Vtex 6-K, filed Feb 25, 2025
Vtex (VTEX)
About this 6-K
Vtex filed this 6-K on February 25, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2025.
Commission File Number 001-40626
VTEX
(Exact name of registrant as specified in its charter)
N/A
(Translation of registrant’s name into English)
Harbour Place, 103 South Church Street
Grand Cayman, KY1-1002
Cayman Islands
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
VTEX Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Subscription revenue growth reached 13% in FXN
Gross profit increased by 16% in FXN, reaching a margin of 75%
Non-GAAP operating income margin and Free Cash flow margin reached 20%
NEW YORK, February 25, 2025 – VTEX (NYSE: VTEX), the composable and complete commerce platform for premier brands and retailers, today announced results for the fourth quarter and fiscal year ended December 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”) and interpretations issued by the IFRS Accounting Standards Interpretations Committee (“IFRS Accounting Standards IC”) applicable to companies reporting under IFRS Accounting Standards.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “We closed 2024 with our underlying business performing stronger than ever and delivering significant enterprise customers additions, high gross retention, product expansion, and operational efficiency. Despite the FX volatility and existing customers' GMV softness, we continue to see a robust sales momentum in signing new enterprise customers globally, demonstrated by the number of customers above $250k in revenue to VTEX growing 23% in 2024. We are establishing VTEX as the global commerce suite of choice for bold CIOs and CEOs, redefining value creation for enterprises.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “We are witnessing a new wave of global commerce transformation where B2C demands efficiency, and B2B accelerates toward digital adoption. At VTEX, our strong and consistent contract-signing momentum underscores our position as a trusted partner for brands and retailers navigating this shift. By empowering enterprises to modernize operations, unlock new revenue streams, and adapt to a rapidly evolving digital landscape, we are poised to seize this significant opportunity and drive growth across both new and established markets.”
Fourth Quarter 2024 Financial Highlights
Fourth Quarter 2024 Commercial Highlights:
New customers who initiated their operations with us, among others:
Existing customers expanding their operations with us by opening new online stores, among others:
Fourth 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:
Full-Year 2024 Operational and Financial Highlight
Business Outlook
VTEX is well-positioned to capture an attractive global market opportunity, and we are encouraged by the strength of our business in terms of adding new enterprise customers, gross retention, our product leadership and platform expansion, and our operational efficiency. With the recent slowdown in GMV growth, especially in Brazil, we anticipate more muted same-store sales in the short term. However, we are encouraged by implementing recently signed customers, signing new enterprise customers, and enhancing our product offering. Consequently, we remain confident in our global expansion and ability to sustain a profitable growth trajectory and global expansion.
In this context, we are currently targeting FX neutral YoY subscription revenue growth of 13% to 15% for the first quarter of 2025, implying a US$51.0 million to US$52.0 million range.
For the full year 2025, as we continue executing our profitable growth strategy, we are targeting FX neutral YoY subscription revenue growth of 14% to 17%, implying a range of US$235.0 million to US$241.0 million based on the quarter-to-date average FX rate. We are targeting non-GAAP operating income and free cash flow margins of mid teens.
Given the evolution of our partner ecosystem, we plan to increasingly rely on VTEX's ecosystem of system integrators for new customer implementations.
We are confident in VTEX's ability to capitalize on current market opportunities. 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.
Transition to U.S. GAAP Reporting
As part of our ongoing efforts to enhance financial transparency and comparability with industry peers, VTEX intends to transition its financial reporting standards from IFRS to U.S. GAAP (GAAP) beginning from the fiscal year commencing on January 1, 2025.
We believe that adopting GAAP may expand our access to a broader investor base, facilitate inclusion in additional stock indices, and improve financial reporting alignment within our sector.
Our Board of Directors has approved this transition, and we will be seeking shareholder approval at the annual shareholders meeting to be held on April 25, 2025. If approved, the transition is expected to become effective in the first quarter of 2025.
To support this change, we will furnish supplementary financial information on April 15, 2025, providing a reconciliation from IFRS to GAAP.
Preliminarily, the primary impacts of this transition will be:
Preliminarily, the above topics are expected to have an immaterial impact on revenue, gross profit, non-GAAP operating income. Free cash flow should be adjusted by the operational leasing reclassification, while net income should have a negative impact in 2023 and a positive impact in 2024, both primarily driven by the remeasurement of Argentina's figures as if its functional currency were USD and the reversal of the non-cash adjustment of hyperinflation financial expense.
The following table summarizes certain key financial and operating metrics for the three and twelve months ended December 31, 2024 and 2023.
|
|
Three months ended |
Twelve months ended December 31, |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
GMV |
|
5,392.9 |
5,382.7 |
18,247.5 |
16,524.2 |
GMV growth YoY FXN (1) |
|
10.9% |
29.9% |
16.2% |
25.3% |
Revenue |
|
61.5 |
60.7 |
226.7 |
201.5 |
Revenue growth YoY FXN (1) |
|
12.3% |
24.9% |
18.1% |
23.7% |
Non-GAAP subscription gross profit (2)(4) |
|
46.9 |
45.8 |
170.3 |
145.1 |
Non-GAAP subscription gross profit margin (3)(4) |
|
78.9% |
78.6% |
78.2% |
76.2% |
Non-GAAP income (loss) from operations (4) |
|
12.4 |
11.6 |
29.5 |
7.7 |
Total number of employees |
|
1,368 |
1,277 |
1,368 |
1,277 |
Conference Call and Webcast
The conference call may be accessed by dialing +1-888-500-3691 (Conference ID – 18526 –) 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.
“NRR” means net revenue retention, calculated on a monthly basis by dividing the subscription revenue from our platform during the current period by the subscription revenue in the same period of the previous year for the same base of online stores that were active in the same period of the previous year.
“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 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 |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
Subscription revenue |
|
59.5 |
58.2 |
217.7 |
190.3 |
Subscription cost |
|
(12.6) |
(12.5) |
(47.6) |
(45.4) |
Subscription gross profit |
|
46.8 |
45.8 |
170.1 |
144.9 |
Share-based compensation |
|
0.1 |
0.0 |
0.2 |
0.2 |
Non-GAAP subscription gross profit |
|
46.9 |
45.8 |
170.3 |
145.1 |
Non-GAAP subscription gross margin |
|
78.9% |
78.6% |
78.2% |
76.2% |
The following table presents a reconciliation of our Non-GAAP S&M expenses to S&M expenses for the following periods:
|
|
Three months ended |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
Sales & Marketing expense |
|
(17.0) |
(15.1) |
(67.9) |
(59.5) |
Share-based compensation expense |
|
0.9 |
1.0 |
4.0 |
4.4 |
Amortization related to acquisitions |
|
0.3 |
0.3 |
1.2 |
1.2 |
Earn out expenses related to acquisitions |
|
0.3 |
- |
0.4 |
- |
Non-GAAP Sales & Marketing expense |
|
(15.5) |
(13.8) |
(62.3) |
(53.9) |
The following table presents a reconciliation of our Non-GAAP R&D expenses to R&D expenses for the following periods:
|
|
Three months ended |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
Research & Development expense |
|
(13.3) |
(14.3) |
(53.6) |
(60.1) |
Share-based compensation expense |
|
1.2 |
1.8 |
3.9 |
7.4 |
Amortization related to acquisitions |
|
0.1 |
0.3 |
0.5 |
1.2 |
Earn out expenses related to acquisitions |
|
0.2 |
- |
0.3 |
- |
Non-GAAP Research & Development expense |
|
(11.7) |
(12.3) |
(48.9) |
(51.5) |
The following table presents a reconciliation of our Non-GAAP G&A expenses to G&A expenses for the following periods:
|
|
Three months ended |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
General & Administrative expense |
|
(8.1) |
(9.1) |
(34.4) |
(33.7) |
Share-based compensation expense |
|
2.1 |
2.3 |
8.4 |
7.3 |
Amortization related to acquisitions |
|
0.0 |
0.0 |
0.0 |
0.0 |
Non-GAAP General & Administrative expense |
|
(6.0) |
(6.8) |
(26.0) |
(26.4) |
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 |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
Income (loss) from operations |
|
7.1 |
5.7 |
10.1 |
(14.6) |
Share-based compensation expense |
|
4.3 |
5.3 |
17.0 |
19.7 |
Amortization related to acquisitions |
|
0.4 |
0.6 |
1.8 |
2.6 |
Earn out expenses related to acquisitions |
|
0.5 |
- |
0.6 |
- |
Non-GAAP income (loss) from operations |
|
12.4 |
11.6 |
29.5 |
7.7 |
The following table presents a reconciliation of our free cash flow to net cash provided by (used in) operating activities for the following periods:
|
|
Three months ended |
Twelve months ended |
||
(in millions of US$, except as otherwise indicated) |
|
2024 |
2023 |
2024 |
2023 |
Net cash provided by (used in) operating activities |
|
12.8 |
9.7 |
27.3 |
4.3 |
Acquisitions of property and equipment |
|
(0.4) |
(0.2) |
(2.1) |
(0.5) |
Free Cash Flow |
|
12.4 |
9.5 |
25.2 |
3.8 |
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended December 31, 2024:
|
|
As Reported |
FXN |
As Reported |
FXN |
||
(in millions of US$, except as otherwise indicated) |
|
4Q24 |
4Q23 |
% Change |
4Q24 |
4Q23 |
% Change |
Subscription revenue |
|
59.5 |
58.2 |
2.1% |
66.0 |
58.2 |
13.4% |
Services revenue |
|
2.1 |
2.5 |
(17.4)% |
2.2 |
2.5 |
(12.8)% |
Total revenue |
|
61.5 |
60.7 |
1.3% |
68.2 |
60.7 |
12.3% |
Gross profit |
|
46.1 |
44.9 |
2.7% |
51.9 |
44.9 |
15.7% |
Income (loss) from operations |
|
7.1 |
5.7 |
24.9% |
9.1 |
5.7 |
59.6% |
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. Numbers have been calculated using whole amounts rather than rounded amounts. This might cause some figures not to total due to rounding.
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 2.4 thousand global B2C and B2B customers, including Carrefour, Colgate,
Motorola, Sony, Stanley Black & Decker, and Whirlpool, having 3.4 thousand active online stores
across 43 countries (as of FY ended on December 31, 2024). 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
Consolidated statements of profit or loss
In thousands of U.S. dollars, unless otherwise indicated
|
|
Three months ended (unaudited) |
|
Year ended |
||||
|
|
December 31, 2024 |
|
December 31, 2023 |
|
December 31, 2024 |
|
December 31, 2023 |
Subscription revenue |
|
59,462 |
|
58,224 |
|
217,706 |
|
190,302 |
Services revenue |
|
2,062 |
|
2,497 |
|
9,003 |
|
11,215 |
Total revenue |
|
61,524 |
|
60,721 |
|
226,709 |
|
201,517 |
Subscription cost |
|
(12,625) |
|
(12,472) |
|
(47,648) |
|
(45,420) |
Services cost |
|
(2,833) |
|
(3,385) |
|
(11,770) |
|
(15,529) |
Total cost |
|
(15,458) |
|
(15,857) |
|
(59,418) |
|
(60,949) |
Gross profit |
|
46,066 |
|
44,864 |
|
167,291 |
|
140,568 |
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
(8,090) |
|
(9,132) |
|
(34,431) |
|
(33,673) |
Sales and marketing |
|
(17,008) |
|
(15,129) |
|
(67,862) |
|
(59,461) |
Research and development |
|
(13,290) |
|
(14,344) |
|
(53,620) |
|
(60,116) |
Other losses |
|
(552) |
|
(556) |
|
(1,275) |
|
(1,920) |
Income (loss) from operations |
|
7,126 |
|
5,703 |
|
10,103 |
|
(14,602) |
Financial income |
|
6,339 |
|
20,801 |
|
33,142 |
|
46,374 |
Financial expense |
|
(5,578) |
|
(20,442) |
|
(33,584) |
|
(43,367) |
Financial result, net |
|
761 |
|
359 |
|
(442) |
|
3,007 |
Equity results |
|
— |
|
19 |
|
2 |
|
1,008 |
Income (loss) before income tax |
|
7,887 |
|
6,081 |
|
9,663 |
|
(10,587) |
Income tax |
|
|
|
|
|
|
|
|
Current |
|
(1,331) |
|
(2,865) |
|
(1,414) |
|
(5,182) |
Deferred |
|
(280) |
|
7 |
|
3,746 |
|
2,075 |
Total income tax |
|
(1,611) |
|
(2,858) |
|
2,332 |
|
(3,107) |
Net income (loss) for the period |
|
6,276 |
|
3,223 |
|
11,995 |
|
(13,694) |
Attributable to controlling shareholders |
|
6,264 |
|
3,226 |
|
11,998 |
|
(13,687) |
Non-controlling interest |
|
12 |
|
(3) |
|
(3) |
|
(7) |
Earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
0.034 |
|
0.018 |
|
0.065 |
|
(0.073) |
Diluted earnings (loss) per share |
|
0.033 |
|
0.016 |
|
0.062 |
|
(0.073) |
VTEX
Condensed balance sheets
In thousands of U.S. dollars, unless otherwise indicated
|
|
December 31, 2024 |
|
December 31, 2023 |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
18,673 |
|
28,035 |
Short-term investments |
|
196,135 |
|
181,374 |
Trade receivables |
|
52,519 |
|
44,122 |
Recoverable taxes |
|
10,327 |
|
6,499 |
Deferred commissions |
|
1,671 |
|
1,005 |
Prepaid expenses |
|
5,120 |
|
5,143 |
Derivative financial instruments |
|
— |
|
53 |
Other current assets |
|
145 |
|
22 |
Total current assets |
|
284,590 |
|
266,253 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Long-term investments |
|
9,649 |
|
2,000 |
Trade receivables |
|
11,384 |
|
7,415 |
Deferred tax assets |
|
19,047 |
|
19,926 |
Prepaid expenses |
|
66 |
|
155 |
Recoverable taxes |
|
1,364 |
|
4,454 |
Deferred commissions |
|
4,853 |
|
2,924 |
Other non-current assets |
|
1,053 |
|
902 |
Right-of-use assets |
|
2,783 |
|
3,277 |
Property and equipment, net |
|
2,999 |
|
2,697 |
Intangible assets, net |
|
28,990 |
|
30,024 |
Investments in joint venture |
|
— |
|
1,118 |
Total non-current assets |
|
82,188 |
|
74,892 |
Total assets |
|
366,778 |
|
341,145 |
VTEX
Condensed balance sheets
In thousands of U.S. dollars, unless otherwise indicated
|
|
December 31, 2024 |
|
December 31, 2023 |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
36,951 |
|
39,728 |
Taxes payable |
|
7,863 |
|
8,219 |
Lease liabilities |
|
1,617 |
|
1,863 |
Deferred revenue |
|
32,521 |
|
25,948 |
Accounts payable from acquisition of subsidiaries |
|
29 |
|
— |
Other current liabilities |
|
1,989 |
|
1,486 |
Total current liabilities |
|
80,970 |
|
77,244 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
2,151 |
|
1,632 |
Taxes payable |
|
160 |
|
— |
Lease liabilities |
|
1,695 |
|
2,233 |
Accounts payable from acquisition of subsidiaries |
|
943 |
|
— |
Deferred revenue |
|
22,217 |
|
16,584 |
Deferred tax liabilities |
|
2,478 |
|
2,668 |
Other non-current liabilities |
|
363 |
|
452 |
Total non-current liabilities |
|
30,007 |
|
23,569 |
EQUITY |
|
|
|
|
Issued capital |
|
18 |
|
18 |
Capital reserve |
|
374,681 |
|
370,821 |
Other reserves |
|
(892) |
|
(486) |
Accumulated losses |
|
(118,062) |
|
(130,060) |
Equity attributable to VTEX’s shareholders |
|
255,745 |
|
240,293 |
Non-controlling interests |
|
56 |
|
39 |
Total shareholders’ equity |
|
255,801 |
|
240,332 |
Total liabilities and equity |
|
366,778 |
|
341,145 |
VTEX
Condensed statements of cash flows
In thousands of U.S. dollars, unless otherwise indicated
|
|
Year ended |
||
|
|
December 31, 2024 |
|
December 31, 2023 |
Net income (loss) for the period |
|
11,995 |
|
(13,694) |
Adjustments for: |
|
|
|
|
Depreciation and amortization |
|
4,363 |
|
5,018 |
Deferred income tax |
|
(3,746) |
|
(2,075) |
Loss on disposal of rights of use, property, equipment, and intangible assets |
|
120 |
|
874 |
Expected credit losses from trade receivables |
|
1,082 |
|
1,472 |
Share-based compensation |
|
15,552 |
|
16,360 |
Provision for payroll taxes (share-based compensation) |
|
1,419 |
|
3,326 |
Adjustment of hyperinflation |
|
6,908 |
|
19,369 |
Equity results |
|
(2) |
|
(1,008) |
Accrued interest |
|
(14,168) |
|
(23,757) |
Fair value gains |
|
(2,024) |
|
(10,332) |
Others and foreign exchange, net |
|
9,352 |
|
8,298 |
Change in operating assets and liabilities |
|
|
|
|
Trade receivables |
|
(22,679) |
|
(13,137) |
Recoverable taxes |
|
(3,486) |
|
(3,597) |
Prepaid expenses |
|
(466) |
|
(598) |
Other assets |
|
(531) |
|
583 |
Accounts payable and accrued expenses |
|
(227) |
|
855 |
Taxes payable |
|
3,577 |
|
7,347 |
Deferred revenue |
|
21,125 |
|
6,948 |
Other liabilities |
|
1,011 |
|
1,925 |
Cash provided by (used in) operating activities |
|
29,175 |
|
4,177 |
Income tax paid |
|
(1,919) |
|
82 |
Net cash provided by (used in) operating activities |
|
27,256 |
|
4,259 |
Cash flows from investing activities |
|
|
|
|
Dividends received from joint venture |
|
— |
|
1,138 |
Proceeds from joint venture |
|
1,026 |
|
— |
Purchase of short and long-term investment |
|
(133,671) |
|
(135,442) |
Redemption of short-term investment |
|
120,915 |
|
171,200 |
Interest and dividend received from short-term investments |
|
691 |
|
2,106 |
Acquisition of subsidiaries net of cash acquired |
|
(2,919) |
|
— |
Acquisitions of property and equipment |
|
(2,069) |
|
(472) |
Derivative financial instruments |
|
(3,987) |
|
(105) |
Net cash provided by (used in) investing activities |
|
(20,014) |
|
38,425 |
Cash flows from financing activities |
|
|
|
|
Changes in restricted cash |
|
— |
|
1,660 |
Proceeds from the exercise of stock options |
|
3,898 |
|
1,031 |
Net-settlement of share-based payment |
|
(4,675) |
|
(2,488) |
Buyback of shares |
|
(11,202) |
|
(35,243) |
Payment of loans and financing |
|
(71) |
|
(1,238) |
Interest paid |
|
— |
|
(5) |
Principal elements of lease payments |
|
(1,615) |
|
(1,574) |
Lease interest paid |
|
(369) |
|
(573) |
Net cash used in financing activities |
|
(14,034) |
|
(38,430) |
Net decrease in cash and cash equivalents |
|
(6,792) |
|
4,254 |
Cash and cash equivalents, beginning of the year |
|
28,035 |
|
24,394 |
Effect of exchange rate changes |
|
(2,570) |
|
(613) |
Cash and cash equivalents, end of the year |
|
18,673 |
|
28,035 |
Non-cash transactions: |
|
|
|
|
Lease liabilities arising from obtaining right-of-use assets and remeasurement |
|
1,530 |
|
(251) |
Unpaid amount related to business combinations |
|
972 |
|
- |
Transactions with non-controlling interests |
|
20 |
|
27 |
Contact
Julia Vater Fernández
VP of Investor Relations
investors@vtex.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
Date: February 25, 2025
VTEX
By: /s/ Ricardo Camatta Sodre
Name: Ricardo Camatta Sodre
Title: Chief Financial Officer