that chose VTEX to accelerate their digital transformation, expanding into new business models and deliver superior experiences to their consumers.

為了說明我們在多個方面所取得的進展，讓我們重點介紹本季的一些客戶成功案例，這些創新品牌選擇 VTEX 來加速其數位轉型，拓展新的商業模式，並為消費者提供卓越的體驗。

Etihad Arena, the Middle East largest state-of-the-art indoor entertainment venue in Abu Dhabi's Yas Bay's Waterfront, partnered with VTEX to launch a fully headless mobile commerce solution that powers food and beverage ordering during high-profile events such as NBA games, UFC fights, and world-class concerts. Designed to eliminate the long queue typical of larger venues, the app delivers real-time ordering and payment capabilities with zero tolerance for downtime.

阿布達比亞斯灣海濱的阿提哈德競技場是中東最大的最先進的室內娛樂場所，它與 VTEX 合作推出了一款完全無頭的行動商務解決方案，為 NBA 比賽、UFC 格鬥和世界級音樂會等高規格活動提供餐飲訂購服務。該應用程式旨在消除大型場所常見的排長隊現象，提供即時訂購和支付功能，並且對停機時間零容忍。

The app supports bilingual Arabic and English experiences and dynamically handles event-specific menus tied to each guest seating area, so orders are routed directly to the appropriate kitchen. By orchestrating every transaction end-to-end, VTEX enables Etihad Arena to offer a seamless high-performance digital experience for thousands of simultaneous users, setting a new standard for venue-based commerce and marking a strategic milestone in VTEX expansions into the Middle East.

該應用程式支援阿拉伯語和英語雙語體驗，並動態處理與每個客人座位區域相關的特定活動菜單，以便將訂單直接路由到相應的廚房。透過協調每一筆交易的端到端流程，VTEX 使阿提哈德競技場能夠為數千名同時線上用戶提供無縫的高效能數位體驗，為場館商務樹立了新的標準，並標誌著 VTEX 在中東擴張的戰略里程碑。

Itau Shop, the marketplace integrated into the super app of Itau, Latin America's largest private bank, migrated to VTEX in order to power the next stage of its digital commerce growth. The initiative rebuilt the platform end-to-end to support faster expansion, greater reliability, and an even better shopping experience for millions of customers. With stronger and more flexible foundation, Itau Shop can now onboard new sellers more quickly, expand its product assortment with easy and handle seasonal peaks and launch campaigns with confidence and efficiency.

伊塔烏商店（Itau Shop）是拉丁美洲最大的私人銀行伊塔烏銀行超級應用程式中的一個市場，它已遷移到 VTEX，以推動其數位商務成長的下一階段。該計劃對平台進行了端到端的重建，以支援更快的擴展、更高的可靠性，並為數百萬客戶提供更好的購物體驗。憑藉更強大、更靈活的基礎，Itau Shop 現在可以更快地接納新賣家，輕鬆擴展產品種類，並自信高效地應對季節性高峰和開展行銷活動。

Early results already show significant growth in the number of sellers, along with higher click-through and conversion rates and noticeable gains in overall performance. More than a technology refresh, this new chapter gives Itau the agility to introduce new services, loyalty programs and shopping benefits at speed, all while keeping the customer experience at the center and strengthening engagement and long-term loyalty.

初步結果顯示，賣家數量顯著成長，點擊率和轉換率也更高，整體績效也有明顯提升。不僅是技術上的更新，這一新篇章還賦予了伊塔烏公司更大的靈活性，使其能夠快速推出新的服務、忠誠度計劃和購物優惠，同時始終將客戶體驗放在首位，並加強客戶參與度和長期忠誠度。

A leading German home improvement retailer selected VTEX as the backbone for its global commerce strategy to unify channels and accelerate international rollout, operating in Germany and now adding Austria. After consolidating its home market on VTEX composable platform, the customer activated marketplace capabilities integrated 350-plus store accounts under a single control plane and delivered a truly omnichannel journey with rapid options like two-hour pickup.

德國一家領先的家居裝修零售商選擇 VTEX 作為其全球商業策略的支柱，以統一通路並加速國際推廣，該公司在德國開展業務，現在將業務擴展到奧地利。在 VTEX 可組合平台上鞏固了其本土市場之後，客戶啟動的市場功能將 350 多個商店帳戶整合到一個控制平面下，並透過兩小時取貨等快速選項，提供了真正的全通路體驗。

The result is faster time to market, greater developer autonomy and the agility to tailor features by country without disrupting core operations. This streamlined infrastructure and automated business logic equip them to scale efficiently across Europe, enhance customer convenience and innovate continuously, as highlighted by the leadership turning Austria into a blueprint for resilient high-velocity expansion.

這樣一來，產品上市時間更快，開發人員自主性更強，並且能夠根據不同國家/地區靈活調整功能，而不會中斷核心營運。這種精簡的基礎設施和自動化的業務邏輯使他們能夠有效地在歐洲擴展業務，提高客戶的便利性並不斷創新，正如領導層將奧地利打造成具有韌性的高速擴張的藍圖所表明的那樣。

Picpay, one of the largest digital banks, has entered a new phase in its commerce strategy by integrating Picpay Shop, its marketplace into the app to VTEX platform, marking a major milestone in the company's evolution from an affiliate model to a fully integrated commerce ecosystem, previously limited to product showcases that redirected users to external sites. Picpay now allows customers to browse, purchase and complete the transaction entirely within the app, seamlessly positioning the platform as the unique hub where commerce and digital banking converge.

Picpay 是最大的數位銀行之一，它透過將其市場 Picpay Shop 整合到 VTEX 平台的應用程式中，進入了其商業策略的新階段，這標誌著該公司從聯盟模式發展成為完全整合的商業生態系統的一個重要里程碑，此前該公司僅限於將用戶重定向到外部網站的產品展示。Picpay 現在允許客戶在應用程式內瀏覽、購買和完成交易，無縫地將該平台定位為商業和數位銀行整合的獨特中心。

In parallel, Picpay Ads powered by VTEX Ads enables brands and retailers to promote products directly within Picpay Shop, reaching a highly engaged audience at the moment of purchase. Acting as both technology and commercial partner, VTEX Ads integrates product catalog, ad inventory, and performance data while leveraging its network to onboard new advertisers and expand Picpay's monetization ecosystem.

同時，由 VTEX Ads 提供支援的 Picpay Ads 使品牌和零售商能夠直接在 Picpay Shop 內推廣產品，在購買時觸達高度活躍的受眾。VTEX Ads 作為技術和商業合作夥伴，整合了產品目錄、廣告庫存和成效數據，同時利用其網路吸引新廣告商，並擴展 Picpay 的獲利生態系統。

This partnership combines Picpay's scale, financial intelligence, and consumer reach with VTEX Commerce and retail media leadership, creating a powerful new benchmark for convergency between media, payments and commerce in Brazil. Sephora, a global beauty retailer with a strong and loyal customer base, expanded its retail media strategy by becoming a publisher in the VTEX ads network, creating new opportunities for brands to reach highly qualified audience.

此次合作將 Picpay 的規模、金融智慧和消費者覆蓋範圍與 VTEX Commerce 和零售媒體的領導地位相結合，為巴西媒體、支付和商業的融合樹立了強大的新標竿。絲芙蘭是一家擁有強大且忠實客戶群的全球美容零售商，它透過成為 VTEX 廣告網路的發布商，擴展了其零售媒體策略，為品牌接觸高素質受眾創造了新的機會。

Building on its previous retail media experience, Sephora has transitioned seamlessly from its former setup to VTEX Ads, enabling makeup, skin care, fragrance and dermo-cosmetic brands to advertise directly within its digital experience, ensuring visibility across high-impact touch points. With this move, Sephora offers its partners a premium media environment powered by VTEX technology, turning its digital storefront into a performance-driven channel for brands growth and measurable results.

憑藉過去的零售媒體經驗，絲芙蘭已從先前的模式無縫過渡到 VTEX Ads，使彩妝、護膚、香水和皮膚化妝品品牌能夠直接在其數位體驗中投放廣告，確保在高影響力接觸點上獲得曝光。透過此舉，絲芙蘭為其合作夥伴提供由 VTEX 技術驅動的優質媒體環境，將其數位店面轉變為以業績為導向的品牌成長管道，並帶來可衡量的結果。

US Electrical Services, one of the largest electrical distributors in the US is transforming its digital experience with VTEX to better serve customers and meet evolving expectations. With an extensive branch network and a highly diverse product catalog, the company needed a scalable platform capable of delivering seamless, consistent, and personalized interactions across online, mobile and in-branch channels. By adopting VTEX, US Electrical Services unifying its customer experience into a single connected environment, enabling real-time access to accurate product data, faster support and flexible fulfillment option from in-store pickup to delivery.

美國最大的電氣分銷商之一 US Electrical Services 正在透過 VTEX 改變其數位化體驗，以更好地服務客戶並滿足不斷變化的期望。由於擁有廣泛的分行網路和高度多樣化的產品目錄，該公司需要一個可擴展的平台，能夠在線上、行動裝置和分行管道提供無縫、一致和個性化的互動。透過採用 VTEX，美國電氣服務公司將客戶體驗統一到一個互聯的環境中，從而能夠即時存取準確的產品數據，獲得更快的支持，並實現從店內取貨到送貨上門的靈活履行選項。

This integrated approach creates a smoother, more intuitive buying journey that builds trust, strengthens loyalty and drives repeat business, while VTEX flexibility allows the company to continuously introduce new services and stay agile in a rapidly changed marketplace. As the business continues to grow, VTEX will support them in delivering higher-quality engagements and value-added solutions, ensuring company remains customer-centric, competitive, and future-ready.

這種整合方法創造了更流暢、更直觀的購買體驗，從而建立信任、增強忠誠度並推動回頭客業務，同時 VTEX 的靈活性使公司能夠不斷推出新服務，並在快速變化的市場中保持敏捷。隨著業務的不斷發展，VTEX 將支持他們提供更高品質的合作和增值解決方案，確保公司保持以客戶為中心、具有競爭力並為未來做好準備。

Before handing it over to Ricardo, I want to extend my appreciation to the 1,234 VTEXers across our global offices whose work is essential in shaping the future of commerce. I also want to thank customers, partners, and investors whose trust and partnership continue to inspire us and propel our journey forward.

在將發言權交給里卡多之前，我想向我們全球辦事處的 1234 位 VTEX 員工表示感謝，他們的工作對於塑造商業的未來至關重要。我還要感謝客戶、合作夥伴和投資者，他們的信任和合作不斷激勵我們，推動我們前進。

With that, I'll hand the call over to Ricardo.

這樣，我就把電話交給里卡多了。

Thank you, Geraldo. Hi, everyone. I'm pleased to share with you VTEX's financial results. In Q3 2025, GMV reached $5.0 billion, up 13% in US dollars and 12% FX neutral. Subscription revenue was $58.4 million versus $53.9 million in Q3 2024, an increase of 8% in US dollars and 7% FX neutral. Given our Q2 performance, we had already adjusted expectations for Argentina. The country faced additional challenges in Q3, so performance was worse than expected with no signs of short-term recovery amid weak consumer sentiment.

謝謝你，傑拉爾多。大家好。我很高興與大家分享VTEX的財務表現。2025 年第三季度，GMV 達到 50 億美元，以美元計算成長 13%，以匯率中立計算成長 12%。訂閱收入為 5,840 萬美元，而 2024 年第三季為 5,390 萬美元，以美元計算成長 8%，以匯率中立計算成長 7%。鑑於我們第二季的業績，我們已經調整了對阿根廷市場的預期。第三季該國面臨更多挑戰，因此業績比預期更差，在消費者信心疲軟的情況下，短期內沒有復甦跡象。

Moving north, Brazil performed in line with expectations, showing a modest deceleration of a couple of percentage points quarter over quarter. Within this context, in Q3, our non-GAAP subscription gross margin reached 80%, underscoring the success of the efficiency initiatives we've been highlighting over the past several quarters, particularly the continued deployment of AI-powered automation and customer support.

往北看，巴西的表現符合預期，季增率略微放緩了幾個百分點。在此背景下，第三季我們的非GAAP訂閱毛利率達到80%，凸顯了我們在過去幾季中一直強調的效率提升措施的成功，特別是人工智慧驅動的自動化和客戶支援的持續部署。

These initiatives are consistently delivering structural gains in customer support productivity and cost reduction, reinforcing the last durability of our margin improvement and the scalability of our business model. Our total gross margin, including services, reached 77.5%, an expansion of 270 basis points year over year. This continued improvement reflects not only the steady gains in subscription gross margin, but also the ongoing shift of services in our revenue mix as our global ecosystem of partners increasingly takes the lead in complex implementation projects.

這些措施持續為客戶支援效率和成本降低帶來結構性效益，鞏固了我們利潤率提升的持久性和我們業務模式的可擴展性。我們的總毛利率（包括服務業）達到 77.5%，較去年同期成長 270 個基點。這項持續改善不僅反映了訂閱毛利率的穩定成長，也反映了隨著我們的全球合作夥伴生態系統在複雜的實施項目中日益發揮主導作用，我們收入結構中服務部分的不斷轉變。

Our expense management continues to reflect our discipline and alignment with long-term growth priorities. Total non-GAAP operating expenses in the third quarter were $36.7 million, up 7% year over year and down 1% quarter over quarter, even though LatAm currency depreciation drove most of our expenses up in US dollars terms. We delivered savings in S&M and G&A, and we chose to reinvest through R&D in innovation, product development, and AI capabilities that strengthen our competitive position. In other words, while optimizing margins, we are building a more efficient engine for sustainable profitable growth.

我們的費用管理繼續體現了我們的嚴謹作風，並與長期成長重點保持一致。第三季非GAAP營運總支出為3,670萬美元，年增7%，季減1%，儘管拉丁美洲貨幣貶值導致我們大部分支出以美元計價上升。我們在銷售和行銷以及一般和管理費用方面節省了開支，並選擇透過研發將資金再投資於創新、產品開發和人工智慧能力，從而增強我們的競爭地位。換句話說，在優化利潤率的同時，我們正在建立一個更有效率的引擎，以實現可持續的獲利成長。

As a result, our non-GAAP income from operations reached $9.5 million, up from $7.6 million in Q3 2024, a 25% growth in US dollars. This also represented a non-GAAP operating margin of 16%, an improvement of 230 basis points year over year. In short, our operational discipline continues to translate into stronger margins and a more profitable growth trajectory.

因此，我們的非GAAP營業收入達到950萬美元，高於2024年第三季的760萬美元，以美元計成長了25%。這也意味著非GAAP營業利潤率為16%，比去年同期提高了230個基點。簡而言之，我們嚴謹的營運管理持續轉化為更高的利潤率和更有利可圖的成長軌跡。

Non-GAAP net income was $10.6 million in Q3 2025, up 41% year over year. This earnings step-up reflects structural profitability driven by operating leverage and efficiency gains and reinforces the sustainability of our model. These continued profitability gains keep showing up in our cash generation, which remained strong once again this quarter. Free cash flow for the quarter was $7.5 million, reaching a free cash flow margin of 13%. Our capital allocation strategy remains grounded in disciplined long-term value creation and efficient use of our strong financial position.

2025 年第三季非 GAAP 淨收入為 1,060 萬美元，年增 41%。此次獲利成長反映了由經營槓桿和效率提升所驅動的結構性獲利能力，並強化了我們模式的可持續性。這些持續的獲利成長不斷體現在我們的現金流上，本季現金流再次保持強勁。本季自由現金流為 750 萬美元，自由現金流利潤率為 13%。我們的資本配置策略仍然以嚴謹的長期價值創造和有效利用我們強大的財務實力為基礎。

We ended the quarter with approximately $200 million in cash, representing about 25% of our market capitalization. With a business that consistently generates positive free cash flow, we have the flexibility to fund innovation, pursue strategic growth opportunities and return capital to shareholders.

本季末，我們持有約 2 億美元現金，約占我們市值的 25%。由於公司持續產生正的自由現金流，我們能夠靈活地為創新提供資金，追求策略成長機會，並向股東返還資本。

Our priority remains organic growth, particularly through continued investment in becoming a multiproduct AI-driven platform, as Geraldo highlighted earlier. This may be complemented by selective M&A focused on accelerating capabilities that can scale across our customer base, such as the Newtail acquisition in Retail Media and Weni in AI-powered aftersales support.

正如 Geraldo 先前所強調的那樣，我們的首要任務仍然是實現有機成長，特別是透過持續投資，成為一個多產品人工智慧驅動的平台。此外，還可以透過選擇性地進行併購來加速提升能夠擴展到我們客戶群的能力，例如收購零售媒體領域的 Newtail 和收購人工智慧售後支援領域的 Weni。

We continue to allocate capital with the same rigor that defines our operating model, investing where returns are measurable, risk-adjusted and accretive to shareholder value. We also maintain a disciplined and opportunistic approach to share repurchases. As of September 30, we repurchased almost $100 million of shares across four programs. Under the $40 million authorization approved in July 2025, we repurchased 4.5 million shares in Q3 at an average price of $4.14 per share, a total of $18.8 million.

我們將繼續秉持與我們的營運模式相同的嚴格原則來配置資本，投資於回報可衡量、經風險調整且能增加股東價值的領域。我們也秉持著嚴謹而審慎的股票回購策略。截至9月30日，我們透過四個項目回購了近1億美元的股票。根據 2025 年 7 月批准的 4,000 萬美元授權，我們在第三季以每股 4.14 美元的平均價格回購了 450 萬股股票，總計 1,880 萬美元。

As we look ahead to the fourth quarter, our focus remains on disciplined execution amid a persistently complex macro environment. In Latin America, we expect the headwinds seen in prior quarters to continue. In Argentina, consumption may remain weak and highly volatile, while in Brazil, elevated interest rates are likely to keep pressuring demand and extending enterprise decision cycles.

展望第四季度，我們將繼續專注於在持續複雜的宏觀環境下保持嚴謹的執行力。在拉丁美洲，我們預計前幾季出現的不利因素將持續存在。在阿根廷，消費可能依然疲軟且波動較大；而在巴西，高利率可能會繼續抑制需求並延長企業決策週期。

While top-of-funnel activity is softer than last year, our win rates remain stable and the quality of late-stage opportunities continue to reinforce our confidence in the long-term relevance of our platform. In this environment, we are using the current cycle to deepen our focus on four core strategic priorities: scaling in the US and Europe, expanding B2B in our retail media products, and accelerating the AI transformation of our products and processes.

雖然漏斗頂端的活動比去年有所減弱，但我們的成交率保持穩定，後期機會的品質也繼續增強了我們對平台長期相關性的信心。在當前環境下，我們正利用當前的周期，進一步聚焦於四個核心策略重點：擴大在美國和歐洲的規模，拓展零售媒體產品的 B2B 業務，以及加速產品和流程的 AI 轉型。

Supported by strong cash generation and expanding margins, these priorities position us to create sustainable long-term value even amid short-term volatility. With that in mind, for the fourth-quarter 2025, we are targeting FX-neutral year-over-year subscription revenue growth of 5% to 10%, implying $65.8 million to $68.8 million. Additionally, we are targeting for the fourth quarter a non-GAAP income from operations margin in the mid-20s and a free cash flow margin in the high teens range.

憑藉強勁的現金流和不斷擴大的利潤率，這些優先事項使我們能夠在短期波動中創造可持續的長期價值。考慮到這一點，我們預計 2025 年第四季訂閱營收將年增 5% 至 10%（按匯率不變），即 6,580 萬美元至 6,880 萬美元。此外，我們預期第四季非GAAP營業利潤率將達到20%左右，自由現金流利潤率將達到10%以上。

For the full-year 2025, we are targeting FX-neutral year-over-year subscription revenue growth of 9.3% to 10.7%, implying a range of $234 million to $237 million based on October's average FX rates. We remain confident in our ability to reaccelerate our growth over the coming quarters and years through our commercial expansion into the US and Europe and our product innovation in B2B, retail media and AI-powered solutions.

對於 2025 年全年，我們的目標是按匯率不變計算，訂閱收入年增 9.3% 至 10.7%，根據 10 月份的平均匯率計算，這意味著收入範圍為 2.34 億美元至 2.37 億美元。我們仍然有信心在未來幾季和幾年內，透過在美國和歐洲的商業擴張以及在 B2B、零售媒體和人工智慧解決方案領域的產品創新，重新加速成長。

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

那麼，現在就讓我們開始提問吧。謝謝。

(Operator Instructions)

（操作說明）

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

I have two. The first, I wanted to explore a bit the sequential increase in R&D expenditures. At the same time, I think the number of employees declined around 49 employees. So just wanted to get a bit more color on what you're doing, if you hire more people or not and why did employees decline? Just want to connect these two things.

我有兩個。首先，我想探討研發支出逐年成長的情況。同時，我認為員工人數減少了約 49 人。所以我想更詳細地了解你們的做法，例如是否會招募更多人，以及員工拒絕的原因？我只是想把這兩件事連結起來。

And the second thing -- second question is, could you discuss qualitatively how your churn is trending? Has the weakness in the market -- in the LatAm market also reflected in a somewhat higher client disconnection? Or is it more linked to GMV and maybe a longer cycle to close new deals?

第二件事－第二個問題是，您能否定性地討論一下您的顧客流失趨勢？拉丁美洲市場的疲軟是否也反映在顧客斷線率略高的問題上？或者，這與 GMV 更相關，以及達成新交易可能需要更長的週期？

Marcelo, this is Geraldo. I'll talk a little bit about the R&D investment. So we are continuing to invest heavily in R&D because we see this as a powerful moment for the company -- for the whole world actually, one where technology and especially AI is redefining the entire commerce landscape. In 2026, we expect our R&D investment to continue to increase, reflecting our conviction that now is the time to build the VTEX platform of the future.

馬塞洛，這位是傑拉爾多。我來簡單談談研發投入方面的狀況。因此，我們將繼續大力投資研發，因為我們認為這對公司來說是一個令人興奮的時刻——實際上對全世界來說也是如此，科技，尤其是人工智慧，正在重新定義整個商業格局。預計到 2026 年，我們的研發投入將持續增加，這反映出我們堅信現在是建置未來 VTEX 平台的最佳時機。

Our priorities are clear and centered on four strategic pillars: AI transformation, the biggest one, B2B commerce that will grow us outside of LatAm and inside of LatAm, retail media that will make our customers viable and profitable and will give a lot of revenue to us as well. And we will also strengthen our commerce -- core commerce foundation formed by AI.

我們的優先事項很明確，主要圍繞著四大戰​​略支柱：人工智慧轉型（這是最重要的），B2B 商務（這將使我們在拉丁美洲以外和拉丁美洲內部發展壯大），零售媒體（這將使我們的客戶能夠盈利，並為我們帶來大量收入）。我們也將加強我們的商業——由人工智慧構成的核心商業基礎。

First, the AI transformation is at the center of everything we're doing. We're rethinking both how we build software and what software we build. That means that evolving from static admin tools to a fully AI-driven workspace powered by autonomous agents that automate commerce workflows from onboarding products to launching promotions or optimizing searching and pricing. So this is how we will become the AI native backbone for connected commerce.

首先，人工智慧轉型是我們一切工作的核心。我們正在重新思考我們如何建立軟體以及我們建立什麼樣的軟體。這意味著從靜態管理工具發展到完全由人工智慧驅動的工作空間，由自主代理提供支持，這些代理可以自動執行從產品上線到推出促銷活動或優化搜尋和定價等商業工作流程。這就是我們將如何成為互聯商務的人工智慧原生骨幹力量的方式。

Second, B2B is an investment that we are accelerating, which we see as a massive global opportunity. We're developing a comprehensive B2B platform, including AI-assisted sales interfaces that connect buyers and reps in a single digital experience.

其次，我們正在加速投資 B2B 領域，我們認為這是一個巨大的全球機會。我們正在開發一個全面的 B2B 平台，其中包括人工智慧輔助銷售介面，該介面可在單一的數位體驗中連接買家和銷售代表。

Third, retail media is becoming an increasingly strategic part of our road map. We're helping retailers monetize their traffic and data by creating one of the largest retail media networks in Latin America, combining on-site, off-site, off-line media with AI powering personalization, recommendations and attribution.

第三，零售媒體正成為我們發展藍圖中越來越重要的策略組成部分。我們正在幫助零售商透過創建拉丁美洲最大的零售媒體網路之一，將站內、站外、線下媒體與人工智慧結合，實現個人化、推薦和歸因，從而實現流量和數據的貨幣化。

And finally, we continue to strengthen our core commerce and omnichannel platform, advancing in areas like semantic search, product recommendations, delivery promise, physical store integrations to make the overall experience more intelligent and connected.

最後，我們將持續加強核心商務和全通路平台，在語意搜尋、產品推薦、交付承諾、實體店整合等領域取得進展，使整體體驗更加智慧和互聯。

Across all this, the common thread is AI, not as a buzzword, but as an enabler for efficiency, growth and differentiation. We're investing to lead this transition just as we did when we became a cloud-native company a decade ago. So in short, our R&D focus is about building the next generation of VTEX, one that is AI native, outcome-driven and ready to power the future of global commerce. So you're going to see us going -- continue investing in R&D, Marcelo.

貫穿這一切的共同點是人工智慧，它不是一個流行詞，而是提高效率、促進成長和實現差異化的工具。我們正在加大投資，引領這項轉型，就像十年前我們成為雲端原生公司一樣。簡而言之，我們的研發重點是打造下一代 VTEX，它具有人工智慧原生特性，以結果為導向，並準備好為全球商業的未來提供動力。所以你會看到我們繼續加大研發投入，馬塞洛。

On the churn, the churn -- no, the churn is stable. It's not -- what we're seeing is less momentum in sales, and we can elaborate this more if the other audience wants to.

關於攪動，攪動－－不，攪動是穩定的。並非如此——我們看到的是銷售動能減弱，如果其他聽眾想了解更多，我們可以進一步闡述。

Marcelo, I can elaborate a little bit more on the sales. And on churn, as Geraldo said -- it's Mariano here. So on churn, as Geraldo said, is stable. We are seeing more in the Tier 3, but the overall number of the company stays the same, not a point of attention here.

馬塞洛，我可以再詳細說說銷售情況。正如 Geraldo 所說，說到攪動——這裡是 Mariano。所以，正如傑拉爾多所說，人員流動情況是穩定的。我們看到三級企業數量增加，但公司總數保持不變，這不是我們關注的重點。

In demand, we can elaborate a little bit more. The demand environment remained mixed, soft in Latin America, but resilient in US and EMEA. In Brazil and across Latin America, high interest rates are lowering the consumer spending and continue to weight on activity. So we are seeing sales cycles are longer and overall bookings remain below last year record levels.

如有需要，我們可以再詳細解釋一下。需求環境依然喜憂參半，拉丁美洲疲軟，但美國及歐洲、中東及非洲地區則表現堅挺。在巴西和整個拉丁美洲，高利率正在降低消費者支出，並持續對經濟活動構成壓力。因此，我們看到銷售週期延長，整體預訂量仍低於去年的歷史最高水準。

That said, we are not losing deals to competitors. Decisions are simply taking more time and sometimes being postponed. Importantly, our customers remain engaged and retention is strong, and we help them to navigate this very, very challenged macro backdrop.

也就是說，我們並沒有因為競爭對手而失去生意。決策需要更多時間，有時甚至會被延後。重要的是，我們的客戶保持著高度參與度，客戶留存率也很高，我們幫助他們應對當前充滿挑戰的宏觀環境。

At the same time, we are gaining share through new growth levers. B2B solution adoption in the region is picking up. And also our retail media platform and our AI support platform offering is helping retailers to monetize and make more margin. Their initiatives reinforce customer economics and deep longer-term relationship between VTEX and our customers.

同時，我們正在透過新的成長槓桿來擴大市場份額。該地區的B2B解決方案採用率正在上升。此外，我們的零售媒體平台和人工智慧支援平台產品也在幫助零售商實現盈利並獲得更高的利潤。他們的措施加強了客戶經濟效益，並鞏固了VTEX與客戶之間更深入的長期合作關係。

Outside Latin America, demand remains resilient. The US and EMEA continue to grow roughly twice as fast as the company overall, driven by our focused go-to-market strategy and the migration of large enterprises from outdate and high-cost legacy platforms. Roughly half of our new deals in the US and EMEA are now B2B, validating both our position and product strategy.

除拉丁美洲以外，其他地區的需求依然強勁。受我們專注的市場進入策略以及大型企業從過時且成本高昂的傳統平台遷移的推動，美國和歐洲、中東及非洲地區的成長速度大約是公司整體的兩倍。我們在美國和歐洲、中東及非洲地區的新交易中，大約有一半是 B2B 交易，這驗證了我們的地位和產品策略。

Competitively, our position remains strong. Our comprehensive product offers a unique advantage, B2C and B2B in a single platform. Against legacy providers, we win on modernization and cost efficiency. Against the market-moving competitors, we win on depth, composability and high-touch enterprise service. Our public company's credibility and consistent execution are helping us to secure large strategic deals with global brands.

從競爭力來看，我們的地位依然穩固。我們的綜合產品具有獨特的優勢，在一個平台上即可實現 B2C 和 B2B 業務。與傳統供應商相比，我們在現代化和成本效益方面更勝一籌。面對那些引領市場的競爭對手，我們憑藉著深度、可組合性和高觸感的企業服務贏得勝利。我們這家上市公司的信譽和始終如一的執行力幫助我們與全球品牌達成了大型策略交易。

So while in the macro environment in Latin America is still a headwind, pretty uncertain, our sales momentum and competitiveness remains solid. We see attractive opportunities in our global expansion, the B2B solutions use case customers, the retail media and the Agentic commerce. The foundations are intact. Our pipeline is healthy, and we are confident that we're building the right base for reacceleration as continues improve.

儘管拉丁美洲的宏觀環境仍面臨不利因素，而且相當不確定，但我們的銷售動能和競爭力仍然穩固。我們看到了全球擴張、B2B 解決方案用例客戶、零售媒體和 Agentic 商務領域的巨大機會。地基完好無損。我們的產品線運作良好，我們有信心隨著持續改進，我們正在為重新加速發展奠定正確的基礎。

Maria Clara Infantozzi, Itau.

瑪麗亞·克拉拉·因凡托齊，伊塔烏。

The first one is related to Argentina. Now that the elections are behind us and you're seeing more signs of macro stabilization, does this change anything on your outlook for the region? Can you comment briefly on how you perceive things evolving there, please?

第一個與阿根廷有關。現在選舉已經結束，宏觀經濟也出現了更多穩定跡象，這是否會改變您對該地區的看法？您能否簡要談談您對那裡事態發展的看法？

And the second question, more structural and qualitative one. If you could please develop on how you see AI investments leveraging the way you monetize your clients going forward?

第二個問題，更著重於結構和質性方面。您能否詳細說明您如何看待人工智慧投資在未來如何利用您現有的客戶獲利模式？

Okay. I'm going to take the first one about Argentina. So Argentina continues to be a tough market, the toughest we operate in. The macroeconomic environment remains extremely challenging with a very high interest rates. close to 50% nominal against a roughly 25% inflation. So it's a pretty tough environment. Credit systems are largely paralyzed.

好的。我選第一篇關於阿根廷的。所以阿根廷市場依然很艱難，是我們經營過的最艱難的市場。宏觀經濟環境仍極為嚴峻，利率居高不下，名目利率接近50%，通貨膨脹率約25%。所以，這裡的環境相當艱苦。信貸體系基本癱瘓。

In Argentina, retailers effectively operate as banks. The Tier 1 retailers operate as banks. And what's breaking today is not retail itself, but the banking capacity to fund inventory and the financing of consumption, the famous quotas in Argentina, right? So that's mainly what's driving the weakness we are seeing in GMV and ultimately in revenue. After the sharp reversal we saw early in the year, Q3 underperformed our expectations.

在阿根廷，零售商實際上扮演著銀行的角色。一級零售商以銀行的形式運作。如今出現問題的不是零售業本身，而是銀行為庫存和消費提供資金的能力，也就是阿根廷著名的配額制度，對吧？所以，這主要是導致我們看到GMV疲軟以及最終收入下滑的原因。繼年初的急劇逆轉之後，第三季業績低於我們的預期。

And while we recent elections -- the recent elections were received positively by the market, on the ground, consumption haven't improved yet. Visibility remains limited. So we continue to model Argentina with very cautious for the rest of the year.

雖然最近的選舉——最近的選舉受到了市場的積極響應——但實際上，消費還沒有改善。能見度仍然有限​​。因此，我們將繼續對阿根廷的經濟狀況保持非常謹慎的態度，直到年底。

We are staying very close to our customers there. Our teams are on the ground having tough conversations with them on a weekly basis. What is clear is that the issue isn't lack of will. it's credit. The entire system runs on financing and without access to affordable credit consumption simply stalls. In the end, for better for the worse, we don't provide financing ourselves. We need to rely on our ecosystem and the macro to do so.

我們與當地客戶保持著非常緊密的聯繫。我們的團隊每週都會深入當地，與他們進行艱難的對話。顯而易見，問題不在於缺乏意願，而在於信用。整個系統依靠融資運轉，如果無法獲得負擔得起的信貸，消費就會停滯不前。最終，無論好壞，我們自己都不提供融資。我們需要依靠我們的生態系統和宏觀環境來實現這一目標。

In parallel, we're helping customers protecting their margin and strengthen their competitiveness. We are showing them how AI can cut operational costs. For example, our AI customer support platform can automate call centers and save a lot of money. We can save up to 1% of the revenue or more also in monetizing their traffic through retail media. So it's us delivering on the ground operational efficiency for them and preparing them to the bounce back of the market.

同時，我們也在幫助客戶保護利潤空間，增強競爭力。我們正在向他們展示人工智慧如何降低營運成本。例如，我們的人工智慧客戶支援平台可以實現呼叫中心自動化，從而節省大量資金。我們還可以透過零售媒體將他們的流量變現，從而節省高達 1% 甚至更多的收入。所以，我們是在為他們提供實際的營運效率，並幫助他們為市場的反彈做好準備。

One interesting point here is what we are seeing an entire new set of players like Chinese brand appearing, popping up in all Latin America. In Brazil, we've already secured some of those relationships, brands like Midea, and we are working to replicate that success in Argentina as well. So overall, while Argentina remains as a headwind for us, it's also a market where we understand really deep. We close -- we are really close to our customers and help them to go through this moment. We are positioning ourselves and themselves to capture the upside when the conditions finally stabilize.

這裡一個有趣的現像是，我們看到像中國品牌這樣的全新玩家群正在拉丁美洲各地湧現。在巴西，我們已經與美的等品牌建立了部分合作關係，我們正在努力將這種成功複製到阿根廷。所以總的來說，雖然阿根廷仍然是我們的一大阻力，但我們對這個市場也了解得非常透徹。我們關門了——我們與客戶關係非常密切，並幫助他們度過這個時刻。我們正在為自己和他們做好準備，以便在情況最終穩定下來時抓住上漲機會。

Thank you, Mariano. And Maria I will take this AI question about the monetization. So monetization is a matter of product positioning and also we need to benchmark with the competition. So monetization is kind of a separate topic that we don't like couple exactly with the AI. AI for us is much bigger than a source of monetization, although it can create some new services that we eventually can monetize through our company.

謝謝你，馬裡亞諾。瑪麗亞，我會回答你關於人工智慧獲利的問題。因此，獲利模式取決於產品定位，同時我們也需要與競爭對手進行對標。所以，獲利模式是一個獨立的話題，我們不喜歡把它和人工智慧直接連結起來。對我們來說，人工智慧遠不止是一個獲利來源，儘管它可以創造一些我們最終可以透過公司來獲利的新服務。

So AI for us is not just a technology or monetization tool, but it's like a once in a-decade transformation. Similar to the move to the cloud more than 10 years ago. Back then, rebuilding our platform natively for the cloud allow us to leapfrog incumbents and become the e-commerce leader in Latin America. Today, we're approaching AI with the same urgency, ambition and clarity. AI is reshaping enterprise software and especially the commerce value chain. So we believe that it will strengthen decentralized brand-owned channels where VTEX is structurally advantaged.

所以對我們來說，人工智慧不僅僅是一項技術或獲利工具，它更像是一場十年一遇的變革。這與十多年前遷移到雲端的情況類似。當時，我們對平台進行原生雲端重建，使我們能夠超越現有企業，成為拉丁美洲的電子商務領導者。今天，我們以同樣的緊迫感、雄心和清晰的目標來對待人工智慧。人工智慧正在重塑企業軟體，尤其是商業價值鏈。因此，我們相信這將加強去中心化的品牌自有管道，而VTEX在這類管道中具有結構性優勢。

Unlike marketplace aggregators, we power first-party channels, helping brands own the transactions, the data and the customer relationship. This new -- as new Agentic model emerged, routing demand back to this proprietary channel, VTEX becomes even more essential as the orchestration layers that connect price, promotion, fulfillment, loyalty, and services across all digital touch points. So we have a product road map that reflects this conviction.

與市場聚合商不同，我們為第一方管道提供支持，幫助品牌掌控交易、數據和客戶關係。隨著新的代理模式出現，需求被路由回這個專有管道，VTEX 變得更加重要，因為它是連接所有數位接觸點的價格、促銷、履行、忠誠度和服務等環節的協調層。因此，我們制定了體現這一理念的產品路線圖。

We're building autonomous agents and AI copilots that automate key commerce workflows from onboarding products and launching promotions to analyzing data and managing logistics. These agents integrate natively into our ecosystem to accelerate time to value, improve outcomes and free users to focus on strategy.

我們正在建立自主代理和人工智慧副駕駛，以實現關鍵商業工作流程的自動化，從產品上架和促銷活動啟動到數據分析和管理物流。這些代理程式可以原生整合到我們的生態系統中，從而加快價值實現速度，改善結果，並讓使用者專注於策略。

So key things that we are doing just to illustrate. So we're doing the data insights agents for performance diagnostic and action. We're doing a visual editor agent for storefront updates. We're doing book import agents. We're doing developer assisted agents. So we're doing a lot of things. And we're developing what we call the AI workspace, which is our next-generation admin experience designed to make commerce operations outcome-driven, proactive and personalized.

所以，我們做一些關鍵的事情只是為了說明問題。所以我們正在開發用於性能診斷和行動的數據洞察代理。我們正在開發一個用於店鋪頁面更新的可視化編輯器代理程式。我們是圖書進口代理商。我們正在開發開發者輔助型代理程式。所以我們正在做很多事情。我們正在開發我們稱為 AI 工作空間的功能，這是我們的下一代管理體驗，旨在使商業營運以結果為導向、積極主動且個性化。

Over time, this will transform how merchants work, reduce cost, improve conversion and lower time to market. What makes all this possible is our multi-tenant architecture, which gives us access to R&D purposes for R&D -- access for R&D purposes with customer concept to billions of commerce data points across hundreds of enterprises. This allow us to train and fine-tune models, specifically for commerce, something few others can do at our scale.

隨著時間的推移，這將改變商家的運作方式，降低成本，提高轉換率，並縮短產品上市時間。這一切之所以成為可能，是因為我們的多租戶架構，它使我們能夠出於研發目的，以客戶概念為導向，存取數百家企業的數十億個商業數據點。這使我們能夠專門針對商業領域訓練和微調模型，這是很少有人能以我們這樣的規模做到的。

Finally, we're also embedding AI deeply into our own operations, improving productivity, speeding up implementation and reducing cost to serve. This addresses Marcelo's question as well, Marcelo, because when you asked about the headcount that it's going down, it's going down because we are evolving our processes to incorporate AI into our internal processes.

最後，我們也將人工智慧深度融入我們自身的營運中，從而提高生產力、加快實施速度並降低服務成本。這也回答了馬塞洛的問題，馬塞洛，因為你問到員工人數正在減少，這是因為我們正在改進流程，將人工智慧融入我們的內部流程中。

So this is not just a product evolution on our monetization tool, we're going through a full company transformation here. So just as we became a cloud-native commerce leader like 10 years ago, we're now building VTEX to be the AI native backbone for connected commerce, which is outcome-driven, intelligent, and designed to help brands to sell more, spend less and operate smarter. So that's -- the AI is just like cloud for us, like we were born into the cloud revolution, we will be reborn into the AI revolution.

所以這不僅僅是我們獲利工具的產品升級，我們正在經歷一場全面的公司轉型。就像 10 年前我們成為雲端原生商務領導者一樣，我們現在正在建立 VTEX，使其成為互聯商務的 AI 原生骨幹，以結果為導向，智慧化，旨在幫助品牌銷售更多產品，支出更少，運作更智慧。所以，人工智慧對我們來說就像雲端運算一樣，我們生於雲端運算革命，也將重生於人工智慧革命。

Vitor Tomita, Goldman Sachs.

Vitor Tomita，高盛集團。

Since the topic is already addressed, I would like to ask a few questions more about the free cash flow side specifically. Looking at what nine months results and your Q4 guidance implied for the full year, am I correct in understanding that you remain confident on the prior expectation of high-teens margin in income from operations, but have become a bit more conservative on the free cash flow side where you were anticipating high-teens margin as well?

既然這個問題已經討論過了，我想具體問幾個關於自由現金流的問題。從前九個月的業績和您對第四季度全年業績的預測來看，我的理解是否正確：您仍然對之前預期的營業收入利潤率達到兩位數以上充滿信心，但在自由現金流方面則變得更加保守，您之前也預期自由現金流利潤率能達到兩位數以上？

And my second question also related to this, how are your initiatives related to working capital optimization or other cash flow drivers progressing, if there were any surprises on that area this quarter? And if we should especially, for example, expect CapEx to remain a bit higher than usual in Q4.

我的第二個問題也與此相關，你們在營運資本優化或其他現金流驅動因素方面的措施進展如何？本季這方面是否有任何意外狀況？例如，我們尤其應該預期第四季資本支出將略高於平常。

Ricardo here. So on the free cash flow, I'll take the opportunity to take a step back and talk about the Q4 guidance and 2025 guidance more broadly, and I'll go into the profitability metrics as well.

我是里卡多。因此，關於自由現金流，我將藉此機會回顧第四季度業績指引和 2025 年業績指引，並深入探討獲利能力指標。

So for Q4, our guidance reflects a balanced and realistic view. Although subscription revenue in October grew faster than in Q3, we continue to see persistent GMV volatility. For example, the Cyber Monday event in Argentina, which started this week was softer than expected. So given this volatility and the uncertainty around the holiday season GMV performance, we are providing a wider range for our Q4 guidance.

因此，對於第四季度，我們的指引反映了一種平衡而現實的看法。儘管 10 月的訂閱收入成長速度比第三季更快，但我們仍然看到 GMV 持續波動。例如，本週開始的阿根廷「網路星期一」促銷活動表現不如預期。鑑於這種波動性和假日季GMV表現的不確定性，我們將第四季業績指引的範圍擴大。

When we look forward, we remain confident in our ability to reaccelerate our growth over the coming quarters and years. Our key levers to do that, as we mentioned in the earnings call prepared remarks, is the commercial expansion into the US and Europe and our product innovation in B2B, retail media and AI-powered solutions. For instance, each one of these four levers is currently running above double-digit growth rate and with a long runway ahead.

展望未來，我們仍然有信心在未來幾季和幾年內重新加速成長。正如我們在財報電話會議的準備演講稿中提到的，我們實現這一目標的關鍵槓桿是向美國和歐洲拓展商業業務，以及我們在 B2B、零售媒體和人工智慧解決方案領域的產品創新。例如，這四個槓桿中的每一個目前都以兩位數以上的成長率運行，並且還有很長的發展空間。

Now on profitability and free cash flow, we expect another solid quarter with non-GAAP operating margin in the mid-20s and free cash flow margin in the high teens. That reflects both the natural seasonality of Q4 and the structural efficiencies we built through the AI-powered support automation on the cost side as well as continued discipline on G&A and S&M on the expense side.

現在來看獲利能力和自由現金流，我們預期本季將維持穩健成長，非GAAP營業利潤率將達到20%左右，自由現金流利潤率將達到10%以上。這不僅反映了第四季度的自然季節性，也反映了我們透過人工智慧驅動的支援自動化在成本方面建立的結構效率，以及在費用方面對一般及行政費用和銷售及行銷費用的持續嚴格控制。

Now on free cash flow, as we discussed in prior earnings calls, our model is structurally front-loaded, meaning for the fixed fee portion of our contracts, we typically bill customers upfront when new contracts are signed. And as a result, cash flow can fluctuate depending on the pace and timing of new bookings, especially with decision-making cycles elongating in Latin America, even while our competitive position and win rates remain stable.

關於自由現金流，正如我們在先前的財報電話會議中討論的那樣，我們的模式是結構性前期投入的，這意味著對於合約中的固定費用部分，我們通常會在簽訂新合約時預先向客戶收取費用。因此，現金流會隨著新訂單的速度和時間而波動，尤其是在拉丁美洲，決策週期不斷延長，即使我們的競爭地位和中標率保持穩定。

So if you look at the full year for free cash flow, we are more in the high end of mid-teens than in the high teens for the full year, but we are in the high teens for the quarter. And for the non-GAAP EBIT, we are in mid-20s and still in the high teens -- mid-20s for the quarter and still in the high teens for the year. So overall, despite a challenging environment, we remain focused on reaccelerating our growth rate while continuing to advance on our profitability metrics. And we see attractive opportunities ahead in the US and Europe in B2B, ads and AI, and we are executing behind them.

因此，如果從全年自由現金流來看，我們全年自由現金流更接近15%的中高水平，而不是10%的高水平，但季度自由現金流則達到了10%的高水平。至於非GAAP EBIT，我們目前處於20%左右，本季仍處於10%左右，全年仍處於10%左右。因此，整體而言，儘管面臨挑戰，我們仍專注於重新加快成長速度，同時持續提升獲利指標。我們看到美國和歐洲在 B2B、廣告和人工智慧領域存在著誘人的機會，我們正在積極掌握這些機會。

And I think the second question was related to working capital, so I can cover this one as well. Working capital in this quarter reflected the market environment. So although we manage collections well, reducing our receivables, the longer decision-making cycles in Latin America impacted our deferred revenue line.

我認為第二個問題與營運資金有關，所以我也可以回答這個問題。本季營運資本反映了市場環境。因此，儘管我們收款管理良好，減少了應收帳款，但拉丁美洲較長的決策週期影響了我們的遞延收入。

So this is normal timing effect, no structural change given our upfront annual billing model. So working capital can fluctuate with timing and booking pace. So we continue to manage with discipline, balancing customer support and cash efficiency, and we expect conversion to improve as conditions stabilize and new bookings also stabilize.

所以這只是正常的時序影響，鑑於我們採用的是預付年度帳單模式，因此不存在結構性變化。因此，營運資金會隨著時間和訂單速度的變化而波動。因此，我們繼續以嚴謹的態度進行管理，平衡客戶支援和現金效率，我們預計隨著市場環境和新訂單量的穩定，轉換率將會提高。

Cesar Davanco, Santander.

Cesar Davanco，桑坦德銀行。

I have one here regarding Brazil. [Les] mentioned that the total GMV FX-neutral growth in Brazil was in low 20s, but that you had a mix shift towards new and large enterprise, which, of course, lowered the implied take rate. What you can comment about these numbers for the third quarter and what you have been expecting this to evolve towards the fourth quarter and so on?

我這裡有一個關於巴西的問題。 [Les]提到，巴西的GMV總成長率（以外匯中性計算）在20%左右，但其結構向新興企業和大型企業傾斜，這當然降低了隱含的成交率。您如何評價第三季的這些數據？您預計這些數據在第四季及以後會如何變化？

Yeah. Happy to take the question, specifically on Brazil. So as I mentioned on the prepared remarks of the call, Brazil performed largely in line with expectations. Q3 unfolded largely in line with expectations, right? If you look at the number, we came slightly below the midpoint of the guidance in FX neutral and slightly above the midpoint in US dollars terms.

是的。樂意回答這個問題，特別是關於巴西的問題。正如我在通話準備的發言稿中提到的，巴西的表現基本上符合預期。第三季的發展基本上符合預期，對吧？從數字上看，以外匯中性匯率計算，我們的實際結果略低於指導值的中點；以美元計算，我們的實際結果略高於指導值的中點。

And Argentina performance was weaker than expected with no tangible signs of short-term recovery and Brazil was largely aligned with expectations and with a modest deceleration of a couple of percentage points quarter over quarter. So we were in the low 20s last quarter. This quarter, we were in the high teens. And all other countries were mostly aligned with expectations. So I think that covers it.

阿根廷的表現弱於預期，沒有出現短期復甦的明顯跡象；巴西的表現基本上符合預期，環比略微放緩了幾個百分點。所以上個季度我們的業績在20%左右。本季度，我們的業績在十幾個百分點。其他所有國家的情況也基本符​​合預期。我想應該就這些了。

If we look at Q4 for Brazil, we continue to see a high interest rate environment. So we would expect Brazil to be stable to slightly decelerating Q4 versus Q3.

如果我們看一下巴西第四季的情況，我們會發現利率環境依然很高。因此，我們預計巴西經濟第四季將保持穩定或略微放緩，與第三季相比有所下降。

Lucca Brendim, Bank of America.

盧卡·布倫丁，美國銀行。

I disconnected for a little bit. So I'm sorry if any of those have already been answered. So first, if you could give us an update on the US operations, if everything is still on track or if there have been any delays with the larger customers that you're expecting at the start of the year?

我斷開連接了一會兒。如果這些問題之前已經有人解答過，我深感抱歉。首先，能否請您介紹美國業務的最新進展？一切是否仍在按計劃進行？或者，您預計年初會有大客戶到貨，但目前是否有任何延誤？

And then second, for the past few months, we have seen Nelly and Shopee announcing the launch of several official stores for some enterprise customers. Have you seen this having any impact on your operations? Have you seen GMV migrating for some of those official stores or something that has not impacted your operations?

其次，在過去的幾個月裡，我們看到 Nelly 和 Shopee 宣佈為一些企業客戶推出幾家官方商店。您認為這會對您的營運產生任何影響嗎？您是否注意到某些官方商店的GMV發生了遷移，或者發生了其他一些沒有影響您營運的情況？

Okay. So we continue to see -- I'm going to answer -- Mariano here. I'm going to answer first the US and EMEA momentum, and then I will comment on the marketplaces. We continue to see a strong traction in the US and EMEA.

好的。所以我們繼續看到——我將回答——馬裡亞諾在這裡。我先回答美國和歐洲、中東及非洲地區的市場發展勢頭，然後再評論市場狀況。我們持續看到美國和歐洲、中東及非洲地區的強勁成長動能。

In the US, our go-to-market strategy is pretty focused and clearly paying off. We are executing a well-defined playbook targeting large enterprise, especially those migrating from legacy B2B platforms. This segment represent our largest growth opportunity in US and EMEA, and it is providing to be the right bet. Our competitive differentiation is resonating. We combine the sophistication needed to replace complex legacy systems with the agility and composability to modern enterprise that -- to execute. Today, roughly half of our deals in US and EMEA are B2B, underscoring how our strategy to lead the enterprise commerce is taking shape.

在美國，我們的市場推廣策略非常明確，而且顯然取得了成效。我們正在執行一套針對大型企業的完善策略，特別是那些從傳統 B2B 平台遷移過來的企業。這一領域代表了我們在美國和歐洲、中東及非洲地區最大的成長機會，事實證明這是一個正確的選擇。我們的差異化競爭優勢正在產生共鳴。我們將取代複雜遺留系統所需的複雜性與現代企業所需的敏捷性和可組合性相結合，從而實現高效執行。如今，我們在美國和歐洲、中東及非洲地區的交易中，大約有一半是 B2B 交易，這凸顯了我們引領企業商務的策略正在逐步成形。

We are also making encouraging progress on both the commercial and execution fronts. We continue to advance the multibillion-dollar enterprise migration in the US, which remain a major validation milestone for our capabilities. Global CIOs and CTOs are choosing VTEX for its comprehensive functionalities. Recent wins such as KitchenAid e-commerce launch and the expansion of a US electrical service with two new stores highlight both new logo wins and deeper adoption with existing customers.

我們在商業和執行方面也取得了令人鼓舞的進展。我們繼續推進美國數十億美元的企業遷移項目，這仍然是對我們能力的重大驗證。全球資訊長和技術長選擇 VTEX 是因為它功能全面。近期的成功，例如 KitchenAid 電子商務的推出以及美國一家電器服務公司開設兩家新店，都突顯了新品牌的贏得以及現有客戶更深入的接受度。

In EMEA, progress remains steady. This quarter, a leader DIY operation expand cross country and opened Austria as a new go-to live. Another client that we can quote is Etihad Arena that opened and went live in United Arab Emirates, reinforcing our scalability across diverse regions and business models. So overall, our global pipeline is robust and contract momentum continues to build. While we've made meaningful progress, we are still in the early stage of what we believe is a long run ahead.

在歐洲、中東和非洲地區，進展維持穩定。本季度，一家領先的 DIY 營運公司將業務拓展至全國，並在奧地利開設了新的首選居住地。我們還可以舉出另一個客戶的例子，那就是阿聯酋的阿提哈德體育場，它已開業並投入使用，這進一步鞏固了我們在不同地區和商業模式中的可擴展性。整體而言，我們的全球業務儲備充足，合約簽訂動能持續增強。雖然我們已經取得了實質進展，但我們仍處於我們認為漫長旅程的早期階段。

Our position as a complete and composable enterprise solution and to have both B2B and B2C solution in a single commerce platform is resonating, and it is resonating in US and EMEA. So we are seeing increasingly competing capabilities and winning markets once we're dominated by these legacy players. This is about the Europe and US market.

我們作為完整且可組合的企業解決方案，在一個商業平台上同時提供 B2B 和 B2C 解決方案，這種定位引起了共鳴，尤其是在美國和歐洲、中東和非洲地區。因此，我們看到，一旦這些傳統企業佔據主導地位，競爭力就會日益增強，市場也將隨之改變。這是關於歐洲和美國市場的情況。

And now you asked about the marketplace in LatAm, right? You mentioned specifically Shopee. So we see marketplaces as a defining forces in digital commerce, but not as an existential threat. Brands and retailers will continue to value owning their customer relationships. Marketplaces operate under a vertical model.

現在你問的是拉丁美洲的市場狀況，對吧？你特別提到了Shopee。因此，我們認為市場是數位商務的決定性力量，但並非生存威脅。品牌和零售商將繼續重視維護與客戶的關係。市場平台採用垂直模式運作。

They -- the merchant of record, they control the data, the logistics, the consumer relationship. And they ask a pretty high stake, 10% to 20% of GMV to operate. So while this gives a customer kind of convenience, but actually it weakens the brand equity over time. For brands that use VTEX, marketplaces are one of the channels we support. So the marketplace is thriving actually drives also volume for VTEX as well. So it's a balance.

他們——作為登記在冊的商家，控制數據、物流和消費者關係。而且他們的營運分成比例相當高，為 GMV 的 10% 到 20%。所以，雖然這給顧客帶來了一定的便利，但實際上隨著時間的推移，它會削弱品牌價值。對於使用 VTEX 的品牌而言，電商平台是我們支援的管道之一。因此，市場的繁榮實際上也帶動了VTEX的銷售。所以這是一種平衡。

As more companies join the marketplace race diluting the power of one or two marketplaces, actually, it is good for platforms that orchestrate their operations in the backbone. And this is our motto, right, the backbone for connected commerce. So as more operators in marketplace join Latin America, more VTEX strength their position as the backbone for the brands that operate in Latin America.

隨著越來越多的公司加入市場競爭，削弱了一兩個市場的實力，實際上，這對那些在主幹網路中協調營運的平台來說是件好事。這就是我們的座右銘，對吧？互聯商業的基石。隨著越來越多的營運商進入拉丁美洲市場，VTEX 作為在拉丁美洲運營的品牌的支柱的地位也日益鞏固。

Most of our electronics and home appliance brands in Brazil rely on VTEX as the core platform supporting their marketplace channels. On the other hand, VTEX is also power proprietary brand owner channels, the organic channels, as we call, first-party apps, first-party stores, direct-to-consumer experience where brands own the transaction, the margin and the relationship.

我們在巴西的大多數電子產品和家用電器品牌都依賴 VTEX 作為其市場管道的核心平台。另一方面，VTEX 也為自有品牌所有者管道、有機管道（我們稱之為第一方應用程式、第一方商店、直接面向消費者的體驗）提供支持，在這些管道中，品牌擁有交易、利潤和關係。

And make no mistake, there is not -- the organic go-to-market D2C is not going away. The D2C and marketplace will coexist. In fact, we believe new technologies such as AI and agentic commerce will rebalance the ecosystem in favor of those proprietary channels.

毫無疑問，有機市場 D2C 模式不會消失。D2C模式和電商平台將並存。事實上，我們相信人工智慧和智慧商務等新技術將重新平衡生態系統，使其有利於這些專有管道。

We are also seeing the rise of new aggregators that, in fact, are thin layers directly traffic and leads back to the brands instead of capturing the full transaction as the marketplace do. I'm talking about the new tools on AI. That creates a more open ecosystem and makes platforms like VTEX even more valuable as the backbone that orchestrates those transactions in between those channels. I believe this is our point of view on marketplaces.

我們也看到新的聚合器正在興起，實際上，它們只是將流量和線索直接引導回品牌，而不是像市場那樣捕捉完整的交易。我指的是人工智慧領域的新工具。這創造了一個更開放的生態系統，並使 VTEX 等平台作為協調這些管道之間交易的骨幹網路而變得更有價值。我認為這就是我們對市場的看法。

Maddie Schrage, KeyBanc Capital Markets.

Maddie Schrage，KeyBanc 資本市場。

I was just wondering, where does B2B sit in terms of your new logo pipeline today? And maybe what unique features is getting you guys to win those deals?

我只是想知道，在你們目前的新logo設計流程中，B2B業務處於什麼位置？你們究竟有哪些獨特優勢才能贏得這些訂單？

I can take. Could you repeat the question, please?

我可以接受。請您重複問題好嗎？

Yeah. I was saying in your new logo pipeline, how much of those would be B2B customers versus a B2C customer? And then what's helping you guys build those deals?

是的。我之前問過，在你們的新 logo 設計流程中，B2B 客戶和 B2C 客戶的比例分別是多少？那麼，是什麼幫助你們達成這些交易呢？

Yeah. Most of all, I believe the B2B is -- the B2B offering and the solution that we offer in the same platform. So it's the same product commerce platform that we offer B2C and B2B. And that's resonating as a comprehensive solution when companies want to migrate from their legacy systems to the new platform, they are now choosing for the platform that provides the most comprehensive solution where they can explore multiple channels. So this is our main differentiator.

是的。最重要的是，我認為 B2B 指的是我們在同一平台上提供的 B2B 產品和解決方案。所以，我們為 B2C 和 B2B 提供的都是同一個產品電商平台。而當企業想要從舊系統遷移到新平台時，這個全面的解決方案引起了他們的共鳴。他們現在選擇的平台能夠提供最全面的解決方案，讓他們可以探索多個管道。這就是我們的主要區別所在。

We don't disclaim on overall pipeline, how much is the B2B. What we are disclaiming is that on the United States and EMEA, B2B roughly represents 50% of the deals that we are landing, including a multi-billion operation that we are migrating from legacy systems. So as we established, we only disclaim new clients when they go live, and I invite you to wait for the quarters to come where we can disclaim more on the customers that we are putting live on B2B in those regions.

我們不會對整體業務流程做出免責聲明，B2B業務的規模究竟有多大？我們要聲明的是，在美國和歐洲、中東及非洲地區，B2B 業務約占我們達成交易的 50%，其中包括我們正在從傳統系統遷移的數十億美元業務。正如我們之前所宣布的，我們只在新客戶正式上線時才取消他們的服務，我邀請您耐心等待接下來的幾個季度，屆時我們將對這些地區即將上線的 B2B 客戶取消更多服務。

Perfect. And then my second question for you is you guys obviously called out the customer support line utilizing AI to cut costs. I'm wondering how much costs are left to be taken out of that line item or if there's other areas that you guys think you'll implement AI to replace heads?

完美的。那麼我的第二個問題是，你們顯然批評了客服專線利用人工智慧來降低成本。我想知道從這項成本中還有多少可以削減的空間，或者你們是否計劃在其他領域應用人工智慧來取代人手？

Thanks, Maddie. Happy to start on this one, and I want Ricardo feel free to chime in as well. So on the customer support, we started this in Q4 of last year, and we rolled it out over time, and we continue to do so. Most of the savings have been captured. We still could capture additional savings. But for very large Tier 1 customers, they still expect some level of personal engagement, not just through AI.

謝謝你，麥迪。很高興能開始這項工作，也歡迎 Ricardo 隨時發表意見。在客戶支援方面，我們從去年第四季開始，逐步推廣，並且我們將繼續這樣做。大部分節省的費用已經實現。我們仍然可以節省更多成本。但對於規模非常大的一級客戶而言，他們仍然希望獲得一定程度的個人化互動，而不僅僅是透過人工智慧。

And there is also complex support problems that usually a person needs to get involved and not fully AI. So there could be additional savings, but they need to go through these true challenges, let's say. But most of the savings have been captured at this moment from what we see.

此外，還有一些複雜的支援問題，通常需要人工介入，而不是完全由人工智慧解決。所以可能會有額外的節省，但他們需要經歷這些真正的挑戰。但就目前來看，大部分節省的費用已經節省下來了。

Yeah. And I would like -- just adding up here, the focus now is to increase quality and how to orchestrate multiple agents to keep our support level in the high as we are really recognized in the market as one of the best companies that provide customer support. This is a Gartner recognition. So we want to keep in the high level of support recognition with a very efficient layer of operations. So this is the goal is now that we reached the efficiency, now is to really focus on the quality.

是的。我想補充一點，現在的重點是提高質量，以及如何協調多個代理，以保持我們的支援水平高水平，因為我們在市場上被公認為提供客戶支援的最佳公司之一。這是 Gartner 的認可。所以我們希望在維持高水準支持認可的同時，擁有非常有效率的營運層。所以，既然我們已經達到了效率目標，現在的目標是真正專注於品質。

Perfect. On R&D, I should add that, yes, as I said before, like we are working very hard on not only on what to build, what software should look like after the AI revolution, but on how we should build software after the AI revolution. And we, like everybody else, think that this should be much more efficient building software informed by the AI revolution. But our choice, at least right now, is to leverage this gain of efficiency to have more throughput, not less expenses. So that's where we're going with our R&D.

完美的。關於研發，我應該補充一點，是的，正如我之前所說，我們不僅在努力研究要開發什麼，人工智慧革命後軟體應該是什麼樣子，而且還在努力研究人工智慧革命後我們應該如何開發軟體。我們和其他人一樣認為，利用人工智慧革命來建立軟體應該會更有效率。但至少目前來看，我們的選擇是利用效率的提高來增加產量，而不是減少支出。這就是我們研發的方向。

We -- our customers, they need and they claim for a very comprehensive platform. There's always a lot of things that they ask us and we cannot do because of the lack of throughput and now we hope that we're expecting that this revolution will help us a lot to serve them even better.

我們－我們的客戶，他們需要並要求一個非常全面的平台。他們總是提出很多要求，但由於產能不足，我們無法做到。現在我們希望這場變革能幫助我們更好地為他們服務。

Gustavo Farias, UBS.

Gustavo Farias，瑞銀集團。

I've got two. So the first one on B2B, and of course, if you can disclose that, how does the LatAm B2B momentum compared to US and Europe if those new B2B contracts are usually from existing or new clients?

我有兩個。首先是關於 B2B 的問題，當然，如果您可以透露的話，如果這些新的 B2B 合約通常來自現有客戶或新客戶，那麼拉丁美洲的 B2B 成長勢頭與美國和歐洲相比如何？

And the second one, maybe a follow-up on Mariano's answer to an AI question that was the previous question. I was wondering the role of VTEX in this new agentic commerce. And I'm specifically talking about the new OpenAI commerce protocol. So if you could provide any color on the challenges as well as the opportunities you see coming from this new way of commerce -- of doing commerce, it would be very helpful.

第二個問題，或許是 Mariano 回答上一個人工智慧問題的後續。我想知道VTEX在這種新型代理商商業模式中扮演什麼角色。我指的是 OpenAI 的新商務協議。所以，如果您能就這種新的商業模式所帶來的挑戰和機會提供一些見解，那將非常有幫助。

Okay. Let's see the B2B progress. So our B2B solution is based in the same commerce platform product that we do have. And that's a big strength of our operation. We allow customers to operate multiple channels in a very, very lean way. So our product is -- the B2B solution is the most exciting and strategic growth drivers for VTEX today.

好的。讓我們看看B2B領域的進展。因此，我們的 B2B 解決方案是基於我們現有的相同電商平台產品。這是我們營運的一大優勢。我們允許客戶以非常精簡的方式經營多個管道。因此，我們的產品——B2B解決方案——是VTEX目前最令人興奮且最具策略性的成長驅動力。

It enables brands already using VTEX for their B2C channels to increase their operations to the B2B or B2B2C operators, to distributors, service networks and all with the same platform. This is a natural extension of our value proposition and opens a market opportunity roughly the same size as the B2C market. We are starting to crack the B2B market in LatAm. That's a little bit behind of what we are seeing in US and EMEA. In US and EMEA, we are disclaiming that roughly 50% of our pipeline is coming from B2B solutions.

它使已經使用 VTEX 進行 B2C 通路經營的品牌能夠透過同一個平台將其業務擴展到 B2B 或 B2B2C 營運商、經銷商、服務網路等。這是我們價值主張的自然延伸，並開啟了一個與 B2C 市場規模大致相同的市場機會。我們正開始打入拉丁美洲的B2B市場。這比我們在美國和歐洲、中東及非洲地區看到的情況略有落後。在美國和歐洲、中東及非洲地區，我們聲明，大約 50% 的業務管道來自 B2B 解決方案。

Globally, B2B is becoming a major differentiator for VTEX. Complex migrations like multibillion-dollar US enterprise are moving away from legacy systems to VTEX. The value proposition is clear. Many, many enterprises are still on the 20 years old system costly rigid not built for AI era. And VTEX helps them to cut 3% to 5% of GMV in operating costs while gaining speed and innovation capacity.

在全球範圍內，B2B 正成為 VTEX 的一項重要差異化優勢。像數十億美元的美國企業這樣的複雜遷移項目正在從傳統系統轉向 VTEX。其價值主張明確。許多企業仍然在使用20年前的昂貴、僵化且不適合人工智慧時代的系統。VTEX 幫助他們降低 3% 至 5% 的營運成本（GMV），同時提高速度和創新能力。

So our B2B solution is AI native with agents that simplify catalog management, automating onboarding, accelerating, implementing scale, orchestrating orders through multiple channels. It is still early, but the momentum is notable. We see B2B as a transformational opportunity that can significantly accelerate growth, strengthen our global footprint and effectively double our addressable market over time.

因此，我們的 B2B 解決方案是 AI 原生的，其代理商可以簡化目錄管理、自動化客戶匯入、加速、實現規模化，並透過多個管道協調訂單。現在下結論還為時過早，但勢頭十分明顯。我們認為 B2B 是一個變革性的機遇，可以顯著加速成長，加強我們的全球影響力，並隨著時間的推移有效地使我們的目標市場翻一番。

Gerald, do you want to?

傑拉爾德，你願意嗎？

Yes. Yes, yes. So about the agentic commerce and the rise of the potential new aggregator, right, OpenAI or ChatGPT. So we see the rise of agentic commerce and OpenAI in general as a major opportunity to our customers and hence, to us because in our view, it represents the next evolution of digital commerce, and it actually seems to strengthen the model VTEX was built for.

是的。是的，是的。那麼，關於代理商業和潛在的新聚合器（例如 OpenAI 或 ChatGPT）的崛起呢？因此，我們認為智慧商務和 OpenAI 的興起對我們的客戶來說是一個重大機遇，對我們而言也是如此，因為在我們看來，它代表了數位商務的下一個發展階段，而且它似乎也加強了 VTEX 所建構的模式。

OpenAI approach looks more like Google and Meta acting as an aggregator --aggregation layers that direct leads and traffic back to brands and retailers rather than like Amazon, Mercado Libre, which own the full transaction and the opt-in of the customer -- of the consumer. That's critical because it reinforces the importance of proprietary, brand-owned channels where VTEX is structurally advantaged.

OpenAI 的方法看起來更像是 Google 和 Meta 扮演聚合器的角色——聚合層將潛在客戶和流量引導回品牌和零售商，而不是像 Amazon 和 Mercado Libre 那樣擁有完整的交易和客戶的選擇加入權——即消費者。這一點至關重要，因為它強化了自有品牌管道的重要性，而 VTEX 在這些管道中具有結構性優勢。

Our goal is clear. We're the backbone for connected commerce, the one that powers those channels. So we provide everything that happens after that. AI agents send the customers to the brand from pricing and catalog management, checkout, fulfillment services, loyalty, you mentioned. So even if AI becomes the new front door, the new aggregator that will expand in the next phase of e-commerce, VTEX will remain the operating system that runs everything behind it.

我們的目標很明確。我們是互聯商務的支柱，也是這些通路的動力來源。所以我們會提供之後發生的一切。如你所提到的，人工智慧代理商會將顧客引導至品牌方，涵蓋定價和目錄管理、結帳、履行服務、會員忠誠度等各個環節。因此，即使人工智慧成為新的門戶，成為電子商務下一階段將擴展的新聚合器，VTEX 仍將是運行背後一切的作業系統。

So we are already preparing for this future. We're building AI agents and integrations that connect directly to new protocols like that one that you mentioned, just as we did in the past with marketplaces, social commerce, and other sales channels. And because our platform is multi-tenant and data rich, we have this unique advantage in training commerce-specific models that can predict, personalize and optimize at scale.

所以我們已經在為未來做準備了。我們正在建立人工智慧代理和集成，以便直接連接到您提到的那種新協議，就像我們過去與市場、社交電商和其他銷售管道所做的那樣。由於我們的平台是多租戶且資料豐富，因此我們在訓練能夠大規模預測、個人化和優化的商業專用模型方面具有獨特的優勢。

So we see agent commerce as a catalyst, one that makes VTEX even more relevant. It plays to our strength, aligned perfectly with our vision of being the AI native backbone for connected commerce and expands the ecosystem where our customers can win and where we can win with them. So it's -- we're very excited with this new channel.

因此，我們認為代理商商業是一種催化劑，它使 VTEX 更具相關性。它發揮了我們的優勢，與我們成為互聯商務的 AI 原生支柱的願景完美契合，並擴展了我們的客戶可以共贏、我們也可以與他們共贏的生態系統。所以——我們對這個新頻道感到非常興奮。

And that does conclude our Q&A session today. So 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。現在我將把電話交還給傑拉爾多·托馬茲，請他作總結發言。杰拉爾多？

Thank you for the great questions. As we look ahead, our conviction remains strong. VTEX is operating from a position of strength, a differentiated, scalable product architecture, a focused and experienced team and a strong balance sheet. We're confident in our ability to navigate short-term uncertainty while delivering long-term value through innovation, execution and disciplined growth.

感謝你們提出的好問題。展望未來，我們的信念依然堅定。VTEX 擁有雄厚的實力、差異化、可擴展的產品架構、專注且經驗豐富的團隊以及強勁的資產負債表。我們有信心應對短期不確定性，並透過創新、執行和穩健成長創造長期價值。

We remain focused on what we can control united by a clear vision. VTEX has proven its resilience not only by delivering consistent margin expansion and strong cash generation, but also by staying deeply committed to the long-term levers that will shape the next era of enterprise commerce.

我們始終專注於我們能夠掌控的事情，並團結一致，朝著清晰的願景前進。VTEX 不僅透過持續擴大利潤率和強勁的現金流證明了自身的韌性，而且還透過堅定地致力於塑造企業商務下一個時代的長期槓桿作用，證明了自身的韌性。

We're making tangible progress on those levers from our expanding international footprint where the US and Europe represent an enormous opportunity to the ramp-up of new revenue streams like retail media and B2B and ongoing transformation shift as our transition to an AI-driven company. We believe that AI and agentic commerce are rewriting the rules of enterprise software. And at VTEX, we're not watching it happen.

從不斷擴大的國際業務版圖（美國和歐洲市場蘊藏著巨大的機會），到零售媒體和 B2B 等新收入來源的快速成長，以及向人工智慧驅動型公司轉型過程中持續的轉型，我們正在利用這些槓桿取得實際進展。我們相信人工智慧和智慧商務正在改寫企業軟體的規則。而我們VTEX公司，並沒有坐視這種情況發生。

We're actively designing our platform, our organization and our future in the light of this paradigm. With a multi-tenant architecture, outcome-based model and a massive aggregated data set, we are uniquely positioned to lead in this next chapter.

我們正積極地根據這個範式來設計我們的平台、我們的組織和我們的未來。憑藉多租戶架構、基於結果的模型和龐大的聚合資料集，我們擁有獨特的優勢，能夠引領下一個篇章。

We're building a platform that not only powers commerce but increasingly executes. And we're doing it in a way that drives measurable outcomes for our customers and enduring value for our shareholders. We have the strategy, we have the technology, and we have the team. The opportunity ahead of us is exciting, and we are here to seize it.

我們正在建立一個平台，它不僅為商業提供動力，而且越來越多地承擔執行任務。而我們這樣做是為了為客戶帶來可衡量的成果，並為股東創造持久的價值。我們有策略，我們有技術，我們有團隊。擺在我們面前的機會令人振奮，我們來到這裡就是要抓住它。

Thank you for your continued trust and partnership. We look forward to sharing the next milestones of our journey in the quarter to come. Have a great rest of the day. You might now disconnect.

感謝您一直以來的信任與合作。我們期待在接下來的季度與大家分享我們旅程中的下一個里程碑。祝您今天餘下的時間過得愉快。您現在可以斷開連線了。