VTEX (VTEX) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello, everyone, and welcome to VTech's earnings conference call for the first quarter of 2025. I'm Julia Bader-Fernandez, VP of Investor Relations. Joining me today are Geraldo Calas, Jr., our co-founder and co-CEO, and Ricardo Camata-Sodré, our Chief Financial Officer. Also joining us for the Q&A session are Mariana Gaviria de Faria, co-founder and co-CEO, and Andres Polidoro, Chief Strategy Officer. Before we begin, please note that today's remarks may include forward-looking statements. These statements are based on our current assumptions and projections, and actual results might differ. Additional information regarding risks and uncertainties is detailed in our Form 20-F for the year end of December 31, 2024, and other filings with the SEC, all of which are available on our investor relations website. During this call, we may also reference certain non-GAAP financial measures. Reconciliation to the most comparable GAAP figures can be found in our Q1 2025 earnings press release, also available on our investor relations website. With that, let me turn the call over to Geraldo. Geraldo, the floor is yours. Thank you, Julia. Welcome, everyone, and thanks for joining our first quarter 2025 earnings conference call. We delivered a solid start to the year despite the ongoing market economic volatility. Subscription revenue grew 15% in FX neutral in the first quarter. As we look ahead, the recent growth lives of key enterprise customers combined with the continued progress in the product innovation and platform expansion initiatives reinforced our confidence in the sustainability of our profitable growth strategy. In a seasonally softer quarter, we also delivered profitable growth and significant margin expansion. Our gross profit reached $41 million, a 22% growth in F...