PART I - FINANCIAL INFORMATION
|
3 |
Item 1 - Financial Statements
|
3 |
Condensed consolidated interim Balance Sheets
|
4 |
Condensed consolidated interim Statements of Profit or Loss
|
6 |
Condensed consolidated interim Statements of Changes in Shareholder’s Equity
|
7 |
Condensed consolidated interim Statements of Cash Flows
|
8 |
Notes to condensed consolidated interim Financial Statements
|
9 |
Item 2 – Management’s discussion and analysis of financial
condition and results of operations
|
27 |
PART II - OTHER INFORMATION
|
41 |
Item 1 - Signatures
|
41 |
Note
|
March 31, 2022
|
December 31, 2021
|
|||||||||
ASSETS
|
|||||||||||
Current assets
|
|||||||||||
Cash and cash equivalents
|
3
|
99,624
|
121,006
|
||||||||
Restricted cash
|
810
|
1,183
|
|||||||||
Marketable securities and short-term investments
|
4
|
176,061
|
177,191
|
||||||||
Trade receivables
|
5
|
35,386
|
34,682
|
||||||||
Recoverable taxes
|
7,696
|
6,881
|
|||||||||
Deferred commissions
|
375
|
263
|
|||||||||
Prepaid expenses
|
9,527
|
7,911
|
|||||||||
Other current assets
|
581
|
399
|
|||||||||
Total current assets
|
330,060
|
349,516
|
|||||||||
Non-current assets
|
|||||||||||
Trade receivables
|
5
|
6,038
|
6,143
|
||||||||
Deferred tax assets
|
6.1
|
17,469
|
12,572
|
||||||||
Prepaid expenses
|
464
|
343
|
|||||||||
Recoverable taxes
|
588
|
556
|
|||||||||
Deferred Commission
|
1,645
|
1,246
|
|||||||||
Other non-current assets
|
448
|
435
|
|||||||||
Right-of-use assets
|
7
|
6,372
|
5,183
|
||||||||
Property and equipment, net
|
8
|
5,191
|
4,711
|
||||||||
Intangible assets, net
|
9
|
34,394
|
33,644
|
||||||||
Investment in joint venture
|
321
|
621
|
|||||||||
Total non-current assets
|
72,930
|
65,454
|
|||||||||
Total assets
|
402,990
|
414,970
|
LIABILITIES
|
Note
|
March 31, 2022
|
December 31, 2021
|
||||||||
Current liabilities
|
|||||||||||
Accounts payable and accrued expenses
|
10
|
27,937
|
29,537
|
||||||||
Loans and financing
|
11
|
2,786
|
2,087
|
||||||||
Taxes payables
|
12
|
4,304
|
5,035
|
||||||||
Lease liabilities
|
7
|
1,485
|
1,105
|
||||||||
Deferred revenue
|
20,447
|
16,598
|
|||||||||
Derivative financial instruments
|
-
|
133
|
|||||||||
Accounts payable from acquisition of subsidiaries
|
3,087
|
4,260
|
|||||||||
Other current liabilities
|
204
|
133
|
|||||||||
Total current liabilities
|
60,250
|
58,888
|
|||||||||
Non-current liabilities
|
|||||||||||
Accounts payable and accrued expenses
|
1,112
|
1,977
|
|||||||||
Loans and financing
|
11
|
497
|
1,192
|
||||||||
Taxes payable
|
12
|
160
|
160
|
||||||||
Lease liabilities
|
7
|
5,859
|
4,886
|
||||||||
Accounts payable from acquisition of subsidiaries
|
-
|
2,163
|
|||||||||
Deferred revenue
|
17,646
|
16,204
|
|||||||||
Deferred tax liabilities
|
6.2
|
2,357
|
2,045
|
||||||||
Other non-current liabilities
|
290
|
266
|
|||||||||
Total non-current liabilities
|
27,921
|
28,893
|
|||||||||
EQUITY
|
14
|
||||||||||
Issued capital
|
19
|
19
|
|||||||||
Capital reserve
|
393,587
|
390,466
|
|||||||||
Other reserves
|
4,248
|
652
|
|||||||||
Accumulated losses
|
(83,045
|
)
|
(63,955
|
)
|
|||||||
Equity attributable to VTEX’s shareholders
|
314,809
|
327,182
|
|||||||||
Non-controlling interests
|
10
|
7
|
|||||||||
Total shareholders’ equity
|
314,819
|
327,189
|
|||||||||
Total liabilities and equity
|
402,990
|
414,970
|
Three months ended
|
|||||||||||
Note
|
March 31, 2022
|
March 31, 2021
|
|||||||||
Subscription revenue
|
32,580
|
24,658
|
|||||||||
Services revenue
|
2,087
|
1,266
|
|||||||||
Total revenue
|
15
|
34,667
|
25,924
|
||||||||
Subscription cost
|
(9,996
|
)
|
(8,715
|
)
|
|||||||
Services cost
|
(2,607
|
)
|
(2,108
|
)
|
|||||||
Total cost
|
(12,603
|
)
|
(10,823
|
)
|
|||||||
Gross profit
|
22,064
|
15,101
|
|||||||||
Operating expenses
|
|||||||||||
General and administrative
|
(6,921
|
)
|
(7,223
|
)
|
|||||||
Sales and marketing
|
(17,900
|
)
|
(11,035
|
)
|
|||||||
Research and development
|
(13,925
|
)
|
(8,423
|
)
|
|||||||
Other income (losses)
|
8
|
(449
|
)
|
||||||||
Loss from operations
|
(16,674
|
)
|
(12,029
|
)
|
|||||||
Financial income
|
4,292
|
531
|
|||||||||
Financial expense
|
(9,013
|
)
|
(1,886
|
)
|
|||||||
Financial result, net
|
(4,721
|
)
|
(1,355
|
)
|
|||||||
Equity results
|
219
|
96
|
|||||||||
Loss before income tax
|
(21,176
|
)
|
(13,288
|
)
|
|||||||
Current
|
6.3
|
(427
|
)
|
(207
|
)
|
||||||
Deferred
|
6.3
|
2,512
|
1,034
|
||||||||
Total income tax
|
2,085
|
827
|
|||||||||
Net loss for the period
|
(19,091
|
)
|
(12,461
|
)
|
|||||||
Attributable to controlling shareholders
|
(19,090
|
)
|
(12,458
|
)
|
|||||||
Non-controlling interest
|
(1
|
)
|
(3
|
)
|
|||||||
Loss per share
|
16
|
||||||||||
Basic loss per share
|
(0.100
|
)
|
(0.072
|
)
|
|||||||
Diluted loss per share
|
(0.100
|
)
|
(0.072
|
)
|
|||||||
Issued
capital
|
Capital
reserve
|
Other
reserves
|
Accumulated
losses
|
Total equity
attributable to
VTEX’s
shareholders
|
Non-controlling
interests
|
Total
shareholders’
equity
|
||||||||||||||||||||||
At January 1, 2021
|
17
|
78,945
|
104
|
(3,444
|
)
|
75,622
|
126
|
75,748
|
||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(12,458
|
)
|
(12,458
|
)
|
(3
|
)
|
(12,461
|
)
|
|||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
(543
|
)
|
-
|
(543
|
)
|
-
|
(543
|
)
|
||||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Exercise of stock options
|
-
|
828
|
-
|
-
|
828
|
-
|
828
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Capital contribution
|
-
|
1,000
|
-
|
-
|
1,000
|
-
|
1,000
|
|||||||||||||||||||||
Buyback of shares
|
-
|
(328
|
)
|
-
|
-
|
(328
|
)
|
-
|
(328
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
1,560
|
-
|
-
|
1,560
|
-
|
1,560
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
96
|
-
|
-
|
96
|
(123
|
)
|
(27
|
)
|
|||||||||||||||||||
-
|
3,159
|
-
|
-
|
3,159
|
(123
|
)
|
3,036
|
|||||||||||||||||||||
At March 31, 2021
|
17
|
82,104
|
(439
|
)
|
(15,902
|
)
|
65,780
|
-
|
65,780
|
|||||||||||||||||||
At January 1, 2022
|
19
|
390,466
|
652
|
(63,955
|
)
|
327,182
|
7
|
327,189
|
||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(19,090
|
)
|
(19,090
|
)
|
(1
|
)
|
(19,091
|
)
|
|||||||||||||||||
Foreign cumulative conversion adjustment
|
-
|
-
|
3,596
|
-
|
3,596
|
-
|
3,596
|
|||||||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Exercise of stock options
|
-
|
19
|
-
|
-
|
19
|
-
|
19
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Share-based compensation
|
-
|
3,099
|
-
|
-
|
3,099
|
-
|
3,099
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
4
|
4
|
|||||||||||||||||||||
-
|
3,121
|
-
|
-
|
3,121
|
4
|
3,125
|
||||||||||||||||||||||
At March 31, 2022
|
19
|
393,587
|
4,248
|
(83,045
|
)
|
314,809
|
10
|
314,819
|
March 31, 2022
|
March 31, 2021
|
|||||||
Loss of the period
|
(19,091
|
)
|
(12,461
|
)
|
||||
Adjustments on loss of the period
|
||||||||
Depreciation and amortization
|
1,094
|
794
|
||||||
Deferred income tax
|
(2,512
|
)
|
(1,034
|
)
|
||||
Loss on disposal of rights of use, property, equipment, and intangible assets
|
(46
|
)
|
28
|
|||||
Allowance for doubtful accounts
|
122
|
429
|
||||||
Share-based compensation
|
3,099
|
1,560
|
||||||
Provision for payroll taxes (share-based compensation)
|
(1,232
|
)
|
-
|
|||||
Adjustment of hyperinflation
|
717
|
402
|
||||||
Profit on investments in joint venture
|
(219
|
)
|
(96
|
)
|
||||
Fair value losses
|
3,840
|
274
|
||||||
Other costs and foreign exchange, net
|
(1,940
|
)
|
1,049
|
|||||
Working capital adjustments
|
||||||||
Trade receivables
|
(759
|
)
|
(1,087
|
)
|
||||
Recoverable taxes
|
(847
|
)
|
46
|
|||||
Prepaid expenses
|
(1,737
|
)
|
278
|
|||||
Other assets
|
(306
|
)
|
148
|
|||||
Accounts payable and accrued expenses
|
(1,143
|
)
|
1,008
|
|||||
Taxes payable
|
(427
|
)
|
(402
|
)
|
||||
Deferred revenue
|
5,291
|
2,758
|
||||||
Other liabilities
|
410
|
(482
|
)
|
|||||
Cash used in operating activities
|
(15,686
|
)
|
(6,788
|
)
|
||||
Income tax paid
|
(304
|
)
|
(658
|
)
|
||||
Net cash used in operating activities
|
(15,990
|
)
|
(7,446
|
)
|
||||
Cash flows from investing activities
|
||||||||
Purchase of short-term investment
|
(6,587
|
)
|
-
|
|||||
Redemption of short-term investment
|
3,631
|
-
|
||||||
Redemption of marketable securities
|
-
|
554
|
||||||
Interest received
|
-
|
285
|
||||||
Payment of subsidiaries net of cash acquired
|
(1,268
|
)
|
(13
|
)
|
||||
Acquisitions of property and equipment
|
(95
|
)
|
(541
|
)
|
||||
Net cash (used in) provided by investing activities
|
(4,319
|
)
|
285
|
|||||
Cash flows from financing activities
|
||||||||
Derivative financial instruments
|
(718
|
)
|
-
|
|||||
Changes in restricted cash
|
373
|
212
|
||||||
Proceeds from the exercise of stock options
|
19
|
828
|
||||||
Net-settlement of share-based payment
|
(598
|
)
|
-
|
|||||
Capital increase
|
-
|
1,000
|
||||||
Buyback of shares
|
-
|
(2,344
|
)
|
|||||
Payment of loans and financing
|
(657
|
)
|
(9,004
|
)
|
||||
Interest paid
|
(20
|
)
|
(40
|
)
|
||||
Principal elements of lease payments
|
(279
|
)
|
(200
|
)
|
||||
Lease interest paid
|
(176
|
)
|
(176
|
)
|
||||
Net cash used in financing activities
|
(2,056
|
)
|
(9,724
|
)
|
||||
Net decrease in cash and cash equivalents
|
(22,365
|
)
|
(16,885
|
)
|
||||
Cash and cash equivalents, beginning of the period
|
121,006
|
58,557
|
||||||
Effect of exchange rate changes
|
983
|
(1,365
|
)
|
|||||
Cash and cash equivalents, end of the period
|
99,624
|
40,307
|
||||||
Supplemental cash flow information:
|
||||||||
Lease liabilities arising from obtaining right-of-use assets
|
931
|
53
|
||||||
Issue of ordinary shares as consideration for a business combination
|
3
|
3
|
||||||
Unpaid amount related to acquisition of non-controlling interest
|
-
|
27
|
||||||
Unpaid amount related to business combinations
|
-
|
6,712
|
||||||
Dividends receivable used to pay accounts from acquisition of subsidiaries
|
448
|
-
|
||||||
Transactions with non-controlling interests
|
4
|
-
|
1. |
General information
|
Interest held by the Group (%)
|
||||||
Company
|
Place of
business/
country of
incorporation
|
Relationship
|
Principal
business
activity
|
March 31,
2022
|
December 31,
2021
|
March 31,
2021
|
VTEX (“VTEX”)
|
Cayman
|
Holding
|
Technology Services
|
|||
VTEX Argentina S.A. (“VTEX ARG”)
|
Argentina
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
VTEX Brasil Tecnologia para
E-commerce LTDA. (“VTEX Brazil”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
VTEX Publicidade e Eventos Ltda. (“VTEX DAY”)
|
Brazil
|
Subsidiary
|
Production of events
|
100
|
100
|
100
|
Dlieve Tecnologia S.A. (“Dlieve”)
|
Brazil
|
Subsidiary
|
Technology Services
|
-
|
-
|
100
|
Ciashop Soluções para Comércio Eletrônico S.A. (“Ciashop”)
|
Brazil
|
Subsidiary
|
Technology Services
|
-
|
-
|
100
|
Loja Integrada Tecnologia Para Softwares S.A. (“Loja Integrada”)
|
Brazil
|
Subsidiary
|
Technology Services
|
99.81
|
99.87
|
100
|
VTEX Chile SPA (“VTEX CHI”)
|
Chile
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)
|
Colombia
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
VTEX Commerce Cloud Solutions LLC (“VTEX USA”)
|
USA
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
WebLinc Corporation (“WorkArea”)
|
USA
|
Subsidiary
|
Technology Services
|
-
|
-
|
100
|
VTEX Ecommerce Platform Limited (“VTEX UK”)
|
UK
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
EICOM Limited (“EICOM”)
|
UK
|
Subsidiary
|
Technology Services
|
-
|
-
|
100
|
VTEX Mexico Soluciones en Ecommerce S. de R.L. de C.V. (“VTEX MEX”)
|
Mexico
|
Subsidiary
|
Technology Services
|
99.99
|
99.99
|
99.95
|
EI Education S.A.P.I de C.V. (“Escuela”)
|
Mexico
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
Suiteshare Tecnologia da Informação S.A. (“Suiteshare”) (ii)
|
Brazil
|
Subsidiary
|
Technology Services
|
-
|
100
|
-
|
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)
|
Peru
|
Subsidiary
|
Technology Services
|
100
|
100
|
-
|
VTEX Platform España, S.L. ("VTEX ESP") (i)
|
Spain
|
Subsidiary
|
Technology Services
|
100
|
-
|
-
|
Vtex Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)
|
Italy
|
Branch
|
Technology Services
|
100
|
100
|
-
|
Vtex Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)
|
Romania
|
Branch
|
Technology Services
|
100
|
100
|
-
|
Vtex Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)
|
Portugal
|
Branch
|
Technology Services
|
100
|
100
|
-
|
(i)
|
VTEX ESP was created in March/2022 to fulfill the Group’s operational needs.
|
(ii)
|
Suiteshare was merged in VTEX Brazil in March/2022.
|
2. |
Basis of Presentation and Consolidation
|
a. |
Basis for preparation of the unaudited condensed consolidated interim financial statements
|
b. |
New standards, interpretations, and amendments adopted by the Group
|
c. |
Critical estimates and accounting judgments
|
3. |
Cash and cash equivalents
|
March 31, 2022
|
December 31, 2021
|
|||||||
Cash and cash bank deposits
|
95,773
|
120,928
|
||||||
Investment funds
|
3,851
|
78
|
||||||
Cash and cash equivalents
|
99,624
|
121,006
|
4. |
Marketable securities and short term investments
|
March 31, 2022
|
December 31, 2021
|
|||||||
Marketable securities
|
-
|
-
|
||||||
Short-term investments
|
176,061
|
177,191
|
||||||
Marketable securities and short-term investments
|
176,061
|
177,191
|
4.1. |
Short-term investments
|
2022
|
||||
Opening balance on January 1
|
177,191
|
|||
Additions
|
6,587
|
|||
Redemption
|
(3,631
|
)
|
||
Gains (losses)
|
(3,795
|
)
|
||
Exchange differences
|
(291
|
)
|
||
Closing balances on March 31
|
176,061
|
5. |
Trade receivables
|
March 31, 2022
|
December 31, 2021
|
|||||||
Trade receivables
|
42,508
|
41,972
|
||||||
Loss allowances
|
(1,084
|
)
|
(1,147
|
)
|
||||
Total trade receivables
|
41,424
|
40,825
|
||||||
Current
|
35,386
|
34,682
|
||||||
Non-current
|
6,038
|
6,143
|
2022
|
||||
Opening balance on January 1
|
(1,147
|
)
|
||
Addition, net
|
(122
|
)
|
||
Write-off
|
223
|
|||
Exchange differences
|
(38
|
)
|
||
Closing balances on March 31
|
(1,084
|
)
|
March 31, 2022
|
December 31, 2021
|
|||||||
Current
|
38,823
|
38,456
|
||||||
Overdue between:
|
||||||||
From 1 to 30 days
|
1,711
|
1,251
|
||||||
From 31 to 60 days
|
554
|
847
|
||||||
From 61 to 90 days
|
181
|
439
|
||||||
From 91 to 120 days
|
291
|
113
|
||||||
From 121 to 300 days
|
948
|
866
|
||||||
Total
|
42,508
|
41,972
|
6. |
Current and deferred tax
|
6.1. |
Deferred tax assets
|
March 31, 2022
|
December 31, 2021
|
|||||||
Loss allowances for financial assets
|
111
|
75
|
||||||
Bonus provision
|
717
|
750
|
||||||
Lease
|
438
|
366
|
||||||
Share-based compensation
|
3,439
|
3,224
|
||||||
Hyperinflationary adjustments
|
70
|
89
|
||||||
Tax loss (i)
|
11,344
|
6,445
|
||||||
Others
|
1,350
|
1,623
|
||||||
Total deferred tax assets
|
17,469
|
12,572
|
(i) |
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.
|
6.2. |
Deferred tax liabilities
|
March 31, 2022
|
December 31, 2021
|
|||||||
Acquisition of subsidiaries
|
1,620
|
1,687
|
||||||
Temporary differences
|
464
|
283
|
||||||
Others
|
273
|
75
|
||||||
Total deferred tax liabilities
|
2,357
|
2,045
|
6.3. |
Income tax expense
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
Current tax
|
||||||||
Current tax on profits for the period
|
(427
|
)
|
(207
|
)
|
||||
Deferred income tax
|
||||||||
Decrease in deferred tax
|
2,512
|
1,034
|
||||||
Income tax
|
2,085
|
827
|
7. |
Leases
|
7.1. |
Amounts recognized in the balance sheet
|
|
March 31, 2022
|
December 31, 2021
|
||||||
Right-of-use asset
|
||||||||
Office buildings
|
6,372
|
5,183
|
||||||
Total
|
6,372
|
5,183
|
|
March 31, 2022
|
December 31, 2021
|
||||||
Lease liabilities
|
||||||||
Current
|
1,485
|
1,105
|
||||||
Non-current
|
5,859
|
4,886
|
||||||
Total
|
7,344
|
5,991
|
2022
|
||||
Right-of-use asset
|
||||
Opening balance on January 1
|
5,183
|
|||
New lease agreements
|
931
|
|||
Hyperinflation adjustment
|
1
|
|||
Depreciation
|
(303
|
)
|
||
Write off
|
(218
|
)
|
||
Exchange differences
|
778
|
|||
Closing balances on March 31
|
6,372
|
|||
Lease liabilities
|
||||
Opening balance on January 1
|
5,991
|
|||
New lease agreements
|
931
|
|||
Interest added
|
176
|
|||
Principal elements of lease payment
|
(279
|
)
|
||
Interest payment
|
(176
|
)
|
||
Write off
|
(267
|
)
|
||
Exchange differences
|
968
|
|||
Closing balances on March 31
|
7,344
|
7.2. |
Amounts recognized in the statement of profit or loss
|
Three months ended
|
||||||||
|
March 31, 2022
|
March 31, 2021
|
||||||
Depreciation charge of office buildings
|
303
|
244
|
||||||
Interest expense (included in finance cost)
|
176
|
176
|
||||||
Total
|
479
|
420
|
8. |
Property and equipment, net
|
March 31, 2022
|
December 31, 2021
|
|||||||
Leasehold improvements
|
3,319
|
2,826
|
||||||
Machinery and equipment
|
329
|
279
|
||||||
Furniture and fixture
|
830
|
710
|
||||||
Computer and peripherals
|
4,611
|
3,987
|
||||||
Accumulated depreciation
|
(3,898
|
)
|
(3,091
|
)
|
||||
Property and equipment, net
|
5,191
|
4,711
|
9. |
Intangible assets, net
|
March 31, 2022
|
December 31, 2021
|
|||||||
Software
|
4,762
|
4,090
|
||||||
Trademark
|
244
|
207
|
||||||
Intellectual property
|
2,881
|
2,541
|
||||||
Customer contracts
|
9,520
|
9,337
|
||||||
Goodwill
|
23,023
|
22,374
|
||||||
Others
|
581
|
493
|
||||||
Accumulated amortization
|
(6,617
|
)
|
(5,398
|
)
|
||||
Intangible assets, net
|
34,394
|
33,644
|
10. |
Accounts payable and accrued expenses
|
March 31, 2022
|
December 31, 2021
|
|||||||
Trades payable
|
12,113
|
12,668
|
||||||
Accounts payable to related parties
|
26
|
27
|
||||||
Social charges
|
5,490
|
7,048
|
||||||
Profit sharing
|
5,029
|
7,203
|
||||||
Provision for vacation and benefits
|
6,333
|
4,333
|
||||||
Other
|
58
|
235
|
||||||
Total accounts payable and accrued expenses
|
29,049
|
31,514
|
||||||
Current
|
27,937
|
29,537
|
||||||
Non-current
|
1,112
|
1,977
|
11. |
Loans and financing
|
11.1. |
Breakdown of loans and financing
|
Interest rate
|
Country
|
Maturity
|
March 31, 2022
|
December 31, 2021
|
||||||
BNDES (i)
|
8.5% p.a.
(Brazilian Reais)
|
Brazil
|
Mar/2023
|
840
|
891
|
|||||
Itaú (ii)
|
100% CDI+ 2.65 p.a.
(Brazilian Reais)
|
Brazil
|
May/2023
|
2,443
|
2,388
|
|||||
Total
|
3,283
|
3,279
|
||||||||
Current
|
|
2,786
|
2,087
|
|||||||
Non-current
|
|
497
|
1,192
|
(i) |
In March 2017, the Group raised R$15,577 corresponding to US$5,014 from Brazilian National Bank for Economic and Social Development (BNDES) to finance the development of new ecommerce technologies.
|
(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.
|
11.2. |
Changes in loans and financing
|
2022
|
||||
Opening balance on January 1
|
3,279
|
|||
Payment of loans
|
(657
|
)
|
||
Interest charged
|
19
|
|||
Interest paid
|
(20
|
)
|
||
Basis adjustment on the fair value hedge (i)
|
108
|
|||
Exchange differences
|
554
|
|||
Closing balances on March 31
|
3,283
|
(i) |
In June 2019, the subsidiary VTEX BRA designated the loan in euros with Itaú bank as a fair value hedge. Losses on the financial instrument that are measured at fair value have been recognized as a financial expense.
|
12. |
Taxes payable
|
March 31, 2022
|
December 31, 2021
|
|||||||
Income tax payable
|
647
|
524
|
||||||
Other taxes payable
|
3,816
|
4,671
|
||||||
Total taxes payable
|
4,463
|
5,195
|
||||||
Current
|
4,304
|
5,035
|
||||||
Non-current
|
160
|
160
|
13. |
Contingencies
|
March 31, 2022
|
December 31, 2021
|
|||||||
Civil
|
5
|
17
|
||||||
Labor
|
48
|
16
|
||||||
Tax
|
-
|
53
|
||||||
Total
|
53
|
86
|
March 31, 2022
|
December 31, 2021
|
|||||||
Civil
|
199
|
123
|
||||||
Labor
|
199
|
189
|
||||||
Tax
|
12
|
10
|
||||||
Total
|
410
|
322
|
14. |
Shareholders’ equity
|
14.1. |
Share Capital
|
March 31, 2022
|
December 31, 2021
|
|||||||
Number of ordinary nominative shares
|
191,212,487
|
191,028,642
|
||||||
Par value
|
0.0001
|
0.0001
|
||||||
Total share capital
|
19
|
19
|
15. |
Revenue from services provided
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
Subscriptions
|
35,675
|
26,809
|
||||||
Tax on subscriptions
|
(3,095
|
)
|
(2,151
|
)
|
||||
Revenue from subscriptions
|
32,580
|
24,658
|
||||||
Services provided
|
2,254
|
1,371
|
||||||
Taxes on services
|
(167
|
)
|
(105
|
)
|
||||
Revenue from services
|
2,087
|
1,266
|
||||||
Revenue from subscription and services
|
34,667
|
25,924
|
16. |
Earnings (loss) per share
|
Three months ended
|
||||||||
Basic earnings (loss) per share
|
March 31, 2022
|
March 31, 2021
|
||||||
Loss attributable to the stockholders of the Group
|
(19,090
|
)
|
(12,458
|
)
|
||||
Weighted average number of outstanding common shares (thousands)
|
191,165
|
171,953
|
||||||
Basic and diluted earnings loss per share
|
(0.100
|
)
|
(0.072
|
)
|
17. |
Share-based compensation
|
17.1. |
Share-based compensation: VTEX
|
|
Number of
options
(thousands)
|
Weighted
Average
Exercise
Price
|
Remaining
Contractual
Terms in Years
|
Weighted
Average Grant
Date Fair
Value
|
At January 1, 2022
|
8,809
|
4.78
|
5.37
|
1.58
|
Granted during the period
|
659
|
7.63
|
-
|
3.58
|
Forfeit during the period
|
(193)
|
7.32
|
-
|
3.31
|
Exercised during the period (i)
|
(6)
|
3.15
|
-
|
0.63
|
At March 31, 2022
|
9,269
|
4.95
|
5.24
|
1.69
|
Stock options exercisable as of March 31, 2022
|
3,138
|
3.27
|
4.59
|
0.75
|
● |
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, according to the contractual term;
|
● |
Volatility - According to comparable peer entities listed on the stock exchange.
|
● |
Target Asset Price - USD 6.15 per share (December 31, 2021 - 10.72 per share)
|
● |
Risk-Free Interest Rate - 1.94% (December 31, 2021: 1.14%)
|
● |
Volatility - 50.61% (December 31, 2021: 51.89%)
|
● |
Expected dividend: None
|
|
Number of RSUs
(thousands)
|
Weighted Average Grant
Date Fair Value
|
||||||
At January 1, 2022
|
3,001
|
7.70
|
||||||
RSU granted
|
1,060
|
7.71
|
||||||
Forfeit during the period
|
(168
|
)
|
7.02
|
|||||
Settled (i)
|
(220
|
)
|
7.25
|
|||||
At March 31, 2022
|
3,673
|
7.76
|
17.2. |
Share-based compensation: Loja Integrada
|
● |
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 - Future CDI, according to the contractual term;
|
● |
Volatility - According to comparable peer entities listed on the stock exchange.
|
● |
Target Asset Price - USD 8.66 per share (December 31, 2021 - 13.06 per share)
|
● |
Risk-free interest rate in Brazilian Reais - 8.81% (December 31, 2021: 8.81%)
|
● |
Volatility - 47.69% (December 31, 2021: 47.69%)
|
● |
Expected dividend: None
|
|
Number of
options
(thousands)
|
Weighted
Average
Exercise
Price
|
Remaining
Contractual
Terms in Years
|
Weighted
Average Grant
Date Fair
Value
|
||||||||||||
At January 1, 2022
|
23.57
|
12.37
|
6.35
|
5.47
|
||||||||||||
Granted during the period
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeit during the period
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised during the period
|
-
|
-
|
-
|
-
|
||||||||||||
At March 31, 2022
|
23.57
|
14.57
|
6.11
|
6.44
|
|
Number of RSUs
(thousands)
|
Weighted Average Grant
Date Fair Value
|
||||||
At January 1, 2022
|
83.03
|
11.22
|
||||||
RSU granted
|
-
|
-
|
||||||
Forfeit during the period
|
(4.77
|
)
|
13.22
|
|||||
Settled (i)
|
(10.10
|
)
|
13.22
|
|||||
At March 31, 2022
|
68.16
|
13.22
|
17.3. |
Amounts recognized in the statement of profit or loss
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
Subscription cost
|
(87
|
)
|
(108
|
)
|
||||
Services cost
|
(26
|
)
|
(33
|
)
|
||||
General and administrative
|
(989
|
)
|
(1,173
|
)
|
||||
Sales and marketing
|
(729
|
)
|
(729
|
)
|
||||
Research and development
|
(643
|
)
|
(1,116
|
)
|
||||
Total
|
(2,474
|
)
|
(3,159
|
)
|
18. |
Financial Instruments
|
18.1. |
Financial instruments by category
|
(i) |
Financial instruments valued at amortized cost
|
March 31, 2022
|
December 31, 2021
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
99,624
|
121,006
|
||||||
Restricted cash
|
810
|
1,183
|
||||||
Trade receivables
|
41,424
|
40,825
|
||||||
Total
|
141,858
|
163,014
|
||||||
Financial liabilities
|
||||||||
Trade payables
|
12,139
|
12,695
|
||||||
Lease liabilities
|
7,344
|
5,991
|
||||||
Loans and financing
|
3,283
|
3,279
|
||||||
Accounts payable from acquisition of subsidiaries
|
-
|
1,470
|
||||||
Total
|
22.766
|
23,435
|
(ii) |
Financial instruments valued at fair value through profit or loss
|
Carrying amount
|
||||||||
March 31, 2022
|
December 31, 2021
|
|||||||
Financial assets:
|
||||||||
Current
|
||||||||
Marketable securities and short-term investments
|
176,061
|
177,191
|
||||||
Total
|
176,061
|
177,191
|
Carrying amount
|
||||||||
March 31, 2022
|
December 31, 2021
|
|||||||
Financial liabilities:
|
||||||||
Current
|
||||||||
Derivative financial instruments (i)
|
-
|
133
|
||||||
Accounts payable from acquisition of subsidiaries (”earn-out”)
|
3,087
|
4,953
|
||||||
Total
|
3,087
|
5,086
|
(i) |
The Group used to hedge the exposure of foreign currency risk related to loans obtained with related parties by contracting a Non-Deliverable Forward (“NDF”) derivative financial instrument raised through Itaú Bank . The instrument had a
total notional value of US$ 4.600 and was fully settled on March 15, 2022 for USD 718.
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
Net gain (loss) on financial instruments
|
(80
|
)
|
364
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
Net gain (loss) on marketable securities and short-term investments
|
(3,795
|
)
|
(119
|
)
|
a. |
Fair value hierarchy
|
March 31, 2022
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Short-term investments
|
176,061
|
-
|
-
|
|||||||||
Liabilities
|
||||||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
-
|
-
|
3,087
|
December 31, 2021
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Short-term investments
|
177,191
|
-
|
-
|
|||||||||
Liabilities
|
||||||||||||
Derivative financial instruments
|
-
|
133
|
-
|
|||||||||
Accounts payable from acquisition of subsidiaries (“earn-out”)
|
-
|
-
|
4,953
|
• |
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.
|
• |
the use of quoted market prices or dealer quotes for similar instruments
|
• |
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;
|
2022
|
||||
At January 1
|
4,953
|
|||
Acquisitions of subsidiaries
|
(898
|
)
|
||
Payments of principal/finance charges - earn-out
|
(492
|
)
|
||
Earn-out adjustments
|
(478
|
)
|
||
Exchange differences
|
2
|
|||
At March 31
|
3,087
|
b. |
Fair values of other financial instruments (unrecognized)
|
Carrying amount
|
Fair value
|
|||||||
Financial liabilities
|
||||||||
Loans and financing
|
3,283
|
3,356
|
||||||
Total
|
3,283
|
3,356
|
18.2. |
Financial risk management
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||
GMV
|
2,714.6
|
2,036.10
|
||||||
GMV growth FX neutral (%)
|
27.9
|
%
|
142.3
|
%
|
For the three months ended
(unaudited)
|
|||||||||
(in US$ millions)
|
March
31, 2020
|
June
30, 2020
|
September
30, 2020
|
December
31, 2020
|
March
31, 2021
|
June
30, 2021
|
September
30, 2021
|
December
31, 2021
|
March
31, 2022
|
Subscription revenue
|
15.4
|
23.9
|
26.3
|
27.7
|
24.7
|
29.7
|
29.6
|
34.5
|
32.6
|
Services revenue
|
1.2
|
1.3
|
1.3
|
1.4
|
1.3
|
1.2
|
2.2
|
2.6
|
2.1
|
Total revenue
|
16.6
|
25.3
|
27.7
|
29.1
|
25.9
|
30.9
|
31.9
|
37.1
|
34.7
|
Subscription cost
|
(5.1)
|
(5.8)
|
(7.1)
|
(9.8)
|
(8.7)
|
(9.5)
|
(9.7)
|
(10.5)
|
(10.0)
|
Services cost
|
(1.7)
|
(1.7)
|
(1.7)
|
(2.0)
|
(2.1)
|
(2.8)
|
(3.1)
|
(3.3)
|
(2.6)
|
Total cost
|
(6.7)
|
(7.5)
|
(8.8)
|
(11.9)
|
(10.8)
|
(12.2)
|
(12.8)
|
(13.8)
|
(12.6)
|
Gross profit
|
9.9
|
17.8
|
18.9
|
17.2
|
15.1
|
18.7
|
19.1
|
23.4
|
22.1
|
Operating expenses
|
|||||||||
General and administrative
|
(3.1)
|
(2.4)
|
(3.3)
|
(5.1)
|
(7.2)
|
(7.8)
|
(9.9)
|
(6.9)
|
(6.9)
|
Sales and marketing
|
(5.7)
|
(5.4)
|
(5.3)
|
(7.5)
|
(11.0)
|
(15.7)
|
(19.3)
|
(17.5)
|
(17.9)
|
Research and development
|
(4.1)
|
(3.6)
|
(4.5)
|
(6.8)
|
(8.4)
|
(10.7)
|
(14.2)
|
(11.9)
|
(13.9)
|
Other income (losses)
|
(0.0)
|
(0.3)
|
(0.3)
|
0.1
|
(0.4)
|
(0.9)
|
0.0
|
(0.2)
|
0.0
|
Income (loss) from operation
|
(3.1)
|
6.1
|
5.5
|
(2.1)
|
(12.0)
|
(16.4)
|
(24.4)
|
(13.1)
|
(16.7)
|
Financial result
|
(2.8)
|
1.6
|
(0.6)
|
(1.3)
|
(1.4)
|
(1.4)
|
(0.6)
|
(1.4)
|
(4.7)
|
Equity results
|
(0.0)
|
0.0
|
0.0
|
0.1
|
0.1
|
0.1
|
0.2
|
0.2
|
0.2
|
Income (loss) before income tax
|
(5.9)
|
7.7
|
5.0
|
(3.3)
|
(13.3)
|
(17.6)
|
(24.8)
|
(14.3)
|
(21.2)
|
Income tax
|
0.7
|
(2.0)
|
(2.0)
|
(0.9)
|
0.8
|
2.1
|
2.8
|
3.7
|
2.1
|
Net loss of the period
|
(5.2)
|
5.7
|
3.0
|
(4.3)
|
(12.5)
|
(15.5)
|
(22.0)
|
(10.6)
|
(19.1)
|
Loss per share
|
|||||||||
Basic and diluted income (loss)
per share (US$)
|
(0.03)
|
0.03
|
0.02
|
(0.02)
|
(0.07)
|
(0.09)
|
(0.12)
|
(0.06)
|
(0.10)
|
|
For the Three Months ended
(unaudited)
|
||||||||
|
March
31, 2020
|
June
30, 2020
|
September
30, 2020
|
December
31, 2020
|
March
31, 2021
|
June
30, 2021
|
September
30, 2021
|
December
31, 2021
|
March
31, 2022
|
Total revenue
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Subscription cost
|
(30.4)%
|
(23.0)%
|
(25.6)%
|
(33.8)%
|
(33.6)%
|
(30.6)%
|
(30.6)%
|
(28.2)%
|
(28.8)%
|
Services cost
|
(10.1)%
|
(6.6)%
|
(6.1)%
|
(6.9)%
|
(8.1)%
|
(8.9)%
|
(9.6)%
|
(8.9)%
|
(7.5)%
|
|
|
|
|
|
|
|
|
|
|
Total cost
|
(40.5)%
|
(29.6)%
|
(31.7)%
|
(40.7)%
|
(41.8)%
|
(39.6)%
|
(40.1)%
|
(37.1)%
|
(36.3)%
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
59.5%
|
70.4%
|
68.3%
|
59.3%
|
58.2%
|
60.4%
|
59.9%
|
62.9%
|
63.7%
|
Operating expenses
|
|||||||||
General and administrative
|
(18.6)%
|
(9.5)%
|
(12.1)%
|
(17.6)%
|
(27.9)%
|
(25.3)%
|
(31.2)%
|
(18.6)%
|
(19.9)%
|
Sales and marketing
|
(34.5)%
|
(21.2)%
|
(19.0)%
|
(25.7)%
|
(42.6)%
|
(50.9)%
|
(60.7)%
|
(47.0)%
|
(51.6)%
|
Research and development
|
(24.4)%
|
(14.4)%
|
(16.3)%
|
(23.5)%
|
(32.5)%
|
(34.6)%
|
(44.5)%
|
(32.1)%
|
(40.1)%
|
Other income (losses)
|
(0.3)%
|
(1.0)%
|
(1.0)%
|
0.4%
|
(1.7)%
|
(2.8)%
|
0.0%
|
(0.6)%
|
0.0%
|
Income (loss) from operation
|
(18.4)%
|
24.3%
|
19.9%
|
(7.1)%
|
(46.4)%
|
(53.1)%
|
(76.5)%
|
(35.4)%
|
(48.1)%
|
Financial result
|
(16.8)%
|
6.2%
|
(2.1)%
|
(4.6)%
|
(5.2)%
|
(4.4)%
|
(1.8)%
|
(3.7)%
|
(13.5)%
|
|
|
|
|
|
|
|
|
|
|
Equity results
|
(0.1)%
|
0.0%
|
0.1%
|
0.2%
|
0.4%
|
0.5%
|
0.5%
|
0.5%
|
0.6%
|
Income (loss) before income tax
|
(35.2)%
|
30.5%
|
17.9%
|
(11.5)%
|
(51.3)%
|
(57.0)%
|
(77.7)%
|
(38.6)%
|
(61.1)%
|
|
|
|
|
|
|
|
|
||
Income tax
|
4.0%
|
(8.1)%
|
(7.2)%
|
(3.2)%
|
3.2%
|
6.9%
|
8.8%
|
10.0%
|
6.1%
|
|
|
|
|
|
|
|
|
|
|
Net loss of the period
|
(31.2)%
|
22.4%
|
10.8%
|
(14.7)%
|
(48.1)%
|
(50.1)%
|
(68.9)%
|
(28.6)%
|
(55.0)%
|
|
For the Three Months ended
(unaudited)
|
||||||||
|
March
31, 2020
|
June
30, 2020
|
September
30, 2020
|
December
31, 2020
|
March
31, 2021
|
June
30, 2021
|
September
30, 2021
|
December
31, 2021
|
March
31, 2022
|
|
(in US$ millions)
|
||||||||
Income (loss) from
operation
|
(3.1)
|
6.1
|
5.5
|
(2.1)
|
(12.0)
|
(16.4)
|
(24.4)
|
(13.1)
|
(16.7)
|
|
|
|
|
|
|
||||
Share-based
compensation expense
|
0.3
|
0.4
|
0.6
|
2
|
3.2
|
5.5
|
9.3
|
1.6
|
2.5
|
Amortization of
intangibles related to
acquisitions
|
0.4
|
0.2
|
0.1
|
0.2
|
0.3
|
0.5
|
0.5
|
0.7
|
0.5
|
Offering expenses
(“IPO”) (i)
|
-
|
-
|
-
|
-
|
-
|
-
|
1.3
|
-
|
-
|
|
|
|
|
|
|
||||
Non-GAAP Income
(Loss) from
Operations
|
2.4
|
6.8
|
6.3
|
0.1
|
(8.5)
|
(10.4)
|
(13.3)
|
(10.9)
|
(13.7)
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
(in US$ thousands)
|
||||||||
Subscription revenue
|
32,580
|
24,658
|
||||||
Services revenue
|
2,087
|
1,266
|
||||||
Total revenue
|
34,667
|
25,924
|
||||||
Subscription cost (1)
|
(9,996
|
)
|
(8,715
|
)
|
||||
Services cost (1)
|
(2,607
|
)
|
(2,108
|
)
|
||||
Total cost
|
(12,603
|
)
|
(10,823
|
)
|
||||
Gross profit
|
22,064
|
15,101
|
||||||
Operating expenses
|
||||||||
General and administrative (1)
|
(6,921
|
)
|
(7,223
|
)
|
||||
Sales and marketing (1)
|
(17,900
|
)
|
(11,035
|
)
|
||||
Research and development (1)
|
(13,925
|
)
|
(8,423
|
)
|
||||
Other income (losses)
|
8
|
(449
|
)
|
|||||
Income (loss) from operation
|
(16,674
|
)
|
(12,029
|
)
|
||||
Financial result
|
(4,721
|
)
|
(1,355
|
)
|
||||
Equity results
|
219
|
96
|
||||||
Income (loss) before income tax
|
(21,176
|
)
|
(13,288
|
)
|
||||
Income tax
|
2,085
|
827
|
||||||
Net income (loss) for the period
|
(19,091
|
)
|
(12,461
|
)
|
Three months ended
|
||||||||
March 31, 2022
|
March 31, 2021
|
|||||||
(in US$ thousands)
|
||||||||
Subscription cost
|
(87
|
)
|
(108
|
)
|
||||
Services cost
|
(26
|
)
|
(33
|
)
|
||||
Research and development
|
(643
|
)
|
(1,116
|
)
|
||||
Sales and marketing
|
(729
|
)
|
(729
|
)
|
||||
General and administrative
|
(989
|
)
|
(1,173
|
)
|
||||
Total
|
(2,474
|
)
|
(3,159
|
)
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
Subscription revenue
|
32,580
|
24,658
|
31.1
|
%
|
||||||||
Services revenue
|
2,087
|
1,266
|
64.8
|
%
|
||||||||
Total revenue
|
34,667
|
25,924
|
33.7
|
%
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
Subscription cost
|
(9,996
|
)
|
(8,715
|
)
|
14.7
|
%
|
||||||
Services cost
|
(2,607
|
)
|
(2,108
|
)
|
23.6
|
%
|
||||||
Total cost
|
(12,603
|
)
|
(10,823
|
)
|
16.5
|
%
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
General and administrative
|
(6,921
|
)
|
(7,233
|
)
|
(4.2
|
%)
|
||||||
Percentage of total revenue
|
20.0
|
%
|
27.9
|
%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
Sales and marketing
|
(17,900
|
)
|
(11,035
|
)
|
62.2
|
%
|
||||||
Percentage of total revenue
|
51.6
|
%
|
42.6
|
%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
Research and development
|
(13,925
|
)
|
(8,423
|
)
|
65.3
|
%
|
||||||
Percentage of total revenue
|
40.2
|
%
|
32.5
|
%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
Variation
|
|||||||||
Financial income
|
4,292
|
531
|
708.3
|
%
|
||||||||
Financial expense
|
(9,013
|
)
|
(1,886
|
)
|
377.9
|
%
|
||||||
Financial result
|
(4,721
|
)
|
(1,355
|
)
|
248.4
|
%
|
For the three months ended
|
||||||||
(in US$ thousands, except percentages)
|
March 31, 2022
|
March 31, 2021
|
||||||
Net cash provided by (used in) operating activities
|
(15,990
|
)
|
(7,446
|
)
|
||||
Net cash provided by (used in) investing activities
|
(4,319
|
)
|
285
|
|||||
Net cash provided by (used in) financing activities
|
(2,056
|
)
|
(9,274
|
)
|
||||
Increase (decrease) in cash and cash equivalents
|
(22,365
|
)
|
(16,885
|
)
|
● |
(1) an increase in net loss to US$19.1 million for the period ended March 31, 2022, compared to a net loss of US$12.5 million for the period ended March 31, 2021, primarily due to the expansion of our workforce; (2) an increase in other
costs and foreign exchange, net to an expense of US$1.9 million for the period ended March 31, 2022, compared to an income of US$1.0 million for the period ended March 31, 2021; and (3) and working capital adjustments which consisted mainly
of an increase in prepaid expenses of US$1.7 million for the period ended March 31, 2022, compared to a decrease of US$0.3 million for the period ended March 31, 2021, which was partially offset by:
|
● |
(1) an increase in deferred revenue of US$5.3 million for the period ended March 31, 2022, compared to an increase of US$2.8 million for the period ended March 31, 2021, and (2) an increase in fair value gains to US$3.8 million for the
period ended March 31, 2022, compared to an increase of US$0.3 million for the period ended March 31, 2021.
|
Transaction
|
Interest rate risk (i)
|
Book value
|
|
(in millions of US$)
|
|||
Loans and financing
|
SELIC, CDI and TJLP
|
3,283
|
|
Accounts payable on acquisition of subsidiaries
|
CDI
|
3,087
|
|
VTEX
By: /s/ André Spolidoro Ferreira Gomes
|
Name: André Spolidoro Ferreira Gomes
Title: Chief Financial Officer
|