{"id":991635,"date":"2026-08-06T17:34:05","date_gmt":"2026-08-06T21:34:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/"},"modified":"2026-08-06T17:34:05","modified_gmt":"2026-08-06T21:34:05","slug":"vtex-reports-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/","title":{"rendered":"VTEX Reports Second Quarter 2026 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwnowrap { white-space: nowrap }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadr0 { padding-right: 0px }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth15 { width: 15% }\n.bwwidth25 { width: 25% }\n.bwwidth27 { width: 27% }\n.bwwidth38 { width: 38% }\n.bwwidth39 { width: 39% }\n.bwwidth48 { width: 48% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>VTEX Reports Second Quarter 2026 Financial Results<\/b><\/p>\n<p class=\"bwalignc\"><i>Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17.8% (+7.0% FXN)<\/i><\/p>\n<p class=\"bwalignc\"><i>Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin<\/i><\/p>\n<p class=\"bwalignc\"><i>Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nVTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 2026. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) as well as the rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d) regarding financial reporting.<\/p>\n<p>\nGeraldo Thomaz Jr., founder and co-CEO of VTEX, commented, \u201cWe are now far enough into our AI-native transformation to see the scale of the opportunity ahead. We are still in the early stages of this journey, and the full impact is not yet reflected in our overall growth. But we are increasingly confident in the direction we are taking: our growth drivers \u2014 Global Expansion, B2B, Ads, and AI \u2014 grew 20% on an FX-neutral basis this quarter. Our financial discipline gives us the flexibility to invest for the long term while expanding profitability and delivering strong cash generation.\u201d Mariano Gomide de Faria, founder and co-CEO of VTEX, added, \u201cWe continue to see encouraging progress beneath the headline numbers. Across the US and Europe, we are improving the quality of our pipeline, winning larger enterprise opportunities, and strengthening our position with global customers. While macro conditions continue to influence near-term growth, we are building a broader, more diversified product suite that we believe will drive sustainable growth over the long term.\u201d<\/p>\n<p><b>Second Quarter 2026 Financial Highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nGMV reached US$5.7 billion in the second quarter of 2026, representing a YoY increase of 17.8% in USD and 7.0% on an FX neutral basis.<\/p>\n<\/li>\n<li>\nTotal revenue increased to US$64.4 million in the second quarter of 2026 from US$58.8 million in the second quarter of 2025, representing a YoY increase of 9.5% in USD and a decrease of 0.4% on an FX neutral basis.<\/p>\n<\/li>\n<li>\nSubscription revenue represented 99.1% of total revenues, reaching US$63.8 million in the second quarter of 2026, from US$57.2 million in the second quarter of 2025. This represents a YoY increase of 11.4% in USD and 1.3% on an FX neutral basis.<\/p>\n<\/li>\n<li>\nNon-GAAP subscription gross profit was US$52.2 million in the second quarter of 2026, compared to US$45.7 million in the second quarter of 2025, representing a YoY increase of 14.1% in USD and 2.0% on an FX neutral basis.<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nNon-GAAP subscription gross margin was 81.8% in the second quarter of 2026, compared to 79.9% in the same quarter of 2025.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\nNon-GAAP income from operations was US$13.8 million during the second quarter of 2026, compared to US$8.5 million in the same quarter of 2025.<\/p>\n<\/li>\n<li>\nNon-GAAP net income was US$13.6 million during the second quarter of 2026, compared to US$7.9 million in the same quarter of 2025.<\/p>\n<\/li>\n<li>\nNon-GAAP free cash flow was US$12.7 million during the second quarter of 2026, compared to US$7.1 million in the same quarter of 2025.<\/p>\n<\/li>\n<li>\nAs of June 30, 2026, our total headcount was 1,102, decreasing 3.9% QoQ and 14.1% YoY.<\/p>\n<\/li>\n<li>\nDuring the second quarter of 2026, 6.2 million Class A common shares had been repurchased pursuant to the share buyback program at an average price of US$3.76 per share for a total cost of US$23.2 million.<\/p>\n<\/li>\n<\/ul>\n<p><b>Second Quarter 2026 Commercial Highlights:<\/b><\/p>\n<p>\nNew customers who initiated their operations with us, among others:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nDi Santinni and Dolce &amp; Gabbana in Brazil;<\/p>\n<\/li>\n<li>\nGrupo Ramos in the Dominican Republic;<\/p>\n<\/li>\n<li>\nIndurama in Ecuador;<\/p>\n<\/li>\n<li>\nGigatron in Serbia;<\/p>\n<\/li>\n<li>\nIberdrola in Spain; and<\/p>\n<\/li>\n<li>\nAcron Aviation in the US.<\/p>\n<\/li>\n<\/ul>\n<p>\nExisting customers expanding their operations with us by opening new online stores, among others:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nC&amp;A launched the ACE operations in Brazil, its first independent brand with standalone stores.<\/p>\n<\/li>\n<li>\nGrupo Nazan migrated its B2B operations in Mexico to VTEX, building on its B2C success;<\/p>\n<\/li>\n<li>\nOBI expanded into Poland, adding to its operations in Austria, Germany and Italy;<\/p>\n<\/li>\n<li>\nPanasonic launched a B2B operation in Brazil, adding to its B2C operation with VTEX; and<\/p>\n<\/li>\n<li>\nSTIHL expanded into Argentina, adding to its operations in Brazil and Mexico.<\/p>\n<\/li>\n<\/ul>\n<p>\nCustomers adopting or expanding their use of the VTEX product suite included, among others:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAngeloni expanded its relationship with VTEX by implementing the VTEX CX Platform in Brazil;<\/p>\n<\/li>\n<li>\nFast Shop expanded its relationship with VTEX by implementing the VTEX CX Platform in Brazil;<\/p>\n<\/li>\n<li>\nOl\u00edmpica expanded its relationship with VTEX by becoming a VTEX Ads Platform publisher in Colombia; and<\/p>\n<\/li>\n<li>\nWhirlpool expanded its relationship with VTEX by becoming a VTEX Ads Platform advertiser in Brazil.<\/p>\n<\/li>\n<\/ul>\n<p><b>Second Quarter 2026 Operational Highlights:<\/b><\/p>\n<p>\nWe innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAcron Aviation, a specialized provider in the US aviation industry, partnered with VTEX to digitalize two distinct and highly specialized commercial operations, launching separate, purpose-built storefronts on a unified platform. The primary goal was to create dedicated digital channels for its complex service and parts offerings. For its data intelligence division, Acron launched &#8220;Avionics Hub,&#8221; a portal where clients can order and manage &#8220;Express Readout&#8221; services, a sophisticated offering that analyzes flight recorder data to speed up maintenance diagnostics. Simultaneously, for its Avionics aftermarket division, it launched &#8220;Skyparts,&#8221; a B2B ecommerce store providing direct access to a catalog of re-certified, out-of-production aircraft components. By leveraging VTEX&#8217;s flexible architecture, Acron Aviation successfully deployed two unique commerce experiences tailored to different customer needs, one focused on selling specialized technical services and the other on transacting complex, used parts. This strategy established a scalable and efficient digital foundation to serve the diverse needs of the aviation maintenance and repair industry.<\/p>\n<\/li>\n<li>\nAngeloni, a leading Brazilian retail group, implemented the VTEX CX Platform to elevate the customer experience across its diverse brands, including Angeloni Eletro, Super, and Divvino. By centralizing its customer service on WhatsApp with a suite of AI Agents, the company now automates approximately 65% of inquiries, achieving an exceptional customer satisfaction score of 4.89 out of 5. The most significant financial impact was driven by automated abandoned cart campaigns, which generated a consolidated 10.7x ROI in the first five months of 2026 and represented 3% of the site&#8217;s total sales. Additionally, the AI-powered Concierge tool contributed a further 2% to total site sales. With VTEX, Angeloni has transformed its customer service into a scalable and profitable engine, delivering a consistent, high-quality experience across its distinct business units.<\/p>\n<\/li>\n<li>\nDolce&amp;Gabbana do Brasil, the Brazilian subsidiary of the global luxury leader, partnered with VTEX to launch the brand&#8217;s first-ever official ecommerce channel in the country, creating a digital flagship that mirrors its premium in-store experience. The primary goal was to establish a direct-to-consumer channel with full control over the customer journey, moving beyond third-party marketplaces. Leveraging VTEX&#8217;s composable architecture and FastStore front-end framework, Dolce&amp;Gabbana do Brasil implemented a sophisticated ship-from-store model, transforming 15 of its physical boutiques into local fulfillment hubs. The platform seamlessly integrates with DG&#8217;s existing POS system to ensure real-time inventory synchronization across its Brazilian store network, a critical component for preventing stockouts and ensuring a reliable luxury experience. With VTEX, Dolce&amp;Gabbana do Brasil successfully translated its renowned physical retail excellence into a powerful and scalable digital channel, establishing a new benchmark for luxury ecommerce operations in Brazil.<\/p>\n<\/li>\n<li>\nFarmacity, one of Argentina&#8217;s leading health, beauty, and wellness retail chains, partnered with VTEX Ads to build and scale its retail media program from the ground up, successfully monetizing its high-intent digital audience. In its first year, Farmacity transitioned the program from a launch phase to a mature, highly efficient operation, scaling its on-site ad investment by 2.4 times. This growth was driven by improved performance, not just increased traffic, as the platform&#8217;s conversion rate grew by over 70% while the number of active advertisers doubled. Leveraging the VTEX Ads platform, Farmacity expanded its monetized catalog from two to five complete verticals, and is now extending its strategy into an omnichannel model by piloting in-store media. With VTEX Ads, Farmacity has successfully established a scalable, high-margin retail media business and is creating a unified advertising experience across its physical and digital channels.<\/p>\n<\/li>\n<li>\nGrupo Nazan, one of Mexico&#8217;s leading footwear distributors, expanded its partnership with VTEX to migrate its extensive B2B operation from a legacy platform, unifying its entire digital ecosystem on a single, agile foundation. The primary goal was to overcome the technical limitations of their previous system and establish a scalable platform for their unified commerce strategy. Leveraging VTEX&#8217;s composable architecture, Grupo Nazan implemented a sophisticated solution that integrates seamlessly with its complex network of enterprise systems \u2014 handling order orchestration, catalog and pricing, and custom loyalty and discount programs \u2014 and unifying omnichannel inventory across its entire operation to ensure real-time product availability. Through the power and efficiency of the VTEX checkout, the company has streamlined the wholesale purchasing journey, significantly reducing friction at the most critical stage of the transaction. This strategic migration empowers Grupo Nazan to manage its 200,000 active B2B clients through a modern, high-performance portal while also enabling new channels like in-store kiosks and social selling, creating a robust and future-proof foundation for its continued market leadership.<\/p>\n<\/li>\n<li>\nGrupo Ramos, one of the largest retail groups in the Dominican Republic, partnered with VTEX to transform its flagship supermarket brand, La Sirena, into a full-fledged omnichannel operation. The goal was to replace a limited legacy ecommerce site with a scalable, modern platform capable of supporting a complex, multi-store fulfillment strategy. Leveraging VTEX&#8217;s composable architecture, Grupo Ramos implemented a sophisticated marketplace model where each physical La Sirena store operates as an individual white-label seller, managing its own inventory and delivery zones. This structure enabled the launch of multiple delivery options, including express delivery, scheduled delivery, and in-store pickup, all orchestrated through VTEX&#8217;s native Pick and Pack solution and integrated with last-mile provider SimpliRoute. With VTEX, Grupo Ramos successfully built a robust digital foundation that unifies its physical store network into a cohesive and efficient ecommerce operation, providing customers with a seamless, omnichannel grocery shopping experience.<\/p>\n<\/li>\n<li>\nGigatron, a leading Serbian electronics retailer, migrated its full digital catalog to VTEX to modernize its commerce core without disrupting its existing headless enterprise architecture. The primary goal was to replace its legacy backend with a more robust, scalable engine while preserving its flexible frontend and internal operational orchestration. By establishing VTEX as its new commerce backbone for catalog, search, checkout, and OMS, Gigatron achieved a pragmatic modernization that seamlessly integrated with its surrounding enterprise systems. The platform&#8217;s strong extensibility empowered Gigatron&#8217;s internal engineering team to build and maintain custom applications, successfully supporting a complex, localized launch featuring dynamic pricing, localized payment methods, and sophisticated promotional structures. With VTEX, Gigatron has successfully upgraded its headless commerce foundation, securing the agility and scalability needed for future growth without the operational cost of a full systemic rebuild.<\/p>\n<\/li>\n<li>\nSanofi, a global pharmaceutical leader, leveraged VTEX Ads to execute a continuous, data-driven retail media strategy across multiple pharmacy channels, connecting with high-intent consumers at critical moments in their purchase journey. Through consistent monitoring and weekly optimizations, the platform successfully balanced brand visibility with performance, generating sales across 96 campaigns and achieving a strong return on ad spend (ROAS) above 7x. With VTEX Ads, Sanofi transformed its retail media investment into a powerful, measurable engine for sales growth and enhanced its portfolio&#8217;s presence in strategic digital environments.<\/p>\n<\/li>\n<\/ul>\n<p><b>Business Outlook<\/b><\/p>\n<p>\nWe continue to advance our AI-native commerce vision through tangible product innovation and remain focused on our growth drivers \u2014 Global Expansion, B2B, Ads, and AI \u2014 while deploying technology to reaccelerate performance for both VTEX and our customers.<\/p>\n<p>\nDespite a volatile macro environment, our disciplined execution supports improving profitability and sustained investment in R&amp;D. We are encouraged by the quality of new customer additions, continued expansion within our base, and our strong positioning with global enterprises, reinforcing our confidence in long-term growth and value creation.<\/p>\n<p>\nOur updated outlook reflects weaker consumption trends in Brazil in June and July and the continued customer-mix shift toward larger enterprise accounts. It assumes a modest improvement in FX-neutral subscription revenue growth in the fourth quarter, supported by less demanding year-over-year comparisons and an increasing contribution from our growth drivers.<\/p>\n<p>\nFor the third quarter of 2026, we are targeting:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nSubscription revenue to grow at an approximately flat percentage rate on an FX-neutral year-over-year basis;<\/p>\n<\/li>\n<li>\nGross profit to grow at a low-single digit percentage rate on an FX-neutral year-over-year basis;<\/p>\n<\/li>\n<li>\nNon-GAAP income from operations to be in the low-twenties percentage margin; and<\/p>\n<\/li>\n<li>\nFree cash flow to be in the low-twenties percentage margin.<\/p>\n<\/li>\n<\/ul>\n<p>\nFor the full year 2026, we are now targeting:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nSubscription revenue to grow at a low-single digit percentage rate on an FX-neutral year-over-year basis;<\/p>\n<\/li>\n<li>\nGross profit to grow at a mid-single digit percentage rate on an FX-neutral year-over-year basis;<\/p>\n<\/li>\n<li>\nNon-GAAP income from operations to be in the low-twenties percentage margin; and<\/p>\n<\/li>\n<li>\nFree cash flow to be in the low-twenties percentage margin.<\/p>\n<\/li>\n<\/ul>\n<p>\nAssuming FX rates remain broadly consistent with July&#8217;s average rates, the FX-neutral growth guidance outlined above would translate into higher reported USD subscription revenue growth, adding approximately 7.0 percentage points in the third quarter and 8.1 percentage points for the full year 2026.<\/p>\n<p>\nThe 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\u2019s control. See the cautionary note regarding \u201cForward-Looking Statements\u201d below. Fluctuations in VTEX\u2019s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results.<\/p>\n<p><b>The following table summarizes certain key financial and operating metrics for the six months ended June 30, 2026 and 2025.<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGMV<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,700.5<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,840.3<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10,784.6<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9,182.1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>GMV growth YoY FXN (1)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.0%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.6%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6.9%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription Revenue<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n63.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n123.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n109.8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription Revenue growth YoY FXN (1)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.3%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11.2%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.7%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP subscription gross profit (2)(4)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n52.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n45.7<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n101.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n87.3<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP subscription gross profit margin (3)(4)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n81.8%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n79.9%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n81.6%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n79.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP income from operations (4)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8.5<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n24.4<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-GAAP net income (4)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.6<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.9<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal number of employees<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,102<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,283<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,102<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,283<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(1)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCalculated by using the average monthly exchange rates for the applicable months during 2025, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2026, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(2)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCorresponds to our subscription revenues minus our subscription costs.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(3)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nCorresponds to our subscription gross profit divided by subscription revenues.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n(4)<\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\nReconciliation of non-GAAP metrics can be found in tables below.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>\nThe conference call may be accessed by dialing +1-833-461-5787 (Conference ID \u2013210398135\u2013) and requesting inclusion in the call for VTEX.<\/p>\n<p>\nThe live conference call can be accessed via audio webcast at the investor relations section of the Company&#8217;s website, at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.investors.vtex.com%2F&amp;esheet=54585018&amp;newsitemid=20260806207440&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.investors.vtex.com%2F&amp;index=1&amp;md5=8a78f7ce9c6538baf06d01e575f2804a\">https:\/\/www.investors.vtex.com\/<\/a>.<\/p>\n<p>\nAn archive of the webcast will be available for one week following the conclusion of the conference call.<\/p>\n<p><b>Definition of Selected Operational Metrics<\/b><\/p>\n<p><b><i>\u201cCustomers\u201d <\/i><\/b>means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX\u2019s platform.<\/p>\n<p><b><i>\u201cGMV\u201d<\/i><\/b> 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.<\/p>\n<p><b><i>\u201cFX Neutral\u201d<\/i><\/b> or <b><i>\u201cFXN\u201d<\/i><\/b> 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.<\/p>\n<p><b><i>\u201cStores\u201d <\/i><\/b>or<b><i> \u201cActive Stores\u201d <\/i><\/b>means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.<\/p>\n<p><b>Special Note Regarding non-GAAP financial metrics<\/b><\/p>\n<p>\nFor investor convenience, this document presents certain non-GAAP financial measures. We regularly assess other metrics that are not in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d) and are defined as non-GAAP financial measures by the SEC. These measures help us evaluate our business, track performance, prepare financial forecasts, and make strategic decisions. The key metrics we consider include non-GAAP subscription gross profit, non-GAAP income from operations, non-GAAP net income,<b \/>free cash flow, and FX Neutral measures.<\/p>\n<p>\nThese non-GAAP financial measures, which may differ from similarly titled non-GAAP measures used by other companies, provide supplemental insights into our operating performance. They exclude certain gains, losses, and non-cash charges that occur infrequently or that management considers unrelated to our core operations.<\/p>\n<p><b>Reconciliation of non-GAAP measures<\/b><\/p>\n<p>\nThe following table presents a reconciliation of our non-GAAP subscription gross profit to subscription gross profit for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc bwvertalignb\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription revenue<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n63.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n123.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n109.8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription cost<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(11.7)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(11.6)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22.8)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22.7)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription gross profit<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n52.1<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n45.7<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n101.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n87.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Share-based compensation<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.1<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.1<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP subscription gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>52.2<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>45.7<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>101.0<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>87.3<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP subscription gross margin<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>81.8%<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>79.9%<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>81.6%<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>79.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our non-GAAP S&amp;M expenses to S&amp;M expenses for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSales &amp; Marketing expense<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15.5)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(17.4)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(32.2)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(34.3)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.1<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.5<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmortization related to acquisitions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.4<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.4<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarn out expenses related to acquisitions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.3<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP Sales &amp; Marketing expense<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(14.3)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(16.0)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(29.9)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(31.3)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our non-GAAP R&amp;D expenses to R&amp;D expenses for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nResearch &amp; Development expense<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(17.9)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15.4)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(35.2)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(30.3)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.9<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.3<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.1<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmortization related to acquisitions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.3<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.3<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarn out expenses related to acquisitions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP Research &amp; Development expense<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(16.8)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(13.9)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(32.7)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(27.5)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our non-GAAP G&amp;A expenses to G&amp;A expenses for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGeneral &amp; Administrative expense<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8.8)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(9.0)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(16.9)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(18.1)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.8<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.4<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.9<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmortization related to acquisitions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP General &amp; Administrative expense<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(7.0)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(6.7)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(13.1)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(13.2)<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our non-GAAP income from operations to income (loss) from operations for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome from operations<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9.7<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.9<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15.5<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.5<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9.6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmortization related to acquisitions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarn out expenses related to acquisitions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP income from operations<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.8<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>8.5<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>24.4<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.8<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our non-GAAP net income to our net income provided for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet income<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.1<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation expense<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.5<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9.6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAmortization related to acquisitions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEarn out expenses related to acquisitions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIncome taxes related to non-GAAP adjustments<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.6)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.7)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1.3)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1.7)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-GAAP net income<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.6<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>7.9<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>21.7<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.2<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table presents a reconciliation of our free cash flow to net cash provided by operating activities for the following periods:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<br \/>\n<br \/>June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet cash provided by operating activities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12.9<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.3<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n26.3<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions of property and equipment<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.2)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.1)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.2)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(0.2)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Free Cash Flow<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.7<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>7.1<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>26.0<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13.8<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe following table sets forth the FX neutral measures related to our reported results of the operations for the three months ended June 30, 2026:<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwpadl0 bwalignc bwvertalignb bwnowrap\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>As Reported<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth12 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>FXN<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth12 bwvertalignb bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>As Reported<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth12 bwvertalignb\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>FXN<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(in millions of US$, except as otherwise indicated)<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2Q26<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2Q25<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth12 bwvertalignb bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2Q26<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2Q25<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth12 bwvertalignb bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription revenue<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n63.8<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11.4%<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n58.0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57.2<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nServices revenue<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.5<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(61.7%)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.6<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.5<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(63.4%)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total revenue<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>64.4<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>58.8<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9.5%<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>58.5<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>58.8<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(0.4%)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>51.7<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>45.3<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.2%<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>46.3<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>45.3<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth27\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income from operations<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>9.7<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.9<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n231.7%<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>7.7<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2.9<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>165.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe 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.<\/p>\n<p><b>About VTEX<\/b><\/p>\n<p>\nVTEX (NYSE: VTEX) is the AI-native commerce suite designed for CIOs and CEOs, focused on driving operational efficiency. Evolving from software into a connected platform, VTEX unifies a multi-product ecosystem\u2014comprising a Commerce platform (VTEX Commerce Platform), an Ads platform (VTEX Ads Platform), and an AI conversational platform (VTEX CX Platform)\u2014to deliver solutions such as B2C Omnichannel, B2B commerce, agent-assisted customer service, WhatsApp Store, distributed OMS, marketplace enablement, and advertising solutions. This architecture enables brands and retailers to eliminate friction, orchestrate operations, and accelerate profitable growth.<\/p>\n<p>\nTrusted by approximately 2,200 customers\u2014including Carrefour, Colgate, OBI, Stanley Black &amp; Decker, KitchenAid, Whirlpool, and Electrolux\u2014across 44 countries, VTEX brings the best of Brazilian engineering to the global market. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.vtex.com&amp;esheet=54585018&amp;newsitemid=20260806207440&amp;lan=en-US&amp;anchor=www.vtex.com&amp;index=2&amp;md5=e0bda180668f14e3cc3eb24cfb2901ed\">www.vtex.com<\/a>.<\/p>\n<p><b>Forward-looking Statements<\/b><\/p>\n<p>\nThis announcement contains \u201cforward-looking statements\u201d 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 \u201canticipate,\u201d \u201cbelieve,\u201d \u201ccontinues,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201dstrategy,\u201d \u201cproject,\u201d \u201ctarget\u201d and similar expressions and future or conditional verbs such as \u201cwill,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201ccan,\u201d \u201cmay,\u201d or similar expressions are generally intended to identify forward-looking statements.<\/p>\n<p>\nVTEX 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\u2019s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX\u2019s 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.<\/p>\n<p>\nAs 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.<\/p>\n<p>\nThis 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.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwcellpmargin\">\nVTEX<\/p>\n<p class=\"bwcellpmargin\">\nCondensed consolidated interim statements of operations<\/p>\n<p class=\"bwcellpmargin\">\n(Unaudited)<\/p>\n<p class=\"bwcellpmargin\">\nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2025<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription revenue<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n63,798<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n57,248<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n123,760<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n109,828<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nServices revenue<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n591<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,542<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,325<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,127<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total revenue<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>64,389<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>58,790<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>125,085<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>112,955<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSubscription cost<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(11,650)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(11,597)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22,782)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22,677)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nServices cost<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,025)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,916)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2,138)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(4,019)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total cost<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(12,675)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(13,513)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(24,920)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(26,696)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Gross profit<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>51,714<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>45,277<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>100,165<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>86,259<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Operating expenses<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGeneral and administrative<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8,766)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(9,025)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(16,946)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(18,060)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSales and marketing<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15,471)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(17,441)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(32,242)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(34,288)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nResearch and development<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(17,933)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(15,416)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(35,181)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(30,284)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther income (losses)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n116<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(482)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(292)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(911)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income from operations<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>9,660<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,913<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15,504<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,716<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther income (expense), net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,667<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n888<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(95)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,525<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income before income tax<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11,327<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3,801<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15,409<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>5,241<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTotal income tax<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,300)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(815)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,331)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,394)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net income for the period<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>10,027<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,986<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>14,078<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3,847<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Less: net loss attributable to non-controlling interest<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(10)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(8)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(20)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(5)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net income attributable to controlling shareholders<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>10,037<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2,994<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>14,098<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3,852<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><span class=\"bwuline\">Earnings per share<\/span><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBasic earnings per share<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.060<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.016<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.083<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.021<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth38\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDiluted earnings per share<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.058<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.016<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.080<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth15 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.020<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwcellpmargin\">\nVTEX<\/p>\n<p class=\"bwcellpmargin\">\nCondensed consolidated interim balance sheets<\/p>\n<p class=\"bwcellpmargin\">\n(Unaudited)<\/p>\n<p class=\"bwcellpmargin\">\nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>ASSETS<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Current assets<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash and cash equivalents<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15,451<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15,744<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nMarketable securities<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n170,512<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n176,357<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n58,309<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n61,601<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecoverable taxes<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,597<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,716<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred commissions<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,081<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,021<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPrepaid expenses and other current assets<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,494<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,066<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total current assets<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>258,444<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>267,505<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-current assets<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEquity investments<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9,649<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9,649<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,359<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,218<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred tax assets<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13,019<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11,765<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecoverable taxes<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,753<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,050<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred commissions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,420<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,025<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPrepaid expenses and other non-current assets<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,390<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,151<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRight-of-use assets<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,959<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,751<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProperty and equipment, net<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,064<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,245<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nIntangible assets, net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7,109<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7,949<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGoodwill<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n27,296<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n26,324<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total non-current assets<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>82,018<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>79,127<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total assets<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>340,462<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>346,632<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwcellpmargin\">\nVTEX<\/p>\n<p class=\"bwcellpmargin\">\nCondensed consolidated interim balance sheets<\/p>\n<p class=\"bwcellpmargin\">\n(Unaudited)<\/p>\n<p class=\"bwcellpmargin\">\nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>LIABILITIES<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable and accrued expenses<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n34,962<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36,216<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,517<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7,263<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLease liabilities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,117<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,635<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred revenue<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n39,259<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n37,931<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther current liabilities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,895<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,918<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>88,750<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>87,963<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable and accrued expenses<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,680<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,602<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n144<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n161<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLease liabilities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,978<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,249<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable from acquisition of subsidiaries<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,640<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,449<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred revenue<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15,898<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17,743<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred tax liabilities<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n480<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n589<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther non-current liabilities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,936<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n317<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total non-current liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>27,756<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>25,110<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>EQUITY<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCommon stock: $0.0001 par value, 2,100,000,000 shares authorized Class A: 87,385,586 and 92,576,749 issued; 87,285,403 and 92,576,749 outstanding. Class B: 78,046,730 and 80,416,730 issued and outstanding<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAdditional paid-in capital<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n296,237<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n321,976<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccumulated other comprehensive income<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,335<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,307<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccumulated losses<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(75,706)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(89,804)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Equity attributable to VTEX\u2019s shareholders<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>223,883<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>233,496<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNon-controlling interests<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n73<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n63<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total shareholders\u2019 equity<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>223,956<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>233,559<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Total liabilities and equity<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>340,462<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwvertalignm bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>346,632<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"5\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<p class=\"bwcellpmargin\">\nVTEX<\/p>\n<p class=\"bwcellpmargin\">\nCondensed consolidated interim statements of cash flows<\/p>\n<p class=\"bwcellpmargin\">\n(Unaudited)<\/p>\n<p class=\"bwcellpmargin\">\nIn thousands of U.S. dollars, unless otherwise indicated<\/p>\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwsinglebottom bwpadl0 bwalignc\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Six months ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwalignc bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Income for the period<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>14,078<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3,847<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Adjustments for:<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDepreciation and amortization<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,740<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,547<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred income tax<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(844)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,324<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGain (loss) on disposal of rights of use, property, equipment, and intangible assets<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(66)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nExpected credit losses from trade receivables<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n884<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n843<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nShare-based compensation<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7,155<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8,749<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nGain on investments and other financial instruments, net<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,683)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(8,183)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOthers and foreign exchange, net<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,004<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,222<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Change in operating assets and liabilities<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTrade receivables<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7,931<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,475<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRecoverable taxes<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(204)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,030<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPrepaid expenses and other assets<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n125<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(894)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAccounts payable and accrued expenses<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2,499)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n574<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOperating leases<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(919)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(783)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTaxes payable<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2,073)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,650)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDeferred revenue<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(2,247)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(645)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther liabilities<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2,890<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n489<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash provided by operating activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>26,272<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13,952<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash flows from investing activities<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPurchase of marketable securities and equity investments<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(22,215)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(107,979)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nSales and maturities of marketable securities and equity investments<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n31,131<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n119,455<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of subsidiaries net of cash acquired<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(3,678)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions of intangible assets<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(480)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisitions of property and equipment<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(244)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(200)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nDerivative financial instruments<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,666)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n478<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther investing activities<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(97)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash provided by investing activities<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>6,429<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>8,076<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash flows from financing activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nProceeds from the exercise of stock options<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n744<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n223<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nNet-settlement of share-based payment<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(785)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(1,427)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nBuyback of shares<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(32,925)<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(18,911)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nAcquisition of subsidiary noncontrolling interest<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(438)<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(164)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nPayment of loans and financing<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n(47)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net cash used in financing activities<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(33,404)<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(20,326)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Net increase (decrease) in cash and cash equivalents<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>(703)<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1,702<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash and cash equivalents, beginning of the period<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15,744<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>18,673<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nEffect of exchange rate changes<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n410<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n966<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Cash and cash equivalents, end of the period<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15,451<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>21,341<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Supplemental cash flow information:<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nCash (paid) refunded for income taxes<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n200<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n299<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>Non-cash transactions:<\/b><\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nLease liabilities arising from obtaining right-of-use assets and remeasurement<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,453<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n938<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nUnpaid amount related to business combinations<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n191<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n507<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nUnpaid amount related to intangible assets acquisitions<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n146<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,446<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth48\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nTransactions with non-controlling interests<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n28<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth1 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwalignc bwwidth25 bwvertalignm\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260806207440r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20260806207440\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260806207440\/en\/<\/a><\/span><\/p>\n<p>\nJulia Vater Fern\u00e1ndez<br \/>\n<br \/>VP of Investor Relations<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:investors@vtex.com\">investors@vtex.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York Latin America North America United States Brazil South America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Software Other Retail Online Retail Internet Data Management Electronic Commerce Technology Artificial Intelligence Digital Marketing Retail Marketing Advertising Communications<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20260806207440\/en\/2870433\/3\/VTEX_Logo.svg_%281%29.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>VTEX Reports Second Quarter 2026 Financial Results Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17.8% (+7.0% FXN) Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin NEW YORK&#8211;(BUSINESS WIRE)&#8211; VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 2026. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) as well as the rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d) regarding financial reporting. Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, \u201cWe are now far enough into &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;VTEX Reports Second Quarter 2026 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-991635","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>VTEX Reports Second Quarter 2026 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VTEX Reports Second Quarter 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VTEX Reports Second Quarter 2026 Financial Results Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17.8% (+7.0% FXN) Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin NEW YORK&#8211;(BUSINESS WIRE)&#8211; VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 2026. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) as well as the rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d) regarding financial reporting. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"VTEX Reports Second Quarter 2026 Financial Results - Market Newsdesk","og_description":"VTEX Reports Second Quarter 2026 Financial Results Subscription revenue grew 11.4% (+1.3% FXN), with GMV up 17.8% (+7.0% FXN) Non-GAAP income from operations increased 62.4% to US$13.8 million, reaching a 21.4% margin Free cash flow increased 79.1% to US$12.7 million, reaching a 19.8% margin NEW YORK&#8211;(BUSINESS WIRE)&#8211; VTEX (NYSE: VTEX), the backbone for connected commerce, today announced results for the second quarter of 2026 ended June 30, 2026. VTEX results have been prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d) as well as the rules and regulations of the Securities and Exchange Commission (\u201cSEC\u201d) regarding financial reporting. Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, \u201cWe are now far enough into &hellip; Continue reading \"VTEX Reports Second Quarter 2026 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-08-06T21:34:05+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260806207440r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"VTEX Reports Second Quarter 2026 Financial Results","datePublished":"2026-08-06T21:34:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/"},"wordCount":4273,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260806207440r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/vtex-reports-second-quarter-2026-financial-results\/","name":"VTEX Reports Second Quarter 2026 Financial Results - 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