VTEX (NYSE:VTEX) Q3 2024 Earnings Conference Call November 5, 2024 4:30 PM ET

Company Participants

Geraldo Thomaz Jr. - Founder, Co-Chief Executive Officer
Ricardo Camatta Sodre - Chief Financial Officer
Mariano Gomide de Faria - Founder, Co- Chief Executive Officer
Andre Spolidoro - Chief Strategy Officer
Julia Vater Fernández - VP of Investor Relations

Conference Call Participants

Marcelo Santos - JP Morgan
Cesar Medina - Morgan Stanley
Leonardo Olmos - UBS

Julia Vater Fernández

Hello everyone, and welcome to the VTEX Earnings Conference Call for the Quarter Ended September 30th, 2024. I am Julia Vater Fernández, VP of Investor Relations for VTEX.

Our senior executives presenting today are Geraldo Thomaz Jr., 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.

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^st, 2023 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 2024 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 Jr.

Thank you, Julia. Welcome everyone, and thank you for joining our third quarter 2024 earnings conference call. We are proud to report that our product innovation and expanded platform capabilities continue to be key drivers of growth, further strengthening our competitive moat.

Through our complete and composable approach, we are deepening relationships with existing customers while also attracting high-profile brands and retailers, driving both top-line growth and profitability.

VTEX made strong strides toward profitable growth. During a period of macro uncertainty, we continued delivering strong subscription revenue growth while also optimizing our cost basis, resulting in a gross profit growth of 28% in FX neutral this quarter.