COVER
COVER | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36535 |
Entity Registrant Name | GLOBANT S.A. |
Entity Incorporation, State or Country Code | N4 |
Entity Address, Address Line One | 37A Avenue J.F. Kennedy |
Entity Address, Postal Zip Code | 1855 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
Title of 12(b) Security | Common shares, nominal value $ 1.20 per share |
Trading Symbol | GLOB |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 43,086,282 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001557860 |
Company Contact Person | |
Document Information [Line Items] | |
Entity Address, Address Line One | 37A Avenue J.F. Kennedy |
Entity Address, Postal Zip Code | 1855 |
Entity Address, City or Town | Luxembourg |
Entity Address, Country | LU |
Contact Personnel Name | Patricio Pablo Rojo |
Contact Personnel Email Address | pablo.rojo@globant.com |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PRICE WATERHOUSE & CO. S.R.L. |
Auditor Location | Autonomous City of Buenos Aires, Argentina |
Auditor Firm ID | 1349 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenues | $ 2,095,939 | $ 1,780,243 | $ 1,297,078 |
Cost of revenues | (1,340,178) | (1,110,848) | (802,090) |
Gross profit | 755,761 | 669,395 | 494,988 |
Selling, general and administrative expenses | (537,075) | (456,324) | (343,004) |
Net impairment losses on financial assets | (18,808) | (6,364) | (7,551) |
Other operating income and expenses, net | (916) | 0 | 0 |
Profit from operations | 198,962 | 206,707 | 144,433 |
Finance income | 4,777 | 2,832 | 652 |
Finance expense | (23,753) | (16,552) | (12,708) |
Other financial results, net | 11,342 | 173 | (3,923) |
Financial results, net | (7,634) | (13,547) | (15,979) |
Share of results of investment in associates | 89 | 119 | (233) |
Other income and expenses, net | 6,602 | (395) | (3,369) |
Profit before income tax | 198,019 | 192,884 | 124,852 |
Income tax | (39,511) | (43,405) | (28,497) |
Net income for the year | 158,508 | 149,479 | 96,355 |
Items that may be reclassified subsequently to profit and loss: | |||
- Exchange differences on translating foreign operations | (16,721) | (21,770) | (3,733) |
- Net change in fair value on financial assets measured at FVOCI | 119 | (107) | 1 |
- Gains and losses on cash flow hedges | 9,327 | (3,171) | 11 |
Total comprehensive income for the year | 151,233 | 124,431 | 92,634 |
Net income attributable to: | |||
Owners of the Company | 158,538 | 148,891 | 96,065 |
Non-controlling interest | (30) | 588 | 290 |
Net income for the year | 158,508 | 149,479 | 96,355 |
Total comprehensive income for the year attributable to: | |||
Owners of the Company | 148,732 | 123,044 | 92,344 |
Non-controlling interest | 2,501 | 1,387 | 290 |
Total comprehensive income for the year | $ 151,233 | $ 124,431 | $ 92,634 |
Earnings per share | |||
Basic (in usd per share) | $ 3.72 | $ 3.55 | $ 2.35 |
Diluted (in usd per share) | $ 3.64 | $ 3.47 | $ 2.28 |
Weighted average of outstanding shares (in thousands) | |||
Basic (in shares) | 42,601 | 41,929 | 40,940 |
Diluted (in shares) | 43,594 | 42,855 | 42,076 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 307,223 | $ 292,457 |
Investments | 16,070 | 48,408 |
Trade receivables | 499,283 | 424,810 |
Other assets | 31,753 | 15,197 |
Other receivables | 54,786 | 70,212 |
Other financial assets | 15,418 | 6,529 |
Total current assets | 924,533 | 857,613 |
Non-current assets | ||
Investments | 1,833 | 1,513 |
Other assets | 4,088 | 10,657 |
Other receivables | 26,475 | 21,141 |
Deferred tax assets | 60,777 | 41,982 |
Investment in associates | 1,426 | 1,337 |
Other financial assets | 34,864 | 34,978 |
Property and equipment | 162,736 | 161,733 |
Intangible assets | 235,540 | 182,572 |
Right-of-use asset | 119,400 | 147,311 |
Goodwill | 1,163,683 | 734,952 |
Total non-current assets | 1,810,822 | 1,338,176 |
TOTAL ASSETS | 2,735,355 | 2,195,789 |
Current liabilities | ||
Trade payables | 124,545 | 89,397 |
Payroll and social security taxes payable | 221,843 | 203,819 |
Borrowings | 156,916 | 2,838 |
Other financial liabilities | 81,504 | 59,316 |
Lease liabilities | 47,852 | 37,681 |
Tax liabilities | 33,229 | 23,454 |
Income tax payable | 11,287 | 11,276 |
Other liabilities | 896 | 808 |
Total current liabilities | 678,072 | 428,589 |
Non-current liabilities | ||
Trade payables | 2,981 | 5,445 |
Borrowings | 2,191 | 861 |
Other financial liabilities | 163,318 | 78,055 |
Lease liabilities | 70,884 | 97,457 |
Deferred tax liabilities | 9,706 | 11,291 |
Payroll and social security taxes payable | 5,139 | 4,316 |
Contingent liabilities | 16,448 | 13,615 |
Total non-current liabilities | 270,667 | 211,040 |
TOTAL LIABILITIES | 948,739 | 639,629 |
Capital and reserves | ||
Issued capital | 51,705 | 50,724 |
Additional paid-in capital | 1,022,918 | 950,520 |
Other reserves | (42,048) | (32,242) |
Retained earnings | 697,089 | 538,551 |
Total equity attributable to owners of the Company | 1,729,664 | 1,507,553 |
Non-controlling interests | 56,952 | 48,607 |
Total equity | 1,786,616 | 1,556,160 |
TOTAL EQUITY AND LIABILITIES | $ 2,735,355 | $ 2,195,789 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Issued capital | Additional paid-in capital | Retained earnings | Foreign currency translation reserve | Investment revaluation reserve and cash flow hedge reserve | Attributable to owners of the Parent | Non-controlling interest | |
Balance at beginning of the year (in shares) at Dec. 31, 2020 | [1] | 39,884,788 | |||||||
Balance at beginning of the year at Dec. 31, 2020 | $ 879,939 | $ 47,861 | $ 541,157 | $ 293,595 | $ (2,895) | $ 221 | $ 879,939 | ||
Issuance of shares under share-based compensation plan (see note 30.1) (in shares) | [1] | 449,078 | |||||||
Issuance of shares under share-based compensation plan (see note 30.1) | $ 27,604 | 539 | 27,065 | 27,604 | |||||
Issuance of shares under ESPP plan (note 25.4) (in shares) | [1] | 7,453 | |||||||
Issuance of shares under ESPP plan (note 25.4) | $ 2,340 | 9 | 2,331 | 2,340 | |||||
Issuance of shares under subscription agreement (see note 30.1) (in shares) | [1] | 38,879 | |||||||
Issuance of shares under subscription agreement (see note 30.1) | $ 9,121 | 47 | 9,074 | 9,121 | |||||
Equity settled deferred consideration ( note 26) | $ 2,152 | 2,152 | 2,152 | ||||||
Common shares issued pursuant to the May 2021 public offering (see note 30.2) (in shares) | [1] | 1,380,000 | |||||||
Common shares issued pursuant to the May 2021 public offering (see note 30.2) | $ 286,207 | 1,656 | 284,551 | 286,207 | |||||
Share-based compensation plan (see note 25) | $ 29,209 | 29,209 | 29,209 | ||||||
Repurchase of shares (note 25.4) (in shares) | [1] | (27,000) | |||||||
Repurchase of shares (note 25.4) | $ (7,256) | (32) | (7,224) | (7,256) | |||||
Put option over non-controlling interest (note 3.13.3) | (16,285) | (16,285) | (16,285) | ||||||
Non-controlling interest arising on a business combination (note 26) | 2,648 | $ 2,648 | |||||||
Other comprehensive income (loss) for the year | (3,721) | (3,733) | 12 | (3,721) | |||||
Net income for the year | $ 96,355 | 96,065 | 96,065 | 290 | |||||
Balance at end of the year (in shares) at Dec. 31, 2021 | [1] | 41,733,198 | |||||||
Balance at end of the year at Dec. 31, 2021 | $ 1,308,313 | 50,080 | 872,030 | 389,660 | (6,628) | 233 | 1,305,375 | 2,938 | |
Issuance of shares under share-based compensation plan (see note 30.1) (in shares) | [1] | 360,680 | |||||||
Issuance of shares under share-based compensation plan (see note 30.1) | $ 36,074 | 433 | 35,641 | 36,074 | |||||
Issuance of shares under ESPP plan (note 25.4) (in shares) | [1] | 39,136 | |||||||
Issuance of shares under ESPP plan (note 25.4) | $ 8,981 | 47 | 8,934 | 8,981 | |||||
Issuance of shares under subscription agreement (see note 30.1) (in shares) | [1] | 183,145 | |||||||
Issuance of shares under subscription agreement (see note 30.1) | $ 35,856 | 220 | 35,636 | 35,856 | |||||
Share-based compensation plan (see note 25) | $ 6,605 | 6,605 | 6,605 | ||||||
Repurchase of shares (note 25.4) (in shares) | [1] | (46,500) | |||||||
Repurchase of shares (note 25.4) | $ (9,316) | (56) | (9,260) | (9,316) | |||||
Put option over non-controlling interest (note 3.13.3) | 0 | 934 | 934 | (934) | |||||
Non-controlling interest arising on a business combination (note 26) | 45,216 | 45,216 | |||||||
Other comprehensive income (loss) for the year | (25,048) | (21,770) | (3,278) | (25,847) | 799 | ||||
Net income for the year | $ 149,479 | 148,891 | 148,891 | 588 | |||||
Balance at end of the year (in shares) at Dec. 31, 2022 | [1] | 42,269,659 | |||||||
Balance at end of the year (Revised balance due to error correction) at Dec. 31, 2022 | (28,398) | ||||||||
Balance at end of the year at Dec. 31, 2022 | $ 1,556,160 | 50,724 | 950,520 | 538,551 | (29,197) | (3,045) | 1,507,553 | 48,607 | |
Issuance of shares under share-based compensation plan (see note 30.1) (in shares) | [1] | 407,233 | |||||||
Issuance of shares under share-based compensation plan (see note 30.1) | $ 47,960 | 489 | 47,471 | 47,960 | |||||
Issuance of shares under ESPP plan (note 25.4) (in shares) | [1] | 48,130 | |||||||
Issuance of shares under ESPP plan (note 25.4) | $ 9,213 | 58 | 9,155 | 9,213 | |||||
Issuance of shares under subscription agreement (see note 30.1) (in shares) | [1] | 403,760 | |||||||
Issuance of shares under subscription agreement (see note 30.1) | $ 72,926 | 485 | 72,441 | 72,926 | |||||
Share-based compensation plan (see note 25) | $ 27,726 | 27,726 | 27,726 | ||||||
Repurchase of shares (note 25.4) (in shares) | [1] | (42,500) | |||||||
Repurchase of shares (note 25.4) | $ (11,523) | (51) | (11,472) | (11,523) | |||||
Put option over non-controlling interest (note 3.13.3) | (75,092) | (72,923) | (72,923) | (2,169) | |||||
Non-controlling interest arising on a business combination (note 26) | 8,013 | 8,013 | |||||||
Other comprehensive income (loss) for the year | (7,275) | (19,252) | 9,446 | (9,806) | 2,531 | ||||
Net income for the year | $ 158,508 | 158,538 | 158,538 | (30) | |||||
Balance at end of the year (in shares) at Dec. 31, 2023 | [1] | 43,086,282 | |||||||
Balance at end of the year at Dec. 31, 2023 | $ 1,786,616 | $ 51,705 | $ 1,022,918 | $ 697,089 | $ (48,449) | $ 6,401 | $ 1,729,664 | $ 56,952 | |
[1]All shares are issued, authorized and fully paid. Each share is issued at a nominal value of $1.20 per share and entitles to one vote. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) | Dec. 31, 2023 vote $ / shares |
Statement of changes in equity [abstract] | |
Par value per share (in usd per share) | $ / shares | $ 1.20 |
Number of votes entitled per each share | vote | 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities | ||||
Net income for the year | $ 158,508 | $ 149,479 | $ 96,355 | |
Adjustments to reconcile net income for the year to net cash flows from operating activities: | ||||
Share-based compensation expense | 72,941 | 60,251 | 37,031 | |
Current income tax (note 9.1) | 74,454 | 44,756 | 53,319 | |
Deferred income tax (note 9.1) | (34,943) | (1,351) | (24,822) | |
Depreciation of property and equipment (note 15) | 32,760 | 25,324 | 19,799 | |
Depreciation of right-of-use assets (note 28) | 39,982 | 35,244 | 23,833 | |
Amortization of intangible assets (note 16) | 67,119 | 47,365 | 36,654 | |
(Reversal)/Impairment of intangible assets (note 16) | (822) | 1,017 | 80 | |
Net impairment losses on financial assets | 18,808 | 6,364 | 7,551 | |
Remeasurement at fair value of investment in associates | 0 | 0 | (1,538) | |
(Reversal)/Allowance for claims and lawsuits (note 23) | (348) | 1,871 | 5,769 | |
(Gain) Loss on remeasurement of contingent consideration and call/put option over non-controlling interest (note 29.9.1) | (4,442) | (1,147) | 4,694 | |
Gain on transactions with bonds (note 3.18) | (9,157) | (13,883) | (708) | |
Accrued interest | 15,295 | 11,203 | 9,828 | |
Interest received | 4,718 | 2,686 | 585 | |
Net (gain) loss arising on financial assets measured at FVPL | (23,564) | 7,537 | 8,537 | |
Net (gain) loss arising on financial assets measured at FVOCI | (22,747) | (165) | 130 | |
Exchange differences | 21,874 | 4,648 | (5,708) | |
Share of results of investment in associates | (89) | (119) | 233 | |
Payments related to forward and future contracts | (3,813) | (6,242) | (1,692) | |
Proceeds related to forward and future contracts | 24,977 | 3,918 | 1,368 | |
Payments of remeasured earn-outs related to acquisition of business | (7,078) | (4,467) | 0 | |
Gain arising from lease disposals | 0 | 0 | (643) | |
Loss arising from property and equipment and intangibles derecognition | 846 | 1,632 | 0 | |
Changes in working capital: | ||||
Net increase in trade receivables | (44,297) | (104,315) | (93,019) | |
Net decrease (increase) in other receivables | 16,629 | (21,021) | (21,149) | |
Net increase in other assets | (10,004) | (9,416) | (1,338) | |
Net increase (decrease) in trade payables | 19,004 | (2,651) | 10,870 | |
Net (decrease) increase in payroll and social security taxes payable | (37,402) | 13,398 | 66,670 | |
Net (decrease) increase in tax liabilities | (1,675) | 264 | 4,595 | |
Utilization of provision for contingent liabilities (note 23) | (227) | (1,750) | (8,113) | |
Income tax paid | (48,783) | (52,906) | (50,197) | |
Net cash provided by operating activities | 318,524 | 197,524 | 178,974 | |
Cash flows from investing activities | ||||
Cash outflows for property and equipment | [1] | (45,110) | (47,063) | (42,766) |
Proceeds from disposals of property and equipment and intangibles | 288 | 0 | 1,249 | |
Cash outflows for intangible assets | [2] | (81,691) | (48,367) | (34,868) |
Acquisition of investment in sovereign bonds | (29,032) | (24,883) | (5,990) | |
Proceeds from investment in sovereign bonds | 38,189 | 38,766 | 6,698 | |
Payments related to forward and future contracts | (10,906) | (25,561) | (13,534) | |
Proceeds related to forward and future contracts | 20,419 | 12,511 | 3,923 | |
Acquisition of investments measured at FVPL | (384,083) | (414,950) | (238,991) | |
Proceeds from investments measured at FVPL | 410,707 | 393,059 | 230,236 | |
Acquisition of investments measured at FVOCI | (214,642) | (264,992) | (49,965) | |
Proceeds from investments measured at FVOCI | 217,246 | 269,102 | 44,976 | |
Payments to acquire equity instruments | (1,748) | (5,148) | (5,762) | |
Payments to acquire investments in associates | 0 | (500) | (1,389) | |
Acquisition of investment in convertible notes (note 29) | (2,367) | (2,667) | (2,772) | |
Acquisition of business, net of cash (note 26) | [3] | (253,691) | (126,370) | (144,503) |
Payments of earn-outs related to acquisition of business | (13,940) | (22,241) | (19,422) | |
Net cash used in investing activities | (350,361) | (269,304) | (272,880) | |
Cash flows from financing activities | ||||
Proceeds from the issuance of common shares pursuant to May 2021 Public Offering, net of costs | 0 | 0 | 286,207 | |
Proceeds from the issuance of shares under the share-based compensation plan (note 30.1) | 4,103 | 3,508 | 6,612 | |
Proceeds from the issuance of shares under the ESPP plan | 9,213 | 8,981 | 2,340 | |
Repurchase of shares | (11,523) | (9,316) | (7,256) | |
Payment of call/put-option over non-controlling interest | (3,892) | (5,166) | 0 | |
Proceeds from borrowings (note 21) | 395,621 | 0 | 13,500 | |
Repayment of borrowings (note 21) | (271,783) | (8,269) | (29,384) | |
Payments of principal portion of lease liabilities (note 28) | (38,514) | (30,564) | (21,786) | |
Payments of lease liabilities interest (note 28) | (6,319) | (6,822) | (5,415) | |
Interest paid (note 21) | (4,106) | (2,491) | (832) | |
Payments of installments related to acquisition of business | (28,270) | (15,541) | 0 | |
Net cash provided (used in) by financing activities | 44,530 | (65,680) | 243,986 | |
Increase (Decrease) in cash and cash equivalents | 12,693 | (137,460) | 150,080 | |
Cash and cash equivalents at beginning of the year | 292,457 | 427,804 | 278,939 | |
Effect of exchange rate changes on cash and cash equivalents | 2,073 | 2,113 | (1,215) | |
Cash and cash equivalents at end of the year | $ 307,223 | $ 292,457 | $ 427,804 | |
[1] In 2023, 2022 and 2021, there were 1,741, 16,225 and 10,129 of acquisition of property and equipment financed with trade payables, respectively. In 2023, 2022 and 2021, the Company paid 16,225, 10,129 and 1,515 related to property and equipment acquired in 2022, 2021 and 2020, respectively. In 2023, 2022 and 2021 there were 132, 1,984 and 3,662 of acquisition of intangibles financed with trade payables, respectively. In 2023, 2022 and 2021 , the Company paid 1,984, 3,662 and 285 related to intangibles acquired in 2022, 2021 and 2020, respectively. Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries net of cash acquired (note 26): Supplemental information Cash paid 286,695 172,445 161,107 Less: cash and cash equivalents acquired (33,004) (46,075) (16,604) Total consideration paid net of cash and cash equivalents acquired 253,691 126,370 144,503 As of December 31, 2023, the Company issued 359,242 common shares for a total amount of 65,064, according to the subscription agreement included in the stock purchase agreement, these were non-cash transactions. As of December 31, 2022, the Company issued 135,096, common shares for a total amount of 25,531, according to the subscription agreement included in the stock purchase. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Supplemental information | |||||
Cash paid | [2] | $ 286,695 | [1] | $ 172,445 | $ 161,107 |
Less: cash and cash equivalents acquired | [2] | (33,004) | (46,075) | (16,604) | |
Total consideration paid net of cash and cash equivalents acquired | [2] | $ 253,691 | $ 126,370 | $ 144,503 | |
Number of shares issued under subscription agreement (in shares) | [3] | 403,760 | 183,145 | 38,879 | |
Amount of shares issued under subscription agreement | $ 72,926 | $ 35,856 | $ 9,121 | ||
Property and equipment, financed with trade payables | 1,741 | 16,225 | 10,129 | ||
Payment for property and equipment | 16,225 | 10,129 | 1,515 | ||
Intangibles assets financed with trade payables | 132 | 1,984 | 3,662 | ||
Payments related to intangible assets acquired | $ 1,984 | $ 3,662 | $ 285 | ||
Hybrido | |||||
Number of shares issued under subscription agreement (in shares) | 359,242 | 135,096 | |||
Amount of shares issued under subscription agreement | $ 65,064 | $ 25,531 | |||
[1]As of December 31, 2022, the Company issued 135,096, common shares for a total amount of 25,531, according to the subscription agreement included in the stock purchase.[2]Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries net of cash acquired (note 26)[3]All shares are issued, authorized and fully paid. Each share is issued at a nominal value of $1.20 per share and entitles to one vote. |
COMPANY OVERVIEW AND BASIS OF P
COMPANY OVERVIEW AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
COMPANY OVERVIEW AND BASIS OF PRESENTATION | COMPANY OVERVIEW AND BASIS OF PRESENTATION Globant S.A. is a digitally native company organized in the Grand Duchy of Luxembourg, primarily engaged in helping organizations to reinvent themselves and unleash their potential (hereinafter the “Company” or “Globant” or “Globant Group”). Globant is the place where innovation, design and engineering meet scale. The Company's principal operating subsidiaries and countries of incorporation as of December 31, 2023 were the following: Country Company Argentina Sistemas Globales S.A. Argentina IAFH Global S.A. Brazil Globant Brasil Consultoria LTDA Chile Sistemas Globales Chile Asesorías Limitada Colombia Sistemas Colombia S.A.S. India Globant India Private Limited Italy Sysdata SpA Mexico IAFH Globant IT Mexico S. de R.L. de C.V. Moldova Pentalog Chi SRL Peru Globant Peru S.A.C Romania Pentalog Romania SRL Spain Software Product Creation, S.L. Spain Sports Reinvention Entertainment Group S.L. United Kingdom Globant UK Limited United States of America Globant LLC United States of America Grupo Assa Corp United States of America Globant IT Services Uruguay Sistemas Globales Uruguay S.A. The Company also has centers of software engineering talent and educational excellence, primarily across Latin America. Most of the revenues are generated through subsidiaries located in the U.S. The Company's workforce is mainly located in Latin America and to a lesser extent in India, Europe and the U.S. The Company's registered office address is 37A Avenue J.F. Kennedy L-1855, Luxembourg. |
BASIS OF PREPARATION OF THESE C
BASIS OF PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
BASIS OF PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTS | BASIS OF PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTS These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These consolidated financial statements are presented in thousands of United States dollars ("U.S. dollars") and have been prepared under the historical cost convention except as disclosed in the accounting policies below. 2.1 – Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2023. The impact of the new and revised standards and interpretations mentioned on these consolidated financial statements is described as follows. The Company has adopted the following standards and interpretation that became applicable for annual periods commencing on or after January 1, 2023: Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IAS 12 International Tax Reform — Pillar Two Model Rules On May 23, 2023, the IASB issued 'International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)' providing a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes. This amendment provides an exception rule that temporarily exempts the recognition and disclosure of deferred taxes related to taxes arising from the taxation system on the pillar two model rules published by the Organization for Economic Co-operation and Development (OECD) (hereinafter, the “Pillar Two Income Taxes”). The Group has applied the aforementioned exception rule retroactively from fiscal year 2023 and has not recognized and disclosed the deferred taxes related to the Pillar Two Income Taxes (see note 9.3). On July 28, 2023, Luxembourg’s government council approved a new bill aiming to implement into Luxembourg law the “Pillar Two Directive”. It is expected that the Pillar Two Directive will be effective as from January 1, 2024. Management is currently assessing the jurisdictions that could give rise to additional taxation and potential impact as a result of the implementation of the Pillar Two Model Rules in national laws. Those amendments did not have any material impact on the Company's accounting policies, apart from the ones already mentioned, and did not require retrospective adjustments. • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: Amendments to IAS 21 Lack of Exchangeability 1 1 Effective for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted. • On August 15, 2023 IASB issued 'Lack of Exchangeability (Amendments to IAS 21)' to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The management of the Company is currently assessing the impacts of the application of this amendment on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2025. Earlier application is permitted. The Company has not opted for early application. The following standards and interpretation will become applicable for annual periods commencing on or after January 1, 2024: Amendments to IAS 1 Classification of Liabilities as Current or Non-Current Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IAS 1 Non-current Liabilities with Covenants Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements • On January 23, 2020, the IASB issued 'Classification of Liabilities as Current or Non-current (Amendments to IAS 1)' providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On September 22, 2022, IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' specifying the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On October 31, 2022, IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On May 25, 2023, the IASB issued 'Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)' to require specific disclosure requirements about supplier finance arrangements. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. 2.2 – Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Non-controlling interest in the equity of consolidated subsidiaries is identified separately. Non-controlling interest consists of the amount of that interest at the date of the original business combination and the non-controlling share of changes in equity since the date of the consolidation. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. |
SUMMARY OF MATERIAL ACCOUNTING
SUMMARY OF MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
SUMMARY OF MATERIAL ACCOUNTING POLICIES | SUMMARY OF MATERIAL ACCOUNTING POLICIES 3.1 – Acquisitions Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred to the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related charges are recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that: • deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively ; and • liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquired business, and the fair value of the acquirer's previously held equity interest in the acquired business (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquired business and the fair value of the acquirer's previously held equity interest in the acquired business (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognized amounts of the acquired business identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 3 and IFRS 13, as appropriate, with the corresponding gain or loss being recognized in profit or loss. When a business combination is achieved in stages, the Company's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. Arrangements that include remuneration of former owners of the acquiree for future services are excluded of the acquisitions and will be recognized as expense during the required service period. 3.2 – Goodwill Goodwill arising in a business combination is carried at cost as established at the acquisition date of the business less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to a unique cash generating unit (CGU). Goodwill is not amortized and is reviewed for impairment at least annually or more frequently when there is an indication that the business may be impaired. If the recoverable amount of the business is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the business and then to the other assets of the business pro-rata on the basis of the carrying amount of each asset in the business. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statement of comprehensive income. An impairment loss recognized for goodwill is not reversed in a subsequent period. The Company has not recognized any impairment loss in the years ended December 31, 2023, 2022 and 2021. 3.3 – Revenue recognition The Company generates revenue primarily from the provision of software development, testing, infrastructure management, application maintenance, outsourcing services, consultancy and Services over Platforms (SoP). SoP is a new concept for the services industry that aims to deliver digital journeys in more rapid manner providing specific platforms as a starting point and then customizing them to the specific need of the customers. Revenue is measured at the fair value of the consideration received or receivable. The Company’s services are performed under both time-and-material and fixed-price contracts. For revenues generated under time-and-material contracts, revenues are recognized as a single performance obligation satisfied over time, using an input method based on hours incurred. The majority of such revenues are billed on an hourly, daily or monthly basis whereby actual time is charged directly to the client. The Company recognizes revenues from fixed-price contracts applying the input or output methods depending on the nature of the project and the agreement with the customer, recognizing revenue on the basis of the Company’s efforts to the satisfaction of the performance obligation relative to the total expected inputs to the satisfaction of the performance obligation, or recognizing revenue on the basis of direct measurements of the value to the customer of the services transferred to date relative to the remaining services promised under the contract, respectively. Each method is applied according to the characteristics of each contract and client. The inputs and outputs are selected based on how faithfully they depict the Company's performance towards complete satisfaction of the performance obligation. These methods are followed where reasonably dependable estimates of revenues and costs can be made. Fixed-price projects generally correspond to short-term contracts. Some fixed-price contracts are recurring contracts that establish a fixed amount per month and do not require the Company to apply significant judgment in accounting for those types of contracts. In consequence, the use of estimates is only applicable for those contracts that are on-going at the year end and that are not recurring. Reviews to these estimates may result in increases or decreases to revenues and income and are reflected in the consolidated financial statements in the periods in which they are first identified. If the estimates indicate that a contract loss will be incurred, a loss provision is recorded in the period in which the loss first becomes probable and reasonably estimable. Contract losses are determined to be the amount by which the estimated costs of the contract exceed the estimated total revenues that will be generated by the contract and are included in cost of revenues in the consolidated statement of comprehensive income. Contract losses for the periods presented in these consolidated financial statements were immaterial. The Company provides hosted access to software applications for a license fee. The revenue from these licenses contracts is recognized at a point in time, given that the performance obligation is satisfied when the contract is signed by the customer and the Company. In some cases, as licenses resales, the Company acts as an agent because the performance obligation is to arrange for the service to be provided to the customer by another party (the owner of the software applications). Consequently, the revenue is measured as the amount of the commission, which is the net amount of consideration that the Company retains after paying the other party the consideration received in exchange for the services to be provided by that party. 3.4 – Leases The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of 5 or less when new). For these leases, the Company recognizes the lease payments as an operating expense on a straight line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments, less any lease incentives receivable; • variable lease payments that are based on an index or a rate; • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right–of–use asset) whenever: 1. the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. 2. the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). 3. a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Company made adjustments related to leases that are subject to changes in the consumer price index. As of December 31, 2023 and 2022, such adjustments amounted to 2,553 and 1,762 respectively. Right-of-use asset are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs and restoration costs. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. The costs are included in the related right–of-use asset. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Company applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 3.10. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are assets with a value of 5 or less when new. In determining the lease term, management considers all fact and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options and periods after termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. 3.5 – Foreign currencies The functional currency of the Company and most of its subsidiaries is the U.S. dollar, except for some subsidiaries where their functional currency is their respective local currency considering it is the primary economic environment in which the subsidiary operates. In preparing these consolidated financial statements, transactions in currencies other than the functional currency (“foreign currencies”) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are kept at the original translated cost. Exchange differences are recognized in profit and loss in the period in which they arise. In the case of the subsidiaries with a functional currency other than the U.S. dollar, assets and liabilities are translated at current exchange closing rates at the date of that balance sheet, while income and expense are translated at the date of the transaction rate. The resulting foreign currency translation adjustment is recorded as a separate component of accumulated other comprehensive income (loss) in equity. Accounting standards are applied on the assumption that the value of money (the unit of measurement) is constant over time. However, when the rate of inflation is no longer negligible, a number of issues arise impacting the true and fair nature of the accounts of entities that prepare their financial statements on a historical cost basis. To address such issues, entities apply IAS 29 Financial Reporting in Hyperinflationary Economies from the beginning of the period in which the existence of hyperinflation is identified. Based on the statistics published on July 17, 2018, Argentina's economy started to be considered hyperinflationary. As of December 31, 2023 and 2022, the 3-year cumulative rate of inflation for consumer prices in Argentina is 816% and 300%, respectively. As of December 31, 2023 and 2022, the Company assessed that the effects of inflation are not material to the financial statements, since the most significant Argentine subsidiaries have the U.S. dollars as their functional currency, except for Globers S.A. 3.6 – Borrowing costs The Company does not have borrowings attributable to the construction or production of assets. All borrowing costs are recognized in profit and loss under finance loss. 3.7 – Taxation 3.7.1 – Income taxes – current and deferred Income tax expense represents the estimated sum of income tax payable and deferred tax. 3.7.1.1 – Current income tax The current income tax payable is the sum of the income tax determined in each taxable jurisdiction, in accordance with their respective income tax regimes. Taxable profit differs from profit as reported in the consolidated statement of comprehensive income because taxable profit excludes items of income or expense that are taxable or deductible in future years and it further excludes items that are never taxable or deductible. The Company's liability for current income tax is calculated using tax rates that have been enacted or substantively enacted as of the date of issuance. The current income tax charge is calculated on the basis of the tax laws in force in the countries in which the consolidated entities operate. Globant S.A, is subject to a corporate income tax rate of 17.0% on taxable income exceeding EUR 200, leading to an overall tax rate of 24.9% in Luxembourg (taking into account the solidarity surtax of 7.0% on the CIT rate, and including the 6.8% municipal business tax rate applicable). The holding companies located in Spain elected to be included in the Spanish special tax regime for entities having substantially all of their operations outside of Spain, known as “ Empresas Tenedoras de Valores en el Exterior ” (“ETVE”). Globant España S.A was registered in 2008. Under the ETVE regime, dividends distributed from its foreign subsidiaries as well as any gain resulting from disposal are subject to 95% of tax exemption effective from January 1st, 2020. In order to be entitled to the benefit, among other requirements, the main activity of the entities must be the administration and management of equity instruments from non-Spanish entities and such entities must be subject to a tax regime similar to that applicable in Spain for non-ETVEs companies. As of December 31, 2023 and 2022, the Spanish Holding companies received dividends distributions for 236,909 and 2,553, respectively. If this tax exemption would not apply partially, the applicable tax rate should be 25%. The Company´s Spanish subsidiaries are subject to a 25% corporate income tax rate. Starting fiscal year 2021, Argentina has progressive system of corporate income tax rates ranging from 25% to 35% . On May 22, 2019, the Argentine Congress enacted Law No. 27,506 ("Ley de Economía del Conocimiento"), which provides a promotional regime for the Knowledge Economy, which was modified by means of Law No. 27,570, published on October 26, 2020 ("Knowledge based Economy Law"). The Knowledge based Economy Law is valid from January 1, 2020 until December 31, 2029, and aims to promote economic activities that apply knowledge and digitization of information, supported by advances in science and technology, to obtain goods and services and improve processes. The beneficiaries of the regime will enjoy the following benefits: – Stability in the enjoyment of benefits. – Beneficiaries who carry exports within the promoted activity, are not subject to any withholding and/or collection VAT regimes. – A reduced corporate income tax rate applied to the promoted activities. The reduction is applied on the general tax rate as follows: (i) 60% for micro and small enterprises, (ii) 40% for medium-sized enterprises, and (iii) 20% for large enterprises. – In addition, beneficiaries will be allowed to deduct as an expense, the withholding tax paid of foreign taxes, if the taxed income constitutes an Argentine source of income. – A non-transferable tax credit of up to 70% of amounts paid for certain social security taxes (contributions) for the employees associated with the promoted activities. The credit may be offset against value-added tax liabilities within 24 months of its issuance. The credit will be increased to 80% to newly-onboarded employees if they comply with some specific considerations. - The beneficiaries that export at least 70% of its annual sales originated in the promoted activities, will be allowed to transfer for one time the credit, up to an amount equivalent to the percentage of exports for each period – A 0% rate of export duties applicable to the export of services promoted by the Law. The entities Atix Labs S.RL., Decision Support S.A, BSF S.A , IAFH Global S.A and Sistemas Globales S.A., were approved as beneficiaries of the Knowledge Economic Law by the Subsecretary of Knowledge Economy. The Company’s Uruguayan subsidiary Sistemas Globales Uruguay S.A. is domiciled in a tax free zone and has an indefinite tax relief of 100% of the income tax rate and an exemption from VAT. 3.7.1.2 – Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets including tax loss carry forwards are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the entities are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. The Company has not recorded any current or deferred income tax in other comprehensive income or equity in any each of the years presented, except for deferred income tax arising from the share-based compensation plan, for the deferred income tax arising from hedge instruments and for the translation of deferred tax assets and liabilities arising from subsidiaries with functional currencies other than U.S. dollar. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Under IFRS, deferred income tax assets (liabilities) are classified as non-current assets (liabilities). 3.7.1.3 – Uncertain tax treatments The Company determines the accounting for tax position when there is uncertainty over income tax treatments as follows. First, the Company determines whether uncertain tax positions are assessed separately or as a group; and then, the Company assesses whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the Company determines its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If not, the Company reflects the effect of uncertainty in determining its accounting tax position using either the most likely amount or the expected value method. The Company discloses in note to the consolidated financial statements certain matters related to the interpretation of income tax laws for which there is a possibility that a loss may have been incurred. 3.8 – Property and equipment Fixed assets are valued at acquisition cost, net of the related accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Lands and properties under construction are carried at cost, less any recognized impairment loss. Properties under construction are classified to the appropriate categories of property and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Land is not depreciated. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. As of December 31, 2023 and 2022, the Company has derecognized property and equipment for an amount of 574 and 101, respectively. The value of fixed assets, taken as a whole, does not exceed their recoverable value. 3.9 – Intangible assets Intangible assets include licenses, customer relationships, customer contracts, non-compete agreements, platforms and cryptocurrencies. The accounting policies for the recognition and measurement of these intangible assets are described below. 3.9.1 – Intangible assets acquired separately Intangible assets with finite useful life that are acquired separately (licenses) are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over the intangible assets estimated useful lives. The estimated useful lives and amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. 3.9.1.1 - Cryptocurrencies The Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with IAS 38 "Intangible Assets". Bitcoin, Ethereum and Stable Coin are cryptocurrencies that are considered to be an indefinite lived intangible asset because they lack physical form and there is no limit to its useful life, they are not subject to amortization but they are tested for impairment. The Company's crypto assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. The Company performs monthly analysis to identify possible impairment. If the carrying value of the crypto asset exceeds the fair value based on the quoted price in the active exchange market, the Company will recognize an impairment loss equal to the difference between the fair value and the book value in the consolidated statement of comprehensive income. Gains, if any, will not be recognized until realized upon sale in the consolidated statement of comprehensive income. Further details are disclosed in note 16. As of December 31, 2023 and 2022, the Company has recognized a gain of 822 as reversal of impairment and a loss of 1,017 as impairment, respectively. 3.9.2 – Intangible assets acquired in a business combination Intangible assets acquired in a business combination (customer relationships, customer contracts, non-compete agreements, software and platforms) are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses if any, on the same basis as intangible assets acquired separately. 3.9.3 – Internally-generated intangible assets Intangible assets arising from development are recognized if, and only if, all the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale; - the intention to complete the intangible asset and use or sell it; - the ability to use or sell the intangible asset; - how the intangible asset will generate probable future economic benefits; - the ability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset, and - the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated assets is the sum of expenditure incurred (including employee costs and an appropriate proportion of overheads) from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Capitalized intangible assets are amortized from the point at which the asset is ready for use. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Costs associated with maintaining software programs are recognized as an expense as incurred. 3.9.4 – Derecognition of intangible assets An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in profit or loss when the asset is derecognized. As of December 31, 2023 and 2022, the Company has derecognized intangible assets for an amount of 560 and 1,531, respectively. 3.10 – Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit or the business, as the case may be. The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its |
CRITICAL ACCOUNTING JUDGEMENTS
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Company's accounting policies, which are described in note 3, the Company's management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. The critical accounting estimates concerning the future and other key sources of estimation uncertainty at the end of the reporting year that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are the following: 1. Income taxes Determining the consolidated provision for income tax expenses, deferred income tax assets and liabilities requires judgment. The provision for income taxes is calculated over the net income of the company and is inclusive of federal, local and state taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences in each of the jurisdictions where the Company operates of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be reversed. Changes to enacted tax rates would result in either increases or decreases in the provision for income taxes in the period of changes. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of the deferred tax assets to be utilized. This assessment requires judgments, estimates and assumptions by management. In evaluating the Company's ability to utilize its deferred tax assets, the Company considers all available positive and negative evidence, including the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable. The Company's judgments regarding future taxable income are based on expectations of market conditions and other facts and circumstances. Any adverse change to the underlying facts or the Company's estimates and assumptions could require that the Company reduces the carrying amount of its net deferred tax assets. The Company evaluates the uncertain tax treatment, such determination requires the use of significant judgment in evaluating the tax treatments and assessing the timing and amounts of deductible and taxable items, see note 3.7.1.3. 2. Impairment of trade receivables The Company measures ECL using reasonable and supportable forward looking information, which is based on assumptions for the future movement of different economic drivers and how these drivers will affect each other. Loss given default is an estimate of the loss arising on default. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive. Probability of default constitutes a key input in measuring ECL. Probability of default is an estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and expectations of future conditions. As of December 31, 2023 and 2022 and 2021, the Company recorded an impairment for an amount of 18,808, 6,364 and 5,323, respectively, using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. 3. Fair value measurement and valuation processes Certain assets and liabilities of the Company are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e. discounted) amount. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in note 29.8. 4. Contingent Liabilities Provisions are recognized according to the following conditions: (i) the Company has a present obligation (legal or constructive) as a result of a past event; (ii) it is probable that the Company will be required to settle the obligation; and (iii) a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 5. Purchase price allocation The acquisition method of accounting is use to account for all acquisitions. Under this method, assets acquired and liabilities assumed of the Company are measured at fair value for financial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e. discounted) amount. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in note 29.8. Fair value is estimated by management using a multi-period excess earnings method for customer relationships. Management’s cash flow projections for the intangible assets acquired included significant judgments and assumptions relating to revenue growth rates, customer attrition rates, and discount rates for customer relationships. |
REVENUE
REVENUE | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of revenue from contracts with customers [Abstract] | |
REVENUE | REVENUE The following tables present the Company’s revenues disaggregated by type of contracts, by revenue source regarding the industry vertical of the client and by currency. The Company provides technology services to enterprises in a range of industry verticals such as banks, financial services and insurance, media and entertainment, professional services, consumer, retail and manufacturing, technology and telecommunications, travel and hospitality and health care. The Company understands that disaggregating revenues into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenues may be affected by economic factors. However, this information is not considered by the chief operating decision-maker to allocate resources and in assessing financial performance of the Company. As noted in the business segment reporting information in note 27, the Company operates in a single operating and reportable segment. For the year ended December 31, By Industry vertical 2023 2022 2021 Media and Entertainment 454,380 376,134 272,703 Banks, Financial Services and Insurance 385,207 359,940 308,227 Consumer, Retail & Manufacturing 351,880 254,500 197,620 Professional Services 261,233 235,553 167,997 Technology & Telecommunications 255,238 250,299 155,665 Travel & Hospitality 187,346 139,170 87,567 Health Care 167,705 128,669 96,334 Other Verticals 32,950 35,978 10,965 TOTAL 2,095,939 1,780,243 1,297,078 For the year ended December 31, By Currency (*) 2023 2022 2021 United States dollar (USD) 1,514,822 1,415,226 977,349 European euro (EUR) 251,865 116,469 111,177 Argentine peso (ARS) 74,311 57,329 47,039 Mexican peso (MXN) 73,749 57,526 40,064 Brazilian real (BRL) 58,822 30,886 23,850 Pound sterling (GBP) 35,094 31,445 20,565 Chilean peso (CLP) 33,034 42,568 57,610 Colombian peso (COP) 17,392 12,971 9,803 Peruvian Sol (PEN) 13,380 13,435 9,058 Australian Dollar (AUD) 8,873 1,593 — Saudi Riyal (SAR) 6,345 — — Canadian Dollar (CAD) 3,743 13 242 Indian Rupee (INR) 3,596 634 321 Others 913 148 — TOTAL 2,095,939 1,780,243 1,297,078 (*) Billing currency. For the year ended December 31, By Contract Type 2023 2022 2021 Time and material contracts 1,654,280 1,475,848 1,062,171 Fixed-price contracts 383,867 273,344 218,846 Licenses, resales and others 57,792 31,051 16,061 TOTAL 2,095,939 1,780,243 1,297,078 |
COST OF REVENUES AND SELLING, G
COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of attribution of expenses by nature to their function [abstract] | |
COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 6.1 - Cost of revenues For the year ended December 31, 2023 2022 2021 Salaries, employee benefits and social security taxes (1,158,669) (1,014,469) (745,307) Professional services (104,916) (37,293) (23,989) Depreciation and amortization expense (18,057) (13,510) (10,730) Share-based compensation expense - Equity settled (15,155) (4,917) (3,568) Travel and housing (11,669) (11,057) (4,950) Depreciation expense of right-of-use assets (10,540) (9,802) (3,392) Office expenses (7,348) (8,817) (6,607) Recruiting, training and other employee expenses (6,818) (3,150) (2,860) Promotional and marketing expenses (5,319) (4,111) (687) Share-based compensation expense - Cash settled (1,687) (3,722) — TOTAL (1,340,178) (1,110,848) (802,090) 6.2 - Selling, general and administrative expenses For the year ended December 31, 2023 2022 2021 Salaries, employee benefits and social security taxes (212,381) (173,472) (139,307) Depreciation and amortization expense (81,822) (59,179) (45,723) Share-based compensation expense - Equity settled (57,297) (52,144) (38,849) Professional services (49,921) (40,546) (30,947) Depreciation expense of right-of-use assets (29,442) (25,442) (20,441) Office expenses (26,669) (24,992) (18,298) Promotional and marketing expenses (26,323) (26,976) (10,299) Taxes (20,023) (17,609) (13,260) Travel and housing (17,818) (17,159) (5,414) Rental expenses (9,149) (7,448) (6,045) Recruiting, training and other employee expenses (5,714) (10,346) (11,575) Share-based compensation expense - Cash settled (634) (770) — Legal claims 118 (241) (2,846) TOTAL (537,075) (456,324) (343,004) |
FINANCE INCOME _ EXPENSE _ OTHE
FINANCE INCOME / EXPENSE / OTHER FINANCIAL RESULTS | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
FINANCE INCOME / EXPENSE / OTHER FINANCIAL RESULTS | FINANCE INCOME / EXPENSE/ OTHER FINANCIAL RESULTS For the year ended December 31, 2023 2022 2021 Finance income Interest gain 4,777 2,832 652 TOTAL 4,777 2,832 652 Finance expense Other interest (9,647) (4,722) (4,150) Interest expense on lease liabilities (6,319) (6,822) (5,415) Interest expense on borrowings (4,106) (2,491) (915) Banking expenses (3,423) (2,290) (2,085) Other (258) (227) (143) TOTAL (23,753) (16,552) (12,708) Other financial results, net Net gain (loss) arising from financial assets measured at fair value through PL 23,564 (7,537) (8,537) Gain on transaction with bonds 9,157 13,883 708 Net gain arising from financial assets measured at fair value through OCI 630 500 6 Foreign exchange (loss) gain, net (22,009) (6,673) 3,900 TOTAL 11,342 173 (3,923) |
OTHER INCOME AND EXPENSES, NET
OTHER INCOME AND EXPENSES, NET | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
OTHER INCOME AND EXPENSES, NET | OTHER INCOME AND EXPENSES, NET For the year ended December 31, 2023 2022 2021 Other Expense Fixed and intangibles assets derecognition and disposals (1,134) (1,632) (579) Remeasurement of call/put option over non-controlling interest (39) — — Remeasurement of contingent consideration (note 29.9.1) — — (4,694) Impairment of cryptocurrencies (note 16) — (1,017) (80) Other (1,650) (293) (182) Subtotal (2,823) (2,942) (5,535) Other Income Remeasurement of contingent consideration (note 29.9.1) 4,227 967 — Insurance recovery (*) 2,239 — — Reversal Impairment of cryptocurrencies (note 16) 822 — — Other Remeasurements 254 — — Remeasurement of call/put option over non-controlling interest — 180 — Remeasurement at FV of investment in associates (note 12.2) — — 1,538 Other 1,883 1,400 628 Subtotal 9,425 2,547 2,166 TOTAL 6,602 (395) (3,369) (*) During the last quarter of the year the Company collected 2,239 from the insurance related to the Cybersecurity Event of 2022. See note 32.1 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES 9.1 – INCOME TAX RECOGNIZED IN PROFIT AND LOSS For the year ended December 31, 2023 2022 2021 Tax expense: Current tax expense (72,549) (44,756) (53,319) Deferred tax gain 33,038 1,351 24,822 TOTAL INCOME TAX EXPENSE (39,511) (43,405) (28,497) Most of the revenues are generated through subsidiaries located in the U.S. The Company's workforce is mainly located in Latin America and to a lesser extent in India, Europe and the U.S. The following table provides a reconciliation of the statutory tax rate to the effective tax rate: For the year ended December 31, 2023 2022 2021 Profit before income tax 198,019 192,884 124,852 Tax calculated at the tax rate in each country (40,240) (33,108) (27,757) Argentine Knowledge Economy Law (note 3.7.1.1) 2,297 1,358 1,157 Non-deductible expenses / non-taxable gains (1,695) 61 2,122 Tax loss carry forward not recognized (207) (3,096) (2,873) Recognition of previously unrecognized tax losses 4,993 — — Foreign withholding tax (5,107) (2,683) — Exchange difference 1,130 (5,937) (1,146) Other (682) — — INCOME TAX EXPENSE RECOGNIZED IN PROFIT AND LOSS (39,511) (43,405) (28,497) 9.2 – DEFERRED TAX ASSETS AND LIABILITIES As of December 31, 2023 2022 Provision for vacation and bonus 36,134 27,747 Intercompany trade payables 15,841 17,323 Share-based compensation plan 14,827 13,048 Loss carryforward (1) 9,933 9,304 Allowance for doubtful accounts 4,656 1,937 Inflation adjustment 416 721 Contingencies — 242 Other Assets (191) (2,989) Goodwill (8,894) (6,100) Property, equipment, intangibles and leases (29,109) (32,690) Others 7,458 2,148 TOTAL DEFERRED TAX 51,071 30,691 (1) As of December 31, 2023 and 2022, the detail of the loss carryforward is as follows: 2023 2022 Company Loss carryforward Expiration date Loss carryforward Expiration date Dynaflows S.A. 149 2027 — 2027 IAFH Global S.A — 2024 74 2024 IAFH Global S.A — 2025 528 2025 IAFH Global S.A — 2027 3,192 2027 Decision Support, S.A — 2026 549 2026 Decision Support, S.A — 2027 173 2027 BSF S.A. 309 2027 — 2027 Atix Labs, SRL 13 2026 57 2026 Atix Labs, SRL 19 2027 192 2027 Atix Labs, SRL 83 2028 — 2028 Gut Agency SRL 1,371 2028 — 2028 IBS Integrated Business Solutions Consultoria 1,607 does not expire — does not expire Grupo Assa Corp 41 does not expire — does not expire Augmented Coding US, LLC 557 does not expire 106 does not expire Augmented Coding Spain, S.A 910 does not expire 379 does not expire La Liga Content Protection S.L 367 does not expire — does not expire Globant Portugal Unipessoal Lda 50 does not expire — does not expire Globant Colombia S.A.S. — does not expire 385 does not expire Globant S.A. 1,099 2038 — 2038 Globant España S.A. 328 does not expire — does not expire Sports Reinvention Entertainment Group S.L 1,890 does not expire 3,669 does not expire Gut Agency LLC 1,140 does not expire — does not expire 9,933 9,304 The Company has an amount of tax losses carried forward of 2,320 which has not been recognized as a Deferred Tax Asset because the relevant recognition criteria has not been met. As of December 31, 2023 and 2022, no deferred tax liability has been recognized on investments in subsidiaries. The Company has concluded it has the ability and intention to control the timing of any distribution from its subsidiaries and it is probable that will be no reversal in the foreseeable future in a way that would result in a charge to taxable profit. The roll forward of the deferred tax assets/(liabilities) presented in the consolidated financial position is as follows: 2023 Opening Recognized in Recognized Acquisitions/ Additions from Closing balance profit or loss (*) directly in equity disposals acquisitions balance Deferred tax assets/(liabilities) in relation to: Share-based compensation plan 13,048 9 1,770 — — 14,827 Provision for vacation and bonus 27,747 7,105 1,144 — 138 36,134 Intercompany trade payables 17,323 (1,482) — — — 15,841 Property, equipment, intangibles and leases (32,690) 8,957 — — (5,376) (29,109) Goodwill (6,100) (2,794) — — — (8,894) Allowance for doubtful accounts 1,937 2,719 — — — 4,656 Contingencies 242 (242) — — — — Inflation adjustments 721 (305) — — — 416 Other assets (2,989) 2,798 — — — (191) Others 2,148 5,508 — — (198) 7,458 Subtotal 21,387 22,273 2,914 — (5,436) 41,138 Loss carryforward 9,304 330 946 (3,142) 2,495 9,933 TOTAL 30,691 22,603 3,860 (3,142) (2,941) 51,071 (*) Includes foreign exchange loss o f 10,435 . 2022 Opening Recognized in Recognized Acquisitions/ Additions from Closing balance profit or loss (*) directly in equity disposals acquisitions balance Deferred tax assets/(liabilities) in relation to: Share-based compensation plan 30,788 20 (17,760) — — 13,048 Provision for vacation and bonus 24,621 3,205 (79) — — 27,747 Intercompany trade payables 18,613 (1,290) — — — 17,323 Property, equipment, intangibles and leases (20,512) (3,170) — — (9,008) (32,690) Goodwill (3,681) (2,419) — — — (6,100) Allowance for doubtful accounts 1,604 333 — — — 1,937 Contingencies 356 (114) — — — 242 Inflation adjustments 2,357 (1,636) — — — 721 Other assets (1,404) (1,585) — — — (2,989) Others 1,506 1,277 — — (635) 2,148 Subtotal 54,248 (5,379) (17,839) — (9,643) 21,387 Loss carryforward 2,867 3,747 — (979) 3,669 9,304 TOTAL 57,115 (1,632) (17,839) (979) (5,974) 30,691 (*) Includes foreign exchange loss of 2,983 . 9.3 OECD PILLAR TWO MODEL RULES On December 22, 2023, the Luxembourg Official Gazette published Law A864 to transpose the Council Directive (EU) 2022/2523 of December 15, 2022 aimed at ensuring a minimum level of global taxation for groups of multinational companies and large-scale national groups in the Union. Globant S.A. is incorporated in Luxembourg, the Group is within the scope of the OECD Pillar Two model rules from January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposure. Under the legislation, the Group is liable to pay a top-up tax for the difference between the GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group is in the process of assessing its exposure to the Pillar Two legislation. This assessment indicates that the jurisdiction Uruguay, has an average effective tax rate based on accounting profit for the annual reporting period to 31 December 2023, below 15%. Other jurisdictions may also have effective tax rate below 15% (calculated in accordance with paragraph 86 of IAS 12) but the group might not be exposed to paying Pillar Two income taxes due to the application of the transitional Safe Harbours provisions and the impact of specific adjustments envisaged in the Pillar Two legislation which give rise to different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted legislation is not yet reasonably estimable. The group is currently engaged with tax specialists to assist it with applying the legislation. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The earnings and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows: For the year ended December 31, 2023 2022 2021 Net income for the year attributable to owners of the Company 158,538 148,891 96,065 Weighted average number of shares (in thousands) for the purpose of basic earnings per share 42,601 41,929 40,940 Weighted average number of shares (in thousands) for the purpose of diluted earnings per share 43,594 42,855 42,076 BASIC EARNINGS PER SHARE $3.72 $3.55 $2.35 DILUTED EARNINGS PER SHARE $3.64 $3.47 $2.28 The following potential ordinary shares are anti-dilutive and are therefore excluded from the weight average number of ordinary shares for the purpose of diluted earnings per share: For the year ended December 31, 2023 2022 2021 Shares not-deemed to be issued in respect of employee options 67 25 30 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS As of December 31, 2023 2022 Cash and bank balances 298,583 228,632 Time deposits 8,640 63,825 TOTAL 307,223 292,457 |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
INVESTMENTS | INVESTMENTS 12.1 – Investments As of December 31, 2023 2022 Current Mutual funds (1) 13,570 47,009 Commercial Papers (2) 2,500 — Bills issued by the Treasury Department of the U.S. ("T-Bills") (2) — 1,399 TOTAL 16,070 48,408 (1) Measured at fair value through profit or loss. (2) Measured at fair value through other comprehensive income. As of December 31, 2023 2022 Non current Contribution to funds (3) 1,833 1,513 TOTAL 1,833 1,513 (3) On November 30, 2020, the Company signed a contribution agreement with Vistra ITCL and Pentathlon Ventures LLP, through which the Company committed to invest an aggregate amount approximately 2,000, as of December 31, 2023 and 2022, the Company has paid 1,833 and 1,513, respectively. 12.2 – Investments in associates Because Energy Corp investment During 2022 the Company paid an aggregate consideration of 500 in exchange for a 20% equity interest in Because Energy Corp. and accounted for this investment using the equity method considering that the Company has significant influence over the operating and governance decisions of Because Energy Corp., given that the Company participates and has influence in the board of director, the approval of budget and business plan, among other decisions. As of December 31, 2023, the Company has a 20% of interest in Because Energy Corp. As of December 31, 2023 and 2022 the amount recognized was 560 and 505, respectively. For the years ended December 31, 2023 and 2022, the Company share on the profit or loss for the investment in Because Energy Corp. was a gain of 55 a nd a loss of 5, respectively. Genexus Japan investment Through the acquisition of Genexus on April 20, 2022, the Company acquired a 28% interest in Genexus Japan. As of December 31, 2023, the Company had a 28% of interest in Genexus Japan and accounted for this investment using the equity method considering that the Company has significant influence over the operating and governance decisions of Genexus Japan, as the participation in the board of director, the approval of budget and business plan, among other decisions. As of December 31, 2023 and 2022 the amount recognized was 866 and 832, respectively. For the years ended December 31, 2023 and 2022, the Company share on the profit or loss for the investment in Genexus Japan wa s a gain of 34 an d a loss of 114, respectively. Acamica investment As of December 31, 2020, the Company had a 47.5% of participation in Acámica Tecnologías S.L. The investment is accounted using the equity method considering that the Company has significant influence over the operating and governance decisions of Acamica Tecnologías S.L., as the interest in the board of director, the approval of budget and business plan, among other decisions. On April 22, 2021, the Company signed a subscription agreement alongside Fitory S.A., Wayra Argentina S.A., Stultum Pecunian Ventures LLC, Eun Young Hwang and Digital House Group Ltd ("Digital House"), pursuant to which the investors agree to sell their participation in Acamica to Digital House in exchange for the allotment and issuance of shares. However prior to the closing, on April 29, 2021, the Company made an additional contribution to Acamica for an amount of 1,095, increasing its participation to 51.9% obtaining temporary control of Acamica. On June 29, 2021, the subscription agreement was closed. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE RECEIVABLES | TRADE RECEIVABLES As of December 31, 2023 2022 Current Accounts receivable (1) 408,166 361,883 Unbilled revenue 111,785 70,141 Subtotal 519,951 432,024 Less: Allowance for expected credit losses (20,668) (7,214) TOTAL 499,283 424,810 (1) As of December 31, 2023 and 2022, the Company has 266 and 14 as outstanding balances with related parties (see note 24.1). Allowance for expected credit losses The following tables detail the risk profile of trade receivables based on the Company's provision matrix as of December 31, 2023 and 2022. December 31, 2023 Trade receivables - days past due < 30 31 - 60 61 - 90 91-120 121-180 181 - 365 > 365 Risk clients Total Expected credit loss rate 0.82% 2.08% 4.81% 9.02% 26.60% 84.13% 100.00% 100.00% Estimated total gross carrying amount at default 104,024 21,442 7,775 4,856 5,090 5,083 8,283 4,644 161,197 Lifetime ECL 853 446 374 438 1,354 4,276 8,283 4,644 20,668 December 31, 2022 Trade receivables - days past due < 30 31 - 60 61 - 90 91-120 121-180 181 - 365 > 365 Risk clients Total Expected credit loss rate 0.49% 1.47% 3.31% 8.90% 31.18% 82.05% 100.00% 100.00% Estimated total gross carrying amount at default 65,306 18,367 9,335 4,326 5,301 1,359 859 2,303 107,156 Lifetime ECL 320 270 309 385 1,653 1,115 859 2,303 7,214 The movements in the allowance are calculated based on lifetime expected credit loss model for 2023 and 2022. The following table shows the movement in ECL that has been recognized for trade receivables in accordance with the simplified approach: As of December 31, 2023 2022 2021 Balance at beginning of year (7,214) (6,177) (5,755) Additions related to Travel and Hospitality clients — — (2,228) Additions, net (note 4.2) (18,808) (6,364) (5,323) Write-off of receivables 5,354 5,327 7,129 Balance at end of year (20,668) (7,214) (6,177) |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER RECEIVABLES | OTHER RECEIVABLES As of December 31, 2023 2022 Current Prepaid expenses 26,934 18,543 Tax credit - Knowledge Law (note 3.7.1.1) 7,354 22,564 Income tax credits 6,956 16,985 Tax credit - VAT 2,124 2,270 Advances to suppliers 2,094 3,082 Other tax credits 1,815 2,159 Guarantee deposits 61 61 Other 7,448 4,548 TOTAL 54,786 70,212 As of December 31, 2023 2022 Non-current Income tax credits 13,210 6,006 Guarantee deposits 7,558 5,942 Prepaid expenses 1,982 816 Tax credit - VAT 1,012 1,622 Other tax credits 306 5,184 Other 2,407 1,571 TOTAL 26,475 21,141 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The Company reviews the estimated useful lives of property and equipment at the end of each reporting period. The Company determined that the useful lives of the assets included as property and equipment are in accordance with their expected lives. Property and equipment as of December 31, 2023 included the following: Computer equipment and software Furniture and office supplies Office fixtures Vehicles Buildings Lands Properties under construction Total Useful life (years) 3 5 3 - 5 5 50 Cost Values at beginning of year 92,837 16,479 78,210 276 31,505 2,354 59,174 280,835 Additions related to business combinations (note 26.2) 2,213 287 83 350 280 — 169 3,382 Additions 11,415 1,142 582 33 — — 17,454 30,626 Derecognition (3,083) (104) (63) (238) — — — (3,488) Transfers 26 610 25,975 — 42,649 — (69,260) — Translation 83 69 318 8 26 — 2 506 Values at end of year 103,491 18,483 105,105 429 74,460 2,354 7,539 311,861 Depreciation Accumulated at beginning of year 55,361 10,983 50,816 113 1,829 — — 119,102 Additions 18,372 2,419 10,857 148 964 — — 32,760 Derecognition (2,619) (56) (63) (176) — — — (2,914) Translation (39) 38 154 6 18 — — 177 Accumulated at end of year 71,075 13,384 61,764 91 2,811 — — 149,125 Carrying amount 32,416 5,099 43,341 338 71,649 2,354 7,539 162,736 Property and equipment as of December 31, 2022 included the following: Computer equipment and software Furniture and office supplies Office fixtures Vehicles Buildings Lands Properties under construction Total Useful life (years) 3 5 3 - 5 5 50 Cost Values at beginning of year 66,602 14,207 68,302 240 13,971 2,354 62,614 228,290 Additions related to business combinations (note 26.2) 650 147 398 128 — — — 1,323 Additions 26,542 2,599 1,269 — — — 22,749 53,159 Disposals (776) (458) (296) — — — — (1,530) Transfers 1 (9) 8,667 — 17,534 — (26,193) — Translation (182) (7) (130) (92) — — 4 (407) Values at end of year 92,837 16,479 78,210 276 31,505 2,354 59,174 280,835 Depreciation Accumulated at beginning of year 42,024 8,475 42,915 11 1,492 — — 94,917 Additions 13,899 2,896 8,110 82 337 — — 25,324 Disposals (746) (397) (286) — — — — (1,429) Translation 184 9 77 20 — — — 290 Accumulated at end of year 55,361 10,983 50,816 113 1,829 — — 119,102 Carrying amount 37,476 5,496 27,394 163 29,676 2,354 59,174 161,733 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS The Company reviews the estimated useful lives of intangible assets at the end of each reporting period. The Company determined that the useful lives of the assets included as intangible assets are in accordance with their expected lives. If any impairment indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount is the higher of fair value less costs of disposal and value in use. The discount rate use is the appropriate weighted average cost of capital. During the year, the Company considered the recoverability of its internally generated intangible asset which are included in the consolidated financial statements as of December 31, 2023 and 2022 with a carrying amount of 74,653 and 43,170, respectively. As of December 31, 2023 and 2022 no impairment were recognized. Intangible assets as of December 31, 2023 included the following: Licenses and internal developments Customer relationships and contracts Platforms Non-compete agreements Cryptocurrencies(*) Total Useful life (years) 3 - 5 1 - 9 4 - 8 3 Cost Values at beginning of year 145,301 127,583 33,370 2,414 2,047 310,715 Additions related to business combinations (note 26.2) 38 36,028 — 734 — 36,800 Additions from separate acquisitions 14,639 — — — 149 14,788 Additions from internal development 65,050 — — — — 65,050 Derecognition (3,255) — — — (288) (3,543) Translation 516 3,446 (273) 36 — 3,725 Values at end of year 222,289 167,057 33,097 3,184 1,908 427,535 Amortization and impairment Accumulated at beginning of year 85,278 39,992 419 1,357 1,097 128,143 Additions 41,218 18,360 7,044 497 — 67,119 (Reversal) Impairment loss recognized in profit or loss — — — — (822) (822) Derecognition (2,983) — — — — (2,983) Translation 60 620 (131) (11) — 538 Accumulated at end of year 123,573 58,972 7,332 1,843 275 191,995 Carrying amount 98,716 108,085 25,765 1,341 1,633 235,540 (*) As of December 31, 2023, the Company´s crypto assets are comprised by Bitcoin, Ethereum and Stable Coin. Intangible assets as of December 31, 2022 included the following: Licenses and internal developments Customer relationships and contracts Platforms Non-compete agreements Cryptocurrencies (*) Total Useful life (years) 3 - 5 1 - 9 4 - 8 3 Cost Values at beginning of year 99,036 85,807 — 1,990 1,216 188,049 Additions related to business combinations (note 26.2) 6,730 42,762 33,370 353 — 83,215 Additions from separate acquisitions 8,844 — — 131 843 9,818 Additions from internal development 36,871 — — — — 36,871 Derecognition (6,170) — — — (12) (6,182) Translation (10) (986) — (60) — (1,056) Values at end of year 145,301 127,583 33,370 2,414 2,047 310,715 Amortization and impairment Accumulated at beginning of year 56,460 28,552 — 941 80 86,033 Additions 33,521 12,945 419 480 — 47,365 Impairment loss recognized in profit or loss — — — — 1,017 1,017 Disposals (4,651) — — — — (4,651) Translation (52) (1,505) — (64) — (1,621) Accumulated at end of year 85,278 39,992 419 1,357 1,097 128,143 Carrying amount 60,023 87,591 32,951 1,057 950 182,572 (*) As of December 31, 2022, the Company´s crypto assets are comprised by Bitcoin, Ethereum and Stable Coin. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER ASSETS | OTHER ASSETS The Company has resale agreements with customers, among which some contracts consist on billing customers and receiving invoices from suppliers based on a billing schedule established in the subscription and other resales contracts. Therefore, the outstanding balance of other assets includes the right to consideration related to subscriptions and other resales that have not yet been invoiced by the Company, and trade payables includes the accrual of expenses for the cost that has not yet been invoiced by the suppliers. The outstanding balance of other assets as of December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Current Unbilled Subscriptions 22,685 15,197 Other resales contracts 9,068 — TOTAL 31,753 15,197 Non-current Unbilled Subscriptions 4,088 10,657 TOTAL 4,088 10,657 |
OTHER FINANCIAL ASSETS AND LIAB
OTHER FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
OTHER FINANCIAL ASSETS AND LIABILITIES | OTHER FINANCIAL ASSETS AND LIABILITIES As of December 31, 2023 2022 Other financial assets Current Foreign exchange forward contracts 10,408 3,509 Convertible notes 3,359 2,491 Interest rate SWAP 852 155 Equity instruments 611 371 Equity forward contract 188 — Others — 3 TOTAL 15,418 6,529 Non-current Equity instruments 28,743 27,521 Convertible notes 5,751 4,193 Equity forward contract 370 — Interest rate SWAP — 3,261 Others — 3 TOTAL 34,864 34,978 Other financial liabilities Current Other financial liabilities related to business combinations (note 26) (1) 67,766 50,889 Put option on minority interest of GUT 13,006 — Equity forward contract 393 981 Foreign exchange forward contracts 311 3,575 Put option on minority interest of Walmeric — 3,871 Others 28 — TOTAL 81,504 59,316 Non-current Other financial liabilities related to business combinations (note 26) 99,737 69,635 Put option on minority interest of GUT 62,807 — Equity forward contract 774 2,905 Put option on minority interest of Walmeric — 5,515 TOTAL 163,318 78,055 (1) As part of the acquisition of Grupo ASSA and Pentalog, the sellers agreed to indemnify the Company for the outcome of certain contingencies. As a result, the Company has recognized an indemnification asset for a total amount of 10,067 and 6,071, as of December 31, 2023 and 2022, respectively. The consideration for these acquisitions includes 19,664 and 9,398 as of December 31, 2023 and 2022, respectively which is subject to adjustments, deductions and withholdings related to the indemnified contingencies. Consequently, the Company has off-set the indemnification asset against the amount payable to the sellers. 18.1 Equity Instruments Digital House investment On December 31, 2020, Globant España S.A. entered into a share purchase agreement along side other two partners to acquire between the three of them 614,251 shares of Digital House Group Ltd, which 204,750 correspond to Globant España S.A, such amount was acquired for 9,167. On April 22, 2021, the Company entered into a subscription agreement pursuant to which the investors sell their participation in Acamica in exchange for an increase in Digital House's investment for 5,848. On September 30, 2021, the Company paid an additional 862. On July 7, 2022, the Company paid an additional 4,148, increasing it's investment to 17.2%. As of December 31, 2023, the Company has a 17.2% equity interest on Digital House, and the amount disclosed is 20,502 as other financial assets non-current. As of December 31, 2023,and 2022 the Company recognized a loss of 2,372 and a gain 2,850, respectively, included in the line item "Net change in fair value on financial assets measured at FVOCI". ELSA investment On January 15, 2021, Globant España, signed a stock purchase agreement and acquired 4% of ELSA, Corp., for 2,700.On June 21, 2023, the Company paid and additional 1,130, increasing it's investment to 4.3% As of December 31, 2023, and 2022 the Company recognized a gain of 2,640 and a loss of 2,047, respectively included in the line item "Net change in fair value on financial assets measured at FVOCI" V.U investment On April, 23, 2021, Globant España, signed a stock purchase agreement and acquired 3% of VU Inc., for 2,200.On September 18, 2023, the Company paid additional 618, increasing it´s investment to 3.1%. As of December 31, 2023, the Company recognized a loss of 220 included in the line item "Net change in fair value on financial assets measured at FVOCI" Singularity investment On July 8, 2019 ("issuance date"), Globant España S.A. and Singularity Education Group, agreed into a note purchase agreement whereby Globant España S.A. provides financing facility for 1,250. Interest on the entire outstanding principal balance is computed at an annual rate of 5%. Singularity Education Group shall repay the loan in full within 1 year from the effective date. Globant España S.A has the right to convert any portion of the outstanding principal into Conversion Shares of Singularity Education Group. On August 27, 2020 Globant España S.A decided to convert all the outstanding principal into shares as mentioned in the previous note purchase agreement, Singularity Education Group issued through purchase conversion 10,655,788 shares at $0.1231 per share for a total amount of 1,311, such amount is disclosed as other financial asset non-current. As of December 31, 2022, the Company recognized a loss of 555 included in the line item "Net change in fair value on financial assets measured at FVOCI". As of December 31, 2023, the Company did not recognize any remeasurement in other comprehensive income. Queiban investment On September 12, 2022, Globant España S.A. signed a stock purchase agreement and acquired 3.77% of Queiban S.A. for 1,000. As of December 31, 2023, the Company recognized a loss of 576 included in the line item "Net change in fair value on financial assets measured at FVOCI". Latam Airlines investment In connection with Latam Airlines Group S.A.'s Chapter 11 reorganization plan filed before the United States Bankruptcy Court for the Southern District of New York, the Company received convertible bonds which, on December 23, 2022, were converted into less than 1% of shares of Latam Airlines Group S.A. for 371. As of December 31, 2023, the Company recognized a gain of 249 included in the line item "Net change in fair value on financial assets measured at FVOCI". |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE PAYABLES | TRADE PAYABLES As of December 31, 2023 2022 Current Expenses accrual 68,015 50,114 Suppliers (1) 48,481 35,754 Advanced payments from customers 8,049 3,529 TOTAL 124,545 89,397 (1) As of December 31, 2023 and 2022, the Company has 177 and 574 as outstanding balances with related parties (see note 24.1). As of December 31, 2023 2022 Non current Expenses accrual 2,981 5,445 TOTAL 2,981 5,445 |
PAYROLL AND SOCIAL SECURITY TAX
PAYROLL AND SOCIAL SECURITY TAXES PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
PAYROLL AND SOCIAL SECURITY TAXES PAYABLE | PAYROLL AND SOCIAL SECURITY TAXES PAYABLE As of December 31, 2023 2022 Current Provision for vacation, bonus and others 170,010 148,874 Social security tax 41,763 37,716 Salaries 7,774 15,592 Cash-settled scheme 1,709 1,343 Directors fees 120 187 Other 467 107 TOTAL 221,843 203,819 As of December 31, 2023 2022 Non current Provision for vacation, bonus and others 3,192 2,776 Cash-settled scheme 1,947 1,540 TOTAL 5,139 4,316 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
BORROWINGS | BORROWINGS The principal balances of outstanding borrowings under lines of credit with banks and financial institutions were as follows: As of December 31, 2023 2022 HSBC Bank - Syndicated loan (United States) 155,980 — BPIfrance Financement (France) 3,079 — Liga Nacional de Fútbol Profesional (Spain) — 1,938 Centro para el Desarrollo Tecnológico Industrial (Spain) — 894 BBVA (Mexico) — 760 Banco Desio (Italia) — 15 Others 48 92 TOTAL 159,107 3,699 Such balances were included as current and non-current borrowings in the consolidated statement of financial position as follows: As of December 31, 2023 2022 Current Bank loans 156,914 812 Other loans 2 2,026 Sub-Total 156,916 2,838 Non-current Bank loans 2,191 55 Other loans — 806 Sub-Total 2,191 861 TOTAL 159,107 3,699 On November 1, 2018, Globant, LLC, the Company's U.S. subsidiary, entered into an Amended and Restated ("A&R") Credit Agreement by and among certain financial institutions, as lenders, and HSBC Bank USA, National Association, as administrative agent, issuing bank and swingline lender. The A&R Credit Agreement amended and restated the Credit Agreement dated as of August 3, 2017. Under the A&R Credit Agreement, Globant, LLC could have borrowed (i) up to 50,000 in a single borrowing on or prior to May 1, 2019 under a delayed-draw term loan facility and (ii) up to 150,000 under a revolving credit facility. In addition, Globant, LLC could have requested increases of the maximum amount available under the revolving facility in an aggregate amount not to exceed 100,000. The maturity date of the facilities was October 31, 2023. Pursuant to the terms of the A&R Credit Agreement, interest on loans extended thereunder shall accrue at a rate per annum equal to London Interbank Offered Rate ("LIBOR") plus 1.75%. Globant, LLC’s obligations under the A&R Credit Agreement were guaranteed by the Company and its subsidiary Globant España S.A., and are secured by substantially all of Globant, LLC’s now owned and after-acquired assets. The A&R Credit Agreement contained certain customary negative and affirmative covenants. On February 6, 2020, Globant, LLC, our US subsidiary (the "Borrower"), entered into a Second Amended and Restated Credit Agreement (the “Second A&R Credit Agreement”), by and among certain financial institutions listed therein, as lenders, and HSBC Bank USA, National Association, as administrative agent, issuing bank and swingline lender. Under the Second A&R Credit Agreement, which amends and restates the existing A&R Credit Agreement dated as of November 1, 2018, the Borrower may borrow (i) up to $100 million in up to four borrowings on or prior to August 6, 2021 under a delayed-draw term loan facility and (ii) up to $250 million under a revolving credit facility. In addition, the Borrower may request increases of the maximum amount available under the revolving facility in an aggregate amount not to exceed $100 million. The maturity date of each of the facilities is February 5, 2025. Pursuant to the terms of the Second A&R Credit Agreement, interest on the loans extended thereunder shall accrue at a rate per annum equal to either (i) LIBOR plus 1.50%, or (ii) LIBOR plus 1.75%, determined based on the Borrower’s Maximum Total Leverage Ratio (as defined in the Second A&R Credit Agreement). The Borrower’s obligations under the Second A&R Credit Agreement are guaranteed by the Company and its subsidiary Globant España S.A., and are secured by substantially all of the Borrower’s now owned and after-acquired assets. The Seconds A&R Credit Agreement principally contains the following covenants: delivery of certain financial information; payment of obligations, including tax liabilities; use of proceeds only for transaction costs payments, for lawful general corporate purposes and working capital; Globant, LLC's Fixed Charge Coverage Ratio shall not be less than 1.25 to 1.00; Globant, LLC's Maximum Total Leverage Ratio shall not exceed 3.00 to 1.00; Globant, LLC or any of its subsidiaries shall not incur in any indebtedness, except for the ones detailed in the agreement; Globant, LLC or any of its subsidiaries shall not assume any Lien; advances to officers, directors and employees of the Borrower and Subsidiaries in an aggregate amount not to exceed 50 outstanding at any time; restricted payments not to exceed 10,000 per year; Globant, LLC shall not maintain intercompany payables owed to any of its Argentina Affiliates except to the extent (i) such payables are originated in transactions made in the ordinary course of business and (ii) the aggregate amount of such payables do not exceed an amount equal to five times the average monthly amount of such Affiliates’ billings for the immediately preceding 12 month period; Globant, LLC's capital expenditures limited to 10% the Company's consolidated net revenue per year and Globant, LLC's annual revenue is to remain at no less than 60% of the Company's consolidated annual revenue; among others. On June 2, 2022 the Company signed an amendment and restated the credit agreement with HSBC, pursuant to which the LIBOR rate was replaced by a Secured Overnight Financing Rate ("SOFR") plus 0.10%. On May 31, 2023, Globant, LLC (the “Borrower”), the U.S. subsidiary of the Company, entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) with HSBC Bank USA, N.A. as administrative agent, issuing bank and swingline lender and certain financial institutions listed therein as lenders.Under the Credit Agreement, the Borrower may borrow up to $725 million under a revolving credit facility. In addition, the Borrower may request increases of the maximum amount available under the revolving facility, and may request term loan tranches, in an aggregate amount not to exceed $350 million plus additional amounts, so long as the Maximum Net Leverage Ratio (as defined in the Credit Agreement) does not exceed 3.00 to 1.00 after giving effect thereto. The maturity date of each loan is May 30, 2028. Interest on the loans will accrue at a rate per annum equal to either (i) SOFR plus 0.10% plus between 1.25% and 1.875%, or (ii) the Alternate Base Rate (as defined in the Credit Agreement) plus between 0.25% and 0.875%, at the option of the Borrower. Undrawn commitment under the revolving credit facility are subject to a commitment fee at a rate per annum of 0.15% to 0.25%. The applicable margin and the commitment fee rate will be determined quarterly based upon the Maximum Net Leverage Ratio. The Borrower’s obligations under the Credit Agreement are guaranteed by the Company, its subsidiary, Globant España S.A., and the Borrower’s subsidiary Globant IT Services Corp. (the “Subsidiary Guarantor”), and are secured by substantially all of the Borrower’s and the Subsidiary Guarantor’s now owned and after-acquired assets. The Credit Agreement also contains certain customary negative and affirmative covenants, which compliance may limit the flexibility of the Company in operating its business and its ability to take actions that might be advantageous to the Company and its shareholders. The Borrower is required to comply with two financial maintenance covenants, which are tested quarterly: (i) a minimum interest coverage ratio of 3.00 to 1.00 and (ii) a Maximum Net Leverage Ratio of 3.50 to 1.00. Movements in borrowings are analyzed as follows: As of December 31, 2023 2022 2021 Balance at the beginning of year 3,699 12,240 25,968 Borrowings related to business combination (note 26.2) (1) (4) 30,695 3,010 2,538 Proceeds from new borrowings (2) (5) 395,621 — 13,500 Payment of borrowings (3) (5) (275,889) (10,760) (30,216) Accrued interest (4) 4,106 2,491 915 Foreign exchange (4) — (3,127) (375) Translation (4) 875 (155) (90) TOTAL 159,107 3,699 12,240 (1) Relates to a line of credit granted by J.P.Morgan Chase & Co in USD to Experience IT and lines of credit granted by BPIfrance Financement and BNP Paribas in EUR to Pentalog with maturities between December 2026 and May 2028; and a loan granted by Python Midco S.a.r.l on December 10, 2020. As of December 31, 2023, these borrowings do not have any covenants. (2) During the year ended December 31, 2023, Globant LLC borrowed 395,000, under the Amended and Restated Credit Agreement with HSBC Bank USA, this loan will mature on May 30, 2028; according to the conditions agreed in the Fourth Amended and Restated Credit Credit Agreement on May 31, 2023. (3) During the year ended December 31, 2023, the main payments were 243,344 by Globant LLC related to the principal amount and interests of the Amended and Restated Credit Agreement with HSBC Bank USA, 18,359 by Globant España related to the principal and interests of the loan owed by Python Bidco to Python Midco S.a.r.l, 6,225 by Pentalog related to the remaining principal amount and interest of BNP Paribas, 2,588 by Experience IT related to the remaining principal amount and interest of J.P.Morgan Chase & Co and 1,969 by Sports Reinvention Entertainment Group S.L to Liga Nacional de Fútbol Profesional related to the principal amount and interests. During the year ended December 31, 2022 , the main payments were 9,030 by Sistemas Globales, S.A to Banco Santander related to the principal amount and interests, and Hybrido Worldwide S.L. paid 808 related to the remaining principal amount and interests of the Banco Santander loan between January 3rd and May 23. (4) Non-cash transactions. (5) |
TAX LIABILITIES
TAX LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TAX LIABILITIES | TAX LIABILITIES As of December 31, 2023 2022 Current VAT payable 22,262 16,213 Supplier withholding income taxes 5,461 951 Sales taxes payable 1,645 560 Personal properties tax accrual 1,308 1,177 Wage withholding taxes 213 2,504 Taxes payable related to Argentine Knowledge Economic Law 163 730 Other 2,177 1,319 TOTAL 33,229 23,454 |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
CONTINGENT LIABILITIES | CONTINGENT LIABILITIES The Company is subject to legal proceedings and claims which arise in the ordinary course of its business. The Company records a provision for labor, regulatory and commercial claims where the risk of loss is considered probable. The final resolution of these potential claims is not likely to have a material effect on the results of operations, cash flow or the financial position of the Company. Breakdown of reserves for lawsuits claims and other disputed matters include the following: As of December 31, 2023 2022 Reserve for labor claims 114 185 Reserve for regulatory claims 16,334 13,430 TOTAL 16,448 13,615 Roll forward is as follows: As of December 31, Reserve for labor claims 2023 2022 2021 Balance at beginning of year 185 5 53 Additions 293 370 8 Recovery (94) (1) (10) Utilization of provision for contingencies (216) (89) (38) Foreign exchange (54) (100) (8) Balance at end of year 114 185 5 As of December 31, Reserve for regulatory claims 2023 2022 2021 Balance at beginning of year 13,430 9,632 10,130 Additions (1) 923 4,260 863 Additions related to business combinations 4,159 569 — Recovery (1,987) (270) (258) Utilization of provision for contingencies (2) (1,028) (961) (509) Foreign exchange 837 200 (594) Balance at end of year 16,334 13,430 9,632 As of December 31, Reserve for commercial claims 2023 2022 2021 Balance at beginning of year — — 2,400 Additions (3) — 700 5,166 Utilization of provision for contingencies (4) — (700) (7,566) Balance at end of year — — — (1) Between 2010 and 2014, certain of Grupo Assa’s Brazilian subsidiaries were subject to two examinations by the Ministry of Labor (“MTE”) and the Brazilian Internal Revenue Service (“RFB”) in relation to the potential hiring of employees as independent contractors. As a result of such examinations, Grupo Assa’s Brazilian subsidiaries are subject to different administrative and judicial proceedings, seeking to collect payment of taxes and social security contributions allegedly owed by the companies, and impose certain associated fines. As of December 31, 2023, some of these administrative proceedings are still ongoing while others have resulted in judicial proceedings. The recognized liability as of December 31, 2023 and 2022 was 11,477 and 10,858, respectively. Under the Equity Purchase Agreement entered into for the acquisition of Grupo ASSA Worldwide S.A. and its affiliates (collectively “Grupo Assa”), certain of the above-mentioned proceedings are subject to indemnification provisions from the sellers for the total amount of 6,690 and 6,071 as of December 31, 2023 and 2022, respectively, accounted for in Other Financial Liabilities line, net. The effect of the increase of this regulatory claim was fully offset with the indemnification provision . (2) In 2018, certain of our non-U.S. subsidiaries had been under examination by the U.S. Internal Revenue Service ("IRS") regarding payroll and employment taxes primarily in connection with services performed by employees of certain of our subsidiaries in the United States between 2013 and 2015. During the fourth quarter of 2021, the IRS and our subsidiaries reached a preliminary agreement on the proposed assessments which would amount to 1,300 including applicable interests and penalties. The Company paid 961 related to the principal amount on March 16, 2022, and is waiting for final confirmation on the amounts of the applicable interests and penalties to settle this matter definitely. (3) On August 8, 2019, Certified Collectibles Group, LLC (“CCG”) and its affiliates filed a complaint in the U.S. District Court for the Middle District of Florida, Tampa Division, (Civil Action No. 19-CV-1962) against Globant S.A. and Globant, LLC, arising from a dispute relating to a service contract. After several discussions, on July 30, 2021, the parties filed a notice of settlement with the court. The claim was settled in 7,250 (of which 2,700 were covered by insurance reimbursement). (4) On September 15, 2021, the Company made the first of two installment payments related to the settlement with Certified Collectibles Group, LLC. On November 30, 2021 the second installment was paid leaving the liability fully settled. |
RELATED PARTIES BALANCES AND TR
RELATED PARTIES BALANCES AND TRANSCATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
RELATED PARTIES BALANCES AND TRANSACTIONS | RELATED PARTIES BALANCES AND TRANSACTIONS 24.1 – Related parties The Company provides software and consultancy services to certain related parties. Outstanding receivable balances as of December 31, 2023 and 2022 are as follows: As of December 31, Trade receivables 2023 2022 Enigma.art LLC 266 14 TOTAL 266 14 As of December 31, Trade payables 2023 2022 Falcon Uru LLC (177) (574) TOTAL (177) (574) During the year ended December 31, 2023, 2022 and 2021, the Company recognized the Company recognized the following transactions: For the year ended December 31, 2023 2022 2021 Revenue Enigma.art LLC 429 915 — Studio Eter LLC — 190 — TOTAL 429 1,105 — For the year ended December 31, 2023 2022 2021 Costs of revenues and Selling, general and administrative expenses Falcon Uru LLC (994) (780) — Enigma.art LLC — (75) — TOTAL (994) (855) — — 24.2 – Compensation of key management personnel The remuneration of members of key management personnel during each of the three years are as follows: For the year ended December 31, 2023 2022 2021 Salaries and bonuses 6,972 6,768 6,709 TOTAL 6,972 6,768 6,709 The remuneration of directors and key executives is determined by the Board of Directors based on the performance of individuals and market trends. During 2021, the Company granted 55,500, 5,000, 1,564, 540, 702 and 468 restricted stock units at a grant price of $298.47, $297.49, $267.19, $232.11, $213.57 and $328.96, respectively. During 2022, the Company granted 292, 2,220, 300, 78,317 and 324,380 restricted stock units at grant prices of $226, $210, $167, $219 and $138.00, respectively. During 2023, the Company granted 6,500, 106,950, 6, 87 and 571 restricted stock units at a grant price of $148.96, $148.97, $157.4, $173.26 and $194.54, respectively. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS 25.1 – Share-based compensation plan In July 2014, the Company adopted a new Equity Incentive Program, the 2014 Plan, which was amended on May 9, 2016, February 13, 2019, May 18, 2021 and June 8, 2022. Pursuant to this plan, on July 18, 2014, the first trading day of the Company common shares on the NYSE, the Company made the annual grants for 2014 Plan to certain of the executive officers and other employees. The grants included share options with a vesting period of 4 years, becoming exercisable a 25% of the options on each anniversary of the grant date through the fourth anniversary of the grant. Share-based compensation expense for awards of equity instruments is determined based on the fair value of the awards at the grant date. Each employee share option converts into one ordinary share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry (ten years after the effective date). Share-based compensation expense for awards of equity instruments to employees and non-employee directors is determined based on the grant-date fair value of the awards. Fair value is calculated using Black & Scholes model. In addition, on December 1, 2021, our compensation committee, as administrator, approved the granting of awards in the form of Stock-Equivalent Units to be settled in cash or common shares ("SEUs Plan"), or a combination thereof, under the 2014 Equity Incentive Plan. The purpose of the SEUs Plan is to provide an incentive to attract, retain and reward talent in the IT industry and to prompt such persons to contribute to the growth and profitability of the Company. The SEUs Plan provides all eligible employees the opportunity of receiving a grant of SEUs with a unit value equal to the market value of one common share of the Company. The SEUs will be settled in cash or common shares of the Company, at the option of the eligible employee, and shall vest during a four years period, in four equal annual installments of 25% each, commencing on the first anniversary of the grant date, 60% of the shares will be tied to retention and 40% will be tied to performance (PSEUs). As of December 31, 2022, the Company have granted 61,072 SEUs and PSEUs, 28,059 and 57,779 were outstanding as of December 31, 2023 and 2022, respectively, net of any cancelled and/or forfeited awards. Of the stock-equivalent units granted, 50% were in the form of PSEUs and 50% were in the form of SEUs. During the years 2023 and 2022, as part of the 2014 Equity Incentive Plan, the Company granted awards to certain employees in the form of Restricted Stock Units ("RSUs"), having a par value of $1.20 each, with a specific period of vesting. Each RSU is equivalent in value to one share of the company´s common stock and represents the Company´s commitment to issue one share of the Company's common stock at a future date, subject to the term of the RSU agreement. Until the RSUs vest, they are an unfunded promise to issue shares of stock to the recipient at some point in the future. The RSUs carry neither rights to dividends nor voting rights. RSU's vesting is subject to the condition that the employee must remain in such condition as of the vesting date. The Company may determine a percentage of RSU, as part of the full year compensation package payment. These RSUs agreements have been recorded as Equity Settled transactions in accordance to IFRS 2, and they were measured at fair value of shares at the grant date. The following shows the evolution of the share options for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of options Weighted average exercise price Number of options Weighted average exercise price Balance at the beginning of year 546,827 30.91 643,957 31.79 Forfeited during the year (500) 32.36 (2,750) 22.20 Exercised during the year (145,630) 28.18 (94,380) 37.17 Balance at end of year 400,697 31.36 546,827 30.91 The following shows the evolution of the RSUs for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of RSU Weighted average grant price Number of RSU Weighted average grant price Balance at the beginning of year 1,089,727 166.04 579,492 164.73 RSU granted during the year 378,323 169.61 801,041 159.12 Forfeited during the year (45,935) 201.71 (24,506) 178.34 Issued during the year (257,079) 167.22 (266,300) 122.29 Balance at end of year 1,165,036 165.42 1,089,727 166.04 The following shows the evolution of the SEUs for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of SEU Weighted Average Fair Value Number of SEU Weighted Average Fair Value Balance at the beginning of year 57,779 168.16 — — SEU granted during the year — — 61,072 168.16 Forfeited during the year (19,796) 190.43 (3,293) 168.16 Issued during the period (9,924) 190.43 — — Balance at end of year 28,059 237.98 57,779 168.16 The following tables summarizes the RSU at the end of the year: Grant date Grant price ($) Number of Restricted Stock Units Fair value at grant date ($) Expense as of December 31, 2023 ($) (*) 2019 from 52.10 to 103.75 1,750 — 533 2020 from 130.99 to 189.53 53,040 7,863 4,630 2021 from 200.61 to 298.47 70,580 20,150 8,886 2022 from 138.00 to 265.96 713,149 107,517 23,070 2023 from 137.78 to 233.10 317,853 54,174 13,903 Subtotal 1,156,372 189,704 51,022 Non employees RSU 2020 from 130.99 to 189.53 775 123 63 2021 232.11 1,500 348 124 2022 from 186.83 to 265.96 1,350 296 370 2023 from 166.37 to 235.62 5,039 1,025 302 Subtotal 8,664 1,792 859 TOTAL 1,165,036 191,496 51,881 The following tables summarizes the share options at the end of the year: Grant date Exercise price ($) Number of stock options Number of stock options vested as of December 31, 2023 Fair value at grant date ($) Fair value vested ($) Expense as of December 31, 2023 ($) (*) 2014 10.00 43,921 43,921 149 149 156 2015 from 28.31 to 34.20 77,653 77,653 540 540 276 2016 from 29.01 to 32.36 201,623 201,623 1,543 1,543 708 2017 36.30 — — — — — 2018 from 44.97 to 55.07 77,500 77,500 1,570 1,570 276 2019 52.10 — — — — — TOTAL 400,697 400,697 3,802 3,802 1,416 ( *) Includes social security taxes. Deferred income tax asset arising from the recognition of the share-based compensation plan amounted to 14,827 and 13,048 for the years ended December 31, 2023 and 2022, respectively. The following tables summarizes the SEU at the end of the year: Grant date Grant price ($) Number of Restricted Phantom Stock Units Fair value at grant date ($) Expense as of December 31, 2023 ($) (*) 2022 268.05 15,367 4,139 1,038 2022 210.07 1,362 288 94 2022 181.2 8,577 1,557 779 2022 169.78 2,753 466 411 TOTAL 28,059 6,450 2,322 ( *) Includes social security taxes. 25.2 - Share options exercised, RSU and SEU vested during the year: As of December 31, 2023 As of December 31, 2022 Number of options exercised Exercise price Number of options exercised Exercise Granted in 2018 2,500 55.07 2,500 55.07 Granted in 2019 2,000 52.10 — 52.10 Granted in 2018 10,000 46.00 20,750 46.00 Granted in 2018 5,000 44.97 — 44.97 Granted in 2016 — 39.37 27,000 39.37 Granted in 2017 7,500 36.30 — 36.30 Granted in 2016 45,510 32.36 33,920 32.36 Granted in 2015 256 29.34 — 29.34 Granted in 2016 834 29.01 — 29.01 Granted in 2015 48,713 28.31 8,385 28.31 Granted in 2014 23,317 10.00 1,825 10.00 Balance at end of the year 145,630 94,380 The average market price of the share amounted to 179.89 and 209.95 for years 2023 and 2022, respectively. The following tables summarizes the RSU vested during the years 2023 and 2022: December 31, 2023 December 31, 2022 Number of RSUs vested Grant price Number of RSUs vested Grant price Granted in 2021 — 328.96 468 328.96 Granted in 2021 16,300 298.47 16,375 298.47 Granted in 2021 1,500 297.49 1,500 297.49 Granted in 2021 155 288.64 323 288.64 Granted in 2022 — 268.31 189 268.31 Granted in 2021 10,771 267.19 12,608 267.19 Granted in 2022 1,883 265.96 — 265.96 Granted in 2021 3,750 232.11 5,315 232.11 Granted in 2022 4,487 226.30 1,662 226.30 Granted in 2022 197 225.30 196 225.30 Granted in 2022 19,993 219.34 2,585 219.34 Granted in 2022 12 218.57 20 218.57 Granted in 2021 — 213.57 2,607 213.57 Granted in 2022 12,754 210.07 — 210.07 Granted in 2022 2,438 204.08 — 204.08 Granted in 2021 4,979 200.61 — 200.61 Granted in 2022 780 192.94 — 192.94 Granted in 2020 15,917 189.53 15,998 189.53 Granted in 2022 804 186.83 — 186.83 Granted in 2020 250 184.72 250 184.72 Granted in 2022 139 184.01 — 184.01 Granted in 2021 — 184.00 1,077 184.00 Granted in 2020 6,385 180.60 15,504 180.60 Granted in 2022 1,313 173.67 — 173.67 Granted in 2023 3,731 173.26 — 173.26 Granted in 2023 441 171.78 — 171.78 Granted in 2022 1,416 169.78 — 169.78 Granted in 2022 813 167.46 655 167.46 Granted in 2023 120 165.90 — 165.90 Granted in 2023 130 160.71 — 160.71 Granted in 2023 41,180 157.40 — 157.40 Granted in 2023 3,152 148.97 — 148.97 Granted in 2023 484 146.28 — 146.28 Granted in 2023 26 137.78 — 137.78 Granted in 2020 3,125 137.57 3,125 137.57 Granted in 2020 38,555 130.99 38,809 130.99 Granted in 2019 500 103.75 750 103.75 Granted in 2019 1,000 94.93 1,000 94.93 Granted in 2019 56,999 87.44 61,992 87.44 Granted in 2018 — 55.07 1,000 55.07 Granted in 2018 — 52.74 1,000 52.74 Granted in 2019 600 52.10 600 52.10 Granted in 2018 — 50.92 2,500 50.92 Granted in 2018 — 46.00 78,192 46.00 Balance at end of the year 257,079 266,300 The following tables summarizes the SEU vested during the years 2023 and 2022: As of December 31, 2023 Number of SEU's vested Exercise price Granted in 2022 (*) 9,005 186.75 Granted in 2022 (*) 919 226.50 Balance at end of the year 9,924 ( *) In 2022 no SEU's were vested. 25.3 - Fair value of share-based compensation granted Determining the fair value of the stock-based awards at the grant date requires judgment. The Company calculated the fair value of each option award on the grant date using the Black-Scholes option pricing model. The Black-Scholes model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term, risk-free interest rate and dividend yield. The Company estimated the following assumptions for the calculation of the fair value of the share options: Assumptions Granted in Stock price 52.10 Expected option life 6 years Volatility 40% Risk-free interest rate 3.10% There were no granted stock options as of December 31, 2023 and 2022. The Company's grants under its share-based compensation plan with employees are measured based on fair value of the Company's shares at the grant date and recognized as compensation expense on a straight-line basis over the requisite service period, with a corresponding impact reflected in additional paid-in capital. The Company calculated the fair value of each option award on the grant date using the Black-Scholes option pricing model. The Black-Scholes model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term, risk-free interest rate and dividend yield. Fair value of the shares: For 2014 Equity Incentive Plan, the fair value of the shares is based on the quote market price of the Company's shares at the grant date. Expected volatility: The expected volatility of the Company's shares is calculated by using the average share price volatility of the Company since January 1, 2016 to the date of grant. Expected term: The expected life of options represents the period of time the granted options are expected to be outstanding. Risk free rate: The risk-free rate for periods within the contractual life of the option is based on the U.S. Federal Treasury yield curve with maturities similar to the expected term of the options. Dividend yield: The Company has never declared or paid any cash dividends and do not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. 25.4 - Equity-settled share-based payments under 2014 Equity Incentive Plan and 2021 Employee Share Purchase Plan During the twelve months ended December 31, 2022, the Company granted a total of 199,825 awards under the Company's 2014 Equity Incentive Plan, net of cancelled and forfeited awards. Most of these awards were comprised of 50% RSUs and 50% PRSUs. RSUs and PRSUs have generally been granted with a vesting period of four years, 25% becoming vested on or about each anniversary of the grant date. In addition, on August 1, 2022, the Company approved the grant of up to 600,000 additional awards under the Company's 2014 Equity Incentive Plan, 50% of which are PRSUs and 50% of which are RSUs. These additional awards will vest based on the achievement of a certain minimum average closing price of the Company's common shares on or prior to August 11, 2030. The threshold price for vesting will be $420 per share through August 10, 2025 and increase by $42 each year until August 11, 2030. On June 29, 2023, the Company approved to amend the special condition awards granted in August 2022, to the effect of reducing the threshold minimum average closing price for vesting from $420 to $350 per share through (but excluding) June 29, 2026, and increasing it by $35 per share per year until August 11, 2030 and June 29, 2031 for US and non-US residents, respectively. These awards will vest in two equal tranches occurring the first one immediately after the date in which the vesting condition is satisfied and the second occurring on the first anniversary of such vesting event. As of December 31, 2022, the Company granted 597,521 of these awards. As of December 31, 2023, the Company has not granted new RSU and PRSU with these conditions. In March 2021, the Company adopted the Globant S.A. 2021 Employee Share Purchase Plan (the "ESPP") which provides eligible employees with an opportunity to acquire a proprietary interest in the Company through the purchase of the Company's common shares. The ESPP permits participants to purchase Common Shares through payroll deductions defined by the employee up to a maximum percentage set in each country of their eligible compensation. The ESPP will typically be implemented through consecutive six months offering periods. Amounts deducted and accumulated from participant compensation will be used to purchase Common Shares at the end of each offering period. Under the terms of the ESPP, the purchase price of the shares shall not be less than 90.0% of the lower of the fair market value of a Common Share on the first trading day of the offering period or on the purchase date. Subject to adjustment as provided by the ESPP and unless otherwise provided by the Compensation Committee, the purchase price for each offering period shall be 90% of the fair market value of a Common Share on the purchase date. During the twelve months ended December 31, 2023, 2022 and 2021, in connection with the ESPP Plan, the Company has repurchased 42,500, 46,500 and 27,000 , respectively, and 48,130, 39,136 and 7,453 have been delivered, respectively. Fair value of share-based compensation granted in 2022 Share-based compensation expense for awards of equity instruments to employees and non-employee directors is determined based on the grant-date fair value of the awards. Fair value is calculated using the American Binomial model. The American Binomial model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term and risk-free interest rate. Assumptions Granted in 2022 for 2014 Plan Original Assumptions Modifications to Original Assumptions Non US Employees US Employees Stock price 206.23 133.3 128.8 Expected life 7 years 8 years 7 years Volatility 42.78% — — Risk-free interest rate 2.63% — — The share based payment was modified as detailed in the table above. The incremental fair value determined was 19.63 and 14.61 for Non US Employees and US Employees, respectively, and will be accrued in the remaining period. The Company estimated the following assumptions for the calculation of the fair value of the awards: Fair value of the shares: For the 2014 Equity Incentive Plan, the fair value of the shares is based on the quoted market price of the Company's shares at the grant date. Expected volatility: The expected volatility of the Company's shares is calculated by using the average share price volatility of the Company since July 1, 2014 to the date of grant, excluding COVID-19 pandemic period from March 2020 to May 2020. Expected term: The expected life of awards represents the period of time the granted awards are expected to be outstanding. Risk free rate: The risk-free rate for periods within the contractual life of the award is based on the U.S. Federal Treasury yield curve with maturities similar to the expected term of the awards. 25.5 Cash-settled share-based payments under 2014 Equity Incentive Plan On December 1, 2021, our Compensation Committee approved the granting of awards in the form of Stock-Equivalent Units to be settled in cash or common shares ("SEUs Plan"), or a combination thereof, under the 2014 Equity Incentive Plan. The purpose of the SEUs Plan is to provide an incentive to attract, retain and reward talent in the IT industry and to prompt such persons to contribute to the growth and profitability of the Company. The SEUs Plan provides all eligible employees the opportunity of receiving a grant of SEUs with a unit value equal to the market value of one common share of the Company, to be settled in cash or common shares of the Company. As of December 31, 2022, the Company has granted 61,072 stock equivalent units. As of December 31, 2023 no stock equivalent unit has been granted. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations1 [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS 26.1 Business combinations 2023 On April 20, 2023, Globant, S.A. (the "Company"), through its subsidiary Globant, LLC, entered into an Equity Purchase Agreement (the "Agreement") with the equity holders of ExperienceIT LLC ("ExperienceIT"), an American limited liability company pursuant to which the Company purchased all of the outstanding interest. The transaction was simultaneously signed and closed. ExperienceIT's business consists in the provision of advisory services and training in connection with end-to-end digital transformation projects related to, among other things, customer service experience, M&A integration, IT integration and digital optimization . On May 6, 2023, Globant, S.A. (the "Company"), through its subsidiary Globant España S.A., entered into an Equity Purchase Agreement (the "Agreement") with the equity holders of Pentalog France, société par actions simplifiée, a French corporation and its subsidiaries, Pentalog HR SASU, a French corporation, Pentalog Deutschland GmbH, a German corporation, Pentalog Vietnam Co. Ltd., a Vietnamese corporation, Pentalog Chi S.R.L., a Moldovan corporation, Pentalog Romania SRL, a Romanian corporation, Pentalog HR Romania SRL a Romanian corporation, Pentalog Mexico S. de R.L. de C.V., a Mexican corporation, Pentalog Americas LLC, an American corporation, Pentalog UK Ltd, a British corporation, and Python Bidco, a French corporation, all together referred to as "Pentalog", pursuant to which the Company purchased all of the outstanding interest. The transaction was signed on May 6, 2023 and the closing date was on July 20, 2023. Pentalog business consists on the provision of outsourced digital services to third-parties, including the design, development and scaling of custom software solutions, and the management of a digital platform designed to onboard software developers, professionally vet them and provide their services to customers. On August 3, 2023, Globant, S.A. (the "Company"), through its subsidiary Sysdata S.p.A, entered into an Asset and Business Purchase Agreement (the "Agreement") with the equity holders of Chili S.p.A and Chili Tech S.r.l., Italian companies pursuant to which the Company purchased all of the outstanding interest. The transaction was simultaneously signed and closed. The assets include, among others, a Technology Services and Solutions Agreement for FIFA+ entered into by and between the Sellers, as services providers, and FIFA, as client, dated March 21, 2023, as well as certain third-party agreement entered into by Wurl LLC and Chili on February 14, 2022, selected employees, certain technological assets necessary or convenient to carry out the Business, certain business and IP licenses to be granted by the Sellers to the Purchaser, and certain capped liabilities related thereto, all of which as a going-concern (the “Transferred Business”). On October 19, 2023, the Company, jointly with its subsidiary Globant España S.A. ("Globant España"), entered into a Securities Purchase Agreement (the "SPA"), with, among others, the equity holders of GUT Agency LTD, an English and Welsh company (the "Sellers" and "GUT UK", respectively), pursuant to which (i) Globant España purchased from the Sellers sixty per cent (60%) of the issued and outstanding equity interest of GUT UK, and (ii) our Spanish subsidiary Software Product Creation S.L. ("SPC"), acquired an additional five per cent (5%) of the issued and outstanding equity interest of GUT Argentina S.R.L., an Argentine subsidiary of GUT UK ("GUT ARG"). The transaction was simultaneously signed and closed. GUT UK is a full-service advertising agency, including ideation and advertising production services, as well as brand positioning strategy, brand architecture and experience journey, creative strategy sprints, communications planning, social strategy, media planning and buying, content platform, influencer marketing, performance marketing, loyalty programs, and data and analytics services related to the foregoing. On December 8, 2023, the Company jointly with its subsidiary Globant Brasil Consultoria Ltda., entered into an Equity Purchase Agreement (the "Agreement") with the equity holder of Iteris Holding Ltda., a company organized under the Laws of Brazil ("Iteris") and its subsidiaries Briteris LLC, an American company organized under the Laws of Delaware and Iteris Consultoria e Software Ltda., a company organized under the Laws of Brazil, pursuant to which the Company purchased all of the outstanding interest. The transaction was simultaneously signed and closed. Iteris business consists of the provision and development of services for end-to-end digital transformation projects, namely agile transformation, product design, product discovery, product management, software quality management, solution architecture, advanced analytics, big data, business intelligence, data visualization, artificial intelligence, API & microservices, cloud, devops, test automation, web & mobile development, microsoft 365 E sharepoint, mulesoft anypoint platform, cap platform and PO-RH. The table below gives additional details related to these acquisitions: Fair value of the consideration transferred at the acquisition date Down payment (1) 351,759 Working capital adjustment 505 Installment Payments (2) 39,659 Contingent consideration (3) 59,062 Total consideration 450,985 (1) Payment in cash 286,695 and 65,064 in G-shares (including 139,564 in cash and 32,320 in G-shares related to Pentalog acquisition). (2) Contains 37,005 of liability, current and non-current, payable in a variable number of shares (including 10,066 related to Pentalog acquisition). (3) Consist of 11,463 and 47,599 as Other financial liabilities current and non-current, respectively . For contingent considerations, an estimate of the range of outcomes and the significant inputs related are disclosed in note 29.9.1 Acquisition related expenses were not material and were recognized directly as expensed. As of the date of issuance of these consolidated financial statements, the accounting for the GUT and Iteris acquisition is incomplete; hence, pursuant the guidance in IFRS 3, the Company has included preliminary amounts and disclosures as it relates to: • Fair value of the total consideration transferred since the Company has not completed the fair value analysis of the consideration transferred as of the date of issuance of these financial statements. • The amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed, the total amount of goodwill (including a qualitative description of the factors that make up the goodwill recognized and the amount of goodwill that will be deducted for tax purposes) and other intangibles, as applicable. • The gross contractual amounts of the acquired receivables, and the best estimate at the acquisition date of the contractual cash flows not expected to be collected. For each contingent liability to be recognized, if any, an estimate of its financial effect, an indication of the uncertainties relating to the amount or timing of any outflow and the possibility of any reimbursement, and the reasons why the liability cannot be measured reliably, if applicable. • The amount of revenues and profit or loss of the acquired subsidiaries since the acquisition date, and the amount of revenues and profit or loss of the combined entity as if the acquisition has been made at the beginning of the reporting period, since the acquired subsidiaries did not have available financial information prepared under IFRS at the acquisition date. The preparation of this information under IFRS has not been completed as of the date of issuance of these financial statements. • The amount of the non–controlling interest in the acquired companies recognized at the acquisition date. 26.1.1 Non-controlling Interest Acquisition During 2023 the Company made some individually immaterial acquisitions which were completed primarily to expand our services and solutions offerings. On July 8, 2021 Software Product Creation, S.L. (the "Majority Shareholder") and Globant, S.A., with Internet Business Intelligent Insite, S.L. and Next Generation Communication Services, S.L. (jointly referred to as the "Minority Shareholder") entered into a put and call option agreement over the remaining twenty percent (20%) of Walmeric Soluciones, S.L (the "Option shares"), with the purpose to set out the terms and conditions of: (i) a put option over the Option Shares to be granted by Software Product Creation, S.L. in favor of the Minority Shareholders; and (ii) a call option over the Option Shares to be granted by the Minority Shareholders in favor of Software Product Creation, S.L., which can be exercised by the non-controlling shareholders from March 1, 2022 till March 1, 2024. On July 8, 2021 the Company recognized in equity a put option over non-controlling interest of Walmeric for 16,285. On March 30, 2022 the company exercise the call/put option of the year 2022 of the 6% over the non-controlling interest of Walmeric, leaving a non-controlling interest for the 14%. As of December 31, 2022, the Company has recognized as current and non-current other financial liabilities the written put option for an amount 3,871 and 5,515, respectively, equal to the present value of the redemption amount. On March 16, 2023, Software Product Creation, S.L. (the "Majority Shareholder") with Internet Business Intelligent Insite, S.L. and Next Generation Communication Services (jointly referred to as the "the Sellers"), entered into a new agreement pursuant to which the Sellers agree to: (i) sell and transfer the remaining shares; (ii) terminate the Shareholders Agreement and the Put and Call Option Agreement, and (iii) the regulation of certain covenants undertaken by the Parties. With such agreement, the parties agree to transfer the remaining shares (the 14% of non-controlling interest) for a cash payment equal to the value of the Put Option of the year 2023 plus a contingent consideration to be determined based on the terms of the Put Option of the year 2024, which is subject to the achievement of financial targets for the year 2023. The result for the transaction amounted to 1,589 and is disclosed in Other income and expenses, net line item. 26.2 - Purchase Price Allocation As of December 31, 2023, the fair values of the assets acquired, liabilities assumed and goodwill amounted to 174,029, 116,195 and 401,164, respectively, from which certain acquisitions are determined on preliminary basis and amounted to 77,722, 54,261 and 195,137, respectively, determined at the date of acquisition in the business combinations. As of December 31, 2022, the fair values of the assets acquired, liabilities assumed and goodwill amounted to 186,540, 57,679 and 184,036, respectively, determined at the date of acquisition in the business combinations. As of Acquisition Date 2023 2022 Current assets Cash and cash equivalents 33,004 46,075 Investments 1,327 1,152 Trade receivables 62,692 33,539 Other receivables 24,006 8,022 Indemnification asset 4,088 — — Other assets — 3 Non current assets Other receivables 2,743 372 Other financial assets 3 — Property and equipment 3,382 1,323 Intangibles (1) 36,800 83,215 Right-of-use asset 3,740 3,624 Deferred tax 2,244 8,498 Investment in associates — 717 Goodwill (2) 401,164 184,036 Current liabilities Trade and other payables (29,422) (23,217) Lease liabilities (3,883) (716) Tax liabilities (13,848) (6,101) Payroll and social security (28,527) (10,772) Other liabilities (466) (571) Borrowings (4,105) (2,958) Non current liabilities Deferred tax liabilities (5,185) (9,647) Lease liabilities (10) (3,076) Borrowings (26,590) (52) Contingencies (4,159) (569) Non-controlling interest (3) (8,013) (45,216) Total consideration 450,985 267,681 (1) As of Acquisition Date in, 2023 and 2022, the amount of 35,811 and 34,250, respectively, have been allocated to customer relationships and contracts (including 22,364 related to Pentalog acquisition), 38 and 33,370 as licenses and platforms, respectively. (2) Goodwill has arisen because the consideration paid for these acquisitions included amounts in relation to the benefit of expected synergies, revenue growth, future market development and the assembled workforce of acquired companies. Only the customer contracts and relationships, internally used software, platforms and non-compete agreements are recognized as intangible. The other benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. As of December 31, 2023 and 2022, 401,163 and 184,036, are not deductible for tax purposes, respectively. (3) Non-controlling interest in acquired companies are measured at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets at its fair values. The fair values of the receivables acquired do not differ from their gross contractual amount. 26.3 Impact of acquisitions on the results of the Company The net income for the year ended December 31, 2023 includes a gain of 7,593 attributable to the business generated by the companies acquired in 2023. Revenue for the year ended December 31, 2023 includes 90,812 related to the business of those companies. Had the businesses combinations made in 2023 been performed on January 1, 2023, the consolidated revenue of the Company would have been 2,257,256 and the net income for the year ended December 31, 2023, would have been 159,738. 26.4 Goodwill Goodwill is measured as the excess of the cost of an acquisition over the sum of the amounts assigned to net assets acquired less liabilities assumed. The Company evaluates goodwill for impairment at least annually or more frequently when there is an indication that the cash generating unit ("CGU") may be impaired. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. The Company first determines the value of the unit using the market approach. For the purposes of the calculation, the Company considers the value of the shares in the market. In addition, the Company measures the CGU based on value-in-use calculations, which requires the use of various assumptions including revenue growth, gross margin, terminal growth rate and discount rates. The assumptions considered by the Company as of December 31, 2023 and 2022, were the following: projected cash flows for the following five years for both years, the average growth rate considered was 19.1% and 21.6%, respectively, and the rate used to discount cash flows was 10.9% and 11.2%, respectively. The long-term rate used to extrapolate cash flows beyond the projected period as of December 31, 2023 and 2022, was 4%. The recoverable amount is the higher of an asset's fair value less cost of disposals and value in use. Very material adverse changes in key assumptions about the businesses and their prospects or an adverse change in market conditions may cause a change in the estimation of recoverable value and could result in an impairment charge. Based upon the Company's evaluation of goodwill, no impairment were recognized during 2023, 2022 and 2021. A reconciliation of the goodwill from opening to closing balances is as follows: As of December 31, 2023 2022 Cost Balance at beginning of year 734,952 567,451 Additions related to new acquisitions (note 26.2) 401,163 184,036 Translation 25,293 (17,322) Measurement period adjustment 2,275 787 Balance at end of year 1,163,683 734,952 26.5 Effects of offsetting on acquisition As part of the acquisition of Pentalog, the sellers agreed to indemnify the Company for the outcome of certain contingencies. As a result, the Company has recognized an indemnification asset for a total amount of 4,088, as of December 31, 2023. The consideration for this acquisition includes 10,266 (11,139 measured at present value) as of December 31, 2023, which are subject to adjustments, deductions and withholdings related to the indemnified contingencies. Consequently, the Company has off-set the indemnification asset against the amount payable to the sellers. As of December 31, 2023 Gross Amount 10,266 Gross amount set off in the balance sheet 4,088 Net amount presented in the balanced sheet 6,178 26.6 Impact of the acquisition of Adbid and Sports Reinvention Entertainment Group, S.L The Company completed the fair value determination of the consideration for the acquisition of Adbid and Sports Reinvention Entertainment Group S.L within the measurement period, resulting i n: December 31, 2022 Decrease Working Capital (1,128) Intangible Assets recognized 960 Goodwill (4,252) Other financial liabilities - decrease in contingent consideration 4,167 Non-controlling interest 253 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision-maker (“CODM”) in deciding on how to allocate resources and in assessing performance. The Company’s CODM is considered to be the Company’s chief executive officer (“CEO”). The CEO reviews operating profit presented on an entity level basis for purposes of making operating decisions and assessing financial performance. Therefore, the Company has determined that it operates in a single operating and reportable segment. The Company provides services related to technology consultancy and digital solutions, and from a broad array of AI-based solutions to world-class enterprise systems. The following table summarizes revenues by geography, based on the customers' location: For the year ended December 31, 2023 2022 2021 North America United States of America 1,210,981 1,095,895 803,934 Canada 32,735 38,895 26,970 Puerto Rico 2,256 358 396 Subtotal North America 1,245,972 1,135,148 831,300 Europe, Middle East & Africa Spain 148,465 86,410 94,459 United Kingdom 55,746 45,017 27,156 Italy 28,384 9,320 507 France 25,854 6,593 2,600 Switzerland 16,932 8,859 5,710 Saudi Arabia 12,731 4,187 — Germany 6,613 5,840 1,424 Netherlands 5,666 4,975 3,604 Belgium 5,245 5,577 8,705 Ireland 3,688 1,104 1,435 Sweden 3,506 897 53 Romania 2,350 — — Austria 2,250 131 — Malta 1,887 899 386 Luxembourg 1,790 3,676 4,777 Denmark 668 2,246 411 Others 1,771 992 107 Subtotal Europe, Middle East & Africa 323,546 186,723 151,334 Asia & Oceania India 20,060 21,191 10,442 Japan 18,031 11,739 8,514 Australia 11,566 3,010 5,223 Hong Kong 9,261 1,350 — Singapore 2,696 2,600 906 United Arab Emirates 1,051 8,938 401 Others 533 1,190 643 Subtotal Asia & Oceania 63,198 50,018 26,129 Latin America Argentina 137,207 120,578 87,756 Chile 97,049 115,494 86,809 Mexico 96,075 75,442 53,455 Brazil 58,061 31,060 20,821 Peru 27,091 25,131 15,695 Colombia 25,122 19,206 14,357 Dominican Republic 7,068 5,706 3,788 Panama 5,609 2,698 744 Uruguay 3,774 2,993 755 Ecuador 2,572 5,175 1,061 Paraguay 988 3,088 2,823 Others 2,607 1,783 251 Subtotal Latin America 463,223 408,354 288,315 TOTAL 2,095,939 1,780,243 1,297,078 One largest customer accounted for 8.7%, 10.7% and 10.9% of revenues for the years ended December 31, 2023, 2022 and 2021. The following table summarizes non-current assets other than deferred taxes as stated in IFRS 8, paragraph 33.b, by jurisdiction: As of December 31, 2023 2022 Spain 625,152 587,354 United States of America 156,132 83,666 Brazil 151,599 28,649 United Kingdom 133,975 51,746 Argentina 129,978 156,594 France 114,079 44 Colombia 61,447 64,666 Mexico 54,160 51,965 Uruguay 54,109 47,903 Italy 52,111 27,844 Denmark 32,124 32,469 Germany 24,973 1,112 Australia 24,776 24,779 Hong Kong 15,931 15,577 Chile 12,341 13,395 India 12,269 26,814 Canada 11,762 103 Romania 7,173 1,492 Peru 6,656 8,393 Costa Rica 5,067 821 Luxembourg 4,226 4,226 Belarus 3,216 5,461 Ukraine 1,484 — Poland 769 42 Ecuador 754 690 Moldova 594 — Vietnam 219 — Other countries 237 87 TOTAL 1,697,313 1,235,892 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
LEASES | LEASES The Company is obligated under various leases for office spaces and office equipment. Movements in right-of-use assets and lease liabilities as of December 31, 2023 and 2022 were as follows : Office spaces Office equipments Computers Total Right-of-use assets January 1, 2023 108,610 19,243 19,458 147,311 Additions 6,735 206 3,383 10,324 Additions from business combinations (note 26.2) 3,740 — — 3,740 Disposals (2,543) — — (2,543) Depreciation (note 6) (25,680) (3,265) (11,037) (39,982) Foreign currency translation 550 — — 550 December 31, 2023 91,412 16,184 11,804 119,400 Office spaces Office equipments Computers Total Right-of-use assets January 1, 2022 104,565 22,104 17,912 144,581 Additions 22,403 320 11,809 34,532 Additions from business combinations (note 26.2) 3,624 — — 3,624 Depreciation (note 6) (21,800) (3,181) (10,263) (35,244) Foreign currency translation (182) — — (182) December 31, 2022 108,610 19,243 19,458 147,311 Lease liabilities As of December 31, 2023 2022 Balance at beginning of year 135,138 134,485 Additions (1) 10,324 36,090 Additions from business combinations (note 26.2) 3,893 3,792 Foreign exchange difference (1) 8,256 (7,976) Foreign currency translation (2) 351 (689) Interest expense (1) 6,319 6,822 Payments (2) (44,833) (37,386) Disposals (712) — Balance at end of year 118,736 135,138 (1) Non-cash transactions. (2) Cash transactions. The Company has some lease contracts that have not yet commenced as of December 31, 2023 and 2022 . The future lease payments for these lease contracts are disclosed as follows: As of December 31, 2023 Year Amount 2024 1,968 2025 1,968 2026 1,968 2027 1,968 2028 1,968 As of December 31, 2022 Year Amount 2023 207 2024 311 2025 311 2026 311 2027 311 2028 104 The outstanding balance of the lease liabilities as of December 31, 2023 and 2022 is as follows : As of December 31, 2023 2022 Lease liabilities Current 47,852 37,681 Non-current 70,884 97,457 TOTAL 118,736 135,138 The maturity analysis of lease liabilities is presented in note 29.5. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS 29.1 - Categories of financial instruments As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 307,223 Investments Mutual funds 13,570 — — Commercial Papers 2,500 — — Contribution to funds — — 1,833 Trade receivables — — 499,283 Other assets — — 35,841 Other receivables — — 17,474 Other financial assets Convertible notes 9,110 — — Foreign exchange forward contracts 2,330 8,078 — Equity instruments — 29,354 — Interest rate SWAP 852 — — Equity forward contract — 558 — As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial liabilities Trade payables — — 119,477 Borrowings — — 159,107 Other financial liabilities (1) Other financial liabilities related to business combinations 95,216 — 72,287 Foreign exchange forward contracts 308 3 — Equity forward contract — 1,167 — Others — — 28 Lease liabilities — — 118,736 Other liabilities — — 896 (1) The Company recognized a put option liability for 75,813 (see note 3.13.3) related to the minority interest of GUT. Changes in the measurement of the redemption amount are recognized in the statements of changes in equity . As of December 31, 2022 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 292,457 Investments Mutual funds 47,009 — — Contribution to funds — — 1,513 Bills issued by the Treasury Department of the U.S. ("T-Bills") — 1,399 — Trade receivables — — 424,810 Other assets — — 25,854 Other receivables — — 12,122 Other financial assets Convertible notes 6,684 — — Foreign exchange forward contracts 552 2,957 — Equity instruments — 27,892 — Interest rate SWAP 3,416 — — Others — — 6 Financial liabilities Trade payables — — 91,313 Borrowings — — 3,699 Other financial liabilities Foreign exchange forward contracts 2,004 1,571 — Other financial liabilities related to business combinations 54,667 — 65,857 Put option on minority interest of Walmeric — 9,386 Equity forward contract — 3,886 — Lease liabilities — — 135,138 Other liabilities — — 808 29.2 - Market risk The Company is exposed to a variety of risks: market risk, including the effects of changes in foreign currency exchange rates and interest rates, and liquidity risk. The Company's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance. The Company does not use derivative instruments to hedge its exposure to risks, apart from those mentioned in note 29.10 and 29.11. 29.3 - Foreign currency risk management The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Except for the subsidiaries that have its local currency as functional currency, the functional currency of the Company and its subsidiaries is the U.S. dollar. In 2023, 72.27% of the Company's revenues are denominated in U.S. dollars. Because the majority of its personnel are located in Latin America, the Company incurs the majority of its operating expenses and capital expenditures in non-U.S. dollar currencies, primarily the Colombian peso, Mexican peso, Chilean peso, Peruvian sol, Uruguayan peso and Brazilian real. Operating expenses are also significantly incurred in Indian Rupee, Great Britain Pound and European Union Euros. Foreign exchange sensitivity analysis The Company is mainly exposed to Argentine pesos, Australian Dollar, Chilean pesos, Colombian pesos, Danish Krone, Indian rupees, European Union euros, Mexican pesos, Pounds sterling and Uruguayan pesos. The following tables illustrate the Company's sensitivity to increases and decreases in the U.S. dollar against the relevant foreign currency. The following sensitivity analysis includes outstanding foreign currency denominated monetary items at December 31, 2023 and adjusts their translation at the year-end for changes in U.S. dollars against the relevant foreign currency. Gain/(loss) Account Currency Amount % Increase Amount % Decrease Amount Net balances Argentine pesos 6,573 30 % (1,517) 10 % 730 Australian Dollar (16,018) 10 % 1,456 10 % (1,780) Chilean pesos (191) 10 % 17 10 % (21) Colombian pesos (49,959) 10 % 4,542 10 % (5,551) Danish Krone (11,052) 10 % 1,005 10 % (1,228) Indian Rupees (21,514) 10 % 1,956 10 % (2,390) European Union euros 6,705 10 % (610) 10 % 745 Mexican pesos (4,403) 10 % 400 10 % (489) Pound sterling (4,662) 10 % 424 10 % (518) Uruguayan pesos (10,131) 10 % 921 10 % (1,126) TOTAL (104,652) 8,594 (11,628) As explained in note 29.10, the subsidiaries in Argentina, Colombia, United States, Mexico, Chile and Uruguay entered into foreign exchange forward and future contracts in order to mitigate the risk of fluctuations in the foreign exchange rate and reduce the impact in the financial statements. The effect in equity of the U.S. dollar fluctuation against the relevant foreign currency as of December 31, 2023, is not material. Depreciation of the Argentine Peso During 2023, the Argentine peso experienced a 355.7% devaluation from 177.06 Argentine peso per U.S dollar to 806.95 Argentine peso per U.S dollar. During 2022, the Argentine peso experienced a 72.5% devaluation from 102.62 Argentine peso per U.S dollar to 177.06 Argentine peso per U.S dollar. 29.4 - Interest rate risk management The Company's exposure to market risk for changes in interest rates relates primarily to its cash and bank balances and its credit facilities. The Company's credit line in the U.S. bear interest at a fixed rate between 1.25% or 1.88% depending on the amount borrowed. During the beginning of 2021 the Company chose to discontinue the hedge accounting of the remaining interest rate swap acquired during 2020, since the hedged future cash flows were no longer expected to occur. As of December 31, 2022 and 2021, the Company has recognized a loss of 255 and a gain of 132 included in the line item "Other comprehensive income", respectively. As of December 31, 2023, 2022 and 2021 the Company has recognized a net gain of 356, 3,701 and 837, respectively, through results of profit and loss. Interest rate swap assets and liabilities are presented in the line item "Other financial assets" and "Other financial liabilities" within the statements of financial position, respectively. Interest rate swap contracts outstanding as of December 31, 2023 and 2022: Floating rate Fixed rate Fair value Maturity Date Notional receivable payable assets / (liabilities) Instruments for which hedge accounting has been discontinued Current March 11, 2024 15,000 SOFR 0.647 % 181 March 12, 2024 20,000 SOFR 0.566 % 245 April 30, 2024 25,000 SOFR 0.355 % 426 Fair value as of December 31, 2023 852 Instruments for which hedge accounting has been discontinued March 31, 2023 15,000 1month LIBOR 0.511 % 155 March 11, 2024 15,000 1month LIBOR 0.647 % 771 March 12, 2024 20,000 1month LIBOR 0.566 % 1,045 April 30, 2024 25,000 1month LIBOR 0.355 % 1,445 Fair value as of December 31, 2022 3,416 29.5 – Liquidity risk management The Company's primary sources of liquidity are cash flows from operating activities and borrowings under credit facilities. See note 21. Management monitors rolling forecasts of the Company's liquidity position on the basis of expected cash flow. The table below analyzes financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Expected Maturity Date 2024 2025 2026 Thereafter Total Trade payables 124,545 1,585 686 710 127,526 Borrowings 157,654 738 715 — 159,107 Lease liabilities 48,389 35,102 24,037 66,392 173,920 Other financial liabilities (*) 80,170 90,383 42,051 30,411 243,015 TOTAL 410,758 127,808 67,489 97,513 703,568 (*) The amounts disclosed in the line of other financial liabilities do not include foreign exchange forward contracts, equity forward contracts and 57,849 related to business combinations payments through subscription agreements. 29.6 - Concentration of credit risk The Company derives revenues from clients in the U.S. (approximately 58%) and clients related from diverse industries. For the years ended December 31, 2023, 2022 and 2021, the Company's top five clients accounted for 22.9%, 25.6% and 26.7% of its revenues, respectively. One single customer accounted for 8.7%, 10.7% and 10.9% of revenues for the years ended December 31, 2023, 2022 and 2021. Credit risk from trade receivables is considered to be low because the Company minimize the risk by setting credit limits for its customers, which are mainly large and renowned companies. Cash and cash equivalents and derivative financial instruments are considered to have low credit risk because these assets are held with widely renowned financial institutions (see note 13) . 29.7 - Fair value of financial instruments that are not measured at fair value Except as detailed in the following table, the carrying amounts of financial assets and liabilities included in the consolidated statement of financial position as of December 31, 2023 and 2022, are a reasonable approximation of fair value due to the short time of realization. As of December 31, 2023 As of December 31, 2022 Carrying amount Fair value Carrying amount Fair value Non-current assets Other receivables Guarantee deposits 7,558 6,447 5,942 5,686 Other assets 4,088 3,486 10,657 9,780 Non-current liabilities Trade payables 2,981 2,779 5,445 5,053 Borrowings 2,191 1,907 861 645 29.8 - Fair value measurements recognized in the consolidated statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows: Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities. As of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 13,570 — 13,570 Commercial Papers 2,500 — — 2,500 Foreign exchange forward contracts — 10,408 — 10,408 Convertibles notes — — 9,110 9,110 Equity instrument — — 29,354 29,354 Interest rate SWAP — 852 — 852 Equity forward contract — 558 — 558 Financial liabilities Contingent consideration — — 95,216 95,216 Foreign exchange forward contracts — 311 — 311 Equity forward contract — 1,167 — 1,167 As of December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 47,009 — 47,009 Bills issued by the Treasury Department of the U.S. ("T-Bills") 1,399 — — 1,399 Foreign exchange forward contracts — 3,509 — 3,509 Convertibles notes — — 6,684 6,684 Equity instrument — — 27,892 27,892 Interest rate SWAP — 3,416 — 3,416 Financial liabilities Contingent consideration — — 54,667 54,667 Foreign exchange forward contracts — 3,575 — 3,575 Equity forward contract — 3,886 — 3,886 (1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value. There were no transfers of financial assets and liabilities between Level 1, Level 2 and Level 3 during the period. The Company has applied the market approach technique in order to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable (i.e., similar) assets, liabilities or a group of assets and liabilities. When the inputs required by the market approach are not available, the Company applies the income approach technique. The income approach technique estimates the fair value of an asset or a liability by converting future amounts (e.g. cash flows or income and expenses) to a single current (i.e. discounted) amount. When the income approach is used, the fair value measurement reflects current market expectations about those future amounts. 29.9 Level 3 29.9.1 Contingent consideration As described in note 26.1, certain acquisitions included contingent consideration agreements which are payable on a deferred basis and which will be subject to the occurrence of certain events relating to the acquired company's financial performance like revenue, gross margin and operating margin. The actual amounts to be paid under the contingent consideration arrangements may be increased proportionally to the target's achievements and are not subject to any maximum amount. The fair values of the contingent consideration arrangements are estimated by using a probabilistic framework such as Montecarlo simulation where each iteration was discounted to present value using a discount rate. In other cases the contingent consideration was estimated by discounting to present value using a risk-adjusted discount rate. The Company also performed an estimation of the potential minimum amount of all future payments that could be required to be made under the agreements. As of December 31, 2023 the nominal value, minimum amount and fair value amounted to 107,920, 64,083, and 95,216, respectively. As of December 31, 2022 the nominal value, minimum amount and fair value amounted to 69,005, 61,683, and 54,667, respectively. During 2023 the Company paid the aggregate consideration of 24,086 related to the target achievements during the year 2022. As of December 31, 2023, 2022, and 2021 the results from remeasurement of the contingent considerations resulted in a net gain of 4,227, 967, and a net loss of 4,322, respectively. During 2023 it mainly includes a loss of 5,555 related to eWave and Genexus acquisition, and a gain of 9,665 related to Experience IT, Walmeric and KTBO acquisition. The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value at December 31, 2023 Unobservable inputs Range of inputs Relationship of unobservable inputs to Fair Value Contingent consideration 95,216 Risk adjusted discount rate Between 3.70% and 13.3% An increase in the discount rates by 1% would increase the fair value by $3,298 and a decrease in the discount rates by 1% would increase the fair value by $3,689 Contingent consideration 95,216 Expected revenues Between 9,559 and 51,671 An increase in the expected revenues by 10% would increase the fair value by $13,134 and a decrease in the expected revenues by 10% would decrease the fair value by $8,754 Contingent consideration 95,216 Expected operating margin Between 27.90% and 63.00% An increase in the expected operating margin by 10% would increase the fair value by $2,825 and a increase in the expected operating margin by 10% would decrease the fair value by $1,879 29.9.2 Convertible notes As described in note 3.12.8, the Company entered into several convertible notes that include the right to convert the outstanding amount into equity shares of the invested companies. The fair value of such convertible notes was estimated using unobservable inputs. The amounts of gains and losses for the period related to changes in the fair value of the convertible notes were not material. 29.9.3. Reconciliation of recurring fair value measurements categorized within Level 3 The following table shows the reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Financial Assets Financial liabilities Convertible notes Equity instrument Contingent consideration December 31, 2021 3,875 22,088 58,180 Fair value remeasurement (1) — 285 (967) Acquisition of business (1) — — 32,992 Acquisition of investment (3) 2,667 5,519 — Payments (2) — — (28,717) Interests (1) 146 — 1,484 Reclassifications (1) — — (5,060) Foreign exchange difference (1) (4) — (1,528) Translation (1) — — (890) Others (1) — — (827) December 31, 2022 6,684 27,892 54,667 Financial Assets Financial liabilities Convertible notes Equity instrument Contingent consideration December 31, 2022 6,684 27,892 54,667 Fair value remeasurement (1) — (286) (4,227) Acquisition of business (1) — — 59,062 Acquisition of investment (3) 2,367 1,748 — Payments (2) — — (24,086) Interests (1) 59 — 3,641 Reclassifications (1) — — 5,736 Foreign exchange difference (1) — — 1,153 Translation (1) — — 823 Others (1) — — (1,553) December 31, 2023 9,110 29,354 95,216 ( 1) Non-cash transactions. (2) Cash transactions included in investing activities, except for remeasurement of contingent considerations which are in operating activities, in the Consolidated Statement of Cash Flows. (3) As of December 31, 2023 and 2022 the amount of 1,748 and 5,148, respectively were Cash transactions included in investing activities in the consolidated statement of cash flows. 29.10 Foreign exchange futures and forward contracts During 2023 and 2022, certain subsidiaries from Argentina, Uruguay, Chile, Colombia and Mexico acquired foreign exchange forward contracts with certain banks in U.S. dollars, with the purpose of hedging the possible decrease of assets' value held in the local currencies from each country, due to the risk of exposure to fluctuations in those foreign currencies and a subsidiary in the United States of America has also acquired foreign exchange forward contracts with certain banks, with the purpose of h edging the exposure in currencies different than U.S dollar. Those contracts were recognized, according to IFRS 9, as financial assets at fair value through profit or loss. For the years ended December 31, 2023 and 2022, the Company recognized a net gain of 13,045 and a net loss of 13,727, respectivel y. As of December 31, 2023 and 2022, the foreign exchange forward contracts that were recognized as financial assets and liabilities at fair value through profit or loss were as follows: Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2024 Australian Dollar 1.54 1.46 789 January 31, 2024 Danish Krone 6.82 6.71 172 January 31, 2024 Pound Sterling 0.82 0.78 63 January 31, 2024 Pound Sterling 0.79 0.78 14 January 31, 2024 Uruguayan Peso 39.46 39.21 29 January 31, 2024 Indian Rupee 83.51 83.31 19 January 31, 2024 Indian Rupee 83.44 83.25 17 January 31, 2024 Euro 0.91 0.90 8 January 31, 2024 Colombian Peso 4,006.50 3,846.04 336 January 31, 2024 Colombian Peso 4,005.08 3,846.03 333 January 31, 2024 Colombian Peso 4,004.07 3,846.02 331 February 29, 2024 Colombian Peso 3,898.50 3,868.41 62 February 29, 2024 Colombian Peso 3,907.00 3,866.64 83 February 29, 2024 Colombian Peso 3,901.80 3,865.84 74 Fair value as of December 31, 2023 2,330 January 31, 2023 Argentinian Peso 191.95 192.57 17 January 31, 2023 Mexican Peso 19.87 19.59 71 January 31, 2023 Colombian Peso 4,847.49 4,834.53 21 January 31, 2023 Colombian Peso 4,858.43 4,834.53 38 January 31, 2023 Colombian Peso 4,856.25 4,834.53 35 February 28, 2023 Indian Rupee 83.05 82.98 7 February 28, 2023 Pound Sterling 1.21 1.21 33 February 28, 2023 Chilean Peso 856.55 861.90 76 April 28, 2023 Danish Krone 6.93 6.89 58 April 28, 2023 Australian Dollar 0.67 0.68 196 Fair value as of December 31, 2022 552 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2024 Chilean Peso 876.95 875.93 (10) February 29, 2024 Chilean Peso 890.85 877.33 (120) February 29, 2024 Uruguayan Peso 39.36 39.37 (1) February 29, 2024 Australian Dollar 1.46 1.46 (89) April 3, 2024 Danish Krone 6.67 6.72 (88) Fair value as of December 31, 2023 (308) January 31, 2023 Chilean Peso 920.50 858.02 (557) January 31, 2023 Chilean Peso 919.60 858.02 (550) January 31, 2023 Chilean Peso 920.20 858.02 (555) January 31, 2023 Colombian Peso 4,774.65 4,831.78 (111) January 31, 2023 Indian Rupee 81.92 82.85 (111) February 28, 2023 Colombian Peso 4,810.50 4,860.91 (97) February 28, 2023 Mexican Peso 19.63 19.69 (23) Fair value as of December 31, 2022 (2,004) The most frequently applied valuation techniques include forward pricing models. The models incorporate various inputs including: foreign exchange spot, interest rates curves of the respective currencies and the term of the contract. 29.11 Hedge accounting During the year ended December 31, 2023, the Argentine subsidiary, Sistemas Globales S.A. acquired foreign exchange futures contracts through SBS Sociedad de Bolsa S.A. (SBS) in U.S. dollars, with the purpose of hedging the possible decrease of revenues' expected in Argentine Pesos. The Company designated those futures as hedging instruments in respect of foreign currency risk in cash flow hedges. These futures contracts have daily settlements, in which the futures value changes daily. Sistemas Globales S.A. recognize daily variations in SBS primary accounts, and the gains or losses generated by each daily position through other comprehensive income. Thus, at the closing of each day, according to the future price of the exchange rate U.S. Dollar – Argentine peso, the companies perceive a gain or loss for the difference. As of December 31, 2023, the accrued valuation of the last day of the month will be settled with the bank in the first day of the next month, so the value recognize in the financial statements is the amount pending to settle with the bank for the last day valuation. As of December 31, 2023 the Company maintained one foreign exchange futures contracts with a matu rity date of December 29, 2023 and 1 recognized as Other financial liabilities in the balance sheet. As of December 31, 2023, the Company has recognized a net loss 38 included in Revenues. Pursuant to these contracts, Sistemas Globales S.A. is required to maintain collaterals in an amount equal to a percentage of the notional amounts purchased until settlement of the contracts. Sistemas Globales maintained collaterals in Mutual funds in SBS primary account. This ensures minimal funding, in case SBS has to transfer funds to "Mercado a Término de Rosario S.A" (ROFEX) if losses are generated by daily settlements. This amount must also remain restricted during the term of the contracts. As of December 31, 2023, collaterals regarding the transactions are restricted assets for an amount of 218 in Mutual funds included as investments. As of December 31, 2022, the Company did not maintain any futures contracts. During 2022, certain subsidiaries from Chile, Colombia, India, Brazil, Peru and the United States of America entered into foreign exchange forward and future contracts to manage the foreign currency risk associated with the salaries payable in the local currency of each country. During 2023 the subsidiaries from Chile, Colombia, India, Brazil, Uruguay, United States of America and Mexico entered into foreign exchange forward contracts to manage the foreign currency risk associated with the salaries payable in the local currency of each country The Company designated those derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges are recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the ‘finance income’ or ‘finance expense’ line items. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item (i.e. Salaries, employee benefits and social security taxes). As of December 31, 2023, the Company has recognized a net gain of 21,997 and during the years ended December 31, 2022 and 2021, the Company has recognized a net loss of 2,332 and 136, respectively, included in Salaries, employee benefits and social security taxes and a net gain of 6,604, gain of 1,305 and a net loss of 131, respectively, included in other comprehensive income. During 2020, Globant, LLC entered into four interest rate swap transactions with the purpose of hedging the exposure to variable interest rate related to the Amended and Restated Credit Agreement with certain financial institutions. By the end of that year the Company chose to discontinue three of the four interest rate swap transaction. During the year ended December 31, 2021, the Company chose to discontinue the remaining interest rate swap since the hedged future cash flows were no longer expected to occur. As of December 31, 2022 and 2021, the Company recognized a loss of 255 and a gain of 132, respectively, included in the line item "Other comprehensive income". The Company designated those derivatives as hedging instruments in respect of interest rate risk in cash flow hedges. Hedges of interest rate risk on recognized liabilities are accounted for as cash flow hedges. Foreign currency forward contract and interest rate swap assets and liabilities are presented in the line ‘Other financial assets’ and ‘Other financial liabilities’ within the statement of financial position. The following table detail the foreign currency forward contracts outstanding as of December 31, 2023: Hedging instruments - Outstanding contracts Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Indian Rupee 83.53 83.29 9 January 25, 2024 Indian Rupee 83.53 83.29 6 January 31, 2024 Uruguayan Peso 40.55 39.22 127 January 31, 2024 Mexican Peso 18.30 17.05 504 January 31, 2024 Colombian Peso 4,314.50 3,849.10 1,129 January 31, 2024 Colombian Peso 4,445.50 3,850.40 1,366 January 31, 2024 Chilean Peso 923.00 876.27 263 January 31, 2024 Brazilian Real 5.18 4.87 187 February 27, 2024 Indian Rupee 83.64 83.39 9 February 27, 2024 Indian Rupee 83.64 83.39 6 February 29, 2024 Uruguayan Peso 40.30 39.61 87 February 29, 2024 Mexican Peso 18.78 17.16 639 February 29, 2024 Colombian Peso 4,415.71 3,875.77 800 February 29, 2024 Chilean Peso 924.70 877.77 264 February 29, 2024 Colombian Peso 4,074.90 3,869.88 263 February 29, 2024 Colombian Peso 4,177.65 3,871.87 479 February 29, 2024 Brazilian Real 5.21 4.89 197 March 26, 2024 Indian Rupee 83.55 83.47 3 March 26, 2024 Indian Rupee 83.54 83.47 2 March 27, 2024 Mexican Peso 18.83 17.24 625 March 27, 2024 Colombian Peso 4,440.00 3,901.25 794 March 27, 2024 Chilean Peso 935.50 879.35 312 April 25, 2024 Indian Rupee 83.70 83.62 3 April 25, 2024 Indian Rupee 83.70 83.62 2 April 25, 2024 Indian Rupee 83.72 83.62 2 Fair value as of December 31, 2023 8,078 January 31, 2023 Brazilian Real 5.36 5.25 55 January 31, 2023 Chilean Peso 995.20 858.02 789 March 31, 2023 Chilean Peso 994.25 866.45 685 April 28, 2023 Colombian Peso 5,161.25 4,919.18 283 April 28, 2023 Colombian Peso 5,160.00 4,918.15 388 February 28, 2023 Chilean Peso 992.20 861.47 708 January 31, 2023 Indian Rupee 83.66 83.15 42 February 23, 2023 Indian Rupee 83.15 82.98 6 February 23, 2023 Indian Rupee 83.01 82.98 1 Fair value as of December 31, 2022 2,957 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Argentine Peso 560.00 808.48 (1) January 25, 2024 Indian Rupee 83.21 83.28 (2) Fair value as of December 31, 2023 (3) Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2023 Colombian Peso 4,667.50 4,834.53 (486) January 31, 2023 Indian Rupee 82.54 82.85 (26) February 23, 2023 Indian Rupee 82.03 82.98 (11) February 28, 2023 Colombian Peso 4,659.50 4,860.91 (580) March 30, 2023 Colombian Peso 4,729.00 4,888.69 (452) April 26, 2023 Indian Rupee 83.04 83.30 (9) April 26, 2023 Indian Rupee 83.01 83.30 (7) Fair value as of December 31, 2022 (1,571) During the year ended December 31, 2022, Globant LLC entered into equity forward contracts to manage the risk associated with the volatility of the Company's market share price use to determine the cash-settled shared based plan. The Company designated those derivatives as hedging instruments in respect of market share price risk in cash flow hedges. Hedges of cash-settled share base payment risk on firm commitments are accounted for as cash flow hedges. Since the Company separates the forward element and the spot element of the forward contract and designates as the hedging instrument only the change in the value of the spot element of the forward contract, the effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge, except for the portion that affects comprehensive income for the granted shares in which the rendering of services over time lapse has already occur to the date of report. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the "other financial results, net" line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item (i.e., Sharebased compensation expense). As of December 31, 2023 and 2022, the Company recognized a gain of 575 and a loss of 1,341, respectively, included in the line item "Share-based compensation expense - Cash settle", a gain of 2,362 and a loss of 2,528, respectively, included in the line item "Gains and losses on cash flow hedges", from other comprehensive income and as of December 31, 2023 and 2022 a financial loss of 492 and 17, respectively, included in the line item "Net loss arising from financial assets measured at fair value through OCI". Currency Forward Fair value assets / Settlement date from contracts Price (liabilities) June 3, 2024 US dollars 198.85 188 June 2, 2025 US dollars 208.72 189 June 1, 2026 US dollars 219.34 181 Fair value as of December 31, 2023 558 Currency Forward Fair value assets / Settlement date from contracts Price (liabilities) June 3, 2024 US dollars 289.90 (393) June 2, 2025 US dollars 302.36 (383) June 1, 2026 US dollars 315.09 (391) Fair value as of December 31, 2023 (1,167) Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 1, 2023 US dollars 278.24 (910) June 1, 2023 US dollars 188.83 (71) June 3, 2024 US dollars 289.9 (886) June 3, 2024 US dollars 198.85 (70) June 2, 2025 US dollars 302.36 (890) June 2, 2025 US dollars 208.72 (75) June 1, 2026 US dollars 315.09 (901) June 1, 2026 US dollars 219.34 (83) Fair value as of December 31, 2022 (3,886) |
CAPITAL AND RESERVES
CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves and Other Equity Interest [Abstract] | |
CAPITAL AND RESERVES | CAPITAL AND RESERVES 30.1 Issuance of common shares During the year ended December 31, 2023, 145,630 common shares were issued after vested options arising from the 2012 and 2014 share-based compensation plan were exercised by some employees. Options were exercised at an average price of 28.18 per share amounting to a total of 4,103. During the year ended December 31, 2023, 378,323 Restricted Stock Units (RSU) were granted to certain employees and directors of the Company and 257,079 RSU's were vested at an average price of 167.22 per share amounting to a total of 42,989 (non-cash transactions). During the year ended December 31, 2023, no Stock-Equivalent Units (SEU) were granted to employees and directors of the Company and 4,524 SEU's were vested at an average price 191.76 per share amounting to a total of 868 (non-cash transactions). During the year ended December 31, 2023 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount January 13, 2023 Cloudshift 17,443 3,068 March 30, 2023 Navint 9,087 1,492 April 1, 2023 Navint 416 68 April 20, 2023 Experience IT 29,120 4,521 May 15, 2023 Xappia 6,242 1,000 July 21, 2023 Walmeric 6,730 1,119 July 25, 2023 Pentalog 177,505 32,320 October 5, 2023 Atix 4,601 850 October 20, 2023 GUT 152,617 28,223 TOTAL 403,761 72,661 During the year ended December 31, 2022, 94,380 common shares were issued after vested options arising from the 2012 and 2014 share-based compensation plan were exercised by certain employees. Options were exercised at an average price of 37.17 per share amounting to a total of 3,508. During the year ended December 31, 2022, 801,041 RSUs were granted to certain employees and directors of the Company and 266,300 RSUs were vested at an average price of 122.29 per share amounting to a total of 32,566 (non-cash transaction). During the year ended December 31, 2022 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount April 29, 2022 Cloudshift 8,761 2,251 June 7, 2022 Genexus 21,328 4,947 August 5, 2022 Atix 4,534 850 September 16, 2022 Grupo Assa 34,754 7,224 September 23, 2022 Sysdata 19,640 4,052 November 7, 2022 KTBO 9,624 1,540 November 16, 2022 eWave 32,524 5,859 November 18, 2022 Vertic 41,252 7,312 December 21, 2022 Adbid 10,728 1,821 TOTAL 183,145 35,856 During the year ended December 31, 2021, 213,686 common shares were issued after vested options arising from the 2012 and 2014 share-based compensation plan were exercised by some employees. Options were exercised at an average price of 30.93 per share amounting to a total of 6,612. During the year ended December 31, 2021, 168,669 RSUs were granted to certain employees and directors of the Company and, 235,392 RSUs were vested at an average price of 89.18 per share amounting to a total of 20,992 (non-cash transaction). During the year ended December 31, 2021 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount March 15, 2021 Xappia 8,415 1,750 May 11, 2021 Hybrido (*) 10,088 2,149 July 8, 2021 Walmeric 10,842 2,372 November 17, 2021 Xappia 2,502 750 November 30, 2021 Navint 7,032 2,100 TOTAL 38,879 9,121 (*) As part of the subscription agreement the Company recognized 2,152 as equity settled agreement, related to common shares that the Company will issue in the future. 30.2 Public offerings and agreements On May 28 2021, 1,380,000 common shares were issued and sold at a price of 214 for a net proceeds of 286,207, which were listed on the New York Stock Exchange. Cost associated with the proceed consisted of agents commissions, legal and professional fees and listing fees. As of December 31, 2023, 41,393,201 common shares of the Company's share capital are registered with the SEC and quoted in the New York Stock Exchange. 30.3 Cash flow hedge reserve The movements in the cash flow hedge reserve were as follows: Foreign currency risk 2023 2022 Balance at beginning of the year (3,171) 11 Gain (Loss) arising on changes in fair value of hedging instruments during the period 13,740 (2,682) Loss reclassified to profit or loss – hedged item has affected profit or loss (1,242) (500) Balance at end of the year 9,327 (3,171) |
APPROPRIATION OF RETAINED EARNI
APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves and Other Equity Interest [Abstract] | |
APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS | APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS Under local laws, the subsidiaries of the Company located in the following countries must appropriate at least the percentage of net income of each year described below to a legal reserve, until such reserve equals the cap percentage of its share capital described in each case. Country % of yearly net income % of capital Luxembourg, Moldova and France 5% 10% Argentina, Uruguay, Mexico, Italy, Portugal and Romania 5% 20% Spain and Peru 10% 20% China 10% 50% The Company’s Belorussian subsidiaries must allocate an amount of up to 25% of the annual payroll to a reserve fund for salaries. As at December 31, 2023, the statutory reserves of the following entities are not yet fully integrated: IAFH Globant Mexico IT S. de R.L. de C.V., Globant Peru S.A.C., Software Product Creation S.L. and Sport Reinvention Entertainment Group S.L. Pursuant to its pertaining by-laws, Sistemas Colombia S.A.S. and Procesalab S.A.S. must allocate at least 10% of the net income of the year to a special reserve until such reserve equals 50% of its share capital; Globant Arabia Ltd. must allocate at least 10% of the net profits of the year to a special reserve until such reserve equals 30% of its share capital; and Pentalog Vietnam Company Ltd. must allocate the following percentages of its annual profits after payment of its financial obligations with relevant authorities, to the following special reserves: 5% until reaching 10% of its share capital to a supplemental charter capital; 5% to a business development special reserve, and 5% to a bonus and welfare special reserve. |
OTHER EVENTS
OTHER EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
OTHER EVENTS | OTHER EVENTS 32.1 Cybersecurity Event On March 28th, 2022, the Company detected an unauthorized access to certain source code and project-related documentation for certain clients, as well as certain data files. As soon as such access was detected, the Company activated its security protocols and began conducting an exhaustive investigation. While we do not anticipate a significant adverse economic impact resulting from the incident, as of the date of issuance of these consolidated financial statements, there is still some level of uncertainty. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
APPROVAL OF CONSOLIDATED FINANC
APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of notes and other explanatory information [Abstract] | |
APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS | APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The Consolidated Financial Statements were approved by the Board of Directors on February 29, 2024. Martín Migoya |
SUMMARY OF MATERIAL ACCOUNTIN_2
SUMMARY OF MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of preparation | These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These consolidated financial statements are presented in thousands of United States dollars ("U.S. dollars") and have been prepared under the historical cost convention except as disclosed in the accounting policies below. |
Application of new and revised International Financial Reporting Standards | Application of new and revised International Financial Reporting Standards • Adoption of new and revised standards The Company has adopted all of the new and revised standards and interpretations issued by the IASB that are relevant to its operations and that are mandatorily effective at December 31, 2023. The impact of the new and revised standards and interpretations mentioned on these consolidated financial statements is described as follows. The Company has adopted the following standards and interpretation that became applicable for annual periods commencing on or after January 1, 2023: Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IAS 12 International Tax Reform — Pillar Two Model Rules On May 23, 2023, the IASB issued 'International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12)' providing a temporary exception to the requirements regarding deferred tax assets and liabilities related to pillar two income taxes. This amendment provides an exception rule that temporarily exempts the recognition and disclosure of deferred taxes related to taxes arising from the taxation system on the pillar two model rules published by the Organization for Economic Co-operation and Development (OECD) (hereinafter, the “Pillar Two Income Taxes”). The Group has applied the aforementioned exception rule retroactively from fiscal year 2023 and has not recognized and disclosed the deferred taxes related to the Pillar Two Income Taxes (see note 9.3). On July 28, 2023, Luxembourg’s government council approved a new bill aiming to implement into Luxembourg law the “Pillar Two Directive”. It is expected that the Pillar Two Directive will be effective as from January 1, 2024. Management is currently assessing the jurisdictions that could give rise to additional taxation and potential impact as a result of the implementation of the Pillar Two Model Rules in national laws. Those amendments did not have any material impact on the Company's accounting policies, apart from the ones already mentioned, and did not require retrospective adjustments. • New accounting pronouncements The Company has not applied the following new and revised IFRSs that have been issued but are not yet mandatorily effective: Amendments to IAS 21 Lack of Exchangeability 1 1 Effective for annual reporting periods beginning on or after January 1, 2025. Earlier application is permitted. • On August 15, 2023 IASB issued 'Lack of Exchangeability (Amendments to IAS 21)' to specify when a currency is exchangeable and how to determine the exchange rate when it is not. The management of the Company is currently assessing the impacts of the application of this amendment on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2025. Earlier application is permitted. The Company has not opted for early application. The following standards and interpretation will become applicable for annual periods commencing on or after January 1, 2024: Amendments to IAS 1 Classification of Liabilities as Current or Non-Current Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IAS 1 Non-current Liabilities with Covenants Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements • On January 23, 2020, the IASB issued 'Classification of Liabilities as Current or Non-current (Amendments to IAS 1)' providing a more general approach to the classification of liabilities under IAS 1 based on the contractual arrangements in place at the reporting date. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On September 22, 2022, IASB issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' specifying the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On October 31, 2022, IASB issued 'Non-current Liabilities with Covenants (Amendments to IAS 1)' to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. • On May 25, 2023, the IASB issued 'Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)' to require specific disclosure requirements about supplier finance arrangements. The management of the Company does not anticipate that the application of this amendment will have a material impact on the Company's consolidated financial statements. This amendment is effective for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The Company has not opted for early application. |
Basis of consolidation | Basis of consolidation These consolidated financial statements include the consolidated financial position, results of operations and cash flows of the Company and its consolidated subsidiaries. Control is achieved where the company has the power over the investee; exposure, or rights, to variable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the returns. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in the consolidation process. Non-controlling interest in the equity of consolidated subsidiaries is identified separately. Non-controlling interest consists of the amount of that interest at the date of the original business combination and the non-controlling share of changes in equity since the date of the consolidation. Acquired companies are accounted for under the acquisition method whereby they are included in the consolidated financial statements from their acquisition date. |
Acquisitions | Acquisitions Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred to the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related charges are recognized in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value, except that: • deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes and IAS 19 Employee Benefits respectively ; and • liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 Share-based Payment at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquired business, and the fair value of the acquirer's previously held equity interest in the acquired business (if any) over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquired business and the fair value of the acquirer's previously held equity interest in the acquired business (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognized amounts of the acquired business identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 3 and IFRS 13, as appropriate, with the corresponding gain or loss being recognized in profit or loss. When a business combination is achieved in stages, the Company's previously held equity interest in the acquiree is remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. Arrangements that include remuneration of former owners of the acquiree for future services are excluded of the acquisitions and will be recognized as expense during the required service period. |
Goodwill | Goodwill Goodwill arising in a business combination is carried at cost as established at the acquisition date of the business less accumulated impairment losses, if any. For the purpose of impairment testing, goodwill is allocated to a unique cash generating unit (CGU). Goodwill is not amortized and is reviewed for impairment at least annually or more frequently when there is an indication that the business may be impaired. If the recoverable amount of the business is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the business and then to the other assets of the business pro-rata on the basis of the carrying amount of each asset in the business. Any impairment loss for goodwill is recognized directly in profit or loss in the consolidated statement of comprehensive income. An impairment loss recognized for goodwill is not reversed in a subsequent period. The Company has not recognized any impairment loss in the years ended December 31, 2023, 2022 and 2021. |
Revenue recognition | Revenue recognition The Company generates revenue primarily from the provision of software development, testing, infrastructure management, application maintenance, outsourcing services, consultancy and Services over Platforms (SoP). SoP is a new concept for the services industry that aims to deliver digital journeys in more rapid manner providing specific platforms as a starting point and then customizing them to the specific need of the customers. Revenue is measured at the fair value of the consideration received or receivable. The Company’s services are performed under both time-and-material and fixed-price contracts. For revenues generated under time-and-material contracts, revenues are recognized as a single performance obligation satisfied over time, using an input method based on hours incurred. The majority of such revenues are billed on an hourly, daily or monthly basis whereby actual time is charged directly to the client. The Company recognizes revenues from fixed-price contracts applying the input or output methods depending on the nature of the project and the agreement with the customer, recognizing revenue on the basis of the Company’s efforts to the satisfaction of the performance obligation relative to the total expected inputs to the satisfaction of the performance obligation, or recognizing revenue on the basis of direct measurements of the value to the customer of the services transferred to date relative to the remaining services promised under the contract, respectively. Each method is applied according to the characteristics of each contract and client. The inputs and outputs are selected based on how faithfully they depict the Company's performance towards complete satisfaction of the performance obligation. These methods are followed where reasonably dependable estimates of revenues and costs can be made. Fixed-price projects generally correspond to short-term contracts. Some fixed-price contracts are recurring contracts that establish a fixed amount per month and do not require the Company to apply significant judgment in accounting for those types of contracts. In consequence, the use of estimates is only applicable for those contracts that are on-going at the year end and that are not recurring. Reviews to these estimates may result in increases or decreases to revenues and income and are reflected in the consolidated financial statements in the periods in which they are first identified. If the estimates indicate that a contract loss will be incurred, a loss provision is recorded in the period in which the loss first becomes probable and reasonably estimable. Contract losses are determined to be the amount by which the estimated costs of the contract exceed the estimated total revenues that will be generated by the contract and are included in cost of revenues in the consolidated statement of comprehensive income. Contract losses for the periods presented in these consolidated financial statements were immaterial. The Company provides hosted access to software applications for a license fee. The revenue from these licenses contracts is recognized at a point in time, given that the performance obligation is satisfied when the contract is signed by the customer and the Company. In some cases, as licenses resales, the Company acts as an agent because the performance obligation is to arrange for the service to be provided to the customer by another party (the owner of the software applications). Consequently, the revenue is measured as the amount of the commission, which is the net amount of consideration that the Company retains after paying the other party the consideration received in exchange for the services to be provided by that party. |
Leases | Leases The Company recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (leases with a lease term of 12 months or less) and leases of low value assets (assets with a value of 5 or less when new). For these leases, the Company recognizes the lease payments as an operating expense on a straight line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments, less any lease incentives receivable; • variable lease payments that are based on an index or a rate; • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. The Company remeasures the lease liability (and makes a corresponding adjustment to the related right–of–use asset) whenever: 1. the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. 2. the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). 3. a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The Company made adjustments related to leases that are subject to changes in the consumer price index. As of December 31, 2023 and 2022, such adjustments amounted to 2,553 and 1,762 respectively. Right-of-use asset are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs and restoration costs. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Company incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. The costs are included in the related right–of-use asset. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Company applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 3.10. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are assets with a value of 5 or less when new. |
Foreign currencies | Foreign currencies The functional currency of the Company and most of its subsidiaries is the U.S. dollar, except for some subsidiaries where their functional currency is their respective local currency considering it is the primary economic environment in which the subsidiary operates. In preparing these consolidated financial statements, transactions in currencies other than the functional currency (“foreign currencies”) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are kept at the original translated cost. Exchange differences are recognized in profit and loss in the period in which they arise. In the case of the subsidiaries with a functional currency other than the U.S. dollar, assets and liabilities are translated at current exchange closing rates at the date of that balance sheet, while income and expense are translated at the date of the transaction rate. The resulting foreign currency translation adjustment is recorded as a separate component of accumulated other comprehensive income (loss) in equity. |
Borrowing costs | Borrowing costs The Company does not have borrowings attributable to the construction or production of assets. All borrowing costs are recognized in profit and loss under finance loss. |
Taxation | Taxation 3.7.1 – Income taxes – current and deferred Income tax expense represents the estimated sum of income tax payable and deferred tax. 3.7.1.1 – Current income tax The current income tax payable is the sum of the income tax determined in each taxable jurisdiction, in accordance with their respective income tax regimes. Taxable profit differs from profit as reported in the consolidated statement of comprehensive income because taxable profit excludes items of income or expense that are taxable or deductible in future years and it further excludes items that are never taxable or deductible. The Company's liability for current income tax is calculated using tax rates that have been enacted or substantively enacted as of the date of issuance. The current income tax charge is calculated on the basis of the tax laws in force in the countries in which the consolidated entities operate. Globant S.A, is subject to a corporate income tax rate of 17.0% on taxable income exceeding EUR 200, leading to an overall tax rate of 24.9% in Luxembourg (taking into account the solidarity surtax of 7.0% on the CIT rate, and including the 6.8% municipal business tax rate applicable). The holding companies located in Spain elected to be included in the Spanish special tax regime for entities having substantially all of their operations outside of Spain, known as “ Empresas Tenedoras de Valores en el Exterior ” (“ETVE”). Globant España S.A was registered in 2008. Under the ETVE regime, dividends distributed from its foreign subsidiaries as well as any gain resulting from disposal are subject to 95% of tax exemption effective from January 1st, 2020. In order to be entitled to the benefit, among other requirements, the main activity of the entities must be the administration and management of equity instruments from non-Spanish entities and such entities must be subject to a tax regime similar to that applicable in Spain for non-ETVEs companies. As of December 31, 2023 and 2022, the Spanish Holding companies received dividends distributions for 236,909 and 2,553, respectively. If this tax exemption would not apply partially, the applicable tax rate should be 25%. The Company´s Spanish subsidiaries are subject to a 25% corporate income tax rate. Starting fiscal year 2021, Argentina has progressive system of corporate income tax rates ranging from 25% to 35% . On May 22, 2019, the Argentine Congress enacted Law No. 27,506 ("Ley de Economía del Conocimiento"), which provides a promotional regime for the Knowledge Economy, which was modified by means of Law No. 27,570, published on October 26, 2020 ("Knowledge based Economy Law"). The Knowledge based Economy Law is valid from January 1, 2020 until December 31, 2029, and aims to promote economic activities that apply knowledge and digitization of information, supported by advances in science and technology, to obtain goods and services and improve processes. The beneficiaries of the regime will enjoy the following benefits: – Stability in the enjoyment of benefits. – Beneficiaries who carry exports within the promoted activity, are not subject to any withholding and/or collection VAT regimes. – A reduced corporate income tax rate applied to the promoted activities. The reduction is applied on the general tax rate as follows: (i) 60% for micro and small enterprises, (ii) 40% for medium-sized enterprises, and (iii) 20% for large enterprises. – In addition, beneficiaries will be allowed to deduct as an expense, the withholding tax paid of foreign taxes, if the taxed income constitutes an Argentine source of income. – A non-transferable tax credit of up to 70% of amounts paid for certain social security taxes (contributions) for the employees associated with the promoted activities. The credit may be offset against value-added tax liabilities within 24 months of its issuance. The credit will be increased to 80% to newly-onboarded employees if they comply with some specific considerations. - The beneficiaries that export at least 70% of its annual sales originated in the promoted activities, will be allowed to transfer for one time the credit, up to an amount equivalent to the percentage of exports for each period – A 0% rate of export duties applicable to the export of services promoted by the Law. The entities Atix Labs S.RL., Decision Support S.A, BSF S.A , IAFH Global S.A and Sistemas Globales S.A., were approved as beneficiaries of the Knowledge Economic Law by the Subsecretary of Knowledge Economy. The Company’s Uruguayan subsidiary Sistemas Globales Uruguay S.A. is domiciled in a tax free zone and has an indefinite tax relief of 100% of the income tax rate and an exemption from VAT. 3.7.1.2 – Deferred tax Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets including tax loss carry forwards are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, except where the entities are able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. The Company has not recorded any current or deferred income tax in other comprehensive income or equity in any each of the years presented, except for deferred income tax arising from the share-based compensation plan, for the deferred income tax arising from hedge instruments and for the translation of deferred tax assets and liabilities arising from subsidiaries with functional currencies other than U.S. dollar. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination. Under IFRS, deferred income tax assets (liabilities) are classified as non-current assets (liabilities). 3.7.1.3 – Uncertain tax treatments The Company determines the accounting for tax position when there is uncertainty over income tax treatments as follows. First, the Company determines whether uncertain tax positions are assessed separately or as a group; and then, the Company assesses whether it is probable that a tax authority will accept an uncertain tax treatment used, or proposed to be used, by an entity in its income tax filings. If yes, the Company determines its accounting tax position consistently with the tax treatment used or planned to be used in its income tax filings. If not, the Company reflects the effect of uncertainty in determining its accounting tax position using either the most likely amount or the expected value method. The Company discloses in note to the consolidated financial statements certain matters related to the interpretation of income tax laws for which there is a possibility that a loss may have been incurred. |
Property and equipment | Property and equipment Fixed assets are valued at acquisition cost, net of the related accumulated depreciation and accumulated impairment losses, if any. Depreciation is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Lands and properties under construction are carried at cost, less any recognized impairment loss. Properties under construction are classified to the appropriate categories of property and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. Land is not depreciated. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. As of December 31, 2023 and 2022, the Company has derecognized property and equipment for an amount of 574 and 101, respectively. The value of fixed assets, taken as a whole, does not exceed their recoverable value. |
Intangible assets | Intangible assets Intangible assets include licenses, customer relationships, customer contracts, non-compete agreements, platforms and cryptocurrencies. The accounting policies for the recognition and measurement of these intangible assets are described below. 3.9.1 – Intangible assets acquired separately Intangible assets with finite useful life that are acquired separately (licenses) are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over the intangible assets estimated useful lives. The estimated useful lives and amortization method are reviewed at the end of each annual reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. 3.9.1.1 - Cryptocurrencies The Company accounts for its crypto assets as indefinite-lived intangible assets in accordance with IAS 38 "Intangible Assets". Bitcoin, Ethereum and Stable Coin are cryptocurrencies that are considered to be an indefinite lived intangible asset because they lack physical form and there is no limit to its useful life, they are not subject to amortization but they are tested for impairment. The Company's crypto assets are initially recorded at cost. Subsequently, they are measured at cost, net of any impairment losses incurred since acquisition. The Company performs monthly analysis to identify possible impairment. If the carrying value of the crypto asset exceeds the fair value based on the quoted price in the active exchange market, the Company will recognize an impairment loss equal to the difference between the fair value and the book value in the consolidated statement of comprehensive income. Gains, if any, will not be recognized until realized upon sale in the consolidated statement of comprehensive income. Further details are disclosed in note 16. As of December 31, 2023 and 2022, the Company has recognized a gain of 822 as reversal of impairment and a loss of 1,017 as impairment, respectively. 3.9.2 – Intangible assets acquired in a business combination Intangible assets acquired in a business combination (customer relationships, customer contracts, non-compete agreements, software and platforms) are recognized separately from goodwill and are initially recognized at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses if any, on the same basis as intangible assets acquired separately. 3.9.3 – Internally-generated intangible assets Intangible assets arising from development are recognized if, and only if, all the following have been demonstrated: - the technical feasibility of completing the intangible asset so that it will be available for use or sale; - the intention to complete the intangible asset and use or sell it; - the ability to use or sell the intangible asset; - how the intangible asset will generate probable future economic benefits; - the ability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset, and - the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated assets is the sum of expenditure incurred (including employee costs and an appropriate proportion of overheads) from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Capitalized intangible assets are amortized from the point at which the asset is ready for use. Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Costs associated with maintaining software programs are recognized as an expense as incurred. 3.9.4 – Derecognition of intangible assets |
Impairment of tangible and intangible assets excluding goodwill | Impairment of tangible and intangible assets excluding goodwill At each balance sheet date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit or the business, as the case may be. The recoverable amount of an asset is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of comprehensive income for the year. |
Contingent liabilities | Contingent liabilities The Company has existing or potential claims, lawsuits and other proceedings. Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation, and the advice of the Company’s legal advisors. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. The amount of the recognized receivable does not exceed the amount of the provision recorded. |
Financial assets | Financial assets On initial recognition, a financial asset is classified as measured at: (i) amortized cost (ii) fair value through other comprehensive income (FVOCI) or (iii) fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. 3.12.1 – Amortized cost and effective interest method A financial asset is measured at amortized cost if both of the following conditions are met, and if it is not designated as at FVPL: - It is held within a business model whose objective is to hold financial assets to collect contractual cash flow; - Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The effective interest method is a method of calculating the amortized cost of an instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the instrument, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. 3.12.2 – Financial assets measured at FVOCI A financial asset is measured at FVOCI if both of the following conditions are met, and if it is not designated as at FVPL: - It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets - Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The change in fair value of financial assets measured at FVOCI is accumulated in the investment revaluation reserve until they are derecognized. When a financial asset measured at FVOCI is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment. 3.12.3 – Financial assets measured at FVPL All financial assets not classified as measured at amortized cost or FVOCI as described above, are measured at FVPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘Other financial results, net’ line. 3.12.4 - Derivative financial instruments The Company enters into foreign exchange forward contracts and swaps. Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a negative fair value is recognized as a financial liability. Derivatives are not offset in the financial statements unless the Company has both a legally enforceable right and intention to offset. The impact of the futures and forward contracts on the Company’s financial position is disclosed in note 29. A derivative is presented as a non–current asset or a non–current liability if the remaining maturity of the instrument is more than 12 months and it is not due to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The Company designates certain derivatives as hedging instruments in respect of foreign currency risk in cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges. At the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: - there is an economic relationship between the hedged item and the hedging instrument; - the effect of credit risk does not dominate the value changes that result from that economic relationship; and - the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Company actually hedges and the quantity of the hedging instrument that the Company actually uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Company adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Company designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. Movements in the hedging reserve in equity are detailed in note 30.3. The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the ‘Other financial results, net’ line item. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. The Company discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognized in other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in cash flow hedge reserve is reclassified immediately to profit or loss. 3.12.5 - Investment in associates An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate. 3.12.6 – Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets, other than those at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Company always recognizes lifetime expected credit losses ("ECL") for trade receivables, using a simplified approach. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. For all other financial instruments, the Company recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. A significant increase in credit risk is presumed if a debtor is more than 30 days past due in making a contractual payment, unless the Company has reasonable and supportable information that demonstrates otherwise. Definition of default A default on a financial asset is when the counterparty fails to make contractual payments within 90 days of when they fall due, unless an entity has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired include observable data about the following events: a. significant financial difficulty of the issuer or the borrower; b. a breach of contract, such as a default or past due event; c. the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; d. it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; e. the disappearance of an active market for that financial asset because of financial difficulties; or f. the purchase or origination of a financial asset at a deep discount that reflects the incurred credit losses. It may not be possible to identify a single discrete event-instead, the combined effect of several events may have caused financial assets to become credit-impaired. Write-off policy Financial assets' carrying amounts are reduced through the use of an allowance account on a case-by-case basis. When a financial asset is considered uncollectable, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit and loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at default. The assessment of the probability of default and loss given default is based on historical data, adjusted by forward-looking information as described above. The exposure of default is represented by the asset's gross carrying amount at the reporting date. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Financial assets other than trade receivables, have been grouped at the lowest levels for which there are separately identifiable cash flows. No significant changes to estimation techniques or assumptions were made during the reporting period. 3.12.7 – Derecognition of financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received. As of December 31, 2022 the Company incurred in a collection in advance benefit that some clients offer with JP Morgan for a total amount of 2,594. As of December 31, 2023, the Company has no collections in advance benefits with JP Morgan. The Company considers that it has substantially transferred the risks and rewards intrinsic to these receivables to the bank and therefore they were derecognized. 3.12.8 – Convertible Notes The Company recognizes convertible notes measured at their fair value using the market approach which consist in using price and relevant information generated by market transactions involving identical or comparable assets, liabilities or group of assets and liabilities, such as a business. As of December 31, 2023 and 2022, the fair value of the loan agreement amounted to 3,359 and 2,491 disclosed as other financial assets current, respectively, and 5,751 and 4,193 disclosed as other financial assets non-current, respectively. 3.12.8.1 Convertible notes - Globant España As of December 31, 2023, Globant España S.A, maintains 15 note purchase agreements with Fivvy Inc, Inipop LLC, Linked Ai, Polemix Inc, MessageLOUD, Inc., LookApp S.A.S, UALI Holding Limited, B2CHAT S.A.S, Avancargo Corp, Poderio S.A.S, Vozy, Inc and Drixit Technologies Inc. (the "startups"), pursuant to which Globant España S.A. provided financing facility for a total amount of 8,200. Interest on the entire outstanding principal balance is computed at annual rates ranging from 2% to 8%. Globant España S.A. has the right to convert all or any portion of the outstanding principal into equity interests of the startups. 3.12.8.2 Convertible notes - Sistemas Globales As of December 31, 2023, Sistemas Globales S.A. maintains, since its merger with Globant Ventures SAS, 5 note purchase agreements with Interactive Mobile Media S.A. (CamonApp), AvanCargo Corp., TheEye S.A.S., Robin and Woolabs S.A. (the "startups"), pursuant to which Sistemas Globales S.A. provided financing facility for a total amount of 910. Interest on the entire outstanding principal balance is computed at annual rates ranging from 5% to 12%. Sistemas Globales S.A. has the right to convert all or any portion of the outstanding principal into equity interests of the startups. 3.12.9 – Equity Instruments The Company recognizes equity instruments measured at their fair value using the market approach which consist in using price and relevant information generated by market transactions involving identical or comparable assets, liabilities or group of assets and liabilities, such as a business. As of December 31, 2023 and 2022, the fair value of equity instruments amounted to 28,743 and 27,521 disclosed as other financial assets non-current, and 611 and 371 disclosed as other financial assets current. |
Financial liabilities and equity instruments | 3.13 – Financial liabilities and equity instruments issued by the Company 3.13.1 – Classification as debt or equity Debt and equity instruments issued by the Company and its subsidiaries are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. 3.13.2 – Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. 3.13.3 – Financial liabilities Financial liabilities, including trade payables, other liabilities and borrowings, are initially measured at fair value, net of transaction costs. Financial liabilities are subsequently measured at amortized cost using the effective interest method, with interest expense recognized on an effective yield basis. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Put option over non-controlling interest in subsidiary On July 8, 2021 the Company entered into a put and call option agreement with the non-controlling shareholders over the remaining twenty percent (20%) over Walmeric Soluciones, S.L., which can be exercised by the non-controlling shareholders from March 1, 2022 till March 1, 2024. The Company did not recognized the call option since it was immaterial. During 2022 the sellers of Walmeric exercised their put option for the 6% over the non-controlling interest for a total consideration of 5,166. On March 16, 2023, Software Product Creation, S.L. (the "Majority Shareholder") with Internet Business Intelligent Insite, S.L. and Next Generation Communication Services (jointly referred to as the "the Sellers"), entered into a new agreement pursuant to which the parties agree to transfer the remaining shares (the 14% of non-controlling interest) for a cash payment equal to the value of the Put Option of the year 2023 plus a contingent consideration to be determined based on the terms of the Put Option of the year 2024, which is subject to the achievement of financial targets for the year 2023. The result for the transaction amounted to 1,589 and is disclosed in Other income and expenses, net line item. On October 19, 2023, Globant España entered into a Put and Call option agreement (the "Option Agreement") with the equity holders of the remaining forty per cent (40%) of the issued and outstanding equity interest of GUT UK (the "Selling Shareholders" and the "Option Shares", respectively), with the purpose of setting out the terms and conditions whereby: (i) a put option over the Option Shares to be granted by Globant España in favor of the Selling Shareholders; and (ii) a call option over the Option Shares to be granted by the Selling Shareholders in favor of Globant España. The Selling Shareholders and Globant España shall be entitled to acquire 10% of the equity interest in GUT UK upon exercise of each of the yearly (call or put, as applicable) options, under the following conditions and within the following calendar: i. Subject to and based on the achievement of the 2023 financial targets, the 2023 put option or the 2023 call option may be exercised by the Selling Shareholders or Globant España, respectively, from March 1, 2024 to April 15, 2024 (the “2023 Yearly Option"); ii. Subject to and based on the achievement of the 2024 financial targets, the 2024 put option or the 2024 call option may be exercised by the Selling Shareholders or Globant España, respectively, from March 1, 2025 to April 15, 2025 (the “2024 Yearly Option”); iii. Subject to and based on the achievement of the 2025 financial targets, the 2025 put option or the 2025 call option may be exercised by the Selling Shareholders or Globant España, respectively, from March 1, 2026 to April 15, 2026 (the “2025 Yearly Option”); and iv. Subject to and based on the achievement of the 2026 Targets, the 2026 put option or the 2026 call option may be exercised by the Selling Shareholders or Globant España, respectively, from March 1, 2027 to April 15, 2027 (the “2026 Yearly Option”). The amount that may become payable under the option on exercise is initially recognized at the present value of the redemption amount within other financial liabilities with a corresponding charge directly to equity. The charge to equity is recognized separately as written put options over non-controlling interests. The liability is subsequently accreted through finance charges up to the redemption amount that is payable at the date at which the option first becomes exercisable. In the event that the option expires unexercised, the liability is derecognised with a corresponding adjustment to equity. As of December 31, 2023, the Company has recognized as current and non-current other financial liabilities the written put option for an amount 13,006 and 62,807, respectively, equal to the present value of the redemption amount. As of December 31, 2022, the Company has recognized as current and non-current other financial liabilities the written put option for an amount 3,871 and 5,515, respectively, equal to the present value of the redemption amount. Changes in the measurement of the gross obligation will be recognized in the statements of changes in equity. 3.13.4 – Derecognition of financial liabilities |
Cash and cash equivalents | Cash and cash equivalents For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand and in banks and short-term highly liquid investments (original maturity of less than 90 days). In the consolidated statements of financial position, bank overdrafts are included in borrowings within current liabilities. |
Reimbursable expenses | Reimbursable expenses |
Share-based and cash-settle compensation plan | Share-based and cash-settle compensation plan The Company has a share-based and cash-settle compensation plan for executives and employees of the Company and its subsidiaries. Equity-settled share-based and cash-settle payments to employees are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based and cash-settle transactions are set forth in note 25. The fair value determined at the grant date of the equity-settled share-based payments is recognized to spread the fair value of each award over the vesting period on a straight-line basis, based on the Company’s estimate of equity instruments that will potentially vest, with a corresponding increase in equity. Cash-settle are recorded as liabilities and adjusted to fair value at the end of each reporting period. |
Components of other comprehensive income | Components of other comprehensive income |
Gain on transactions with bonds | Gain on transactions with bonds During the year ended December 31, 2023, 2022 and 2021, the Company's Argentine subsidiaries, through cash received from intercompany loans and repayments of intercompany loans, acquired Argentine sovereign bonds in the U.S. market denominated in U.S. dollars. After acquiring these bonds, the Company's Argentine subsidiaries sold those bonds in the Argentine market. The fair value of these bonds in the Argentine market (in Argentine pesos) during the year ended December 31, 2023 and 2022 was higher than its quoted price in the U.S. market (in U.S dollars) converted at the official exchange rate prevailing in Argentina, which is the rate used to convert these transactions in foreign currency into the Company's Argentine subsidiaries' functional currency, thus, as a result, the Company recognized a gain when remeasuring the fair value of the bonds in Argentine pesos into U.S. dollars at the official exchange rate prevailing in Argentina. |
COMPANY OVERVIEW AND BASIS OF_2
COMPANY OVERVIEW AND BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Schedule of Company's Principal Operating Subsidiaries and Countries of Incorporation | The Company's principal operating subsidiaries and countries of incorporation as of December 31, 2023 were the following: Country Company Argentina Sistemas Globales S.A. Argentina IAFH Global S.A. Brazil Globant Brasil Consultoria LTDA Chile Sistemas Globales Chile Asesorías Limitada Colombia Sistemas Colombia S.A.S. India Globant India Private Limited Italy Sysdata SpA Mexico IAFH Globant IT Mexico S. de R.L. de C.V. Moldova Pentalog Chi SRL Peru Globant Peru S.A.C Romania Pentalog Romania SRL Spain Software Product Creation, S.L. Spain Sports Reinvention Entertainment Group S.L. United Kingdom Globant UK Limited United States of America Globant LLC United States of America Grupo Assa Corp United States of America Globant IT Services Uruguay Sistemas Globales Uruguay S.A. |
REVENUE (Tables)
REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables present the Company’s revenues disaggregated by type of contracts, by revenue source regarding the industry vertical of the client and by currency. The Company provides technology services to enterprises in a range of industry verticals such as banks, financial services and insurance, media and entertainment, professional services, consumer, retail and manufacturing, technology and telecommunications, travel and hospitality and health care. The Company understands that disaggregating revenues into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenues may be affected by economic factors. However, this information is not considered by the chief operating decision-maker to allocate resources and in assessing financial performance of the Company. As noted in the business segment reporting information in note 27, the Company operates in a single operating and reportable segment. For the year ended December 31, By Industry vertical 2023 2022 2021 Media and Entertainment 454,380 376,134 272,703 Banks, Financial Services and Insurance 385,207 359,940 308,227 Consumer, Retail & Manufacturing 351,880 254,500 197,620 Professional Services 261,233 235,553 167,997 Technology & Telecommunications 255,238 250,299 155,665 Travel & Hospitality 187,346 139,170 87,567 Health Care 167,705 128,669 96,334 Other Verticals 32,950 35,978 10,965 TOTAL 2,095,939 1,780,243 1,297,078 For the year ended December 31, By Currency (*) 2023 2022 2021 United States dollar (USD) 1,514,822 1,415,226 977,349 European euro (EUR) 251,865 116,469 111,177 Argentine peso (ARS) 74,311 57,329 47,039 Mexican peso (MXN) 73,749 57,526 40,064 Brazilian real (BRL) 58,822 30,886 23,850 Pound sterling (GBP) 35,094 31,445 20,565 Chilean peso (CLP) 33,034 42,568 57,610 Colombian peso (COP) 17,392 12,971 9,803 Peruvian Sol (PEN) 13,380 13,435 9,058 Australian Dollar (AUD) 8,873 1,593 — Saudi Riyal (SAR) 6,345 — — Canadian Dollar (CAD) 3,743 13 242 Indian Rupee (INR) 3,596 634 321 Others 913 148 — TOTAL 2,095,939 1,780,243 1,297,078 (*) Billing currency. For the year ended December 31, By Contract Type 2023 2022 2021 Time and material contracts 1,654,280 1,475,848 1,062,171 Fixed-price contracts 383,867 273,344 218,846 Licenses, resales and others 57,792 31,051 16,061 TOTAL 2,095,939 1,780,243 1,297,078 |
COST OF REVENUES AND SELLING,_2
COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of attribution of expenses by nature to their function [abstract] | |
Schedule of Cost of Revenues and Selling, General and Administrative Expenses | Cost of revenues For the year ended December 31, 2023 2022 2021 Salaries, employee benefits and social security taxes (1,158,669) (1,014,469) (745,307) Professional services (104,916) (37,293) (23,989) Depreciation and amortization expense (18,057) (13,510) (10,730) Share-based compensation expense - Equity settled (15,155) (4,917) (3,568) Travel and housing (11,669) (11,057) (4,950) Depreciation expense of right-of-use assets (10,540) (9,802) (3,392) Office expenses (7,348) (8,817) (6,607) Recruiting, training and other employee expenses (6,818) (3,150) (2,860) Promotional and marketing expenses (5,319) (4,111) (687) Share-based compensation expense - Cash settled (1,687) (3,722) — TOTAL (1,340,178) (1,110,848) (802,090) 6.2 - Selling, general and administrative expenses For the year ended December 31, 2023 2022 2021 Salaries, employee benefits and social security taxes (212,381) (173,472) (139,307) Depreciation and amortization expense (81,822) (59,179) (45,723) Share-based compensation expense - Equity settled (57,297) (52,144) (38,849) Professional services (49,921) (40,546) (30,947) Depreciation expense of right-of-use assets (29,442) (25,442) (20,441) Office expenses (26,669) (24,992) (18,298) Promotional and marketing expenses (26,323) (26,976) (10,299) Taxes (20,023) (17,609) (13,260) Travel and housing (17,818) (17,159) (5,414) Rental expenses (9,149) (7,448) (6,045) Recruiting, training and other employee expenses (5,714) (10,346) (11,575) Share-based compensation expense - Cash settled (634) (770) — Legal claims 118 (241) (2,846) TOTAL (537,075) (456,324) (343,004) |
FINANCE INCOME _ EXPENSE_ OTHER
FINANCE INCOME / EXPENSE/ OTHER FINANCIAL RESULTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Finance Income and Cost | For the year ended December 31, 2023 2022 2021 Finance income Interest gain 4,777 2,832 652 TOTAL 4,777 2,832 652 Finance expense Other interest (9,647) (4,722) (4,150) Interest expense on lease liabilities (6,319) (6,822) (5,415) Interest expense on borrowings (4,106) (2,491) (915) Banking expenses (3,423) (2,290) (2,085) Other (258) (227) (143) TOTAL (23,753) (16,552) (12,708) Other financial results, net Net gain (loss) arising from financial assets measured at fair value through PL 23,564 (7,537) (8,537) Gain on transaction with bonds 9,157 13,883 708 Net gain arising from financial assets measured at fair value through OCI 630 500 6 Foreign exchange (loss) gain, net (22,009) (6,673) 3,900 TOTAL 11,342 173 (3,923) |
OTHER INCOME AND EXPENSES, NET
OTHER INCOME AND EXPENSES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of Other Income and Expense, Net | For the year ended December 31, 2023 2022 2021 Other Expense Fixed and intangibles assets derecognition and disposals (1,134) (1,632) (579) Remeasurement of call/put option over non-controlling interest (39) — — Remeasurement of contingent consideration (note 29.9.1) — — (4,694) Impairment of cryptocurrencies (note 16) — (1,017) (80) Other (1,650) (293) (182) Subtotal (2,823) (2,942) (5,535) Other Income Remeasurement of contingent consideration (note 29.9.1) 4,227 967 — Insurance recovery (*) 2,239 — — Reversal Impairment of cryptocurrencies (note 16) 822 — — Other Remeasurements 254 — — Remeasurement of call/put option over non-controlling interest — 180 — Remeasurement at FV of investment in associates (note 12.2) — — 1,538 Other 1,883 1,400 628 Subtotal 9,425 2,547 2,166 TOTAL 6,602 (395) (3,369) (*) During the last quarter of the year the Company collected 2,239 from the insurance related to the Cybersecurity Event of 2022. See note 32.1 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes [Abstract] | |
Schedule of Components of Tax Expense | For the year ended December 31, 2023 2022 2021 Tax expense: Current tax expense (72,549) (44,756) (53,319) Deferred tax gain 33,038 1,351 24,822 TOTAL INCOME TAX EXPENSE (39,511) (43,405) (28,497) |
Schedule of Reconciliation of the Statutory Tax Rate to the Effective Tax Rate | The following table provides a reconciliation of the statutory tax rate to the effective tax rate: For the year ended December 31, 2023 2022 2021 Profit before income tax 198,019 192,884 124,852 Tax calculated at the tax rate in each country (40,240) (33,108) (27,757) Argentine Knowledge Economy Law (note 3.7.1.1) 2,297 1,358 1,157 Non-deductible expenses / non-taxable gains (1,695) 61 2,122 Tax loss carry forward not recognized (207) (3,096) (2,873) Recognition of previously unrecognized tax losses 4,993 — — Foreign withholding tax (5,107) (2,683) — Exchange difference 1,130 (5,937) (1,146) Other (682) — — INCOME TAX EXPENSE RECOGNIZED IN PROFIT AND LOSS (39,511) (43,405) (28,497) |
Schedule of Deferred Tax Assets (Liabilities) | As of December 31, 2023 2022 Provision for vacation and bonus 36,134 27,747 Intercompany trade payables 15,841 17,323 Share-based compensation plan 14,827 13,048 Loss carryforward (1) 9,933 9,304 Allowance for doubtful accounts 4,656 1,937 Inflation adjustment 416 721 Contingencies — 242 Other Assets (191) (2,989) Goodwill (8,894) (6,100) Property, equipment, intangibles and leases (29,109) (32,690) Others 7,458 2,148 TOTAL DEFERRED TAX 51,071 30,691 (1) As of December 31, 2023 and 2022, the detail of the loss carryforward is as follows: 2023 2022 Company Loss carryforward Expiration date Loss carryforward Expiration date Dynaflows S.A. 149 2027 — 2027 IAFH Global S.A — 2024 74 2024 IAFH Global S.A — 2025 528 2025 IAFH Global S.A — 2027 3,192 2027 Decision Support, S.A — 2026 549 2026 Decision Support, S.A — 2027 173 2027 BSF S.A. 309 2027 — 2027 Atix Labs, SRL 13 2026 57 2026 Atix Labs, SRL 19 2027 192 2027 Atix Labs, SRL 83 2028 — 2028 Gut Agency SRL 1,371 2028 — 2028 IBS Integrated Business Solutions Consultoria 1,607 does not expire — does not expire Grupo Assa Corp 41 does not expire — does not expire Augmented Coding US, LLC 557 does not expire 106 does not expire Augmented Coding Spain, S.A 910 does not expire 379 does not expire La Liga Content Protection S.L 367 does not expire — does not expire Globant Portugal Unipessoal Lda 50 does not expire — does not expire Globant Colombia S.A.S. — does not expire 385 does not expire Globant S.A. 1,099 2038 — 2038 Globant España S.A. 328 does not expire — does not expire Sports Reinvention Entertainment Group S.L 1,890 does not expire 3,669 does not expire Gut Agency LLC 1,140 does not expire — does not expire 9,933 9,304 The Company has an amount of tax losses carried forward of 2,320 which has not been recognized as a Deferred Tax Asset because the relevant recognition criteria has not been met. The roll forward of the deferred tax assets/(liabilities) presented in the consolidated financial position is as follows: 2023 Opening Recognized in Recognized Acquisitions/ Additions from Closing balance profit or loss (*) directly in equity disposals acquisitions balance Deferred tax assets/(liabilities) in relation to: Share-based compensation plan 13,048 9 1,770 — — 14,827 Provision for vacation and bonus 27,747 7,105 1,144 — 138 36,134 Intercompany trade payables 17,323 (1,482) — — — 15,841 Property, equipment, intangibles and leases (32,690) 8,957 — — (5,376) (29,109) Goodwill (6,100) (2,794) — — — (8,894) Allowance for doubtful accounts 1,937 2,719 — — — 4,656 Contingencies 242 (242) — — — — Inflation adjustments 721 (305) — — — 416 Other assets (2,989) 2,798 — — — (191) Others 2,148 5,508 — — (198) 7,458 Subtotal 21,387 22,273 2,914 — (5,436) 41,138 Loss carryforward 9,304 330 946 (3,142) 2,495 9,933 TOTAL 30,691 22,603 3,860 (3,142) (2,941) 51,071 (*) Includes foreign exchange loss o f 10,435 . 2022 Opening Recognized in Recognized Acquisitions/ Additions from Closing balance profit or loss (*) directly in equity disposals acquisitions balance Deferred tax assets/(liabilities) in relation to: Share-based compensation plan 30,788 20 (17,760) — — 13,048 Provision for vacation and bonus 24,621 3,205 (79) — — 27,747 Intercompany trade payables 18,613 (1,290) — — — 17,323 Property, equipment, intangibles and leases (20,512) (3,170) — — (9,008) (32,690) Goodwill (3,681) (2,419) — — — (6,100) Allowance for doubtful accounts 1,604 333 — — — 1,937 Contingencies 356 (114) — — — 242 Inflation adjustments 2,357 (1,636) — — — 721 Other assets (1,404) (1,585) — — — (2,989) Others 1,506 1,277 — — (635) 2,148 Subtotal 54,248 (5,379) (17,839) — (9,643) 21,387 Loss carryforward 2,867 3,747 — (979) 3,669 9,304 TOTAL 57,115 (1,632) (17,839) (979) (5,974) 30,691 (*) Includes foreign exchange loss of 2,983 . |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of Earnings and Weighted Average Number of Shares Used in the Calculation of Basic and Diluted Earnings per Share | The earnings and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows: For the year ended December 31, 2023 2022 2021 Net income for the year attributable to owners of the Company 158,538 148,891 96,065 Weighted average number of shares (in thousands) for the purpose of basic earnings per share 42,601 41,929 40,940 Weighted average number of shares (in thousands) for the purpose of diluted earnings per share 43,594 42,855 42,076 BASIC EARNINGS PER SHARE $3.72 $3.55 $2.35 DILUTED EARNINGS PER SHARE $3.64 $3.47 $2.28 |
Schedule of Potentially Anti-dilutive Ordinary Shares Excluded from the Weight Average Number of Ordinary Shares for Diluted Earnings per Share | The following potential ordinary shares are anti-dilutive and are therefore excluded from the weight average number of ordinary shares for the purpose of diluted earnings per share: For the year ended December 31, 2023 2022 2021 Shares not-deemed to be issued in respect of employee options 67 25 30 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | As of December 31, 2023 2022 Cash and bank balances 298,583 228,632 Time deposits 8,640 63,825 TOTAL 307,223 292,457 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Current and Noncurrent Investments | As of December 31, 2023 2022 Current Mutual funds (1) 13,570 47,009 Commercial Papers (2) 2,500 — Bills issued by the Treasury Department of the U.S. ("T-Bills") (2) — 1,399 TOTAL 16,070 48,408 (1) Measured at fair value through profit or loss. (2) Measured at fair value through other comprehensive income. As of December 31, 2023 2022 Non current Contribution to funds (3) 1,833 1,513 TOTAL 1,833 1,513 (3) On November 30, 2020, the Company signed a contribution agreement with Vistra ITCL and Pentathlon Ventures LLP, through which the Company committed to invest an aggregate amount approximately 2,000, as of December 31, 2023 and 2022, the Company has paid 1,833 and 1,513, respectively. |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Receivables | As of December 31, 2023 2022 Current Accounts receivable (1) 408,166 361,883 Unbilled revenue 111,785 70,141 Subtotal 519,951 432,024 Less: Allowance for expected credit losses (20,668) (7,214) TOTAL 499,283 424,810 (1) As of December 31, 2023 and 2022, the Company has 266 and 14 as outstanding balances with related parties (see note 24.1). |
Schedule of Age Analysis of Financial Assets that Past Due But Not Impaired | The following tables detail the risk profile of trade receivables based on the Company's provision matrix as of December 31, 2023 and 2022. December 31, 2023 Trade receivables - days past due < 30 31 - 60 61 - 90 91-120 121-180 181 - 365 > 365 Risk clients Total Expected credit loss rate 0.82% 2.08% 4.81% 9.02% 26.60% 84.13% 100.00% 100.00% Estimated total gross carrying amount at default 104,024 21,442 7,775 4,856 5,090 5,083 8,283 4,644 161,197 Lifetime ECL 853 446 374 438 1,354 4,276 8,283 4,644 20,668 December 31, 2022 Trade receivables - days past due < 30 31 - 60 61 - 90 91-120 121-180 181 - 365 > 365 Risk clients Total Expected credit loss rate 0.49% 1.47% 3.31% 8.90% 31.18% 82.05% 100.00% 100.00% Estimated total gross carrying amount at default 65,306 18,367 9,335 4,326 5,301 1,359 859 2,303 107,156 Lifetime ECL 320 270 309 385 1,653 1,115 859 2,303 7,214 |
Schedule of Movement in Allowance for Expected Credit Losses | The following table shows the movement in ECL that has been recognized for trade receivables in accordance with the simplified approach: As of December 31, 2023 2022 2021 Balance at beginning of year (7,214) (6,177) (5,755) Additions related to Travel and Hospitality clients — — (2,228) Additions, net (note 4.2) (18,808) (6,364) (5,323) Write-off of receivables 5,354 5,327 7,129 Balance at end of year (20,668) (7,214) (6,177) |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current and Non-Current Receivables | As of December 31, 2023 2022 Current Prepaid expenses 26,934 18,543 Tax credit - Knowledge Law (note 3.7.1.1) 7,354 22,564 Income tax credits 6,956 16,985 Tax credit - VAT 2,124 2,270 Advances to suppliers 2,094 3,082 Other tax credits 1,815 2,159 Guarantee deposits 61 61 Other 7,448 4,548 TOTAL 54,786 70,212 As of December 31, 2023 2022 Non-current Income tax credits 13,210 6,006 Guarantee deposits 7,558 5,942 Prepaid expenses 1,982 816 Tax credit - VAT 1,012 1,622 Other tax credits 306 5,184 Other 2,407 1,571 TOTAL 26,475 21,141 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | Property and equipment as of December 31, 2023 included the following: Computer equipment and software Furniture and office supplies Office fixtures Vehicles Buildings Lands Properties under construction Total Useful life (years) 3 5 3 - 5 5 50 Cost Values at beginning of year 92,837 16,479 78,210 276 31,505 2,354 59,174 280,835 Additions related to business combinations (note 26.2) 2,213 287 83 350 280 — 169 3,382 Additions 11,415 1,142 582 33 — — 17,454 30,626 Derecognition (3,083) (104) (63) (238) — — — (3,488) Transfers 26 610 25,975 — 42,649 — (69,260) — Translation 83 69 318 8 26 — 2 506 Values at end of year 103,491 18,483 105,105 429 74,460 2,354 7,539 311,861 Depreciation Accumulated at beginning of year 55,361 10,983 50,816 113 1,829 — — 119,102 Additions 18,372 2,419 10,857 148 964 — — 32,760 Derecognition (2,619) (56) (63) (176) — — — (2,914) Translation (39) 38 154 6 18 — — 177 Accumulated at end of year 71,075 13,384 61,764 91 2,811 — — 149,125 Carrying amount 32,416 5,099 43,341 338 71,649 2,354 7,539 162,736 Property and equipment as of December 31, 2022 included the following: Computer equipment and software Furniture and office supplies Office fixtures Vehicles Buildings Lands Properties under construction Total Useful life (years) 3 5 3 - 5 5 50 Cost Values at beginning of year 66,602 14,207 68,302 240 13,971 2,354 62,614 228,290 Additions related to business combinations (note 26.2) 650 147 398 128 — — — 1,323 Additions 26,542 2,599 1,269 — — — 22,749 53,159 Disposals (776) (458) (296) — — — — (1,530) Transfers 1 (9) 8,667 — 17,534 — (26,193) — Translation (182) (7) (130) (92) — — 4 (407) Values at end of year 92,837 16,479 78,210 276 31,505 2,354 59,174 280,835 Depreciation Accumulated at beginning of year 42,024 8,475 42,915 11 1,492 — — 94,917 Additions 13,899 2,896 8,110 82 337 — — 25,324 Disposals (746) (397) (286) — — — — (1,429) Translation 184 9 77 20 — — — 290 Accumulated at end of year 55,361 10,983 50,816 113 1,829 — — 119,102 Carrying amount 37,476 5,496 27,394 163 29,676 2,354 59,174 161,733 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of Intangible Assets | Intangible assets as of December 31, 2023 included the following: Licenses and internal developments Customer relationships and contracts Platforms Non-compete agreements Cryptocurrencies(*) Total Useful life (years) 3 - 5 1 - 9 4 - 8 3 Cost Values at beginning of year 145,301 127,583 33,370 2,414 2,047 310,715 Additions related to business combinations (note 26.2) 38 36,028 — 734 — 36,800 Additions from separate acquisitions 14,639 — — — 149 14,788 Additions from internal development 65,050 — — — — 65,050 Derecognition (3,255) — — — (288) (3,543) Translation 516 3,446 (273) 36 — 3,725 Values at end of year 222,289 167,057 33,097 3,184 1,908 427,535 Amortization and impairment Accumulated at beginning of year 85,278 39,992 419 1,357 1,097 128,143 Additions 41,218 18,360 7,044 497 — 67,119 (Reversal) Impairment loss recognized in profit or loss — — — — (822) (822) Derecognition (2,983) — — — — (2,983) Translation 60 620 (131) (11) — 538 Accumulated at end of year 123,573 58,972 7,332 1,843 275 191,995 Carrying amount 98,716 108,085 25,765 1,341 1,633 235,540 (*) As of December 31, 2023, the Company´s crypto assets are comprised by Bitcoin, Ethereum and Stable Coin. Intangible assets as of December 31, 2022 included the following: Licenses and internal developments Customer relationships and contracts Platforms Non-compete agreements Cryptocurrencies (*) Total Useful life (years) 3 - 5 1 - 9 4 - 8 3 Cost Values at beginning of year 99,036 85,807 — 1,990 1,216 188,049 Additions related to business combinations (note 26.2) 6,730 42,762 33,370 353 — 83,215 Additions from separate acquisitions 8,844 — — 131 843 9,818 Additions from internal development 36,871 — — — — 36,871 Derecognition (6,170) — — — (12) (6,182) Translation (10) (986) — (60) — (1,056) Values at end of year 145,301 127,583 33,370 2,414 2,047 310,715 Amortization and impairment Accumulated at beginning of year 56,460 28,552 — 941 80 86,033 Additions 33,521 12,945 419 480 — 47,365 Impairment loss recognized in profit or loss — — — — 1,017 1,017 Disposals (4,651) — — — — (4,651) Translation (52) (1,505) — (64) — (1,621) Accumulated at end of year 85,278 39,992 419 1,357 1,097 128,143 Carrying amount 60,023 87,591 32,951 1,057 950 182,572 (*) As of December 31, 2022, the Company´s crypto assets are comprised by Bitcoin, Ethereum and Stable Coin. |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Assets | The outstanding balance of other assets as of December 31, 2023 and 2022 is as follows: As of December 31, 2023 2022 Current Unbilled Subscriptions 22,685 15,197 Other resales contracts 9,068 — TOTAL 31,753 15,197 Non-current Unbilled Subscriptions 4,088 10,657 TOTAL 4,088 10,657 |
OTHER FINANCIAL ASSETS AND LI_2
OTHER FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Financial Assets And Liabilities | As of December 31, 2023 2022 Other financial assets Current Foreign exchange forward contracts 10,408 3,509 Convertible notes 3,359 2,491 Interest rate SWAP 852 155 Equity instruments 611 371 Equity forward contract 188 — Others — 3 TOTAL 15,418 6,529 Non-current Equity instruments 28,743 27,521 Convertible notes 5,751 4,193 Equity forward contract 370 — Interest rate SWAP — 3,261 Others — 3 TOTAL 34,864 34,978 Other financial liabilities Current Other financial liabilities related to business combinations (note 26) (1) 67,766 50,889 Put option on minority interest of GUT 13,006 — Equity forward contract 393 981 Foreign exchange forward contracts 311 3,575 Put option on minority interest of Walmeric — 3,871 Others 28 — TOTAL 81,504 59,316 Non-current Other financial liabilities related to business combinations (note 26) 99,737 69,635 Put option on minority interest of GUT 62,807 — Equity forward contract 774 2,905 Put option on minority interest of Walmeric — 5,515 TOTAL 163,318 78,055 (1) |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Payables | As of December 31, 2023 2022 Current Expenses accrual 68,015 50,114 Suppliers (1) 48,481 35,754 Advanced payments from customers 8,049 3,529 TOTAL 124,545 89,397 (1) As of December 31, 2023 and 2022, the Company has 177 and 574 as outstanding balances with related parties (see note 24.1). As of December 31, 2023 2022 Non current Expenses accrual 2,981 5,445 TOTAL 2,981 5,445 |
PAYROLL AND SOCIAL SECURITY T_2
PAYROLL AND SOCIAL SECURITY TAXES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Payroll and Social Security Taxes Payable | As of December 31, 2023 2022 Current Provision for vacation, bonus and others 170,010 148,874 Social security tax 41,763 37,716 Salaries 7,774 15,592 Cash-settled scheme 1,709 1,343 Directors fees 120 187 Other 467 107 TOTAL 221,843 203,819 As of December 31, 2023 2022 Non current Provision for vacation, bonus and others 3,192 2,776 Cash-settled scheme 1,947 1,540 TOTAL 5,139 4,316 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Borrowings | The principal balances of outstanding borrowings under lines of credit with banks and financial institutions were as follows: As of December 31, 2023 2022 HSBC Bank - Syndicated loan (United States) 155,980 — BPIfrance Financement (France) 3,079 — Liga Nacional de Fútbol Profesional (Spain) — 1,938 Centro para el Desarrollo Tecnológico Industrial (Spain) — 894 BBVA (Mexico) — 760 Banco Desio (Italia) — 15 Others 48 92 TOTAL 159,107 3,699 Such balances were included as current and non-current borrowings in the consolidated statement of financial position as follows: As of December 31, 2023 2022 Current Bank loans 156,914 812 Other loans 2 2,026 Sub-Total 156,916 2,838 Non-current Bank loans 2,191 55 Other loans — 806 Sub-Total 2,191 861 TOTAL 159,107 3,699 Movements in borrowings are analyzed as follows: As of December 31, 2023 2022 2021 Balance at the beginning of year 3,699 12,240 25,968 Borrowings related to business combination (note 26.2) (1) (4) 30,695 3,010 2,538 Proceeds from new borrowings (2) (5) 395,621 — 13,500 Payment of borrowings (3) (5) (275,889) (10,760) (30,216) Accrued interest (4) 4,106 2,491 915 Foreign exchange (4) — (3,127) (375) Translation (4) 875 (155) (90) TOTAL 159,107 3,699 12,240 (1) Relates to a line of credit granted by J.P.Morgan Chase & Co in USD to Experience IT and lines of credit granted by BPIfrance Financement and BNP Paribas in EUR to Pentalog with maturities between December 2026 and May 2028; and a loan granted by Python Midco S.a.r.l on December 10, 2020. As of December 31, 2023, these borrowings do not have any covenants. (2) During the year ended December 31, 2023, Globant LLC borrowed 395,000, under the Amended and Restated Credit Agreement with HSBC Bank USA, this loan will mature on May 30, 2028; according to the conditions agreed in the Fourth Amended and Restated Credit Credit Agreement on May 31, 2023. (3) During the year ended December 31, 2023, the main payments were 243,344 by Globant LLC related to the principal amount and interests of the Amended and Restated Credit Agreement with HSBC Bank USA, 18,359 by Globant España related to the principal and interests of the loan owed by Python Bidco to Python Midco S.a.r.l, 6,225 by Pentalog related to the remaining principal amount and interest of BNP Paribas, 2,588 by Experience IT related to the remaining principal amount and interest of J.P.Morgan Chase & Co and 1,969 by Sports Reinvention Entertainment Group S.L to Liga Nacional de Fútbol Profesional related to the principal amount and interests. During the year ended December 31, 2022 , the main payments were 9,030 by Sistemas Globales, S.A to Banco Santander related to the principal amount and interests, and Hybrido Worldwide S.L. paid 808 related to the remaining principal amount and interests of the Banco Santander loan between January 3rd and May 23. (4) Non-cash transactions. (5) |
TAX LIABILITIES (Tables)
TAX LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Tax Liabilities | As of December 31, 2023 2022 Current VAT payable 22,262 16,213 Supplier withholding income taxes 5,461 951 Sales taxes payable 1,645 560 Personal properties tax accrual 1,308 1,177 Wage withholding taxes 213 2,504 Taxes payable related to Argentine Knowledge Economic Law 163 730 Other 2,177 1,319 TOTAL 33,229 23,454 |
CONTINGENT LIABILITIES (Tables)
CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract] | |
Schedule of Reserves for Lawsuits, Claims and Other Disputed Matters | Breakdown of reserves for lawsuits claims and other disputed matters include the following: As of December 31, 2023 2022 Reserve for labor claims 114 185 Reserve for regulatory claims 16,334 13,430 TOTAL 16,448 13,615 |
Schedule of Reserves Roll Forward | Roll forward is as follows: As of December 31, Reserve for labor claims 2023 2022 2021 Balance at beginning of year 185 5 53 Additions 293 370 8 Recovery (94) (1) (10) Utilization of provision for contingencies (216) (89) (38) Foreign exchange (54) (100) (8) Balance at end of year 114 185 5 As of December 31, Reserve for regulatory claims 2023 2022 2021 Balance at beginning of year 13,430 9,632 10,130 Additions (1) 923 4,260 863 Additions related to business combinations 4,159 569 — Recovery (1,987) (270) (258) Utilization of provision for contingencies (2) (1,028) (961) (509) Foreign exchange 837 200 (594) Balance at end of year 16,334 13,430 9,632 As of December 31, Reserve for commercial claims 2023 2022 2021 Balance at beginning of year — — 2,400 Additions (3) — 700 5,166 Utilization of provision for contingencies (4) — (700) (7,566) Balance at end of year — — — (1) Between 2010 and 2014, certain of Grupo Assa’s Brazilian subsidiaries were subject to two examinations by the Ministry of Labor (“MTE”) and the Brazilian Internal Revenue Service (“RFB”) in relation to the potential hiring of employees as independent contractors. As a result of such examinations, Grupo Assa’s Brazilian subsidiaries are subject to different administrative and judicial proceedings, seeking to collect payment of taxes and social security contributions allegedly owed by the companies, and impose certain associated fines. As of December 31, 2023, some of these administrative proceedings are still ongoing while others have resulted in judicial proceedings. The recognized liability as of December 31, 2023 and 2022 was 11,477 and 10,858, respectively. Under the Equity Purchase Agreement entered into for the acquisition of Grupo ASSA Worldwide S.A. and its affiliates (collectively “Grupo Assa”), certain of the above-mentioned proceedings are subject to indemnification provisions from the sellers for the total amount of 6,690 and 6,071 as of December 31, 2023 and 2022, respectively, accounted for in Other Financial Liabilities line, net. The effect of the increase of this regulatory claim was fully offset with the indemnification provision . (2) In 2018, certain of our non-U.S. subsidiaries had been under examination by the U.S. Internal Revenue Service ("IRS") regarding payroll and employment taxes primarily in connection with services performed by employees of certain of our subsidiaries in the United States between 2013 and 2015. During the fourth quarter of 2021, the IRS and our subsidiaries reached a preliminary agreement on the proposed assessments which would amount to 1,300 including applicable interests and penalties. The Company paid 961 related to the principal amount on March 16, 2022, and is waiting for final confirmation on the amounts of the applicable interests and penalties to settle this matter definitely. (3) On August 8, 2019, Certified Collectibles Group, LLC (“CCG”) and its affiliates filed a complaint in the U.S. District Court for the Middle District of Florida, Tampa Division, (Civil Action No. 19-CV-1962) against Globant S.A. and Globant, LLC, arising from a dispute relating to a service contract. After several discussions, on July 30, 2021, the parties filed a notice of settlement with the court. The claim was settled in 7,250 (of which 2,700 were covered by insurance reimbursement). (4) On September 15, 2021, the Company made the first of two installment payments related to the settlement with Certified Collectibles Group, LLC. On November 30, 2021 the second installment was paid leaving the liability fully settled. |
RELATED PARTIES BALANCES AND _2
RELATED PARTIES BALANCES AND TRANSCATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related party transactions [abstract] | |
Schedule of Transactions Between Related Parties | The Company provides software and consultancy services to certain related parties. Outstanding receivable balances as of December 31, 2023 and 2022 are as follows: As of December 31, Trade receivables 2023 2022 Enigma.art LLC 266 14 TOTAL 266 14 As of December 31, Trade payables 2023 2022 Falcon Uru LLC (177) (574) TOTAL (177) (574) During the year ended December 31, 2023, 2022 and 2021, the Company recognized the Company recognized the following transactions: For the year ended December 31, 2023 2022 2021 Revenue Enigma.art LLC 429 915 — Studio Eter LLC — 190 — TOTAL 429 1,105 — For the year ended December 31, 2023 2022 2021 Costs of revenues and Selling, general and administrative expenses Falcon Uru LLC (994) (780) — Enigma.art LLC — (75) — TOTAL (994) (855) — — The remuneration of members of key management personnel during each of the three years are as follows: For the year ended December 31, 2023 2022 2021 Salaries and bonuses 6,972 6,768 6,709 TOTAL 6,972 6,768 6,709 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Shares Outstanding | The following shows the evolution of the share options for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of options Weighted average exercise price Number of options Weighted average exercise price Balance at the beginning of year 546,827 30.91 643,957 31.79 Forfeited during the year (500) 32.36 (2,750) 22.20 Exercised during the year (145,630) 28.18 (94,380) 37.17 Balance at end of year 400,697 31.36 546,827 30.91 The following shows the evolution of the RSUs for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of RSU Weighted average grant price Number of RSU Weighted average grant price Balance at the beginning of year 1,089,727 166.04 579,492 164.73 RSU granted during the year 378,323 169.61 801,041 159.12 Forfeited during the year (45,935) 201.71 (24,506) 178.34 Issued during the year (257,079) 167.22 (266,300) 122.29 Balance at end of year 1,165,036 165.42 1,089,727 166.04 The following shows the evolution of the SEUs for the years ended at December 31, 2023 and 2022: As of December 31, 2023 As of December 31, 2022 Number of SEU Weighted Average Fair Value Number of SEU Weighted Average Fair Value Balance at the beginning of year 57,779 168.16 — — SEU granted during the year — — 61,072 168.16 Forfeited during the year (19,796) 190.43 (3,293) 168.16 Issued during the period (9,924) 190.43 — — Balance at end of year 28,059 237.98 57,779 168.16 The following tables summarizes the SEU at the end of the year: Grant date Grant price ($) Number of Restricted Phantom Stock Units Fair value at grant date ($) Expense as of December 31, 2023 ($) (*) 2022 268.05 15,367 4,139 1,038 2022 210.07 1,362 288 94 2022 181.2 8,577 1,557 779 2022 169.78 2,753 466 411 TOTAL 28,059 6,450 2,322 ( *) Includes social security taxes. 25.2 - Share options exercised, RSU and SEU vested during the year: As of December 31, 2023 As of December 31, 2022 Number of options exercised Exercise price Number of options exercised Exercise Granted in 2018 2,500 55.07 2,500 55.07 Granted in 2019 2,000 52.10 — 52.10 Granted in 2018 10,000 46.00 20,750 46.00 Granted in 2018 5,000 44.97 — 44.97 Granted in 2016 — 39.37 27,000 39.37 Granted in 2017 7,500 36.30 — 36.30 Granted in 2016 45,510 32.36 33,920 32.36 Granted in 2015 256 29.34 — 29.34 Granted in 2016 834 29.01 — 29.01 Granted in 2015 48,713 28.31 8,385 28.31 Granted in 2014 23,317 10.00 1,825 10.00 Balance at end of the year 145,630 94,380 The following tables summarizes the RSU vested during the years 2023 and 2022: December 31, 2023 December 31, 2022 Number of RSUs vested Grant price Number of RSUs vested Grant price Granted in 2021 — 328.96 468 328.96 Granted in 2021 16,300 298.47 16,375 298.47 Granted in 2021 1,500 297.49 1,500 297.49 Granted in 2021 155 288.64 323 288.64 Granted in 2022 — 268.31 189 268.31 Granted in 2021 10,771 267.19 12,608 267.19 Granted in 2022 1,883 265.96 — 265.96 Granted in 2021 3,750 232.11 5,315 232.11 Granted in 2022 4,487 226.30 1,662 226.30 Granted in 2022 197 225.30 196 225.30 Granted in 2022 19,993 219.34 2,585 219.34 Granted in 2022 12 218.57 20 218.57 Granted in 2021 — 213.57 2,607 213.57 Granted in 2022 12,754 210.07 — 210.07 Granted in 2022 2,438 204.08 — 204.08 Granted in 2021 4,979 200.61 — 200.61 Granted in 2022 780 192.94 — 192.94 Granted in 2020 15,917 189.53 15,998 189.53 Granted in 2022 804 186.83 — 186.83 Granted in 2020 250 184.72 250 184.72 Granted in 2022 139 184.01 — 184.01 Granted in 2021 — 184.00 1,077 184.00 Granted in 2020 6,385 180.60 15,504 180.60 Granted in 2022 1,313 173.67 — 173.67 Granted in 2023 3,731 173.26 — 173.26 Granted in 2023 441 171.78 — 171.78 Granted in 2022 1,416 169.78 — 169.78 Granted in 2022 813 167.46 655 167.46 Granted in 2023 120 165.90 — 165.90 Granted in 2023 130 160.71 — 160.71 Granted in 2023 41,180 157.40 — 157.40 Granted in 2023 3,152 148.97 — 148.97 Granted in 2023 484 146.28 — 146.28 Granted in 2023 26 137.78 — 137.78 Granted in 2020 3,125 137.57 3,125 137.57 Granted in 2020 38,555 130.99 38,809 130.99 Granted in 2019 500 103.75 750 103.75 Granted in 2019 1,000 94.93 1,000 94.93 Granted in 2019 56,999 87.44 61,992 87.44 Granted in 2018 — 55.07 1,000 55.07 Granted in 2018 — 52.74 1,000 52.74 Granted in 2019 600 52.10 600 52.10 Granted in 2018 — 50.92 2,500 50.92 Granted in 2018 — 46.00 78,192 46.00 Balance at end of the year 257,079 266,300 The following tables summarizes the SEU vested during the years 2023 and 2022: As of December 31, 2023 Number of SEU's vested Exercise price Granted in 2022 (*) 9,005 186.75 Granted in 2022 (*) 919 226.50 Balance at end of the year 9,924 ( *) In 2022 no SEU's were vested. |
Schedule of Shares Granted | The following tables summarizes the RSU at the end of the year: Grant date Grant price ($) Number of Restricted Stock Units Fair value at grant date ($) Expense as of December 31, 2023 ($) (*) 2019 from 52.10 to 103.75 1,750 — 533 2020 from 130.99 to 189.53 53,040 7,863 4,630 2021 from 200.61 to 298.47 70,580 20,150 8,886 2022 from 138.00 to 265.96 713,149 107,517 23,070 2023 from 137.78 to 233.10 317,853 54,174 13,903 Subtotal 1,156,372 189,704 51,022 Non employees RSU 2020 from 130.99 to 189.53 775 123 63 2021 232.11 1,500 348 124 2022 from 186.83 to 265.96 1,350 296 370 2023 from 166.37 to 235.62 5,039 1,025 302 Subtotal 8,664 1,792 859 TOTAL 1,165,036 191,496 51,881 The following tables summarizes the share options at the end of the year: Grant date Exercise price ($) Number of stock options Number of stock options vested as of December 31, 2023 Fair value at grant date ($) Fair value vested ($) Expense as of December 31, 2023 ($) (*) 2014 10.00 43,921 43,921 149 149 156 2015 from 28.31 to 34.20 77,653 77,653 540 540 276 2016 from 29.01 to 32.36 201,623 201,623 1,543 1,543 708 2017 36.30 — — — — — 2018 from 44.97 to 55.07 77,500 77,500 1,570 1,570 276 2019 52.10 — — — — — TOTAL 400,697 400,697 3,802 3,802 1,416 ( *) |
Schedule of Fair Value of Shares Exercised | The Company estimated the following assumptions for the calculation of the fair value of the share options: Assumptions Granted in Stock price 52.10 Expected option life 6 years Volatility 40% Risk-free interest rate 3.10% The American Binomial model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term and risk-free interest rate. Assumptions Granted in 2022 for 2014 Plan Original Assumptions Modifications to Original Assumptions Non US Employees US Employees Stock price 206.23 133.3 128.8 Expected life 7 years 8 years 7 years Volatility 42.78% — — Risk-free interest rate 2.63% — — The share based payment was modified as detailed in the table above. The incremental fair value determined was 19.63 and 14.61 for Non US Employees and US Employees, respectively, and will be accrued in the remaining period. |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations1 [Abstract] | |
Schedule of Information Related to Business Combinations | The table below gives additional details related to these acquisitions: Fair value of the consideration transferred at the acquisition date Down payment (1) 351,759 Working capital adjustment 505 Installment Payments (2) 39,659 Contingent consideration (3) 59,062 Total consideration 450,985 (1) Payment in cash 286,695 and 65,064 in G-shares (including 139,564 in cash and 32,320 in G-shares related to Pentalog acquisition). (2) Contains 37,005 of liability, current and non-current, payable in a variable number of shares (including 10,066 related to Pentalog acquisition). (3) Consist of 11,463 and 47,599 as Other financial liabilities current and non-current, respectively . As of Acquisition Date 2023 2022 Current assets Cash and cash equivalents 33,004 46,075 Investments 1,327 1,152 Trade receivables 62,692 33,539 Other receivables 24,006 8,022 Indemnification asset 4,088 — — Other assets — 3 Non current assets Other receivables 2,743 372 Other financial assets 3 — Property and equipment 3,382 1,323 Intangibles (1) 36,800 83,215 Right-of-use asset 3,740 3,624 Deferred tax 2,244 8,498 Investment in associates — 717 Goodwill (2) 401,164 184,036 Current liabilities Trade and other payables (29,422) (23,217) Lease liabilities (3,883) (716) Tax liabilities (13,848) (6,101) Payroll and social security (28,527) (10,772) Other liabilities (466) (571) Borrowings (4,105) (2,958) Non current liabilities Deferred tax liabilities (5,185) (9,647) Lease liabilities (10) (3,076) Borrowings (26,590) (52) Contingencies (4,159) (569) Non-controlling interest (3) (8,013) (45,216) Total consideration 450,985 267,681 (1) As of Acquisition Date in, 2023 and 2022, the amount of 35,811 and 34,250, respectively, have been allocated to customer relationships and contracts (including 22,364 related to Pentalog acquisition), 38 and 33,370 as licenses and platforms, respectively. (2) Goodwill has arisen because the consideration paid for these acquisitions included amounts in relation to the benefit of expected synergies, revenue growth, future market development and the assembled workforce of acquired companies. Only the customer contracts and relationships, internally used software, platforms and non-compete agreements are recognized as intangible. The other benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. As of December 31, 2023 and 2022, 401,163 and 184,036, are not deductible for tax purposes, respectively. (3) Non-controlling interest in acquired companies are measured at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets at its fair values. The Company completed the fair value determination of the consideration for the acquisition of Adbid and Sports Reinvention Entertainment Group S.L within the measurement period, resulting i n: December 31, 2022 Decrease Working Capital (1,128) Intangible Assets recognized 960 Goodwill (4,252) Other financial liabilities - decrease in contingent consideration 4,167 Non-controlling interest 253 |
Schedule of Reconciliation of Changes in Goodwill | A reconciliation of the goodwill from opening to closing balances is as follows: As of December 31, 2023 2022 Cost Balance at beginning of year 734,952 567,451 Additions related to new acquisitions (note 26.2) 401,163 184,036 Translation 25,293 (17,322) Measurement period adjustment 2,275 787 Balance at end of year 1,163,683 734,952 |
Schedule of Effect of Offsetting on Acquisition | As of December 31, 2023 Gross Amount 10,266 Gross amount set off in the balance sheet 4,088 Net amount presented in the balanced sheet 6,178 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Schedule of Segment Information by Geography | The following table summarizes revenues by geography, based on the customers' location: For the year ended December 31, 2023 2022 2021 North America United States of America 1,210,981 1,095,895 803,934 Canada 32,735 38,895 26,970 Puerto Rico 2,256 358 396 Subtotal North America 1,245,972 1,135,148 831,300 Europe, Middle East & Africa Spain 148,465 86,410 94,459 United Kingdom 55,746 45,017 27,156 Italy 28,384 9,320 507 France 25,854 6,593 2,600 Switzerland 16,932 8,859 5,710 Saudi Arabia 12,731 4,187 — Germany 6,613 5,840 1,424 Netherlands 5,666 4,975 3,604 Belgium 5,245 5,577 8,705 Ireland 3,688 1,104 1,435 Sweden 3,506 897 53 Romania 2,350 — — Austria 2,250 131 — Malta 1,887 899 386 Luxembourg 1,790 3,676 4,777 Denmark 668 2,246 411 Others 1,771 992 107 Subtotal Europe, Middle East & Africa 323,546 186,723 151,334 Asia & Oceania India 20,060 21,191 10,442 Japan 18,031 11,739 8,514 Australia 11,566 3,010 5,223 Hong Kong 9,261 1,350 — Singapore 2,696 2,600 906 United Arab Emirates 1,051 8,938 401 Others 533 1,190 643 Subtotal Asia & Oceania 63,198 50,018 26,129 Latin America Argentina 137,207 120,578 87,756 Chile 97,049 115,494 86,809 Mexico 96,075 75,442 53,455 Brazil 58,061 31,060 20,821 Peru 27,091 25,131 15,695 Colombia 25,122 19,206 14,357 Dominican Republic 7,068 5,706 3,788 Panama 5,609 2,698 744 Uruguay 3,774 2,993 755 Ecuador 2,572 5,175 1,061 Paraguay 988 3,088 2,823 Others 2,607 1,783 251 Subtotal Latin America 463,223 408,354 288,315 TOTAL 2,095,939 1,780,243 1,297,078 The following table summarizes non-current assets other than deferred taxes as stated in IFRS 8, paragraph 33.b, by jurisdiction: As of December 31, 2023 2022 Spain 625,152 587,354 United States of America 156,132 83,666 Brazil 151,599 28,649 United Kingdom 133,975 51,746 Argentina 129,978 156,594 France 114,079 44 Colombia 61,447 64,666 Mexico 54,160 51,965 Uruguay 54,109 47,903 Italy 52,111 27,844 Denmark 32,124 32,469 Germany 24,973 1,112 Australia 24,776 24,779 Hong Kong 15,931 15,577 Chile 12,341 13,395 India 12,269 26,814 Canada 11,762 103 Romania 7,173 1,492 Peru 6,656 8,393 Costa Rica 5,067 821 Luxembourg 4,226 4,226 Belarus 3,216 5,461 Ukraine 1,484 — Poland 769 42 Ecuador 754 690 Moldova 594 — Vietnam 219 — Other countries 237 87 TOTAL 1,697,313 1,235,892 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of leases [Abstract] | |
Schedule of Right-of-Use Assets | Movements in right-of-use assets and lease liabilities as of December 31, 2023 and 2022 were as follows : Office spaces Office equipments Computers Total Right-of-use assets January 1, 2023 108,610 19,243 19,458 147,311 Additions 6,735 206 3,383 10,324 Additions from business combinations (note 26.2) 3,740 — — 3,740 Disposals (2,543) — — (2,543) Depreciation (note 6) (25,680) (3,265) (11,037) (39,982) Foreign currency translation 550 — — 550 December 31, 2023 91,412 16,184 11,804 119,400 Office spaces Office equipments Computers Total Right-of-use assets January 1, 2022 104,565 22,104 17,912 144,581 Additions 22,403 320 11,809 34,532 Additions from business combinations (note 26.2) 3,624 — — 3,624 Depreciation (note 6) (21,800) (3,181) (10,263) (35,244) Foreign currency translation (182) — — (182) December 31, 2022 108,610 19,243 19,458 147,311 |
Schedule of Lease Liabilities | Lease liabilities As of December 31, 2023 2022 Balance at beginning of year 135,138 134,485 Additions (1) 10,324 36,090 Additions from business combinations (note 26.2) 3,893 3,792 Foreign exchange difference (1) 8,256 (7,976) Foreign currency translation (2) 351 (689) Interest expense (1) 6,319 6,822 Payments (2) (44,833) (37,386) Disposals (712) — Balance at end of year 118,736 135,138 (1) Non-cash transactions. (2) Cash transactions. |
Schedule of Lease Contracts Not Yet Commenced | The Company has some lease contracts that have not yet commenced as of December 31, 2023 and 2022 . The future lease payments for these lease contracts are disclosed as follows: As of December 31, 2023 Year Amount 2024 1,968 2025 1,968 2026 1,968 2027 1,968 2028 1,968 As of December 31, 2022 Year Amount 2023 207 2024 311 2025 311 2026 311 2027 311 2028 104 |
Schedule of Outstanding Balance of Lease Liabilities | The outstanding balance of the lease liabilities as of December 31, 2023 and 2022 is as follows : As of December 31, 2023 2022 Lease liabilities Current 47,852 37,681 Non-current 70,884 97,457 TOTAL 118,736 135,138 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Categories of Financial Assets | As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 307,223 Investments Mutual funds 13,570 — — Commercial Papers 2,500 — — Contribution to funds — — 1,833 Trade receivables — — 499,283 Other assets — — 35,841 Other receivables — — 17,474 Other financial assets Convertible notes 9,110 — — Foreign exchange forward contracts 2,330 8,078 — Equity instruments — 29,354 — Interest rate SWAP 852 — — Equity forward contract — 558 — As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial liabilities Trade payables — — 119,477 Borrowings — — 159,107 Other financial liabilities (1) Other financial liabilities related to business combinations 95,216 — 72,287 Foreign exchange forward contracts 308 3 — Equity forward contract — 1,167 — Others — — 28 Lease liabilities — — 118,736 Other liabilities — — 896 (1) The Company recognized a put option liability for 75,813 (see note 3.13.3) related to the minority interest of GUT. Changes in the measurement of the redemption amount are recognized in the statements of changes in equity . As of December 31, 2022 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 292,457 Investments Mutual funds 47,009 — — Contribution to funds — — 1,513 Bills issued by the Treasury Department of the U.S. ("T-Bills") — 1,399 — Trade receivables — — 424,810 Other assets — — 25,854 Other receivables — — 12,122 Other financial assets Convertible notes 6,684 — — Foreign exchange forward contracts 552 2,957 — Equity instruments — 27,892 — Interest rate SWAP 3,416 — — Others — — 6 Financial liabilities Trade payables — — 91,313 Borrowings — — 3,699 Other financial liabilities Foreign exchange forward contracts 2,004 1,571 — Other financial liabilities related to business combinations 54,667 — 65,857 Put option on minority interest of Walmeric — 9,386 Equity forward contract — 3,886 — Lease liabilities — — 135,138 Other liabilities — — 808 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2024 Australian Dollar 1.54 1.46 789 January 31, 2024 Danish Krone 6.82 6.71 172 January 31, 2024 Pound Sterling 0.82 0.78 63 January 31, 2024 Pound Sterling 0.79 0.78 14 January 31, 2024 Uruguayan Peso 39.46 39.21 29 January 31, 2024 Indian Rupee 83.51 83.31 19 January 31, 2024 Indian Rupee 83.44 83.25 17 January 31, 2024 Euro 0.91 0.90 8 January 31, 2024 Colombian Peso 4,006.50 3,846.04 336 January 31, 2024 Colombian Peso 4,005.08 3,846.03 333 January 31, 2024 Colombian Peso 4,004.07 3,846.02 331 February 29, 2024 Colombian Peso 3,898.50 3,868.41 62 February 29, 2024 Colombian Peso 3,907.00 3,866.64 83 February 29, 2024 Colombian Peso 3,901.80 3,865.84 74 Fair value as of December 31, 2023 2,330 January 31, 2023 Argentinian Peso 191.95 192.57 17 January 31, 2023 Mexican Peso 19.87 19.59 71 January 31, 2023 Colombian Peso 4,847.49 4,834.53 21 January 31, 2023 Colombian Peso 4,858.43 4,834.53 38 January 31, 2023 Colombian Peso 4,856.25 4,834.53 35 February 28, 2023 Indian Rupee 83.05 82.98 7 February 28, 2023 Pound Sterling 1.21 1.21 33 February 28, 2023 Chilean Peso 856.55 861.90 76 April 28, 2023 Danish Krone 6.93 6.89 58 April 28, 2023 Australian Dollar 0.67 0.68 196 Fair value as of December 31, 2022 552 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2024 Chilean Peso 876.95 875.93 (10) February 29, 2024 Chilean Peso 890.85 877.33 (120) February 29, 2024 Uruguayan Peso 39.36 39.37 (1) February 29, 2024 Australian Dollar 1.46 1.46 (89) April 3, 2024 Danish Krone 6.67 6.72 (88) Fair value as of December 31, 2023 (308) January 31, 2023 Chilean Peso 920.50 858.02 (557) January 31, 2023 Chilean Peso 919.60 858.02 (550) January 31, 2023 Chilean Peso 920.20 858.02 (555) January 31, 2023 Colombian Peso 4,774.65 4,831.78 (111) January 31, 2023 Indian Rupee 81.92 82.85 (111) February 28, 2023 Colombian Peso 4,810.50 4,860.91 (97) February 28, 2023 Mexican Peso 19.63 19.69 (23) Fair value as of December 31, 2022 (2,004) |
Schedule of Categories of Financial Liabilities | As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 307,223 Investments Mutual funds 13,570 — — Commercial Papers 2,500 — — Contribution to funds — — 1,833 Trade receivables — — 499,283 Other assets — — 35,841 Other receivables — — 17,474 Other financial assets Convertible notes 9,110 — — Foreign exchange forward contracts 2,330 8,078 — Equity instruments — 29,354 — Interest rate SWAP 852 — — Equity forward contract — 558 — As of December 31, 2023 FVTPL FVTOCI Amortized cost Financial liabilities Trade payables — — 119,477 Borrowings — — 159,107 Other financial liabilities (1) Other financial liabilities related to business combinations 95,216 — 72,287 Foreign exchange forward contracts 308 3 — Equity forward contract — 1,167 — Others — — 28 Lease liabilities — — 118,736 Other liabilities — — 896 (1) The Company recognized a put option liability for 75,813 (see note 3.13.3) related to the minority interest of GUT. Changes in the measurement of the redemption amount are recognized in the statements of changes in equity . As of December 31, 2022 FVTPL FVTOCI Amortized cost Financial assets Cash and cash equivalents — — 292,457 Investments Mutual funds 47,009 — — Contribution to funds — — 1,513 Bills issued by the Treasury Department of the U.S. ("T-Bills") — 1,399 — Trade receivables — — 424,810 Other assets — — 25,854 Other receivables — — 12,122 Other financial assets Convertible notes 6,684 — — Foreign exchange forward contracts 552 2,957 — Equity instruments — 27,892 — Interest rate SWAP 3,416 — — Others — — 6 Financial liabilities Trade payables — — 91,313 Borrowings — — 3,699 Other financial liabilities Foreign exchange forward contracts 2,004 1,571 — Other financial liabilities related to business combinations 54,667 — 65,857 Put option on minority interest of Walmeric — 9,386 Equity forward contract — 3,886 — Lease liabilities — — 135,138 Other liabilities — — 808 |
Schedule of Sensitivity Analysis for Types of Market Risk | The following tables illustrate the Company's sensitivity to increases and decreases in the U.S. dollar against the relevant foreign currency. The following sensitivity analysis includes outstanding foreign currency denominated monetary items at December 31, 2023 and adjusts their translation at the year-end for changes in U.S. dollars against the relevant foreign currency. Gain/(loss) Account Currency Amount % Increase Amount % Decrease Amount Net balances Argentine pesos 6,573 30 % (1,517) 10 % 730 Australian Dollar (16,018) 10 % 1,456 10 % (1,780) Chilean pesos (191) 10 % 17 10 % (21) Colombian pesos (49,959) 10 % 4,542 10 % (5,551) Danish Krone (11,052) 10 % 1,005 10 % (1,228) Indian Rupees (21,514) 10 % 1,956 10 % (2,390) European Union euros 6,705 10 % (610) 10 % 745 Mexican pesos (4,403) 10 % 400 10 % (489) Pound sterling (4,662) 10 % 424 10 % (518) Uruguayan pesos (10,131) 10 % 921 10 % (1,126) TOTAL (104,652) 8,594 (11,628) |
Schedule of Interest Rate Swaps Outstanding | Interest rate swap contracts outstanding as of December 31, 2023 and 2022: Floating rate Fixed rate Fair value Maturity Date Notional receivable payable assets / (liabilities) Instruments for which hedge accounting has been discontinued Current March 11, 2024 15,000 SOFR 0.647 % 181 March 12, 2024 20,000 SOFR 0.566 % 245 April 30, 2024 25,000 SOFR 0.355 % 426 Fair value as of December 31, 2023 852 Instruments for which hedge accounting has been discontinued March 31, 2023 15,000 1month LIBOR 0.511 % 155 March 11, 2024 15,000 1month LIBOR 0.647 % 771 March 12, 2024 20,000 1month LIBOR 0.566 % 1,045 April 30, 2024 25,000 1month LIBOR 0.355 % 1,445 Fair value as of December 31, 2022 3,416 |
Schedule of Maturity Analysis for Non-derivative Financial Liabilities | The table below analyzes financial liabilities into relevant maturity groups based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. Expected Maturity Date 2024 2025 2026 Thereafter Total Trade payables 124,545 1,585 686 710 127,526 Borrowings 157,654 738 715 — 159,107 Lease liabilities 48,389 35,102 24,037 66,392 173,920 Other financial liabilities (*) 80,170 90,383 42,051 30,411 243,015 TOTAL 410,758 127,808 67,489 97,513 703,568 (*) |
Schedule of Financial Instruments Not Measured at Fair Value | Except as detailed in the following table, the carrying amounts of financial assets and liabilities included in the consolidated statement of financial position as of December 31, 2023 and 2022, are a reasonable approximation of fair value due to the short time of realization. As of December 31, 2023 As of December 31, 2022 Carrying amount Fair value Carrying amount Fair value Non-current assets Other receivables Guarantee deposits 7,558 6,447 5,942 5,686 Other assets 4,088 3,486 10,657 9,780 Non-current liabilities Trade payables 2,981 2,779 5,445 5,053 Borrowings 2,191 1,907 861 645 |
Schedule of Fair Value Measurement of Assets | The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows: Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities. As of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 13,570 — 13,570 Commercial Papers 2,500 — — 2,500 Foreign exchange forward contracts — 10,408 — 10,408 Convertibles notes — — 9,110 9,110 Equity instrument — — 29,354 29,354 Interest rate SWAP — 852 — 852 Equity forward contract — 558 — 558 Financial liabilities Contingent consideration — — 95,216 95,216 Foreign exchange forward contracts — 311 — 311 Equity forward contract — 1,167 — 1,167 As of December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 47,009 — 47,009 Bills issued by the Treasury Department of the U.S. ("T-Bills") 1,399 — — 1,399 Foreign exchange forward contracts — 3,509 — 3,509 Convertibles notes — — 6,684 6,684 Equity instrument — — 27,892 27,892 Interest rate SWAP — 3,416 — 3,416 Financial liabilities Contingent consideration — — 54,667 54,667 Foreign exchange forward contracts — 3,575 — 3,575 Equity forward contract — 3,886 — 3,886 (1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value. |
Schedule of Fair Value Measurement of Liabilities | The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into a three-level fair value hierarchy as mandated by IFRS 13, as follows: Level 1 fair value measurements are those derived from quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). Level 3 fair value measurements are those derived from unobservable inputs for the assets or liabilities. As of December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 13,570 — 13,570 Commercial Papers 2,500 — — 2,500 Foreign exchange forward contracts — 10,408 — 10,408 Convertibles notes — — 9,110 9,110 Equity instrument — — 29,354 29,354 Interest rate SWAP — 852 — 852 Equity forward contract — 558 — 558 Financial liabilities Contingent consideration — — 95,216 95,216 Foreign exchange forward contracts — 311 — 311 Equity forward contract — 1,167 — 1,167 As of December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets Mutual funds (1) — 47,009 — 47,009 Bills issued by the Treasury Department of the U.S. ("T-Bills") 1,399 — — 1,399 Foreign exchange forward contracts — 3,509 — 3,509 Convertibles notes — — 6,684 6,684 Equity instrument — — 27,892 27,892 Interest rate SWAP — 3,416 — 3,416 Financial liabilities Contingent consideration — — 54,667 54,667 Foreign exchange forward contracts — 3,575 — 3,575 Equity forward contract — 3,886 — 3,886 (1) Mutual funds are measured at fair value through profit or loss, based on the changes of the fund's net asset value. |
Schedule of Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurement | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value at December 31, 2023 Unobservable inputs Range of inputs Relationship of unobservable inputs to Fair Value Contingent consideration 95,216 Risk adjusted discount rate Between 3.70% and 13.3% An increase in the discount rates by 1% would increase the fair value by $3,298 and a decrease in the discount rates by 1% would increase the fair value by $3,689 Contingent consideration 95,216 Expected revenues Between 9,559 and 51,671 An increase in the expected revenues by 10% would increase the fair value by $13,134 and a decrease in the expected revenues by 10% would decrease the fair value by $8,754 Contingent consideration 95,216 Expected operating margin Between 27.90% and 63.00% An increase in the expected operating margin by 10% would increase the fair value by $2,825 and a increase in the expected operating margin by 10% would decrease the fair value by $1,879 |
Schedule of Reconciliation of Recurring Fair Value Measurements Within Level 3 | The following table shows the reconciliation of recurring fair value measurements categorized within Level 3 of the fair value hierarchy: Financial Assets Financial liabilities Convertible notes Equity instrument Contingent consideration December 31, 2021 3,875 22,088 58,180 Fair value remeasurement (1) — 285 (967) Acquisition of business (1) — — 32,992 Acquisition of investment (3) 2,667 5,519 — Payments (2) — — (28,717) Interests (1) 146 — 1,484 Reclassifications (1) — — (5,060) Foreign exchange difference (1) (4) — (1,528) Translation (1) — — (890) Others (1) — — (827) December 31, 2022 6,684 27,892 54,667 Financial Assets Financial liabilities Convertible notes Equity instrument Contingent consideration December 31, 2022 6,684 27,892 54,667 Fair value remeasurement (1) — (286) (4,227) Acquisition of business (1) — — 59,062 Acquisition of investment (3) 2,367 1,748 — Payments (2) — — (24,086) Interests (1) 59 — 3,641 Reclassifications (1) — — 5,736 Foreign exchange difference (1) — — 1,153 Translation (1) — — 823 Others (1) — — (1,553) December 31, 2023 9,110 29,354 95,216 ( 1) Non-cash transactions. (2) Cash transactions included in investing activities, except for remeasurement of contingent considerations which are in operating activities, in the Consolidated Statement of Cash Flows. (3) As of December 31, 2023 and 2022 the amount of 1,748 and 5,148, respectively were Cash transactions included in investing activities in the consolidated statement of cash flows. |
Schedule of Hedging Instruments Outstanding | The following table detail the foreign currency forward contracts outstanding as of December 31, 2023: Hedging instruments - Outstanding contracts Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Indian Rupee 83.53 83.29 9 January 25, 2024 Indian Rupee 83.53 83.29 6 January 31, 2024 Uruguayan Peso 40.55 39.22 127 January 31, 2024 Mexican Peso 18.30 17.05 504 January 31, 2024 Colombian Peso 4,314.50 3,849.10 1,129 January 31, 2024 Colombian Peso 4,445.50 3,850.40 1,366 January 31, 2024 Chilean Peso 923.00 876.27 263 January 31, 2024 Brazilian Real 5.18 4.87 187 February 27, 2024 Indian Rupee 83.64 83.39 9 February 27, 2024 Indian Rupee 83.64 83.39 6 February 29, 2024 Uruguayan Peso 40.30 39.61 87 February 29, 2024 Mexican Peso 18.78 17.16 639 February 29, 2024 Colombian Peso 4,415.71 3,875.77 800 February 29, 2024 Chilean Peso 924.70 877.77 264 February 29, 2024 Colombian Peso 4,074.90 3,869.88 263 February 29, 2024 Colombian Peso 4,177.65 3,871.87 479 February 29, 2024 Brazilian Real 5.21 4.89 197 March 26, 2024 Indian Rupee 83.55 83.47 3 March 26, 2024 Indian Rupee 83.54 83.47 2 March 27, 2024 Mexican Peso 18.83 17.24 625 March 27, 2024 Colombian Peso 4,440.00 3,901.25 794 March 27, 2024 Chilean Peso 935.50 879.35 312 April 25, 2024 Indian Rupee 83.70 83.62 3 April 25, 2024 Indian Rupee 83.70 83.62 2 April 25, 2024 Indian Rupee 83.72 83.62 2 Fair value as of December 31, 2023 8,078 January 31, 2023 Brazilian Real 5.36 5.25 55 January 31, 2023 Chilean Peso 995.20 858.02 789 March 31, 2023 Chilean Peso 994.25 866.45 685 April 28, 2023 Colombian Peso 5,161.25 4,919.18 283 April 28, 2023 Colombian Peso 5,160.00 4,918.15 388 February 28, 2023 Chilean Peso 992.20 861.47 708 January 31, 2023 Indian Rupee 83.66 83.15 42 February 23, 2023 Indian Rupee 83.15 82.98 6 February 23, 2023 Indian Rupee 83.01 82.98 1 Fair value as of December 31, 2022 2,957 Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 25, 2024 Argentine Peso 560.00 808.48 (1) January 25, 2024 Indian Rupee 83.21 83.28 (2) Fair value as of December 31, 2023 (3) Currency Foreign currency Notional foreign Fair value assets / Settlement date from contracts rate from contracts currency rate (liabilities) January 31, 2023 Colombian Peso 4,667.50 4,834.53 (486) January 31, 2023 Indian Rupee 82.54 82.85 (26) February 23, 2023 Indian Rupee 82.03 82.98 (11) February 28, 2023 Colombian Peso 4,659.50 4,860.91 (580) March 30, 2023 Colombian Peso 4,729.00 4,888.69 (452) April 26, 2023 Indian Rupee 83.04 83.30 (9) April 26, 2023 Indian Rupee 83.01 83.30 (7) Fair value as of December 31, 2022 (1,571) Currency Forward Fair value assets / Settlement date from contracts Price (liabilities) June 3, 2024 US dollars 198.85 188 June 2, 2025 US dollars 208.72 189 June 1, 2026 US dollars 219.34 181 Fair value as of December 31, 2023 558 Currency Forward Fair value assets / Settlement date from contracts Price (liabilities) June 3, 2024 US dollars 289.90 (393) June 2, 2025 US dollars 302.36 (383) June 1, 2026 US dollars 315.09 (391) Fair value as of December 31, 2023 (1,167) Currency Forward Fair value Settlement date from contracts Price assets / (liabilities) June 1, 2023 US dollars 278.24 (910) June 1, 2023 US dollars 188.83 (71) June 3, 2024 US dollars 289.9 (886) June 3, 2024 US dollars 198.85 (70) June 2, 2025 US dollars 302.36 (890) June 2, 2025 US dollars 208.72 (75) June 1, 2026 US dollars 315.09 (901) June 1, 2026 US dollars 219.34 (83) Fair value as of December 31, 2022 (3,886) |
CAPITAL AND RESERVES (Tables)
CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves and Other Equity Interest [Abstract] | |
Schedule of Issued Capital | During the year ended December 31, 2023 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount January 13, 2023 Cloudshift 17,443 3,068 March 30, 2023 Navint 9,087 1,492 April 1, 2023 Navint 416 68 April 20, 2023 Experience IT 29,120 4,521 May 15, 2023 Xappia 6,242 1,000 July 21, 2023 Walmeric 6,730 1,119 July 25, 2023 Pentalog 177,505 32,320 October 5, 2023 Atix 4,601 850 October 20, 2023 GUT 152,617 28,223 TOTAL 403,761 72,661 During the year ended December 31, 2022 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount April 29, 2022 Cloudshift 8,761 2,251 June 7, 2022 Genexus 21,328 4,947 August 5, 2022 Atix 4,534 850 September 16, 2022 Grupo Assa 34,754 7,224 September 23, 2022 Sysdata 19,640 4,052 November 7, 2022 KTBO 9,624 1,540 November 16, 2022 eWave 32,524 5,859 November 18, 2022 Vertic 41,252 7,312 December 21, 2022 Adbid 10,728 1,821 TOTAL 183,145 35,856 During the year ended December 31, 2021 the Company’s common shares issues in connection with subscriptions agreements related to acquisitions were as follows: Date Acquired company Common shares Amount March 15, 2021 Xappia 8,415 1,750 May 11, 2021 Hybrido (*) 10,088 2,149 July 8, 2021 Walmeric 10,842 2,372 November 17, 2021 Xappia 2,502 750 November 30, 2021 Navint 7,032 2,100 TOTAL 38,879 9,121 (*) As part of the subscription agreement the Company recognized 2,152 as equity settled agreement, related to common shares that the Company will issue in the future. |
Schedule of Movements in Cash Flow Hedge Reserve | The movements in the cash flow hedge reserve were as follows: Foreign currency risk 2023 2022 Balance at beginning of the year (3,171) 11 Gain (Loss) arising on changes in fair value of hedging instruments during the period 13,740 (2,682) Loss reclassified to profit or loss – hedged item has affected profit or loss (1,242) (500) Balance at end of the year 9,327 (3,171) |
APPROPRIATION OF RETAINED EAR_2
APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves and Other Equity Interest [Abstract] | |
Schedule of Annual Net Income Percentage to Legal Reserve and Cap Percentage of Share Capital | Country % of yearly net income % of capital Luxembourg, Moldova and France 5% 10% Argentina, Uruguay, Mexico, Italy, Portugal and Romania 5% 20% Spain and Peru 10% 20% China 10% 50% |
SUMMARY OF MATERIAL ACCOUNTIN_3
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate information and statement of IFRS compliance [abstract] | |||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
SUMMARY OF MATERIAL ACCOUNTIN_4
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Leases (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Corporate information and statement of IFRS compliance [abstract] | ||
Adjustments to leases | $ 2,553,000 | $ 1,762,000 |
Low value asset definition, value when new | $ 5,000 |
SUMMARY OF MATERIAL ACCOUNTIN_5
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Taxation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Uncertain tax loss | $ 4,544 | $ 5,119 |
Globant España S.A. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Dividends received | $ 236,909 | $ 2,553 |
SUMMARY OF MATERIAL ACCOUNTIN_6
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Corporate information and statement of IFRS compliance [abstract] | ||
Derecognition | $ 574 | $ 101 |
SUMMARY OF MATERIAL ACCOUNTIN_7
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss recognized in profit or loss | $ (822) | $ 1,017 | $ 80 |
Derecognized intangible assets | 560 | 1,531 | |
Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss recognized in profit or loss | (822) | 1,017 | |
Cryptocurrencies | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss recognized in profit or loss | $ (822) | $ 1,017 |
SUMMARY OF MATERIAL ACCOUNTIN_8
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Derecognition of Financial Assets (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Factoring of receivables | JP Morgan and Deutsche Bank | |
Disclosure of subsidiaries [line items] | |
Receivables transferred under factoring agreement | $ 2,594 |
SUMMARY OF MATERIAL ACCOUNTIN_9
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Convertible Notes (Details) $ in Thousands | Dec. 31, 2023 USD ($) purchase_agreement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Disclosure of subsidiaries [line items] | ||||
Other current financial assets | $ 15,418 | $ 6,529 | ||
Other financial assets non current | 34,864 | 34,978 | ||
TOTAL | $ 159,107 | 3,699 | $ 12,240 | $ 25,968 |
Subsidiaries | Globant España S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Number of note purchase agreements | purchase_agreement | 15 | |||
TOTAL | $ 8,200 | |||
Subsidiaries | Globant España S.A. | Minimum | ||||
Disclosure of subsidiaries [line items] | ||||
Borrowings, interest rate | 2% | |||
Subsidiaries | Globant España S.A. | Maximum | ||||
Disclosure of subsidiaries [line items] | ||||
Borrowings, interest rate | 8% | |||
Globant Ventures S.A.S. | Subsidiaries | Sistemas Globales S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
TOTAL | $ 910 | |||
Globant Ventures S.A.S. | Subsidiaries | Sistemas Globales S.A. | Minimum | ||||
Disclosure of subsidiaries [line items] | ||||
Borrowings, interest rate | 5% | |||
Globant Ventures S.A.S. | Subsidiaries | Sistemas Globales S.A. | Maximum | ||||
Disclosure of subsidiaries [line items] | ||||
Borrowings, interest rate | 12% | |||
Convertible notes | ||||
Disclosure of subsidiaries [line items] | ||||
Other current financial assets | $ 3,359 | 2,491 | ||
Other financial assets non current | $ 5,751 | $ 4,193 |
SUMMARY OF MATERIAL ACCOUNTI_10
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Equity Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Other financial assets non current | $ 34,864 | $ 34,978 |
Other current financial assets | 15,418 | 6,529 |
Equity instruments | ||
Disclosure of financial assets [line items] | ||
Other financial assets non current | 28,743 | 27,521 |
Other current financial assets | $ 611 | $ 371 |
SUMMARY OF MATERIAL ACCOUNTI_11
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Financial Liabilities and Equity Instruments Issued by the Company (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 16, 2023 | Mar. 30, 2022 | Jul. 08, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 19, 2023 | |
Disclosure of financial liabilities [line items] | |||||||
Exercise of put option, rate | 6% | ||||||
Put option consideration | $ 5,166 | ||||||
Other income and expenses, net | $ 6,602 | (395) | $ (3,369) | ||||
Other current financial liabilities | 81,504 | 59,316 | |||||
Other non-current financial liabilities | 163,318 | 78,055 | |||||
United Kingdom | |||||||
Disclosure of financial liabilities [line items] | |||||||
Percentage of equity interest, issued | 40% | ||||||
Percentage of equity interest, outstanding | 40% | ||||||
Percentage of equity interest to acquire upon option exercise | 10% | ||||||
Other financial liabilities related to business combinations | |||||||
Disclosure of financial liabilities [line items] | |||||||
Other current financial liabilities | 67,766 | 50,889 | |||||
Other non-current financial liabilities | 99,737 | 69,635 | |||||
Other financial liabilities related to business combinations | Put option on minority interest of Walmeric | |||||||
Disclosure of financial liabilities [line items] | |||||||
Other current financial liabilities | 13,006 | ||||||
Other non-current financial liabilities | $ 62,807 | ||||||
Walmeric | |||||||
Disclosure of financial liabilities [line items] | |||||||
Proportion of ownership interests held by non-controlling interests | 14% | 14% | 20% | ||||
Exercise of put option, rate | 6% | ||||||
Other income and expenses, net | $ 1,589 | ||||||
Walmeric | Other financial liabilities related to business combinations | |||||||
Disclosure of financial liabilities [line items] | |||||||
Other current financial liabilities | 3,871 | ||||||
Other non-current financial liabilities | 5,515 | ||||||
Walmeric | Other financial liabilities related to business combinations | Put option on minority interest of Walmeric | |||||||
Disclosure of financial liabilities [line items] | |||||||
Other current financial liabilities | 3,871 | ||||||
Other non-current financial liabilities | $ 5,515 | ||||||
Software Product Creation S.L. | |||||||
Disclosure of financial liabilities [line items] | |||||||
Proportion of ownership interests held by non-controlling interests | 14% | ||||||
Software Product Creation S.L. | Other financial liabilities related to business combinations | |||||||
Disclosure of financial liabilities [line items] | |||||||
Other income and expenses, net | $ 1,589 |
SUMMARY OF MATERIAL ACCOUNTI_12
SUMMARY OF MATERIAL ACCOUNTING POLICIES - Gain on Transactions with Bonds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Corporate information and statement of IFRS compliance [abstract] | |||
Gain on transaction with bonds | $ 9,157 | $ 13,883 | $ 708 |
CRITICAL ACCOUNTING JUDGEMENT_2
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trade receivables | |||
Disclosure of subsidiaries [line items] | |||
Impairment (recovery) of trade receivables | $ 18,808 | $ 6,364 | $ 5,323 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue by Industry Vertical (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 2,095,939 | $ 1,780,243 | $ 1,297,078 |
Media and Entertainment | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 454,380 | 376,134 | 272,703 |
Banks, Financial Services and Insurance | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 385,207 | 359,940 | 308,227 |
Consumer, Retail & Manufacturing | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 351,880 | 254,500 | 197,620 |
Professional Services | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 261,233 | 235,553 | 167,997 |
Technology & Telecommunications | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 255,238 | 250,299 | 155,665 |
Travel & Hospitality | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 187,346 | 139,170 | 87,567 |
Health Care | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 167,705 | 128,669 | 96,334 |
Other Verticals | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 32,950 | $ 35,978 | $ 10,965 |
REVENUE - Disaggregation of R_2
REVENUE - Disaggregation of Revenue by Currency (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 2,095,939 | $ 1,780,243 | $ 1,297,078 |
United States dollar (USD) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,514,822 | 1,415,226 | 977,349 |
European euro (EUR) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 251,865 | 116,469 | 111,177 |
Argentine peso (ARS) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 74,311 | 57,329 | 47,039 |
Mexican peso (MXN) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 73,749 | 57,526 | 40,064 |
Brazilian real (BRL) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 58,822 | 30,886 | 23,850 |
Pound sterling (GBP) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 35,094 | 31,445 | 20,565 |
Chilean peso (CLP) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 33,034 | 42,568 | 57,610 |
Colombian peso (COP) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 17,392 | 12,971 | 9,803 |
Peruvian Sol (PEN) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 13,380 | 13,435 | 9,058 |
Australian Dollar (AUD) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 8,873 | 1,593 | 0 |
Saudi Riyal (SAR) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 6,345 | 0 | 0 |
Canadian Dollar (CAD) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 3,743 | 13 | 242 |
Indian Rupee (INR) | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 3,596 | 634 | 321 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 913 | $ 148 | $ 0 |
REVENUE - Disaggregation of R_3
REVENUE - Disaggregation of Revenue by Contract Type (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 2,095,939 | $ 1,780,243 | $ 1,297,078 |
Time and material contracts | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 1,654,280 | 1,475,848 | 1,062,171 |
Fixed-price contracts | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 383,867 | 273,344 | 218,846 |
Licenses, resales and others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 57,792 | $ 31,051 | $ 16,061 |
COST OF REVENUES AND SELLING,_3
COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - Cost of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense of right-of-use assets | $ (39,982) | $ (35,244) | $ (23,833) |
TOTAL | (1,340,178) | (1,110,848) | (802,090) |
Cost of revenues | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries, employee benefits and social security taxes | (1,158,669) | (1,014,469) | (745,307) |
Professional services | (104,916) | (37,293) | (23,989) |
Depreciation and amortization expense | (18,057) | (13,510) | (10,730) |
Share-based compensation expense - Equity settled | (15,155) | (4,917) | (3,568) |
Travel and housing | (11,669) | (11,057) | (4,950) |
Depreciation expense of right-of-use assets | (10,540) | (9,802) | (3,392) |
Office expenses | (7,348) | (8,817) | (6,607) |
Recruiting, training and other employee expenses | (6,818) | (3,150) | (2,860) |
Promotional and marketing expenses | (5,319) | (4,111) | (687) |
Share-based compensation expense - Cash settled | $ (1,687) | $ (3,722) | $ 0 |
COST OF REVENUES AND SELLING,_4
COST OF REVENUES AND SELLING, GENERAL AND ADMINISTRATIVE EXPENSES - Selling, General and Administrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense of right-of-use assets | $ (39,982) | $ (35,244) | $ (23,833) |
TOTAL | (537,075) | (456,324) | (343,004) |
Selling, general and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Salaries, employee benefits and social security taxes | (212,381) | (173,472) | (139,307) |
Depreciation and amortization expense | (81,822) | (59,179) | (45,723) |
Share-based compensation expense - Equity settled | (57,297) | (52,144) | (38,849) |
Professional services | (49,921) | (40,546) | (30,947) |
Depreciation expense of right-of-use assets | (29,442) | (25,442) | (20,441) |
Office expenses | (26,669) | (24,992) | (18,298) |
Promotional and marketing expenses | (26,323) | (26,976) | (10,299) |
Taxes | (20,023) | (17,609) | (13,260) |
Travel and housing | (17,818) | (17,159) | (5,414) |
Rental expense | (9,149) | (7,448) | (6,045) |
Recruiting, training and other employee expenses | (5,714) | (10,346) | (11,575) |
Share-based compensation expense - Cash settled | (634) | (770) | 0 |
Legal claims | 118 | (241) | (2,846) |
TOTAL | $ (537,075) | $ (456,324) | $ (343,004) |
FINANCE INCOME _ EXPENSE _ OT_2
FINANCE INCOME / EXPENSE / OTHER FINANCIAL RESULTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income | |||
Interest gain | $ 4,777 | $ 2,832 | $ 652 |
TOTAL | 4,777 | 2,832 | 652 |
Finance expense | |||
Other interest | (9,647) | (4,722) | (4,150) |
Interest expense on lease liabilities | (6,319) | (6,822) | (5,415) |
Interest expense on borrowings | (4,106) | (2,491) | (915) |
Banking expenses | (3,423) | (2,290) | (2,085) |
Other | (258) | (227) | (143) |
TOTAL | (23,753) | (16,552) | (12,708) |
Other financial results, net | |||
Net gain (loss) arising from financial assets measured at fair value through PL | 23,564 | (7,537) | (8,537) |
Gain on transaction with bonds | 9,157 | 13,883 | 708 |
Net gain arising from financial assets measured at fair value through OCI | 630 | 500 | 6 |
Foreign exchange (loss) gain, net | (22,009) | (6,673) | 3,900 |
TOTAL | $ 11,342 | $ 173 | $ (3,923) |
OTHER INCOME AND EXPENSES, NE_2
OTHER INCOME AND EXPENSES, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Expense | |||
Fixed and intangibles assets derecognition and disposals | $ (1,134) | $ (1,632) | $ (579) |
Remeasurement of call/put option over non-controlling interest | (39) | 0 | 0 |
Remeasurement of contingent consideration (note 29.9.1) | 0 | 0 | (4,694) |
Impairment of cryptocurrencies (note 16) | 0 | (1,017) | (80) |
Other | (1,650) | (293) | (182) |
Subtotal | (2,823) | (2,942) | (5,535) |
Other Income | |||
Remeasurement of contingent consideration (note 29.9.1) | 4,227 | 967 | 0 |
Insurance recovery | 2,239 | 0 | 0 |
Reversal Impairment of cryptocurrencies (note 16) | 822 | 0 | 0 |
Other Remeasurements | 254 | 0 | 0 |
Remeasurement of call/put option over non-controlling interest | 0 | 180 | 0 |
Remeasurement at FV of investment in associates (note 12.2) | 0 | 0 | 1,538 |
Other | 1,883 | 1,400 | 628 |
Subtotal | 9,425 | 2,547 | 2,166 |
TOTAL | $ 6,602 | $ (395) | $ (3,369) |
INCOME TAXES - Components of Ta
INCOME TAXES - Components of Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Current tax expense | $ (72,549) | $ (44,756) | $ (53,319) |
Deferred tax gain | 33,038 | 1,351 | 24,822 |
Income tax | $ (39,511) | $ (43,405) | $ (28,497) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of The Statutory Tax Rate to The Effective Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Abstract] | |||
Profit before income tax | $ 198,019 | $ 192,884 | $ 124,852 |
Tax calculated at the tax rate in each country | (40,240) | (33,108) | (27,757) |
Argentine Knowledge Economy Law | 2,297 | 1,358 | 1,157 |
Non-deductible expenses / non-taxable gains | (1,695) | 61 | 2,122 |
Tax loss carry forward not recognized | (207) | (3,096) | (2,873) |
Recognition of previously unrecognized tax losses | 4,993 | 0 | 0 |
Foreign withholding tax | (5,107) | (2,683) | 0 |
Exchange difference | 1,130 | (5,937) | (1,146) |
Other | (682) | 0 | 0 |
Income tax | $ (39,511) | $ (43,405) | $ (28,497) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 51,071 | $ 30,691 |
Loss carryforward | 9,933 | 9,304 |
Provision for vacation and bonus | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 36,134 | 27,747 |
Intercompany trade payables | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 15,841 | 17,323 |
Share-based compensation plan | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 14,827 | 13,048 |
Allowance for doubtful accounts | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 4,656 | 1,937 |
Inflation adjustment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 416 | 721 |
Contingencies | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | 0 | 242 |
Other Assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax liabilities | (191) | (2,989) |
Goodwill | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | (8,894) | (6,100) |
Property, equipment, intangibles and leases | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | (29,109) | (32,690) |
Others | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net deferred tax assets | $ 7,458 | $ 2,148 |
INCOME TAXES - Loss Carryforwar
INCOME TAXES - Loss Carryforward (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | $ 9,933 | $ 9,304 |
IBS Integrated Business Solutions Consultoria | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 1,607 | 0 |
Grupo Assa Corp | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 41 | 0 |
Augmented Coding US, LLC | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 557 | 106 |
Augmented Coding Spain, S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 910 | 379 |
La Liga Content Protection S.L | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 367 | 0 |
Globant Portugal Unipessoal Lda | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 50 | 0 |
Globant Colombia S.A.S. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 385 |
Globant España S.A. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 328 | 0 |
Sports Reinvention Entertainment Group S.L | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 1,890 | 3,669 |
Gut Agency LLC | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 1,140 | 0 |
2027 | Dynaflows S.A. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 149 | 0 |
2027 | IAFH Global S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 3,192 |
2027 | Decision Support, S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 173 |
2027 | BSF S.A. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 309 | 0 |
2027 | Atix Labs, SRL | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 19 | 192 |
2024 | IAFH Global S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 74 |
2025 | IAFH Global S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 528 |
2026 | Decision Support, S.A | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 0 | 549 |
2026 | Atix Labs, SRL | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 13 | 57 |
2028 | Atix Labs, SRL | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 83 | 0 |
2028 | Gut Agency SRL | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | 1,371 | 0 |
2038 | Globant S.A. | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Operating loss carryforwards | $ 1,099 | $ 0 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 2,320,000 | |
Deferred tax liabilities | 9,706,000 | $ 11,291,000 |
Investment in Subsidiaries | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | $ 0 | $ 0 |
INCOME TAXES - Roll Forward of
INCOME TAXES - Roll Forward of Deferred Tax Asset (Liabilities) Presented in Consolidated Financial Position (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | $ 30,691 | $ 57,115 |
Recognized in profit or loss | 22,603 | (1,632) |
Recognized directly in equity | 3,860 | (17,839) |
Acquisitions/disposals | (3,142) | (979) |
Additions from acquisitions | (2,941) | (5,974) |
Closing Balance | 51,071 | 30,691 |
Foreign exchange loss, deferred tax asset | 10,435 | 2,983 |
Share-based compensation plan | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 13,048 | 30,788 |
Recognized in profit or loss | 9 | 20 |
Recognized directly in equity | 1,770 | (17,760) |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | 14,827 | 13,048 |
Provision for vacation and bonus | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 27,747 | 24,621 |
Recognized in profit or loss | 7,105 | 3,205 |
Recognized directly in equity | 1,144 | (79) |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 138 | 0 |
Closing Balance | 36,134 | 27,747 |
Intercompany trade payables | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 17,323 | 18,613 |
Recognized in profit or loss | (1,482) | (1,290) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | 15,841 | 17,323 |
Property, equipment, intangibles and leases | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | (32,690) | (20,512) |
Recognized in profit or loss | 8,957 | (3,170) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | (5,376) | (9,008) |
Closing Balance | (29,109) | (32,690) |
Goodwill | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | (6,100) | (3,681) |
Recognized in profit or loss | (2,794) | (2,419) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | (8,894) | (6,100) |
Allowance for doubtful accounts | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 1,937 | 1,604 |
Recognized in profit or loss | 2,719 | 333 |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | 4,656 | 1,937 |
Contingencies | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 242 | 356 |
Recognized in profit or loss | (242) | (114) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | 0 | 242 |
Inflation adjustment | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 721 | 2,357 |
Recognized in profit or loss | (305) | (1,636) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | 416 | 721 |
Other assets | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | (2,989) | (1,404) |
Recognized in profit or loss | 2,798 | (1,585) |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | 0 | 0 |
Closing Balance | (191) | (2,989) |
Others | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 2,148 | 1,506 |
Recognized in profit or loss | 5,508 | 1,277 |
Recognized directly in equity | 0 | 0 |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | (198) | (635) |
Closing Balance | 7,458 | 2,148 |
Subtotal | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 21,387 | 54,248 |
Recognized in profit or loss | 22,273 | (5,379) |
Recognized directly in equity | 2,914 | (17,839) |
Acquisitions/disposals | 0 | 0 |
Additions from acquisitions | (5,436) | (9,643) |
Closing Balance | 41,138 | 21,387 |
Loss carryforward | ||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Opening Balance | 9,304 | 2,867 |
Recognized in profit or loss | 330 | 3,747 |
Recognized directly in equity | 946 | 0 |
Acquisitions/disposals | (3,142) | (979) |
Additions from acquisitions | 2,495 | 3,669 |
Closing Balance | $ 9,933 | $ 9,304 |
EARNINGS PER SHARE - Earnings a
EARNINGS PER SHARE - Earnings and Weighted Average Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Net income for the year attributable to owners of the Company | $ 158,538 | $ 148,891 | $ 96,065 |
Weighted average number of shares for the purpose of basic earnings per share (in shares) | 42,601 | 41,929 | 40,940 |
Weighted average number of shares for the purpose of diluted earnings per share (in shares) | 43,594 | 42,855 | 42,076 |
BASIC EARNINGS PER SHARE (in usd per share) | $ 3.72 | $ 3.55 | $ 2.35 |
DILUTED EARNINGS PER SHARE (in usd per share) | $ 3.64 | $ 3.47 | $ 2.28 |
EARNINGS PER SHARE - Potentiall
EARNINGS PER SHARE - Potentially Anti-Dilutive Ordinary Shares Excluded from the Weight Average Number of Ordinary Shares for Diluted Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share options | |||
Disclosure of instruments with potential future dilutive effect not included in calculation of diluted earnings per share [line items] | |||
Shares not-deemed to be issued in respect of employee options (in shares) | 67 | 25 | 30 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash and bank balances | $ 298,583 | $ 228,632 | ||
Time deposits | 8,640 | 63,825 | ||
TOTAL | $ 307,223 | $ 292,457 | $ 427,804 | $ 278,939 |
INVESTMENTS - Current and Noncu
INVESTMENTS - Current and Noncurrent Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
TOTAL | $ 16,070 | $ 48,408 | |
TOTAL | 1,833 | 1,513 | |
Investment in associates | 1,426 | 1,337 | |
Payment for interests in associates | 0 | 500 | $ 1,389 |
Vistra ITCL and Pentathlon Ventures LLP | |||
Disclosure of financial assets [line items] | |||
Investment in associates | 2,000 | 2,000 | |
Payment for interests in associates | 1,833 | 1,513 | |
Mutual funds | |||
Disclosure of financial assets [line items] | |||
Current, measured at fair value through profit and loss | 13,570 | 47,009 | |
Commercial Papers | |||
Disclosure of financial assets [line items] | |||
Current, measured at fair value through other comprehensive income | 2,500 | 0 | |
Bills issued by the Treasury Department of the U.S. ("T-Bills") | |||
Disclosure of financial assets [line items] | |||
Current, measured at fair value through other comprehensive income | 0 | 1,399 | |
Contribution to funds | |||
Disclosure of financial assets [line items] | |||
Non-current, measured at amortised cost | $ 1,833 | $ 1,513 |
INVESTMENTS - Investments in As
INVESTMENTS - Investments in Associates (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Apr. 20, 2022 | Apr. 22, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | ||||||
Payment for interests in associates | $ 0 | $ 500 | $ 1,389 | |||
Gain (loss) on investments in associates | 89 | 119 | (233) | |||
Because Energy Corp | ||||||
Disclosure of associates [line items] | ||||||
Payment for interests in associates | $ 500 | |||||
Proportion of ownership interest in associate | 20% | |||||
Investments in associates accounted for using equity method | $ 560 | 505 | ||||
Gain (loss) on investments in associates | $ 55 | (5) | ||||
Genexus Japan | ||||||
Disclosure of associates [line items] | ||||||
Proportion of ownership interest in associate | 28% | 28% | ||||
Investments in associates accounted for using equity method | $ 866 | 832 | ||||
Gain (loss) on investments in associates | $ 34 | $ (114) | ||||
Acamica Group Companies | ||||||
Disclosure of associates [line items] | ||||||
Gain (loss) on investments in associates | $ (233) | |||||
Acamica Technologias S.L. | ||||||
Disclosure of associates [line items] | ||||||
Proportion of ownership interest in associate | 47.50% | |||||
Acamica Inc. | ||||||
Disclosure of associates [line items] | ||||||
Payment for interests in associates | $ 1,095 | |||||
Proportion of ownership interest in associate | 51.90% |
TRADE RECEIVABLES - Trade Recei
TRADE RECEIVABLES - Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Trade receivables | $ 499,283 | $ 424,810 |
Amounts due from related parties | 266 | 14 |
Cost | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 519,951 | 432,024 |
Cost | Accounts receivable | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 408,166 | 361,883 |
Cost | Unbilled revenue | ||
Disclosure of financial assets [line items] | ||
Trade receivables | 111,785 | 70,141 |
Allowance for doubtful accounts | ||
Disclosure of financial assets [line items] | ||
Trade receivables | $ 20,668 | $ 7,214 |
TRADE RECEIVABLES - Schedule of
TRADE RECEIVABLES - Schedule of Aging of Trade Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ 499,283 | $ 424,810 |
30 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 0.82% | 0.49% |
31 - 60 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 2.08% | 1.47% |
61 - 90 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 4.81% | 3.31% |
91-120 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 9.02% | 8.90% |
121-180 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 26.60% | 31.18% |
181 - 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 84.13% | 82.05% |
> 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 100% | 100% |
Risk clients | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Expected credit loss rate | 100% | 100% |
Cost | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ 519,951 | $ 432,024 |
Cost | 30 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 104,024 | 65,306 |
Cost | 31 - 60 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 21,442 | 18,367 |
Cost | 61 - 90 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 7,775 | 9,335 |
Cost | 91-120 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,856 | 4,326 |
Cost | 121-180 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 5,090 | 5,301 |
Cost | 181 - 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 5,083 | 1,359 |
Cost | > 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 8,283 | 859 |
Cost | Risk clients | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,644 | 2,303 |
Cost | Total | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 161,197 | 107,156 |
Allowance for doubtful accounts | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 20,668 | 7,214 |
Allowance for doubtful accounts | 30 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 853 | 320 |
Allowance for doubtful accounts | 31 - 60 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 446 | 270 |
Allowance for doubtful accounts | 61 - 90 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 374 | 309 |
Allowance for doubtful accounts | 91-120 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 438 | 385 |
Allowance for doubtful accounts | 121-180 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 1,354 | 1,653 |
Allowance for doubtful accounts | 181 - 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,276 | 1,115 |
Allowance for doubtful accounts | > 365 | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 8,283 | 859 |
Allowance for doubtful accounts | Risk clients | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,644 | 2,303 |
Allowance for doubtful accounts | Total | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ 20,668 | $ 7,214 |
TRADE RECEIVABLES - Movement in
TRADE RECEIVABLES - Movement in Allowance for Expected Credit Losses (Details) - Trade receivables - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Balance at beginning of year | $ (7,214) | $ (6,177) | $ (5,755) |
Additions related to Travel and Hospitality clients | 0 | 0 | (2,228) |
Additions, net (note 4.2) | (18,808) | (6,364) | (5,323) |
Write-off of receivables | 5,354 | 5,327 | 7,129 |
Balance at end of year | $ (20,668) | $ (7,214) | $ (6,177) |
TRADE RECEIVABLES - Narrative (
TRADE RECEIVABLES - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | ||
Average credit period on sales | 80 days | 73 days |
OTHER RECEIVABLES - Current and
OTHER RECEIVABLES - Current and Non-current Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Prepaid expenses | $ 26,934 | $ 18,543 |
Tax credit - Knowledge Law (note 3.7.1.1) | 7,354 | 22,564 |
Income tax credits | 6,956 | 16,985 |
Tax credit - VAT | 2,124 | 2,270 |
Advances to suppliers | 2,094 | 3,082 |
Other tax credits | 1,815 | 2,159 |
Guarantee deposits | 61 | 61 |
Other | 7,448 | 4,548 |
Other receivables | 54,786 | 70,212 |
Non-current | ||
Income tax credits | 13,210 | 6,006 |
Guarantee deposits | 7,558 | 5,942 |
Prepaid expenses | 1,982 | 816 |
Tax credit - VAT | 1,012 | 1,622 |
Other tax credits | 306 | 5,184 |
Other | 2,407 | 1,571 |
TOTAL | $ 26,475 | $ 21,141 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 161,733 | |
Derecognition | 574 | $ 101 |
Values at end of year | 162,736 | 161,733 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 280,835 | 228,290 |
Additions related to business combinations (note 26.2) | 3,382 | 1,323 |
Additions | 30,626 | 53,159 |
Derecognition | 3,488 | 1,530 |
Transfers | 0 | 0 |
Translation | 506 | (407) |
Values at end of year | 311,861 | 280,835 |
Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (119,102) | (94,917) |
Additions | 32,760 | 25,324 |
Derecognition | (2,914) | (1,429) |
Translation | 177 | 290 |
Values at end of year | $ (149,125) | $ (119,102) |
Computer equipment and software | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 3 years | 3 years |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 37,476 | |
Values at end of year | 32,416 | $ 37,476 |
Computer equipment and software | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 92,837 | 66,602 |
Additions related to business combinations (note 26.2) | 2,213 | 650 |
Additions | 11,415 | 26,542 |
Derecognition | 3,083 | 776 |
Transfers | 26 | 1 |
Translation | 83 | (182) |
Values at end of year | 103,491 | 92,837 |
Computer equipment and software | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (55,361) | (42,024) |
Additions | 18,372 | 13,899 |
Derecognition | (2,619) | (746) |
Translation | (39) | 184 |
Values at end of year | $ (71,075) | $ (55,361) |
Furniture and office supplies | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 5 years | 5 years |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 5,496 | |
Values at end of year | 5,099 | $ 5,496 |
Furniture and office supplies | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 16,479 | 14,207 |
Additions related to business combinations (note 26.2) | 287 | 147 |
Additions | 1,142 | 2,599 |
Derecognition | 104 | 458 |
Transfers | 610 | (9) |
Translation | 69 | (7) |
Values at end of year | 18,483 | 16,479 |
Furniture and office supplies | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (10,983) | (8,475) |
Additions | 2,419 | 2,896 |
Derecognition | (56) | (397) |
Translation | 38 | 9 |
Values at end of year | (13,384) | (10,983) |
Office fixtures | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 27,394 | |
Values at end of year | $ 43,341 | $ 27,394 |
Office fixtures | Minimum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 3 years | 3 years |
Office fixtures | Maximum | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 5 years | 5 years |
Office fixtures | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 78,210 | $ 68,302 |
Additions related to business combinations (note 26.2) | 83 | 398 |
Additions | 582 | 1,269 |
Derecognition | 63 | 296 |
Transfers | 25,975 | 8,667 |
Translation | 318 | (130) |
Values at end of year | 105,105 | 78,210 |
Office fixtures | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (50,816) | (42,915) |
Additions | 10,857 | 8,110 |
Derecognition | (63) | (286) |
Translation | 154 | 77 |
Values at end of year | $ (61,764) | $ (50,816) |
Vehicles | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 5 years | 5 years |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 163 | |
Values at end of year | 338 | $ 163 |
Vehicles | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 276 | 240 |
Additions related to business combinations (note 26.2) | 350 | 128 |
Additions | 33 | 0 |
Derecognition | 238 | 0 |
Transfers | 0 | 0 |
Translation | 8 | (92) |
Values at end of year | 429 | 276 |
Vehicles | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (113) | (11) |
Additions | 148 | 82 |
Derecognition | (176) | 0 |
Translation | 6 | 20 |
Values at end of year | $ (91) | $ (113) |
Buildings | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life (years) | 50 years | 50 years |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | $ 29,676 | |
Values at end of year | 71,649 | $ 29,676 |
Buildings | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 31,505 | 13,971 |
Additions related to business combinations (note 26.2) | 280 | 0 |
Additions | 0 | 0 |
Derecognition | 0 | 0 |
Transfers | 42,649 | 17,534 |
Translation | 26 | 0 |
Values at end of year | 74,460 | 31,505 |
Buildings | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | (1,829) | (1,492) |
Additions | 964 | 337 |
Derecognition | 0 | 0 |
Translation | 18 | 0 |
Values at end of year | (2,811) | (1,829) |
Lands | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 2,354 | |
Values at end of year | 2,354 | 2,354 |
Lands | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 2,354 | 2,354 |
Additions related to business combinations (note 26.2) | 0 | 0 |
Additions | 0 | 0 |
Derecognition | 0 | 0 |
Transfers | 0 | 0 |
Translation | 0 | 0 |
Values at end of year | 2,354 | 2,354 |
Lands | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 0 | 0 |
Additions | 0 | 0 |
Derecognition | 0 | 0 |
Translation | 0 | 0 |
Values at end of year | 0 | 0 |
Properties under construction | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 59,174 | |
Values at end of year | 7,539 | 59,174 |
Properties under construction | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 59,174 | 62,614 |
Additions related to business combinations (note 26.2) | 169 | 0 |
Additions | 17,454 | 22,749 |
Derecognition | 0 | 0 |
Transfers | (69,260) | (26,193) |
Translation | 2 | 4 |
Values at end of year | 7,539 | 59,174 |
Properties under construction | Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Values at beginning of year | 0 | 0 |
Additions | 0 | 0 |
Derecognition | 0 | 0 |
Translation | 0 | 0 |
Values at end of year | $ 0 | $ 0 |
INTANGIBLE ASSETS - Narrative (
INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 235,540,000 | $ 182,572,000 | |
Impairment loss recognized in profit or loss | (822,000) | 1,017,000 | $ 80,000 |
Licenses and internal developments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 98,716,000 | $ 60,023,000 | |
Licenses and internal developments | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 3 years | 3 years | |
Customer relationships and contracts | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 108,085,000 | $ 87,591,000 | |
Customer relationships and contracts | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 1 year | 1 year | |
Internally generated | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | $ 74,653,000 | $ 43,170,000 | |
Impairment loss recognized in profit or loss | $ 0 | $ 0 |
INTANGIBLE ASSETS - Summary of
INTANGIBLE ASSETS - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | $ 182,572 | ||
Impairment loss recognized in profit or loss | (822) | $ 1,017 | $ 80 |
Values at end of year | 235,540 | 182,572 | |
Licenses and internal developments | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 60,023 | ||
Values at end of year | $ 98,716 | $ 60,023 | |
Licenses and internal developments | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 3 years | 3 years | |
Licenses and internal developments | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 5 years | 5 years | |
Customer relationships and contracts | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | $ 87,591 | ||
Values at end of year | $ 108,085 | $ 87,591 | |
Customer relationships and contracts | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 1 year | 1 year | |
Customer relationships and contracts | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 9 years | 9 years | |
Platforms | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | $ 32,951 | ||
Values at end of year | $ 25,765 | $ 32,951 | |
Platforms | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 4 years | 4 years | |
Platforms | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 8 years | 8 years | |
Non-compete agreements | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 3 years | 3 years | |
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | $ 1,057 | ||
Values at end of year | 1,341 | $ 1,057 | |
Cryptocurrencies | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 950 | ||
Values at end of year | 1,633 | 950 | |
Cost | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 310,715 | 188,049 | |
Additions related to business combinations (note 26.2) | 36,800 | 83,215 | |
Additions from separate acquisitions | 14,788 | 9,818 | |
Additions from internal development | 65,050 | 36,871 | |
Disposals | 3,543 | 6,182 | |
Translation | 3,725 | (1,056) | |
Values at end of year | 427,535 | 310,715 | 188,049 |
Cost | Licenses and internal developments | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 145,301 | 99,036 | |
Additions related to business combinations (note 26.2) | 38 | 6,730 | |
Additions from separate acquisitions | 14,639 | 8,844 | |
Additions from internal development | 65,050 | 36,871 | |
Disposals | 3,255 | 6,170 | |
Translation | 516 | (10) | |
Values at end of year | 222,289 | 145,301 | 99,036 |
Cost | Customer relationships and contracts | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 127,583 | 85,807 | |
Additions related to business combinations (note 26.2) | 36,028 | 42,762 | |
Additions from separate acquisitions | 0 | 0 | |
Additions from internal development | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | 3,446 | (986) | |
Values at end of year | 167,057 | 127,583 | 85,807 |
Cost | Platforms | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 33,370 | 0 | |
Additions related to business combinations (note 26.2) | 0 | 33,370 | |
Additions from separate acquisitions | 0 | 0 | |
Additions from internal development | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | (273) | 0 | |
Values at end of year | 33,097 | 33,370 | 0 |
Cost | Non-compete agreements | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 2,414 | 1,990 | |
Additions related to business combinations (note 26.2) | 734 | 353 | |
Additions from separate acquisitions | 0 | 131 | |
Additions from internal development | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | 36 | (60) | |
Values at end of year | 3,184 | 2,414 | 1,990 |
Cost | Cryptocurrencies | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | 2,047 | 1,216 | |
Additions related to business combinations (note 26.2) | 0 | 0 | |
Additions from separate acquisitions | 149 | 843 | |
Additions from internal development | 0 | 0 | |
Disposals | 288 | 12 | |
Translation | 0 | 0 | |
Values at end of year | 1,908 | 2,047 | 1,216 |
Amortization and impairment | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (128,143) | (86,033) | |
Additions related to business combinations (note 26.2) | 67,119 | 47,365 | |
Impairment loss recognized in profit or loss | (822) | 1,017 | |
Disposals | (2,983) | (4,651) | |
Translation | 538 | (1,621) | |
Values at end of year | (191,995) | (128,143) | (86,033) |
Amortization and impairment | Licenses and internal developments | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (85,278) | (56,460) | |
Additions related to business combinations (note 26.2) | 41,218 | 33,521 | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Disposals | (2,983) | (4,651) | |
Translation | 60 | (52) | |
Values at end of year | (123,573) | (85,278) | (56,460) |
Amortization and impairment | Customer relationships and contracts | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (39,992) | (28,552) | |
Additions related to business combinations (note 26.2) | 18,360 | 12,945 | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | 620 | (1,505) | |
Values at end of year | (58,972) | (39,992) | (28,552) |
Amortization and impairment | Platforms | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (419) | 0 | |
Additions related to business combinations (note 26.2) | 7,044 | 419 | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | (131) | 0 | |
Values at end of year | (7,332) | (419) | 0 |
Amortization and impairment | Non-compete agreements | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (1,357) | (941) | |
Additions related to business combinations (note 26.2) | 497 | 480 | |
Impairment loss recognized in profit or loss | 0 | 0 | |
Disposals | 0 | 0 | |
Translation | (11) | (64) | |
Values at end of year | (1,843) | (1,357) | (941) |
Amortization and impairment | Cryptocurrencies | |||
Reconciliation of changes in intangible assets and goodwill [abstract] | |||
Values at beginning of year | (1,097) | (80) | |
Additions related to business combinations (note 26.2) | 0 | 0 | |
Impairment loss recognized in profit or loss | (822) | 1,017 | |
Disposals | 0 | 0 | |
Translation | 0 | 0 | |
Values at end of year | $ (275) | $ (1,097) | $ (80) |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Unbilled Subscriptions | $ 22,685 | $ 15,197 |
Other resales contracts | 9,068 | 0 |
TOTAL | 31,753 | 15,197 |
Non-current | ||
Unbilled Subscriptions | 4,088 | 10,657 |
TOTAL | $ 4,088 | $ 10,657 |
OTHER FINANCIAL ASSETS AND LI_3
OTHER FINANCIAL ASSETS AND LIABILITIES - Current and Non-current Other Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Other current financial assets | $ 15,418 | $ 6,529 |
Other financial assets non current | 34,864 | 34,978 |
Other financial liabilities | ||
Other current financial liabilities | 81,504 | 59,316 |
Other financial liabilities | 163,318 | 78,055 |
Gross amount set off in the balance sheet | 4,088 | |
Gross Amount | 10,266 | |
Grupo ASSA and Pentalog | ||
Other financial liabilities | ||
Gross amount set off in the balance sheet | 10,067 | 6,071 |
Gross Amount | 19,664 | 9,398 |
Other financial liabilities related to business combinations | ||
Other financial liabilities | ||
Other current financial liabilities | 67,766 | 50,889 |
Other financial liabilities | 99,737 | 69,635 |
Foreign exchange forward contracts | ||
Other financial liabilities | ||
Other current financial liabilities | 311 | 3,575 |
Equity forward contract | ||
Other financial liabilities | ||
Other current financial liabilities | 393 | 981 |
Other financial liabilities | 774 | 2,905 |
Put option on minority interest of Walmeric | ||
Other financial liabilities | ||
Other current financial liabilities | 13,006 | 3,871 |
Other financial liabilities | 62,807 | 5,515 |
Others | ||
Other financial liabilities | ||
Other current financial liabilities | 28 | 0 |
Foreign exchange forward contracts | ||
Other financial assets | ||
Other current financial assets | 10,408 | 3,509 |
Convertible notes | ||
Other financial assets | ||
Other current financial assets | 3,359 | 2,491 |
Other financial assets non current | 5,751 | 4,193 |
Interest rate SWAP | ||
Other financial assets | ||
Other current financial assets | 852 | 155 |
Other financial assets non current | 0 | 3,261 |
Equity instruments | ||
Other financial assets | ||
Other current financial assets | 611 | 371 |
Other financial assets non current | 28,743 | 27,521 |
Equity forward contract | ||
Other financial assets | ||
Other current financial assets | 188 | 0 |
Other financial assets non current | 370 | 0 |
Others | ||
Other financial assets | ||
Other current financial assets | 0 | 3 |
Other financial assets non current | $ 0 | $ 3 |
OTHER FINANCIAL ASSETS AND LI_4
OTHER FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||
Sep. 18, 2023 USD ($) | Jun. 21, 2023 USD ($) | Dec. 23, 2022 USD ($) | Sep. 12, 2022 USD ($) | Jul. 07, 2022 USD ($) | Sep. 30, 2021 USD ($) | Apr. 23, 2021 USD ($) | Apr. 22, 2021 USD ($) | Jan. 15, 2021 USD ($) | Dec. 31, 2020 USD ($) partner shares | Aug. 27, 2020 USD ($) $ / shares shares | Jul. 08, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 1,748 | $ 5,148 | $ 5,762 | ||||||||||||
Other financial assets | 34,864 | 34,978 | |||||||||||||
Bank loans | $ 25,968 | 159,107 | 3,699 | $ 12,240 | |||||||||||
Equity instruments | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Other financial assets | 28,743 | 27,521 | |||||||||||||
Globant España S.A. | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Bank loans | 8,200 | ||||||||||||||
Digital House | Globant España S.A. | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Number of partners in share purchase agreement | partner | 2 | ||||||||||||||
Number of shares issued in conversion of outstanding debt principal (in shares) | shares | 614,251 | ||||||||||||||
Payments for equity instruments | $ 9,167 | ||||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | $ (2,372) | 2,850 | |||||||||||||
Digital House | Globant España S.A. | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Number of shares issued in conversion of outstanding debt principal (in shares) | shares | 204,750 | ||||||||||||||
Digital House | Globant España S.A. | Equity instruments | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 4,148 | $ 862 | |||||||||||||
Equity instrument obtained in exchange of investment | $ 5,848 | ||||||||||||||
Proportion of ownership interest in associate | 17.20% | 17.20% | |||||||||||||
Other financial assets | $ 20,502 | ||||||||||||||
ELSA | Globant España S.A. | Equity instruments | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 2,700 | ||||||||||||||
Proportion of ownership interest in associate | 4.30% | 4% | |||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | $ 1,130 | 2,640 | (2,047) | ||||||||||||
V.U. | Globant España S.A. | Equity instruments | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 618 | $ 2,200 | |||||||||||||
Proportion of ownership interest in associate | 3.10% | 3% | |||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | (220) | ||||||||||||||
Singularity Education Group | Globant España S.A. | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Number of shares issued in conversion of outstanding debt principal (in shares) | shares | 10,655,788 | ||||||||||||||
Bank loans | $ 1,250 | ||||||||||||||
Borrowings, interest rate | 5% | ||||||||||||||
Borrowing term | 1 year | ||||||||||||||
Price per share of outstanding debt principal converted (in usd per share) | $ / shares | $ 0.1231 | ||||||||||||||
Singularity Education Group | Globant España S.A. | Equity instruments | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Other financial assets | $ 1,311 | ||||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | 0 | $ (555) | |||||||||||||
Queiban | Globant España S.A. | Equity instruments | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 1,000 | ||||||||||||||
Proportion of ownership interest in associate | 3.77% | ||||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | (576) | ||||||||||||||
Latam Airlines | Globant España S.A. | Equity instruments | Subsidiaries | |||||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||||
Payments for equity instruments | $ 371 | ||||||||||||||
Proportion of ownership interest in associate | 1% | ||||||||||||||
Gain (loss) in fair value on financial assets measured at FVOCI | $ 249 |
TRADE PAYABLES (Details)
TRADE PAYABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Expenses accrual | $ 68,015 | $ 50,114 |
Suppliers | 48,481 | 35,754 |
Advanced payments from customers | 8,049 | 3,529 |
Trade payables | 124,545 | 89,397 |
Trade payables | 177 | 574 |
Expenses accrual | 2,981 | 5,445 |
Non-current trade payables | 2,981 | 5,445 |
Falcon Uru LLC | ||
Disclosure of detailed information about borrowings [line items] | ||
Trade payables | $ 177 | $ 574 |
PAYROLL AND SOCIAL SECURITY T_3
PAYROLL AND SOCIAL SECURITY TAXES PAYABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current | ||
Provision for vacation, bonus and others | $ 170,010 | $ 148,874 |
Social security tax | 41,763 | 37,716 |
Salaries | 7,774 | 15,592 |
Cash-settled scheme | 1,709 | 1,343 |
Directors fees | 120 | 187 |
Other | 467 | 107 |
TOTAL | 221,843 | 203,819 |
Non current | ||
Provision for vacation, bonus and others | 3,192 | 2,776 |
Cash-settled scheme | 1,947 | 1,540 |
TOTAL | $ 5,139 | $ 4,316 |
BORROWINGS - Principal Balances
BORROWINGS - Principal Balances of Outstanding Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | $ 159,107 | $ 3,699 | $ 12,240 | $ 25,968 |
HSBC Bank - Syndicated loan (United States) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 155,980 | 0 | ||
BPIfrance Financement (France) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 3,079 | 0 | ||
Liga Nacional de Fútbol Profesional (Spain) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 0 | 1,938 | ||
Centro para el Desarrollo Tecnológico Industrial (Spain) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 0 | 894 | ||
BBVA (Mexico) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 0 | 760 | ||
Banco Desio (Italia) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | 0 | 15 | ||
Others | ||||
Disclosure of detailed information about borrowings [line items] | ||||
TOTAL | $ 48 | $ 92 |
BORROWINGS - Current and Non-cu
BORROWINGS - Current and Non-current Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||||
Bank loans | $ 156,914 | $ 812 | ||
Other loans | 2 | 2,026 | ||
Sub-Total | 156,916 | 2,838 | ||
Non-current | ||||
Bank loans | 2,191 | 55 | ||
Other loans | 0 | 806 | ||
Borrowings | 2,191 | 861 | ||
TOTAL | $ 159,107 | $ 3,699 | $ 12,240 | $ 25,968 |
BORROWINGS - Narrative (Details
BORROWINGS - Narrative (Details) | May 31, 2023 USD ($) covenant | Feb. 06, 2020 USD ($) loan_agreement payable | Jun. 02, 2022 | Nov. 01, 2018 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Number of financial maintenance covenants | covenant | 2 | |||
Term Loan Facility | A&R Credit Agreement | Globant LLC | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Term Loan Facility | Second A&R Credit Agreement | Globant LLC | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||
Revolving Credit Facility | A&R Credit Agreement | Globant LLC | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | 150,000,000 | |||
Line of credit facility, additional borrowing capacity | $ 100,000,000 | |||
Revolving Credit Facility | A&R Credit Agreement | Globant LLC | LIBOR | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 1.75% | |||
Revolving Credit Facility | Second A&R Credit Agreement | Globant LLC | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | 250,000,000 | |||
Line of credit facility, additional borrowing capacity | $ 100,000,000 | |||
Number of borrowings | loan_agreement | 4 | |||
Coverage ratio | 125% | |||
Leverage ratio | 300% | |||
Maximum of advances outstanding to officers, directors and employees | $ 50,000 | |||
Maximum amount of restricted payments | $ 10,000,000 | |||
Number of maximum payables over average monthly billings | payable | 5 | |||
Period preceding average monthly amount of affiliates’ billings | 12 months | |||
Capital expenditures, limited percentage of net revenues | 10% | |||
Percentage of capital expenditures over annual consolidated revenue | 60% | |||
Revolving Credit Facility | Second A&R Credit Agreement | Globant LLC | LIBOR | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 1.50% | |||
Revolving Credit Facility | Second A&R Credit Agreement | Globant LLC | LIBOR | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 1.75% | |||
Revolving Credit Facility | Second A&R Credit Agreement | Globant LLC | Secured Overnight Financing Rate (SOFR) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 0.10% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | $ 725,000,000 | |||
Line of credit facility, additional borrowing capacity | $ 350,000,000 | |||
Leverage ratio | 300% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Percentage of commitment fee | 0.15% | |||
Interest coverage ratio | 300% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Leverage ratio | 350% | |||
Percentage of commitment fee | 0.25% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Secured Overnight Financing Rate (SOFR) | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 10% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Secured Overnight Financing Rate (SOFR) | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 125% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Secured Overnight Financing Rate (SOFR) | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 187.50% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Alternate Base Rate | Minimum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 25% | |||
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Globant LLC | Alternate Base Rate | Maximum | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 87.50% |
BORROWINGS - Movements in Borro
BORROWINGS - Movements in Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments [Abstract] | |||
Balance at the beginning of year | $ 3,699 | $ 12,240 | $ 25,968 |
Borrowings related to business combination | 30,695 | 3,010 | 2,538 |
Proceeds from new borrowings | 395,621 | 0 | 13,500 |
Payment of borrowings | (275,889) | (10,760) | (30,216) |
Accrued interest | 4,106 | 2,491 | 915 |
Foreign exchange | 0 | (3,127) | (375) |
Translation | 875 | (155) | (90) |
TOTAL | 159,107 | 3,699 | 12,240 |
Disclosure of detailed information about borrowings [line items] | |||
Proceeds from borrowings (note 21) | 395,621 | 0 | 13,500 |
Payment of borrowings | 275,889 | 10,760 | $ 30,216 |
A&R Credit Agreement | Globant LLC | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (243,344) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | 243,344 | ||
A&R Credit Agreement | Globant España S.A. | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (18,359) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | 18,359 | ||
A&R Credit Agreement | Pentalog | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (6,225) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | 6,225 | ||
A&R Credit Agreement | Experience IT | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (2,588) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | 2,588 | ||
A&R Credit Agreement | Sports Reinvention Entertainment Group S.L | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (1,969) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | 1,969 | ||
Banco Santander Loan | Sistemas Globales S.A. | |||
Financial Instruments [Abstract] | |||
Proceeds from new borrowings | 395 | ||
Payment of borrowings | (9,030) | ||
Disclosure of detailed information about borrowings [line items] | |||
Proceeds from borrowings (note 21) | $ 395 | ||
Payment of borrowings | 9,030 | ||
Banco Santander Loan | Hybrido | |||
Financial Instruments [Abstract] | |||
Payment of borrowings | (808) | ||
Disclosure of detailed information about borrowings [line items] | |||
Payment of borrowings | $ 808 |
TAX LIABILITIES (Details)
TAX LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
VAT payable | $ 22,262 | $ 16,213 |
Supplier withholding income taxes | 5,461 | 951 |
Sales taxes payable | 1,645 | 560 |
Personal properties tax accrual | 1,308 | 1,177 |
Wage withholding taxes | 213 | 2,504 |
Taxes payable related to Argentine Knowledge Economic Law | 163 | 730 |
Other | 2,177 | 1,319 |
Tax liabilities | $ 33,229 | $ 23,454 |
CONTINGENT LIABILITIES - Reserv
CONTINGENT LIABILITIES - Reserves for Lawsuit, Claims and Other Disputed Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 16,448 | $ 13,615 | ||
Reserve for labor claims | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 114 | 185 | $ 5 | $ 53 |
Reserve for regulatory claims | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 16,334 | $ 13,430 | $ 9,632 | $ 10,130 |
CONTINGENT LIABILITIES - Rese_2
CONTINGENT LIABILITIES - Reserves Roll Forward (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 16, 2022 USD ($) | Jul. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) examination | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Reconciliation of changes in other provisions [abstract] | ||||||
Balance at beginning of year | $ 13,615 | |||||
Balance at end of year | 16,448 | $ 13,615 | ||||
Gross amount set off in the balance sheet | 4,088 | |||||
Grupo Assa Corp | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Gross amount set off in the balance sheet | 6,690 | 6,071 | ||||
Reserve for labor claims | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Balance at beginning of year | 185 | 5 | $ 53 | |||
Additions | 293 | 370 | 8 | |||
Recovery | (94) | (1) | (10) | |||
Utilization of provision for contingencies | (216) | (89) | (38) | |||
Foreign exchange | (54) | (100) | (8) | |||
Balance at end of year | $ 5 | 114 | 185 | 5 | ||
Claim settlement | 216 | 89 | 38 | |||
Claim recovery | 94 | 1 | 10 | |||
Reserve for regulatory claims | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Balance at beginning of year | 13,430 | 9,632 | 10,130 | |||
Additions | 923 | 4,260 | 863 | |||
Additions related to business combinations | 4,159 | 569 | 0 | |||
Recovery | (1,987) | (270) | (258) | |||
Utilization of provision for contingencies | (1,028) | (961) | (509) | |||
Foreign exchange | 837 | 200 | (594) | |||
Balance at end of year | 9,632 | 16,334 | 13,430 | 9,632 | ||
Claim settlement | 1,028 | 961 | 509 | |||
Claim recovery | 1,987 | 270 | 258 | |||
Reserve for regulatory claims | Grupo Assa Brazil | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Balance at beginning of year | 10,858 | |||||
Balance at end of year | $ 11,477 | 10,858 | ||||
Number of examinations | examination | 2 | |||||
Reserve for regulatory claims | Non-U.S. Subsidiaries | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Additions | 1,300 | |||||
Payment toward tax assessment | $ 961 | |||||
Reserve for commercial claims | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Balance at beginning of year | $ 0 | 0 | 2,400 | |||
Additions | 0 | 700 | 5,166 | |||
Utilization of provision for contingencies | 0 | (700) | (7,566) | |||
Balance at end of year | $ 0 | 0 | 0 | 0 | ||
Claim settlement | $ 0 | $ 700 | $ 7,566 | |||
Reserve for commercial claims | Globant LLC | ||||||
Reconciliation of changes in other provisions [abstract] | ||||||
Recovery | $ (2,700) | |||||
Utilization of provision for contingencies | (7,250) | |||||
Claim settlement | 7,250 | |||||
Claim recovery | $ 2,700 |
RELATED PARTIES BALANCES AND _3
RELATED PARTIES BALANCES AND TRANSCATIONS - Outstanding Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Trade receivables | $ 266 | $ 14 |
Trade payables | (177) | (574) |
Enigma.art LLC | ||
Disclosure of transactions between related parties [line items] | ||
Trade receivables | 266 | 14 |
Falcon Uru LLC | ||
Disclosure of transactions between related parties [line items] | ||
Trade payables | $ (177) | $ (574) |
RELATED PARTIES BALANCES AND _4
RELATED PARTIES BALANCES AND TRANSCATIONS - Revenue, Cost of Revenue and Selling, General and Administrative Expenses Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Revenue | $ 429 | $ 1,105 | $ 0 |
Costs of revenues and Selling, general and administrative expenses | (994) | (855) | 0 |
Enigma.art LLC | |||
Disclosure of transactions between related parties [line items] | |||
Revenue | 429 | 915 | 0 |
Costs of revenues and Selling, general and administrative expenses | 0 | (75) | 0 |
Studio Eter LLC | |||
Disclosure of transactions between related parties [line items] | |||
Revenue | 0 | 190 | 0 |
Falcon Uru LLC | |||
Disclosure of transactions between related parties [line items] | |||
Costs of revenues and Selling, general and administrative expenses | $ (994) | $ (780) | $ 0 |
RELATED PARTIES BALANCES AND _5
RELATED PARTIES BALANCES AND TRANSCATIONS - Compensation of Key Management Personnel (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) INR (₨) shares $ / shares | Dec. 31, 2022 USD ($) INR (₨) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | |
Disclosure of transactions between related parties [line items] | |||
Salaries and bonuses | $ | $ 6,972 | $ 6,768 | $ 6,709 |
TOTAL | $ | $ 6,972 | $ 6,768 | $ 6,709 |
Number of share options granted (in shares) | shares | 0 | 0 | |
RSUs | Grant One | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | 6,500 | 292 | 55,500 |
Price of share options granted (in usd per share) | $ 148.96 | $ 226 | $ 298.47 |
RSUs | Grant Two | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | 106,950 | 2,220 | 5,000 |
Price of share options granted (in usd per share) | $ 148.97 | $ 210 | $ 297.49 |
RSUs | Grant Three | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | 6 | 300 | 1,564 |
Price of share options granted (in usd per share) | $ 157.4 | $ 167 | $ 267.19 |
RSUs | Grant Four | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | 87 | 78,317 | 540 |
Price of share options granted (in usd per share) | $ 173.26 | $ 219 | $ 232.11 |
RSUs | Grant Five | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | 571 | 324,380 | 702 |
Price of share options granted (in usd per share) | $ 194.54 | $ 138 | $ 213.57 |
RSUs | Grant Six | |||
Disclosure of transactions between related parties [line items] | |||
Number of share options granted (in shares) | shares | 468 | ||
Price of share options granted (in usd per share) | $ 328.96 |
EMPLOYEE BENEFITS - Narrative (
EMPLOYEE BENEFITS - Narrative (Details) | 12 Months Ended | |||||||
Jun. 29, 2023 $ / shares | Jun. 28, 2023 $ / shares | Aug. 01, 2022 shares $ / shares | Jul. 18, 2014 | Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 shares $ / shares | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Options granted during the year (in shares) | 0 | 0 | ||||||
Par value per share (in usd per share) | $ / shares | $ 1.20 | |||||||
Net deferred tax assets | $ | $ 51,071,000 | $ 30,691,000 | ||||||
Expected dividend yield | 0% | |||||||
Share repurchased (in shares) | [1] | 42,500 | 46,500 | 27,000 | ||||
Shares delivered under the plan (in shares) | [1] | 48,130 | 39,136 | 7,453 | ||||
Share-based compensation plan | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Net deferred tax assets | $ | $ 14,827,000 | $ 13,048,000 | ||||||
Stock Options | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Weighted average share price (in usd per share) | $ / shares | $ 179.89 | $ 209.95 | ||||||
PSEU and SEU | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Granted during the year (in shares) | 61,072 | |||||||
SEU | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting term | 4 years | |||||||
Percentage of shares awarded by grant type | 60% | |||||||
Granted during the year (in shares) | 61,072 | |||||||
Number of other equity instruments outstanding (in shares) | 28,059 | 57,779 | 0 | |||||
Stock units granted percentage | 50% | |||||||
Threshold price for vesting (in usd per share) | $ / shares | $ 190.43 | $ 0 | ||||||
SEU | Tranche One | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
SEU | Tranche Two | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
SEU | Tranche Three | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
SEU | Tranche Four | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
PSEU | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Percentage of shares awarded by grant type | 40% | |||||||
Stock units granted percentage | 50% | |||||||
RSUs | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Granted during the year (in shares) | 378,323 | 801,041 | 168,669 | |||||
Number of other equity instruments outstanding (in shares) | 1,165,036 | 1,089,727 | 579,492 | |||||
Threshold price for vesting (in usd per share) | $ / shares | $ 167.22 | $ 122.29 | $ 89.18 | |||||
2014 Plan | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of awards to be converted into ordinary shares on exercise (in shares) | 1 | |||||||
Amount paid or payable to recipients on option exercised | $ | $ 0 | |||||||
Minimum term | 10 years | |||||||
Options granted during the year (in shares) | 0 | 61,072 | ||||||
2014 Plan | Stock Options | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting term | 4 years | |||||||
2014 Plan | Stock Options | Tranche One | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | Stock Options | Tranche Two | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | Stock Options | Tranche Three | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | Stock Options | Tranche Four | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | RSU and PRSU | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Granted during the year (in shares) | 600,000 | 199,825 | ||||||
Number of other equity instruments outstanding (in shares) | 0 | 597,521 | ||||||
2014 Plan | RSU and PRSU | Tranche One | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | RSU and PRSU | Tranche Two | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | RSU and PRSU | Tranche Three | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | RSU and PRSU | Tranche Four | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Vesting percentage | 25% | |||||||
2014 Plan | RSUs | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of awards to be converted into ordinary shares on exercise (in shares) | 1 | |||||||
Stock units granted percentage | 50% | 50% | ||||||
Par value per share (in usd per share) | $ / shares | $ 1.20 | $ 1.20 | ||||||
Vesting period | 4 years | |||||||
Threshold price for vesting (in usd per share) | $ / shares | $ 350 | $ 420 | $ 420 | |||||
Increase in threshold price for vesting (in usd per share) | $ / shares | $ 35 | $ 42 | ||||||
2014 Plan | PRSU | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Stock units granted percentage | 50% | 50% | ||||||
ESPP | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Offering periods | 6 months | |||||||
Minimum percentage of common share price over fair market value on the first trading of the offering period | 90% | |||||||
Share repurchased (in shares) | 42,500 | 46,500 | 27,000 | |||||
Shares delivered under the plan (in shares) | 48,130 | 39,136 | 7,453 | |||||
[1]All shares are issued, authorized and fully paid. Each share is issued at a nominal value of $1.20 per share and entitles to one vote. |
EMPLOYEE BENEFITS - Evolution o
EMPLOYEE BENEFITS - Evolution of Share Options Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Number of options (in shares) | ||
Balance at the beginning of year (in shares) | shares | 546,827 | 643,957 |
Forfeited during the year (in shares) | shares | (500) | (2,750) |
Exercised during the year (in shares) | shares | (145,630) | (94,380) |
Balance at end of year (in shares) | shares | 400,697 | 546,827 |
Weighted average exercise price (in usd per share) | ||
Balance at the beginning of year (in usd per share) | $ / shares | $ 30.91 | $ 31.79 |
Forfeited during the year (in usd per share) | $ / shares | 32.36 | 22.20 |
Exercise price (in usd per share) | $ / shares | 28.18 | 37.17 |
Balance at the end of year (in usd per share) | $ / shares | $ 31.36 | $ 30.91 |
EMPLOYEE BENEFITS - Evolution_2
EMPLOYEE BENEFITS - Evolution of RSUs and SEU Outstanding (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
RSUs | |||
Number of RSU (in shares) | |||
Balance at the beginning of year (in shares) | 1,089,727 | 579,492 | |
Granted during the year (in shares) | 378,323 | 801,041 | 168,669 |
Forfeited during the year (in shares) | (45,935) | (24,506) | |
Issued during the year (in shares) | (257,079) | (266,300) | (235,392) |
Balance at end of year (in shares) | 1,165,036 | 1,089,727 | 579,492 |
Weighted average grant price (in usd per share) | |||
Balance at the beginning of year (in usd per share) | $ / shares | $ 166.04 | $ 164.73 | |
Granted during the year (in usd per share) | $ / shares | 169.61 | 159.12 | |
Forfeited during the year (in usd per share) | $ / shares | 201.71 | 178.34 | |
Issued during the year (in usd per share) | $ / shares | 167.22 | 122.29 | $ 89.18 |
Balance at the end of year (in usd per share) | $ / shares | $ 165.42 | $ 166.04 | $ 164.73 |
SEU | |||
Number of RSU (in shares) | |||
Balance at the beginning of year (in shares) | 57,779 | 0 | |
Granted during the year (in shares) | 61,072 | ||
Forfeited during the year (in shares) | (19,796) | (3,293) | |
Issued during the year (in shares) | (9,924) | 0 | |
Balance at end of year (in shares) | 28,059 | 57,779 | 0 |
Weighted average grant price (in usd per share) | |||
Balance at the beginning of year (in usd per share) | $ / shares | $ 168.16 | $ 0 | |
Granted during the year (in usd per share) | $ / shares | 0 | 168.16 | |
Forfeited during the year (in usd per share) | $ / shares | 190.43 | 168.16 | |
Issued during the year (in usd per share) | $ / shares | 190.43 | 0 | |
Balance at the end of year (in usd per share) | $ / shares | $ 237.98 | $ 168.16 | $ 0 |
PSEU and SEU | |||
Number of RSU (in shares) | |||
Granted during the year (in shares) | 61,072 |
EMPLOYEE BENEFITS - Summary of
EMPLOYEE BENEFITS - Summary of RSUs and SEUs at the End of the Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
RSUs | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 1,156,372 | |||
Fair value at grant date ($) | $ 189,704 | |||
Expense | $ 51,022 | |||
RSUs | Grant price from 52.10 to 103.75 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 1,750 | |||
Fair value at grant date ($) | $ 0 | |||
Expense | $ 533 | |||
RSUs | Grant price from 52.10 to 103.75 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 52.10 | |||
RSUs | Grant price from 52.10 to 103.75 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 103.75 | |||
RSUs | Grant price from 130.99 to 189.53 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 53,040 | |||
Fair value at grant date ($) | $ 7,863 | |||
Expense | $ 4,630 | |||
RSUs | Grant price from 130.99 to 189.53 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 130.99 | |||
RSUs | Grant price from 130.99 to 189.53 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 189.53 | |||
RSUs | Grant price from 200.61 to 298.47 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 70,580 | |||
Fair value at grant date ($) | $ 20,150 | |||
Expense | $ 8,886 | |||
RSUs | Grant price from 200.61 to 298.47 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 200.61 | |||
RSUs | Grant price from 200.61 to 298.47 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 298.47 | |||
RSUs | Grant price from 138.00 to 265.96 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 713,149 | |||
Fair value at grant date ($) | $ 107,517 | |||
Expense | $ 23,070 | |||
RSUs | Grant price from 138.00 to 265.96 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 138 | |||
RSUs | Grant price from 138.00 to 265.96 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 265.96 | |||
RSUs | Grant price from 137.78 to 233.10 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 317,853 | |||
Fair value at grant date ($) | $ 54,174 | |||
Expense | $ 13,903 | |||
RSUs | Grant price from 137.78 to 233.10 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 137.78 | |||
RSUs | Grant price from 137.78 to 233.10 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 233.10 | |||
Non employees RSU | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 8,664 | |||
Fair value at grant date ($) | $ 1,792 | |||
Expense | $ 859 | |||
Non employees RSU | Grant price from 130.99 to 189.53 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 775 | |||
Fair value at grant date ($) | $ 123 | |||
Expense | $ 63 | |||
Non employees RSU | Grant price from 130.99 to 189.53 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 130.99 | |||
Non employees RSU | Grant price from 130.99 to 189.53 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | 189.53 | |||
Non employees RSU | Grant price, $232.11 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 232.11 | |||
Number of Restricted Stock Units (in shares) | shares | 1,500 | |||
Fair value at grant date ($) | $ 348 | |||
Expense | $ 124 | |||
Non employees RSU | Grant price from 186.83 to 265.96 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 1,350 | |||
Fair value at grant date ($) | $ 296 | |||
Expense | $ 370 | |||
Non employees RSU | Grant price from 186.83 to 265.96 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 186.83 | |||
Non employees RSU | Grant price from 186.83 to 265.96 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | 265.96 | |||
Non employees RSU | Grant price from 166.37 to 235.62 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of Restricted Stock Units (in shares) | shares | 5,039 | |||
Fair value at grant date ($) | $ 1,025 | |||
Expense | $ 302 | |||
Non employees RSU | Grant price from 166.37 to 235.62 | Minimum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 166.37 | |||
Non employees RSU | Grant price from 166.37 to 235.62 | Maximum | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | 235.62 | |||
Restricted Stock Units | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 169.61 | $ 159.12 | ||
Number of Restricted Stock Units (in shares) | shares | 1,165,036 | 1,089,727 | 579,492 | |
Fair value at grant date ($) | $ 191,496 | |||
Expense | $ 51,881 | |||
SEU | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 0 | $ 168.16 | ||
Number of Restricted Stock Units (in shares) | shares | 28,059 | 57,779 | 0 | |
Fair value at grant date ($) | $ 6,450 | |||
Expense | $ 2,322 | |||
SEU | Grant price from 52.10 to 103.75 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 268.05 | |||
Number of Restricted Stock Units (in shares) | shares | 15,367 | |||
Fair value at grant date ($) | $ 4,139 | |||
Expense | $ 1,038 | |||
SEU | Grant price from 130.99 to 189.53 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 210.07 | |||
Number of Restricted Stock Units (in shares) | shares | 1,362 | |||
Fair value at grant date ($) | $ 288 | |||
Expense | $ 94 | |||
SEU | Grant price from 200.61 to 298.47 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 181.2 | |||
Number of Restricted Stock Units (in shares) | shares | 8,577 | |||
Fair value at grant date ($) | $ 1,557 | |||
Expense | $ 779 | |||
SEU | Grant price from 138.00 to 265.96 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Grant price (in usd per share) | $ / shares | $ 169.78 | |||
Number of Restricted Stock Units (in shares) | shares | 2,753 | |||
Fair value at grant date ($) | $ 466 | |||
Expense | $ 411 |
EMPLOYEE BENEFITS - Summary o_2
EMPLOYEE BENEFITS - Summary of Share Options at the End of the Year (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 400,697 | 546,827 | 643,957 |
Employee stock options | 10.00 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 10 | ||
Number of stock options (in shares) | shares | 43,921 | ||
Number of stock options vested (in shares) | shares | 43,921 | ||
Fair value at grant date ($) | $ 149 | ||
Fair value vested ($) | 149 | ||
Expense | $ 156 | ||
Employee stock options | from 28.31 to 34.20 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 77,653 | ||
Number of stock options vested (in shares) | shares | 77,653 | ||
Fair value at grant date ($) | $ 540 | ||
Fair value vested ($) | 540 | ||
Expense | $ 276 | ||
Employee stock options | from 28.31 to 34.20 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 28.31 | ||
Employee stock options | from 28.31 to 34.20 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 34.20 | ||
Employee stock options | from 29.01 to 32.36 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 201,623 | ||
Number of stock options vested (in shares) | shares | 201,623 | ||
Fair value at grant date ($) | $ 1,543 | ||
Fair value vested ($) | 1,543 | ||
Expense | $ 708 | ||
Employee stock options | from 29.01 to 32.36 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 29.01 | ||
Employee stock options | from 29.01 to 32.36 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 32.36 | ||
Employee stock options | 36.30 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 0 | ||
Number of stock options vested (in shares) | shares | 0 | ||
Fair value at grant date ($) | $ 0 | ||
Fair value vested ($) | 0 | ||
Expense | $ 0 | ||
Employee stock options | 36.30 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 36.30 | ||
Employee stock options | 36.30 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | |||
Employee stock options | from 44.97 to 55.07 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 77,500 | ||
Number of stock options vested (in shares) | shares | 77,500 | ||
Fair value at grant date ($) | $ 1,570 | ||
Fair value vested ($) | 1,570 | ||
Expense | $ 276 | ||
Employee stock options | from 44.97 to 55.07 | Minimum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 44.97 | ||
Employee stock options | from 44.97 to 55.07 | Maximum | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | 55.07 | ||
Employee stock options | 52.10 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price (in usd per share) | $ / shares | $ 52.10 | ||
Number of stock options (in shares) | shares | 0 | ||
Number of stock options vested (in shares) | shares | 0 | ||
Fair value at grant date ($) | $ 0 | ||
Fair value vested ($) | 0 | ||
Expense | $ 0 | ||
Stock Options | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock options (in shares) | shares | 400,697 | ||
Number of stock options vested (in shares) | shares | 400,697 | ||
Fair value at grant date ($) | $ 3,802 | ||
Fair value vested ($) | 3,802 | ||
Expense | $ 1,416 |
EMPLOYEE BENEFITS - Summary o_3
EMPLOYEE BENEFITS - Summary of Share Options Exercised (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 145,630 | 94,380 |
Exercise price (in usd per share) | $ / shares | $ 28.18 | $ 37.17 |
Exercise Price, 2018, 55.07 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 2,500 | 2,500 |
Exercise price (in usd per share) | $ / shares | $ 55.07 | $ 55.07 |
Exercise Price, 2019, 52.10 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 2,000 | 0 |
Exercise price (in usd per share) | $ / shares | $ 52.10 | $ 52.10 |
Exercise Price, 2018, 46.00 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 10,000 | 20,750 |
Exercise price (in usd per share) | $ / shares | $ 46 | $ 46 |
Exercise Price, 2018, 44.97 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 5,000 | 0 |
Exercise price (in usd per share) | $ / shares | $ 44.97 | $ 44.97 |
Exercise Price, 2016, 39.37 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 0 | 27,000 |
Exercise price (in usd per share) | $ / shares | $ 39.37 | $ 39.37 |
Exercise Price, 2017, 36.30 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 7,500 | 0 |
Exercise price (in usd per share) | $ / shares | $ 36.30 | $ 36.30 |
Exercise Price, 2016, 32.36 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 45,510 | 33,920 |
Exercise price (in usd per share) | $ / shares | $ 32.36 | $ 32.36 |
Exercise Price, 2015, 29.34 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 256 | 0 |
Exercise price (in usd per share) | $ / shares | $ 29.34 | $ 29.34 |
Exercise Price, 2016, 29.01 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 834 | 0 |
Exercise price (in usd per share) | $ / shares | $ 29.01 | $ 29.01 |
Exercise Price, 2015, 28.31 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 48,713 | 8,385 |
Exercise price (in usd per share) | $ / shares | $ 28.31 | $ 28.31 |
Exercise Price, 2014, 10.00 | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Number of options exercised (in shares) | shares | 23,317 | 1,825 |
Exercise price (in usd per share) | $ / shares | $ 10 | $ 10 |
EMPLOYEE BENEFITS - Summary o_4
EMPLOYEE BENEFITS - Summary of RSU and SEU's Vested (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | |
RSUs | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 257,079 | 266,300 | 235,392 |
RSUs | Grant Price, 2021, 328.96 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 468 | |
Grant price (in usd per share) | $ / shares | $ 328.96 | $ 328.96 | |
RSUs | Grant Price, 2021, 298.47 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 16,300 | 16,375 | |
Grant price (in usd per share) | $ / shares | $ 298.47 | $ 298.47 | |
RSUs | Grant Price, 2021, 297.49 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 1,500 | 1,500 | |
Grant price (in usd per share) | $ / shares | $ 297.49 | $ 297.49 | |
RSUs | Grant Price, 2021, 288.64 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 155 | 323 | |
Grant price (in usd per share) | $ / shares | $ 288.64 | $ 288.64 | |
RSUs | Grant Price, 2022, 268.31 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 189 | |
Grant price (in usd per share) | $ / shares | $ 268.31 | $ 268.31 | |
RSUs | Grant Price, 2021, 297.19 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 10,771 | 12,608 | |
Grant price (in usd per share) | $ / shares | $ 267.19 | $ 267.19 | |
RSUs | Grant Price, 2022, 265.96 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 1,883 | 0 | |
Grant price (in usd per share) | $ / shares | $ 265.96 | $ 265.96 | |
RSUs | Grant Price, 2021, 232.11 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 3,750 | 5,315 | |
Grant price (in usd per share) | $ / shares | $ 232.11 | $ 232.11 | |
RSUs | Grant Price, 2022, 226.30 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 4,487 | 1,662 | |
Grant price (in usd per share) | $ / shares | $ 226.30 | $ 226.30 | |
RSUs | Grant Price, 2022, 225.30 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 197 | 196 | |
Grant price (in usd per share) | $ / shares | $ 225.30 | $ 225.30 | |
RSUs | Grant Price, 2022, 219.34 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 19,993 | 2,585 | |
Grant price (in usd per share) | $ / shares | $ 219.34 | $ 219.34 | |
RSUs | Grant Price, 2022, 218.57 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 12 | 20 | |
Grant price (in usd per share) | $ / shares | $ 218.57 | $ 218.57 | |
RSUs | Grant Price, 2021, 213.57 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 2,607 | |
Grant price (in usd per share) | $ / shares | $ 213.57 | $ 213.57 | |
RSUs | Grant Price, 2022, 210.07 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 12,754 | 0 | |
Grant price (in usd per share) | $ / shares | $ 210.07 | $ 210.07 | |
RSUs | Grant Price, 2022, 204.08 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 2,438 | 0 | |
Grant price (in usd per share) | $ / shares | $ 204.08 | $ 204.08 | |
RSUs | Grant Price, 2021, 200.61 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 4,979 | 0 | |
Grant price (in usd per share) | $ / shares | $ 200.61 | $ 200.61 | |
RSUs | Grant Price, 2022, 192.94 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 780 | 0 | |
Grant price (in usd per share) | $ / shares | $ 192.94 | $ 192.94 | |
RSUs | Grant Price, 2020, 189.53 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 15,917 | 15,998 | |
Grant price (in usd per share) | $ / shares | $ 189.53 | $ 189.53 | |
RSUs | Grant Price, 2022, 186.83 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 804 | 0 | |
Grant price (in usd per share) | $ / shares | $ 186.83 | $ 186.83 | |
RSUs | Grant Price, 2020, 184.72 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 250 | 250 | |
Grant price (in usd per share) | $ / shares | $ 184.72 | $ 184.72 | |
RSUs | Grant Price, 2022, 184.01 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 139 | 0 | |
Grant price (in usd per share) | $ / shares | $ 184.01 | $ 184.01 | |
RSUs | Grant Price, 2021, 184.00 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 1,077 | |
Grant price (in usd per share) | $ / shares | $ 184 | $ 184 | |
RSUs | Grant Price, 2020, 180.60 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 6,385 | 15,504 | |
Grant price (in usd per share) | $ / shares | $ 180.60 | $ 180.60 | |
RSUs | Grant Price, 2022, 173.67 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 1,313 | 0 | |
Grant price (in usd per share) | $ / shares | $ 173.67 | $ 173.67 | |
RSUs | Grant Price, 2023, 173.26 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 3,731 | 0 | |
Grant price (in usd per share) | $ / shares | $ 173.26 | $ 173.26 | |
RSUs | Grant Price, 2023, 171.78 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 441 | 0 | |
Grant price (in usd per share) | $ / shares | $ 171.78 | $ 171.78 | |
RSUs | Grant Price, 2022, 169.78 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 1,416 | 0 | |
Grant price (in usd per share) | $ / shares | $ 169.78 | $ 169.78 | |
RSUs | Grant Price, 2022, 167.46 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 813 | 655 | |
Grant price (in usd per share) | $ / shares | $ 167.46 | $ 167.46 | |
RSUs | Grant Price, 2023, 165.90 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 120 | 0 | |
Grant price (in usd per share) | $ / shares | $ 165.90 | $ 165.90 | |
RSUs | Grant Price, 2023, 160.71 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 130 | 0 | |
Grant price (in usd per share) | $ / shares | $ 160.71 | $ 160.71 | |
RSUs | Grant Price, 2023, 157.4 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 41,180 | 0 | |
Grant price (in usd per share) | $ / shares | $ 157.40 | $ 157.40 | |
RSUs | Grant Price, 2023, 148.97 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 3,152 | 0 | |
Grant price (in usd per share) | $ / shares | $ 148.97 | $ 148.97 | |
RSUs | Grant Price, 2023, 146.28 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 484 | 0 | |
Grant price (in usd per share) | $ / shares | $ 146.28 | $ 146.28 | |
RSUs | Grant Price, 2023, 137.78 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 26 | 0 | |
Grant price (in usd per share) | $ / shares | $ 137.78 | $ 137.78 | |
RSUs | Grant Price, 2020, 137.57 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 3,125 | 3,125 | |
Grant price (in usd per share) | $ / shares | $ 137.57 | $ 137.57 | |
RSUs | Grant Price, 2020, 130.99 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 38,555 | 38,809 | |
Grant price (in usd per share) | $ / shares | $ 130.99 | $ 130.99 | |
RSUs | Grant Price, 2019, 103.75 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 500 | 750 | |
Grant price (in usd per share) | $ / shares | $ 103.75 | $ 103.75 | |
RSUs | Grant Price, 2019, 94.93 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 1,000 | 1,000 | |
Grant price (in usd per share) | $ / shares | $ 94.93 | $ 94.93 | |
RSUs | Grant Price, 2019, 87.44 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 56,999 | 61,992 | |
Grant price (in usd per share) | $ / shares | $ 87.44 | $ 87.44 | |
RSUs | Grant Price, 2018, 55.07 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 1,000 | |
Grant price (in usd per share) | $ / shares | $ 55.07 | $ 55.07 | |
RSUs | Grant Price, 2018, 52.74 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 1,000 | |
Grant price (in usd per share) | $ / shares | $ 52.74 | $ 52.74 | |
RSUs | Grant Price, 2019, 52.10 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 600 | 600 | |
Grant price (in usd per share) | $ / shares | $ 52.10 | $ 52.10 | |
RSUs | Grant Price, 2018, 50.92 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 2,500 | |
Grant price (in usd per share) | $ / shares | $ 50.92 | $ 50.92 | |
RSUs | Grant Price, 2018, 46.00 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 0 | 78,192 | |
Grant price (in usd per share) | $ / shares | $ 46 | $ 46 | |
SEU | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 9,924 | 0 | |
SEU | Grant Price, 2022, 186.75 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 9,005 | ||
Grant price (in usd per share) | $ / shares | $ 186.75 | ||
SEU | Grant Price, 2022, 226.5 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of RSUs vested (in shares) | 919 | ||
Grant price (in usd per share) | $ / shares | $ 226.50 |
EMPLOYEE BENEFITS - Fair Value
EMPLOYEE BENEFITS - Fair Value of Shares Granted (Details) | 12 Months Ended | |
Dec. 31, 2023 year $ / shares | Dec. 31, 2022 year $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock price (in usd per share) | $ 52.10 | |
Expected option life | year | 6 | |
Volatility | 40% | |
Risk-free interest rate | 3.10% | |
2014 Plan | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock price (in usd per share) | $ 206.23 | |
Expected option life | year | 7 | |
Volatility | 42.78% | |
Risk-free interest rate | 2.63% | |
2014 Plan | Non US Employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock price (in usd per share) | $ 133.3 | |
Expected option life | year | 8 | |
Incremental fair value | $ 19.63 | |
2014 Plan | US Employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Stock price (in usd per share) | $ 128.8 | |
Expected option life | year | 7 | |
Incremental fair value | $ 14.61 |
BUSINESS COMBINATIONS - Busines
BUSINESS COMBINATIONS - Business combinations 2023 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 16, 2023 | Mar. 30, 2022 | Jul. 08, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 19, 2023 | |
Disclosure of detailed information about business combination [line items] | |||||||
Exercise of all/put option, rate | 6% | ||||||
Other financial liabilities | $ 81,504 | $ 59,316 | |||||
Other financial liabilities | 163,318 | 78,055 | |||||
Other income and expenses, net | 6,602 | (395) | $ (3,369) | ||||
Other financial liabilities related to business combinations | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Other financial liabilities | 67,766 | 50,889 | |||||
Other financial liabilities | $ 99,737 | 69,635 | |||||
Walmeric | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership interests held by non-controlling interests | 14% | 14% | 20% | ||||
Percentage of non-controlling interest acquired by parent | $ 16,285 | ||||||
Exercise of all/put option, rate | 6% | ||||||
Other income and expenses, net | $ 1,589 | ||||||
Walmeric | Other financial liabilities related to business combinations | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Other financial liabilities | 3,871 | ||||||
Other financial liabilities | $ 5,515 | ||||||
Software Product Creation S.L. | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership interests held by non-controlling interests | 14% | ||||||
Software Product Creation S.L. | Other financial liabilities related to business combinations | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Other income and expenses, net | $ 1,589 | ||||||
GUT UK | Globant Espana | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 60% | ||||||
GUT UK | Software Product Creation S.L. | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage of voting equity interests acquired | 5% |
BUSINESS COMBINATIONS - Conside
BUSINESS COMBINATIONS - Consideration Transferred (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Disclosure of detailed information about business combination [line items] | |||||
Total consideration | [1] | $ 253,691 | $ 126,370 | $ 144,503 | |
Cash paid | [1] | 286,695 | [2] | 172,445 | $ 161,107 |
Other current financial liabilities | 81,504 | 59,316 | |||
Other non-current financial liabilities | 163,318 | 78,055 | |||
Other financial liabilities related to business combinations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Other current financial liabilities | 67,766 | 50,889 | |||
Other non-current financial liabilities | 99,737 | 69,635 | |||
Cumulative 2022 Acquisitions | |||||
Disclosure of detailed information about business combination [line items] | |||||
Down payment | 351,759 | ||||
Working capital adjustment | 505 | ||||
Installment payment | 39,659 | ||||
Contingent consideration | 59,062 | ||||
Total consideration | 450,985 | $ 267,681 | |||
Cash paid | $ 286,695 | ||||
Number of instruments or interests issued or issuable (in shares) | shares | 65,064,000 | ||||
Cumulative 2022 Acquisitions | Installment Payment | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of instruments or interests issued or issuable (in shares) | shares | 37,005,000 | ||||
Cumulative 2022 Acquisitions | Other financial liabilities related to business combinations | |||||
Disclosure of detailed information about business combination [line items] | |||||
Other current financial liabilities | $ 11,463 | ||||
Other non-current financial liabilities | 47,599 | ||||
Pentalog | |||||
Disclosure of detailed information about business combination [line items] | |||||
Cash paid | $ 139,564 | ||||
Number of instruments or interests issued or issuable (in shares) | shares | 32,320,000 | ||||
Pentalog | Installment Payment | |||||
Disclosure of detailed information about business combination [line items] | |||||
Number of instruments or interests issued or issuable (in shares) | shares | 10,066 | ||||
[1]Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries net of cash acquired (note 26)[2]As of December 31, 2022, the Company issued 135,096, common shares for a total amount of 25,531, according to the subscription agreement included in the stock purchase. |
BUSINESS COMBINATIONS - Purchas
BUSINESS COMBINATIONS - Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Non-current assets | ||||
Goodwill | $ 1,163,683 | $ 734,952 | $ 567,451 | |
Non-current liabilities | ||||
Total consideration | [1] | 253,691 | 126,370 | $ 144,503 |
Goodwill | 401,163 | 184,036 | ||
Customer relationships and contracts | ||||
Non-current assets | ||||
Intangibles | 35,811 | 34,250 | ||
Non-current liabilities | ||||
Intangibles | 35,811 | 34,250 | ||
Other intangible assets | ||||
Non-current assets | ||||
Intangibles | 38 | 33,370 | ||
Non-current liabilities | ||||
Intangibles | 38 | 33,370 | ||
Cumulative 2022 Acquisitions | ||||
Disclosure of detailed information about business combination [line items] | ||||
Financial assets recognised as of acquisition date | 174,029 | 186,540 | ||
Financial liabilities recognised as of acquisition date | 116,195 | 57,679 | ||
Goodwill recognised as of acquisition date | 401,164 | 184,036 | ||
Current assets | ||||
Cash and cash equivalents | 33,004 | 46,075 | ||
Investments | 1,327 | 1,152 | ||
Trade receivables | 62,692 | 33,539 | ||
Other receivables | 24,006 | 8,022 | ||
Indemnification asset | 4,088 | 0 | ||
Other assets | 0 | 3 | ||
Non-current assets | ||||
Other receivables | 2,743 | 372 | ||
Other financial assets | 3 | 0 | ||
Property and equipment | 3,382 | 1,323 | ||
Intangibles | 36,800 | 83,215 | ||
Right-of-use asset | 3,740 | 3,624 | ||
Deferred tax | 2,244 | 8,498 | ||
Investment in associates | 0 | 717 | ||
Goodwill | 401,164 | 184,036 | ||
Current liabilities | ||||
Trade and other payables | (29,422) | (23,217) | ||
Lease liabilities | (3,883) | (716) | ||
Tax liabilities | (13,848) | (6,101) | ||
Payroll and social security | (28,527) | (10,772) | ||
Other liabilities | (466) | (571) | ||
Borrowings | (4,105) | (2,958) | ||
Non-current liabilities | ||||
Deferred tax liabilities | (5,185) | (9,647) | ||
Lease liabilities | (10) | (3,076) | ||
Borrowings | (26,590) | (52) | ||
Contingencies | (4,159) | (569) | ||
Non-controlling interest | (8,013) | (45,216) | ||
Total consideration | 450,985 | 267,681 | ||
Intangibles | 36,800 | 83,215 | ||
Cumulative 2022 Acquisitions, Preliminary Allocation | ||||
Disclosure of detailed information about business combination [line items] | ||||
Financial assets recognised as of acquisition date | 77,722 | |||
Financial liabilities recognised as of acquisition date | 54,261 | |||
Goodwill recognised as of acquisition date | 195,137 | |||
Pentalog | Customer relationships and contracts | ||||
Non-current assets | ||||
Intangibles | 22,364 | 22,364 | ||
Non-current liabilities | ||||
Intangibles | $ 22,364 | $ 22,364 | ||
[1]Cash paid for assets acquired and liabilities assumed in the acquisition of subsidiaries net of cash acquired (note 26) |
BUSINESS COMBINATIONS - Effects
BUSINESS COMBINATIONS - Effects of offsetting on acquisition (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of detailed information about business combination [line items] | |
Gross amount set off in the balance sheet | $ 4,088 |
Gross Amount | 10,266 |
Net amount presented in the balanced sheet | 6,178 |
Pentalog | |
Disclosure of detailed information about business combination [line items] | |
Gross amount set off in the balance sheet | 4,088 |
Gross Amount | 10,266 |
Gross amount, at present value | $ 11,139 |
BUSINESS COMBINATIONS - Impact
BUSINESS COMBINATIONS - Impact of Acquisitions on the Results of the Company (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Combinations1 [Abstract] | |
Net income attributable to the business generated since acquisition date | $ 7,593 |
Revenue from the business since acquisition date | 90,812 |
Net income of combined entity as if combination occurred at beginning of period | 2,257,256 |
Revenue of combined entity as if combination occurred at beginning of period | $ 159,738 |
BUSINESS COMBINATIONS - Goodwil
BUSINESS COMBINATIONS - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in goodwill [line items] | |||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 |
Goodwill | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Period over which management has projected cash flows | 5 years | 5 years | |
Discount rate applied to cash flow projections | 10.90% | 11.20% | |
Growth rate used to extrapolate cash flow projections | 4% | 4% | |
Goodwill | Weighted average | |||
Disclosure of reconciliation of changes in goodwill [line items] | |||
Average growth rate | 19.10% | 21.60% |
BUSINESS COMBINATIONS - Goodw_2
BUSINESS COMBINATIONS - Goodwill Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in goodwill [abstract] | ||
Balance at beginning of year | $ 734,952 | $ 567,451 |
Additions related to new acquisitions (note 26.2) | 401,163 | 184,036 |
Translation | 25,293 | (17,322) |
Measurement period adjustment | 2,275 | 787 |
Balance at end of year | $ 1,163,683 | $ 734,952 |
BUSINESS COMBINATIONS - Fair Va
BUSINESS COMBINATIONS - Fair Value Determination of the Consideration (Details) - Adbid and Sports Reinvention Entertainment Group S.L. $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | |
Decrease Working Capital | $ (1,128) |
Intangible Assets recognized | 960 |
Goodwill | (4,252) |
Other financial liabilities - decrease in contingent consideration | 4,167 |
Non-controlling interests | $ 253 |
SEGMENT INFORMATION - Revenues
SEGMENT INFORMATION - Revenues by Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 2,095,939 | $ 1,780,243 | $ 1,297,078 |
Non-current other than deferred tax assets | 1,697,313 | 1,235,892 | |
North America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,245,972 | 1,135,148 | 831,300 |
United States of America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,210,981 | 1,095,895 | 803,934 |
Non-current other than deferred tax assets | 156,132 | 83,666 | |
Canada | |||
Disclosure of geographical areas [line items] | |||
Revenue | 32,735 | 38,895 | 26,970 |
Non-current other than deferred tax assets | 11,762 | 103 | |
Puerto Rico | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,256 | 358 | 396 |
Europe, Middle East & Africa | |||
Disclosure of geographical areas [line items] | |||
Revenue | 323,546 | 186,723 | 151,334 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Revenue | 148,465 | 86,410 | 94,459 |
Non-current other than deferred tax assets | 625,152 | 587,354 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Revenue | 55,746 | 45,017 | 27,156 |
Non-current other than deferred tax assets | 133,975 | 51,746 | |
Italy | |||
Disclosure of geographical areas [line items] | |||
Revenue | 28,384 | 9,320 | 507 |
Non-current other than deferred tax assets | 52,111 | 27,844 | |
France | |||
Disclosure of geographical areas [line items] | |||
Revenue | 25,854 | 6,593 | 2,600 |
Non-current other than deferred tax assets | 114,079 | 44 | |
Switzerland | |||
Disclosure of geographical areas [line items] | |||
Revenue | 16,932 | 8,859 | 5,710 |
Saudi Arabia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 12,731 | 4,187 | 0 |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Revenue | 5,666 | 4,975 | 3,604 |
Belgium | |||
Disclosure of geographical areas [line items] | |||
Revenue | 5,245 | 5,577 | 8,705 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Revenue | 6,613 | 5,840 | 1,424 |
Non-current other than deferred tax assets | 24,973 | 1,112 | |
Ireland | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,688 | 1,104 | 1,435 |
Sweden | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,506 | 897 | 53 |
Luxembourg | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,790 | 3,676 | 4,777 |
Non-current other than deferred tax assets | 4,226 | 4,226 | |
Malta | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,887 | 899 | 386 |
Romania | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,350 | 0 | 0 |
Non-current other than deferred tax assets | 7,173 | 1,492 | |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,771 | 992 | 107 |
Austria | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,250 | 131 | 0 |
Denmark | |||
Disclosure of geographical areas [line items] | |||
Revenue | 668 | 2,246 | 411 |
Non-current other than deferred tax assets | 32,124 | 32,469 | |
Asia & Oceania | |||
Disclosure of geographical areas [line items] | |||
Revenue | 63,198 | 50,018 | 26,129 |
India | |||
Disclosure of geographical areas [line items] | |||
Revenue | 20,060 | 21,191 | 10,442 |
Non-current other than deferred tax assets | 12,269 | 26,814 | |
Japan | |||
Disclosure of geographical areas [line items] | |||
Revenue | 18,031 | 11,739 | 8,514 |
Australia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 11,566 | 3,010 | 5,223 |
Non-current other than deferred tax assets | 24,776 | 24,779 | |
Hong Kong | |||
Disclosure of geographical areas [line items] | |||
Revenue | 9,261 | 1,350 | 0 |
Non-current other than deferred tax assets | 15,931 | 15,577 | |
Singapore | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,696 | 2,600 | 906 |
United Arab Emirates | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,051 | 8,938 | 401 |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | 533 | 1,190 | 643 |
Latin America | |||
Disclosure of geographical areas [line items] | |||
Revenue | 463,223 | 408,354 | 288,315 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Revenue | 137,207 | 120,578 | 87,756 |
Non-current other than deferred tax assets | 129,978 | 156,594 | |
Chile | |||
Disclosure of geographical areas [line items] | |||
Revenue | 97,049 | 115,494 | 86,809 |
Non-current other than deferred tax assets | 12,341 | 13,395 | |
Mexico | |||
Disclosure of geographical areas [line items] | |||
Revenue | 96,075 | 75,442 | 53,455 |
Non-current other than deferred tax assets | 54,160 | 51,965 | |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Revenue | 58,061 | 31,060 | 20,821 |
Non-current other than deferred tax assets | 151,599 | 28,649 | |
Peru | |||
Disclosure of geographical areas [line items] | |||
Revenue | 27,091 | 25,131 | 15,695 |
Non-current other than deferred tax assets | 6,656 | 8,393 | |
Colombia | |||
Disclosure of geographical areas [line items] | |||
Revenue | 25,122 | 19,206 | 14,357 |
Non-current other than deferred tax assets | 61,447 | 64,666 | |
Dominican Republic | |||
Disclosure of geographical areas [line items] | |||
Revenue | 7,068 | 5,706 | 3,788 |
Panama | |||
Disclosure of geographical areas [line items] | |||
Revenue | 5,609 | 2,698 | 744 |
Uruguay | |||
Disclosure of geographical areas [line items] | |||
Revenue | 3,774 | 2,993 | 755 |
Non-current other than deferred tax assets | 54,109 | 47,903 | |
Ecuador | |||
Disclosure of geographical areas [line items] | |||
Revenue | 2,572 | 5,175 | 1,061 |
Non-current other than deferred tax assets | 754 | 690 | |
Paraguay | |||
Disclosure of geographical areas [line items] | |||
Revenue | 988 | 3,088 | 2,823 |
Others | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 2,607 | $ 1,783 | $ 251 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 72.27% | ||
One Customer | |||
Disclosure of geographical areas [line items] | |||
Percentage of entity's revenue | 8.70% | 10.70% | 10.90% |
SEGMENT INFORMATION - Non-curre
SEGMENT INFORMATION - Non-current Assets Other Than Deferred Tax Assets by Jurisdiction (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | $ 1,697,313 | $ 1,235,892 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 625,152 | 587,354 |
United States of America | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 156,132 | 83,666 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 129,978 | 156,594 |
France | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 114,079 | 44 |
Colombia | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 61,447 | 64,666 |
Uruguay | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 54,109 | 47,903 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 133,975 | 51,746 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 54,160 | 51,965 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 52,111 | 27,844 |
Denmark | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 32,124 | 32,469 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 151,599 | 28,649 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 24,973 | 1,112 |
Australia | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 24,776 | 24,779 |
India | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 12,269 | 26,814 |
Hong Kong | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 15,931 | 15,577 |
Chile | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 12,341 | 13,395 |
Romania | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 7,173 | 1,492 |
Peru | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 6,656 | 8,393 |
Moldova | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 594 | 0 |
Vietnam | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 219 | 0 |
Luxembourg | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 4,226 | 4,226 |
Belarus | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 3,216 | 5,461 |
Ukraine | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 1,484 | 0 |
Costa Rica | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 5,067 | 821 |
Ecuador | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 754 | 690 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 11,762 | 103 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | 769 | 42 |
Other countries | ||
Disclosure of geographical areas [line items] | ||
Non-current other than deferred tax assets | $ 237 | $ 87 |
LEASES - Summary of Right-of-Us
LEASES - Summary of Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | $ 147,311 | $ 144,581 | |
Additions | 10,324 | 34,532 | |
Additions from business combinations (note 26.2) | 3,740 | 3,624 | |
Disposals | (2,543) | ||
Depreciation (note 6) | (39,982) | (35,244) | $ (23,833) |
Foreign currency translation | 550 | (182) | |
Ending balance | 119,400 | 147,311 | 144,581 |
Office spaces | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 108,610 | 104,565 | |
Additions | 6,735 | 22,403 | |
Additions from business combinations (note 26.2) | 3,740 | 3,624 | |
Disposals | (2,543) | ||
Depreciation (note 6) | (25,680) | (21,800) | |
Foreign currency translation | 550 | (182) | |
Ending balance | 91,412 | 108,610 | 104,565 |
Office equipments | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 19,243 | 22,104 | |
Additions | 206 | 320 | |
Additions from business combinations (note 26.2) | 0 | 0 | |
Disposals | 0 | ||
Depreciation (note 6) | (3,265) | (3,181) | |
Foreign currency translation | 0 | 0 | |
Ending balance | 16,184 | 19,243 | 22,104 |
Computers | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 19,458 | 17,912 | |
Additions | 3,383 | 11,809 | |
Additions from business combinations (note 26.2) | 0 | 0 | |
Disposals | 0 | ||
Depreciation (note 6) | (11,037) | (10,263) | |
Foreign currency translation | 0 | 0 | |
Ending balance | $ 11,804 | $ 19,458 | $ 17,912 |
LEASES - Summary of Lease Liabi
LEASES - Summary of Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of leases [Abstract] | |||
Beginning balance | $ 135,138 | $ 134,485 | |
Additions | 10,324 | 36,090 | |
Additions from business combinations | 3,893 | 3,792 | |
Foreign exchange difference | 8,256 | (7,976) | |
Foreign currency translation | 351 | (689) | |
Interest expense | 6,319 | 6,822 | $ 5,415 |
Payments | (44,833) | (37,386) | |
Disposals | (712) | 0 | |
Ending balance | $ 118,736 | $ 135,138 | $ 134,485 |
LEASES - Summary of Leases Not
LEASES - Summary of Leases Not Yet Commenced (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2022-2023 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | $ 1,968 | $ 207 |
2024 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | 1,968 | 311 |
2025 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | 1,968 | 311 |
2026 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | 1,968 | 311 |
2027 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | $ 1,968 | 311 |
2028 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Leases not yet commenced | $ 104 |
LEASES - Summary of Lease Lia_2
LEASES - Summary of Lease Liabilities Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of leases [Abstract] | |||
Current | $ 47,852 | $ 37,681 | |
Non-current | 70,884 | 97,457 | |
TOTAL | $ 118,736 | $ 135,138 | $ 134,485 |
FINANCIAL INSTRUMENTS - Categor
FINANCIAL INSTRUMENTS - Categories of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | $ 703,568 | |
Other financial liabilities related to business combinations | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 95,216 | $ 54,667 |
FVTPL | Foreign exchange forward contracts | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 308 | 2,004 |
FVTPL | Other financial liabilities related to business combinations | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 95,216 | 54,667 |
FVTOCI | Foreign exchange forward contracts | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 3 | 1,571 |
FVTOCI | Equity forward contract | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 1,167 | 3,886 |
Amortized cost | Trade payables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 119,477 | 91,313 |
Amortized cost | Borrowings | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 159,107 | 3,699 |
Amortized cost | Other financial liabilities related to business combinations | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 72,287 | 65,857 |
Amortized cost | Put option on minority interest of Walmeric | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 75,813 | 9,386 |
Amortized cost | Equity forward contract | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 0 | |
Amortized cost | Other | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 28 | |
Amortized cost | Lease liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 118,736 | 135,138 |
Amortized cost | Other liabilities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial liabilities | 896 | 808 |
FVTPL | Mutual funds | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 13,570 | 47,009 |
FVTPL | Commercial Papers | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 2,500 | |
FVTPL | Convertible notes | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 9,110 | 6,684 |
FVTPL | Foreign exchange forward contracts | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 2,330 | 552 |
FVTPL | Interest rate SWAP | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 852 | 3,416 |
FVTOCI | Bills issued by the Treasury Department of the U.S. ("T-Bills") | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 1,399 | |
FVTOCI | Foreign exchange forward contracts | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 8,078 | 2,957 |
FVTOCI | Equity instruments | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 29,354 | 27,892 |
FVTOCI | Equity forward contract | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 558 | |
Amortized cost | Cash and cash equivalents | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 307,223 | 292,457 |
Amortized cost | Contribution to funds | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 1,833 | 1,513 |
Amortized cost | Trade receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 499,283 | 424,810 |
Amortized cost | Other assets | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | 35,841 | 25,854 |
Amortized cost | Other receivables | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | $ 17,474 | 12,122 |
Amortized cost | Others | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets | $ 6 |
FINANCIAL INSTRUMENTS - Foreign
FINANCIAL INSTRUMENTS - Foreign Currency Risk Management (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) $ / $ | Dec. 31, 2022 $ / $ | |
Financial Instruments [Abstract] | ||
Percentage of entity's revenue | 72.27% | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of entity's revenue | 72.27% | |
Average foreign exchange rate | $ / $ | 102.62 | |
Devaluation of foreign exchange, percent | 355.70% | 72.50% |
Average foreign exchange rate | $ / $ | 102.62 | |
Minimum | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average foreign exchange rate | $ / $ | 177.06 | |
Average foreign exchange rate | $ / $ | 177.06 | |
Maximum | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Average foreign exchange rate | $ / $ | 806.95 | 177.06 |
Average foreign exchange rate | $ / $ | 806.95 | 177.06 |
Currency risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (104,652) | |
% Increase, Amount | 8,594 | |
% Decrease, Amount | (11,628) | |
Currency risk | Argentine pesos | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ 6,573 | |
% Increase | 30% | |
% Increase, Amount | $ (1,517) | |
% Decrease | 10% | |
% Decrease, Amount | $ 730 | |
Currency risk | Australian Dollar | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (16,018) | |
% Increase | 10% | |
% Increase, Amount | $ 1,456 | |
% Decrease | 10% | |
% Decrease, Amount | $ (1,780) | |
Currency risk | Chilean peso (CLP) | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (191) | |
% Increase | 10% | |
% Increase, Amount | $ 17 | |
% Decrease | 10% | |
% Decrease, Amount | $ (21) | |
Currency risk | Colombian pesos | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (49,959) | |
% Increase | 10% | |
% Increase, Amount | $ 4,542 | |
% Decrease | 10% | |
% Decrease, Amount | $ (5,551) | |
Currency risk | Danish Krone | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (11,052) | |
% Increase | 10% | |
% Increase, Amount | $ 1,005 | |
% Decrease | 10% | |
% Decrease, Amount | $ (1,228) | |
Currency risk | Indian Rupees | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (21,514) | |
% Increase | 10% | |
% Increase, Amount | $ 1,956 | |
% Decrease | 10% | |
% Decrease, Amount | $ (2,390) | |
Currency risk | European Union euros | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ 6,705 | |
% Increase | 10% | |
% Increase, Amount | $ (610) | |
% Decrease | 10% | |
% Decrease, Amount | $ 745 | |
Currency risk | Mexican pesos | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (4,403) | |
% Increase | 10% | |
% Increase, Amount | $ 400 | |
% Decrease | 10% | |
% Decrease, Amount | $ (489) | |
Currency risk | Pound sterling | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (4,662) | |
% Increase | 10% | |
% Increase, Amount | $ 424 | |
% Decrease | 10% | |
% Decrease, Amount | $ (518) | |
Currency risk | Uruguayan pesos | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Amount | $ (10,131) | |
% Increase | 10% | |
% Increase, Amount | $ 921 | |
% Decrease | 10% | |
% Decrease, Amount | $ (1,126) |
FINANCIAL INSTRUMENTS - Interes
FINANCIAL INSTRUMENTS - Interest Rate Risk Management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial instruments by type of interest rate [line items] | |||
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | $ (492) | $ (17) | |
Fixed interest rate | Interest rate SWAP | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | (255) | $ 132 | |
Gain (loss) on hedge ineffectiveness recognised in profit or loss | $ 356 | $ 3,701 | $ 837 |
Minimum | Fixed interest rate | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Borrowings, interest rate | 1.25% | ||
Maximum | Fixed interest rate | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Borrowings, interest rate | 1.88% |
FINANCIAL INSTRUMENTS - Inter_2
FINANCIAL INSTRUMENTS - Interest Rate Swap Contracts Outstanding (Details) - FVTPL - Interest rate SWAP - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about hedging instruments [line items] | ||
Financial assets | $ 852 | $ 3,416 |
Cash flow hedges | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Current financial assets | 852 | |
Financial assets | 3,416 | |
Cash flow hedges | Settlement 1 | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | 15 | 15 |
Current financial assets | $ 181 | |
Financial assets | $ 771 | |
Cash flow hedges | Settlement 1 | Fixed interest rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed rate payable | 0.647% | 0.647% |
Cash flow hedges | Settlement 2 | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | $ 15 | |
Financial assets | $ 155 | |
Cash flow hedges | Settlement 2 | Fixed interest rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed rate payable | 0.511% | |
Cash flow hedges | Settlement 3 | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | $ 20 | $ 20 |
Current financial assets | $ 245 | |
Financial assets | $ 1,045 | |
Cash flow hedges | Settlement 3 | Fixed interest rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed rate payable | 0.566% | 0.566% |
Cash flow hedges | Settlement 4 | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional | $ 25 | $ 25 |
Current financial assets | $ 426 | |
Financial assets | $ 1,445 | |
Cash flow hedges | Settlement 4 | Fixed interest rate | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed rate payable | 0.355% | 0.355% |
FINANCIAL INSTRUMENTS - Liquidi
FINANCIAL INSTRUMENTS - Liquidity Risk Management (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trade payables | $ 127,526,000 | |
Borrowings | 159,107,000 | |
Lease liabilities | 173,920,000 | |
Other financial liabilities | 243,015,000 | |
Financial liabilities | 703,568,000 | |
Nominal value of contingent consideration | 107,920,000 | $ 69,005,000 |
Foreign exchange forward contracts and interest rate SWAP | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Nominal value of contingent consideration | 0 | |
Subscription Agreements | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Nominal value of contingent consideration | 57,849,000 | |
2023 | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trade payables | 124,545,000 | |
Borrowings | 157,654,000 | |
Lease liabilities | 48,389,000 | |
Other financial liabilities | 80,170,000 | |
Financial liabilities | 410,758,000 | |
2025 | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trade payables | 1,585,000 | |
Borrowings | 738,000 | |
Lease liabilities | 35,102,000 | |
Other financial liabilities | 90,383,000 | |
Financial liabilities | 127,808,000 | |
2026 | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trade payables | 686,000 | |
Borrowings | 715,000 | |
Lease liabilities | 24,037,000 | |
Other financial liabilities | 42,051,000 | |
Financial liabilities | 67,489,000 | |
Thereafter | ||
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | ||
Trade payables | 710,000 | |
Borrowings | 0 | |
Lease liabilities | 66,392,000 | |
Other financial liabilities | 30,411,000 | |
Financial liabilities | $ 97,513,000 |
FINANCIAL INSTRUMENTS - Concent
FINANCIAL INSTRUMENTS - Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 72.27% | ||
Top Five Customers | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 22.90% | 25.60% | 26.70% |
One Customer | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 8.70% | 10.70% | 10.90% |
United States of America | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of entity's revenue | 58% |
FINANCIAL INSTRUMENTS - Financi
FINANCIAL INSTRUMENTS - Financial Instruments that are Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade payables | ||
Disclosure of financial assets [line items] | ||
Non-current liabilities | $ 2,981 | $ 5,445 |
Borrowings | ||
Disclosure of financial assets [line items] | ||
Non-current liabilities | 2,191 | 861 |
Fair value | Trade payables | ||
Disclosure of financial assets [line items] | ||
Non-current liabilities | 2,779 | 5,053 |
Fair value | Borrowings | ||
Disclosure of financial assets [line items] | ||
Non-current liabilities | 1,907 | 645 |
Guarantee deposits | ||
Disclosure of financial assets [line items] | ||
Non-current assets | 7,558 | 5,942 |
Guarantee deposits | Fair value | ||
Disclosure of financial assets [line items] | ||
Non-current assets | 6,447 | 5,686 |
Other assets | ||
Disclosure of financial assets [line items] | ||
Non-current assets | 4,088 | 10,657 |
Other assets | Fair value | ||
Disclosure of financial assets [line items] | ||
Non-current assets | $ 3,486 | $ 9,780 |
FINANCIAL INSTRUMENTS - Fair Va
FINANCIAL INSTRUMENTS - Fair Value Measurement Recognized in the Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contingent consideration | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 95,216 | $ 54,667 |
Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 311 | 3,575 |
Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 1,167 | 3,886 |
Mutual funds | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 13,570 | 47,009 |
Commercial Papers | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 2,500 | |
Bills issued by the Treasury Department of the U.S. ("T-Bills") | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 1,399 | |
Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 10,408 | 3,509 |
Convertible notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 9,110 | 6,684 |
Equity instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 29,354 | 27,892 |
Interest rate SWAP | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 852 | 3,416 |
Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 558 | |
Level 1 | Contingent consideration | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 1 | Mutual funds | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Commercial Papers | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 2,500 | |
Level 1 | Bills issued by the Treasury Department of the U.S. ("T-Bills") | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 1,399 | |
Level 1 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Convertible notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Equity instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Interest rate SWAP | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 1 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | |
Level 2 | Contingent consideration | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 2 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 311 | 3,575 |
Level 2 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 1,167 | 3,886 |
Level 2 | Mutual funds | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 13,570 | 47,009 |
Level 2 | Commercial Papers | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | |
Level 2 | Bills issued by the Treasury Department of the U.S. ("T-Bills") | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | |
Level 2 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 10,408 | 3,509 |
Level 2 | Convertible notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 | Equity instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 2 | Interest rate SWAP | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 852 | 3,416 |
Level 2 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 558 | |
Level 3 | Contingent consideration | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 95,216 | 54,667 |
Level 3 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 0 | 0 |
Level 3 | Mutual funds | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Commercial Papers | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | |
Level 3 | Bills issued by the Treasury Department of the U.S. ("T-Bills") | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | |
Level 3 | Foreign exchange forward contracts | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | 0 |
Level 3 | Convertible notes | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 9,110 | 6,684 |
Level 3 | Equity instruments | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 29,354 | 27,892 |
Level 3 | Interest rate SWAP | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | 0 | $ 0 |
Level 3 | Equity forward contract | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial assets, at fair value | $ 0 |
FINANCIAL INSTRUMENTS - Conting
FINANCIAL INSTRUMENTS - Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities in business combination [line items] | |||
Nominal value of contingent consideration | $ 107,920 | $ 69,005 | |
Estimated financial effect of contingent consideration | 64,083 | 61,683 | |
Financial liabilities | 703,568 | ||
Payment for contingent consideration | 24,086 | ||
Contingent consideration | |||
Disclosure of contingent liabilities in business combination [line items] | |||
Financial liabilities | 95,216 | 54,667 | |
(Loss) gain on change in fair value of contingent consideration | 4,227 | $ 967 | $ (4,322) |
Contingent consideration | Bluecap and Navint | |||
Disclosure of contingent liabilities in business combination [line items] | |||
(Loss) gain on change in fair value of contingent consideration | (5,555) | ||
Contingent consideration | Atix, Habitant and Cloudshift | |||
Disclosure of contingent liabilities in business combination [line items] | |||
(Loss) gain on change in fair value of contingent consideration | $ 9,665 |
FINANCIAL INSTRUMENTS - Quantit
FINANCIAL INSTRUMENTS - Quantitative Information About Significant Unobservable Inputs Used in Level 3 Fair Value Measurement (Details) - Contingent consideration - Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Risk adjusted discount rate | |
Disclosure of contingent liabilities in business combination [line items] | |
Fair value of contingent consideration | $ 95,216 |
Percentage possible decrease in unobservable input | 1% |
Amount of possible decrease in unobservable input | $ 3,298 |
Percentage of possible increase in unobservable input | 1% |
Amount of possible increase in unobservable input | $ 3,689 |
Risk adjusted discount rate | Minimum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, percentage | 0.0370 |
Risk adjusted discount rate | Maximum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, percentage | 0.133 |
Expected revenues | |
Disclosure of contingent liabilities in business combination [line items] | |
Fair value of contingent consideration | $ 95,216 |
Percentage possible decrease in unobservable input | 10% |
Amount of possible decrease in unobservable input | $ 8,754 |
Percentage of possible increase in unobservable input | 10% |
Amount of possible increase in unobservable input | $ 13,134 |
Expected revenues | Minimum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, amount | 9,559 |
Expected revenues | Maximum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, amount | 51,671 |
Expected operating margin | |
Disclosure of contingent liabilities in business combination [line items] | |
Fair value of contingent consideration | $ 95,216 |
Percentage possible decrease in unobservable input | 10% |
Amount of possible decrease in unobservable input | $ 1,879 |
Percentage of possible increase in unobservable input | 10% |
Amount of possible increase in unobservable input | $ 2,825 |
Expected operating margin | Minimum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, percentage | 0.2790 |
Expected operating margin | Maximum | |
Disclosure of contingent liabilities in business combination [line items] | |
Significant unobservable input, percentage | 0.6300 |
FINANCIAL INSTRUMENTS - Reconci
FINANCIAL INSTRUMENTS - Reconciliation of Recurring Fair Value Categorized as Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
May 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets | ||||
Assets, at beginning of period | $ 2,195,789 | |||
Assets, at end of period | 2,735,355 | $ 2,195,789 | ||
Financial liabilities | ||||
Liabilities, at beginning of period | 639,629 | |||
Liabilities, at end of period | 948,739 | 639,629 | ||
Proceeds from issuing shares | 0 | 0 | $ 286,207 | |
Payments for equity instruments | 1,748 | 5,148 | 5,762 | |
Ordinary shares | ||||
Financial liabilities | ||||
Proceeds from issuing shares | $ 286,207 | |||
Level 3 | Contingent consideration | ||||
Financial liabilities | ||||
Liabilities, at beginning of period | 54,667 | 58,180 | ||
Fair value remeasurement | (4,227) | (967) | ||
Acquisition of business | 59,062 | 32,992 | ||
Payments | (24,086) | (28,717) | ||
Interests | 3,641 | 1,484 | ||
Reclassifications | 5,736 | (5,060) | ||
Foreign exchange difference | 1,153 | (1,528) | ||
Translation | 823 | (890) | ||
Other | (1,553) | (827) | ||
Liabilities, at end of period | 95,216 | 54,667 | 58,180 | |
Level 3 | Convertible notes | ||||
Financial Assets | ||||
Assets, at beginning of period | 6,684 | 3,875 | ||
Acquisition of investment | 2,367 | 2,667 | ||
Interests | 59 | 146 | ||
Foreign exchange difference | (4) | |||
Assets, at end of period | 9,110 | 6,684 | 3,875 | |
Level 3 | Equity instruments | ||||
Financial Assets | ||||
Assets, at beginning of period | 27,892 | 22,088 | ||
Fair value measurement | (286) | 285 | ||
Acquisition of investment | 1,748 | 5,519 | ||
Assets, at end of period | $ 29,354 | $ 27,892 | $ 22,088 |
FINANCIAL INSTRUMENTS - Forei_2
FINANCIAL INSTRUMENTS - Foreign Exchange Future and Forward Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on foreign exchange contracts | $ 23,564 | $ (7,537) | $ (8,537) |
Sistemas Globales S.A., IAFH Global S.A., Sistemas Colombia S.A., Sistemas Globales Chile Asesorías Ltda. and Sistemas Globales Uruguay S.A | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gain (loss) on foreign exchange contracts | $ 13,045 | $ (13,727) |
FINANCIAL INSTRUMENTS - Forei_3
FINANCIAL INSTRUMENTS - Foreign Exchange Forward Contracts at Fair Value (Details) $ in Thousands | 12 Months Ended | |||||||||||||||||
Dec. 31, 2023 AUD ($) | Dec. 31, 2023 DKK (kr) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 UYU ($) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 CLP ($) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2023 USD ($) UYU ($) DKK (kr) EUR (€) CLP ($) COP ($) GBP (£) INR (₨) AUD ($) | Dec. 31, 2022 USD ($) COP ($) GBP (£) CLP ($) AUD ($) INR (₨) MXN ($) DKK (kr) ARS ($) | |
Foreign exchange forward contracts | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Fair value (liabilities) | $ (308) | $ (2,004) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 876.95 | 920.50 | ||||||||||||||||
Notional foreign currency rate | $ 875.93 | $ 858.02 | ||||||||||||||||
Fair value (liabilities) | $ (10) | $ (557) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 890.85 | 919.60 | ||||||||||||||||
Notional foreign currency rate | $ 877.33 | 858.02 | ||||||||||||||||
Fair value (liabilities) | $ (120) | $ (550) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 39.36 | 920.20 | ||||||||||||||||
Notional foreign currency rate | $ 39.37 | 858.02 | ||||||||||||||||
Fair value (liabilities) | $ (1) | $ (555) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 1.46 | 4,774.65 | ||||||||||||||||
Notional foreign currency rate | $ 1.46 | $ 4,831.78 | ||||||||||||||||
Fair value (liabilities) | $ (89) | $ (111) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 6.67 | 81.92 | ||||||||||||||||
Notional foreign currency rate | kr 6.72 | ₨ 82.85 | ||||||||||||||||
Fair value (liabilities) | $ (88) | $ (111) | ||||||||||||||||
Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 4,810.5 | |||||||||||||||||
Notional foreign currency rate | 4,860.91 | |||||||||||||||||
Fair value (liabilities) | $ (97) | |||||||||||||||||
Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 19.63 | |||||||||||||||||
Notional foreign currency rate | $ 19.69 | |||||||||||||||||
Fair value (liabilities) | $ (23) | |||||||||||||||||
Foreign exchange forward contracts | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Fair value assets | $ 2,330 | $ 552 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 1.54 | 191.95 | ||||||||||||||||
Notional foreign currency rate | $ 1.46 | $ 192.57 | ||||||||||||||||
Fair value assets | $ 789 | $ 17 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 6.82 | 19.87 | ||||||||||||||||
Notional foreign currency rate | kr 6.71 | $ 19.59 | ||||||||||||||||
Fair value assets | $ 172 | $ 71 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 0.82 | 4,847.49 | ||||||||||||||||
Notional foreign currency rate | £ 0.78 | 4,834.53 | ||||||||||||||||
Fair value assets | $ 63 | $ 21 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 0.79 | 4,858.43 | ||||||||||||||||
Notional foreign currency rate | £ 0.78 | 4,834.53 | ||||||||||||||||
Fair value assets | $ 14 | $ 38 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 39.46 | 4,856.25 | ||||||||||||||||
Notional foreign currency rate | $ 39.21 | $ 4,834.53 | ||||||||||||||||
Fair value assets | $ 29 | $ 35 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.51 | 83.05 | ||||||||||||||||
Notional foreign currency rate | ₨ | ₨ 83.31 | ₨ 82.98 | ||||||||||||||||
Fair value assets | $ 19 | $ 7 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 83.44 | 1.21 | ||||||||||||||||
Notional foreign currency rate | ₨ 83.25 | £ 1.21 | ||||||||||||||||
Fair value assets | $ 17 | $ 33 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 8 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 0.91 | 856.55 | ||||||||||||||||
Notional foreign currency rate | € 0.90 | $ 861.90 | ||||||||||||||||
Fair value assets | $ 8 | $ 76 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 9 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 4,006.5 | 6.93 | ||||||||||||||||
Notional foreign currency rate | $ 3,846.04 | kr 6.89 | ||||||||||||||||
Fair value assets | $ 336 | $ 58 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 10 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 4,005.08 | 0.67 | ||||||||||||||||
Notional foreign currency rate | 3,846.03 | $ 0.68 | ||||||||||||||||
Fair value assets | $ 333 | $ 196 | ||||||||||||||||
Foreign exchange forward contracts | Settlement 11 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 4,004.07 | |||||||||||||||||
Notional foreign currency rate | 3,846.02 | |||||||||||||||||
Fair value assets | $ 331 | |||||||||||||||||
Foreign exchange forward contracts | Settlement 12 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 3,898.5 | |||||||||||||||||
Notional foreign currency rate | 3,868.41 | |||||||||||||||||
Fair value assets | $ 62 | |||||||||||||||||
Foreign exchange forward contracts | Settlement 13 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 3,907 | |||||||||||||||||
Notional foreign currency rate | 3,866.64 | |||||||||||||||||
Fair value assets | $ 83 | |||||||||||||||||
Foreign exchange forward contracts | Settlement 14 | ||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||
Foreign currency rate from contracts | 3,901.8 | |||||||||||||||||
Notional foreign currency rate | $ 3,865.84 | |||||||||||||||||
Fair value assets | $ 74 |
FINANCIAL INSTRUMENTS - Hedging
FINANCIAL INSTRUMENTS - Hedging Accounting (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) contract | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) derivative | |
Disclosure of detailed information about hedging instruments [line items] | |||
Other financial liabilities | $ 243,015 | ||
Gain (loss) on cash flow hedges recognized in profit and loss | (38) | ||
(Losses) gains on cash flow hedges | 9,327 | $ (3,171) | $ 11 |
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | (492) | (17) | |
Mutual funds | Argentina | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Assets restricted as collateral | 218 | ||
Sistemas Globales S.A. | Future contracts | Argentina | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Other financial liabilities | $ 1 | ||
Number of interest rate swap transactions | contract | 1 | ||
Share-based Compensation Expense | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | $ 575 | (1,341) | |
Accumulated other comprehensive income | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | 2,362 | (2,528) | |
Interest rate SWAP | Fixed interest rate | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Number of interest rate swap transactions | derivative | 4 | ||
Number of interest rate swap transactions discontinued | derivative | 3 | ||
Gain (loss) on hedge ineffectiveness recognized in other comprehensive income | (255) | $ 132 | |
Reserve of cash flow hedges | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Gain (loss) on cash flow hedges recognized in profit and loss | 21,997 | (2,332) | (136) |
(Losses) gains on cash flow hedges | $ 6,604 | $ 1,305 | $ (131) |
FINANCIAL INSTRUMENTS - Hedgi_2
FINANCIAL INSTRUMENTS - Hedging Instruments Outstanding (Details) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2023 AUD ($) | Dec. 31, 2023 DKK (kr) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 UYU ($) | Dec. 31, 2023 INR (₨) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 COP ($) | Dec. 31, 2023 ARS ($) | Dec. 31, 2023 MXN ($) | Dec. 31, 2023 CLP ($) | Dec. 31, 2023 BRL (R$) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 DKK (kr) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 INR (₨) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 CLP ($) | Dec. 31, 2022 BRL (R$) | Dec. 31, 2023 USD ($) INR (₨) COP ($) MXN ($) CLP ($) DKK (kr) UYU ($) EUR (€) ARS ($) GBP (£) AUD ($) BRL (R$) | Dec. 31, 2022 USD ($) COP ($) INR (₨) CLP ($) DKK (kr) ARS ($) MXN ($) GBP (£) AUD ($) BRL (R$) | |
United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Fair value (liabilities) | $ (1,167,000) | $ (3,886,000) | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 876.95 | 920.50 | ||||||||||||||||||||
Notional foreign currency rate | $ 875.93 | $ 858.02 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 890.85 | 919.60 | ||||||||||||||||||||
Notional foreign currency rate | 877.33 | 858.02 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 39.36 | 920.20 | ||||||||||||||||||||
Notional foreign currency rate | $ 39.37 | 858.02 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 1.46 | 4,774.65 | ||||||||||||||||||||
Notional foreign currency rate | $ 1.46 | $ 4,831.78 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 6.67 | 81.92 | ||||||||||||||||||||
Notional foreign currency rate | kr 6.72 | ₨ 82.85 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,810.5 | |||||||||||||||||||||
Notional foreign currency rate | 4,860.91 | |||||||||||||||||||||
Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 19.63 | |||||||||||||||||||||
Notional foreign currency rate | $ 19.69 | |||||||||||||||||||||
Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 1.54 | 191.95 | ||||||||||||||||||||
Notional foreign currency rate | $ 1.46 | $ 192.57 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 6.82 | 19.87 | ||||||||||||||||||||
Notional foreign currency rate | kr 6.71 | $ 19.59 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 0.82 | 4,847.49 | ||||||||||||||||||||
Notional foreign currency rate | £ 0.78 | 4,834.53 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 0.79 | 4,858.43 | ||||||||||||||||||||
Notional foreign currency rate | £ 0.78 | 4,834.53 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 39.46 | 4,856.25 | ||||||||||||||||||||
Notional foreign currency rate | 39.21 | 4,834.53 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.51 | 83.05 | ||||||||||||||||||||
Notional foreign currency rate | ₨ | ₨ 83.31 | 82.98 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 83.44 | 1.21 | ||||||||||||||||||||
Notional foreign currency rate | 83.25 | £ 1.21 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 8 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 0.91 | 856.55 | ||||||||||||||||||||
Notional foreign currency rate | € 0.90 | 861.90 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 9 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,006.5 | 6.93 | ||||||||||||||||||||
Notional foreign currency rate | $ 3,846.04 | kr 6.89 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 10 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,005.08 | 0.67 | ||||||||||||||||||||
Notional foreign currency rate | 3,846.03 | $ 0.68 | ||||||||||||||||||||
Foreign exchange forward contracts | Settlement 11 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,004.07 | |||||||||||||||||||||
Notional foreign currency rate | 3,846.02 | |||||||||||||||||||||
Foreign exchange forward contracts | Settlement 12 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 3,898.5 | |||||||||||||||||||||
Notional foreign currency rate | 3,868.41 | |||||||||||||||||||||
Foreign exchange forward contracts | Settlement 13 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 3,907 | |||||||||||||||||||||
Notional foreign currency rate | 3,866.64 | |||||||||||||||||||||
Foreign exchange forward contracts | Settlement 14 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 3,901.8 | |||||||||||||||||||||
Notional foreign currency rate | 3,865.84 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Fair value (liabilities) | $ (1,571,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 560 | 4,667.5 | ||||||||||||||||||||
Notional foreign currency rate | $ 808.48 | 4,834.53 | ||||||||||||||||||||
Fair value (liabilities) | $ (1,000) | $ (486,000) | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 1 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 289.90 | 278.24 | ||||||||||||||||||||
Fair value (liabilities) | $ (393,000) | $ (910,000) | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.21 | 82.54 | ||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.28 | 82.85 | ||||||||||||||||||||
Fair value (liabilities) | $ (2,000) | $ (26,000) | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 2 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 302.36 | 188.83 | ||||||||||||||||||||
Fair value (liabilities) | $ (383,000) | $ (71,000) | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 82.03 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 82.98 | |||||||||||||||||||||
Fair value (liabilities) | $ (11,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 3 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 315.09 | 289.9 | ||||||||||||||||||||
Fair value (liabilities) | $ (391,000) | $ (886,000) | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,659.5 | |||||||||||||||||||||
Notional foreign currency rate | 4,860.91 | |||||||||||||||||||||
Fair value (liabilities) | $ (580,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 4 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 198.85 | |||||||||||||||||||||
Fair value (liabilities) | $ (70,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,729 | |||||||||||||||||||||
Notional foreign currency rate | 4,888.69 | |||||||||||||||||||||
Fair value (liabilities) | $ (452,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 5 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 302.36 | |||||||||||||||||||||
Fair value (liabilities) | $ (890,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.04 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.30 | |||||||||||||||||||||
Fair value (liabilities) | $ (9,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 6 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 208.72 | |||||||||||||||||||||
Fair value (liabilities) | $ (75,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.01 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.30 | |||||||||||||||||||||
Fair value (liabilities) | $ (7,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 7 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 315.09 | |||||||||||||||||||||
Fair value (liabilities) | $ (901,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 8 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 219.34 | |||||||||||||||||||||
Fair value (liabilities) | $ (83,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Fair value assets | 8,078,000 | $ 2,957,000 | ||||||||||||||||||||
Fair value (liabilities) | (3,000) | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Fair value assets | $ 558,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 1 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 83.53 | 5.36 | ||||||||||||||||||||
Notional foreign currency rate | 83.29 | R$ 5.25 | ||||||||||||||||||||
Fair value assets | $ 9,000 | $ 55,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 1 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 198.85 | |||||||||||||||||||||
Fair value assets | $ 188,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 2 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 83.53 | 995.20 | ||||||||||||||||||||
Notional foreign currency rate | 83.29 | 858.02 | ||||||||||||||||||||
Fair value assets | $ 6,000 | $ 789,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 2 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 208.72 | |||||||||||||||||||||
Fair value assets | $ 189,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 3 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 40.55 | 994.25 | ||||||||||||||||||||
Notional foreign currency rate | 39.22 | 866.45 | ||||||||||||||||||||
Fair value assets | $ 127,000 | $ 685,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 3 | United States dollar (USD) | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 219.34 | |||||||||||||||||||||
Fair value assets | $ 181,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 4 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 18.30 | 5,161.25 | ||||||||||||||||||||
Notional foreign currency rate | $ 17.05 | 4,919.18 | ||||||||||||||||||||
Fair value assets | $ 504,000 | $ 283,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 5 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,314.5 | 5,160 | ||||||||||||||||||||
Notional foreign currency rate | 3,849.1 | $ 4,918.15 | ||||||||||||||||||||
Fair value assets | $ 1,129,000 | $ 388,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 6 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,445.5 | 992.20 | ||||||||||||||||||||
Notional foreign currency rate | 3,850.4 | $ 861.47 | ||||||||||||||||||||
Fair value assets | $ 1,366,000 | $ 708,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 7 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 923 | 83.66 | ||||||||||||||||||||
Notional foreign currency rate | 876.27 | 83.15 | ||||||||||||||||||||
Fair value assets | $ 263,000 | $ 42,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 8 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 5.18 | 83.15 | ||||||||||||||||||||
Notional foreign currency rate | R$ 4.87 | 82.98 | ||||||||||||||||||||
Fair value assets | $ 187,000 | $ 6,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 9 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.64 | 83.01 | ||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.39 | ₨ 82.98 | ||||||||||||||||||||
Fair value assets | $ 9,000 | $ 1,000 | ||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 10 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.64 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.39 | |||||||||||||||||||||
Fair value assets | $ 6,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 11 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 40.30 | |||||||||||||||||||||
Notional foreign currency rate | $ 39.61 | |||||||||||||||||||||
Fair value assets | $ 87,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 12 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 18.78 | |||||||||||||||||||||
Notional foreign currency rate | 17.16 | |||||||||||||||||||||
Fair value assets | $ 639,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 13 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,415.71 | |||||||||||||||||||||
Notional foreign currency rate | 3,875.77 | |||||||||||||||||||||
Fair value assets | $ 800,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 14 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 924.70 | |||||||||||||||||||||
Notional foreign currency rate | 877.77 | |||||||||||||||||||||
Fair value assets | $ 264,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 15 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,074.9 | |||||||||||||||||||||
Notional foreign currency rate | 3,869.88 | |||||||||||||||||||||
Fair value assets | $ 263,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 16 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,177.65 | |||||||||||||||||||||
Notional foreign currency rate | 3,871.87 | |||||||||||||||||||||
Fair value assets | $ 479,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 17 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | R$ | 5.21 | |||||||||||||||||||||
Notional foreign currency rate | R$ | R$ 4.89 | |||||||||||||||||||||
Fair value assets | $ 197,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 18 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.55 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.47 | |||||||||||||||||||||
Fair value assets | $ 3,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 19 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.54 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.47 | |||||||||||||||||||||
Fair value assets | $ 2,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 20 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 18.83 | |||||||||||||||||||||
Notional foreign currency rate | $ 17.24 | |||||||||||||||||||||
Fair value assets | $ 625,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 21 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 4,440 | |||||||||||||||||||||
Notional foreign currency rate | $ 3,901.25 | |||||||||||||||||||||
Fair value assets | $ 794,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 22 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | 935.50 | |||||||||||||||||||||
Notional foreign currency rate | $ 879.35 | |||||||||||||||||||||
Fair value assets | $ 312,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 23 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.70 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.62 | |||||||||||||||||||||
Fair value assets | $ 3,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 24 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.70 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | 83.62 | |||||||||||||||||||||
Fair value assets | $ 2,000 | |||||||||||||||||||||
Cash flow hedges | Foreign exchange forward contracts | Settlement 25 | ||||||||||||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||||||||||||
Foreign currency rate from contracts | ₨ | 83.72 | |||||||||||||||||||||
Notional foreign currency rate | ₨ | ₨ 83.62 | |||||||||||||||||||||
Fair value assets | $ 2,000 |
CAPITAL AND RESERVES - Issuance
CAPITAL AND RESERVES - Issuance of Common Shares (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options issued and vested (in shares) | 145,630 | 94,380 | |
Average exercise price (in usd per share) | $ / shares | $ 28.18 | $ 37.17 | |
Value of share options exercised in share-based payment arrangement | $ | $ 4,103 | ||
2012 and 2014 Share-based Plan | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of options issued and vested (in shares) | 94,380 | 213,686 | |
Average exercise price (in usd per share) | $ / shares | $ 37.17 | $ 30.93 | |
Value of share options exercised in share-based payment arrangement | $ | $ 3,508 | $ 6,612 | |
RSUs | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Value of share options exercised in share-based payment arrangement | $ | $ 42,989 | $ 32,566 | $ 20,992 |
Number of awards granted (in shares) | 378,323 | 801,041 | 168,669 |
Number of awards vested (in shares) | 257,079 | 266,300 | 235,392 |
Weighted average exercise price (in usd per share) | $ / shares | $ 167.22 | $ 122.29 | $ 89.18 |
SEU | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of awards granted (in shares) | 61,072 | ||
Number of awards vested (in shares) | 9,924 | 0 | |
Weighted average exercise price (in usd per share) | $ / shares | $ 190.43 | $ 0 | |
SEU | Directors and employees | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Value of share options exercised in share-based payment arrangement | $ | $ 868 | ||
Number of awards granted (in shares) | 0 | ||
Number of awards vested (in shares) | 4,524 | ||
Weighted average exercise price (in usd per share) | $ / shares | $ 191.76 |
CAPITAL AND RESERVES - Issuan_2
CAPITAL AND RESERVES - Issuance of Common Shares Related to Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||||||||||||||||
Oct. 20, 2023 | Oct. 05, 2023 | Jul. 25, 2023 | Jul. 21, 2023 | May 15, 2023 | Apr. 20, 2023 | Apr. 01, 2023 | Mar. 30, 2023 | Jan. 13, 2023 | Dec. 21, 2022 | Nov. 18, 2022 | Nov. 16, 2022 | Nov. 07, 2022 | Sep. 23, 2022 | Sep. 16, 2022 | Aug. 05, 2022 | Jun. 07, 2022 | Apr. 29, 2022 | Nov. 30, 2021 | Nov. 17, 2021 | Jul. 08, 2021 | May 28, 2021 | May 11, 2021 | Mar. 15, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Proceeds from issuing shares | $ 0 | $ 0 | $ 286,207 | ||||||||||||||||||||||||
Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 1,380,000 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 286,207 | ||||||||||||||||||||||||||
Cloudshift | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 17,443 | 8,761 | |||||||||||||||||||||||||
Proceeds from issuing shares | $ 3,068 | $ 2,251 | |||||||||||||||||||||||||
Navint | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 416 | 9,087 | 7,032 | ||||||||||||||||||||||||
Proceeds from issuing shares | $ 68 | $ 1,492 | $ 2,100 | ||||||||||||||||||||||||
Experience IT | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 29,120 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 4,521 | ||||||||||||||||||||||||||
Xappia | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 6,242 | 2,502 | 8,415 | ||||||||||||||||||||||||
Proceeds from issuing shares | $ 1,000 | $ 750 | $ 1,750 | ||||||||||||||||||||||||
Walmeric | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 6,730 | 10,842 | |||||||||||||||||||||||||
Proceeds from issuing shares | $ 1,119 | $ 2,372 | |||||||||||||||||||||||||
Pentalog | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 177,505 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 32,320 | ||||||||||||||||||||||||||
Atix | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 4,601 | 4,534 | |||||||||||||||||||||||||
Proceeds from issuing shares | $ 850 | $ 850 | |||||||||||||||||||||||||
GUT | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 152,617 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 28,223 | ||||||||||||||||||||||||||
Genexus | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 21,328 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 4,947 | ||||||||||||||||||||||||||
Grupo Assa Corp | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 34,754 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 7,224 | ||||||||||||||||||||||||||
Sysdata | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 19,640 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 4,052 | ||||||||||||||||||||||||||
KTBO | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 9,624 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 1,540 | ||||||||||||||||||||||||||
eWave | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 32,524 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 5,859 | ||||||||||||||||||||||||||
Vertic | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 41,252 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 7,312 | ||||||||||||||||||||||||||
Adbid | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 10,728 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 1,821 | ||||||||||||||||||||||||||
Hybrido | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 10,088 | ||||||||||||||||||||||||||
Proceeds from issuing shares | $ 2,149 | ||||||||||||||||||||||||||
Installment payment | $ 2,152 | ||||||||||||||||||||||||||
TOTAL | Ordinary shares | |||||||||||||||||||||||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||||||||||||||||||||||
Number of shares issued and sold (in shares) | 403,761 | 183,145 | 38,879 | ||||||||||||||||||||||||
Proceeds from issuing shares | $ 72,661 | $ 35,856 | $ 9,121 |
CAPITAL AND RESERVES - Public O
CAPITAL AND RESERVES - Public Offering and Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
May 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||||
Proceeds from issuing shares | $ 0 | $ 0 | $ 286,207 | |
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares issued and sold (in shares) | 1,380,000 | |||
Sale of stock, price per share (in usd per share) | $ 214 | |||
Proceeds from issuing shares | $ 286,207 | |||
Entity common stock, shares outstanding (in shares) | 41,393,201 |
CAPITAL AND RESERVES - Movement
CAPITAL AND RESERVES - Movement in Cash Flow Hedge Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reserves within equity [line items] | ||
Balance at beginning of the year | $ 1,556,160 | $ 1,308,313 |
Balance at end of the year | 1,786,616 | 1,556,160 |
Reserve of cash flow hedges | ||
Disclosure of reserves within equity [line items] | ||
Balance at beginning of the year | (3,171) | 11 |
Gain (Loss) arising on changes in fair value of hedging instruments during the period | 13,740 | (2,682) |
Loss reclassified to profit or loss – hedged item has affected profit or loss | (1,242) | (500) |
Balance at end of the year | $ 9,327 | $ (3,171) |
APPROPRIATION OF RETAINED EAR_3
APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Belarus | Belorussian Subsidiaries | |
Disclosure of reserves within equity [line items] | |
Percentage of Annual Payroll | 25% |
Colombia | Legal Reserve | |
Disclosure of reserves within equity [line items] | |
Percentage of entity's profit and loss | 10% |
Percentage of entity's share capital | 50% |
Saudi Arabia | Legal Reserve | |
Disclosure of reserves within equity [line items] | |
Percentage of entity's profit and loss | 10% |
Percentage of entity's share capital | 30% |
Vietnam | Legal Reserve | |
Disclosure of reserves within equity [line items] | |
Percentage of entity's profit and loss | 5% |
Percentage of entity's share capital | 10% |
Percentage of business development special reserve | 5% |
Percentage of bonus and welfare special reserve | 5% |
APPROPRIATION OF RETAINED EAR_4
APPROPRIATION OF RETAINED EARNINGS UNDER PRINCIPAL OPERATING SUBSIDIARIES´ LOCAL LAWS AND RESTRICTIONS ON DISTRIBUTION OF DIVIDENDS - Schedule of Yearly Net Income in Pecent and Cap Percentage of Its Share Capital (Details) - Legal Reserve | 12 Months Ended |
Dec. 31, 2023 | |
Luxembourg, Moldova and France | |
Disclosure of reserves within equity [line items] | |
% of yearly net income | 5% |
% of capital | 10% |
Argentina, Uruguay, Mexico, Italy, Portugal and Romania | |
Disclosure of reserves within equity [line items] | |
% of yearly net income | 5% |
% of capital | 20% |
Spain and Peru | |
Disclosure of reserves within equity [line items] | |
% of yearly net income | 10% |
% of capital | 20% |
China | |
Disclosure of reserves within equity [line items] | |
% of yearly net income | 10% |
% of capital | 50% |