Fourth quarter GMV and total revenue YoY growth reached 34% and 23%, respectively
Gross profit increased 32% YoY in the same quarter, a margin expansion of 501 bps YoY
Fourth quarter non-GAAP income from operations and positive free cash flow
NEW YORK--(BUSINESS WIRE)--March 2, 2023--VTEX (NYSE: VTEX), the global enterprise digital commerce platform for premier brands and retailers, today announced results for the fourth quarter of 2022 ended December 31, 2022. VTEX results have been prepared in accordance with International Financial Reporting Standards (“IFRS)” and interpretations issued by the IFRS Interpretations Committee (“IFRS IC”) applicable to companies reporting under IFRS.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “In 2022, VTEX outperformed industry growth with strong same-store sales from our existing customers and new customers additions. In 2023, despite ongoing macro uncertainties, we aim to continue outperforming the market while improving margins.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “2022 marked a significant milestone in our global expansion journey with advancements in the US and Europe and successful customer deployments in India and South Africa among others. Despite the increase in sales cycle time, the progress we made this year gives us greater confidence in being well positioned to continue capturing market share.”
Fourth Quarter 2022 Operational and Financial Highlights
Non-GAAP subscription gross margin was 73.5% in the fourth quarter of 2022, compared to 69.9% in the same quarter of 2021. Non-GAAP subscription gross profit margin YoY 359 bps expansion was mainly attributable to operational hosting cost efficiencies, support cost optimization among other impacts.
Fourth Quarter 2022 Commercial Highlights:
Fourth Quarter 2022 Product Innovation Highlights:
We innovate aligned with our guiding principles. VTEX key innovations deployed this quarter:
Full-Year 2022 Operational and Financial Highlights
Business Outlook
Consumer purchasing omnichannel trends showed staying power following the outbreak of COVID-19 in 2020 and the reopening of physical stores that followed. As a consequence, integrating ecommerce to leverage existing physical stores asset base has become a crucial aspect for the business strategy of enterprise brands and retailers. Omnichannel has gone from being a desirable feature to a vital tool for engaging with consumers in a consistent and relevant manner.
Brands and retailers are now integrating physical, desktop, mobile, interactive, social, conversational commerce, and other channels into their omnichannel strategy. The increasing complexity of building a proper omnichannel strategy allows VTEX to position itself as the backbone of commerce, integrating all these channels into one unified ecosystem.
Additionally, the global macroeconomic environment has imposed challenges to retailers and ecommerce players with the increase in interest rates and labor costs impacting consumption and pressuring margins. As we enter 2023, the macroeconomic outlook remains uncertain and we believe VTEX can help brands and retailers navigate and overcome these circumstances.
Despite these challenges, our company has not seen a significant deterioration in our most relevant long-term performance metrics. However, due to the extended sales cycle resulting from the increased implementation time of the VTEX platform and longer ramp-up periods for new customers, we are reflecting that into our projections for this year. We are closely monitoring the current performance of our customers and sales funnel and taking necessary actions to ensure our business's continued growth and success.
In this context, we are currently targeting revenue for the first quarter of 2023 in the US$41.0 million to US$41.5 million range, implying a YoY growth of 19% in USD and 19% on an FX neutral basis in the middle of the range.
For the full year 2023, we expect FX neutral YoY revenue growth of 15% to 19%, implying a range of US$183.0 million to US$189.0 million, based on February average FX rates.
Despite navigating a volatile environment, both in terms of macro conditions and consumer behavior, we continue to focus on helping our customers digitally transform their commerce operations and outperform the market. We are satisfied with and excited about the expanding market opportunity in front of us and the resilience of our customer base. After expanding the platform significantly during the past few years, we are executing on our strategy of profitable growth. Therefore, we anticipate significant YoY expansion of our non-GAAP operating income margins in the first half of 2023, followed by incremental lighter improvements in the second half of the year.
The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding ''Forward-Looking Statements'' below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and operating metrics for the three months and twelve months ended December 31, 2022 and 2021.
| Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
GMV | 3,903.7 | 2,905.6 | 12,687.7 | 9,665.8 |
GMV growth YoY FXN (1) | 29.2% | 16.1% | 26.8% | 31.1% |
Revenue | 45.5 | 37.1 | 157.6 | 125.8 |
Revenue growth YoY FXN (1) | 19.6% | 29.5% | 22.3% | 29.8% |
Non-GAAP subscription gross profit (2)(4) | 31.4 | 24.1 | 107.6 | 80.8 |
Non-GAAP subscription gross profit margin (3)(4) | 73.5% | 69.9% | 72.4% | 68.2% |
Non-GAAP income (loss) from operations (4) | 2.1 | (10.9) | (35.1) | (43.1) |
Total number of employees | 1,347 | 1,727 | 1,347 | 1,727 |
(1) Calculated by using the average monthly exchange rates for the applicable months during 2021, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2022, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. |
(2) Corresponds to our subscription revenues minus our subscription costs. |
(3) Corresponds to our subscription gross profit divided by subscription revenues. |
(4) Reconciliation of non-GAAP metrics can be found in tables below. |
Conference Call and Webcast
The conference call may be accessed by dialing +1-844-200-6205 (Conference ID –986676–) and requesting inclusion in the call for VTEX.
The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/.
An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
“ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four.
“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.
“GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions.
“FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next.
“SSS” means same-store-sales calculated on a yearly basis by dividing the GMV of active online stores in the current period by the GMV of the same active online same stores in the prior period.
“Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.
Special Note Regarding Non-GAAP financial metrics
For the convenience of investors, this document presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures.
We understand that Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Free Cash Flow and FX Neutral measures may be different from the calculation used by other companies, including our competitors, and therefore, our measures may not be comparable to those of other companies.
Reconciliation of Non-GAAP measures
The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods:
| Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
Subscription revenue | 42.7 | 34.5 | 148.5 | 118.5 |
Subscription cost | (11.5) | (10.5) | (41.4) | (38.4) |
Subscription gross profit | 31.2 | 24.1 | 107.1 | 80.1 |
Share-based compensation | 0.2 | 0.1 | 0.5 | 0.7 |
Non-GAAP subscription gross profit | 31.4 | 24.1 | 107.6 | 80.8 |
Non-GAAP subscription gross margin | 73.5% | 69.9% | 72.4% | 68.2% |
The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:
Sales & Marketing | Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
Sales & Marketing expense | (12.4) | (17.5) | (67.8) | (63.5) |
Share-based compensation expense | 1.1 | 0.6 | 2.9 | 5.5 |
Amortization of intangible related to acquisitions | 0.3 | 0.3 | 1.2 | 1.1 |
Offering expenses (“IPO”) (1) | - | - | - | 0.2 |
Non-GAAP Sales & Marketing expense | (11.0) | (16.6) | (63.7) | (56.7) |
| Research & Development | Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
Research & Development expense | (14.1) | (11.9) | (57.2) | (45.2) |
Share-based compensation expense | 1.7 | 0.2 | 4.8 | 5.9 |
Amortization of intangible related to acquisitions | 0.2 | 0.4 | 0.9 | 0.9 |
Offering expenses (“IPO”) (1) | - | - | - | 0.1 |
Non-GAAP Research & Development expense | (12.1) | (11.7) | (51.5) | (38.3) |
| General & Administrative | Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
General & Administrative expense | (7.1) | (6.9) | (28.3) | (31.9) |
Share-based compensation expense | 1.5 | 1.0 | 4.4 | 7.1 |
Amortization of intangible related to acquisitions | 0.0 | - | 0.0 | 0.0 |
Offering expenses (“IPO”) (1) | - | - | - | 0.9 |
Non-GAAP General & Administrative expense | (5.6) | (5.9) | (24.0) | (23.9) |
The following table presents a reconciliation of our Non-GAAP income (loss) from operations to income (loss) from operations for the following periods:
| Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
Loss from operations | (3.0) | (13.1) | (49.9) | (65.9) |
Share-based compensation expense | 4.6 | 1.6 | 12.8 | 19.6 |
Amortization of intangibles related to acquisitions | 0.5 | 0.7 | 2.1 | 2.0 |
Offering expenses (“IPO”) (1) | - | - | - | 1.3 |
Non-GAAP Income (loss) from operations | 2.1 | (10.9) | (35.1) | (43.1) |
The following table presents a reconciliation of our Non-GAAP free cash flow to net cash provided (used) by operating activities for the following periods:
| Three months ended | Twelve months ended | ||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | 2022 | 2021 |
Net cash provided (used) in operating activities | 2.6 | (21.2) | (29.2) | (53.0) |
Acquisitions of intangibles | - | (0.0) | - | (0.4) |
Acquisitions of property and equipment | (0.1) | (0.1) | (0.3) | (1.4) |
Non-GAAP free cash flow | 2.5 | (21.3) | (29.6) | (54.8) |
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months period ended December 31, 2022:
| Three months ended December 31, | |||||
As Reported | FXN | As | FXN | |||
(in millions of US$, except as otherwise indicated) | 2022 | 2021 | Percentage | 2022 | 2021 | Percentage |
Subscription revenue | 42.7 | 34.5 | 23.8% | 41.5 | 34.5 | 20.1% |
Services revenue | 2.8 | 2.6 | 6.4% | 2.9 | 2.6 | 13.0% |
Total revenue | 45.5 | 37.1 | 22.5% | 44.4 | 37.1 | 19.6% |
Subscription cost | (11.5) | (10.5) | 9.8% | (11.5) | (10.5) | 9.5% |
Services cost | (3.1) | (3.3) | (5.7)% | (3.3) | (3.3) | (0.6)% |
Total cost | (14.6) | (13.8) | 6.1% | (14.8) | (13.8) | 7.3% |
Gross profit | 30.9 | 23.4 | 32.3% | 29.6 | 23.4 | 26.8% |
Operating expenses | (33.9) | (36.5) | (7.1)% | (34.2) | (36.5) | (6.3)% |
Loss from operation | (3.0) | (13.1) | (77.0)% | (4.6) | (13.1) | (65.0)% |
This announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". The financial information in this press release has not been audited.
About VTEX
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where global brands and retailers run their world of commerce. VTEX puts its customers’ business on a fast path to growth with a complete Commerce, Marketplace, and OMS solution. VTEX helps global companies build, manage and deliver native and advanced B2B, B2C, and Marketplace commerce experiences with unprecedented time-to-market and without complexity.
As a leader in digital commerce platforms, VTEX is trusted by more than 2,600 customers, including Carrefour, Colgate, Motorola, and Whirlpool, having over 3,400 active online stores across 38 countries (as of FY ended on December 31st, 2022). For more information, visit www.vtex.com.
Forward-looking Statements
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project,” “target” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements.
VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEX’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX’s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC.
As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
VTEX | |||||||||||
Consolidated statements of profit or loss | |||||||||||
In thousands of U.S. dollars, unless otherwise indicated | |||||||||||
| Three months ended |
| Twelve months ended | ||||||||
| December 31, |
| December 31, |
| December 31, |
| December 31, | ||||
|
|
|
|
|
|
|
| ||||
Subscription revenue | 42,732 |
|
| 34,529 |
|
| 148,475 |
|
| 118,466 |
|
Services revenue | 2,753 |
|
| 2,587 |
|
| 9,145 |
|
| 7,307 |
|
Total revenue | 45,485 |
|
| 37,116 |
|
| 157,620 |
|
| 125,773 |
|
|
|
|
|
|
|
|
| ||||
Subscription cost | (11,491 | ) |
| (10,469 | ) |
| (41,408 | ) |
| (38,380 | ) |
Services cost | (3,103 | ) |
| (3,291 | ) |
| (11,424 | ) |
| (11,212 | ) |
Total cost | (14,594 | ) |
| (13,760 | ) |
| (52,832 | ) |
| (49,592 | ) |
Gross profit | 30,891 |
|
| 23,356 |
|
| 104,788 |
|
| 76,181 |
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
|
|
|
|
|
|
| ||||
General and administrative | (7,052 | ) |
| (6,913 | ) |
| (28,348 | ) |
| (31,889 | ) |
Sales and marketing | (12,404 | ) |
| (17,459 | ) |
| (67,798 | ) |
| (63,521 | ) |
Research and development | (14,059 | ) |
| (11,915 | ) |
| (57,205 | ) |
| (45,186 | ) |
Other losses | (402 | ) |
| (211 | ) |
| (1,356 | ) |
| (1,514 | ) |
Loss from operations | (3,026 | ) |
| (13,142 | ) |
| (49,919 | ) |
| (65,929 | ) |
|
|
|
|
|
|
|
| ||||
Financial income | 7,645 |
|
| 2,295 |
|
| 23,770 |
|
| 7,414 |
|
Financial expense | (4,939 | ) |
| (3,664 | ) |
| (31,401 | ) |
| (12,058 | ) |
Financial result, net | 2,706 |
|
| (1,369 | ) |
| (7,631 | ) |
| (4,644 | ) |
|
|
|
|
|
|
|
| ||||
Equity results | 347 |
|
| 190 |
|
| 1,106 |
|
| 587 |
|
|
|
|
|
|
|
|
| ||||
Income (loss) before income tax | 27 |
|
| (14,321 | ) |
| (56,444 | ) |
| (69,986 | ) |
|
|
|
|
|
|
|
| ||||
Income tax |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
Current | (136 | ) |
| (35 | ) |
| (877 | ) |
| (1,646 | ) |
Deferred | (213 | ) |
| 3,731 |
|
| 4,902 |
|
| 11,118 |
|
Total income tax | (349 | ) |
| 3,696 |
|
| 4,025 |
|
| 9,472 |
|
|
|
|
|
|
|
|
| ||||
Net loss for the period | (322 | ) |
| (10,625 | ) |
| (52,419 | ) |
| (60,514 | ) |
|
|
|
|
|
|
|
| ||||
Attributable to controlling shareholders | (323 | ) |
| (10,625 | ) |
| (52,418 | ) |
| (60,511 | ) |
Non-controlling interest | 1 |
|
| - |
|
| (1 | ) |
| (3 | ) |
|
|
|
|
|
|
|
| ||||
Loss per share |
|
|
|
|
|
|
| ||||
Basic loss per share | (0.002 | ) |
| (0.056 | ) |
| (0.275 | ) |
| (0.333 | ) |
Diluted loss per share | (0.002 | ) |
| (0.056 | ) |
| (0.275 | ) |
| (0.333 | ) |
VTEX | ||||
Consolidated balance sheets | ||||
In thousands of U.S. dollars, unless otherwise indicated | ||||
|
| December 31, |
| December 31, |
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
| 24,394 |
| 121,006 |
Restricted cash |
| 1,608 |
| 1,183 |
Marketable securities and short-term investments |
| 214,164 |
| 177,191 |
Trade receivables |
| 36,844 |
| 34,682 |
Recoverable taxes |
| 5,122 |
| 6,881 |
Deferred commissions |
| 663 |
| 263 |
Prepaid expenses |
| 4,152 |
| 7,911 |
Derivative financial instruments |
| 117 |
| - |
Other current assets |
| 93 |
| 399 |
Total current assets |
| 287,157 |
| 349,516 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Trade receivables |
| 5,432 |
| 6,143 |
Deferred tax assets |
| 17,710 |
| 12,572 |
Prepaid expenses |
| 204 |
| 343 |
Recoverable taxes |
| 3,334 |
| 556 |
Deferred commissions |
| 1,790 |
| 1,246 |
Other non-current assets |
| 957 |
| 435 |
Right-of-use assets |
| 4,818 |
| 5,183 |
Property and equipment, net |
| 3,909 |
| 4,711 |
Intangible assets, net |
| 31,210 |
| 33,644 |
Investments in joint venture |
| 1,152 |
| 621 |
Total non-current assets |
| 70,516 |
| 65,454 |
Total assets |
| 357,673 |
| 414,970 |
|
|
|
|
|
|
| December 31, |
| December 31, | ||
LIABILITIES |
|
|
|
| ||
Current liabilities |
|
|
|
| ||
Accounts payable and accrued expenses |
| 34,136 |
|
| 29,537 |
|
Loans and financing |
| 1,153 |
|
| 2,087 |
|
Taxes payable |
| 4,128 |
|
| 5,035 |
|
Lease liabilities |
| 1,898 |
|
| 1,105 |
|
Deferred revenue |
| 20,332 |
|
| 16,598 |
|
Derivative financial instruments |
| - |
|
| 133 |
|
Accounts payable from acquisition of subsidiaries |
| 299 |
|
| 4,260 |
|
Other current liabilities |
| 70 |
|
| 133 |
|
Total current liabilities |
| 62,016 |
|
| 58,888 |
|
|
|
|
|
| ||
Non-current liabilities |
|
|
|
| ||
Accounts payable and accrued expenses |
| 511 |
|
| 1,977 |
|
Loans and financing |
| - |
|
| 1,192 |
|
Taxes payable |
| 160 |
|
| 160 |
|
Lease liabilities |
| 3,737 |
|
| 4,886 |
|
Accounts payable from acquisition of subsidiaries |
| - |
|
| 2,163 |
|
Deferred revenue |
| 13,923 |
|
| 16,204 |
|
Deferred tax liabilities |
| 2,464 |
|
| 2,045 |
|
Other non-current liabilities |
| 185 |
|
| 266 |
|
Total non-current liabilities |
| 20,980 |
|
| 28,893 |
|
|
|
|
|
| ||
EQUITY |
|
|
|
| ||
Issued Capital |
| 19 |
|
| 19 |
|
Capital reserve |
| 390,885 |
|
| 390,466 |
|
Other reserves |
| 127 |
|
| 652 |
|
Accumulated losses |
| (116,373 | ) |
| (63,955 | ) |
Equity attributable to VTEX’s shareholders |
| 274,658 |
|
| 327,182 |
|
Non-controlling interests |
| 19 |
|
| 7 |
|
Total shareholders’ equity |
| 274,677 |
|
| 327,189 |
|
Total liabilities and equity |
| 357,673 |
|
| 414,970 |
|
|
|
|
|
| ||
VTEX | ||||||
Consolidated statements of cash flows | ||||||
In thousands of U.S. dollars, unless otherwise indicated | ||||||
|
| December 31, |
| December 31, | ||
|
|
|
|
| ||
Net loss for the year |
| (52,419 | ) |
| (60,514 | ) |
Adjustments for: |
|
|
|
| ||
Depreciation and amortization |
| 4,616 |
|
| 4,072 |
|
Deferred income tax |
| (4,902 | ) |
| (11,118 | ) |
Loss on disposal of rights of use, property, equipment, and intangible assets |
| (9 | ) |
| 54 |
|
Expected credit losses from trade receivables |
| 852 |
|
| 887 |
|
Share-based compensation |
| 12,202 |
|
| 9,217 |
|
Provision for payroll taxes (share-based compensation) |
| (1,125 | ) |
| 7,611 |
|
Adjustment of hyperinflation |
| 5,175 |
|
| 2,274 |
|
Equity results |
| (1,106 | ) |
| (587 | ) |
Fair value (gains) losses |
| 2,522 |
|
| (1,188 | ) |
Other and foreign exchange, net |
| 534 |
|
| 666 |
|
Change in operating assets and liabilities |
|
|
|
| ||
Trade receivables |
| (3,579 | ) |
| (16,749 | ) |
Recoverable taxes |
| (671 | ) |
| (2,692 | ) |
Prepaid expenses |
| 3,947 |
|
| (2,741 | ) |
Other assets |
| (583 | ) |
| 186 |
|
Accounts payable and accrued expenses |
| 5,229 |
|
| 7,417 |
|
Taxes payable |
| (1,495 | ) |
| 3,102 |
|
Deferred revenue |
| 1,157 |
|
| 12,330 |
|
Other liabilities |
| 745 |
|
| (364 | ) |
Cash used in operating activities |
| (28,910 | ) |
| (48,137 | ) |
Income tax paid |
| (312 | ) |
| (4,854 | ) |
Net cash used in operating activities |
| (29,222 | ) |
| (52,991 | ) |
Cash flows from investing activities |
|
|
|
| ||
Dividends received from joint venture |
| 147 |
|
| - |
|
Purchase of short-term investment |
| (111,612 | ) |
| (177,816 | ) |
Redemption of short-term investment |
| 78,011 |
|
| 1,053 |
|
Purchase of marketable securities |
| (9,003 | ) |
| - |
|
Redemption of marketable securities |
| - |
|
| 16,857 |
|
Interest and dividend received from short-term investments |
| 1,110 |
|
| 588 |
|
Payment of business acquired |
| (1,692 | ) |
| (5,712 | ) |
Acquisitions of intangible assets |
| - |
|
| (368 | ) |
Acquisitions of property and equipment |
| (340 | ) |
| (1,383 | ) |
Net cash used in investing activities |
| (43,379 | ) |
| (166,781 | ) |
Cash flows from financing activities |
|
|
|
| ||
Derivative financial instruments |
| (746 | ) |
| - |
|
Changes in restricted cash |
| (348 | ) |
| 246 |
|
Proceeds from the exercise of stock options |
| 567 |
|
| 3,830 |
|
Net-settlement of share-based payment |
| (1,615 | ) |
| (2,705 | ) |
Capital increase |
| - |
|
| 1,000 |
|
Capital increase - proceeds from initial public offering, net of transaction costs |
| - |
|
| 296,318 |
|
Buyback of shares |
| (12,798 | ) |
| (2,423 | ) |
Payment of loans and financing |
| (2,651 | ) |
| (10,886 | ) |
Interest paid |
| (56 | ) |
| (104 | ) |
Principal elements of lease payments |
| (1,263 | ) |
| (913 | ) |
Lease interest paid |
| (670 | ) |
| (680 | ) |
Net cash provided by (used in) financing activities |
| (19,580 | ) |
| 283,683 |
|
Net increase (decrease) in cash and cash equivalents |
| (92,181 | ) |
| 63,911 |
|
Cash and cash equivalents, beginning of the year |
| 121,006 |
|
| 58,557 |
|
Effect of exchange rate changes |
| (4,431 | ) |
| (1,462 | ) |
Cash and cash equivalents, end of the year |
| 24,394 |
|
| 121,006 |
|
|
|
|
|
| ||
Non-cash transactions: |
|
|
|
| ||
Lease liabilities arising from obtaining right-of-use assets |
| 983 |
|
| 494 |
|
Issue of ordinary shares as consideration for a business combination |
| 3 |
|
| 1,469 |
|
Unpaid amount related to acquisition of non-controlling interest |
| - |
|
| 27 |
|
Unpaid amount related to business combinations |
| - |
|
| 8,264 |
|
Dividends from joint venture used to pay accounts from acquisition of subsidiaries |
| 448 |
|
| - |
|
Transactions with non-controlling interests |
| 13 |
|
| 7 |
|
Julia Vater Fernández
Investor Relations Director
investors@vtex.com
| VTEX | |
By: /s/ Ricardo Camatta Sodre | |
Name: Ricardo Camatta Sodre | |
Title: Chief Financial Officer |
