VTEX Reports Second Quarter 2024 Financial Results
Subscription revenue growth reached 21% in USD and 25% in FXN
Gross profit increased by 29% in USD and 34% in FXN, reaching a margin of 74%
Non-GAAP operating income margin reached 11%, representing a 15p.p. YoY expansion
Second Quarter 2024 Financial Highlights
-
GMV reached US
$4.4 billion in the second quarter of 2024, representing an YoY increase of 15.6% in USD and 19.4% on an FX neutral basis. - Total revenue increased to US$56.5 million in the second quarter of 2024 from US$47.9 million in the second quarter of 2023, representing a YoY increase of 18.1% in USD and 21.9% on an FX neutral basis.
- Subscription revenue represented 95.5% of total revenues, reaching to US$54.0 million in the second quarter of 2024, from US$44.8 million in the second quarter of 2023. This represents a YoY increase of 20.6% in USD and 24.7% on an FX neutral basis.
-
Non-GAAP subscription gross profit was US$42.2 million in the second quarter of 2024, compared to US$33.7 million in the second quarter of 2023, representing a YoY increase of 25.1% in USD and 30.1% on an FX neutral basis.
- Non-GAAP subscription gross margin was 78.1% in the second quarter of 2024, compared to 75.3% in the same quarter of 2023. The YoY margin expansion of 285 bps was mainly attributable to the ongoing monitoring of cloud investments, migrating microservices to more efficient solutions, among other impacts.
- Non-GAAP income from operations was US$6.4 million during the second quarter of 2024, compared to a Non-GAAP loss from operations of US$1.5 million in the same quarter of 2023.
- Non-GAAP positive free cash flow was US$3.2 million during the second quarter of 2024, compared to a Non-GAAP negative free cash flow of US$3.3 million in the same quarter of 2023.
-
As of
June 30, 2024 , our total headcount was 1,339, increasing 0.4% QoQ and 2.6% YoY.
Second Quarter 2024 Commercial Highlights:
-
New customers who initiated their operations with us, among others: Chooze in
Australia ; Armani, Colormaq, Drogal, and PneuBarato inBrazil ;The Line Group inChile ; Addi marketplace inColombia ; Grupo Nazan and Librerías Gandhi inMexico ; Ageas Seguros inPortugal ; and MyEyeDr in the US. - Existing customers expanding their operations with us by opening new online stores, among others:
-
Essity, who added four brands in
Colombia , now operating with 11 brands across five countries in Latam; - Hearst, who added Cosmopolitan, now operating with three stores in the US;
-
Multilaser in
Brazil , who added a new brand, DJI, now operating with three stores in the country; -
Motorola, who added a store in
Sweden , now operating across APAC,Canada , EMEA, Latam, and the US -
Nike, who added a store in
Uruguay , now operating in four countries across Latam; and -
Victoria's Secret, who added a store in
El Salvador , now operating in 12 countries across Latam.
Second Quarter 2024 Operational Highlights:
We innovate aligned with our guiding principles. We express our brand through the success of our customers.
-
Zero friction onboarding and collaboration:
- Ageas Seguros, the largest insurance provider in
Belgium and a leader in 14 other countries, partnered withVTEX to launch a new marketplace inPortugal under their Médis brand. VTEX’s unique native marketplace capability, combined with its robust front-end features, including the Store Framework and optimized checkout flow, allowed the customer to integrate multiple payment methods and gift card options optimally. Furthermore, by adopting the VTEX Seller Portal, Ageas Seguros can now efficiently and seamlessly onboard sellers, creating an innovative healthcare ecosystem. - Chooze, an Australian disability equipment distributor supporting disabled and aging Australians, has launched its operations with
VTEX , leveraging its out-of-the-box features such as marketplace, seller portal, OMS, and VTEX IO. Seeking to ensure the best customer experience, and with 134 sellers and over 18,000 products, Chooze allows easy product comparisons and purchases from multiple sellers and creates customized NDIS-friendly invoicing for multi-shop purchases using VTEX IO IPaaS, simplifying claims and reducing delays. AlongsideVTEX , Chooze is setting a new standard in disability and aged care shopping. - Pague Menos, a leading pharmacy retail chain in
Brazil , recognized the pivotal role of Retail Media as the next frontier in advertising. Leveraging VTEX Ads Network, Pague Menos now efficiently manages its advertising space, aligning promotions with consumer behavior to drive sales without the burden of managing numerous separate advertiser relationships. This integration expanded their reach, opened new sales channels, and delivered immediate sales and revenue increases while enhancing advertisers' performance metrics and ROAS. With VTEX Ads Network's scalable and performance-driven approach, Pague Menos is poised to drive further growth.
- Ageas Seguros, the largest insurance provider in
-
Single control panel for every order:
- Librerías Gandhi, a leading Mexican bookstore chain with 49 physical stores and a central distribution center, partnered with
VTEX to enhance their omnichannel capabilities. They integrated their 4.5 million SKUs across all sales channels, enabling sales and inventory management from each store, enabling in-store pickup. UsingVTEX , they can now offer same-day delivery inMexico City and extend their reach through marketplace integrations with Walmart Mexico andMercado Libre . - Launched a new version of the VTEX Sales App, introducing key enhancements to support sales representatives. These improvements include identifying consumers and accessing their complete online profile and purchase history with the brand. Sales representatives now benefit from offering a more personalized shopping experience, gaining better visibility into customized promotions at an SKU level, and monitoring out-of-stock items and delivery options more easily. With enhanced customer identification, sales reps can more effectively target in-store visitors, driving higher conversion rates and cross-selling opportunities.
- Librerías Gandhi, a leading Mexican bookstore chain with 49 physical stores and a central distribution center, partnered with
-
Commerce on auto-pilot and co-pilot:
Cosmo Music , a leader in musical instrument rentals inCanada , leveragedVTEX's platform to ensure a seamless and uninterrupted customer journey. Right after the migration, Cosmo Rentals has already achieved stable rental orders YoY. Its architecture integrates advanced features like a one-page checkout, enhanced rental management, and intuitive interfaces for managing multiple business rules and customer journeys. These improvements better serve its diverse customer base and lay a foundation for its future growth.- Dior, the renowned French luxury fashion and beauty brand, integrated its physical and online channels in
Chile , delivering a unified, consistent shopping experience across all touchpoints. As a result, Dior experienced an astounding more than 100% YoY orders spike in the first half of 2024. In partnership withVTEX , Dior continues to navigate its digital transformation, partnering withVTEX inArgentina and planning to expand the partnership acrossLatin America . - Doto, a marketplace for electronic devices, expanded its reach using the
VTEX platform inMexico , enhancing usability and user experience. LeveragingVTEX's A/B Testing and workspaces, Doto was able to test several go-to-market strategies, such as its Double Buy Box, with "Save Time" and "Save Money" delivery options, which increased user interaction and loyalty, boosting conversions by 19%. Additionally, VTEX IO allowed Doto to manage its infrastructure natively, leading to a 27% increase in site visibility and a 26% rise in returning user visits. With VTEX Sales App and VTEX Intelligent Search, Doto's omnichannel strategy balances logistical efficiency and customer satisfaction, solidifying its ecommerce leadership. H Mart , the largest Asian supermarket chain in the US, migrated toVTEX , launching two new online stores in March, unifying its perishable and nonperishable items with its fresh goods systems. In the second quarter,H Mart began integrating its physical stores, starting withCalifornia locations, enhancing its ecommerce capabilities with VTEX’s Pick and Pack app and precise product visibility. This combined with H Mart’s ERP for inventory, pricing, tax automation, and payment processing integration, enables consumers to order all sorts of goods in the same cart, leveraging real-time store inventory availability and access to optimized delivery options.
-
The development platform of choice for digital commerce:
- Addi, a Buy Now, Pay Later payment method provider in
Colombia , has expanded into a marketplace using theVTEX platform. This strategic move aimed to connect its existing merchants, most of whom wereVTEX customers, and enable them to use Addi’s payment method via a mobile app. The app, built onVTEX robust marketplace architecture, already serves over 1 million consumers and integrates bothVTEX and non-VTEX sellers through the Seller Portal. Developed withVTEX authentication protocol, VTEX IO Store Framework, and Amplitude analytics, the Addi Payment Connector is also certified through the Payment Provider Protocol. The new platform has significantly boosted Addi's market presence and growth in its first three months.
- Addi, a Buy Now, Pay Later payment method provider in
Business Outlook
Although the macroeconomic scenario remains uncertain,
In this context, for the third quarter of 2024, we are targeting FX neutral YoY revenue growth of 18% to 20%, implying a
For the full year 2024, we will continue executing our profitable growth strategy. We are increasing our FX neutral YoY revenue growth target to 18% to 20%, implying a range of
We are confident in
The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding “Forward-Looking Statements” below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that
The following table summarizes certain key financial and operating metrics for the three and six months ended
|
Three months ended
|
Six months ended
|
||
In thousands of |
2024 |
2023 |
2024 |
2023 |
GMV |
4,437.5 |
3,838.5 |
8,474.4 |
7,142.2 |
GMV growth YoY FXN (1) |
19.4% |
21.2% |
19.8% |
20.9% |
Revenue |
56.5 |
47.9 |
109.2 |
90.2 |
Revenue growth YoY FXN (1) |
21.9% |
22.9% |
21.7% |
22.5% |
Non-GAAP subscription gross profit (2)(4) |
42.2 |
33.7 |
81.0 |
63.1 |
Non-GAAP subscription gross profit margin (3)(4) |
78.1% |
75.3% |
77.7% |
74.6% |
Non-GAAP income (loss) from operations (4) |
6.4 |
(1.5) |
9.4 |
(5.6) |
Total number of employees |
1,339 |
1,305 |
1,339 |
1,305 |
(1) Calculated by using the average monthly exchange rates for the applicable months during 2023, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2024, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. (2) Corresponds to our subscription revenues minus our subscription costs. (3) Corresponds to our subscription gross profit divided by subscription revenues. (4) Reconciliation of Non-GAAP metrics can be found in tables below. |
Conference Call and Webcast
The conference call may be accessed by dialing +1-646-968-2525 (Conference ID – 1918046 –) and requesting inclusion in the call for
The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/.
An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
“ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four.
“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.
“GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions.
“FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next.
“Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.
Special Note Regarding Non-GAAP financial metrics
For the convenience of investors, this document presents certain Non-GAAP financial measures, which are not recognized under IFRS Accounting Standards, specifically Non-GAAP subscription gross profit, Non-GAAP income (loss) from operations, free cash flow and FX Neutral measures.
We understand that Non-GAAP subscription gross profit, Non-GAAP income (loss) from operations, free cash flow and FX Neutral measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS Accounting Standards. Additionally, our calculations of Non-GAAP subscription gross profit, Non-GAAP income (loss) from operations, free cash flow and FX Neutral measures may be different from the calculation used by other companies, including our competitors, and therefore, our measures may not be comparable to those of other companies.
Reconciliation of Non-GAAP measures
The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
Subscription revenue |
54.0 |
44.8 |
104.3 |
84.5 |
Subscription cost |
(11.8) |
(11.2) |
(23.4) |
(21.6) |
Subscription gross profit |
42.1 |
33.6 |
81.0 |
63.0 |
Share-based compensation |
0.0 |
0.1 |
0.1 |
0.1 |
Non-GAAP subscription gross profit |
42.2 |
33.7 |
81.0 |
63.1 |
Non-GAAP subscription gross margin |
78.1% |
75.3% |
77.7% |
74.6% |
The following table presents a reconciliation of our Non-GAAP S&M expenses to S&M expenses for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
Sales & Marketing expense |
(17.3) |
(14.4) |
(34.4) |
(29.2) |
Share-based compensation expense |
0.9 |
1.1 |
2.0 |
2.4 |
Amortization of intangible related to acquisitions |
0.3 |
0.3 |
0.6 |
0.6 |
Non-GAAP Sales & Marketing expense |
(16.0) |
(13.1) |
(31.9) |
(26.3) |
The following table presents a reconciliation of our Non-GAAP R&D expenses to R&D expenses for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
Research & Development expense |
(14.2) |
(16.3) |
(27.0) |
(30.3) |
Share-based compensation expense |
1.2 |
1.8 |
1.4 |
3.7 |
Amortization of intangible related to acquisitions |
0.1 |
0.3 |
0.3 |
0.6 |
|
(12.9) |
(14.2) |
(25.3) |
(26.0) |
The following table presents a reconciliation of our Non-GAAP G&A expenses to G&A expenses for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
General & Administrative expense |
(8.8) |
(8.2) |
(17.9) |
(16.2) |
Share-based compensation expense |
2.0 |
1.7 |
4.6 |
3.4 |
Amortization of intangible related to acquisitions |
0.0 |
0.0 |
0.0 |
0.0 |
Non-GAAP General & Administrative expense |
(6.8) |
(6.5) |
(13.4) |
(12.7) |
The following table presents a reconciliation of our Non-GAAP income (loss) from operations to income (loss) from operations for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
Income (loss) from operations |
1.7 |
(7.1) |
0.1 |
(16.8) |
Share-based compensation expense |
4.3 |
4.7 |
8.4 |
9.8 |
Amortization of intangibles related to acquisitions |
0.4 |
0.8 |
0.9 |
1.4 |
Non-GAAP income (loss) from operations |
6.4 |
(1.5) |
9.4 |
(5.6) |
The following table presents a reconciliation of our free cash flow to net cash provided by (used in) operating activities for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2024 |
2023 |
2024 |
2023 |
Net cash provided by (used in) operating activities |
3.8 |
(3.3) |
6.4 |
(8.2) |
Acquisitions of property and equipment |
(0.5) |
(0.0) |
(1.3) |
(0.2) |
Free cash flow |
3.2 |
(3.3) |
5.1 |
(8.4) |
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended
|
As Reported |
FXN |
As Reported |
FXN |
||
(in millions of US$, except as otherwise indicated) |
2Q24 |
2Q23 |
% Change |
2Q24 |
2Q23 |
% Change |
Subscription revenue |
54.0 |
44.8 |
20.6% |
55.8 |
44.8 |
24.7% |
Services revenue |
2.6 |
3.1 |
(17.9)% |
2.6 |
3.1 |
(17.2)% |
Total revenue |
56.5 |
47.9 |
18.1% |
58.4 |
47.9 |
21.9% |
Gross profit |
41.6 |
32.4 |
28.5% |
43.3 |
32.4 |
33.7% |
Income (loss) from operations |
1.7 |
(7.1) |
na |
2.8 |
(7.1) |
na |
This announcement does not contain sufficient information to constitute an interim financial report as defined in International Financial Reporting Standards as issued by the
About
Forward-looking Statements
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the
As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
Condensed consolidated interim statements of profit or loss (Unaudited)
In thousands of |
||||
|
Three months ended |
Six months ended |
||
|
|
|
|
|
|
|
|
|
|
Subscription revenue |
53,985 |
44,772 |
104,347 |
84,534 |
Services revenue |
2,556 |
3,114 |
4,842 |
5,634 |
Total revenue |
56,541 |
47,886 |
109,189 |
90,168 |
|
|
|
|
|
Subscription cost |
(11,842) |
(11,153) |
(23,381) |
(21,553) |
Services cost |
(3,080) |
(4,353) |
(6,301) |
(8,519) |
Total cost |
(14,922) |
(15,506) |
(29,682) |
(30,072) |
Gross profit |
41,619 |
32,380 |
79,507 |
60,096 |
|
|
|
|
|
Operating expenses |
|
|
|
|
General and administrative |
(8,767) |
(8,242) |
(17,939) |
(16,167) |
Sales and marketing |
(17,252) |
(14,449) |
(34,444) |
(29,231) |
Research and development |
(14,236) |
(16,305) |
(26,964) |
(30,264) |
Other income (losses) |
331 |
(511) |
(55) |
(1,265) |
Income (loss) from operations |
1,695 |
(7,127) |
105 |
(16,831) |
|
|
|
|
|
Financial income |
10,342 |
9,240 |
19,444 |
16,599 |
Financial expense |
(7,551) |
(9,126) |
(20,047) |
(15,029) |
Financial result, net |
2,791 |
114 |
(603) |
1,570 |
|
|
|
|
|
Equity results |
(16) |
367 |
2 |
708 |
|
|
|
|
|
Income (loss) before income tax |
4,470 |
(6,646) |
(496) |
(14,553) |
|
|
|
|
|
Income tax |
|
|
|
|
Current |
73 |
(1,697) |
(181) |
(2,267) |
Deferred |
386 |
1,733 |
3,152 |
2,282 |
Total income tax |
459 |
36 |
2,971 |
15 |
|
|
|
|
|
Net income (loss) for the period |
4,929 |
(6,610) |
2,475 |
(14,538) |
|
|
|
|
|
Attributable to controlling shareholders |
4,935 |
(6,611) |
2,489 |
(14,539) |
Non-controlling interest |
(6) |
1 |
(14) |
1 |
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
Basic earnings (loss) per share |
0.027 |
(0.035) |
0.013 |
(0.077) |
Diluted earnings (loss) per share |
0.026 |
(0.035) |
0.013 |
(0.077) |
|
|
|
|
|
Condensed consolidated interim balance sheets (Unaudited)
In thousands of |
||
|
|
|
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents |
22,910 |
28,035 |
Short-term investments |
192,489 |
181,374 |
Trade receivables |
49,100 |
44,122 |
Recoverable taxes |
9,462 |
6,499 |
Deferred commissions |
1,315 |
1,005 |
Prepaid expenses |
3,716 |
5,143 |
Derivative financial instruments |
48 |
53 |
Other current assets |
249 |
22 |
Total current assets |
279,289 |
266,253 |
|
|
|
Non-current assets |
|
|
Long-term investments |
3,635 |
2,000 |
Trade receivables |
9,386 |
7,415 |
Deferred tax assets |
21,274 |
19,926 |
Prepaid expenses |
96 |
155 |
Recoverable taxes |
4,373 |
4,454 |
Deferred commissions |
3,842 |
2,924 |
Other non-current assets |
792 |
902 |
Right-of-use assets |
2,464 |
3,277 |
Property and equipment, net |
2,950 |
2,697 |
Intangible assets, net |
27,331 |
30,024 |
Investments in joint venture |
- |
1,118 |
Total non-current assets |
76,143 |
74,892 |
Total assets |
355,432 |
341,145 |
|
|
|
LIABILITIES |
|
|
Current liabilities |
|
|
Accounts payable and accrued expenses |
39,332 |
39,728 |
Taxes payable |
6,778 |
8,219 |
Lease liabilities |
1,607 |
1,863 |
Deferred revenue |
28,575 |
25,948 |
Other current liabilities |
1,046 |
1,486 |
Total current liabilities |
77,338 |
77,244 |
|
|
|
Non-current liabilities |
|
|
Accounts payable and accrued expenses |
2,305 |
1,632 |
Taxes payable |
83 |
- |
Lease liabilities |
1,470 |
2,233 |
Deferred revenue |
19,449 |
16,584 |
Deferred tax liabilities |
3,422 |
2,668 |
Other non-current liabilities |
408 |
452 |
Total non-current liabilities |
27,137 |
23,569 |
|
|
|
EQUITY |
|
|
Issued capital |
18 |
18 |
Capital reserve |
377,857 |
370,821 |
Other reserves |
609 |
(486) |
Accumulated losses |
(127,571) |
(130,060) |
Equity attributable to VTEX’s shareholders |
250,913 |
240,293 |
Non-controlling interests |
44 |
39 |
Total shareholders’ equity |
250,957 |
240,332 |
Total liabilities and equity |
355,432 |
341,145 |
Condensed consolidated interim statements of cash flows (Unaudited)
In thousands of |
||
|
Six months ended |
|
|
|
|
|
|
|
Net income (loss) for the period |
2,475 |
(14,538) |
Adjustments for: |
|
|
Depreciation and amortization |
2,228 |
2,494 |
Deferred income tax |
(3,152) |
(2,282) |
Loss on disposal of rights of use, property, equipment, and intangible assets |
128 |
612 |
Expected credit losses from trade receivables |
479 |
737 |
Share-based compensation |
6,970 |
7,621 |
Provision for payroll taxes (share-based compensation) |
1,426 |
1,320 |
Adjustment of hyperinflation |
5,785 |
4,860 |
Equity results |
(2) |
(708) |
Accrued interest |
(10,510) |
(5,055) |
Fair value gains |
(524) |
(5,450) |
Others and foreign exchange, net |
5,762 |
2,439 |
Change in operating assets and liabilities |
|
|
Trade receivables |
(12,987) |
(6,609) |
Recoverable taxes |
(4,673) |
(119) |
Prepaid expenses |
1,141 |
488 |
Other assets |
(1,074) |
(64) |
Accounts payable and accrued expenses |
1,836 |
(1,388) |
Taxes payable |
627 |
1,108 |
Deferred revenue |
10,255 |
6,170 |
Other liabilities |
841 |
227 |
Cash provided by (used in) operating activities |
7,031 |
(8,137) |
Income tax paid |
(632) |
(37) |
Net cash provided by (used in) operating activities |
6,399 |
(8,174) |
Cash flows from investing activities |
|
|
Dividends received from joint venture |
- |
1,138 |
Proceeds from disposal of Joint Venture |
1,026 |
- |
Purchase of short and long-term investment |
(67,538) |
(21,273) |
Redemption of short-term investment |
60,593 |
118,311 |
Interest and dividends received from short-term investments |
463 |
1,233 |
Acquisitions of property and equipment |
(1,259) |
(178) |
Derivative financial instruments |
(2,201) |
(45) |
Net cash provided by (used in) investing activities |
(8,916) |
99,186 |
Cash flows from financing activities |
|
|
Changes in restricted cash |
- |
1,660 |
Proceeds from the exercise of stock options |
1,399 |
88 |
Net-settlement of share-based payment |
(1,624) |
(932) |
Buyback of shares |
- |
(13,841) |
Payment of loans and financing |
- |
(1,238) |
Interest paid |
- |
(5) |
Principal elements of lease payments |
(870) |
(751) |
Lease interest paid |
(200) |
(302) |
Net cash used in financing activities |
(1,295) |
(15,321) |
Net increase (decrease) in cash and cash equivalents |
(3,812) |
75,691 |
Cash and cash equivalents, beginning of the period |
28,035 |
24,394 |
Effect of exchange rate changes |
(1,313) |
419 |
Cash and cash equivalents, end of the period |
22,910 |
100,504 |
|
|
|
Non-cash transactions: |
|
|
Lease liabilities arising from obtaining right-of-use assets and remeasurement |
287 |
85 |
Transactions with non-controlling interests |
19 |
43 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806483344/en/
Investor Relations Director
investors@vtex.com
Source: