PART I - FINANCIAL INFORMATION
|
3 |
||
|
|
|
|
|
Item 1 - Financial Statements
|
3 |
|
|
|
|
|
|
|
Consolidated Balance Sheets
|
4 |
|
|
|
|
|
|
Consolidated Balance Sheets
|
5 |
|
|
|
|
|
|
Consolidated Statements of Profit or Loss
|
6 |
|
|
|
|
|
|
Consolidated Statements of Changes in Shareholder’s Equity
|
7
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
8 |
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
9 |
|
|
|
|
|
Item 2 – Management’s discussion and analysis of financial condition
and results of operations
|
33 |
|
|
|
|
|
PART II - OTHER INFORMATION
|
47 |
||
|
|
|
|
|
Item 1 - Signatures
|
47 |
Note
|
September 30,
2021
|
December 31,
2020
|
|||||||||
ASSETS
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
3
|
321,629
|
58,557
|
||||||||
Restricted cash
|
1,190
|
1,429
|
|||||||||
Marketable securities
|
4
|
-
|
16,969
|
||||||||
Trade receivables
|
5
|
34,573
|
24,491
|
||||||||
Recoverable taxes
|
5,577
|
4,071
|
|||||||||
Deferred commissions
|
150
|
438
|
|||||||||
Prepaid expenses - Current
|
5,981
|
2,379
|
|||||||||
Derivative financial instruments - Curt assets
|
25
|
174
|
|||||||||
Other current assets
|
331
|
223
|
|||||||||
Total current assets
|
369,456
|
108,731
|
|||||||||
Non-current assets
|
|||||||||||
Deferred tax assets
|
6.1
|
9,479
|
2,174
|
||||||||
Prepaid expenses
|
147
|
3,134
|
|||||||||
Recoverable taxes
|
538
|
674
|
|||||||||
Deferred Commission
|
1,130
|
389
|
|||||||||
Other
|
251
|
53
|
|||||||||
Right-of-use assets
|
15
|
5,031
|
5,076
|
||||||||
Property and equipment, net
|
8
|
4,906
|
4,551
|
||||||||
Intangible assets, net
|
9
|
34,685
|
15,093
|
||||||||
Investment in joint venture
|
442
|
136
|
|||||||||
Total non-current assets
|
56,609
|
31,280
|
|||||||||
Total assets
|
426,065
|
140,011
|
LIABILITIES
|
Note
|
September 30,
2021
|
December 31,
2020
|
||||||||
Current liabilities
|
|||||||||||
Accounts payable and accrued expenses
|
10
|
37,407
|
20,709
|
||||||||
Loans and financing
|
12
|
1,992
|
1,585
|
||||||||
Taxes payables
|
11
|
3,592
|
6,790
|
||||||||
Lease liabilities
|
15
|
1,023
|
850
|
||||||||
Deferred revenue
|
20,298
|
14,170
|
|||||||||
Accounts payable from acquisition of subsidiaries
|
7,270
|
2,794
|
|||||||||
Other
|
-
|
159
|
|||||||||
Total current liabilities
|
71,582
|
47,057
|
|||||||||
Non-current liabilities
|
|||||||||||
Loans and financing
|
12
|
1,914
|
4,774
|
||||||||
Lease liabilities
|
15
|
4,802
|
5,303
|
||||||||
Accounts payable from acquisition of subsidiaries
|
254
|
1,206
|
|||||||||
Deferred revenue
|
9,885
|
5,005
|
|||||||||
Deferred tax liabilities
|
6.2
|
2,141
|
731
|
||||||||
Other
|
392
|
187
|
|||||||||
Total non-current liabilities
|
19,388
|
17,206
|
|||||||||
EQUITY
|
|||||||||||
Issued capital
|
19
|
17
|
|||||||||
Capital reserve
|
387,977
|
78,945
|
|||||||||
Other comprehensive income
|
429
|
104
|
|||||||||
Accumulated losses
|
(53,330
|
)
|
(3,444
|
)
|
|||||||
Equity attributable to VTEX’s shareholders
|
335,095
|
75,622
|
|||||||||
Non-controlling interests
|
-
|
126
|
|||||||||
Total shareholders’ equity
|
335,095
|
75,748
|
|||||||||
Total liabilities and equity
|
426,065
|
140,011
|
Three months ended
|
Nine months ended
|
||||||||||||||||||
Note
|
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||||
Subscription revenue
|
29,627
|
26,315
|
83,937
|
65,694
|
|||||||||||||||
Services revenue
|
2,237
|
1,337
|
4,720
|
3,875
|
|||||||||||||||
Total revenue
|
14
|
31,864
|
27,652
|
88,657
|
69,569
|
||||||||||||||
Subscription cost
|
(9,735
|
)
|
(7,079
|
)
|
(27,911
|
)
|
(17,960
|
)
|
|||||||||||
Services cost
|
(3,056
|
)
|
(1,696
|
)
|
(7,921
|
)
|
(5,033
|
)
|
|||||||||||
Total cost
|
(12,791
|
)
|
(8,775
|
)
|
(35,832
|
)
|
(22,993
|
)
|
|||||||||||
Gross profit
|
19,073
|
18,877
|
52,825
|
46,576
|
|||||||||||||||
Operating expenses
|
|||||||||||||||||||
General and administrative
|
(9,947
|
)
|
(3,336
|
)
|
(24,976
|
)
|
(8,841
|
)
|
|||||||||||
Sales and marketing
|
(19,330
|
)
|
(5,250
|
)
|
(46,062
|
)
|
(16,356
|
)
|
|||||||||||
Research and development
|
(14,179
|
)
|
(4,512
|
)
|
(33,271
|
)
|
(12,212
|
)
|
|||||||||||
Other income (losses)
|
14
|
(275
|
)
|
(1,303
|
)
|
(585
|
)
|
||||||||||||
Income (loss) from operation
|
(24,369
|
)
|
5,504
|
(52,787
|
)
|
8,582
|
|||||||||||||
Financial income
|
2,575
|
1,298
|
5,119
|
2,918
|
|||||||||||||||
Financial expense
|
(3,141
|
)
|
(1,879
|
)
|
(8,394
|
)
|
(4,727
|
)
|
|||||||||||
Financial
result, net
|
(566
|
)
|
(581
|
)
|
(3,275
|
)
|
(1,809
|
)
|
|||||||||||
Equity results
|
162
|
36
|
397
|
27
|
|||||||||||||||
Income (loss) before income tax
|
(24,773
|
)
|
4,959
|
(55,665
|
)
|
6,800
|
|||||||||||||
Income tax
|
|||||||||||||||||||
Current
|
6.3
|
(1,107
|
)
|
(2,052
|
)
|
(1,611
|
)
|
(3,808
|
)
|
||||||||||
Deferred
|
6.3
|
3,921
|
71
|
7,387
|
450
|
||||||||||||||
Net income (loss) for the period
|
(21,959
|
)
|
2,978
|
(49,889
|
)
|
3,442
|
|||||||||||||
Attributable to controlling shareholders
|
(21,959
|
)
|
2,939
|
(49,886
|
)
|
3,356
|
|||||||||||||
Non-controlling interest
|
-
|
39
|
(3
|
)
|
86
|
||||||||||||||
Earnings (loss) per share
|
16
|
||||||||||||||||||
Basic earnings (loss) per
share
|
(0.119
|
)
|
0.017
|
(0.280
|
)
|
0.020
|
|||||||||||||
Diluted earnings (loss) per
share
|
(0.119
|
)
|
0.016
|
(0.280
|
)
|
0.019
|
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
|
-
|
-
|
-
|
3,356
|
3,356
|
86
|
3,442
|
|||||||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
(987
|
)
|
-
|
(987
|
)
|
-
|
(987
|
)
|
||||||||||||||||||
Exercise of stock options
|
-
|
154
|
-
|
-
|
154
|
-
|
154
|
|||||||||||||||||||||
Capital contribution
|
-
|
126,976
|
-
|
-
|
126,976
|
-
|
126,976
|
|||||||||||||||||||||
Buyback of shares
|
(101,398
|
)
|
-
|
-
|
(101,398
|
)
|
-
|
(101,398
|
)
|
|||||||||||||||||||
Share-based compensation
|
-
|
1,317
|
-
|
-
|
1,317
|
-
|
1,317
|
|||||||||||||||||||||
At September 30, 2020
|
17
|
77,182
|
(1,559
|
)
|
826
|
76,466
|
123
|
76,589
|
||||||||||||||||||||
At December 31, 2020
|
17
|
78,945
|
104
|
(3,444
|
)
|
75,622
|
126
|
75,748
|
||||||||||||||||||||
Net loss of the period
|
-
|
-
|
-
|
(49,886
|
)
|
(49,886
|
)
|
(3
|
)
|
(49,889
|
)
|
|||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
325
|
-
|
325
|
-
|
325
|
|||||||||||||||||||||
Exercise of stock options
|
-
|
3,220
|
-
|
-
|
3,220
|
-
|
3,220
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
1,469
|
-
|
-
|
1,469
|
-
|
1,469
|
|||||||||||||||||||||
Capital contribution
|
-
|
1,000
|
-
|
-
|
1,000
|
-
|
1,000
|
|||||||||||||||||||||
Issuance of common shares in initial public offering
|
2
|
317,807
|
-
|
-
|
317,809
|
-
|
317,809
|
|||||||||||||||||||||
Share issuance costs
|
-
|
(21,491
|
)
|
-
|
-
|
(21,491
|
)
|
-
|
(21491
|
)
|
||||||||||||||||||
Buyback of shares
|
-
|
(407
|
)
|
-
|
-
|
(407
|
)
|
-
|
(407
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
7,338
|
-
|
-
|
7,338
|
-
|
7,338
|
|||||||||||||||||||||
Acquisition of non-controlling interests
|
-
|
96
|
-
|
-
|
96
|
(123
|
)
|
(27
|
)
|
|||||||||||||||||||
At September 30, 2021
|
19
|
387,977
|
429
|
(53,330
|
)
|
335,095
|
-
|
335,095
|
Nine months ended
|
|||||||||||
Note
|
September 30,
2021
|
September 30,
2020
|
|||||||||
Net income (loss) of the period
|
(49,889
|
)
|
3,442
|
||||||||
Adjustments on income (loss) for the period
|
|||||||||||
Depreciation and amortization
|
2,840
|
1,803
|
|||||||||
Deferred income tax
|
(7,385
|
)
|
(450
|
)
|
|||||||
Loss on disposal of property, equipment, and intangible assets
|
50
|
95
|
|||||||||
Allowance for doubtful accounts
|
412
|
662
|
|||||||||
Share-based compensation
|
|
6,845
|
1,317
|
||||||||
Provision for payroll taxes (share-based compensation)
|
9,991
|
-
|
|||||||||
Adjustment of hyperinflation
|
1,481
|
335
|
|||||||||
Profit on investments in joint venture
|
(397
|
)
|
(27
|
)
|
|||||||
Fair value gain
|
(366
|
)
|
(925
|
)
|
|||||||
Other gains (losses), net
|
(433
|
)
|
(2,618
|
)
|
|||||||
Working capital adjustments
|
|||||||||||
Trade receivables
|
(9,876
|
)
|
(7,100
|
)
|
|||||||
Recoverable taxes
|
(1,370
|
)
|
(886
|
)
|
|||||||
Prepaid expenses
|
(615
|
)
|
(2,799
|
)
|
|||||||
Other assets
|
(161
|
)
|
(60
|
)
|
|||||||
Accounts payable and accrued expenses
|
10,209
|
7,127
|
|||||||||
Taxes payable
|
1,190
|
4,987
|
|||||||||
Deferred revenue
|
9,697
|
6,393
|
|||||||||
Other liabilities
|
458
|
(1,470
|
)
|
||||||||
Cash provided (used) in operating activities
|
(27,319
|
)
|
9,826
|
||||||||
Income tax paid
|
(4,511
|
)
|
(1,572
|
)
|
|||||||
Net cash provided (used) in operating activities
|
(31,830
|
)
|
8,254
|
||||||||
Cash flows from investing activities
|
|||||||||||
Redemption of marketable securities
|
4
|
16,857
|
-
|
||||||||
Interest received
|
981
|
1,013
|
|||||||||
Payment of business, net of cash acquired
|
(5,182
|
)
|
(3,176
|
)
|
|||||||
Acquisitions of intangible
|
(364
|
)
|
-
|
||||||||
Acquisitions of property and equipment
|
(1,235
|
)
|
(1,175
|
)
|
|||||||
Net cash used in investing activities
|
11,057
|
(3,338
|
)
|
||||||||
Cash flows from financing activities
|
|||||||||||
Changes in restricted cash
|
239
|
780
|
|||||||||
Proceeds from the exercise of stock options
|
3,220
|
154
|
|||||||||
Net-settlement of share-based payment
|
(1,781
|
)
|
-
|
||||||||
Capital increase
|
1,000
|
126,976
|
|||||||||
Capital increase - proceeds from initial public offering, net of transaction costs
|
296,318
|
-
|
|||||||||
Buyback of shares
|
(2,423
|
)
|
(103,414
|
)
|
|||||||
Payment of loans and financing
|
12
|
(10,349
|
)
|
(1,932
|
)
|
||||||
Interest paid
|
(84
|
)
|
(150
|
)
|
|||||||
Principal elements of lease payments
|
15.1
|
(671
|
)
|
(199
|
)
|
||||||
Lease interest paid
|
(513
|
)
|
(575
|
)
|
|||||||
Net cash used in financing activities
|
284,956
|
21,640
|
|||||||||
Net increase
in cash and cash equivalents
|
264,183
|
26,556
|
|||||||||
Cash and cash equivalents, beginning of the period
|
58,557
|
29,762
|
|||||||||
Effect of exchange rate changes
|
(1,111
|
)
|
3,056
|
||||||||
Cash and cash equivalents, end of the period
|
3
|
321,629
|
59,374
|
||||||||
Supplemental cash flow information: |
|||||||||||
Lease liabilities arising
from obtaining right-of-use assets
|
155
|
34
|
|||||||||
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
|
8,471
|
-
|
Interest held by the Group (%)
|
||||||
Company
|
Place of
business/
country of
incorporation
|
Relationship
|
Principal
business
activity
|
September 30,
2021
|
December 31,
2020
|
September 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
|
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
|
99.97
|
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”) )(iv)
|
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
|
100.00
|
Suiteshare Tecnologia da Informação (v)
|
Brazil
|
Subsidiary
|
Technology Services
|
100.00
|
-
|
-
|
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)
|
Peru
|
Subsidiary
|
Technology Services
|
100.00
|
-
|
-
|
Vtex Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)
|
Italia
|
Branch
|
Technology Services
|
100.00
|
-
|
-
|
Vtex Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)
|
Romania
|
Branch
|
Technology Services
|
100.00
|
-
|
-
|
Vtex Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)
|
Portugal
|
Branch
|
Technology Services
|
100.00
|
-
|
-
|
September 30,
2021
|
December 31,
2020
|
|||||||
Cash and cash bank deposits
|
218,481
|
51,955
|
||||||
Short term investment (i)
|
103,148
|
6,602
|
||||||
Cash and cash equivalents
|
321,629
|
58,557
|
September 30,
2021
|
December 31,
2020
|
|||||||
Marketable securities
|
-
|
16,969
|
||||||
Total marketable securities
|
-
|
16,969
|
Opening balance on January 1, 2021
|
16,969
|
|||
Additions
|
-
|
|||
Redemption (i)
|
(16,857
|
)
|
||
Interest received
|
(324
|
)
|
||
Fair value adjustments
|
212
|
|||
Closing balances on September 30, 2021
|
-
|
September 30,
2021
|
December 31,
2020
|
|||||||
Trade receivables
|
35,457
|
25,140
|
||||||
Loss allowances
|
(884
|
)
|
(649
|
)
|
||||
Total trade receivables
|
34,573
|
24,491
|
Opening balance on January 1, 2021
|
(649
|
)
|
||
Addition, net
|
(412
|
)
|
||
Addition from acquisition of subsidiaries
|
(101
|
)
|
||
Write-off
|
232
|
|||
Exchange-rate change
|
46
|
|||
Closing balance on September 30, 2021
|
(884
|
)
|
September 30,
2021
|
December 31,
2020
|
|||||||
Current
|
31,941
|
22,019
|
||||||
Overdue between:
|
||||||||
From 1 to 30 days
|
1,498
|
1,578
|
||||||
From 31 to 60 days
|
738
|
537
|
||||||
From 61 to 90 days
|
471
|
293
|
||||||
From 91 to 120 days
|
231
|
245
|
||||||
From 121 to 300 days
|
578
|
468
|
||||||
Total
|
35,457
|
25,140
|
|
September 30,
2021
|
December 31,
2020 |
||||||
Loss allowances for financial assets
|
77
|
124
|
||||||
Bonus provision
|
1,000
|
655
|
||||||
Lease
|
140
|
108
|
||||||
Share-based compensation (i)
|
4,490
|
185
|
||||||
Hyperinflationary adjustments
|
84
|
99
|
||||||
Tax loss (ii)
|
2,671
|
427
|
||||||
Others
|
1,017
|
576
|
||||||
Total deferred tax assets
|
9,479
|
2,174
|
(i)
|
The increase in the amounts accounted as deferred tax assets for share-based compensation is justified mainly by the impact of the labor charges marked to FMV and new programs granted in Brazil for RSUs. These amounts are treated as
temporary differences until the program is vested.
|
(ii)
|
Tax losses increase is driven mainly by the current investment position of the Brazilian operations. These amounts are expected to be offset in the foreseeable future.
|
September 30,
2021
|
December 31,
2020
|
|||||||
Acquisition of subsidiaries
|
1,757
|
544
|
||||||
Temporary differences
|
297
|
187
|
||||||
Others
|
87
|
-
|
||||||
Total deferred tax liabilities
|
2,141
|
731
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Current tax
|
||||||||||||||||
Current tax on profits for the period
|
(1,107
|
)
|
(2,052
|
)
|
(1,611
|
)
|
(3,808
|
)
|
||||||||
Deferred income tax
|
||||||||||||||||
Decrease/(increase) in deferred tax
|
3,921
|
71
|
7,387
|
450
|
||||||||||||
Income tax
|
2,814
|
(1,981
|
)
|
5,776
|
(3,358
|
)
|
September 30,
2021
|
December 31,
2020 |
|||||||
Civil
|
17
|
21
|
||||||
Labor
|
16
|
49
|
||||||
Tax
|
49
|
-
|
||||||
Total
|
82
|
70
|
September 30,
2021
|
December 31,
2020
|
|||||||
Civil
|
111
|
45
|
||||||
Labor
|
124
|
157
|
||||||
Tax
|
10
|
33
|
||||||
Total
|
245
|
235
|
September 30,
2021
|
December 31,
2020
|
|||||||
Leasehold improvements
|
2,841
|
2,967
|
||||||
Machinery and equipment
|
269
|
277
|
||||||
Furniture and fixture
|
978
|
786
|
||||||
Computer and peripherals
|
3,775
|
2,767
|
||||||
Communication equipment
|
7
|
7
|
||||||
Accumulated depreciation
|
(2,964
|
)
|
(2,253
|
)
|
||||
Property and equipment, net
|
4,906
|
4,551
|
September 30,
2021
|
December 31,
2020
|
|||||||
Software (i)
|
4,177
|
2,837
|
||||||
Trademark
|
212
|
-
|
||||||
Intellectual property
|
2,577
|
2,690
|
||||||
Customer contracts
|
9,361
|
2,629
|
||||||
Goodwill (ii)
|
22,631
|
10,562
|
||||||
Others
|
504
|
-
|
||||||
Accumulated amortization
|
(4,777
|
)
|
(3,625
|
)
|
||||
Intangible assets, net
|
34,685
|
15,093
|
September 30,
2021
|
December 31,
2020
|
|||||||
Trade payable
|
12,401
|
9,973
|
||||||
Accounts payables to related parties
|
27
|
2,016
|
||||||
Social charges (i)
|
11,441
|
1,698
|
||||||
Profit sharing
|
8,782
|
4,415
|
||||||
Provision for vacation and benefits
|
2,991
|
2,186
|
||||||
Other
|
1,765
|
421
|
||||||
Total
|
37,407
|
20,709
|
(i)
|
The increase refers mainly to social charges related to restricted stock units (RSUs) which have increased by US$9,295 in September, 2021. Refer to note 17.1 for additional details.
|
September 30,
2021
|
December 31,
2020
|
|||||||
Income tax payable
|
832
|
3,732
|
||||||
Other taxes payable
|
2,760
|
3,058
|
||||||
Total
|
3,592
|
6,790
|
|
Interest rate |
Country
|
Maturity
|
September
30, 2021
|
December
31, 2020
|
||||||||
Bank loan(i)
|
8.5% p.a.
(Brazilian Reais)
|
Brazil
|
September/2022
|
1,093
|
1,719
|
||||||||
Bank loan (ii)
|
100% CDI+ 2.65 p.a.
(Brazilian Reais)
|
Brazil
|
May/2023
|
2,813
|
4,098
|
||||||||
Bank loan
|
100% Selic + 2% p.a.
(Brazilian Reais)
|
Brazil
|
January/2021
|
-
|
542
|
||||||||
Total
|
3,906
|
6,359
|
|||||||||||
Current
|
1,992
|
1,585
|
|||||||||||
Non-current
|
1,914
|
4,774
|
(i)
|
In March 2017, the Group raised R$15,577 corresponding to US$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 US$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
|
164
|
|||
Payment of loans
|
(10,349
|
)
|
||
Interest charged
|
73
|
|||
Interest paid
|
(84
|
)
|
||
Basis adjustment on the fair value hedge
|
7
|
|||
Exchange rate effect
|
(302
|
)
|
||
Closing balance on September 30, 2021
|
3,906
|
September 30,
2021
|
December 31,
2020
|
|||||||
Number of ordinary nominative shares
|
190,668,659
|
170,981,476
|
||||||
Par value
|
0.0001
|
0.0001
|
||||||
Total share capital
|
19
|
17
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Subscriptions
|
32,333
|
28,910
|
91,624
|
71,810
|
||||||||||||
Tax on subscriptions
|
(2,706
|
)
|
(2,595
|
)
|
(7,687
|
)
|
(6,116
|
)
|
||||||||
Revenue from subscriptions
|
29,627
|
26,315
|
83,937
|
65,694
|
||||||||||||
Services provided
|
2,511
|
1,442
|
5,260
|
4,228
|
||||||||||||
Taxes on services
|
(274
|
)
|
(105
|
)
|
(540
|
)
|
(353
|
)
|
||||||||
Revenue from services
|
2,237
|
1,337
|
4,720
|
3,875
|
||||||||||||
Revenue from subscription and services
|
31,864
|
27,652
|
88,657
|
69,569
|
|
September 30,
2021
|
December 31,
2020
|
||||||
Right-of-use asset
|
||||||||
Office buildings
|
5,031
|
5,076
|
||||||
Total
|
5,031
|
5,076
|
||||||
September 30,
2021
|
December 31,
2020
|
|||||||
Lease liabilities
|
||||||||
Current
|
1,023
|
850
|
||||||
Non-current
|
4,802
|
5,303
|
||||||
Total
|
5,825
|
6,153
|
Right-of-use asset
|
||||
Opening balance on January 1, 2021
|
5,076
|
|||
New lease agreements
|
193
|
|||
Lease agreements from acquired subsidiaries
|
722
|
|||
Remeasurement
|
155
|
|||
Hyperinflation adjustment
|
1
|
|||
Amortization
|
(782
|
)
|
||
Write off
|
(112
|
)
|
||
Exchange rate effect
|
(222
|
)
|
||
Closing balance on September 30, 2021
|
5,031
|
|||
Lease liabilities
|
||||
Opening Balance on January 1, 2021
|
6,153
|
|||
New lease agreements
|
193
|
|||
Lease agreements from acquired subsidiaries
|
446
|
|||
Remeasurement
|
155
|
|||
Interest added
|
526
|
|||
Principal elements of lease payment
|
(671
|
)
|
||
Interest payment
|
(513
|
)
|
||
Write off
|
(114
|
)
|
||
Exchange rate effect
|
(350
|
)
|
||
Closing balance on September 30, 2021
|
5,825
|
Three months ended
|
Nine months ended
|
|||||||||||||||
|
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
||||||||||||
|
||||||||||||||||
Depreciation charge of office buildings
|
273
|
220
|
782
|
692
|
||||||||||||
Interest expense (included in finance cost)
|
176
|
180
|
526
|
575
|
||||||||||||
Total
|
449
|
400
|
1,308
|
1,267
|
Three months ended
|
Nine months ended
|
|||||||||||||||
Basic earnings (loss) per share
|
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
||||||||||||
Gain (loss) attributable to the stockholders of the Group
|
(21,959
|
)
|
2,939
|
(49,886
|
)
|
3,356
|
||||||||||
Weighted average number of outstanding common shares (thousands)
|
184,881
|
169,516
|
178,129
|
168,365
|
||||||||||||
Basic gain (loss) per share
|
(0.119
|
)
|
0.017
|
(0.280
|
)
|
0.020
|
Diluted earnings (loss) per share
|
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
||||||||||||
Gain (loss) attributable to the stockholders of the Group
|
(21,959
|
)
|
2,939
|
(49,886
|
)
|
3,356
|
||||||||||
Weighted average number of outstanding common shares (thousands)
|
184,881
|
179,718
|
178,129
|
178,567
|
||||||||||||
Diluted earnings (loss) per share
|
(0.119
|
)
|
0.016
|
(0.280
|
)
|
0.019
|
||||||||||
Common stock equivalents excluded from income (loss) per diluted share
because they are anti-dilutive (thousands)
|
12,250
|
-
|
12,250
|
-
|
|
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
|
1,718
|
10.41
|
-
|
5.01
|
||||||||||||
Forfeit during the period
|
(131
|
)
|
7.79
|
-
|
4.11
|
|||||||||||
Exercised during the period (i)
|
(2,345
|
)
|
1.38
|
-
|
0.42
|
|||||||||||
At September 30, 2021
|
8,920
|
4.67
|
5.60
|
1.53
|
||||||||||||
Stock options exercisable as of September 30, 2021
|
1,784
|
1.93
|
4.42
|
0.47
|
●
|
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
|
1,382
|
13.57
|
||||||
Forfeit during the period
|
(285
|
)
|
1.27
|
|||||
Settled (i)
|
(346
|
)
|
0.65
|
|||||
At September 30, 2021
|
3,334
|
6.51
|
●
|
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 value
|
||||||||||||
At December 31, 2020
|
-
|
-
|
-
|
-
|
||||||||||||
Granted during the period
|
23.57
|
12.65
|
-
|
5.59
|
||||||||||||
Forfeit during the period
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised during the period
|
-
|
-
|
-
|
-
|
||||||||||||
At September 30, 2021
|
23.57
|
12.65
|
6.61
|
5.59
|
|
Number of RSUs (thousands)
|
Weighted average grant date fair value
|
||||||
At December 31, 2020
|
-
|
-
|
||||||
RSU granted
|
94.9
|
11.47
|
||||||
Forfeit during the period
|
-
|
-
|
||||||
Settled (i)
|
(2.81
|
)
|
11.47
|
|||||
At September 30, 2021
|
92.09
|
11.47
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Subscription cost
|
313
|
12
|
626
|
41
|
||||||||||||
Services cost
|
128
|
13
|
297
|
51
|
||||||||||||
Sales and marketing
|
2,604
|
62
|
4,919
|
215
|
||||||||||||
Research and development
|
3,292
|
71
|
6,072
|
350
|
||||||||||||
General and administrative
|
2,999
|
459
|
6,079
|
660
|
||||||||||||
Total
|
9,336
|
617
|
17,993
|
1,317
|
September 30,
2021
|
December 31,
2020
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
321,629
|
58,557
|
||||||
Restricted cash
|
1,190
|
1,429
|
||||||
Trade receivables
|
34,573
|
24,491
|
||||||
Total
|
357,392
|
84,477
|
||||||
Financial liabilities
|
||||||||
Trade payables
|
12,427
|
9,973
|
||||||
Lease liabilities
|
5,825
|
6,153
|
||||||
Loans and financing
|
3,906
|
6,359
|
||||||
Accounts payable from acquisition of subsidiaries
|
2,051
|
3,458
|
||||||
Total
|
24,209
|
25,943
|
Carrying amount
|
||||||||
September 30,
2021
|
December 31,
2020
|
|||||||
Financial assets:
|
||||||||
Current
|
||||||||
Marketable securities
|
-
|
16,969
|
||||||
Derivative financial instruments (i)
|
25
|
174
|
||||||
Total
|
25
|
17,143
|
Carrying amount
|
||||||||
September 30,
2021 |
December 31,
2020
|
|||||||
Financial liabilities:
|
||||||||
Current
|
||||||||
Accounts payable from acquisition of subsidiaries (”earn-out”)
|
5,219
|
542
|
||||||
Non-current
|
||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
254
|
-
|
||||||
Total
|
5,473
|
542
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Net gain/(loss) on derivative financial instruments
|
155
|
(186
|
)
|
(120
|
)
|
(385
|
)
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Net gain (loss) on marketable securities
|
90
|
416
|
212
|
691
|
Less than 1 year
|
Between 1 and 2 years
|
More than 2 years
|
|||
September 30, 2021
|
|
|
|||
Accounts payable
|
37,407
|
-
|
-
|
||
Loans and financing
|
1,992
|
2,012
|
-
|
||
Lease liabilities
|
1,023
|
1,200
|
3,847
|
||
Accounts payable from acquisition of subsidiaries
|
7,270
|
267
|
-
|
||
Other liabilities
|
-
|
326
|
-
|
September 30,
2021
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Marketable securities
|
-
|
25
|
-
|
|||||||||
Liabilities
|
||||||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
-
|
- |
5,473
|
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
|
3,906
|
4,004
|
||||||
Total
|
3,906
|
4,004
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||||||||||
GMV
|
2,284.8
|
2,131.7
|
6,760.2
|
4,954.9
|
||||||||||||
GMV growth FX neutral (%)
|
4.2
|
%
|
190.2
|
%
|
37.0
|
%
|
137.4
|
%
|
For the three months ended
|
||||||||||||||||||||||||||||||||||||
(in US$ millions)
|
September 30,
2019
|
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
September 30,
2021
|
|||||||||||||||||||||||||||
Subscription revenue
|
13.6
|
19.1
|
15.4
|
23.9
|
26.3
|
27.7
|
24.7
|
29.7
|
29.6
|
|||||||||||||||||||||||||||
Services revenue
|
0.5
|
0.9
|
1.2
|
1.3
|
1.3
|
1.4
|
1.3
|
1.2
|
2.2
|
|||||||||||||||||||||||||||
Total revenue
|
14.1
|
20.0
|
16.6
|
25.3
|
27.7
|
29.1
|
25.9
|
30.9
|
31.9
|
|||||||||||||||||||||||||||
Subscription cost
|
(4.3
|
)
|
(5.5
|
)
|
(5.1
|
)
|
(5.8
|
)
|
(7.1
|
)
|
(9.8
|
)
|
(8.7
|
)
|
(9.5
|
)
|
(9.7
|
)
|
||||||||||||||||||
Services cost
|
(0.9
|
)
|
(1.5
|
)
|
(1.7
|
)
|
(1.7
|
)
|
(1.7
|
)
|
(2.0
|
)
|
(2.1
|
)
|
(2.8
|
)
|
(3.1
|
)
|
||||||||||||||||||
Total cost
|
(5.2
|
)
|
(7.0
|
)
|
(6.7
|
)
|
(7.5
|
)
|
(8.8
|
)
|
(11.9
|
)
|
(10.8
|
)
|
(12.2
|
)
|
(12.8
|
)
|
||||||||||||||||||
Gross profit
|
8.9
|
13.0
|
9.9
|
17.8
|
18.9
|
17.2
|
15.1
|
18.7
|
19.1
|
|||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(3.1
|
)
|
(3.5
|
)
|
(3.1
|
)
|
(2.4
|
)
|
(3.3
|
)
|
(5.1
|
)
|
(7.2
|
)
|
(7.8
|
)
|
(9.9
|
)
|
||||||||||||||||||
Sales and marketing
|
(4.1
|
)
|
(5.2
|
)
|
(5.7
|
)
|
(5.4
|
)
|
(5.3
|
)
|
(7.5
|
)
|
(11.0
|
)
|
(15.7
|
)
|
(19.3
|
)
|
||||||||||||||||||
Research and development
|
(3.4
|
)
|
(4.1
|
)
|
(4.1
|
)
|
(3.6
|
)
|
(4.5
|
)
|
(6.8
|
)
|
(8.4
|
)
|
(10.7
|
)
|
(14.2
|
)
|
||||||||||||||||||
Other income (losses)
|
(0.1
|
)
|
0.1
|
(0.0
|
)
|
(0.3
|
)
|
(0.3
|
)
|
0.1
|
(0.4
|
)
|
(0.9
|
)
|
0.0
|
|||||||||||||||||||||
Income (loss) from operation
|
(1.8
|
)
|
0.2
|
(3.1
|
)
|
6.1
|
5.5
|
(2.1
|
)
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
|||||||||||||||||||||
Financial result
|
0.0
|
(1.1
|
)
|
(2.8
|
)
|
1.6
|
(0.6
|
)
|
(1.3
|
)
|
(1.4
|
)
|
(1.4
|
)
|
(0.6
|
)
|
||||||||||||||||||||
Equity results
|
0.0
|
0.0
|
(0.0
|
)
|
0.0
|
0.0
|
0.1
|
0.1
|
0.1
|
0.2
|
||||||||||||||||||||||||||
Income (loss) before income tax
|
(1.8
|
)
|
(0.9
|
)
|
(5.9
|
)
|
7.7
|
5.0
|
(3.3
|
)
|
(13.3
|
)
|
(17.6
|
)
|
(24.8
|
)
|
||||||||||||||||||||
Income tax
|
0.4
|
(0.6
|
)
|
0.7
|
(2.0
|
)
|
(2.0
|
)
|
(0.9
|
)
|
0.8
|
2.1
|
2.8
|
|||||||||||||||||||||||
Net loss of the period
|
(1.4
|
)
|
(1.5
|
)
|
(5.2
|
)
|
5.7
|
3.0
|
(4.3
|
)
|
(12.5
|
)
|
(15.5
|
)
|
(22.0
|
)
|
||||||||||||||||||||
Loss per share
|
||||||||||||||||||||||||||||||||||||
Basic and diluted income (loss)
per share (US$)
|
(0.09
|
)
|
(0.09
|
)
|
(0.03
|
)
|
0.03
|
0.02
|
(0.02
|
)
|
(0.07
|
)
|
(0.09
|
)
|
(0.12
|
)
|
For the three months ended
|
||||||||||||||||||||||||||||||||||||
September 30,
2019
|
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
September 30,
2021
|
||||||||||||||||||||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||||
Subscription cost
|
(30.3
|
)%
|
(27.3
|
)%
|
(30.4
|
)%
|
(23.0
|
)%
|
(25.6
|
)%
|
(33.8
|
)%
|
(33.6
|
)%
|
(30.6
|
)%
|
(30.6
|
)%
|
||||||||||||||||||
Services cost
|
(6.5
|
)%
|
(7.7
|
)%
|
(10.1
|
)%
|
(6.6
|
)%
|
(6.1
|
)%
|
(6.9
|
)%
|
(8.1
|
)%
|
(8.9
|
)%
|
(9.6
|
)%
|
||||||||||||||||||
Total cost
|
(36.8
|
)%
|
(35.0
|
)%
|
(40.5
|
)%
|
(29.6
|
)%
|
(31.7
|
)%
|
(40.7
|
)%
|
(41.8
|
)%
|
(39.6
|
)%
|
(40.1
|
)%
|
||||||||||||||||||
Gross profit
|
63.2
|
%
|
65.0
|
%
|
59.5
|
%
|
70.4
|
%
|
68.3
|
%
|
59.3
|
%
|
58.2
|
%
|
60.4
|
%
|
59.9
|
%
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(21.7
|
)%
|
(17.6
|
)%
|
(18.6
|
)%
|
(9.5
|
)%
|
(12.1
|
)%
|
(17.6
|
)%
|
(27.9
|
)%
|
(25.3
|
)%
|
(31.2
|
)%
|
||||||||||||||||||
Sales and marketing
|
(29.4
|
)%
|
(26.0
|
)%
|
(34.5
|
)%
|
(21.2
|
)%
|
(19.0
|
)%
|
(25.7
|
)%
|
(42.6
|
)%
|
(50.9
|
)%
|
(60.7
|
)%
|
||||||||||||||||||
Research and development
|
(24.1
|
)%
|
(20.6
|
)%
|
(24.4
|
)%
|
(14.4
|
)%
|
(16.3
|
)%
|
(23.5
|
)%
|
(32.5
|
)%
|
(34.6
|
)%
|
(44.5
|
)%
|
||||||||||||||||||
Other income (loss)
|
(0.7
|
)%
|
0.3
|
%
|
(0.3
|
)%
|
(1.0
|
)%
|
(1.0
|
)%
|
0.4
|
%
|
(1.7
|
)%
|
(2.8
|
)%
|
0.0
|
%
|
||||||||||||||||||
Income (loss) from operation
|
(12.8
|
)%
|
1.0
|
%
|
(18.4
|
)%
|
24.3
|
%
|
19.9
|
%
|
(7.1
|
)%
|
(46.4
|
)%
|
(53.1
|
)%
|
(76.5
|
)%
|
||||||||||||||||||
Financial result
|
0.1
|
%
|
(5.5
|
)%
|
(16.8
|
)%
|
6.2
|
%
|
(2.1
|
)%
|
(4.6
|
)%
|
(5.2
|
)%
|
(4.4
|
)%
|
(1.8
|
)%
|
||||||||||||||||||
Equity results
|
0.0
|
%
|
0.0
|
%
|
(0.1
|
)%
|
0.0
|
%
|
0.1
|
%
|
0.2
|
%
|
0.4
|
%
|
0.5
|
%
|
0.5
|
%
|
||||||||||||||||||
Income (loss) before income tax
|
(12.6
|
)%
|
(4.4
|
)%
|
(35.2
|
)%
|
30.5
|
%
|
17.9
|
%
|
(11.5
|
)%
|
(51.3
|
)%
|
(57.0
|
)%
|
(77.7
|
)%
|
||||||||||||||||||
Income tax
|
2.9
|
%
|
(2.9
|
)%
|
4.0
|
%
|
(8.1
|
)%
|
(7.2
|
)%
|
(3.2
|
)%
|
3.2
|
%
|
6.9
|
%
|
8.8
|
%
|
||||||||||||||||||
Net loss of the period
|
(9.7
|
)%
|
(7.3
|
)%
|
(31.2
|
)%
|
22.4
|
%
|
10.8
|
%
|
(14.7
|
)%
|
(48.1
|
)%
|
(50.1
|
)%
|
(68.9
|
)%
|
For the three months ended
|
||||||||||||||||||||||||||||||||||||
(in US$ millions)
|
September 30,
2019
|
December 31,
2019
|
March 31,
2020
|
June 30,
2020
|
September 30,
2020
|
December 31,
2020
|
March 31,
2021
|
June 30,
2021
|
September 30,
2021
|
|||||||||||||||||||||||||||
Income (loss) from operation
|
(1.8
|
)
|
0.2
|
(3.1
|
)
|
6.1
|
5.5
|
(2.1
|
)
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
|||||||||||||||||||||
Share-based compensation expense
|
0.2
|
0.5
|
0.3
|
0.4
|
0.6
|
2
|
3.2
|
5.5
|
9.3
|
|||||||||||||||||||||||||||
Amortization of intangibles related to acquisitions
|
0.2
|
0.2
|
0.4
|
0.2
|
0.2
|
(0.1
|
)
|
0.3
|
0.5
|
0.5
|
||||||||||||||||||||||||||
Offering expenses ("IPO") (1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1.3
|
|||||||||||||||||||||||||||
Non-GAAP income (loss)
from operations
|
(1.4
|
)
|
0.9
|
(2.4
|
)
|
6.8
|
6.3
|
(0.1
|
)
|
(8.5
|
)
|
(10.4
|
)
|
(13.3
|
)
|
Three months ended
|
Nine months ended
|
|||||||||||||||
(in US$ thousands)
|
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
||||||||||||
Subscription revenue
|
29,627
|
26,315
|
83,937
|
65,694
|
||||||||||||
Services revenue
|
2,237
|
1,337
|
4,720
|
3,875
|
||||||||||||
Total revenue
|
31,864
|
27,652
|
88,657
|
69,569
|
||||||||||||
Subscription cost (1)
|
(9,735
|
)
|
(7,079
|
)
|
(27,911
|
)
|
(17,960
|
)
|
||||||||
Services cost (1)
|
(3,056
|
)
|
(1,696
|
)
|
(7,921
|
)
|
(5,033
|
)
|
||||||||
Total cost
|
(12,791
|
)
|
(8,775
|
)
|
(35,832
|
)
|
(22,993
|
)
|
||||||||
Gross profit
|
19,073
|
18,877
|
52,825
|
46,576
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative (1)
|
(9,947
|
)
|
(3,336
|
)
|
(24,976
|
)
|
(8,841
|
)
|
||||||||
Sales and marketing (1)
|
(19,330
|
)
|
(5,250
|
)
|
(46,062
|
)
|
(16,356
|
)
|
||||||||
Research and development (1)
|
(14,179
|
)
|
(4,512
|
)
|
(33,271
|
)
|
(12,212
|
)
|
||||||||
Other income (losses)
|
14
|
(275
|
)
|
(1,303
|
)
|
(585
|
)
|
|||||||||
Income (loss) from operation
|
(24,369
|
)
|
5,504
|
(52,787
|
)
|
8,582
|
||||||||||
Financial result
|
(566
|
)
|
(581
|
)
|
(3,275
|
)
|
(1,809
|
)
|
||||||||
Gain/loss on investment
|
162
|
36
|
397
|
27
|
||||||||||||
Income (loss) before income tax
|
(24,773
|
)
|
4,959
|
(55,665
|
)
|
6,800
|
||||||||||
Income tax
|
2,814
|
(1,981
|
)
|
5,776
|
(3,358
|
)
|
||||||||||
Net income (loss) of the for the period
|
(21,959
|
)
|
2,978
|
(49,889
|
)
|
3,442
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
2021
|
September 30,
2020
|
September 30,
2021
|
September 30,
2020
|
|||||||||||||
Subscription cost
|
327
|
12
|
640
|
41
|
||||||||||||
Services cost
|
133
|
13
|
302
|
51
|
||||||||||||
Sales and marketing
|
3,122
|
170
|
5,917
|
594
|
||||||||||||
Research and development
|
3,595
|
107
|
6,683
|
588
|
||||||||||||
General and administrative
|
3,933
|
459
|
7,020
|
660
|
||||||||||||
Total
|
11,110
|
761
|
20,561
|
1,934
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
Subscription revenue
|
29,627
|
26,315
|
12.6
|
%
|
83,937
|
65,694
|
27.8
|
%
|
||||||||||||||||
Services revenue
|
2,237
|
1,337
|
67.3
|
%
|
4,720
|
3,875
|
21.8
|
%
|
||||||||||||||||
Total revenue
|
31,864
|
27,652
|
15.2
|
%
|
88,657
|
69,569
|
27.4
|
%
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
Subscription cost
|
(9,735
|
)
|
(7,079
|
)
|
37.5
|
%
|
(27,911
|
)
|
(17,960
|
)
|
55.4
|
%
|
||||||||||||
Services cost
|
(3,056
|
)
|
(1,696
|
)
|
80.2
|
%
|
(7,921
|
)
|
(5,033
|
)
|
57.4
|
%
|
||||||||||||
Total cost
|
(12,791
|
)
|
(8,775
|
)
|
45.8
|
%
|
(35,832
|
)
|
(22,993
|
)
|
55.8
|
%
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
General and administrative
|
(9,947
|
)
|
(3,336
|
)
|
198.2
|
%
|
(24,976
|
)
|
(8,841
|
)
|
182.5
|
%
|
||||||||||||
Percentage of total revenue
|
31.22
|
%
|
12.06
|
%
|
-
|
28.17
|
%
|
12.71
|
%
|
-
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
Sales and marketing
|
(19,330
|
)
|
(5,250
|
)
|
268.2
|
%
|
(46,062
|
)
|
(16,356
|
)
|
181.6
|
%
|
||||||||||||
Percentage of total revenue
|
60.66
|
%
|
18.99
|
%
|
-
|
51.96
|
%
|
23.51
|
%
|
-
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
Research and development
|
(14,179
|
)
|
(4,512
|
)
|
214.3
|
%
|
(33,271
|
)
|
(12,212
|
)
|
172.4
|
%
|
||||||||||||
Percentage of total revenue
|
45.50
|
%
|
16.32
|
%
|
-
|
37.53
|
%
|
17.55
|
%
|
-
|
Three months ended
|
Nine months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
Variation
|
September 30,
2021
|
September 30,
2020
|
Variation
|
||||||||||||||||||
Financial income
|
2,575
|
1,298
|
98.4
|
%
|
5,119
|
2,918
|
75.4
|
%
|
||||||||||||||||
Financial expense
|
(3,141
|
)
|
(1,879
|
)
|
(67.2
|
)%
|
(8,394
|
)
|
(4,727
|
)
|
77.6
|
%
|
||||||||||||
Financial result
|
(566
|
)
|
(581
|
)
|
(2.6
|
)%
|
(3,275
|
)
|
(1,809
|
)
|
81.0
|
%
|
Nine months ended
|
||||||||
(in US$ thousands, except percentages)
|
September 30,
2021
|
September 30,
2020
|
||||||
Net cash provided (used) by operating activities
|
(31,830
|
)
|
8,254
|
|||||
Net cash provided (used) by investing activities
|
11,057
|
(3,338
|
)
|
|||||
Net cash provided by financing activities
|
284,956
|
21,640
|
||||||
Increase in cash and cash equivalents
|
264,183
|
26,556
|
●
|
working capital adjustments which consisted mainly of: (1) an increase in deferred revenue of US$9.7 million for the nine months ended September 30, 2021, compared to an increase of US$6.4 million for the nine months ended September 30,
2020; (2) an increase of accounts payable and accrual expenses in the amount of US$10.2 million for the nine months ended September 30, 2021, compared to an increase of US$7.1 million for the nine months ended September 30, 2020; and (3) an
increase in prepaid expenses of US$0.6 million for the nine months ended September 30, 2021, compared to an increase of US$2.8 million for the nine months ended September 30, 2020, which was partially offset by (1) an increase in taxes
payable of US$1.2 million for the nine months ended September 30, 2021, compared to an increase of US$5.0 million for the nine months ended September 30, 2020; and (2) an increase in trade receivables of US$9.9 million for the nine months
ended September 30, 2021, compared to an increase of US$7.1 million for the nine months ended September 30, 2020; and
|
●
|
(1) an increase in provision for payroll taxes (share-based compensation) of US$10.0 million for the nine months ended September 30, 2021 compared to nil for the nine months ended September 30, 2020; (2) an increase in share-based
compensation to US$6.8 million for the nine months ended September 30, 2021, from US$1.3 million for the nine months ended September 30, 2020; and (3) a decrease in other costs and foreign exchange, net to an expense of US$0.4 million for
the nine months ended September 30, 2021 from an expense of US$2.6 million for the nine months ended September 30, 2020, which was partially offset by a decrease in deferred income tax to US$7.4 million for the nine months ended September
30, 2021, from US$0.5 million for the nine months ended September 30, 2020.
|
Transaction
|
Interest rate risk
|
Book value
|
||
(in millions of US$)
|
||||
Loans and financing
|
SELIC, CDI and TJLP
|
3,906
|
||
Accounts payable on acquisition of subsidiaries
|
CDI
|
5,825
|
VTEX
|
||
By: |
/s/ André Spolidoro Ferreira Gomes
|
|
Name: |
André Spolidoro Ferreira Gomes | |
Title: |
Chief Financial Officer
|