GMV and total revenue YoY growth reached 23% and 24%, respectively
Subscription gross profit increased 27% YoY, representing a margin expansion of 280 bps
Non-GAAP operating margin expanded 42% p.p. YoY, reaching (3.2)%
NEW YORK--(BUSINESS WIRE)--August 8, 2023--VTEX (NYSE: VTEX) the global enterprise digital commerce platform for premier brands and retailers, today announced results for the second quarter of 2023 ended June 30, 2023. VTEX results have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “Every quarter we are getting closer to becoming the backbone of connected commerce, the platform that powers unified commerce experiences for businesses around the globe. With remarkable resilience, we achieved strong GMV growth and exceeded our revenue projections while delivering operational leverage across all cost centers.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “We continue to empower our customers to achieve profitability and sustainable growth by reducing total cost of ownership and simplifying their commerce architecture. This approach is increasingly resonating with prospects and fueling our international expansion, evidenced by new customers announced in our Investors’ Day.”
Second Quarter 2023 Financial Highlights
Second Quarter 2023 Commercial Highlights:
Second Quarter 2023 Operational Highlights:
We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are:
Business Outlook
The integration of ecommerce to leverage existing physical stores has become a crucial aspect of the business strategy for enterprise brands and retailers. Consumers now expect a seamless shopping experience, whether they're browsing online or in-store. Omnichannel has gone from being a desirable feature to a vital tool for engaging with consumers in a consistent and relevant manner.
However, the global macroeconomic environment has imposed challenges to retailers and ecommerce players. The increase in interest rates and labor costs has impacted consumption and put pressure on margins. Despite these challenges, our company has not seen a significant deterioration in our most relevant long-term performance metrics. This is a testament to the resilience of our business model and our ability to adapt to changing market conditions.
As a result of the aforementioned, we have reflected the extended sales cycle resulting from the increased implementation time of the VTEX platform and longer ramp-up periods for new customers into our projections for this year. Although the macroeconomic scenario remains uncertain, we have seen an encouraging stabilization of such cycles in the current quarter. We are closely monitoring the performance of our customers and sales funnel and taking necessary actions to ensure our business's continued growth and success.
In this context, we are currently targeting revenue for the third quarter of 2023 in the US$48.2 million to US$49.0 million range, implying a YoY growth of 19% on an FX neutral basis in the middle of the range.
For the full year 2023, we expect FX neutral YoY revenue growth of 18% to 20%, implying a range of US$191 million to US$195 million based on Q2 average FX rates.
As we continue executing our strategy for profitable growth, we anticipate relevant YoY improvements in our non-GAAP operating income margin in the second half of the year.
We are confident in VTEX's ability to navigate the uncertainties posed by the current macroeconomic scenario. We are empowering our customers to digitally transform their commerce operations while helping them to outperform the market.
The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding ''Forward-Looking Statements'' below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and operating metrics for the three months and six months ended June 30, 2023 and 2022.
| Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
GMV | 3,838.5 | 3,111.9 | 7,142.2 | 5,826.4 |
GMV growth YoY FXN (1) | 21.2% | 21.0% | 20.9% | 24.1% |
Revenue | 47.9 | 38.7 | 90.2 | 73.4 |
Revenue growth YoY FXN (1) | 22.9% | 19.5% | 22.5% | 24.1% |
Non-GAAP subscription gross profit (2)(4) | 33.7 | 26.6 | 63.1 | 49.2 |
Non-GAAP subscription gross profit margin (3)(4) | 75.3% | 72.5% | 74.6% | 71.1% |
Non-GAAP loss from operations (4) | (1.5) | (17.5) | (5.6) | (31.2) |
Total number of employees | 1,305 | 1,560 | 1,305 | 1,560 |
(1) | Calculated by using the average monthly exchange rates for the applicable months during 2022, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2023, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. | |
(2) | Corresponds to our subscription revenues minus our subscription costs. | |
(3) | Corresponds to our subscription gross profit divided by subscription revenues. | |
(4) | Reconciliation of non-GAAP metrics can be found in tables below. |
Conference Call and Webcast
The conference call may be accessed by dialing +1-888-660-6011 (Conference ID – 1918046 –) and requesting inclusion in the call for VTEX.
The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/.
An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
“ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four.
“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.
“GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions.
“FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next.
“SSS” means same-store-sales calculated on a yearly basis by dividing the GMV of active online stores in the current period by the GMV of the same active online same stores in the prior period.
“Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.
Special Note Regarding Non-GAAP financial metrics
For the convenience of investors, this document presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures.
We understand that Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Free Cash Flow and FX Neutral measures may be different from the calculation used by other companies, including our competitors, and therefore, our measures may not be comparable to those of other companies.
Reconciliation of Non-GAAP measures
The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods:
| Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
Subscription revenue | 44.8 | 36.6 | 84.5 | 69.2 |
Subscription cost | (11.2) | (10.2) | (21.6) | (20.2) |
Subscription gross profit | 33.6 | 26.5 | 63.0 | 49.1 |
Share-based compensation | 0.1 | 0.1 | 0.1 | 0.2 |
Non-GAAP subscription gross profit | 33.7 | 26.6 | 63.1 | 49.2 |
Non-GAAP subscription gross margin | 75.3% | 72.5% | 74.6% | 71.1% |
The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:
Sales & Marketing | Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
Sales & Marketing expense | (14.4) | (21.3) | (29.2) | (39.2) |
Share-based compensation expense | 1.1 | (0.2) | 2.4 | 0.5 |
Amortization and adjustment related to acquisitions | 0.3 | 0.3 | 0.6 | 0.6 |
Non-GAAP Sales & Marketing expense | (13.1) | (21.3) | (26.3) | (38.1) |
Research & Development | Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
Research & Development expense | (16.3) | (15.4) | (30.3) | (29.3) |
Share-based compensation expense | 1.8 | 0.5 | 3.7 | 1.1 |
Amortization and adjustment related to acquisitions | 0.3 | 0.2 | 0.6 | 0.4 |
Non-GAAP Research & Development expense | (14.2) | (14.7) | (26.0) | (27.8) |
General & Administrative | Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
General & Administrative expense | (8.2) | (7.4) | (16.2) | (14.4) |
Share-based compensation expense | 1.7 | 0.6 | 3.4 | 1.6 |
Amortization and adjustment related to acquisitions | 0.0 | 0.0 | 0.0 | 0.0 |
Non-GAAP General & Administrative expense | (6.5) | (6.8) | (12.7) | (12.7) |
The following table presents a reconciliation of our Non-GAAP loss from operations to loss from operations for the following periods:
| Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
Loss from operations | (7.1) | (18.9) | (16.8) | (35.6) |
Share-based compensation expense | 4.7 | 0.9 | 9.8 | 3.4 |
Amortization and adjustment related to acquisitions | 0.8 | 0.5 | 1.4 | 1.0 |
Non-GAAP loss from operations | (1.5) | (17.5) | (5.6) | (31.2) |
The following table presents a reconciliation of our Non-GAAP free cash flow to net cash used by operating activities for the following periods:
| Three months ended June 30, | Six months ended June 30, | ||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | 2023 | 2022 |
Net cash used in operating activities | (3.3) | (12.6) | (8.2) | (28.6) |
Acquisitions of intangibles | - | - | - | - |
Acquisitions of property and equipment | (0.0) | (0.1) | (0.2) | (0.2) |
Non-GAAP free cash flow | (3.3) | (12.7) | (8.4) | (28.8) |
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months period ended March 31, 2022:
| Three months ended June 30, | |||||
As Reported | FXN | As Reported | FXN | |||
(in millions of US$, except as otherwise indicated) | 2023 | 2022 | Percentage change | 2023 | 2022 | Percentage change |
Subscription revenue | 44.8 | 36.6 | 22.2% | 44.5 | 36.6 | 21.4% |
Services revenue | 3.1 | 2.1 | 50.8% | 3.1 | 2.1 | 49.2% |
Total revenue | 47.9 | 38.7 | 23.7% | 47.6 | 38.7 | 22.9% |
Gross profit | 32.4 | 25.7 | 26.0% | 32.1 | 25.7 | 24.7% |
Loss from operation | (7.1) | (18.9) | (62.4)% | (7.5) | (18.9) | (60.3)% |
This announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". The financial information in this press release has not been audited.
About VTEX
VTEX (NYSE: VTEX) is the global enterprise digital commerce platform where brands and retailers run their world of commerce. VTEX puts its customers’ businesses on a fast path to growth with a complete commerce, marketplace, and OMS solution. It helps global companies build, manage and deliver native and advanced B2B, B2C, and marketplace commerce experiences with unprecedented time to market and without complexity.
As a leader in digital commerce platforms, VTEX is trusted by more than 2,600 customers, including Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker and Whirlpool, having over 3,400 active online stores across 38 countries (as of FY ended on December 31, 2022). For more information, visit www.vtex.com.
Forward-looking Statements
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project,” “target” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements.
VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEX’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX’s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC.
As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
VTEX | ||||||||||||
Condensed consolidated interim statements of profit or loss (Unaudited) | ||||||||||||
In thousands of U.S. dollars, unless otherwise indicated | ||||||||||||
| ||||||||||||
|
| Three months ended |
| Six months ended | ||||||||
|
| June 30, 2023 |
| June 30, 2022 |
| June 30, 2023 |
| June 30, 2022 | ||||
|
|
|
|
|
|
|
|
| ||||
Subscription revenue |
| 44,772 |
|
| 36,649 |
|
| 84,534 |
|
| 69,230 |
|
Services revenue |
| 3,114 |
|
| 2,065 |
|
| 5,634 |
|
| 4,151 |
|
Total revenue |
| 47,886 |
|
| 38,714 |
|
| 90,168 |
|
| 73,381 |
|
|
|
|
|
|
|
|
|
| ||||
Subscription cost |
| (11,153 | ) |
| (10,166 | ) |
| (21,553 | ) |
| (20,162 | ) |
Services cost |
| (4,353 | ) |
| (2,842 | ) |
| (8,519 | ) |
| (5,449 | ) |
Total cost |
| (15,506 | ) |
| (13,008 | ) |
| (30,072 | ) |
| (25,611 | ) |
Gross profit |
| 32,380 |
|
| 25,706 |
|
| 60,096 |
|
| 47,770 |
|
|
|
|
|
|
|
|
|
| ||||
Operating expenses |
|
|
|
|
|
|
|
| ||||
General and administrative |
| (8,242 | ) |
| (7,431 | ) |
| (16,167 | ) |
| (14,352 | ) |
Sales and marketing |
| (14,449 | ) |
| (21,318 | ) |
| (29,231 | ) |
| (39,218 | ) |
Research and development |
| (16,305 | ) |
| (15,409 | ) |
| (30,264 | ) |
| (29,334 | ) |
Other losses |
| (511 | ) |
| (474 | ) |
| (1,265 | ) |
| (465 | ) |
Loss from operations |
| (7,127 | ) |
| (18,926 | ) |
| (16,831 | ) |
| (35,599 | ) |
|
|
|
|
|
|
|
|
| ||||
Financial income |
| 9,240 |
|
| 4,696 |
|
| 16,599 |
|
| 8,988 |
|
Financial expense |
| (9,126 | ) |
| (10,122 | ) |
| (15,029 | ) |
| (19,135 | ) |
Financial result, net |
| 114 |
|
| (5,426 | ) |
| 1,570 |
|
| (10,147 | ) |
|
|
|
|
|
|
|
|
| ||||
Equity results |
| 367 |
|
| 268 |
|
| 708 |
|
| 487 |
|
|
|
|
|
|
|
|
|
| ||||
Loss before income tax |
| (6,646 | ) |
| (24,084 | ) |
| (14,553 | ) |
| (45,259 | ) |
|
|
|
|
|
|
|
|
| ||||
Income tax |
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
| ||||
Current |
| (1,697 | ) |
| (574 | ) |
| (2,267 | ) |
| (1,001 | ) |
Deferred |
| 1,733 |
|
| 3,193 |
|
| 2,282 |
|
| 5,705 |
|
Total income tax |
| 36 |
|
| 2,619 |
|
| 15 |
|
| 4,704 |
|
|
|
|
|
|
|
|
|
| ||||
Net loss for the period |
| (6,610 | ) |
| (21,465 | ) |
| (14,538 | ) |
| (40,555 | ) |
|
|
|
|
|
|
|
|
| ||||
Attributable to controlling shareholders |
| (6,611 | ) |
| (21,464 | ) |
| (14,539 | ) |
| (40,553 | ) |
Non-controlling interest |
| 1 |
|
| (1.00 | ) |
| 1 |
|
| (2 | ) |
|
|
|
|
|
|
|
|
| ||||
Loss per share |
|
|
|
|
|
|
|
| ||||
Basic loss per share |
| (0.035 | ) |
| (0.112 | ) |
| (0.077 | ) |
| (0.212 | ) |
Diluted loss per share |
| (0.035 | ) |
| (0.112 | ) |
| (0.077 | ) |
| (0.212 | ) |
VTEX | ||||||
Condensed consolidated interim balance sheets (Unaudited) | ||||||
In thousands of U.S. dollars, unless otherwise indicated | ||||||
| ||||||
|
| June 30, 2023 |
| December 31, 2022 | ||
ASSETS |
|
|
|
| ||
Current assets |
|
|
|
| ||
Cash and cash equivalents |
| 100,504 |
|
| 24,394 |
|
Restricted cash |
| - |
|
| 1,608 |
|
Short-term investments |
| 122,002 |
|
| 214,164 |
|
Trade receivables |
| 43,432 |
|
| 36,844 |
|
Recoverable taxes |
| 4,525 |
|
| 5,122 |
|
Deferred commissions |
| 831 |
|
| 663 |
|
Prepaid expenses |
| 4,166 |
|
| 4,152 |
|
Derivative financial instruments |
| - |
|
| 117 |
|
Other current assets |
| 45 |
|
| 93 |
|
Total current assets |
| 275,505 |
|
| 287,157 |
|
|
|
|
|
| ||
Non-current assets |
|
|
|
| ||
Trade receivables |
| 6,437 |
|
| 5,432 |
|
Deferred tax assets |
| 21,836 |
|
| 17,710 |
|
Prepaid expenses |
| 145 |
|
| 204 |
|
Recoverable taxes |
| 4,151 |
|
| 3,334 |
|
Deferred commissions |
| 2,495 |
|
| 1,790 |
|
Other non-current assets |
| 987 |
|
| 957 |
|
Right-of-use assets |
| 4,169 |
|
| 4,818 |
|
Property and equipment, net |
| 3,474 |
|
| 3,909 |
|
Intangible assets, net |
| 31,397 |
|
| 31,210 |
|
Investments in joint venture |
| 825 |
|
| 1,152 |
|
Total non-current assets |
| 75,916 |
|
| 70,516 |
|
Total assets |
| 351,421 |
|
| 357,673 |
|
|
|
|
|
| ||
|
| June 30, 2023 |
| December 31, 2022 | ||
LIABILITIES |
|
|
|
| ||
Current liabilities |
|
|
|
| ||
Accounts payable and accrued expenses |
| 35,372 |
|
| 34,136 |
|
Loans and financing |
| - |
|
| 1,153 |
|
Taxes payable |
| 4,989 |
|
| 4,128 |
|
Lease liabilities |
| 2,002 |
|
| 1,898 |
|
Deferred revenue |
| 24,516 |
|
| 20,332 |
|
Derivative financial instruments |
| 35 |
|
| - |
|
Accounts payable from acquisition of subsidiaries |
| - |
|
| 299 |
|
Other current liabilities |
| 17 |
|
| 70 |
|
Total current liabilities |
| 66,931 |
|
| 62,016 |
|
|
|
|
|
| ||
Non-current liabilities |
|
|
|
| ||
Accounts payable and accrued expenses |
| 1,013 |
|
| 511 |
|
Taxes payable |
| 160 |
|
| 160 |
|
Lease liabilities |
| 3,301 |
|
| 3,737 |
|
Deferred revenue |
| 18,473 |
|
| 13,923 |
|
Deferred tax liabilities |
| 2,745 |
|
| 2,464 |
|
Other non-current liabilities |
| 224 |
|
| 185 |
|
Total non-current liabilities |
| 25,916 |
|
| 20,980 |
|
|
|
|
|
| ||
EQUITY |
|
|
|
| ||
Issued Capital |
| 19 |
|
| 19 |
|
Capital reserve |
| 385,015 |
|
| 390,885 |
|
Other reserves |
| 4,389 |
|
| 127 |
|
Accumulated losses |
| (130,912 | ) |
| (116,373 | ) |
Equity attributable to VTEX’s shareholders |
| 258,511 |
|
| 274,658 |
|
Non-controlling interests |
| 63 |
|
| 19 |
|
Total shareholders’ equity |
| 258,574 |
|
| 274,677 |
|
Total liabilities and equity |
| 351,421 |
|
| 357,673 |
|
|
|
|
|
| ||
VTEX | |||||||
Condensed consolidated interim statements of cash flows (Unaudited) | |||||||
In thousands of U.S. dollars, unless otherwise indicated | |||||||
| |||||||
|
|
| June 30, 2023 |
| June 30, 2022 | ||
|
|
|
|
|
| ||
Net loss for the period |
|
| (14,538 | ) |
| (40,555 | ) |
Adjustments for: |
|
|
|
|
| ||
Depreciation and amortization |
|
| 2,494 |
|
| 2,205 |
|
Deferred income tax |
|
| (2,282 | ) |
| (5,705 | ) |
Loss on disposal of rights of use, property, equipment, and intangible assets |
|
| 612 |
|
| (126 | ) |
Expected credit losses from trade receivables |
|
| 737 |
|
| 509 |
|
Share-based compensation |
|
| 7,621 |
|
| 4,537 |
|
Provision for payroll taxes (share-based compensation) |
|
| 1,320 |
|
| (2,147 | ) |
Adjustment of hyperinflation |
|
| 4,860 |
|
| 2,079 |
|
Equity results |
|
| (708 | ) |
| (487 | ) |
Fair value (gains) losses |
|
| (5,450 | ) |
| 7,970 |
|
Others and foreign exchange, net |
|
| (2,616 | ) |
| (487 | ) |
Change in operating assets and liabilities |
|
|
|
|
| ||
Trade receivables |
|
| (6,609 | ) |
| 2,042 |
|
Recoverable taxes |
|
| (119 | ) |
| (162 | ) |
Prepaid expenses |
|
| 488 |
|
| 3,204 |
|
Other assets |
|
| (64 | ) |
| (164 | ) |
Accounts payable and accrued expenses |
|
| (1,388 | ) |
| 1,086 |
|
Taxes payable |
|
| 1,108 |
|
| (645 | ) |
Deferred revenue |
|
| 6,170 |
|
| (1,541 | ) |
Other liabilities |
|
| 227 |
|
| 368 |
|
Cash used in operating activities |
|
| (8,137 | ) |
| (28,019 | ) |
Income tax paid |
|
| (37 | ) |
| (603 | ) |
Net cash used in operating activities |
|
| (8,174 | ) |
| (28,622 | ) |
Cash flows from investing activities |
|
|
|
|
| ||
Dividends received from joint venture |
|
| 1,138 |
|
| 146 |
|
Purchase of short-term investment |
|
| (21,273 | ) |
| (110,991 | ) |
Redemption of short-term investment |
|
| 118,311 |
|
| 53,057 |
|
Interest and dividend received from short-term investments |
|
| 1,233 |
|
| 297 |
|
Payment of business acquired |
|
| - |
|
| (1,512 | ) |
Acquisitions of property and equipment |
|
| (178 | ) |
| (166 | ) |
Derivative financial instruments |
|
| (45 | ) |
| - |
|
Net cash provided by (used in) investing activities |
|
| 99,186 |
|
| (59,169 | ) |
Cash flows from financing activities |
|
|
|
|
| ||
Derivative financial instruments |
|
| - |
|
| (718 | ) |
Changes in restricted cash |
|
| 1,660 |
|
| 575 |
|
Proceeds from the exercise of stock options |
|
| 88 |
|
| 28 |
|
Net-settlement of share-based payment |
|
| (932 | ) |
| (783 | ) |
Buyback of shares |
|
| (13,841 | ) |
| - |
|
Payment of loans and financing |
|
| (1,238 | ) |
| (1,327 | ) |
Interest paid |
|
| (5 | ) |
| (36 | ) |
Principal elements of lease payments |
|
| (751 | ) |
| (574 | ) |
Lease interest paid |
|
| (302 | ) |
| (351 | ) |
Net cash used in financing activities |
|
| (15,321 | ) |
| (3,186 | ) |
Net increase (decrease) in cash and cash equivalents |
|
| 75,691 |
|
| (90,977 | ) |
Cash and cash equivalents, beginning of the period |
|
| 24,394 |
|
| 121,006 |
|
Effect of exchange rate changes |
|
| 419 |
|
| (362 | ) |
Cash and cash equivalents, end of the period |
|
| 100,504 |
|
| 29,667 |
|
|
|
|
|
|
| ||
Non-cash transactions: |
|
|
|
|
| ||
Lease liabilities arising from obtaining right-of-use assets |
|
| 85 |
|
| 1,020 |
|
Issue of ordinary shares as consideration for a business combination |
|
| - |
|
| 3 |
|
Dividends from joint venture used to pay accounts from acquisition of subsidiaries |
| - |
|
| 448 |
| |
Transactions with non-controlling interests |
|
| 43 |
|
| 5 |
|
Julia Vater Fernández
Investor Relations Director
investors@vtex.com
VTEX | |
By: /s/ Ricardo Camatta Sodre | |
Name: Ricardo Camatta Sodre | |
Title: Chief Financial Officer |
