Note
|
June 30, 2021
|
December 31, 2020
|
||||||||||
ASSETS
|
||||||||||||
Current assets
|
||||||||||||
Cash and cash equivalents
|
4
|
23,598
|
58,557
|
|||||||||
Restricted cash
|
1,360
|
1,429
|
||||||||||
Marketable securities
|
5
|
13,503
|
16,969
|
|||||||||
Trade receivables
|
6
|
31,330
|
24,491
|
|||||||||
Recoverable taxes
|
4,257
|
4,071
|
||||||||||
Deferred commissions
|
191
|
438
|
||||||||||
Prepaid expenses - Current
|
6,103
|
2,379
|
||||||||||
Derivative financial instruments - Curt assets
|
-
|
174
|
||||||||||
Other current assets
|
278
|
223
|
||||||||||
Total current assets
|
80,620
|
108,731
|
||||||||||
Non-current assets
|
||||||||||||
Deferred tax assets
|
7.1
|
5,840
|
2,174
|
|||||||||
Prepaid expenses
|
1,860
|
3,134
|
||||||||||
Recoverable taxes
|
535
|
674
|
||||||||||
Deferred Commission
|
1,160
|
389
|
||||||||||
Other
|
221
|
53
|
||||||||||
Right-of-use assets
|
16
|
5,611
|
5,076
|
|||||||||
Property and equipment, net
|
9
|
5,361
|
4,551
|
|||||||||
Intangible assets, net
|
10
|
37,256
|
15,093
|
|||||||||
Investment in joint venture
|
310
|
136
|
||||||||||
Total non-current assets
|
58,154
|
31,280
|
||||||||||
Total assets
|
138,774
|
140,011
|
LIABILITIES
|
Note
|
June 30, 2021
|
December 31, 2020
|
|||||||||
Current liabilities
|
||||||||||||
Accounts payable and accrued expenses
|
11
|
28,465
|
20,709
|
|||||||||
Loans and financing
|
13
|
2,135
|
1,585
|
|||||||||
Taxes payables
|
12
|
3,240
|
6,790
|
|||||||||
Lease liabilities
|
16
|
969
|
850
|
|||||||||
Deferred revenue
|
16,837
|
14,170
|
||||||||||
Derivative financial instruments
|
304
|
-
|
||||||||||
Accounts payable from acquisition of subsidiaries
|
8,686
|
2,794
|
||||||||||
Other
|
80
|
159
|
||||||||||
Total current liabilities
|
60,716
|
47,057
|
||||||||||
Non-current liabilities
|
||||||||||||
Loans and financing
|
13
|
2,826
|
4,774
|
|||||||||
Lease liabilities
|
16
|
5,492
|
5,303
|
|||||||||
Accounts payable from acquisition of subsidiaries
|
1,687
|
1,206
|
||||||||||
Deferred revenue
|
10,543
|
5,005
|
||||||||||
Deferred tax liabilities
|
7.2
|
2,162
|
731
|
|||||||||
Other
|
269
|
187
|
||||||||||
Total non-current liabilities
|
22,979
|
17,206
|
||||||||||
EQUITY
|
||||||||||||
Issued capital
|
17
|
17
|
||||||||||
Capital reserve
|
86,025
|
78,945
|
||||||||||
Other comprehensive income
|
408
|
104
|
||||||||||
Accumulated losses
|
(31,371
|
)
|
(3,444
|
)
|
||||||||
Equity attributable to VTEX’s shareholders
|
55,079
|
75,622
|
||||||||||
Non-controlling interests
|
-
|
126
|
||||||||||
Total shareholders’ equity
|
55,079
|
75,748
|
||||||||||
Total liabilities and equity
|
138,774
|
140,011
|
Three months ended
|
Six months ended
|
|||||||||||||||||||
Note
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
||||||||||||||||
Subscription revenue
|
29,652
|
23,937
|
54,310
|
39,379
|
||||||||||||||||
Services revenue
|
1,217
|
1,338
|
2,483
|
2,538
|
||||||||||||||||
Total revenue
|
15
|
30,869
|
25,275
|
56,793
|
41,917
|
|||||||||||||||
Subscription cost
|
(9,461
|
)
|
(5,821
|
)
|
(18,176
|
)
|
(10,881
|
)
|
||||||||||||
Services cost
|
(2,757
|
)
|
(1,659
|
)
|
(4,865
|
)
|
(3,337
|
)
|
||||||||||||
Total cost
|
(12,218
|
)
|
(7,480
|
)
|
(23,041
|
)
|
(14,218
|
)
|
||||||||||||
Gross profit
|
18,651
|
17,795
|
33,752
|
27,699
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||
General and administrative
|
(7,806
|
)
|
(2,402
|
)
|
(15,029
|
)
|
(5,505
|
)
|
||||||||||||
Sales and marketing
|
(15,697
|
)
|
(5,360
|
)
|
(26,732
|
)
|
(11,106
|
)
|
||||||||||||
Research and development
|
(10,669
|
)
|
(3,638
|
)
|
(19,092
|
)
|
(7,700
|
)
|
||||||||||||
Other income (losses)
|
(868
|
)
|
(263
|
)
|
(1,317
|
)
|
(310
|
)
|
||||||||||||
Income (loss) from operation
|
(16,389
|
)
|
6,132
|
(28,418
|
)
|
3,078
|
||||||||||||||
Finance income
|
2,136
|
2,714
|
2,548
|
1,620
|
||||||||||||||||
Finance expense
|
(3,490
|
)
|
(1,145
|
)
|
(5,257
|
)
|
(2,848
|
)
|
||||||||||||
Financial result, net
|
(1,354
|
)
|
1,569
|
(2,709
|
)
|
(1,228
|
)
|
|||||||||||||
Equity results
|
139
|
1
|
235
|
(9
|
)
|
|||||||||||||||
Income (loss) before income tax
|
(17,604
|
)
|
7,702
|
(30,892
|
)
|
1,841
|
||||||||||||||
Income tax
|
||||||||||||||||||||
Current
|
7.3
|
(297
|
)
|
(1,598
|
)
|
(504
|
)
|
(1,756
|
)
|
|||||||||||
Deferred
|
7.3
|
2,432
|
(442
|
)
|
3,466
|
379
|
||||||||||||||
Net income (loss) for the period
|
(15,469
|
)
|
5,662
|
(27,930
|
)
|
464
|
||||||||||||||
Attributable to controlling shareholders
|
(15,469
|
)
|
5,619
|
(27,927
|
)
|
417
|
||||||||||||||
Non-controlling interest
|
-
|
43
|
(3
|
)
|
47
|
|||||||||||||||
USD
|
USD
|
USD
|
USD
|
|||||||||||||||||
Earnings (loss) per share
|
17
|
|||||||||||||||||||
Basic earnings (loss) per share
|
(0.090
|
)
|
0.034
|
(0.163
|
)
|
0.003
|
||||||||||||||
Diluted earnings (loss) per share
|
(0.090
|
)
|
0.033
|
(0.163
|
)
|
0.003
|
Issued
capital
|
Capital
reserve
|
Other
comprehensive
income (loss)
|
Accumulated
losses
|
Total
shareholders'
equity
|
Non-controlling
interests
|
Total equity
|
||||||||||||||||||||||
At December 31, 2019
|
17
|
50,133
|
(572
|
)
|
(2,530
|
)
|
47,048
|
37
|
47,085
|
|||||||||||||||||||
Net loss of the period
|
-
|
-
|
-
|
417
|
417
|
47
|
464
|
|||||||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
(1,395
|
)
|
-
|
(1,395
|
)
|
-
|
(1,395
|
)
|
||||||||||||||||||
Exercise of stock options
|
-
|
52
|
-
|
-
|
52
|
-
|
52
|
|||||||||||||||||||||
Share-based compensation
|
-
|
702
|
-
|
-
|
702
|
-
|
702
|
|||||||||||||||||||||
At June 30, 2020
|
17
|
50,887
|
(1,967
|
)
|
(2,113
|
)
|
46,824
|
84
|
46,908
|
Issued
capital
|
Capital
reserve
|
Other
comprehensive
income (loss)
|
Accumulated
losses
|
Total
shareholders'
equity
|
Non-controlling
interests
|
Total equity
|
||||||||||||||||||||||
At December 31, 2020
|
17
|
78,945
|
104
|
(3,444
|
)
|
75,622
|
126
|
75,748
|
||||||||||||||||||||
Net loss of the period
|
-
|
-
|
-
|
(27,927
|
)
|
(27,927
|
)
|
(3
|
)
|
(27,930
|
)
|
|||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
304
|
-
|
304
|
-
|
304
|
|||||||||||||||||||||
Exercise of stock options
|
-
|
927
|
-
|
-
|
927
|
-
|
927
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
1,469
|
1,469
|
1,469
|
||||||||||||||||||||||||
Capital contribution
|
-
|
1,000
|
-
|
-
|
1,000
|
-
|
1,000
|
|||||||||||||||||||||
Buyback of shares
|
-
|
(407
|
)
|
-
|
-
|
(407
|
)
|
-
|
(407
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
3,995
|
-
|
-
|
3,995
|
-
|
3,995
|
|||||||||||||||||||||
Acquisition of non-controlling interests
|
-
|
96
|
-
|
-
|
96
|
(123
|
)
|
(27
|
)
|
|||||||||||||||||||
At June 30, 2021
|
17
|
86,025
|
408
|
(31,371
|
)
|
55,079
|
-
|
55,079
|
Six months ended
|
||||||||||||
Note
|
June 30, 2021
|
June 30, 2020
|
||||||||||
Net income (loss) of the period
|
(27,930
|
)
|
464
|
|||||||||
Adjustments on income ( loss) for the period
|
||||||||||||
Depreciation and amortization
|
1,814
|
1,270
|
||||||||||
Deferred income tax
|
(3,466
|
)
|
(379
|
)
|
||||||||
Loss on disposal of property, equipment and intangible assets
|
9,10
|
1
|
34
|
|||||||||
Allowance for doubtful accounts
|
294
|
744
|
||||||||||
Share-based compensation
|
18
|
3,995
|
702
|
|||||||||
Adjustment of hyperinflation
|
876
|
126
|
||||||||||
Loss (profit) on investments in joint venture
|
(235
|
)
|
9
|
|||||||||
Fair value gain (losses)
|
(88
|
)
|
(76
|
)
|
||||||||
Other costs and foreign exchange, net
|
27
|
(2,093
|
)
|
|||||||||
Working capital adjustments
|
||||||||||||
Trade receivables
|
(6,553
|
)
|
(8,760
|
)
|
||||||||
Recoverable taxes
|
(47
|
)
|
(4
|
)
|
||||||||
Prepaid expenses
|
(2,450
|
)
|
(2,752
|
)
|
||||||||
Other assets
|
28
|
(546
|
)
|
|||||||||
Accounts payable and accrued expenses
|
9,422
|
1,570
|
||||||||||
Taxes payable
|
206
|
2,915
|
||||||||||
Deferred revenue
|
6,894
|
6,102
|
||||||||||
Other liabilities
|
(525
|
)
|
(1,889
|
)
|
||||||||
Cash used in operating activities
|
(17,737
|
)
|
(2,563
|
)
|
||||||||
Income tax paid
|
(3,879
|
)
|
(1,193
|
)
|
||||||||
Net cash used in operating activities
|
(21,616
|
)
|
(3,756
|
)
|
||||||||
Cash flows from investing activities
|
||||||||||||
Redemption of marketable securities
|
5
|
3,316
|
-
|
|||||||||
Interest received
|
384
|
757
|
||||||||||
Acquisition of subsidiaries net of cash acquired
|
(4,449
|
)
|
(2,599
|
)
|
||||||||
Acquisitions of property and equipment
|
(1,065
|
)
|
(734
|
)
|
||||||||
Net cash used in investing activities
|
(1,814
|
)
|
(2,576
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||
Changes in restricted cash
|
69
|
731
|
||||||||||
Proceeds from the exercise of stock options
|
927
|
52
|
||||||||||
Capital increase
|
1,000
|
-
|
||||||||||
Buyback of shares
|
(2,423
|
)
|
-
|
|||||||||
Payment of loans and financing
|
13
|
(9,653
|
)
|
(1,159
|
)
|
|||||||
Interest paid
|
(59
|
)
|
(78
|
)
|
||||||||
Principal elements of lease payments
|
16.1
|
(460
|
)
|
(102
|
)
|
|||||||
Lease interest paid
|
(351
|
)
|
(395
|
)
|
||||||||
Net cash used in financing activities
|
(10,950
|
)
|
(951
|
)
|
||||||||
Net decrease in cash and cash equivalents
|
(34,380
|
)
|
(7,283
|
)
|
||||||||
Cash and cash equivalents, beginning of the period
|
58,557
|
29,762
|
||||||||||
Effect of exchange rate changes
|
(579
|
)
|
2,632
|
|||||||||
Cash and cash equivalents, end of the period
|
4
|
23,598
|
25,111
|
|||||||||
Supplemental cash flow information:
|
||||||||||||
Lease liabilities arising from
obtaining right-of-use assets
|
156
|
37
|
||||||||||
Issue of ordinary shares as consideration for a business combination
|
1,469
|
-
|
||||||||||
Unpaid amount related to acquisition of non-controlling interest
|
27
|
-
|
||||||||||
Unpaid amount related to business combinations
|
9,810
|
-
|
Interest held by the Group (%)
|
||||||
Company
|
Place of
business/
country of
incorporation
|
Relationship
|
Principal
business
activity
|
June 30,
2021
|
December 31,
2020
|
June 30,
2020
|
VTEX
|
Cayman
|
Holding
|
Technology Services
|
|||
VTEX Informática S.A. (“VTEX ARG”) (i)
|
Argentina
|
Subsidiary
|
Technology Services
|
100.00
|
96.54
|
96.54
|
VTEX Brasil Tecnologia para E-commerce LTDA. (“VTEX Brazil”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
VTEX Publicidade e Eventos Ltda. (“VTEX DAY”)
|
Brazil
|
Subsidiary
|
Production of events
|
100.00
|
100.00
|
100.00
|
VTEX Intermediação de Cobrança Ltda. (“VTEX STORE”) (ii)
|
Brazil
|
Subsidiary
|
Technology Services
|
-
|
99.99
|
99.99
|
Dlieve Tecnologia S.A. (“Dlieve”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
Ciashop Soluções para Comércio Eletrônico S.A. (“Ciashop”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
Loja Integrada Tecnologia para Softwares Ltda. (“Loja Integrada”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
-
|
VTEX Chile SpA (“VTEX CHI”)
|
Chile
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)
|
Colombia
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
VTEX Commerce Cloud Solutions LLC (“VTEX USA”)
|
USA
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
UniteU Technologies Inc. (“UniteU”)
|
USA
|
Subsidiary
|
Technology Services
|
-
|
-
|
100.00
|
WebLinc Corp (“WorkArea”) (iii)
|
USA
|
Subsidiary
|
Technology Services
|
100.00
|
-
|
-
|
VTEX Ecommerce Platform Limited (“VTEX UK”)
|
UK
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
EICOM Limited (“EICOM”)
|
UK
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
100.00
|
Soluciones Cloud En Ecommerce S. De R.L. De C.V. (“VTEX MEX”)
|
Mexico
|
Subsidiary
|
Technology Services
|
99.99
|
99.95
|
99.95
|
EI Education S.A.P.I de C.V. (“Escuela”)
|
Mexico
|
Subsidiary
|
Technology Services
|
100.00
|
100.00
|
-
|
Suiteshare Tecnologia da Informação (iv)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
-
|
-
|
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)
|
Peru
|
Subsidiary
|
Technology Services
|
100.00
|
-
|
-
|
(i)
|
In January 2021, the Group acquired the non-controlling interest of VTEX ARG.
|
(ii)
|
VTEX STORE was closed in February 2021.
|
(iii)
|
WorkArea was acquired in the first quarter of 2021. In May 2021, the Group acquired the non-controlling interest of VTEX MEX.
|
(iv)
|
Suiteshare was acquired in the second quarter of 2021. Refer to note 3.1 for additional details.
|
June 30, 2021
|
December 31, 2020
|
|||||||
Cash and cash bank deposits
|
18,116
|
51,955
|
||||||
Short term investment (i)
|
5,482
|
6,602
|
||||||
Cash and cash equivalents
|
23,598
|
58,557
|
June 30, 2021
|
December 31, 2020
|
|||||||
Marketable securities
|
13,503
|
16,969
|
||||||
13,503
|
16,969
|
Opening balance on January 1, 2021
|
16,969
|
|||
Additions
|
-
|
|||
Redemption
|
(3,316
|
)
|
||
Interest received
|
(272
|
)
|
||
Fair value adjustments
|
122
|
|||
Closing balances on June 30, 2021
|
13,503
|
June 30, 2021
|
December 31, 2020
|
|||||||
Trade receivables
|
32,094
|
25,140
|
||||||
Loss allowances
|
(764
|
)
|
(649
|
)
|
||||
31,330
|
24,491
|
Opening balance on January 1, 2021
|
(649
|
)
|
||
Addition, net
|
(294
|
)
|
||
Addition from acquisition of subsidiaries
|
(100
|
)
|
||
Write-off
|
271
|
|||
Exchange-rate change
|
8
|
|||
Closing balance on June 30, 2021
|
(764
|
)
|
June 30, 2021
|
December 31, 2020
|
|||||||
Current
|
29,673
|
22,019
|
||||||
Overdue between:
|
||||||||
From 1 to 30 days
|
1,080
|
1,578
|
||||||
From 31 to 60 days
|
494
|
537
|
||||||
From 61 to 90 days
|
263
|
293
|
||||||
From 91 to 120 days
|
154
|
245
|
||||||
From 121 to 300 days
|
430
|
468
|
||||||
Total
|
32,094
|
25,140
|
|
June 30, 2021
|
December 31, 2020
|
||||||
Loss allowances for financial assets
|
83
|
124
|
||||||
Bonus provision
|
714
|
655
|
||||||
Lease
|
134
|
108
|
||||||
Share-based compensation
|
1,693
|
185
|
||||||
Hyperinflationary adjustments
|
87
|
99
|
||||||
Tax loss
|
2,298
|
427
|
||||||
Others
|
831
|
576
|
||||||
Total deferred tax assets
|
5,840
|
2,174
|
June 30, 2021
|
December 31, 2020
|
|||||||
Acquisition of subsidiaries
|
1,814
|
544
|
||||||
Temporary differences
|
348
|
187
|
||||||
Total deferred tax liabilities
|
2,162
|
731
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
|||||||||||||
Current tax
|
||||||||||||||||
Current tax on profits for the period
|
(297
|
)
|
(1,598
|
)
|
(504
|
)
|
(1,756
|
)
|
||||||||
Deferred income tax
|
||||||||||||||||
Decrease/(increase) in deferred tax
|
2,432
|
(442
|
)
|
3,466
|
379
|
|||||||||||
Income tax expense
|
2,135
|
(2,040
|
)
|
2,962
|
(1,377
|
)
|
June 30, 2021
|
December 31, 2020
|
|||||||
Civil
|
14
|
21
|
||||||
Labor
|
17
|
49
|
||||||
Tax
|
45
|
-
|
||||||
76
|
70
|
June 30, 2021
|
December 31, 2020
|
|||||||
Civil
|
114
|
45
|
||||||
Labor
|
173
|
157
|
||||||
Tax
|
-
|
33
|
||||||
287
|
235
|
June 30, 2021
|
December 31, 2020
|
|||||||
Leasehold improvements
|
3,091
|
2,967
|
||||||
Machinery and equipment
|
288
|
277
|
||||||
Furniture and fixture
|
1,015
|
786
|
||||||
Computer and peripherals
|
3,883
|
2,767
|
||||||
Communication equipment
|
7
|
7
|
||||||
Less: accumulated depreciation
|
(2,923
|
)
|
(2,253
|
)
|
||||
Property and equipment, net |
5,361
|
4,551
|
June 30, 2021
|
December 31, 2020
|
|||||||
Software (i)
|
5,638
|
2,837
|
||||||
Trademark
|
422
|
-
|
||||||
Intellectual property
|
2,765
|
2,690
|
||||||
Customer contracts
|
9,452
|
2,629
|
||||||
Goodwill
|
23,155
|
10,562
|
||||||
Others
|
428
|
-
|
||||||
Less: accumulated amortization
|
(4,604
|
)
|
(3,625
|
)
|
||||
Intangible assets, net |
37,256
|
15,093
|
June 30, 2021
|
December 31, 2020
|
|||||||
Trade payable
|
11,782
|
9,973
|
||||||
Accounts payables to related parties
|
26
|
2,016
|
||||||
Social charges
|
6,049
|
1,698
|
||||||
Profit sharing
|
4,635
|
4,415
|
||||||
Provision for vacation and benefits
|
5,804
|
2,186
|
||||||
Other
|
169
|
421
|
||||||
Total
|
28,465
|
20,709
|
June 30, 2021
|
December 31, 2020
|
|||||||
Income tax payable
|
357
|
3,732
|
||||||
Other taxes payable
|
2,883
|
3,058
|
||||||
Total
|
3,240
|
6,790
|
Interest rate
|
Country
|
Maturity
|
June 30,
2021
|
December 31,
2020
|
||||||
Bank loan(i)
|
8.5% p.a.
|
Brazil
|
September/2022
|
1,388
|
1,719
|
|||||
Bank loan (ii)
|
100% CDI+ 2.65 p.a.
|
Brazil
|
May/2023
|
3,453
|
4,098
|
|||||
Bank loan
|
100% Selic + 2% p.a.
|
Brazil
|
January/2021
|
-
|
542
|
|||||
Bank loan
|
1% p.a.
|
USA
|
July/2021
|
120
|
-
|
|||||
Total
|
4,961
|
6,359
|
||||||||
|
|
|||||||||
Current
|
|
2,135
|
1,585
|
|||||||
Non-current
|
|
2,826
|
4,774
|
(i)
|
In March 2017, the Group raised R$ 15,577 corresponding to USD 5,014 from Brazilian National Bank for Economic and Social Development to finance the development of new ecommerce technologies or BNDES.
|
|
|
(ii)
|
In June 2019, the Group raised € 6,909 corresponding to USD 7,782 for working capital purposes. On the same date, a swap was contracted to hedge the amount against foreign exchange rate, designating the
financial instrument as a fair value hedge.
|
Opening balance on January 1, 2021
|
6,359
|
|||
Loans from acquisition of subsidiaries
|
8,038
|
|||
Derivative financial instruments
|
383
|
|||
Payment of loans
|
(9,653
|
)
|
||
Interest charged
|
47
|
|||
Interest paid
|
(59
|
)
|
||
Basis adjustment on the fair value hedge
|
(274
|
)
|
||
Exchange rate effect
|
120
|
|||
Closing balance on June 30, 2021
|
4,961
|
June 30, 2021
|
December 31, 2020
|
|||||||
Number of ordinary nominative shares
|
173,305,584
|
170,981,476
|
||||||
Par value
|
0.0001
|
0.0001
|
||||||
Total share capital
|
17
|
17
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
|||||||||||||
Subscriptions
|
32,482
|
26,058
|
59,291
|
42,900
|
||||||||||||
Tax on subscriptions
|
(2,830
|
)
|
(2,121
|
)
|
(4,981
|
)
|
(3,521
|
)
|
||||||||
Revenue from subscriptions
|
29,652
|
23,937
|
54,310
|
39,379
|
||||||||||||
Services provided
|
1,377
|
1,453
|
2,748
|
2,786
|
||||||||||||
Taxes on services
|
(160
|
)
|
(115
|
)
|
(265
|
)
|
(248
|
)
|
||||||||
Revenue from services
|
1,217
|
1,338
|
2,483
|
2,538
|
||||||||||||
Revenue from subscription and services
|
30,869
|
25,275
|
56,793
|
41,917
|
|
June 30, 2021
|
December 31, 2020
|
||||||
Right-of-use asset
|
||||||||
Office buildings
|
5,611
|
5,076
|
||||||
Total
|
5,611
|
5,076
|
|
June 30, 2021
|
December 31, 2020
|
||||||
Lease liabilities
|
||||||||
Current
|
969
|
850
|
||||||
Non-current
|
5,492
|
5,303
|
||||||
Total
|
6,461
|
6,153
|
Right-of-use asset
|
||||
Opening balance on January 1, 2021
|
5,076
|
|||
New lease agreements
|
-
|
|||
Lease agreements from acquired subsidiaries
|
722
|
|||
Remeasurement
|
156
|
|||
Hyperinflation adjustment
|
5
|
|||
Amortization
|
(509
|
)
|
||
Exchange rate effect
|
161
|
|||
Closing balance on June 30, 2021
|
5,611
|
|||
|
||||
Lease liabilities
|
||||
Opening Balance on January 1, 2021
|
6,153
|
|||
New lease agreements
|
-
|
|||
Lease agreements from acquired subsidiaries
|
446
|
|||
Remeasurement
|
156
|
|||
Interest added
|
351
|
|||
Principal elements of lease payment
|
(460
|
)
|
||
Interest payment
|
(351
|
)
|
||
Exchange rate effect
|
166
|
|||
Closing balance on June 30, 2021
|
6,461
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
||||||||||||
|
||||||||||||||||
Depreciation charge of office buildings
|
265
|
217
|
509
|
472
|
||||||||||||
Interest expense (included in finance cost)
|
175
|
181
|
351
|
395
|
||||||||||||
Total
|
440
|
398
|
860
|
867
|
Three months ended
|
Six months ended
|
|||||||||||||||
Basic earnings (loss) per share
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
||||||||||||
Gain (loss) attributable to the stockholders of the Group
|
(15,469
|
)
|
5,619
|
(27,927
|
)
|
417
|
||||||||||
Weighted average number of outstanding common shares (thousands)
|
172,630
|
167,102
|
170,828
|
161,588
|
||||||||||||
Basic gain (loss) per share
|
(0.090
|
)
|
0.034
|
(0.163
|
)
|
0.003
|
||||||||||
Diluted earnings (loss) per share
|
June 30,
2021
|
June 30,
2020
|
June 30,
2021
|
June 30,
2020
|
||||||||||||
Gain (loss) |
||||||||||||||||
attributable to the stockholders of the Group
|
(15,469
|
)
|
5,619
|
(27,927
|
)
|
417
|
||||||||||
Weighted average number of outstanding common shares (thousands)
|
172,630
|
170,972
|
170,828
|
165,458
|
||||||||||||
Diluted earnings (loss) per share
|
(0.090
|
)
|
0.033
|
(0.163
|
)
|
0.003
|
|
Number of
options
(thousands)
|
Weighted
average
exercise price
|
Remaining
contractual
terms in years
|
Weighted
average grant
date Fair value
|
||||||||||||
At December 31, 2020
|
9,678
|
2.90
|
5.65
|
0.68
|
||||||||||||
Granted during the period
|
1,696
|
10.23
|
-
|
4.93
|
||||||||||||
Forfeit during the period
|
(103
|
)
|
8.54
|
-
|
4.63
|
|||||||||||
Exercised during the period
|
(1,833
|
)
|
0.54
|
-
|
0.40
|
|||||||||||
At June 30, 2021
|
9,438
|
4.62
|
5.86
|
1.45
|
||||||||||||
Stock options exercisable as of June 30, 2021
|
2,177
|
2.62
|
5.07
|
0.46
|
●
|
Strike price - Average price weighted by the quantity granted;
|
●
|
Target asset price – The trading price closest to the granting date of the options or
the trading price derived from an independent valuation report;
|
●
|
Risk-free interest rate
- US Treasury interest rate, pursuant to the contractual term;
|
●
|
Volatility - According to comparable peer entities listed on the stock exchange.
|
●
|
Risk-free interest rate: 1.12% (December 31, 2020: 0.93%)
|
●
|
Volatility: 52.06%
(December 31, 2020: 53.24%)
|
|
Number of RSUs (thousands)
|
Weighted average grant date fair value
|
||||||
At December 31, 2020
|
2,583
|
1.37
|
||||||
RSU granted
|
1,046
|
10.16
|
||||||
Forfeit during the period
|
(271
|
)
|
0.98
|
|||||
Settled
|
(193
|
)
|
0.48
|
|||||
At June 30, 2021
|
3,165
|
4.36
|
●
|
Risk-free interest rate in Brazilian Reais: 8.81%
|
●
|
Volatility: 47.69%
|
|
Number of
options
(thousands)
|
Weighted
average
exercise price
|
Remaining
contractual
terms in years
|
Weighted
average grant
date fair
vValue
|
||||||||||||
At December 31, 2020
|
-
|
-
|
-
|
-
|
||||||||||||
Granted during the period
|
24
|
13.78
|
-
|
6.09
|
||||||||||||
Forfeit during the period
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised during the period
|
-
|
-
|
-
|
-
|
||||||||||||
At June 30, 2021
|
24
|
13.78
|
6.86
|
6.09
|
|
Number of RSUs (thousands)
|
Weighted average grant date fair value
|
||||||
At December 31, 2020
|
-
|
-
|
||||||
RSU granted
|
95
|
12.49
|
||||||
Forfeit during the period
|
-
|
-
|
||||||
Settled
|
-
|
-
|
||||||
At June 30, 2021
|
95
|
12.49
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
Subscription cost
|
205
|
16
|
313
|
29
|
||||||||||||
Services cost
|
136
|
18
|
169
|
38
|
||||||||||||
Sales and marketing
|
1,586
|
71
|
2,315
|
153
|
||||||||||||
Research and development
|
1,664
|
163
|
2,780
|
280
|
||||||||||||
General and administrative
|
1,907
|
162
|
3,080
|
202
|
||||||||||||
Total
|
5,498
|
430
|
8,657
|
702
|
June 30, 2021
|
December 31, 2020
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
23,598
|
58,557
|
||||||
Restricted cash
|
1,360
|
1,429
|
||||||
Trade receivables
|
31,330
|
24,491
|
||||||
Total
|
56,288
|
84,477
|
||||||
Financial liabilities
|
||||||||
Trade payables
|
16,895
|
9,973
|
||||||
Lease liabilities
|
6,461
|
6,153
|
||||||
Loans and financing
|
4,961
|
6,359
|
||||||
Accounts payable from acquisition of subsidiaries
|
2,604
|
3,458
|
||||||
Total
|
30,921
|
25,943
|
Carrying amount
|
||||||||
June 30, 2021
|
December 31, 2020
|
|||||||
Financial assets:
|
||||||||
Current
|
||||||||
Marketable securities
|
13,503
|
16,969
|
||||||
Derivative financial instruments (i)
|
-
|
174
|
||||||
Total
|
13,503
|
17,143
|
Carrying amount
|
||||||||
June 30, 2021
|
December 31, 2020
|
|||||||
Financial liabilities:
|
||||||||
Current
|
||||||||
Derivative financial instruments (i)
|
304
|
-
|
||||||
Accounts payable from acquisition of subsidiaries (”earn-out”)
|
6,082
|
542
|
||||||
Non-current
|
||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
1,687
|
-
|
||||||
8,073
|
542
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
Net gain/(loss) on derivative financial instruments
|
(639
|
)
|
148
|
(275
|
)
|
(199
|
)
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
Net gain(loss) on marketable securities
|
241
|
1.478
|
122
|
275
|
Less than
1 year
|
Between 1
and 2 years
|
More than
2 years
|
||||||||||
June 30, 2021
|
||||||||||||
Accounts payable
|
28,465
|
-
|
-
|
|||||||||
Loans and financing
|
2,135
|
2,844
|
126
|
|||||||||
Lease liabilities
|
969
|
1,348
|
4,424
|
|||||||||
Accounts payable from acquisition of subsidiaries
|
8,686
|
1,773
|
-
|
|||||||||
Other liabilities
|
4
|
286
|
-
|
June 30, 2021
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Marketable securities
|
13,503
|
-
|
-
|
|||||||||
Liabilities
|
||||||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
-
|
-
|
7,769
|
|||||||||
Derivative financial instruments
|
-
|
304
|
-
|
December 31, 2020
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Marketable securities
|
16,969
|
-
|
-
|
|||||||||
Derivative financial instruments
|
-
|
174
|
-
|
|||||||||
Liabilities
|
||||||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
-
|
-
|
542
|
•
|
Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is
based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.
|
•
|
Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument
are observable, the instrument is included in level 2.
|
•
|
Level 3: If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity
securities.
|
•
|
for interest rate swaps – the present value of the estimated future cash flows based on observable yield curves;
|
•
|
for foreign currency forwards – the present value of future cash flows based on the forward exchange rates at the balance sheet date;
|
•
|
for foreign currency options – option pricing models (e.g. Black-Scholes model), and
|
•
|
for other financial instruments – discounted cash flow analysis.
|
Carrying amount
|
Fair value
|
|||||||
Financial liabilities
|
||||||||
Loans and financing
|
4,961
|
5,105
|
||||||
4,961
|
5,105
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||||||||||
GMV
|
2,439.3
|
1,870.8
|
4,475.3
|
2,823.2
|
||||||||||||
GMV growth FX neutral (%)
|
25.4
|
%
|
178.0
|
%
|
64.8
|
%
|
108.6
|
%
|
For the Three months ended
|
||||||||||||||||||||||||||||||||||||
June 30,
2019
|
September 30,
2019
|
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
||||||||||||||||||||||||||||
(in US$ millions)
|
||||||||||||||||||||||||||||||||||||
Subscription revenue
|
13.2
|
13.6
|
19.1
|
15.4
|
23.9
|
26.3
|
27.7
|
24.7
|
29.7
|
|||||||||||||||||||||||||||
Services revenue
|
1.1
|
0.5
|
0.9
|
1.2
|
1.3
|
1.3
|
1.4
|
1.3
|
1.2
|
|||||||||||||||||||||||||||
Total revenue
|
14.3
|
14.1
|
20.0
|
16.6
|
25.3
|
27.7
|
29.1
|
25.9
|
30.9
|
|||||||||||||||||||||||||||
Subscription cost
|
(3.5
|
)
|
(4.3
|
)
|
(5.5
|
)
|
(5.1
|
)
|
(5.8
|
)
|
(7.1
|
)
|
(9.8
|
)
|
(8.7
|
)
|
(9.5
|
)
|
||||||||||||||||||
Services cost
|
(1.0
|
)
|
(0.9
|
)
|
(1.5
|
)
|
(1.7
|
)
|
(1.7
|
)
|
(1.7
|
)
|
(2.0
|
)
|
(2.1
|
)
|
(2.8
|
)
|
||||||||||||||||||
Total cost
|
(4.5
|
)
|
(5.2
|
)
|
(7.0
|
)
|
(6.7
|
)
|
(7.5
|
)
|
(8.8
|
)
|
(11.9
|
)
|
(10.8
|
)
|
(12.2
|
)
|
||||||||||||||||||
Gross profit
|
9.8
|
8.9
|
13.0
|
9.9
|
17.8
|
18.9
|
17.2
|
15.1
|
18.7
|
|||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(2.3
|
)
|
(3.1
|
)
|
(3.5
|
)
|
(3.1
|
)
|
(2.4
|
)
|
(3.3
|
)
|
(5.1
|
)
|
(7.2
|
)
|
(7.8
|
)
|
||||||||||||||||||
Sales and marketing
|
(6.1
|
)
|
(4.1
|
)
|
(5.2
|
)
|
(5.7
|
)
|
(5.4
|
)
|
(5.3
|
)
|
(7.5
|
)
|
(11.0
|
)
|
(15.7
|
)
|
||||||||||||||||||
Research and development
|
(2.6
|
)
|
(3.4
|
)
|
(4.1
|
)
|
(4.1
|
)
|
(3.6
|
)
|
(4.5
|
)
|
(6.8
|
)
|
(8.4
|
)
|
(10.7
|
)
|
||||||||||||||||||
Other income (losses)
|
0.6
|
(0.1
|
)
|
0.1
|
(0.0
|
)
|
(0.3
|
)
|
(0.3
|
)
|
0.1
|
(0.4
|
)
|
(0.9
|
)
|
|||||||||||||||||||||
Income (loss) from operation
|
(0.6
|
)
|
(1.8
|
)
|
0.2
|
(3.1
|
)
|
6.1
|
5.5
|
(2.1
|
)
|
(12.0
|
)
|
(16.4
|
)
|
|||||||||||||||||||||
Financial result
|
(0.5
|
)
|
0.0
|
(1.1
|
)
|
(2.8
|
)
|
1.6
|
(0.6
|
)
|
(1.3
|
)
|
(1.4
|
)
|
(1.4
|
)
|
||||||||||||||||||||
Equity results
|
0.0
|
0.0
|
0.0
|
(0.0
|
)
|
0.0
|
0.0
|
0.1
|
0.1
|
0.1
|
||||||||||||||||||||||||||
Income (loss) before income tax
|
(1.1
|
)
|
(1.8
|
)
|
(0.9
|
)
|
(5.9
|
)
|
7.7
|
5.0
|
(3.3
|
)
|
(13.3
|
)
|
(17.6
|
)
|
||||||||||||||||||||
Income tax
|
(0.2
|
)
|
0.4
|
(0.6
|
)
|
0.7
|
(2.0
|
)
|
(2.0
|
)
|
(0.9
|
)
|
0.8
|
2.1
|
||||||||||||||||||||||
Net loss of the period
|
(1.3
|
)
|
(1.4
|
)
|
(1.5
|
)
|
(5.2
|
)
|
5.7
|
3.0
|
(4.3
|
)
|
(12.5
|
)
|
(15.5
|
)
|
||||||||||||||||||||
Loss per share
|
||||||||||||||||||||||||||||||||||||
Basic and diluted income (loss) per share (US$)
|
(0.09
|
)
|
(0.09
|
)
|
(0.09
|
)
|
(0.03
|
)
|
0.03
|
0.02
|
(0.02
|
)
|
(0.07
|
)
|
(0.09
|
)
|
For the Three months ended
|
||||||||||||||||||||||||||||||||||||
June 30,
2019
|
September 30,
2019
|
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
||||||||||||||||||||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||||
Subscription cost
|
(24.3
|
)%
|
(30.3
|
)%
|
(27.3
|
)%
|
(30.4
|
)%
|
(23.0
|
)%
|
(25.6
|
)%
|
(33.8
|
)%
|
(33.6
|
)%
|
(30.6
|
)%
|
||||||||||||||||||
Services cost
|
(7.0
|
)%
|
(6.5
|
)%
|
(7.7
|
)%
|
(10.1
|
)%
|
(6.6
|
)%
|
(6.1
|
)%
|
(6.9
|
)%
|
(8.1
|
)%
|
(8.9
|
)%
|
||||||||||||||||||
Total cost
|
(31.4
|
)%
|
(36.8
|
)%
|
(35.0
|
)%
|
(40.5
|
)%
|
(29.6
|
)%
|
(31.7
|
)%
|
(40.7
|
)%
|
(41.8
|
)%
|
(39.6
|
)%
|
||||||||||||||||||
Gross profit
|
68.6
|
%
|
63.2
|
%
|
65.0
|
%
|
59.5
|
%
|
70.4
|
%
|
68.3
|
%
|
59.3
|
%
|
58.2
|
%
|
60.4
|
%
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(16.2
|
)%
|
(21.7
|
)%
|
(17.6
|
)%
|
(18.6
|
)%
|
(9.5
|
)%
|
(12.1
|
)%
|
(17.6
|
)%
|
(27.9
|
)%
|
(25.3
|
)%
|
||||||||||||||||||
Sales and marketing
|
(42.4
|
)%
|
(29.4
|
)%
|
(26.0
|
)%
|
(34.5
|
)%
|
(21.2
|
)%
|
(19.0
|
)%
|
(25.7
|
)%
|
(42.6
|
)%
|
(50.9
|
)%
|
||||||||||||||||||
Research and development
|
(18.4
|
)%
|
(24.1
|
)%
|
(20.6
|
)%
|
(24.4
|
)%
|
(14.4
|
)%
|
(16.3
|
)%
|
(23.5
|
)%
|
(32.5
|
)%
|
(34.6
|
)%
|
||||||||||||||||||
Other income (loss)
|
4.3
|
%
|
(0.7
|
)%
|
0.3
|
%
|
(0.3
|
)%
|
(1.0
|
)%
|
(1.0
|
)%
|
0.4
|
%
|
(1.7
|
)%
|
(2.8
|
)%
|
||||||||||||||||||
Income (loss) from operation
|
(4.2
|
)%
|
(12.8
|
)%
|
1.0
|
%
|
(18.4
|
)%
|
24.3
|
%
|
19.9
|
%
|
(7.1
|
)%
|
(46.4
|
)%
|
(53.1
|
)%
|
||||||||||||||||||
Financial result
|
(3.7
|
)%
|
0.1
|
%
|
(5.5
|
)%
|
(16.8
|
)%
|
6.2
|
%
|
(2.1
|
)%
|
(4.6
|
)%
|
(5.2
|
)%
|
(4.4
|
)%
|
||||||||||||||||||
Equity results
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
(0.1
|
)%
|
0.0
|
%
|
0.1
|
%
|
0.2
|
%
|
0.4
|
%
|
0.5
|
%
|
||||||||||||||||||
Income (loss) before income tax
|
(7.8
|
)%
|
(12.6
|
)%
|
(4.4
|
)%
|
(35.2
|
)%
|
30.5
|
%
|
17.9
|
%
|
(11.5
|
)%
|
(51.3
|
)%
|
(57.0
|
)%
|
||||||||||||||||||
Income tax
|
(1.6
|
)%
|
2.9
|
%
|
(2.9
|
)%
|
4.0
|
%
|
(8.1
|
)%
|
(7.2
|
)%
|
(3.2
|
)%
|
3.2
|
%
|
6.9
|
%
|
||||||||||||||||||
Net loss of the period
|
(9.4
|
)%
|
(9.7
|
)%
|
(7.3
|
)%
|
(31.2
|
)%
|
22.4
|
%
|
10.8
|
%
|
(14.7
|
)%
|
(48.1
|
)%
|
(50.1
|
)%
|
For the Three months ended
|
||||||||||||||||||||||||||||||||||||
June 30,
2019
|
September 30,
2019 |
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
||||||||||||||||||||||||||||
(in US$ millions)
|
||||||||||||||||||||||||||||||||||||
Income (loss) from operation
|
(0.6
|
)
|
(1.8
|
)
|
0.2
|
(3.1
|
)
|
6.1
|
5.5
|
(2.1
|
)
|
(12.0
|
)
|
(16.4
|
)
|
|||||||||||||||||||||
Share-based compensation expense
|
0.1
|
0.2
|
0.5
|
0.3
|
0.4
|
0.6
|
2
|
3.2
|
5.5
|
|||||||||||||||||||||||||||
Amortization of intangibles related to acquisitions
|
0.2
|
0.2
|
0.2
|
0.4
|
0.2
|
0.2
|
(0.1
|
)
|
0.3
|
0.5
|
||||||||||||||||||||||||||
Non-GAAP income (Loss) from operations
|
(0.3
|
)
|
(1.4
|
)
|
0.9
|
(2.4
|
)
|
6.8
|
6.3
|
(0.1
|
)
|
(8.5
|
)
|
(10.4
|
)
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
(in US$ thousands)
|
||||||||||||||||
Subscription revenue
|
29,652
|
23,937
|
54,310
|
39,379
|
||||||||||||
Services revenue
|
1,217
|
1,338
|
2,483
|
2,538
|
||||||||||||
Total revenue
|
30,869
|
25,275
|
56,793
|
41,917
|
||||||||||||
Subscription cost (1)
|
(9,461
|
)
|
(5,821
|
)
|
(18,176
|
)
|
(10,881
|
)
|
||||||||
Services cost (1)
|
(2,757
|
)
|
(1,659
|
)
|
(4,865
|
)
|
(3,337
|
)
|
||||||||
Total cost
|
(12,218
|
)
|
(7,480
|
)
|
(23,041
|
)
|
(14,218
|
)
|
||||||||
Gross profit
|
18,651
|
17,795
|
33,752
|
27,699
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative (1)
|
(7,806
|
)
|
(2,402
|
)
|
(15,029
|
)
|
(5,505
|
)
|
||||||||
Sales and marketing (1)
|
(15,697
|
)
|
(5,360
|
)
|
(26,732
|
)
|
(11,106
|
)
|
||||||||
Research and development (1)
|
(10,669
|
)
|
(3,638
|
)
|
(19,092
|
)
|
(7,700
|
)
|
||||||||
Other income (losses)
|
(868
|
)
|
(263
|
)
|
(1,317
|
)
|
(310
|
)
|
||||||||
Income (loss) from operation
|
(16,389
|
)
|
6,132
|
(28,418
|
)
|
3,078
|
||||||||||
Financial result
|
(1,354
|
)
|
1,569
|
(2,709
|
)
|
(1,228
|
)
|
|||||||||
Gain/loss on investment
|
139
|
1
|
235
|
(9
|
)
|
|||||||||||
Income (loss) before income tax
|
(17,604
|
)
|
7,702
|
(30,892
|
)
|
1,841
|
||||||||||
Income tax
|
2,135
|
(2,040
|
)
|
2,962
|
(1,377
|
)
|
||||||||||
Net income (loss) of the for the period
|
(15,469
|
)
|
5,662
|
(27,930
|
)
|
464
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2021
|
June 30, 2020
|
June 30, 2021
|
June 30, 2020
|
|||||||||||||
(in US$ thousands)
|
||||||||||||||||
Subscription cost
|
205
|
16
|
313
|
29
|
||||||||||||
Services cost
|
136
|
18
|
169
|
38
|
||||||||||||
Sales and marketing
|
1,586
|
71
|
2,315
|
153
|
||||||||||||
Research and development
|
1,664
|
163
|
2,780
|
280
|
||||||||||||
General and administrative
|
1,907
|
162
|
3,080
|
202
|
||||||||||||
Total
|
5,498
|
430
|
8,657
|
702
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
2021
|
June 30,
2020
|
Variation
|
June 30,
2021
|
June 30,
2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
Subscription revenue
|
29,652
|
23,937
|
23.9
|
%
|
54,310
|
39,379
|
37.9
|
%
|
||||||||||||||||
Services revenue
|
1,217
|
1,338
|
(9.0
|
)%
|
2,483
|
2,538
|
(2.2
|
)%
|
||||||||||||||||
Total revenue
|
30,869
|
25,275
|
22.1
|
%
|
56,793
|
41,917
|
35.5
|
%
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
2021
|
June 30,
2020
|
Variation
|
June 30,
2021
|
June 30,
2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
Subscription cost
|
(9,461
|
)
|
(5,821
|
)
|
62.5
|
%
|
(18,176
|
)
|
(10,881
|
)
|
67.0
|
%
|
||||||||||||
Services cost
|
(2,757
|
)
|
(1,659
|
)
|
66.2
|
%
|
(4,865
|
)
|
(3,337
|
)
|
45.8
|
%
|
||||||||||||
Total cost
|
(12,218
|
)
|
(7,480
|
)
|
63.3
|
%
|
(23,041
|
)
|
(14,218
|
)
|
62.1
|
%
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
2021
|
June 30,
2020
|
Variation
|
June 30,
2021
|
June 30,
2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
General and administrative
|
(7,806
|
)
|
(2,402
|
)
|
225.0
|
%
|
(15,029
|
)
|
(5,505
|
)
|
173.0
|
%
|
||||||||||||
Percentage of total revenue
|
25.29
|
%
|
9.50
|
%
|
-
|
26.46
|
%
|
13.13
|
%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
2021
|
June 30,
2020
|
Variation
|
June 30,
2021
|
June 30,
2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
Sales and marketing
|
(15,697
|
)
|
(5,360
|
)
|
192.9
|
%
|
(26,732
|
)
|
(11,106
|
)
|
140.7
|
%
|
||||||||||||
Percentage of total revenue
|
50.85
|
%
|
21.21
|
%
|
-
|
47.07
|
%
|
26.50
|
%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30,
2021
|
June 30,
2020 |
Variation
|
June 30,
2021
|
June 30,
2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
Research and development
|
(10,669
|
)
|
(3,638
|
)
|
193.3
|
%
|
(19,092
|
)
|
(7,700
|
)
|
147.9
|
%
|
||||||||||||
Percentage of total revenue
|
34.56
|
%
|
14.39
|
%
|
-
|
33.62
|
%
|
18.37
|
%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
June 30, 2021
|
June 30, 2020
|
Variation
|
June 30, 2021
|
June 30, 2020
|
Variation
|
|||||||||||||||||||
(in US$ thousands, except percentages)
|
||||||||||||||||||||||||
Finance income
|
2,136
|
2,714
|
(21.3
|
)%
|
2,548
|
1,620
|
57.3
|
%
|
||||||||||||||||
Finance expense
|
(3,490
|
)
|
(1,145
|
)
|
204.8
|
%
|
(5,257
|
)
|
(2,848
|
)
|
84.6
|
%
|
||||||||||||
Financial result
|
(1,354
|
)
|
1,569
|
(186.3
|
)%
|
(2,709
|
)
|
(1,228
|
)
|
120.6
|
%
|
Six months ended
|
||||||||
June 30, 2021
|
June 30, 2020
|
|||||||
(in US$ thousands, except percentages)
|
||||||||
Net cash provided (used) by operating activities
|
(21,616
|
)
|
(3,756
|
)
|
||||
Net cash provided (used) by investing activities
|
(1,814
|
)
|
(2,576
|
)
|
||||
Net cash provided (used) by financing activities
|
(10,950
|
)
|
(951
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
(34,380
|
)
|
(7,283
|
)
|
●
|
working capital adjustments which consisted mainly of: (1) an increase of accounts payable and accrual expenses in the amount of US$9.4 million for the six months ended June 30, 2021, compared to an increase
of US$1.6 million for the six months ended June 30, 2020; (2) a increase in trade receivables of US$6.6 million for the six months ended June 30, 2021, compared to an increase of US$8.8 million for the six months
ended June 30, 2020; and (3) a decrease in other liabilities of US$0.5 million for the six months ended June 30, 2021, compared to a decrease of US$1.9 million for the six months ended June 30, 2020, which was
partially offset by an increase in taxes payable of US$0.2 million for the six months ended June 30, 2021, compared to an increase of US$2.9 million for the six months ended June 30, 2020; and
|
●
|
an increase in share-based compensation to US$4.0 million for the six months ended June 30, 2021, from US$0.7 million for the six months ended June 30, 2020; and (2) a decrease in other costs and foreign
exchange, net to an income of US$ 0.0 million for the six months ended June 30, 2021 from an expense of US$ 2.1 million for the six months ended June 30, 2020, which was partially offset by a decrease in deferred
income tax to US$ 3.5 million for the six months ended June 30, 2021, from US$0.4 million for the six months ended June 30, 2020.
|
Transaction
|
Interest rate risk
|
Book value
|
||||
(in millions of US$)
|
||||||
Loans and financing
|
SELIC, CDI and TJLP
|
(5.0
|
)
|
|||
Accounts payable on acquisition of subsidiaries
|
CDI
|
(2.6
|
)
|
|
VTEX
|
|
|
|
|
|
|
|
By:
|
/s/ André Spolidoro Ferreira Gomes
|
|
|
Name: André Spolidoro Ferreira Gomes
|
|
|
Title: Chief Executive Officer |