VTEX - Earnings call 3 2023

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Julia Fernandez

Hello, everyone, and welcome to the VTEX Earnings Conference Call for the quarter ended September 30, 2023. I'm Julia Vater Fernandez, Investor Relations Director for VTEX.

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

Additionally, Mariano Gomide de Faria, Founder and Co-CEO; and Andre Spolidoro, Chief Strategy Officer, will be available during today's Q&A session.I would like to remind you that management may make forward-looking statements relating to such matters as continued growth prospects for the company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events.

on our the and are current to undue that in are cautioned believe place of statements. view available reliance we assumptions, projections expectations reasonable not While forward-looking these information, you risks the sections VTEX December U.S. Statement XX, uncertainties and year other and for of described Risk Form under Certain Factors and VTEX Forward-Looking XXXX, the XX-F ended are filings within course which website.Finally, you Exchange Commission, non-GAAP are this the I that like and our some Relations available call, Securities Investor conference remind would to during discuss we of call on might measures. to A to reconciliation press of nearest Geraldo. website.Now let measures those our Relations XXXX Investor measures can in be earnings third me our quarter the found turn over GAAP call on available release comparable the floor the is yours. Geraldo,

Geraldo do Carmo Thomaz

for achieved that another VTEX growth XX% new call. customers of third and Julia. XXXX quarter you, our go-lives of We conference delivered in and announce stores. the driven everyone, the Welcome, existing the results. I'm a Thank to successful strong resilience joining our of pleased by same-store year-over-year sales GMV of thanks quarter earnings

points. On before, to it to times, robust a I'd the the of uncertainty ongoing into later, our Ricardo the stabilization and ramp-up X performance.Turning also mentioned like financial continue contributes the to periods to which, delve see briefly we're environment, as latter, implementation the to as will macroeconomic despite pleased in our highlight results,

projection, reaching our million revenue year-over-year. a we've First, growth quarter surpassed $XX.X this and XX%

is testament our becoming and and Efficiency the operating to X in commerce. our before cash scalability basis, is growth our bringing closer achieved quarter clear the DNA, income a our breakeven of This and expectation. of us we amplifying targets results for free on our backbone power team. non-GAAP and Second, from ingrained focus our flow a

leverage.Now let's profit model Additionally, migrated Naldo uncertain go Brazil, we Beautycounter Ren-Wil under several QX, that steady in Aiwa, operational held platforms. updates. and and operational our resiliency and macro, in accelerating business demonstrating we some year-over-year in Piel a expenses and in Gabrica, the In XX% our and Mexico delivered Pierce added growth customers gross other while in growth new BXB Argentina, Farma Eurosuper PicPay Manufacturing including Mattelsa Precolandia and from and in Colombia, Canada, Food CoopiDrogas, Vianney U.S. Chile, ICB BXB in into

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Ricardo Sodre

you. pleased I'm of X expectations results everyone. share positive free QX financial our XXXX, performance X ahead with months Hi, was consistently flow of cash VTEX the to surpassing in schedule. In Geraldo. you, strong, Thank resulting quarter and XXXX

GMV an XX% $XX.X with and QX dollars on Our million QX revenue grew dollars XX% in and growth or year-over-year on U.S. U.S. basis. an XX% XX% basis, in FX-neutral FX-neutral by reaching

XX.X% year-over-year largely XX% million new our the margin mainly go-lives.In XXX to project QX year-over-year XXXX, faster-than-expected subscription QX our costs $XX.X XXXX, expectations resilient at to while customer remain our dollars, solid commitment The growth $XX.X margin million, hit reflects revenue increase and rose continued services from with compared optimizing existing resulted margin last and architecture. $X.X increase profit with exceeded million $X.X in implementations. in customers $XX.X our million, a subscription QX gross Non-GAAP increase to XXXX. million XX.X% The new In in a due gross XX.X% customers QX margin subscription and climbed year-over-year and revenue from hosting U.S. increase. marking XXXX, XX% to Our quarter efficiency to towards bps success. from our

last are our rose to that XXXX. year-over-year progress as in at hosting compared [ remain about QX QX to XXXX our as expenses in XXXX, $XX.X of total improved XX% in demonstrating operating business uncertain also customers positive Therefore, commitment in XX% X million for hypercare in was overall non-GAAP back $XX.X XX.X% in million, ] an steady income achievement to further the our XX.X% XXXX, and and mode efficient under the new gross from a profit achieved the dialing QX We XXXX, expenses towards increase while and future.Now U.S. a in margin This we margin quarter with conditions.In QX improvement In than operating services revenues by dedicated driven compared improvements accelerating excited XX% QX earlier our delivering expected. significantly I million quarter the and just our we to remaining quarter margin our QX Europe. to improvements previous the $XX.X stood started quarter. percentage expense management gross macro a non-GAAP mentioned on from at our XX% our non-GAAP XXXX, in

quarter operating to and negative basis. driven quarter non-GAAP trends margin These XXXX margin revenue ending the and stable efficiencies X cost XXXX, improvement we VTEX non-GAAP are for dedication QX demand flow corresponding performance total reported quarter the is the free in a sales and X.X% our year-over-year demonstrating that was year. operating percentage XX, to the underscore and commitment September million The significant on by the improvement months on expenses million. reached points year. our sustaining on actually the increase negative flow percentage gross positive market This revenue while aligned a compared subscription financial X.X of cash margin last operating delighted a profitable $X.X announce margin growth, same to XX quarter-over-quarter previous growth Furthermore, achieved a expenses efficiency, Our strengthening to from significant income XX.X% high of a slightly non-GAAP with $X.X growth.We as a in previous our saw improvements, points of year-over-year. increased positive free solid cash exclusively

and I positive drove QX Our XXXX, operating fiscal and year repurchase move you outlook our for collection income improvements non-GAAP and program. our cash flow the payables result.Before in to primarily free update I on share this would like efforts to

total $XX.X million current August As on to price million. repurchased the volatility, an of concluded look we we X.X We've that Regardless an with metrics. to per consistently authorization nearly the long-term average million per X.X of XX, expectations XXXX, thrilled previous under about $X.XX VTEX amounted of conditions has share. and average inherent their resilience. remaining the price a market of million.As the total and remarkable strong cost shares the share market was surpassed $X.XX Considering adaptability are balance VTEX's September performance at delivering shares plan XXXX, and shares future, of while X, $XX.X purchased

middle currently XX% quarter targeting a growth fourth $XX.X we the year-over-year million implying the basis million For on revenue of range, of FX-neutral $XX.X an to the in in XXXX, the range. of are

we devaluation increasing targeting XX% FX the and the the full of October bottom of $XXX company, top rate $XXX on average of the fourth based income currency in the quarter our total in now proposition on value year XX% year to distinctive million a continue the the basis, million ownership strong to to full hold the centered considering year-over-year commerce anticipate reducing range the trend For confidence their of performance with and our Argentina's between a and non-GAAP implying we XXXX, growth market year-over-year the XXXX. are we margin range, improvements rates.As assuming current neutral cost profitable FX customers of empowering the sustainable achieve executing We in plans, simplifying their profitability future infrastructure. on growth aligned by VTEX's and operating

Our innovative of innovative to aspire profitability outstanding omnichannel offering customers, us work success and commitment our building to cases towards The customers that, for pursue.With open provide to seizing investors. partners opportunities customers, stores up to long-term the prospects the is continue to for long-lasting value experience let's centerpiece are growth physical employees, that incorporating our exciting rapid filled Thank and our eager we questions and as success ensure dedicated it you. with to.We'll with solutions now. the position future

Operator

JPMorgan. [Operator with Instructions] Our line will the come from Marcelo Santos first question of

Marcelo Santos

I have X.

is the comment, you as low now? dynamics a to was see that, of one the is What's original posted wanted say, be do I beat reported let's question So least print, it more a lowest the and could So second have you first the is about what guidance? negative margin VTEX led as Why surprise The that to some from. you service was where is services? the countries were margin. listed And there? it company, the, so history came you positive just that on comment the surprise the ever that if change in at glad. would if we in way could main a company. there the negative, but And more It

Ricardo Sodre

question. Great questions. Marcelo, the thanks for

one. Ricardo here. this take I'll So Sodre

be versus were to attributed ACVs overperformance significant previous factors the the both and ACV customers robust that additions performance multiple coming the in quarters. signed on with new signs QX playing our in guidance, a new can of growth, go-live So from XXXX,

you global observe stabilization we U.S. and outperforming board. slightly in trend market we well base the which continue QX.And a QX. to the overall expectations the sales, in performed for country on the our Also the positive across and growth Brazil teens robust internal to above to results. sale impact continue customer same-store a regards also specific, as outperforming pretty we on our the and cycle, of performance the And our in saw see had we existing continue a see Europe asked, latter, company. promising On to the implementation in level,

more an breakdown we on know, you basis. As provide geographic the detailed numbers on annual

regular position geographic on of we QX more looking details we And delivering sales cycle publish implementation the forward, Nevertheless, on scenario we in of uncertain promising sales second potential cycle And macro have.On we that our and new project impact and prepared question customers. the quarter, the in the to same-store growth in trajectory when So customers confident can in implementation focused And evolving modes. sustainable acknowledge as services stabilization, mode trends hypercare pipeline mentioned gradually with the our we strong, enabling [ on remains existing on U.S. a an X gross for give the breakdown. growth the and the of ] and for new customers. for are next more remarks, competitive are projects are the value we we favorable pretty in Europe customers. for our ongoing sales margin,

closely And to long the these as cases.And the margin over more we a that So of few see also QX, deliberate we decision BXC experience of U.S. with our in customers. actively decision Europe you support as new impact expansion go-live high-quality short the of able well. relevant of ensuring in customers that, term. time, have And that was hypercare better integration just beautycounter.com. reputational believe with and regions medium a of of in to to see the result we had in the we customers going new these go-live move, term, encouraged into implementation onboarding flagship to gross come company, gross successful new us advancing our an into as in. these margin strong with that Pierce was go-lives were ensure commercial to their relationships Oshkosh that going a BXB this we're this new demonstration guide next also customers, in and we the At as the to but to commerce in we in is to geos of and the after a recap, can this to can strategic the vision quarters relevant Beautycounter, go-lives. signed position we the services of our and create the call hypercare, ] how services committed mode Manufacturing, improvement And of And [ pipeline the our

Now margin gross we improving. relevant all implementation still natural out, our have is to the business. gross under some and looking global margin continue volatility we services customers expect But in further

Marcelo Santos

Perfect.

Operator

question with will next Our come KeyBanc from the Capital line Schrage of Maddie Markets.

Madison Schrage

if wondering to you the if could top of was even if if seeing funnel. November. talk base? far price what between about in bit I it you're when on or what a you're XQ you guys we've could any sensitivity merchants you comment terms so comes customer seeing that guys comment you're wondering of and secondly, seasonal And on October seen could in seeing spend I'm And

Mariano Gomide de Faria

here. Mariano

course, a retailers tough On are the the retailers over is now bringing tell solutions. for more rate high And all that price, a of for efficient can environment the I interest all you the world. the looking

as So be but this custom opportunity. compose very when we a they also wanted. they platform, complete customers allowing positioning composable and as lean need to when it, see be and fast and VTEX an

a something So opportunity huge and as commerce discussion of a mood, TCO it we this now bringing as not of as table in in platform for the terms see is, of well. but we us was a price, the see that the

Sodre second, the answer. I invite On to will

Ricardo Sodre

Mariano. to, Happy Yes.

it, Black how so sales macro in seeing of the we continue the to bit there November which out in Last over with event So the the around visibility holiday see instead year, currently season. to week. makes observed And and or season Maddie, holiday season regarding holiday the concentrating is conflicting we challenging typical a it into seasonality information a we're have clear all shift uncertainty spreading Friday environment, expectations. regarding

side, discounts offer we the sales remains significant eager on uncertain sales. to and afford can make approaching So cautiously. to buying.And to be to committing seem which be they to to predictions they margins it boost discounts sacrifice are for holiday but purchases, retailer to appear before Consumer extent substantial seeking

closely our the ensure in customers taking So we during platform steps consumer can And season. are this rely end to performing critical both time the our the the well as holiday we're most assist latter entirely a and of result, activity to year. monitoring customers' on importantly, our during

Madison Schrage

on helpful. And Super congrats the quarter.

Operator

with question next And Olmos from [Operator Leonardo of will come UBS. Instructions] the line your

Leonardo Olmos

the you discuss a can little approach. So bit product

can the a Brazil? if bit that by has evolving? have in launches all the talk how being you in you in about So market accepted little the that BXB you Brazil? product is And QX, How been that

Geraldo do Carmo Thomaz

Well, thank you, Leonardo.

BXB, So it's offer it first -- not Brazil. of a all, seems as to appearing constrained VTEX. very It's appealing at

need that to We VTEX panel both channels. for selling BXB. saw sales the the creates we also deal BXB as customers don't that #X platform saw of everywhere. report, we some this just BXB control we the announcement And in have the single modules -- Critical a so as product customizable. that very nicely of redo a in a creates both go-live. specialization lot U.S., our the us same with in for big works our if advantage it for a in scenarios.So You the core with Brazil developed us also accelerating But big PicPay things BXB BXB that of lot, we they BXC report, beauty BXB is Capability we're a is because some you only BXB advantage are announced at a for Gartner platform, but not and one This And the the is scenarios Brazil, Latin because we can platform. America,

operation case inventory launching parts with see for have BXB they the U.S., the Manufacturing Pierce like have we all a each sales customer we a truck in our that its is in that did So Pierce can all of and And -- past the in called the you sold Manufacturing that this us. of the platform. customized

organizations, So with on of to data. capacity competitive, energy, doing like of very even are significant platform, that we actually are but master amount and specialization be buying a a investing BXB modules features specializing e-commerce several we to with more There's more our already. customize we're things is just competitive

Leonardo Olmos

little Argentina. much political, how We've question, about the market a but talking another about things you can And for so are been year-end? seeing market the and you discuss bit in retail you can talk

Ricardo Sodre

Leo, on take Argentina. Ricardo to here. I'm happy

about overall Argentina. local I So the purchases their newspapers market, there talking are retail were on consumers in in in accelerating think news some the Brazil how

are election. XX% we in while the represents roughly and Argentina changing we in So the earnings monitoring navigated market But in closely assuming of guidance, in economic conditions And this and more of we that release, for have and our some years, challenges happening. half of are revenue. we of see December. in over the successfully broadly -- come QX line we situation that losing regarding futures, devalue market.And political the the complexities are roughly operating will as Argentina peso this the surrounding Argentine FX mentioned value its in the Argentina aware year's our that with are we country, with the uncertainties

are single our rate digit, would as improve FX-neutral only that operating attractive country. on potential a in impact small So flow and having the And part should dollars, well considering in XXXX. And we operating pretty high result Therefore, despite margin a and maintain we headwind, of have U.S. are that, this FX million its we $X revenue would VTEX continue income. of growth impact a very roughly business. this it's half to that one-off an level positioned our of overall said through revenue confident Argentina that of in in devaluation

of Argentina, years be for in country We growth attractive have the position us. a and strong over underlying competitive the could the

Leonardo Olmos

great. sounds Yes,

background my for sorry noise. And

Operator

the line from Davidson. come of will D.A. Franco question with next Granda Your

Franco Granda Penaherrera

could the to us with characterize on quarter hoping you back some recent about or that solid was to the statistics product here. VTEX Congrats ones you better if of share I talked in the performance highlight Day. of namely at June maybe some introductions, the

Geraldo do Carmo Thomaz

that. necessary. Happy to me can do if Mariano complement

gives very functionality that the helping serve. the from our physical salespeople, delivering broad These one, Live to we the business. another developing capabilities from the When with, manufacturer are benefit empower of the is salesperson more also the excited to roles that that for one very shopper well. sales BXB powerful the them, deliver inside that This and and the personal integrating So also digital serving scenarios customers can from of BXB There's with the experience. Shopping is is range the sales the lot our with we're salespeople aligned have from things we're excited customers of salesperson doing very very delivery the the stores. into All of app. you of store workforce store, the customers, a it's as store of these is

of very in So a streamlining no process this is we're the enables excited.We there's and tool similar on there's of such -- -- for something capability the that streamline tool pack the that market it's from that this a like topic, also pick store, to delivering process.

as we're that excited features data doing AI There's aid they so [ we on are can secure, you, These robust natural security they top all our the embedded in because this, of for All a are these also and delivering We committed that path with something on customers that compliance. that deliver new we're customers, that. we all more. developing is can which even safely platform tools very keep not But data are rely to very privacy AI. these capabilities I also AI our elastic that our process as so ] These possible. have on we're mentioned that developing -- and capability capabilities.VTEX are only to is some our also they to the capabilities just is excited search, to are very recommendation. a

Franco Granda Penaherrera

Analyst some that hoping to during also about talked the regards you new in get I update And of customers an your to was Day. Great.

did on going across You how planning give in whether is the their to they're updates those. and there, us doing a few on and they're what entire But any France? company expand Casino expansion

Geraldo do Carmo Thomaz

with advancing Hearst to well. disclaim schedule. is well and Hearst get as Yes, happy Day, and The this implementation we our In Casino. Investor

update expect we So provide to further a soon.

line a know, company. is that's we a a they in change that our change. we It's live, chose you communicate huge our control, to disclaim clients reorg. As the go Casino big when undergoing

implementation only And that we is relevant meaningful it's developments we if it's that time there challenges. keep updated situation a worth can any And So be mentioning you that. now is value on which why you adds decided lines lengthy, believe successful that's to generate up on to we we're their long know the customer go-live. I but going more sometimes of names become new review term that anxious, how for the company.

new the manage just to to our be basis on clients, will expectations. want we standard So that go-lives communicating reinforce practicing

Franco Granda Penaherrera

brief timing could cycles, follow-up course. year-over-year, the to of the then a And those that. if very sales on you possible. No, if speak quarter-over-quarter and Maybe of Yes.

Ricardo Sodre

happy Yes, here. to. Ricardo Franco,

we encouraging sales them to we seeing have shown improvement have of their last mentioned quarter, quarter, but they an seeing So slightly they -- And also are are average, as been historical cycles. not we They mentioned back we worsening. are not this and a stabilization the quarter-over-quarter.

April of I the as deteriorating we year, year, stable along was Now most saw would saw a say like cycle year-over-year it's we movement. last end So it towards on the the until basis, we right? in more when sales started of

So it's improvement to sales it And see a we say time about the we encouraging to slight to sales takes are cycle. when only not the the negotiate in stabilization this cycle, it implement takes the sign live also initial the with then customer to the a but software customer. ramp-up and new and the contract and customer, go the contract of to thinking the time

this So we're thinking whole about cycle.

Franco Granda Penaherrera

color. the Appreciate

Operator

call over this time. no any I'll remarks. turn closing And further for the that, back there are With Geraldo at to questions

Geraldo do Carmo Thomaz

team marketplaces, leaders, is BXC, ahead cash and BXB, commerce, by a our VTEX investors Have conditions.We you among possible. the global investments. solid Thanks of model reaping large for discipline call. phase, is and make and all updated becoming stores beginning. shown partners, and conversational points the who consistent wonderful our macro choice from uncertain BXBXC gross We've customers, sustainable the and others. and VTEX breakeven exciting dedicated of platform a it expansion an quarter our in multitude our the results, including to rewards shopping week. We this schedule. and business keep A initial entering next just serve expense execution look earnings generating improvements to demonstrates our forward-thinking is a physical margin reaching of success customer quarter even of models at marked touch of to forward financial and

Operator

meeting. today's conclude will That

now may You disconnect.

VTEX (VTEX) 7 Nov 232023 Q3 Earnings call transcript