Hello, everyone, and welcome to the VTEX Earnings Conference Call for the quarter ended June 30, 2022. I'm Julia Vater Fernández, Investor Relations Director for VTEX. Our senior executives presenting today are Geraldo Thomaz Jr., Founder and Co-CEO, and Ricardo Camatta Sodré, Finance Executive Officer. Additionally, Mariano Gomide de Faria, Founder and Co-CEO, and André Spolidoro, Chief Financial 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 as continuous 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 on the Risk Factors and Forward-Looking Statement sections of VTEX Form 20-F for the year that ended December 31, 2021, and other VTEX filings within the US 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. Our reconciliation of those measures to the nearest comparable GAAP measures can be found in our second quarter 2022 earnings press release available on our investor relations website. Now, let me turn the call over to Geraldo. Geraldo, the floor is yours. Thank you, Julia. Welcome, everyone, and thanks for joining our second quarter 2022 earnings conference call. We're excited to announce that once again this quarter, our GMV outperformed the overall commerce market. That was driven by two key factors. First, our existing customers' GMV growth outpaced the market, demonstrating the resiliency of our enterprise-focused customer base. Second, new customers joined our platform, demonstrating their trust in the VTEX platform to add value even under the volatile macroeconomic conditions. As a testament to that, in Q2, our GMV grew year-over-year 27.6% in USD, while global and Latin American e-commerce growth was sluggish to single digit growth at most. We continue seeing VTEX consolidating its leadership position in Latin America. During the quarter, we delivered solid results in special events such as Hot Sale in Mexico and Tax-Free Day in Colombia, giving us confidence in the ramp up of Mexico and the consolidation of more mature markets such as Colombia. Additionally, we continue making solid steps forward in our international expansion, something that was noticed by industry experts, which I will address later on. Over the past couple of years, we were in hyper investment cycle, an important phase for VTEX that allow us to roughly triple our headcount and create a menu of future growth opportunities. Now, as part of the plan, it is only natural for us to prioritize the opportunities created and leverage our current structure to continue delivering strong growth. With this, VTEX is doubling down on the most promising growth opportunities in our menu. This prioritization of growth opportunities and setting of our optimal structure came up with the hard decision that included the layoff of 193 employees. We deeply appreciate and thank the hard work and commitment of those employees who were impacted by the layoff. We are happy to inform that approximately 50% of them have already found new opportunities, and we will continue helping to reallocate the remaining former VTEXers. Pursuing strong growth in a sustainable manner is not something new to us. VTEX was born in Latin America. We practically self-funded our growth into $100 million in ARR in 2020. We welcome, and we are actually excited about demonstrating how we at VTEX can deliver strong and consistent top-line growth while being disciplined with our investments. We're confident in the future growth of the company, and we feel the power of having all VTEXers aligned in pursuing the enormous opportunities that we have in front of us. The underlying long-term trends from the sector continue to be attractive. In the shorter term, some of our key priorities for the remaining of the year will be to continue helping our customers outperform the market, keeping improving our gross margin, and optimize our expenses to gain operational efficiency. On helping our customers outperform the market, we will continue innovating to provide the infrastructure our customers need to accelerate the operation and stay relevant to consumers through multiple sales channels and fulfillment channels. A great demonstration of how that translates into value add to our customers is that in the second quarter of 2022, as already mentioned, our customers' GMV outperformed the Latin American commerce market. On gross margin, I'm extremely proud that we've been able to increase our non-GAAP subscription gross margin by 370 basis points on a year-over-year basis. This margin expansion was mostly driven by technology improvements. Such as the migration of some of our cloud environments to more efficient processes, operating systems and frameworks, among other initiatives. We also improved our service gross margin, which contributes to an overall non-GAAP gross margin improvement of 510 basis points on a year-over-year basis. We expect to continue showing improvements in this line going forward, while also providing best-in-class service levels to our customers. On expenses, we will show significant operational leverage in the second half of the year without jeopardizing our growth in the short, medium, or long term. As I mentioned before, we calibrated our organizational structure in order to deliver our adjusted priorities, which resulted in a one-off layoff expenses in Q2 on top of the already anticipated additional Q2 expenses related to VTEX DAY. An event that is key for positioning our company among prospects, partners, and existing customers. In Q3, we expect to have a clean P&L that will start to clearly demonstrate the trajectory of our operating income. Now, moving to our commercial updates. In the second quarter, we continue to attract premier brands and retailers. Some new customers that went live this quarter that didn't have online store presence in their respective countries before were Elo, TK Maxx, Zé Brands in Brazil, Groupe SEB Andes in Colombia, and BRF in Chile. Additionally, new customers that migrated from other platforms that went live this quarter were Pernambucanas & Hering in Brazil, Garbarino in Argentina, Grainger and Cítricos de Colima in Mexico, Yamaha in Colombia, Momentum Textiles in the US, and Invitadísima in Spain. On top of that, we continued building and entrenching sticky relationships with our existing customers. Some premier brands and retailers that expanded their operation with us, opening new online stores in new countries during the second quarter were Avon added the Dominican Republic in addition to 9 other countries in Latin America. Sugo added Mexico in addition to other 4 countries in Latin America. As mentioned last quarter, while the average number of months our new customers are taking to implement VTEX platform continues to be above historical average, we see no structural changes in the demand for the VTEX platform. Therefore, we continue to be encouraged by the long-term opportunity we have ahead of us. On that note, in May of this year, VTEX was named a contender in the Forrester Wave B2C Commerce Solutions Q2 2022. The Forrester report stated that VTEX has recently begun to succeed in its mission to gain a foothold in markets outside Latin America, and that VTEX is strong in digital products and subscriptions. We're proud of this recognition, and we will continue to work hard on our international expansion as we see a strong fit from our product and sales traction is increasing according to plan in these new geographies. We know we cannot do all this alone. We believe in the multiplying force of collaboration. One of our key competitive advantages is our ecosystem, and that's why we will continue to nurture and expand our partners. Aligned with our payment partnership strategy shared last quarter, we are excited to announce that we launched a partnership with Adyen, a global payment platform of choice for many of the world's leading companies. We're confident that the partnership brings a powerful value proposition to the ecosystem. Both companies are committed to enabling enterprise brands and retailers to start having an omnichannel operation that drives business growth and provides a consistent customer experience in offline and online channels. We are also focused on generating partnerships with independent software vendors or ISV to boost innovation and keep expanding the offering and customization layers available in our platform. VTEX Accelerator picks innovative e-commerce related solutions that can meet the needs of our customers. The project is focused on fostering the global e-commerce ecosystem by integrating third-party apps with the VTEX App Store. In the second quarter of 2022, we included a few new partners in this program. One of them was Neoway, who launched an app called Vizoo in Brazil that helps customers have detailed control and analytics of their e-commerce operation. Another one was WoowUp, who added the CRM capability to our ecosystem, which enable us to already win customers. Before wrapping up, I'd like now to revisit four strategic priorities, focusing our innovation update traction and success cases from our customers. Pernambucanas, a retailer which sells clothing and home appliances technologies with two business units and more than 400 stores in 200 cities in Brazil, chose VTEX for its headless approach. They wanted to implement continuous customization in their website and mobile app while avoiding any limitations. Additionally, they wanted a solution that enabled them to keep a consistent experience between channels, providing a true omnichannel experience. The internal team from Pernambucanas, with the support of the VTEX team, was able to implement this complex case in only 5 months, achieving our client's goal to reformulate the online experience in an impressive timeline. Last quarter, we mentioned that we were going to have our first live shopping event in the US Now, looking back at the results, our customer experienced an 8 times increase in conversion rates from viewers during that event, which led them to consider leveraging live shopping, not only for product launches, but also for sales events, social media campaigns, and product demonstrations. Live stream is a global trend, and we are encouraged to see our solution continue to penetrate our customer base. In fact, this quarter, we had 231 live shopping events, which represents a quarter-over-quarter increase of almost 80%. Briggs & Stratton, world's largest producer of air-cooled gasoline engines for outdoor power equipment, chose VTEX in the US for the B2B project with 3 different business units supporting multi-language and multi-currency with 1 single account. They use it to run their operation with 2 different platforms and decided to relaunch with us in a single e-commerce platform, resulting in a more consistent user experience, improving maintainability of the platform, leveraging all of our out-of-the-box e-commerce features, including, for example, our Quickorder app, which provides a frictionless process to place orders. Electrodomésticos Barbosa, a home appliance retailer in Spain with 20 physical stores, chose us to help them with our robust omnichannel capability in order to scale up their sales and unify their multiple sales channels. The company has been experiencing a high growth trajectory over the last 5 years. In fact, they were recently included in the list of top thousand highest growth companies in Europe by the Financial Times. Their in-house developer website was facing difficulties in scaling up given the growth of SKUs. The customers wanted to grow both their physical and online operations, generating synergies between them, a clear need for robust omnichannel capability. They were also focused on improving the overall performance and usability of the website. They are now leveraging VTEX, improving their checkout statistics, conversion rates, and other key commerce performance metrics, while also building a true omnichannel strategy by integrating their physical stores and other sales channels. On the developer platform of choice for digital commerce, we're proud to announce that we continue attracting developers to our local platform, gaining momentum in the community and scaling our capabilities. Monthly active developers accessing the tech developer portal increased to more than 28,000 in the second quarter of 2022 from more than 24,000 in the first quarter of the same year. Wrapping up the operational update section, I would like to thank our 1,560 VTEXers that are working to fulfill our mission as well as our customers, partners, and investors. Now, I will turn the call to Ricardo, so he can cover our financial progress reports for the quarter. Thank you, Geraldo. Hi, everyone. It's a pleasure to be here updating you on our financial performance for the second quarter of 2022. This quarter, our revenue increased to $38.7 million, a year-over-year increase of 25% in US dollars and 20% on a FX neutral basis. Subscription revenue reached $36.6 million in the second quarter of 2022 from $29.7 million in the same quarter last year, a year-over-year increase of 24% in US dollars and 17% on FX neutral basis. This quarter, subscription revenue accounted for 95% of total revenue versus 96% in the same quarter last year, explained by the implementation of our backlog, which leads to increases in our services revenue. Non-GAAP subscription gross profit was $26.6 million compared to $20.4 million in the second quarter of 2021. Non-GAAP subscription gross margin was 72.5% in the second quarter of 2022 compared to 68.8% in the same quarter of 2021. The 370 basis points year-over-year margin expansion reflects operational hosting improvements as we migrate non-core hosting services and optimize our cost, cloud, and computing usage. On top of the non-GAAP subscription gross margin expansion, we also improved our services gross margin, which led to an overall non-GAAP gross profit reaching $25.7 million, representing a year-over-year increase of 36% and a margin improvement of 510 basis points. Our non-GAAP total operating expenses increased to $43.3 million in the second quarter of 2022, from $29.4 million in the same period last year. This resulted in our non-GAAP loss from operations to be $17.5 million during the second quarter of 2022, compared to $10.4 million in the second quarter of 2021. The increase in expenses and loss from operations were primarily due to VTEX Day and one-off layoff expenses, both accounting for slightly more than $5 million, with VTEX Day representing the majority of this amount. Along this line, and reinforcing Geraldo's previous comments, we expect not only to continue delivering gross margin improvements, but also to see significant operational leverage in our expenses in the second half of 2022. Leverage on the expenses side will come from our already well-invested structure, as well as a result of the hard decision of laying off 193 employees, a decision we handle with transparency, respect, and utmost responsibility. Our end market and business model make us confident in our ability to demonstrate attractive capital allocation, achieving top-line growth for many years to come. Our non-GAAP operating income margin from existing stores has ranged between 35% and 15% in 2020 and 2021 respectively, giving us a clear path to continue executing our growth plan while also seeing our potential operating margin opportunity. As of the three months ended June 30, 2022, VTEX had a negative $12.7 million free cash flow compared to $14.7 million negative free cash flow in the second quarter of 2021. Since the beginning of 2022, we've been working diligently to optimize our working capital, which resulted in an improvement in cash flow despite the one-off expenses already mentioned. This improvement in working capital is a result of operational improvements in our collection of receivables as well as procurement optimization in our prepaid expenses and accounts payables. Regarding our future outlook, we continue to see macroeconomic uncertainty impacting our new stores' average time to implement the VTEX platform, as well as generating volatility in our existing customers' GMV performance. We had a solid performance in Q2, and for the second half of the year, we will continue focusing on helping our customers outperform the market while also improving our gross margin and operating income margins. In the third quarter of 2022, although we are entering into cleaner comps, macroeconomic conditions remain uncertain. Therefore, we are currently targeting revenue in the $37.0 million-$38.0 million range for the third quarter of 2022, implying a year-over-year growth of 18% in US dollars and 20% on FX neutral basis in the middle of the range. For the full year 2022, despite the incremental volatility, we maintain our FX neutral year-over-year revenue growth target of 24%-27%, implying a range of $158 million-$162 million based on July average FX rates. VTEX is well-positioned to navigate the current environment. We have clear visibility of our path to breakeven. We are capitalized with over $250 million liquidity in the balance sheets. Considering our excess liquidity after funding our organic growth plans, we see three key areas as potentially interesting capital allocation opportunities. We could use part of this capital to pursue M&A opportunities. Although the bid and ask gap between public and private markets may pose short-term challenges, over the medium and long term, this could be an interesting capital deployment opportunity. We could also use part of this capital to accelerate our international expansion. Although in the early and intermediate stages of international expansion, capital should be deployed with caution, over the medium and long term, as we see clear evidence of commercial traction, this could be an interesting capital allocation. Finally, as approved by our board of directors, we now have shares repurchases as an additional tool for capital deployment, which could be useful in moments of market dislocations. We will always diligently evaluate these options and allocate capital in the best interest of long-term shareholders of the company based on the evaluation of market conditions and applicable legal requirements. Wrapping up today's call, we are clearly adding value to our customers by helping them outperform the market. We continue to have a strong backlog undergoing implementation. We have an expanding gross margin and expect to deliver operating income margin improvements in the second half of the year. All this together give us confidence in our business today and in the long-term opportunity we have ahead of us. We'll continue focusing on what makes VTEX unique, our blue chip and resilient customer base, the quality of our platform's technology, product, and features, and a strong and difficult to replicate ecosystem. With that, let's open it up for questions now. Thank you. Thank you. We will now begin the QA session. If you would like to ask a question, please press star followed by one on your touchtone keypad. If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. We will pause here briefly to allow questions to generate in queue. The first question is from the line of Fred Mendes with Bank of America. You may proceed. Hello. Good afternoon, everyone, and thanks for the call. I have two questions here. The first one, you mentioned you gain a client in the US, Momentum Textiles. It looks like it's ramping up this operation. If whatever you can share in terms of the profile of these clients, the roadmap for gaining further market share in the US, anything I think. Anyways, any kind of information on the US market would be great. That'll be my first question. Second question. When I look for the guidance in 2022, if I consider what you already deliver and the $38 million in the third Q, the top of the range for the third Q, you'd need to deliver something like $47 million in the fourth Q. It's like 23% acceleration quarter-over-quarter, which is higher than what happened last year. Just how confident here are you in terms of reaching this guide, this guidance, considering that fourth Q is to be a strong one in order to deliver the numbers for the year? Thank you. Okay. I'm gonna answer for the expansion in the US, Mariano here. Then I will pass to Sodré. On the US, we keep seeing a strong pipeline. We are seeing a change on the profile. A little bit more organic leads are coming. This is good. In our view, this is the recognition of our visibility, increasing our ability to generate our own deals. The pipeline is as planned to be stronger, as we announced in the beginning of the year. All the clients that we are implementing in the US, it is following the plan. The momentum that you saw in clients, we're gonna continue to focus on midsize B2B as we put live then. We're gonna continue to focus on the migration of old legacy platforms. We are pretty much confident that we will be able to deliver the momentum that we plan for the US Perfect. Mariano, just to complement on the second question. Hi, Fred. This is Ricardo Sodré here. Thanks for the question regarding the implicit guidance, right, for Q4. We believe Q4 may show some acceleration versus Q2 in our guidance for Q3. That will be driven mainly by fourth quarter 2022 seasonality, more aligned with previous years than the fourth quarter 2021 seasonality, which was a little bit weaker than usual. As well as the GMV performance of our existing customers and the ramp-up of our recently implemented new customers. Those will be the key drivers for some acceleration in the fourth quarter. Perfect. Super clear. Thank you, Mariano. Thank you, Ricardo. The next question is from the line of Clarke Jeffries with Piper Sandler. You may proceed. Hello. Thank you for taking the question. You know, from a high level, Ricardo, you know, you guided to 20% FX neutral growth. You hit the 20% FX neutral growth. You're maintaining the full year. I mean, I guess beyond the GMV trends and sort of adjusting for that, you know, what are you seeing in terms of pipeline bookings? And especially, you know, comparing to Q1, how has the appetite changed as 2022 has gone on? Yeah. Thanks, Jeff. Happy to start and others feel free to complement. Yeah, for the second quarter, we delivered the 20% FX neutral growth in the middle of the guidance. We are guiding for 20% in the middle of the guidance for Q3 as well. We are maintaining the guidance for the year. As we mentioned in the prepared remarks, we continue to see strong demand for the VTEX platform. E-commerce continue to have very attractive long-term opportunity. The omnichannel strategy and integrating different channels, both on the sales side and on the fulfillment side is of most importance for the brands and retailers out there. You know, VTEX helps a lot on that. We continue to see strong demand for the VTEX software. That's the most important driver for the long term of the company, right? Macroeconomics and uncertainty does impact some volatility in the GMV of our existing customers. That's taken into account in our guidance for Q3 as we see it right now. All right, perfect. Then, you know, any way to help us think through how to think through the margin expansion for the second half of the year? You know, is it? Might it be fair to say that operating expenses could go back to Q1 levels and then stay there for the rest of the year, or any kind of insight there to help us think through what's possible on an expansion base? Yeah, great question. Yeah. We appreciate the opportunity to share some additional details on this topic. We believe a good way to look at it is that our layoff reduced our headcount by roughly 10%, and we are also optimizing other expenses not related to headcount at a similar level. Therefore, after excluding VTEX DAY and layoff impacts from our future expenses, you could expect 10% savings going forward. In other words, that will translate into slightly more than $1 million savings per month going forward. Perfect. Thank you very much. Thank you. Thank you. The next question is from the line of Diego Aragão with Goldman Sachs. You may proceed. Yes, hi. Thanks for taking my question. Two questions, if I may. The first one is, maybe a follow-up on the previous one, related to the cost-cutting initiative started during the quarter. I guess, Ricardo, what can you share with us regarding, you know, let's say, any efficiency program in place, and how should we be thinking about potential impact at the EBITDA level, right? So not only like, for the next quarters, but just want to understand how this could structurally impact your business and eventually also change, you know, your views regarding the breakeven at the EBITDA level that, if I'm not mistaken, was expected for the end of 2023. So this is the first question. Thank you. Great. Thanks. Thanks, Diego, for the question. Maybe first starting from the end there on the breakeven. As mentioned in the previous earnings call, right, we are aiming to reach non-GAAP operating income by the fourth quarter of 2023. That continues to be our commitment. The recent adjustments that we mentioned, the layoff, is a clear demonstration of this commitment. Now, if there is an opportunity to reach breakeven sooner while not impacting our growth plans, we will definitely pursue it. I think that's, you know, on the timing there. On EBITDA level impact, as I mentioned in the previous question from Jeff, the optimization that we did in our organization structure should create savings of roughly slightly more than $1 million per month going forward. If you remove our total expenses for Q2 was roughly $43 million, $43.3 million. If you remove the slightly more than $5 million that we had from VTEX DAY, and layoff expenses, you'd get to $38 million or something around that neighborhood. And then if you remove these slightly more than $1 million per month, that'll be kind of the expected expenses going forward. And then with that, you can have a sense of the EBITDA impacts. Hopefully I answered the question, Diego, but if it's not clear, please do a follow-up question. No, this was very helpful, Ricardo. Thank you for that. I guess we can jump into the second question, which is regarding the profitability of existing customers versus new customers. As I understand, the operating margin for existing stores in 2021 was around like 16%, which compares to a negative margin of 100-200% for new stores opening in the same year. I was just wondering if you can comment about the long-term margin for those existing clients as your business mature, right? How we should be thinking about those margins in the long term? I guess, that's a question. Maybe if I can follow up on Fred's question regarding, you know, the profile of customers you are adding, particularly in the US and Europe. I just want to understand if you are adding new brands to your portfolio or if you are adding brands that have been using the VTEX platform in Run in these regions. Thank you. Great, Diego. No, starting with the margins on existing customers and how that evolve in the long term. We are not providing long-term margins for the business, but we do believe that breaking down our PNL between the existing customers' PNL and the new customers' PNL as we are doing on a yearly basis, it's very helpful to understand the potential margin of the business. As you mentioned, in 2021, our existing customers' PNL had roughly 15% non-GAAP operating margins. If you look back in 2020, this was actually 35%, right? This shows the margin opportunity that we have ahead of us. Over time, customers tend not to change their margins after they turn from new customers into existing customers, right? Now, as we have been showing over the past few quarters, we are improving our subscription gross margin, which is the driver for the gross margin of the existing customers. We believe there is an opportunity to continue improving the gross margins. I think on the second question was more related to customers in the US. Mariano, if you wanna take that one. On the expansion of brands, we are continuously seeing brands expanding with VTEX. We can mention, for example, Whirlpool that launched in India with us. It is a global contract with Whirlpool and every single new country that is being added, it is added value for VTEX, and we are very proud to support global clients like Whirlpool, Motorola, AB InBev and others. Organic as they're moving forward on their own kind of a digital transformation, we are the backbone for it. On the profile of the clients in the US and Europe, we are focusing on two profiles. Mid-size B2B companies, mid-size online operations for enterprise companies like Briggs & Stratton. It is one. Like C&A, that's already one that we discussed. We are seeing a momentum on these mid-size B2Bs of enterprise in the US and in Europe. The second one is the migration of legacy platforms on the B2B side, on the B2C side. Those will be you can expect those as the profile of the clients that we're gonna be adding in the next one year in US and Europe. Sounds good, Mariano and Ricardo. Thank you. Thank you again. Thank you. Again, to ask a question, press star one. The next question is from the line of Josh Beck with KeyBanc. You may proceed. Hey, guys, this is Maddie on for Josh. Just to double-click a bit on what you were just talking about, and in terms of your capital allocation priorities, what kind of investments do you think you need to make internationally from this point with the momentum that you're seeing? Could any of that be achieved through M&A? Are you looking through M&A in the product perspective or geo perspective or any other color that would be helpful? Thanks. Mariano here, and please I invite Sodré and Geraldo to complement. The capital allocation, we will be always open for M&A, as we always been. What we are seeing is that, we will be very curated in the way we analyze M&A opportunities right now in this market, in this location. We wanna see the right prices for the right companies with the right values. We will always be looking for M&As, but this is not the case that we are seeing like a heavy opportunities right now in the market. The other way, we will continue to invest in our organic growth. That's this is our kind of plan, have been always our plan. We will continue to invest in our organic growth in Europe and US We are very conscious allocation of our investments. We have this playbook of VTEX that give us every unit of economics in each region that we are acting to be very responsible in how we go to market on those countries. We are on track in our plan, and this should be shown in our numbers. Hey, Mariano, just to complement. Sorry, yeah. Just Just to quickly complement on that. I believe we have a well-invested structure in US and Europe that we are looking to continue leveraging going forward. On the many opportunities, we see some gap in the bid and ask between private and public markets, so that's something that we are mindful of in the short term. As the question was also related to capital allocation, right? We also have now the tool to do share repurchase as an additional option for capital allocation. Right? As a high growth company, we will prioritize our organic growth plans, international expansion, product development, and M&A opportunities. Now considering the active liquidity that we have in our balance sheets, as well as current market volatility, having the ability to do share repurchase during market dislocations could be a very attractive capital allocation to the long-term shareholders as well. Awesome. Just one follow-up from me. Do you have any color on where you feel your most defensive verticals are in the perspective of your total GMV going forward? Thanks. Hello, hello. This is Geraldo. Nice to talk to you. I would say that the ideal customer profile of VTEX right now and in the future are customers that sells in multiple channels and have several physical stores. They can be grocery retailers, they can be fashion brands, they can be B2B companies. As long as they are omnichannel, they want to serve multiple channels with single source of truth, we are their platform. That's the ideal customer profile for us. Thanks. I appreciate the color. Thank you. There are no questions remaining in queue. I'd like to pass the call back over to Geraldo for closing remarks. We are encouraged about our results in the second quarter and excited about the results to come, as we are already seeing opportunities coming from the engineering, sales and product team, with top line coming at strong pace. We can't control the macro, but we can for sure be bold in our actions in order to help our customers navigate this environment with the right set of tools to accelerate the business and drive higher than the market growth. Our discipline in capital allocation will continue to translate into high growth company with an extraordinary commitment to its mission to become the backbone for commerce globally. The opportunity we have ahead of us is huge. E-commerce penetration in Latin America still has a long road ahead, while on top of that, our journey outside of the region is just starting. None of the fundamentals changed. Enterprise brands and retailers need to partner with companies such as VTEX to build a proper omnichannel strategy in order to stay relevant. Stay tuned. The best is yet to come. Thank you everyone for joining us today. I'm looking forward to update you about our progress in our next earnings call. That concludes today's conference call. Thank you for joining, and enjoy the rest of your day.