Q2 2024 VTEX Earnings Call Transcript
Key Points
- Vtex (VTEX) reported a 19% year-over-year growth in GMV and a 22% increase in revenues, both in FX-neutral terms.
- The company achieved a significant 34% year-over-year growth in gross profit, driven by ongoing subscription and service cost optimization.
- Vtex (VTEX) has expanded its global footprint with successful go-lives of new customer projects in multiple countries, including Australia, Brazil, Chile, Colombia, Mexico, Portugal, and the US.
- The company has been recognized as a leader in the IDC MarketScape for headless digital commerce applications for mid-market growth in 2024.
- Vtex (VTEX) achieved ISO 27001 certification, enhancing its commitment to information security and providing peace of mind to its customers.
- The macroeconomic situation in Argentina remains challenging, posing a couple of percentage points headwind to Vtex (VTEX)'s consolidated growth.
- Despite strong performance, the company faces uncertain macroeconomic conditions, which could impact future growth.
- The company has seen a stabilization in sales cycle length, but corporate budgets remain tight due to high interest rates.
- Vtex (VTEX) has not yet fully reached its target model for subscription gross margin, currently at 78% versus the target of 80%.
- The company is navigating a volatile scenario in Argentina, with no clear trends indicating stabilization or recovery.
Thank you for standing by. My name is Amanda, and I'll be your operator today. At this time, I'd like to welcome everyone to the VTEX Reports Second Quarter 2024 financial results. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you'd like to ask questions during this time, simply press star, followed by the number one on your telephone keypad. We'd like to withdraw your question, press star one again, thank you. And I would now like to turn the call over to Julia batter, Fernandes, Investor Relations Director. You may begin.
Hello, everyone, and welcome to the pretax earnings conference call for the quarter ended June 30th, 2024. I am Giulia Miotto from IMS Investor Relations Director for BT. Our senior executives presenting today are Jim Albaugh, commercial, your Founder and Co-CEO, and Ricardo comment, Associate Chief Financial Officer. Additionally, the NOVA Media, a Founder and Co-CEO, analytically auto
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