Maddie Schrage

Maddie Schrage asked about VTEX's strategy for the pace and prioritization of geographic investments, especially given macro headwinds and the emphasis on global expansion. She sought to identify the biggest factors for gaining international traction, such as brand awareness, partnerships, or product localization. Her follow-up question focused on the frequency of discussions with CIOs and digital leaders regarding discoverability and conversion in the age of agentic commerce.

Answer

Mariano Gomide de Faria, Founder and Co-CEO, explained a recent reorganization in December to a functional-oriented sales and marketing structure, moving away from regional approaches to leverage AI and unified knowledge globally. He noted that VTEX's brand is recognized, evidenced by Gartner's 'Customers' Choice' award, and that the ecosystem now delivers global projects. He emphasized that the company believes in a 'human plus agents' labor model for operational gains. Regarding agentic commerce, he stated it's a top-notch topic in RFPs, and VTEX focuses on delivering value aggregation, citing clients saving 80% in customer service costs with the Agentic CX platform, demonstrating AI's tangible outcomes.

Maddie Schrage asked about VTEX's pace and prioritization of geographic investments, and the biggest factors for gaining international traction, such as brand awareness, partnerships, or product localization. She followed up by asking how often discoverability in the age of agentic commerce and conversion are discussed with CIOs and digital leaders.

Answer

Mariano Gomide de Faria, Founder and Co-CEO, explained a recent reorganization towards a functional-oriented global structure to leverage AI and ecosystem maturity, reducing reliance on regional approaches for go-to-market. He stated that agentic AI is a top-notch topic in RFPs, with VTEX focusing on delivering value aggregation through its Agentic CX platform, which has achieved up to 80% savings in customer service costs for clients.

Maddie Schrage followed up on the impact of increased B2B penetration, which typically has lower credit card usage, on future take rates.

Answer

CFO Daniel Lentz acknowledged that higher B2B mix contributes to lower derived take rates due to fewer credit card transactions. He emphasized focusing on improving monetization within B2B through better solutions and a narrower aperture of payment partners, even if B2B take rates intrinsically differ from B2C.

Maddie Schrage asked about the expected cadence of BigCommerce Payments (PSR) contributions and its impact on margins throughout 2026, and how increased B2B penetration might offset future take rates.

Answer

Daniel Lentz, CFO and COO, stated that BigCommerce Payments is on track to launch around the end of Q1, with pricing changes and a PayPal partnership. The strategy involves onboarding new small/mid-market merchants and switching existing customers, expecting additive margin contributions. He acknowledged that higher B2B penetration, with its lower credit card usage, inherently impacts take rates, but Commerce aims to improve B2B monetization by focusing on fewer partners and expanded payment solutions.

Maddie Schrage from KeyBanc Capital Markets asked about the perceived weakness in the U.K. market and its outlook for the rest of 2025. She also inquired about areas of strength in the 'rest of world' segment, particularly regarding inbound interest from Asia.

Answer

Co-Founder and President Nir Debbi attributed the U.K.'s performance to seasonality and a temporary disruption with a major merchant (M&S), expecting a trend reversal in late Q3 and Q4. He highlighted APAC as a key growth area with strong potential, noting recent traction in Korea, a new funnel in Taiwan, and continued growth in Australia and Japan, supported by increased hiring in the region.

Asked for specifics on sales and marketing efficiency improvements and the primary reasons for customer churn impacting enterprise NRR.

Answer

Efficiencies were gained by centralizing marketing, focusing on fewer, larger events, and revamping the partner program to reward depth. Churn is being addressed by better integrating the product portfolio to increase customer value and stickiness, and by improving the previously ineffective cross-sell/upsell motion.