GMV and total revenue YoY growth reached 23%
and 24%, respectively
Subscription gross profit increased 27% YoY,
representing a margin expansion of 280 bps
Non-GAAP operating margin expanded 42% p.p.
YoY, reaching (3.2)%
VTEX (NYSE: VTEX) the global enterprise digital commerce
platform for premier brands and retailers, today announced results
for the second quarter of 2023 ended June 30, 2023. VTEX results
have been prepared in accordance with International Accounting
Standard 34, “Interim Financial Reporting”.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented,
“Every quarter we are getting closer to becoming the backbone of
connected commerce, the platform that powers unified commerce
experiences for businesses around the globe. With remarkable
resilience, we achieved strong GMV growth and exceeded our revenue
projections while delivering operational leverage across all cost
centers.” Mariano Gomide de Faria, founder and co-CEO of VTEX,
added, “We continue to empower our customers to achieve
profitability and sustainable growth by reducing total cost of
ownership and simplifying their commerce architecture. This
approach is increasingly resonating with prospects and fueling our
international expansion, evidenced by new customers announced in
our Investors’ Day.”
Second Quarter 2023 Financial Highlights
- GMV reached US$3.8 billion in the second quarter of 2023,
representing a YoY increase of 23.4% in USD and 21.2% on an FX
neutral basis.
- Total revenue increased to US$47.9 million in the second
quarter of 2023, from US$38.7 million in the second quarter of
2022, representing a YoY increase of 23.7% in USD and 22.9% on an
FX neutral basis.
- Subscription revenue represented 93.5% of total revenues and
increased to US$44.8 million in the second quarter of 2023, from
US$36.6 million in the second quarter of 2022, a YoY increase of
22.2% in USD and 21.4% on an FX neutral basis.
- Non-GAAP subscription gross profit was US$33.7 million in the
second quarter of 2023, compared to US$26.6 million in the second
quarter of 2022, representing a YoY increase of 26.9% in USD and
25.8% on an FX neutral basis.
- Non-GAAP subscription gross margin was 75.3% in the second
quarter of 2023, compared to 72.5% in the same quarter of 2022.
Non-GAAP subscription gross profit margin 280 bps YoY expansion was
mainly attributable to operational hosting cost efficiencies,
support cost optimization, among other impacts.
- Non-GAAP loss from operations was US$1.5 million during the
second quarter of 2023, compared to a Non-GAAP loss from operations
of US$4.1 million in the first quarter of 2023 and a Non-GAAP loss
from operations of US$17.5 million in the same quarter of
2022.
- Non-GAAP negative free cash flow was US$3.3 million during the
second quarter of 2023, compared to a Non-GAAP negative free cash
flow of US$5.0 million in the first quarter of 2023 and a Non-GAAP
negative free cash flow of US$12.7 million in the same quarter of
2022.
- Our total headcount decreased to 1,305 as of June 30, 2023,
representing a decrease of 16.3% YoY and a decrease of 2.5%
QoQ.
- On August 8, 2022 the Board of Directors authorized the
repurchase of shares of the Company's Class A common shares for an
aggregate consideration of up to US$30.0 million. As of June 30,
2023, we repurchased 6.7 million shares at an average price of
US$3.93 per share for a total cost of US$26.6 million.
- VTEX today announced its Board of Directors has authorized a
1-year, US$20.0 million program to repurchase shares of VTEX's
Class A Common Shares. The timing and amount of shares repurchased
(if any) will be determined by our management based on its
evaluation of market conditions and other factors.
Second Quarter 2023 Commercial Highlights:
- New customers that initiated their operations with us, among
others: Springer Carrier and Privalia in Brazil; Riviera Bike
and ProBeauty in Romania; Supermercados Internacionales HEB in
Mexico; New Zealand Wine Cellars in New Zealand; and Kayser Roth in
the US.
- Existing customers expanding their operations with us by
opening new online stores, among others: Belcorp, who added a
store in Panamá, currently operating in Latin America in countries
such as Mexico, Colombia and Chile, among others; Tommy Hilfiger,
who added a store in Costa Rica, currently operating in Latin
America, in countries such as Brazil, Mexico, and Colombia, among
others; and Whirlpool, who added stores in Mexico, Spain and
Sweden, now operating in Latin America, EMEA and APAC, in countries
such as Brazil, Italy, India, and Singapore, among others.
Second Quarter 2023 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:
- My Geisha, a renowned beauty brand with 58 stores across 13
countries, partnered with VTEX in Romania to diversify sales
channels and customize their site. As a result, its online sales
increased seven-fold, solidifying their position in the competitive
beauty industry.
- Midea, a prominent Chinese electrical appliances manufacturer,
turned to VTEX for scalable solutions in Brazil. By implementing
critical features, Midea achieved a 10% increase in conversion
rates, 40% boost in organic revenue, 8% rise in mobile conversion
rates, and 13% reduction in bounce rates by the time they
migrated.
- Metatools, a leading DIY company, has partnered with VTEX in
Germany, Italy, and Romania to launch the e-bricoshop.ro
marketplace with 50 major merchants and brands with a minimum of
100,000 SKUs expected in the first year. The partnership with VTEX
enables easy expansion and international scalability.
e-bricoshop.ro aims to connect customers with top brands and foster
a sense of community in the DIY niche.
- Single control panel for every order
- Kopenhagen, a leading premium chocolate brand in Brazil,
utilized VTEX's omnichannel architecture to enhance Easter sales.
Integrating physical stores and franchisees increased sales by 20%
and improved customer satisfaction.
- Commerce on auto-pilot and co-pilot
- Williamson Balfour Motors, a BMW dealer in Chile, partnered
with VTEX to successfully transition its automotive ecommerce,
providing a tailored online shopping experience for BMW, MINI and
BMW Motorrad brands. Through automation and user-friendly tools,
they enhanced their platform, offering customers a convenient way
to reserve vehicles and purchase them from the comfort of their
homes.
- The development platform of choice for digital commerce
- Iguatemi 365, a luxury marketplace representing over 200
national and international brands, partnered with VTEX FastStore to
optimize its website's performance. With our solutions, they
achieved remarkable results, including a 92% reduction in shifting
content, an 81% decrease in input delays, and a 27% faster loading
experience for displaying main content. These improvements elevate
the user experience and reinforce Iguatemi 365's position as a
premier luxury shopping destination in Brazil.
Business Outlook
The integration of ecommerce to leverage existing physical
stores has become a crucial aspect of the business strategy for
enterprise brands and retailers. Consumers now expect a seamless
shopping experience, whether they're browsing online or in-store.
Omnichannel has gone from being a desirable feature to a vital tool
for engaging with consumers in a consistent and relevant
manner.
However, the global macroeconomic environment has imposed
challenges to retailers and ecommerce players. The increase in
interest rates and labor costs has impacted consumption and put
pressure on margins. Despite these challenges, our company has not
seen a significant deterioration in our most relevant long-term
performance metrics. This is a testament to the resilience of our
business model and our ability to adapt to changing market
conditions.
As a result of the aforementioned, we have reflected the
extended sales cycle resulting from the increased implementation
time of the VTEX platform and longer ramp-up periods for new
customers into our projections for this year. Although the
macroeconomic scenario remains uncertain, we have seen an
encouraging stabilization of such cycles in the current quarter. We
are closely monitoring the performance of our customers and sales
funnel and taking necessary actions to ensure our business's
continued growth and success.
In this context, we are currently targeting revenue for the
third quarter of 2023 in the US$48.2 million to US$49.0 million
range, implying a YoY growth of 19% on an FX neutral basis in the
middle of the range.
For the full year 2023, we expect FX neutral YoY revenue growth
of 18% to 20%, implying a range of US$191 million to US$195 million
based on Q2 average FX rates.
As we continue executing our strategy for profitable growth, we
anticipate relevant YoY improvements in our non-GAAP operating
income margin in the second half of the year.
We are confident in VTEX's ability to navigate the uncertainties
posed by the current macroeconomic scenario. We are empowering our
customers to digitally transform their commerce operations while
helping them to outperform the market.
The business outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
Actual results could vary materially as a result of numerous
factors, including certain risk factors, many of which are beyond
VTEX’s control. See the cautionary note regarding ''Forward-Looking
Statements'' below. Fluctuations in VTEX’s operating results may be
particularly pronounced in the current economic environment. There
can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and
operating metrics for the three months and six months ended June
30, 2023 and 2022.
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
GMV
3,838.5
3,111.9
7,142.2
5,826.4
GMV growth YoY FXN (1)
21.2%
21.0%
20.9%
24.1%
Revenue
47.9
38.7
90.2
73.4
Revenue growth YoY FXN (1)
22.9%
19.5%
22.5%
24.1%
Non-GAAP subscription gross profit
(2)(4)
33.7
26.6
63.1
49.2
Non-GAAP subscription gross profit margin
(3)(4)
75.3%
72.5%
74.6%
71.1%
Non-GAAP loss from operations (4)
(1.5)
(17.5)
(5.6)
(31.2)
Total number of employees
1,305
1,560
1,305
1,560
(1)
Calculated by using the average monthly
exchange rates for the applicable months during 2022, adjusted by
inflation in countries with hyperinflation, and applying them to
the corresponding months in 2023, 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 +1-888-660-6011
(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.
“SSS” means same-store-sales calculated on a yearly basis
by dividing the GMV of active online stores in the current period
by the GMV of the same active online same stores in the prior
period.
“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,
specifically Non-GAAP subscription gross profit, Non-GAAP Income
(Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral
measures.
We understand that Non-GAAP subscription gross profit, Non-GAAP
Income (Loss) from Operations, Non-GAAP 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. 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
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Subscription revenue
44.8
36.6
84.5
69.2
Subscription cost
(11.2)
(10.2)
(21.6)
(20.2)
Subscription gross profit
33.6
26.5
63.0
49.1
Share-based compensation
0.1
0.1
0.1
0.2
Non-GAAP subscription gross
profit
33.7
26.6
63.1
49.2
Non-GAAP subscription gross
margin
75.3%
72.5%
74.6%
71.1%
The following table presents a reconciliation of our Non-GAAP
expenses to expenses for the following periods:
Sales & Marketing
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Sales & Marketing expense
(14.4)
(21.3)
(29.2)
(39.2)
Share-based compensation expense
1.1
(0.2)
2.4
0.5
Amortization and adjustment related to
acquisitions
0.3
0.3
0.6
0.6
Non-GAAP Sales & Marketing
expense
(13.1)
(21.3)
(26.3)
(38.1)
Research &
Development
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Research & Development expense
(16.3)
(15.4)
(30.3)
(29.3)
Share-based compensation expense
1.8
0.5
3.7
1.1
Amortization and adjustment related to
acquisitions
0.3
0.2
0.6
0.4
Non-GAAP Research & Development
expense
(14.2)
(14.7)
(26.0)
(27.8)
General &
Administrative
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
General & Administrative expense
(8.2)
(7.4)
(16.2)
(14.4)
Share-based compensation expense
1.7
0.6
3.4
1.6
Amortization and adjustment related to
acquisitions
0.0
0.0
0.0
0.0
Non-GAAP General & Administrative
expense
(6.5)
(6.8)
(12.7)
(12.7)
The following table presents a reconciliation of our Non-GAAP
loss from operations to loss from operations for the following
periods:
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Loss from operations
(7.1)
(18.9)
(16.8)
(35.6)
Share-based compensation expense
4.7
0.9
9.8
3.4
Amortization and adjustment related to
acquisitions
0.8
0.5
1.4
1.0
Non-GAAP loss from operations
(1.5)
(17.5)
(5.6)
(31.2)
The following table presents a reconciliation of our Non-GAAP
free cash flow to net cash used by operating activities for the
following periods:
Three months ended
June 30,
Six months ended
June 30,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Net cash used in operating activities
(3.3)
(12.6)
(8.2)
(28.6)
Acquisitions of intangibles
-
-
-
-
Acquisitions of property and equipment
(0.0)
(0.1)
(0.2)
(0.2)
Non-GAAP free cash flow
(3.3)
(12.7)
(8.4)
(28.8)
The following table sets forth the FX neutral measures related
to our reported results of the operations for the three months
period ended March 31, 2022:
Three months ended June
30,
As Reported
FXN
As Reported
FXN
(in millions of US$, except as otherwise
indicated)
2023
2022
Percentage
change
2023
2022
Percentage
change
Subscription revenue
44.8
36.6
22.2%
44.5
36.6
21.4%
Services revenue
3.1
2.1
50.8%
3.1
2.1
49.2%
Total revenue
47.9
38.7
23.7%
47.6
38.7
22.9%
Gross profit
32.4
25.7
26.0%
32.1
25.7
24.7%
Loss from operation
(7.1)
(18.9)
(62.4)%
(7.5)
(18.9)
(60.3)%
This announcement does not contain sufficient information to
constitute an interim financial report as defined in International
Accounting Standards 34, "Interim Financial Reporting" nor a
financial statement as defined by International 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 global enterprise digital commerce
platform where brands and retailers run their world of commerce.
VTEX puts its customers’ businesses on a fast path to growth with a
complete commerce, marketplace, and OMS solution. It helps global
companies build, manage and deliver native and advanced B2B, B2C,
and marketplace commerce experiences with unprecedented time to
market and without complexity.
As a leader in digital commerce platforms, VTEX is trusted by
more than 2,600 customers, including Carrefour, Colgate, Motorola,
Sony, Stanley Black & Decker and Whirlpool, having over 3,400
active online stores across 38 countries (as of FY ended on
December 31, 2022). 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
Six months ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Subscription revenue
44,772
36,649
84,534
69,230
Services revenue
3,114
2,065
5,634
4,151
Total revenue
47,886
38,714
90,168
73,381
Subscription cost
(11,153
)
(10,166
)
(21,553
)
(20,162
)
Services cost
(4,353
)
(2,842
)
(8,519
)
(5,449
)
Total cost
(15,506
)
(13,008
)
(30,072
)
(25,611
)
Gross profit
32,380
25,706
60,096
47,770
Operating expenses
General and administrative
(8,242
)
(7,431
)
(16,167
)
(14,352
)
Sales and marketing
(14,449
)
(21,318
)
(29,231
)
(39,218
)
Research and development
(16,305
)
(15,409
)
(30,264
)
(29,334
)
Other losses
(511
)
(474
)
(1,265
)
(465
)
Loss from operations
(7,127
)
(18,926
)
(16,831
)
(35,599
)
Financial income
9,240
4,696
16,599
8,988
Financial expense
(9,126
)
(10,122
)
(15,029
)
(19,135
)
Financial result, net
114
(5,426
)
1,570
(10,147
)
Equity results
367
268
708
487
Loss before income tax
(6,646
)
(24,084
)
(14,553
)
(45,259
)
Income tax
Current
(1,697
)
(574
)
(2,267
)
(1,001
)
Deferred
1,733
3,193
2,282
5,705
Total income tax
36
2,619
15
4,704
Net loss for the period
(6,610
)
(21,465
)
(14,538
)
(40,555
)
Attributable to controlling
shareholders
(6,611
)
(21,464
)
(14,539
)
(40,553
)
Non-controlling interest
1
(1.00
)
1
(2
)
Loss per share
Basic loss per share
(0.035
)
(0.112
)
(0.077
)
(0.212
)
Diluted loss per share
(0.035
)
(0.112
)
(0.077
)
(0.212
)
VTEX
Condensed consolidated interim balance
sheets (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
June 30, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
100,504
24,394
Restricted cash
-
1,608
Short-term investments
122,002
214,164
Trade receivables
43,432
36,844
Recoverable taxes
4,525
5,122
Deferred commissions
831
663
Prepaid expenses
4,166
4,152
Derivative financial instruments
-
117
Other current assets
45
93
Total current assets
275,505
287,157
Non-current assets
Trade receivables
6,437
5,432
Deferred tax assets
21,836
17,710
Prepaid expenses
145
204
Recoverable taxes
4,151
3,334
Deferred commissions
2,495
1,790
Other non-current assets
987
957
Right-of-use assets
4,169
4,818
Property and equipment, net
3,474
3,909
Intangible assets, net
31,397
31,210
Investments in joint venture
825
1,152
Total non-current assets
75,916
70,516
Total assets
351,421
357,673
June 30, 2023
December 31, 2022
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
35,372
34,136
Loans and financing
-
1,153
Taxes payable
4,989
4,128
Lease liabilities
2,002
1,898
Deferred revenue
24,516
20,332
Derivative financial instruments
35
-
Accounts payable from acquisition of
subsidiaries
-
299
Other current liabilities
17
70
Total current liabilities
66,931
62,016
Non-current liabilities
Accounts payable and accrued expenses
1,013
511
Taxes payable
160
160
Lease liabilities
3,301
3,737
Deferred revenue
18,473
13,923
Deferred tax liabilities
2,745
2,464
Other non-current liabilities
224
185
Total non-current liabilities
25,916
20,980
EQUITY
Issued Capital
19
19
Capital reserve
385,015
390,885
Other reserves
4,389
127
Accumulated losses
(130,912
)
(116,373
)
Equity attributable to VTEX’s
shareholders
258,511
274,658
Non-controlling interests
63
19
Total shareholders’ equity
258,574
274,677
Total liabilities and equity
351,421
357,673
VTEX
Condensed consolidated interim statements
of cash flows (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
June 30, 2023
June 30, 2022
Net loss for the period
(14,538
)
(40,555
)
Adjustments for:
Depreciation and amortization
2,494
2,205
Deferred income tax
(2,282
)
(5,705
)
Loss on disposal of rights of use,
property, equipment, and intangible assets
612
(126
)
Expected credit losses from trade
receivables
737
509
Share-based compensation
7,621
4,537
Provision for payroll taxes (share-based
compensation)
1,320
(2,147
)
Adjustment of hyperinflation
4,860
2,079
Equity results
(708
)
(487
)
Fair value (gains) losses
(5,450
)
7,970
Others and foreign exchange, net
(2,616
)
(487
)
Change in operating assets and
liabilities
Trade receivables
(6,609
)
2,042
Recoverable taxes
(119
)
(162
)
Prepaid expenses
488
3,204
Other assets
(64
)
(164
)
Accounts payable and accrued expenses
(1,388
)
1,086
Taxes payable
1,108
(645
)
Deferred revenue
6,170
(1,541
)
Other liabilities
227
368
Cash used in operating
activities
(8,137
)
(28,019
)
Income tax paid
(37
)
(603
)
Net cash used in operating
activities
(8,174
)
(28,622
)
Cash flows from investing
activities
Dividends received from joint venture
1,138
146
Purchase of short-term investment
(21,273
)
(110,991
)
Redemption of short-term investment
118,311
53,057
Interest and dividend received from
short-term investments
1,233
297
Payment of business acquired
-
(1,512
)
Acquisitions of property and equipment
(178
)
(166
)
Derivative financial instruments
(45
)
-
Net cash provided by (used in)
investing activities
99,186
(59,169
)
Cash flows from financing
activities
Derivative financial instruments
-
(718
)
Changes in restricted cash
1,660
575
Proceeds from the exercise of stock
options
88
28
Net-settlement of share-based payment
(932
)
(783
)
Buyback of shares
(13,841
)
-
Payment of loans and financing
(1,238
)
(1,327
)
Interest paid
(5
)
(36
)
Principal elements of lease payments
(751
)
(574
)
Lease interest paid
(302
)
(351
)
Net cash used in financing
activities
(15,321
)
(3,186
)
Net increase (decrease) in cash and
cash equivalents
75,691
(90,977
)
Cash and cash equivalents, beginning of
the period
24,394
121,006
Effect of exchange rate changes
419
(362
)
Cash and cash equivalents, end of the
period
100,504
29,667
Non-cash transactions:
Lease liabilities arising from obtaining
right-of-use assets
85
1,020
Issue of ordinary shares as consideration
for a business combination
-
3
Dividends from joint venture used to pay
accounts from acquisition of subsidiaries
-
448
Transactions with non-controlling
interests
43
5
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808015287/en/
Julia Vater Fernández Investor Relations Director
investors@vtex.com
VTEX (NYSE:VTEX)
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From Mar 2024 to Apr 2024
VTEX (NYSE:VTEX)
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From Apr 2023 to Apr 2024
