GMV and total revenue YoY growth reached 22%
and 25%, respectively
Gross profit increased by 37% YoY, representing
a margin expansion of 641 bps
Non-GAAP operating income and free cash flow
margins reached 6% and 4%
VTEX (NYSE: VTEX), the composable and complete commerce platform
for premier brands and retailers, today announced results for the
first quarter of 2024 ended March 31, 2024. VTEX results have been
prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board
(“IFRS Accounting Standards”) IAS 34 Interim Financial
Reporting.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “Our
product launches are revolutionizing commerce for IT and business
teams to deliver sustainable growth with attractive ROI. By
creating new revenue streams, we are extending the runway for
long-term growth while continuing to deliver meaningful operational
leverage and margin improvements. We are excited for VTEX's future,
focused on growth, margin expansion, and customer success.” Mariano
Gomide de Faria, founder and co-CEO of VTEX, added, “We started the
year backed by recognitions from Gartner and IDC, and we are
translating this momentum into meaningful sales. Our expansion into
Germany, with customers like OBI, encourages us on our global
expansion while sustained sales momentum in Brazil highlights our
long-term growth potential. Customer feedback on our value
proposition for B2B and B2C reinforces our vision as the global
backbone for connected commerce.”
First Quarter 2024 Financial Highlights
- GMV reached US$4.0 billion in the first quarter of 2024,
representing a YoY increase of 22.2% in USD and 20.1% on an FX
neutral basis.
- Total revenue increased to US$52.6 million in the first quarter
of 2024, from US$42.3 million in the first quarter of 2023,
representing a YoY increase of 24.5% in USD and 21.3% on an FX
neutral basis.
- Subscription revenue represented 95.7% of total revenues and
increased to US$50.4 million in the first quarter of 2024, from
US$39.8 million in the first quarter of 2023, a YoY increase of
26.7% in USD and 23.4% on an FX neutral basis.
- Non-GAAP subscription gross profit was US$38.9 million in the
first quarter of 2024, compared to US$29.4 million in the first
quarter of 2023, representing a YoY increase of 32.3% in USD and
28.5% on an FX neutral basis.
- Non-GAAP subscription gross margin was 77.2% in the first
quarter of 2024, compared to 73.9% in the same quarter of 2023. The
YoY margin expansion of 328 bps was mainly attributable to
operational hosting cost efficiencies, support cost optimization,
among other impacts.
- Non-GAAP income from operations was US$3.0 million during the
first quarter of 2024, compared to a Non-GAAP loss from operations
of US$4.1 million in the same quarter of 2023.
- Non-GAAP positive free cash flow was US$1.9 million during the
first quarter of 2024, compared to a Non-GAAP negative free cash
flow of US$5.0 million in the same quarter of 2023.
- As of March 31, 2024, our total headcount was 1,334, increasing
4.5% compared to the prior quarter and decreasing 0.4% YoY.
First Quarter 2024 Commercial Highlights:
- New customers that initiated their operations with us, among
others: Keune Haircosmetics Manufacturing in Belgium, the
Netherlands, and France; Arado, Cruzeiro do Sul and PetYard in
Brazil; Tres Montes in Chile; OBI in Germany; PagineGialle Shop in
Italy, KFC in Romania, and HMart in the US.
- Existing customers expanding their operations with us by
opening new online stores, among others: Grupo Soma, who added
a new store in Chile, expanding its presence to more than 10 stores
across Latin America and the US; Hinode Group, who added a B2B
store in Brazil, now operating both B2B and B2C models across two
countries in Latam; Hugo Boss, who added new stores in Colombia and
Peru, increasing its footprint to four stores across Latin America;
and Nike, who added, a new store in Colombia, extending its reach
to three countries in Latin America.
First Quarter 2024 Operational Highlights:
We innovate aligned with our guiding principles. We express our
brand through the success of our customers. VTEX key operational
highlights this quarter are:
- Zero friction onboarding and collaboration:
- OBI, the premier multinational home improvement retailer
headquartered in Germany, has partnered with VTEX to enhance its
commerce capabilities and solidify its position as a leader in home
improvement. By migrating away from their previous legacy software
provider, and choosing VTEX over others, OBI is now able to
leverage VTEX's renowned automation capabilities and streamlined
infrastructure to simplify the buyer journey. Through VTEX's
composable commerce platform, OBI seamlessly integrated its
ecommerce 349 physical stores, and third-party sellers into a
unified transactional platform, expanding product offerings and
providing customers with a seamless shopping experience across
various delivery and pick-up options. With integrated physical
stores nationwide, customers can now pick up online orders within
just two hours, showcasing the platform's efficiency and
effectiveness in meeting consumer needs. Since migrating to VTEX,
OBI has experienced significant enhancements in consumer and
developer experience, including unified franchise management,
smooth ramp-up of platform traffic, improved front-end metrics, and
increased agility in development processes.
- Cloe, a leather goods brand in Mexico, partnered with VTEX for
its omnichannel leadership. Leveraging VTEX's platform, Cloe
achieved cost reductions and streamlined operations, with notable
features such as Personal Shopper enhancing customized experiences.
This collaboration yielded impressive results, including a 14%
increase in digital sales in 2023, alongside strengthened offline
sales. With a notable 60.5% increase in conversion rates and a
12.5% growth in average order value.
- Colgate's partnership with VTEX exemplifies digital commerce
innovation. Leveraging VTEX's marketplace functionality, Colgate
swiftly established a B2B ecommerce platform, streamlining
implementation and reducing costs. This unique marketplace,
designed exclusively for dentists, integrates distributor products
seamlessly, fostering sales growth without logistical overhead with
strategic enhancements, including cashback promotions and a loyalty
program. Colgate started their operations with VTEX in Brazil, and
in the 4Q23 they added two B2B sites in the US, PCA Skin and
Colgate Professional, leveraging our fully composable
architecture.
- Mezzo, a leading Brazilian dermo-cosmetics chain across nine
states, partnered with VTEX to develop their B2C and B2B platforms.
Launching two stores, Mezzo Cosmetics and Mezzo Professionals, they
achieved seamless connectivity with physical stores and unified
data sources for streamlined operations. Each franchisee account
serves as a white-label seller, representing individual stores and
ensuring optimal inventory management. Remarkably, the project was
completed in just three months.
- Enhanced marketplace features streamline requirement group
management for Received SKUs, reducing operational burdens and
accelerating time-to-revenue for platform sellers.
- Single control panel for every order:
- Dimak, a leading grocery distributor in Chile, partnered with
VTEX to modernize their B2B operations. With VTEX's innovative
solutions, Dimak established a 24/7 online store and implemented a
closed website model, resulting in significant growth. Dimak saw a
10x increase in GMV and orders, doubled conversion rates, and
achieved a 4 p.p. boost in profitability compared to traditional
channels.
- Interfood, a leading Brazilian beverage importer with global
presence, has been a satisfied VTEX B2C customer since 2020.
Recently, they extended their partnership with VTEX to power their
B2B operations, unlocking new opportunities. Leveraging VTEX's B2B
Suite tool, Interfood seamlessly integrated APIs to streamline
customer registrations and credit control processes. With VTEX IO
Apps, tax requirements were tailored to meet Interfood's precise
needs, showcasing VTEX's commitment to exceeding customer
expectations.
- KFC, a quick service restaurant giant, selected VTEX in Romania
to power their B2C operations. Seamlessly aligning with VTEX's
out-of-the-box functionalities, KFC swiftly launched their website
and mobile app, for both IOS and Android, all from a single code
base. The VTEX team was able to adeptly tailor ordering and payment
methods to meet KFC's specific requirements and be ready to launch
the project in only four months.
- Launched VTEX Shield, empowering enterprise brands to monitor,
safeguard against security threats, and preserve revenue while
ensuring the security of sensitive data to uphold customer trust.
Our solution adds an extra layer to enhance data protection
measures.
- Launched VTEX WhatsApp Campaigns, unlocking personalized sales
conversions with a plug-and-play WhatsApp Business Account creator
in VTEX Admin, connected to Meta. Brands can now activate targeted
campaigns for timely engagement and higher conversion rates.
Real-time analytics track campaign effectiveness, monitoring
conversions with view-to-conversion metrics.
- Commerce on auto-pilot and co-pilot:
- New Balance, the renowned global sneaker brand, doubled website
conversion rates after migrating to VTEX in Brazil. Previously,
they faced limitations on their old platform, unable to deliver
innovative experiences due to high development costs. VTEX's
composable platform and plug-and-play functionalities addressed
these challenges, enabling seamless integration of pricing catalogs
and XML automation. With VTEX's API integrations, manual tasks
became automated, empowering teams to manage promotions
independently. The migration led to rapid results, including
increased product page visits, doubled conversions, and revenue
growth within a month post-migration.
- Launched VTEX Ad Network, connecting customers with ideal
advertising partners through our vast network. Using AI-driven
targeting and auctions, we optimize ad campaigns to maximize
revenue. Our focus is to streamline operations, scale AI and
analytics for insights, and advance security measures for data
protection.
- Launched VTEX Data Pipeline, empowering enterprises with
enhanced data connections to effectively leverage AI. Our solution
offers specialized APIs for bulk data retrieval and secure
data-sharing services, seamlessly delivering VTEX commerce data to
customers' preferred data warehouses.
- Launched VTEX Delivery Promise, showcasing delivery options and
dates directly within search filters and product pages using
advanced algorithms and technology. Addressing shopper expectations
for tailored experiences based on desired delivery methods or
dates.
- Enhanced existing products with AI features, including: VTEX
Intelligent Search, optimizing results and boosting conversions;
Live Shopping, enhancing engagement with AI Chat; Pick and Pack,
streamlining operations, reducing errors, and improving efficiency;
Shipping Insights, offering real-time visibility for optimized
logistics and prompt delivery. Through strategic AI application,
VTEX equips customers to stay competitive by delivering faster time
to market, lower costs, and increased GMV.
- The development platform of choice for digital commerce:
- Hearst, the leading global, diversified media, information, and
services company, chose VTEX for its extensive native capabilities,
adaptable multi-site architecture, and VTEX IO development
platform, enabling the integration of custom features. Leveraging
VTEX, Hearst established a marketplace supporting multi-vendor
business models, thereby seamlessly enhancing the customer
experience across its publications and shoppable interfaces,
facilitating the easy purchase of featured products. With VTEX's
out-of-the-box features and flexible APIs, Hearst swiftly launched
its platform and iteratively leveraged new business models in the
digital economy. This transition led to a significant reduction in
Total Cost of Ownership, from high-single-digits to
low-single-digits, highlighting the efficiency and adaptability of
VTEX's solution. Furthermore, Hearst serves as the flagship client
piloting VTEX Data Pipeline and VTEX Fast Checkout, currently
undergoing A/B testing on their Men's Health website, as the
primary checkout experience.
- Launched VTEX FastStore, revolutionizing store creation and
evolution with unparalleled performance and adaptability.
Consisting of three core products: FastStore Framework, offering a
suite of commerce-optimized UI components, code libraries, and
integrations; FastStore WebOps, a comprehensive front-end platform
with performance metrics, automated checks, and a robust serving
layer powered by a global edge network; and Headless CMS, a
powerful yet user-friendly content management system empowering
content teams to manage updates independently.
- Launched VTEX FastCheckout, utilizing elements of FastStore,
the product offers multiple features aimed at reducing cart
abandonment rates and improving overall conversion, seamlessly
integrating with VTEX Headless CMS.
Business Outlook
Although the macroeconomic scenario remains uncertain, we see
VTEX well positioned to capture an attractive market opportunity.
We are closely monitoring the performance of our customers and
sales funnel and taking necessary actions to ensure our business'
sustainable growth and success. We remain encouraged by our sales
momentum and operational leverage, despite weakness in
Argentina.
In this context, we are currently targeting revenue for the
second quarter of 2024 in the US$54.5 million to US$56.0 million
range, implying a YoY growth of 18% on an FX neutral basis in the
middle of the range.
For the full year 2024, we continue executing our strategy for
profitable growth. Recognizing heightened volatility in Argentina’s
macro situation, we are targeting FX neutral YoY revenue growth of
16% to 20%, implying a range of US$234 million to US$243 million
based on April’s average FX rate. Further demonstrating our
operational leverage, we are targeting free cash flow and non-GAAP
operating income margins of high single digits.
We are confident in VTEX's ability to navigate the uncertainties
posed by the current macroeconomic scenario. We are empowering our
customers to digitally transform their commerce operations while
helping them to outperform the market.
The business outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
Actual results could vary materially as a result of numerous
factors, including certain risk factors, many of which are beyond
VTEX’s control. See the cautionary note regarding ''Forward-Looking
Statements'' below. Fluctuations in VTEX’s operating results may be
particularly pronounced in the current economic environment. There
can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and
operating metrics for the three months ended March 31, 2024 and
2023.
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
GMV
4,036.9
3,303.7
GMV growth YoY FXN (1)
20.1%
20.6%
Revenue
52.6
42.3
Revenue growth YoY FXN (1)
21.3%
22.2%
Non-GAAP subscription gross profit
(2)(4)
38.9
29.4
Non-GAAP subscription gross profit margin
(3)(4)
77.2%
73.9%
Non-GAAP income (loss) from operations
(4)
3.0
(4.1)
Total number of employees
1,334
1,339
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
VTEX.
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
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
Subscription revenue
50.4
39.8
Subscription cost
(11.5)
(10.4)
Subscription gross profit
38.8
29.4
Share-based compensation
0.0
0.0
Non-GAAP subscription gross
profit
38.9
29.4
Non-GAAP subscription gross
margin
77.2%
73.9%
The following table presents a reconciliation of our Non-GAAP
expenses to expenses for the following periods:
Sales & Marketing
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
Sales & Marketing expense
(17.2)
(14.8)
Share-based compensation expense
1.1
1.3
Amortization of intangible related to
acquisitions
0.3
0.3
Non-GAAP Sales & Marketing
expense
(15.8)
(13.2)
Research &
Development
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
Research & Development expense
(12.7)
(14.0)
Share-based compensation expense
0.2
1.9
Amortization of intangible related to
acquisitions
0.2
0.2
Non-GAAP Research & Development
expense
(12.3)
(11.8)
General &
Administrative
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
General & Administrative expense
(9.2)
(7.9)
Share-based compensation expense
2.6
1.7
Amortization of intangible related to
acquisitions
0.0
0.0
Non-GAAP General & Administrative
expense
(6.6)
(6.2)
The following table presents a reconciliation of our Non-GAAP
income (loss) from operations to loss from operations for the
following periods:
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
Loss from operations
(1.6)
(9.7)
Share-based compensation expense
4.1
5.1
Amortization of intangibles related to
acquisitions
0.5
0.5
Non-GAAP income (loss) from
operations
3.0
(4.1)
The following table presents a reconciliation of our free cash
flow to net cash used by operating activities for the following
periods:
Three months ended
March 31,
(in millions of US$, except as otherwise
indicated)
2024
2023
Net cash used in operating activities
2.6
(4.9)
Acquisitions of intangibles
-
-
Acquisitions of property and equipment
(0.7)
(0.1)
Free cash flow
1.9
(5.0)
The following table sets forth the FX neutral measures related
to our reported results of the operations for the three months
ended March 31, 2024:
As Reported
FXN
As
Reported
FXN
(in millions of US$, except as otherwise
indicated)
1Q24
1Q23
Percentage
Change
1Q24
1Q23
Percentage
Change
Subscription revenue
50.4
39.8
26.7%
49.1
39.8
23.4%
Services revenue
2.3
2.5
(9.3)%
2.2
2.5
(10.8)%
Total revenue
52.6
42.3
24.5%
51.3
42.3
21.3%
Gross profit
37.9
27.7
36.7%
36.6
27.7
32.1%
Loss from operations
(1.6)
(9.7)
(83.6)%
(1.5)
(9.7)
(84.7)%
This announcement does not contain sufficient information to
constitute an interim financial report as defined in International
Financial Reporting Standards as issued by the International
Accounting Standards Board (“IFRS Accounting Standards”) IAS 34
Interim Financial Reporting, "Interim Financial Reporting" nor a
financial statement as defined by IFRS Accounting Standards 1
"Presentation of Financial Statements". The financial information
in this press release has not been audited.
About VTEX
VTEX (NYSE: VTEX) is the composable and complete commerce
platform that delivers more efficiency and less maintenance to
organizations seeking to make smarter IT investments and modernize
their tech stack. Through our pragmatic composability approach, we
empower brands, distributors, and retailers with unparalleled
flexibility and comprehensive solutions, enabling them to invest
solely in what provides a clear business advantage and boosts
profitability. VTEX is trusted by 2,600 global B2C and B2B
customers, including Carrefour, Colgate, Motorola, Sony, Stanley
Black & Decker, and Whirlpool, having 3,500 active online
stores across 43 countries (as of FY ended on December 31, 2023).
For more information, visit www.vtex.com.
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 VTEX
strategies and business plans, are forward-looking, and the words
“anticipate,” “believe,” “continues,” “expect,” “estimate,”
“intend,” ”strategy,” “project,” “target” and similar expressions
and future or conditional verbs such as “will,” “would,” “should,”
“could,” “might,” “can,” “may,” or similar expressions are
generally intended to identify forward-looking statements.
VTEX may also make forward-looking statements in its periodic
reports filed with the U.S. Securities and Exchange Commission, or
the SEC, in press releases and other written materials and in oral
statements made by its officers and directors. These
forward-looking statements speak only as of the date they are made
and are based on the VTEX’s current plans and expectations and are
subject to a number of known and unknown uncertainties and risks,
many of which are beyond VTEX’s control. A number of factors and
risks could cause actual results to differ materially from those
contained in any forward-looking statement. Further information
regarding these and other risks is included in VTEX filings with
the SEC.
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.
VTEX
Condensed consolidated interim statements
of profit or loss (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
Three months ended
March 31, 2024
March 31, 2023
Subscription revenue
50,362
39,762
Services revenue
2,286
2,520
Total revenue
52,648
42,282
Subscription cost
(11,539)
(10,400)
Services cost
(3,221)
(4,166)
Total cost
(14,760)
(14,566)
Gross profit
37,888
27,716
Operating expenses
General and administrative
(9,172)
(7,925)
Sales and marketing
(17,192)
(14,782)
Research and development
(12,728)
(13,959)
Other losses
(386)
(754)
Loss from operations
(1,590)
(9,704)
Financial income
9,102
7,359
Financial expense
(12,496)
(5,903)
Financial result, net
(3,394)
1,456
Equity results
18
341
Loss before income tax
(4,966)
(7,907)
Income tax
Current
(254)
(570)
Deferred
2,766
549
Total income tax
2,512
(21)
Net loss for the period
(2,454)
(7,928)
Attributable to controlling
shareholders
(2,446)
(7,928)
Non-controlling interest
(8)
-
Loss per share
Basic loss per share
(0.013)
(0.042)
Diluted loss per share
(0.013)
(0.042)
VTEX
Condensed consolidated interim balance
sheets (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
March 31, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
17,468
28,035
Short-term investments
191,885
181,374
Trade receivables
45,189
44,122
Recoverable taxes
5,958
6,499
Deferred commissions
1,328
1,005
Prepaid expenses
6,238
5,143
Derivative financial instruments
-
53
Other current assets
122
22
Total current assets
268,188
266,253
Non-current assets
Long-term investments
3,056
2,000
Trade receivables
8,595
7,415
Deferred tax assets
22,469
19,926
Prepaid expenses
127
155
Recoverable taxes
4,411
4,454
Deferred commissions
3,006
2,924
Other non-current assets
788
902
Right-of-use assets
2,813
3,277
Property and equipment, net
2,969
2,697
Intangible assets, net
29,121
30,024
Investments in joint venture
1,099
1,118
Total non-current assets
78,454
74,892
Total assets
346,642
341,145
March 31, 2024
December 31, 2023
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
39,352
39,728
Taxes payable
6,811
8,219
Lease liabilities
1,717
1,863
Deferred revenue
26,653
25,948
Other current liabilities
3,854
1,486
Total current liabilities
78,387
77,244
Non-current liabilities
Accounts payable and accrued expenses
811
1,632
Lease liabilities
1,851
2,233
Deferred revenue
19,209
16,584
Deferred tax liabilities
3,026
2,668
Other non-current liabilities
427
452
Total non-current liabilities
25,324
23,569
EQUITY
Issued capital
18
18
Capital reserve
373,554
370,821
Other reserves
1,824
(486)
Accumulated losses
(132,506)
(130,060)
Equity attributable to VTEX’s
shareholders
242,890
240,293
Non-controlling interests
41
39
Total shareholders’ equity
242,931
240,332
Total liabilities and equity
346,642
341,145
VTEX
Condensed consolidated interim statements
of cash flows (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
March 31, 2024
March 31, 2023
Net loss for the period
(2,454)
(7,928)
Adjustments for:
Depreciation and amortization
1,113
1,226
Deferred income tax
(2,766)
(549)
Loss on disposal of rights of use,
property, equipment, and intangible assets
127
14
Expected credit losses from trade
receivables
215
537
Share-based compensation
3,030
4,004
Provision for payroll taxes (share-based
compensation)
1,092
452
Adjustment of hyperinflation
4,002
1,420
Equity results
(18)
(341)
Accrued interest
(5,491)
(1,768)
Fair value (gains) losses
304
(3,374)
Others and foreign exchange, net
3,877
1,836
Change in operating assets and
liabilities
Trade receivables
(3,684)
(124)
Recoverable taxes
(397)
(580)
Prepaid expenses
(1,167)
(1,019)
Other assets
(446)
(299)
Accounts payable and accrued expenses
(1,346)
(4,250)
Taxes payable
(1,038)
1,472
Deferred revenue
4,251
4,279
Other liabilities
2,888
304
Cash provided by (used in) operating
activities
2,092
(4,688)
Income tax refund (paid)
547
(170)
Net cash provided by (used in)
operating activities
2,639
(4,858)
Cash flows from investing
activities
Purchase of short and long-term
investment
(64,067)
(4,005)
Redemption of short-term investment
54,184
11,868
Interest and dividend received from
short-term investments
197
462
Acquisitions of property and equipment
(738)
(146)
Derivative financial instruments
(1,549)
(134)
Net cash provided by (used in)
investing activities
(11,973)
8,045
Cash flows from financing
activities
Changes in restricted cash
-
1,034
Proceeds from the exercise of stock
options
448
3
Net-settlement of share-based payment
(764)
(387)
Buyback of shares
-
(5,330)
Payment of loans and financing
-
(696)
Interest paid
-
(4)
Principal elements of lease payments
(414)
(368)
Lease interest paid
(106)
(148)
Net cash used in financing
activities
(836)
(5,896)
Net decrease in cash and cash
equivalents
(10,170)
(2,709)
Cash and cash equivalents, beginning of
the period
28,035
24,394
Effect of exchange rate changes
(397)
206
Cash and cash equivalents, end of the
period
17,468
21,891
Non-cash transactions:
Lease liabilities arising from obtaining
right-of-use assets and remeasurement
-
76
Transactions with non-controlling
interests
10
17
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507184664/en/
Julia Vater Fernández Investor Relations Director
investors@vtex.com
VTEX (NYSE:VTEX)
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VTEX (NYSE:VTEX)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024