VTEX (NYSE:VTEX) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET

Company Participants

Julia Vater Fernández - Investor Relations Director

Geraldo Thomaz - Founder and Co-Chief Executive Officer

Ricardo Camatta Sodre - Finance Executive Officer

Mariano Gomide de Faria - Founder and Co-Chief Executive Officer

Conference Call Participants

Fred Mendes - Bank of America

Clarke Jeffries - Piper Sandler

Diego Aragão - Goldman Sachs.

Maddie Schrage - KeyBanc

Julia Vater Fernández

Hello everyone, and welcome to the VTEX Earnings Conference Call for the quarter ended June 30, 2022. I’m Julia Vater Fernández Investor Relations Director for VTEX. Our senior executives presenting today are Geraldo Thomaz, Founder and Co-CEO; and Ricardo Camatta Sodre, Finance Executive Officer. Additionally, Mariano Gomide de Faria, Founder and Co-CEO; and Andre Spolidoro, Chief Financial 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 our currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements.

Certain risks and uncertainties are described under Risk Factors and Forward-Looking Statements sections of VTEX’s Form 20-F for the year ended December 31, 2021 and other VTEX’s filings with 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 second quarter 2022 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 second quarter 2022 earnings conference call. We’re excited to announce that once again this quarter our GMV outperformed the overall commerce markets. That was driven by two key factors; first our existing customers GMV growth outpaced the market, demonstrating the resiliency of our enterprise focused customer base.

Second, new customers join our platform demonstrating the trust in the VTEX platform to add value even under the volatile macroeconomic conditions. As a testament to that, in Q2, our GMV grew year-over-year 27 6% in USD, while global and Latin American ecommerce growth was flattish, just single digit growth at most. We continue seeing VTEX consolidating its leadership position in Latin America. During the quarter, we delivered solid results in special events, such as hot sales in Mexico and tax free day in Colombia, giving us confidence in the ramp up of Mexico and the consolidation of more mature markets such as Colombia.