VTEX (NYSE:VTEX) Q4 2023 Earnings Call Transcript
VTEX (NYSE:VTEX) Q4 2023 Earnings Call Transcript February 27, 2024
VTEX beats earnings expectations. Reported EPS is $0.02, expectations were $0.01. VTEX isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the VTEX Fourth Quarter 2023 Financial Results Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] At this time, I'd like to turn the conference over to Julia Vater Fernandez, Investor Relations Director. Please go ahead.
Julia Vater Fernandez: Hello, everyone, and welcome to the VTEX Earnings conference call for the quarter ended December 31st, 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 Camatta Sodré, 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 31st, 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 fourth 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 Jr.: Thank you, Julia. Welcome, everyone, and thanks for joining our fourth quarter 2023 earnings conference call. In reflecting on our performance throughout the year, it's evident that despite navigating a persistently uncertain macroeconomic landscape, we have consistently surpassed expectations quarter after quarter. The fourth quarter of 2023 was no exception with GMV and revenues growing 28% and 34% year-over-year in U.S. dollars, respectively. Our performance is a testament to the resilience of a sticky enterprise customer base, which affects net same-store sales and net revenue retention reached 15% and 107%, respectively, in 2023 and the successful onboarding of new customers onto our platform. Beyond our robust top line performance, our business model also came to the forefront as demonstrated by our operational leverage that Ricardo will cover later on.
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