VTEX (NYSE:VTEX) Q3 2023 Earnings Conference Call November 7, 2023 4:30 PM ET

Company Participants

Julia Vater Fernandez - IR, Director

Geraldo Thomaz - Founder, Co-CEO

Mariano Gomide de Faria - Founder, Co-CEO

Ricardo Camatta Sodre - CFO

Andre Spolidoro - Chief Statutory Officer

Conference Call Participants

Marcelo Santos - JP Morgan

Maddie Schrage - KeyBank Capital Markets

Leonardo Olmos - UBS

Franco Granda - DA Davidson

Julia Vater Fernandez

Hello, everyone, and welcome to the VTEX Earnings Conference Call for the Quarter Ended September 30, 2023. I am Julia Vater Fernandez, Investor Relations Director for VTEX. Our senior executives presenting today are Geraldo Thomaz Jr., Founder and Co-CEO; and Ricardo Sodre, Chief Financial Officer. Additionally, Mariano Gomide de Faria, Founder and Co-CEO; and Andre Spolidoro, Chief Statutory Officer, will be available during today's Q&A session.

I would like to remind you that management may make forward-looking statements related to such matters of 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. While we believe that our assumed expectations and projections are reasonable in view of the corporate information, you are cautioned not to place undue reliance on these forward-looking statements.

Certain risks and uncertainties are described in the Risk Factors and Forward-Looking Statements sections of VTEX Form 20-F for the year ended December 31, 2022, and other VTEX's filings within the U.S. Securities and Exchange Commission, which are available on our Investor Relations website.

Finally, I would like to remind you that during the course of this conference call, we may discuss some non-GAAP measures. A reconciliation of those measures to the nearest comparable GAAP measures can be found in our third quarter 2023 earnings press release available on our Investor Relations website.

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

Geraldo Thomaz

Thank you Julia. Welcome everyone, and thanks for joining our third quarter 2023 earnings conference call. I am pleased to announce that VTEX delivered another quarter of strong results. e achieved a 35% year-over-year growth in GMV, driven by the resilience of the same-store sales from our existing customers and the successful go-lives of new stores.

On the latter, despite the ongoing uncertainty in the macroeconomic environment, we are pleased to continue to see a stabilization in the ramp-up periods and implementation times, which, as mentioned before, also contribute to our robust performance.