Core Insights - Heritage Distilling Holding Company, Inc. is launching Bitcoin Bourbon™, a limited-edition Kentucky straight bourbon whiskey, to celebrate digital currency culture and e-commerce [1][2] - The product will be available exclusively through Heritage's direct-to-consumer e-commerce platform, accepting Bitcoin as a payment method [3][4] Product Details - Bitcoin Bourbon will be released at a proof of 106.15, symbolizing both the whiskey's strength and the concept of financial freedom in Bitcoin [2] - The company plans to reveal additional product details, including age and mash bill, closer to the official release date [3] Strategic Initiatives - The launch of Bitcoin Bourbon is part of a broader digital commerce strategy, integrating cryptocurrency into Heritage's operations [4][5] - Heritage has been recognized as North America's most awarded craft distillery for ten consecutive years, highlighting its reputation in the industry [5] Community Engagement - To promote the launch, Heritage is conducting a Bitcoin Giveaway, allowing participants to win one full Bitcoin, emphasizing community values of ownership and transparency [3][7] - The company is also involved in the Tribal Beverage Network (TBN), collaborating with Native American tribes to develop distilleries and brands, which supports economic and social benefits for tribal communities [5]

Core Insights - Uber has partnered with OpenTable to enhance restaurant reservations through the Uber Eats app, aiming to drive revenue and engage diners [1][2] - The partnership will launch a feature for Uber One members that provides exclusive access to hard-to-book restaurants early next year [3] - The collaboration is part of a broader strategy by Uber to leverage partnerships in the food and grocery delivery space, which is deemed too large to tackle alone [2] Industry Trends - Research indicates that mobile ordering, QR code payments, and contactless transactions are becoming essential in the restaurant sector [4] - Digital ordering and payment processes are critical for businesses to maintain competitiveness in the current market [4] - Economic factors, such as inflation, are influencing consumer behavior, with two-thirds of consumers indicating they would adjust their grocery and restaurant spending [6][5] Consumer Behavior - Among consumers adjusting their spending, 50% plan to buy less in quantity, while the other half will seek cheaper options [6] - Despite inflation, there is resistance to completely forgoing dining out, with only 14% of consumers willing to eliminate it entirely after price increases [7]

Financial Data and Key Metrics Changes - Subscription revenue grew 15% in FX neutral terms in Q1 2025, reaching $52.6 million compared to $50.4 million in Q1 2024, a 4% increase in U.S. dollars [26] - Gross profit reached $41 million, a 22% growth in FX neutral terms, with a 3.7 percentage points margin increase year over year [5] - Non-GAAP operating income increased to $5.3 million, an 85% growth year over year, with a 4.2 percentage points margin increase [5][29] - Non-GAAP net income reached $5.3 million in Q1 2025, more than doubling year over year, with a 5.2 percentage points improvement in margin [30] - Free cash flow was $6.6 million, compared to $1.6 million in the same quarter of the prior year, achieving a free cash flow margin of 12% [29] Business Line Data and Key Metrics Changes - Non-GAAP subscription gross margin reached 79%, up 191 basis points year over year, reflecting operational efficiency improvements [27] - Total gross margin rose to 76%, up 371 basis points year over year, driven by a lower mix of services revenue and subscription gross margin gains [27] Market Data and Key Metrics Changes - GMV for the quarter reached $4.3 billion, growing 8% year over year in U.S. dollars and 17% on an FX neutral basis [26] - The company successfully brought several new customers live across various regions, including Argentina, Brazil, Colombia, Ecuador, Spain, Mexico, and the U.S. [7][8] Company Strategy and Development Direction - The company is focusing on building a future where intelligent agents evolve into digital workers, managing core workflows autonomously [6] - The strategy includes doubling down on high-impact product bets, particularly in B2B commerce and retail media, with the acquisition of Newpeo to enhance retail advertising capabilities [14] - The company aims to solidify its position as a trusted, scalable, and innovation-driven platform for global enterprises [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the profitable growth strategy despite ongoing macroeconomic volatility [4] - The company is targeting FX neutral year-over-year subscription revenue growth of 12.5% to 15.5% for Q2 2025 and 14% to 17% for the full year 2025 [31] - Management acknowledged the challenges posed by macroeconomic conditions but emphasized the company's resilience and adaptability [56] Other Important Information - The company repurchased 2.7 million Class A common shares at an average price of $5.56 per share, totaling $15 million [29] - The company was recognized as a customer choice in the 2025 Gartner Voice of Customers for Digital Commerce report for the second consecutive year [12] Q&A Session Summary Question: Comment on subscription gross profit and sustainability of gains - Management noted a 190 basis point improvement in subscription gross margin, attributing gains to customer support optimization and the maturity of the partner ecosystem [38] Question: Areas seeing headcount reduction - Management indicated stability in headcount with minor changes, primarily in the support area, but not indicative of a trend [40] Question: Increase in R&D expenses - Management explained the increase in R&D expenses as a strategic investment in product development and innovation, particularly in B2B and retail media [46] Question: Update on U.S. expansion - Management confirmed ongoing momentum in the U.S. market, focusing on high-value enterprise customers and building durable relationships [50] Question: Macro situation in the U.S. and IT budgets - Management highlighted the company's resilience amid macroeconomic volatility, noting that enterprises are reassessing their technology infrastructure for cost efficiency [56] Question: Subscription revenue build-up by geography and category - Management provided qualitative insights, indicating that Brazil is contributing to growth through new customer implementations [68] Question: Economics of the retail ads media business - Management expressed confidence in the retail media business, emphasizing the connection between publishers and advertisers and the rapid growth of the advertiser network [72]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $6.7 billion, a 3% year-on-year increase when excluding $250 million from the divested mobility business [6][7] - Core operating income was $334 million with core operating margins at 5% [7] - GAAP diluted earnings per share was $1.06, while core diluted earnings per share was $1.94, an increase of $0.26 from Q2 of the previous year [7][19] - Adjusted free cash flow for the quarter was $261 million, bringing year-to-date adjusted free cash flow to $487 million, with expectations to exceed $1.2 billion for the full year [10][25] Performance by Business Segment - Regulated Industry segment reported revenue of approximately $2.7 billion, down 8% year-on-year due to weakness in renewable energy and EV markets, but core operating margin increased by 20 basis points to 4.8% [7][8] - Intelligent Infrastructure segment saw revenue of $2.6 billion, up 18% year-on-year, driven by strong demand in AI-related cloud and data center infrastructure [8][19] - Connected Living and Digital Commerce segment revenue was $1.3 billion, down 13% year-on-year, but grew approximately 4% when excluding the divested mobility business [8][9] Market Data and Key Metrics Changes - Inventory days increased by four days sequentially to 80 days, but decreased by seven days year-on-year [9] - The company anticipates revenue for Q3 2025 to be between $6.7 billion and $7.3 billion, with core operating income estimated between $348 million and $408 million [12] Company Strategy and Industry Competition - The company is well-positioned to navigate potential tariffs and geopolitical complexities, emphasizing its U.S. domicile manufacturing footprint [15][18] - Jabil expects to play a significant role in the Indian market, particularly in photonics capabilities [21][22] - The company is focusing on growth in AI-related business, projecting approximately $7.5 billion in revenue for FY 2025, representing a 40% year-on-year increase [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified portfolio, with certain markets like capital equipment and data center infrastructure outperforming [19][27] - Caution was advised regarding the EV and renewable energy markets, with expectations for continued growth in Intelligent Infrastructure [24][25] - The company is actively monitoring supply chain dynamics and customer procurement strategies in light of potential tariffs [99][100] Other Important Information - The company completed the acquisition of U.S.-based Pharmaceuticals International Inc., enhancing its capabilities in the pharmaceutical sector [23][106] - Jabil repurchased 2.5 million shares during the quarter, with $364 million remaining on its share repurchase authorization [10] Q&A Session Summary Question: Can you talk about your existing footprint in the U.S.? - Management highlighted the extensive U.S. footprint with 30 sites and the capability to support customers wanting to move manufacturing [30][34] Question: Can you elaborate on the opportunity with silicon photonics? - The company is well-positioned in silicon photonics, with significant growth expected in this area due to recent acquisitions and capabilities [36][38] Question: What should we read into the slight reduction in networking and healthcare forecasts? - The reduction is primarily due to uncertainty in the 5G infrastructure side, not affecting AI-related revenue [40] Question: What is driving the positive change in Intelligent Infrastructure? - Growth in semi-cap and cloud data center infrastructure is driving confidence, with strong demand for automated testing and custom chips [46][48] Question: Can you expand on GPU racks and liquid cooling? - The company is improving yields at launch due to better design architecture and engineering capabilities, with liquid cooling opening new opportunities [81][82] Question: How confident are you about EV production in the second half of the year? - Management is being prudent with forecasts, but sees potential growth in the Chinese EV market offsetting some concerns [84] Question: How are customers responding to potential tariffs? - Customers are considering localized supply chains, but no major changes have been completed yet [100][101] Question: Are there any other capabilities you are looking to acquire? - The company is actively exploring further acquisitions to fill capability gaps, particularly in pharmaceuticals [106][107]

Financial Data and Key Metrics Changes - In Q4 2024, GMV reached $5.4 billion, showing flat year-over-year growth in US dollars and an 11% increase in FX-neutral terms [39] - Revenue totaled $61.5 million, growing 1% year-over-year in US dollars and 12% in FX-neutral for Q4 2024, while full-year revenue reached $226.7 million, representing 13% and 18% growth in US dollars and FX-neutral respectively [40][94] - Subscription revenue for Q4 2024 was $59.5 million, a 2% increase in US dollars and 13% in FX-neutral, with full-year subscription revenue at $217.7 million, up from $190.3 million in 2023, indicating 14% and 20% growth in US dollars and FX-neutral [43][97] Business Line Data and Key Metrics Changes - The number of customers generating over $250,000 in annual recurring revenue increased by 23%, while annual revenue churn remained stable in the mid-single digits [58] - Existing stores' revenue increased to $169 million, with a net revenue retention rate of 104% in FX-neutral [98][100] - Subscription gross margin improved to 78.9% in Q4 2024, up from 78.6% in the same period last year [104] Market Data and Key Metrics Changes - Revenue generated outside Brazil accounted for 43.4% of total revenues in 2024, with Brazil's subscription revenue growing 28% in FX-neutral [101][102] - Latin America excluding Brazil saw a 6% increase in subscription revenue in FX-neutral, while the Rest of the World subscription revenue grew 34% in FX-neutral [102] Company Strategy and Development Direction - VTEX aims to transition from a single product platform to an integrated suite of solutions, expanding its offerings to include B2C, B2B, Sales App, and more [72] - Strategic investments in AI and conversational commerce capabilities, including a stake in Synerise and the acquisition of Weni, are intended to enhance VTEX's product suite and market position [18][73] - The company is focused on building trust with customers and delivering on promises, positioning itself as a comprehensive commerce suite for enterprises [19][73] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Brazil due to softer consumer spending and currency devaluation but expressed confidence in sustaining profitable growth through new customer acquisitions and product innovations [41][96] - The company targets FX-neutral year-over-year subscription revenue growth of 13% to 15% for Q1 2025 and 14% to 17% for the full year 2025 [56][57] - Management remains optimistic about future opportunities despite short-term growth rate challenges, emphasizing strong operational indicators [57][58] Other Important Information - A new share-repurchase program was approved, allowing the repurchase of up to $30 million in Class A common shares [108] - The company repurchased 1.8 million Class A common shares at an average price of $6.08 per share, totaling $11.2 million in Q4 2024 [108] Q&A Session Summary Question: What are the expectations for subscription revenue growth in 2025? - The company is targeting FX-neutral year-over-year subscription revenue growth of 13% to 15% for Q1 2025 and 14% to 17% for the full year 2025 [56][57] Question: How is the company addressing the challenges in Brazil? - Management highlighted the importance of new customer acquisitions and product innovations to sustain growth despite the challenging consumption environment in Brazil [41][96] Question: What strategic investments has the company made recently? - VTEX made strategic investments in AI and conversational commerce capabilities, including a stake in Synerise and the acquisition of Weni, to enhance its product offerings [18][73]