PART I - FINANCIAL INFORMATION
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3 |
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Item 1 - Financial Statements | 3 |
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Consolidated Balance Sheets | 4 |
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Consolidated Statements of Profit or Loss | 6 |
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Consolidated Statements of Changes in Shareholder’s Equity | 7 |
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Consolidated Statements of Cash Flows | 8 |
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Notes to Consolidated Financial Statements | 9 |
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Item 2 – Management’s discussion and analysis of financial condition and results of operations | 31 |
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PART II - OTHER INFORMATION | 43 |
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Item 1 - Signatures | 43 |
December 31, 2022
|
December 31, 2021
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
24,394
|
121,006
|
||||||
Restricted cash
|
1,608
|
1,183
|
||||||
Marketable securities and short-term investments
|
214,164
|
177,191
|
||||||
Trade receivables
|
36,844
|
34,682
|
||||||
Recoverable taxes
|
5,122
|
6,881
|
||||||
Deferred commissions
|
663
|
263
|
||||||
Prepaid expenses
|
4,152
|
7,911
|
||||||
Derivative financial instruments
|
117
|
-
|
||||||
Other current assets
|
93
|
399
|
||||||
Total current assets
|
287,157
|
349,516
|
||||||
Non-current assets
|
||||||||
Trade receivables
|
5,432
|
6,143
|
||||||
Deferred tax assets
|
17,710
|
12,572
|
||||||
Prepaid expenses
|
204
|
343
|
||||||
Recoverable taxes
|
3,334
|
556
|
||||||
Deferred commissions
|
1,790
|
1,246
|
||||||
Other non-current assets
|
957
|
435
|
||||||
Right-of-use assets
|
4,818
|
5,183
|
||||||
Property and equipment, net
|
3,909
|
4,711
|
||||||
Intangible assets, net
|
31,210
|
33,644
|
||||||
Investments in joint venture
|
1,152
|
621
|
||||||
Total non-current assets
|
70,516
|
65,454
|
||||||
Total assets
|
357,673
|
414,970
|
December 31, 2022
|
December 31, 2021
|
|||||||
LIABILITIES
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
34,136
|
29,537
|
||||||
Loans and financing
|
1,153
|
2,087
|
||||||
Taxes payable
|
4,128
|
5,035
|
||||||
Lease liabilities
|
1,898
|
1,105
|
||||||
Deferred revenue
|
20,332
|
16,598
|
||||||
Derivative financial instruments
|
-
|
133
|
||||||
Accounts payable from acquisition of subsidiaries
|
299
|
4,260
|
||||||
Other current liabilities
|
70
|
133
|
||||||
Total current liabilities
|
62,016
|
58,888
|
||||||
Non-current liabilities
|
||||||||
Accounts payable and accrued expenses
|
511
|
1,977
|
||||||
Loans and financing
|
-
|
1,192
|
||||||
Taxes payable
|
160
|
160
|
||||||
Lease liabilities
|
3,737
|
4,886
|
||||||
Accounts payable from acquisition of subsidiaries
|
-
|
2,163
|
||||||
Deferred revenue
|
13,923
|
16,204
|
||||||
Deferred tax liabilities
|
2,464
|
2,045
|
||||||
Other non-current liabilities
|
185
|
266
|
||||||
Total non-current liabilities
|
20,980
|
28,893
|
||||||
EQUITY
|
||||||||
Issued Capital
|
19
|
19
|
||||||
Capital reserve
|
390,885
|
390,466
|
||||||
Other reserves
|
127
|
652
|
||||||
Accumulated losses
|
(116,373
|
)
|
(63,955
|
)
|
||||
Equity attributable to VTEX’s shareholders
|
274,658
|
327,182
|
||||||
Non-controlling interests
|
19
|
7
|
||||||
Total shareholders’ equity
|
274,677
|
327,189
|
||||||
Total liabilities and equity
|
357,673
|
414,970
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Subscription revenue
|
42,732
|
34,529
|
148,475
|
118,466
|
||||||||||||
Services revenue
|
2,753
|
2,587
|
9,145
|
7,307
|
||||||||||||
Total revenue
|
45,485
|
37,116
|
157,620
|
125,773
|
||||||||||||
Subscription cost
|
(11,491
|
)
|
(10,469
|
)
|
(41,408
|
)
|
(38,380
|
)
|
||||||||
Services cost
|
(3,103
|
)
|
(3,291
|
)
|
(11,424
|
)
|
(11,212
|
)
|
||||||||
Total cost
|
(14,594
|
)
|
(13,760
|
)
|
(52,832
|
)
|
(49,592
|
)
|
||||||||
Gross profit
|
30,891
|
23,356
|
104,788
|
76,181
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative
|
(7,052
|
)
|
(6,913
|
)
|
(28,348
|
)
|
(31,889
|
)
|
||||||||
Sales and marketing
|
(12,404
|
)
|
(17,459
|
)
|
(67,798
|
)
|
(63,521
|
)
|
||||||||
Research and development
|
(14,059
|
)
|
(11,915
|
)
|
(57,205
|
)
|
(45,186
|
)
|
||||||||
Other losses
|
(402
|
)
|
(211
|
)
|
(1,356
|
)
|
(1,514
|
)
|
||||||||
Loss from operations
|
(3,026
|
)
|
(13,142
|
)
|
(49,919
|
)
|
(65,929
|
)
|
||||||||
Financial income
|
7,645
|
2,295
|
23,770
|
7,414
|
||||||||||||
Financial expense
|
(4,939
|
)
|
(3,664
|
)
|
(31,401
|
)
|
(12,058
|
)
|
||||||||
Financial result, net
|
2,706
|
(1,369
|
)
|
(7,631
|
)
|
(4,644
|
)
|
|||||||||
Equity results
|
347
|
190
|
1,106
|
587
|
||||||||||||
Income (loss) before income tax
|
27
|
(14,321
|
)
|
(56,444
|
)
|
(69,986
|
)
|
|||||||||
Income tax
|
||||||||||||||||
Current
|
(136
|
)
|
(35
|
)
|
(877
|
)
|
(1,646
|
)
|
||||||||
Deferred
|
(213
|
)
|
3,731
|
4,902
|
11,118
|
|||||||||||
Total income tax
|
(349
|
)
|
3,696
|
4,025
|
9,472
|
|||||||||||
Net loss for the period
|
(322
|
)
|
(10,625
|
)
|
(52,419
|
)
|
(60,514
|
)
|
||||||||
Attributable to controlling shareholders
|
(323
|
)
|
(10,625
|
)
|
(52,418
|
)
|
(60,511
|
)
|
||||||||
Non-controlling interest
|
1
|
-
|
(1
|
)
|
(3
|
)
|
||||||||||
Loss per share
|
||||||||||||||||
Basic loss per share
|
(0.002
|
)
|
(0.056
|
)
|
(0.275
|
)
|
(0.333
|
)
|
||||||||
Diluted loss per share
|
(0.002
|
)
|
(0.056
|
)
|
(0.275
|
)
|
(0.333
|
)
|
Issued capital
|
Capital reserve
|
Other
reserves |
Accumulated losses
|
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 year
|
-
|
-
|
-
|
(60,511
|
)
|
(60,511
|
)
|
(3
|
)
|
(60,514
|
)
|
|||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
548
|
-
|
548
|
-
|
548
|
|||||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
548
|
(60,511
|
)
|
(59,963
|
)
|
(3
|
)
|
(59,966
|
)
|
|||||||||||||||||
Transactions with owners of the Company
|
-
|
|||||||||||||||||||||||||||
Exercise of stock options
|
-
|
3,830
|
-
|
-
|
3,830
|
-
|
3,830
|
|||||||||||||||||||||
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
|
)
|
-
|
(21,491
|
)
|
||||||||||||||||||
Buyback of shares
|
-
|
(407
|
)
|
-
|
-
|
(407
|
)
|
-
|
(407
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
9,217
|
-
|
-
|
9,217
|
-
|
9,217
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
7
|
7
|
|||||||||||||||||||||
Acquisition of non-controlling interests
|
-
|
96
|
-
|
-
|
96
|
(123
|
)
|
(27
|
)
|
|||||||||||||||||||
Total transactions with owners of the Company
|
2
|
311,521
|
-
|
-
|
311,523
|
(116
|
)
|
311,407
|
||||||||||||||||||||
At December 31, 2021
|
19
|
390,466
|
652
|
(63,955
|
)
|
327,182
|
7
|
327,189
|
||||||||||||||||||||
At January 1, 2022
|
19
|
390,466
|
652
|
(63,955
|
)
|
327,182
|
7
|
327,189
|
||||||||||||||||||||
Net loss for the year
|
-
|
-
|
-
|
(52,418
|
)
|
(52,418
|
)
|
(1
|
)
|
(52,419
|
)
|
|||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
(525
|
)
|
-
|
(525
|
)
|
-
|
(525
|
)
|
||||||||||||||||||
Total comprehensive loss for the year
|
-
|
-
|
(525
|
)
|
(52,418
|
)
|
(52,943
|
)
|
(1
|
)
|
(52,944
|
)
|
||||||||||||||||
Transactions with owners of the Company
|
-
|
|||||||||||||||||||||||||||
Exercise of stock options
|
-
|
567
|
-
|
-
|
567
|
-
|
567
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Share repurchase program (note 14.2)
|
-
|
(12,798
|
)
|
-
|
-
|
(12,798
|
)
|
-
|
(12,798
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
12,647
|
-
|
-
|
12,647
|
-
|
12,647
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
13
|
13
|
|||||||||||||||||||||
Total transactions with owners of the Company
|
-
|
419
|
-
|
-
|
419
|
13
|
432
|
|||||||||||||||||||||
At December 31, 2022
|
19
|
390,885
|
127
|
(116,373
|
)
|
274,658
|
19
|
274,677
|
December 31, 2022
|
December 31, 2021
|
|||||||
Net loss for the year
|
(52,419
|
)
|
(60,514
|
)
|
||||
Adjustments for:
|
||||||||
Depreciation and amortization
|
4,616
|
4,072
|
||||||
Deferred income tax
|
(4,902
|
)
|
(11,118
|
)
|
||||
Loss on disposal of rights of use, property, equipment, and intangible assets
|
(9
|
)
|
54
|
|||||
Expected credit losses from trade receivables
|
852
|
887
|
||||||
Share-based compensation
|
12,202
|
9,217
|
||||||
Provision for payroll taxes (share-based compensation)
|
(1,125
|
)
|
7,611
|
|||||
Adjustment of hyperinflation
|
5,175
|
2,274
|
||||||
Equity results
|
(1,106
|
)
|
(587
|
)
|
||||
Fair value (gains) losses
|
2,522
|
(1,188
|
)
|
|||||
Other and foreign exchange, net
|
534
|
666
|
||||||
Change in operating assets and liabilities
|
||||||||
Trade receivables
|
(3,579
|
)
|
(16,749
|
)
|
||||
Recoverable taxes
|
(671
|
)
|
(2,692
|
)
|
||||
Prepaid expenses
|
3,947
|
(2,741
|
)
|
|||||
Other assets
|
(583
|
)
|
186
|
|||||
Accounts payable and accrued expenses
|
5,229
|
7,417
|
||||||
Taxes payable
|
(1,495
|
)
|
3,102
|
|||||
Deferred revenue
|
1,157
|
12,330
|
||||||
Other liabilities
|
745
|
(364
|
)
|
|||||
Cash used in operating activities
|
(28,910
|
)
|
(48,137
|
)
|
||||
Income tax paid
|
(312
|
)
|
(4,854
|
)
|
||||
Net cash used in operating activities
|
(29,222
|
)
|
(52,991
|
)
|
||||
Cash flows from investing activities
|
||||||||
Dividends received from joint venture
|
147
|
-
|
||||||
Purchase of short-term investment
|
(111,612
|
)
|
(177,816
|
)
|
||||
Redemption of short-term investment
|
78,011
|
1,053
|
||||||
Purchase of marketable securities
|
(9,003
|
)
|
-
|
|||||
Redemption of marketable securities
|
-
|
16,857
|
||||||
Interest and dividend received from short-term investments
|
1,110
|
588
|
||||||
Payment of business acquired
|
(1,692
|
)
|
(5,712
|
)
|
||||
Acquisitions of intangible assets
|
-
|
(368
|
)
|
|||||
Acquisitions of property and equipment
|
(340
|
)
|
(1,383
|
)
|
||||
Net cash used in investing activities
|
(43,379
|
)
|
(166,781
|
)
|
||||
Cash flows from financing activities
|
||||||||
Derivative financial instruments
|
(746
|
)
|
-
|
|||||
Changes in restricted cash
|
(348
|
)
|
246
|
|||||
Proceeds from the exercise of stock options
|
567
|
3,830
|
||||||
Net-settlement of share-based payment
|
(1,615
|
)
|
(2,705
|
)
|
||||
Capital increase
|
-
|
1,000
|
||||||
Capital increase - proceeds from initial public offering, net of transaction costs
|
-
|
296,318
|
||||||
Buyback of shares
|
(12,798
|
)
|
(2,423
|
)
|
||||
Payment of loans and financing
|
(2,651
|
)
|
(10,886
|
)
|
||||
Interest paid
|
(56
|
)
|
(104
|
)
|
||||
Principal elements of lease payments
|
(1,263
|
)
|
(913
|
)
|
||||
Lease interest paid
|
(670
|
)
|
(680
|
)
|
||||
Net cash provided by (used in) financing activities
|
(19,580
|
)
|
283,683
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(92,181
|
)
|
63,911
|
|||||
Cash and cash equivalents, beginning of the year
|
121,006
|
58,557
|
||||||
Effect of exchange rate changes
|
(4,431
|
)
|
(1,462
|
)
|
||||
Cash and cash equivalents, end of the year
|
24,394
|
121,006
|
||||||
Non-cash transactions:
|
||||||||
Lease liabilities arising from obtaining right-of-use assets
|
983
|
494
|
||||||
Issue of ordinary shares as consideration for a business combination
|
3
|
1,469
|
||||||
Unpaid amount related to acquisition of non-controlling interest
|
-
|
27
|
||||||
Unpaid amount related to business combinations
|
-
|
8,264
|
||||||
Dividends from joint venture used to pay accounts from acquisition of subsidiaries
|
448
|
-
|
||||||
Transactions with non-controlling interests
|
13
|
7
|
1
|
General information
|
Company
|
Place of business/
country of incorporation
|
Relationship
|
Principal business activity
|
% of Ownership
as of December 31,
|
|
2022
|
2021
|
||||
VTEX (“VTEX”)
|
Cayman
|
Holding
|
Technology Services
|
||
VTEX Informática S.A. (“VTEX ARG”)
|
Argentina
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Brasil Tecnologia para Ecommerce LTDA. (“VTEX Brazil”)
|
Brazil
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Day Eventos Ltda. (“VTEX DAY”)
|
Brazil
|
Subsidiary
|
Production of events
|
100
|
100
|
Loja Integrada Tecnologia para Softwares S.A. (“Loja Integrada”)
|
Brazil
|
Subsidiary
|
Technology Services
|
99.58
|
99.87
|
Suiteshare Tecnologia da Informação S.A (“Suiteshare”) (i)
|
Brazil
|
Subsidiary
|
Technology Services
|
-
|
100
|
VTEX Chile SPA (“VTEX CHI”)
|
Chile
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Colombia Tecnologia para Ecommerce S.A.S. (“VTEX COL”)
|
Colombia
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Commerce Cloud Solutions LLC (“VTEX USA”)
|
USA
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Ecommerce Platform Limited (“VTEX UK”)
|
UK
|
Subsidiary
|
Technology Services
|
100
|
100
|
Soluciones Cloud En Ecommerce S. De R.L. De C.V. (“VTEX MEX”) (ii)
|
Mexico
|
Subsidiary
|
Technology Services
|
100
|
99.99
|
EI Education S.A.P.I de C.V. (“Escuela de Internet or “Escuela”)
|
Mexico
|
Subsidiary
|
Technology Services
|
100
|
100
|
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”) (iii)
|
Peru
|
Subsidiary
|
Technology Services
|
100
|
100
|
VTEX Platform España, S.L. ("VTEX ESP") (iv)
|
Spain
|
Subsidiary
|
Technology Services
|
100
|
-
|
VTEX Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”) (iii)
|
Italy
|
Branch
|
Technology Services
|
100
|
100
|
VTEX Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”) (iii)
|
Romania
|
Branch
|
Technology Services
|
100
|
100
|
VTEX Ecommerce Platform Platform Limited – Sucursal em Portugal (“VTEX PORT”) (iii)
|
Portugal
|
Branch
|
Technology Services
|
100
|
100
|
2
|
Basis of presentation and consolidation
|
a.
|
Basis for preparation of consolidated financial statements
|
b.
|
New standards, interpretations, and amendments adopted by the Group
|
c.
|
Critical estimates and accounting judgments
|
3
|
Cash and cash equivalents
|
December 31, 2022
|
December 31, 2021
|
|||||||
Cash and cash bank deposits
|
18,930
|
120,928
|
||||||
Time deposits and other investments
|
2,271
|
-
|
||||||
Investment funds
|
3,193
|
78
|
||||||
Total
|
24,394
|
121,006
|
4
|
Marketable securities and short-term investments
|
December 31, 2022
|
December 31, 2021
|
|||||||
Marketable securities
|
10,119
|
-
|
||||||
Short-term investments
|
204,045
|
177,191
|
||||||
Marketable securities and short-term investments
|
214,164
|
177,191
|
2022
|
2021
|
|||||||
Opening balance on January 1
|
-
|
16,969
|
||||||
Additions
|
9,003
|
-
|
||||||
Redemption
|
-
|
(16,857
|
)
|
|||||
Interest received
|
-
|
(324
|
)
|
|||||
Accrued interest
|
1,141
|
-
|
||||||
Fair value gains (losses)
|
-
|
212
|
||||||
Exchange differences
|
(25
|
)
|
-
|
|||||
Closing balance on December 31
|
10,119
|
-
|
2022
|
2021
|
|||||||
Opening balance on January 1
|
177,191
|
-
|
||||||
Additions
|
111,612
|
177,816
|
||||||
Redemption
|
(78,011
|
)
|
(1,053
|
)
|
||||
Fair value gains (losses)
|
(4,766
|
)
|
428
|
|||||
Exchange differences
|
(1,981
|
)
|
-
|
|||||
Closing balance on December 31
|
204,045
|
177,191
|
5
|
Trade receivables
|
December 31, 2022
|
December 31, 2021
|
|||||||
Trade receivables
|
43,084
|
41,972
|
||||||
Expected credit losses
|
(808
|
)
|
(1,147
|
)
|
||||
Total trade receivables
|
42,276
|
40,825
|
||||||
Current
|
36,844
|
34,682
|
||||||
Non-current
|
5,432
|
6,143
|
2022
|
2021
|
|||||||
Opening balance on January 1
|
(1,147
|
)
|
(649
|
)
|
||||
Addition, net
|
(852
|
)
|
(887
|
)
|
||||
Addition from acquisition of subsidiaries
|
-
|
(100
|
)
|
|||||
Write-off
|
1,114
|
429
|
||||||
Exchange differences
|
77
|
60
|
||||||
Closing balance on December 31
|
(808
|
)
|
(1,147
|
)
|
December 31, 2022
|
December 31, 2021
|
|||||||
Current
|
39,188
|
38,456
|
||||||
Overdue:
|
||||||||
From 1 to 30 days
|
2,087
|
1,251
|
||||||
From 31 to 60 days
|
454
|
847
|
||||||
From 61 to 90 days
|
359
|
439
|
||||||
From 91 to 120 days
|
295
|
113
|
||||||
From 121 to 300 days
|
701
|
866
|
||||||
Total
|
43,084
|
41,972
|
6
|
Current and deferred tax
|
December 31, 2022
|
December 31, 2021
|
|||||||
Loss allowances for financial assets
|
270
|
75
|
||||||
Bonus provision
|
1,712
|
750
|
||||||
Lease
|
392
|
366
|
||||||
Share-based compensation (i)
|
3,130
|
3,224
|
||||||
Hyperinflationary adjustments
|
37
|
89
|
||||||
Tax loss (ii)
|
10,513
|
6,445
|
||||||
Others (iii)
|
1,656
|
1,623
|
||||||
Total deferred tax assets
|
17,710
|
12,572
|
(i)
|
Mainly related to RSU amounts that are treated as temporary differences until the instrument 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. In Brazil, tax losses are not subject to
statute of limitation and ought to be used observing the limits established by the local tax legislation.
|
(iii)
|
Most of the amounts appointed as Others in the deferred tax assets reconciliation correspond to temporary differences arising from operations carried out in Brazil. It refers to provision for sales
commission, unrealized exchange variation, adjustments for operations marked to market (MTM), and provision for payment of suppliers. The remainder portion refers to a miscellaneous of items scattered in concepts determined by local tax
laws in Argentina, Brazil, Chile, and Colombia.
|
December 31, 2022
|
December 31, 2021
|
|||||||
Acquisition of subsidiaries
|
1,409
|
1,687
|
||||||
Temporary differences
|
827
|
283
|
||||||
Others
|
228
|
75
|
||||||
Total deferred tax liabilities
|
2,464
|
2,045
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Current tax
|
||||||||||||||||
Current tax on profits for the year
|
(136
|
)
|
(35
|
)
|
(877
|
)
|
(1,646
|
)
|
||||||||
(136
|
)
|
(35
|
)
|
(877
|
)
|
(1,646
|
)
|
|||||||||
Deferred income tax
|
||||||||||||||||
Decrease (increase) in deferred tax
|
(213
|
)
|
3,731
|
4,902
|
11,118
|
|||||||||||
(213
|
)
|
3,731
|
4,902
|
11,118
|
||||||||||||
Income tax
|
(349
|
)
|
3,696
|
4,025
|
9,472
|
7
|
Leases
|
December 31, 2022
|
December 31, 2021
|
|||||||
Right-of-use assets
|
||||||||
Office buildings
|
4,818
|
5,183
|
||||||
Total
|
4,818
|
5,183
|
December 31, 2022
|
December 31, 2021
|
|||||||
Lease liabilities
|
||||||||
Current
|
1,898
|
1,105
|
||||||
Non-current
|
3,737
|
4,886
|
||||||
Total
|
5,635
|
5,991
|
2022
|
2021
|
|||||||
Right-of-use assets
|
||||||||
Opening balance on January 1
|
5,183
|
5,076
|
||||||
New lease agreements
|
942
|
384
|
||||||
Lease agreements from acquired subsidiaries
|
-
|
722
|
||||||
Remeasurement
|
99
|
494
|
||||||
Depreciation
|
(1,347
|
)
|
(1,069
|
)
|
||||
Write-off
|
(352
|
)
|
(110
|
)
|
||||
Hyperinflation adjustment
|
5
|
1
|
||||||
Exchange differences
|
288
|
(315
|
)
|
|||||
Closing balance on December 31
|
4,818
|
5,183
|
||||||
2022
|
2021
|
|||||||
Lease liabilities
|
||||||||
Opening balance on January 1
|
5,991
|
6,153
|
||||||
New lease agreements
|
942
|
384
|
||||||
Lease agreements from acquired subsidiaries
|
-
|
446
|
||||||
Remeasurement
|
41
|
494
|
||||||
Interest added
|
671
|
696
|
||||||
Principal elements of lease payments
|
(1,263
|
)
|
(913
|
)
|
||||
Interest payment
|
(670
|
)
|
(680
|
)
|
||||
Write-off
|
(423
|
)
|
(111
|
)
|
||||
Exchange differences
|
346
|
(478
|
)
|
|||||
Closing balance on December 31
|
5,635
|
5,991
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Depreciation charge of office buildings
|
371
|
287
|
1,347
|
1,069
|
||||||||||||
Interest expense (included in financial expense)
|
154
|
170
|
671
|
696
|
||||||||||||
Total
|
525
|
457
|
2,018
|
1,765
|
8
|
Property and equipment, net
|
December 31, 2022
|
December 31, 2021
|
|||||||
Leasehold improvements
|
2,811
|
2,796
|
||||||
Machinery and equipment
|
307
|
279
|
||||||
Furniture and fixture
|
836
|
740
|
||||||
Computers and peripherals
|
4,346
|
3,987
|
||||||
Accumulated depreciation
|
(4,391
|
)
|
(3,091
|
)
|
||||
Property and equipment, net
|
3,909
|
4,711
|
9
|
Intangible assets, net |
December 31, 2022
|
December 31, 2021
|
|||||||
Software
|
4,291
|
4,091
|
||||||
Trademark
|
218
|
207
|
||||||
Intellectual property
|
2,675
|
2,540
|
||||||
Customer contracts
|
9,394
|
9,336
|
||||||
Goodwill
|
20,965
|
21,598
|
||||||
Others
|
519
|
493
|
||||||
Accumulated amortization
|
(6,852
|
)
|
(4,621
|
)
|
||||
Intangible assets, net
|
31,210
|
33,644
|
10
|
Accounts payable and accrued expenses
|
December 31, 2022
|
December 31, 2021
|
|||||||
Trade payables
|
14,064
|
12,668
|
||||||
Accounts payable to related parties
|
-
|
27
|
||||||
Social charges
|
5,537
|
7,048
|
||||||
Profit-sharing
|
9,484
|
7,203
|
||||||
Provision for vacation and benefits
|
5,506
|
4,333
|
||||||
Others
|
56
|
235
|
||||||
Total
|
34,647
|
31,514
|
||||||
Current
|
34,136
|
29,537
|
||||||
Non-current
|
511
|
1,977
|
11
|
Loans and financing
|
Interest rate
|
Country
|
Maturity
|
December 31, 2022 | December 31, 2021 | ||||||
BNDES (i)
|
6.5% p.a
(Brazilian Reais)
|
Brazil
|
Mar/23
|
189
|
891
|
|||||
Itaú (ii)
|
100% CDI + 2.5% p.a
(Brazilian Reais)
|
Brazil
|
May/23
|
964
|
2,388
|
|||||
Total
|
1,153
|
3,279
|
||||||||
Current
|
1,153
|
2,087
|
||||||||
Non-current
|
-
|
1,192
|
2022
|
2021
|
|||||||
Opening balance on January 1
|
3,279
|
6,359
|
||||||
Loans from acquisition of subsidiaries
|
-
|
8,038
|
||||||
Payment of loans (i)
|
(2,651
|
)
|
(11,002
|
)
|
||||
Interest charged
|
62
|
94
|
||||||
Interest paid
|
(56
|
)
|
(104
|
)
|
||||
Basis adjustment on the fair value hedge (ii)
|
273
|
333
|
||||||
Exchange differences
|
246
|
(439
|
)
|
|||||
Closing balance on December 31
|
1,153
|
3,279
|
(i)
|
In 2021 the amount of US$7,919 was paid to a third party at the acquisition date to settle preexisting debts of WorkArea and US$119 was paid to a third party post-acquisition date, which VTEX assumed in the
business combination.
|
(ii)
|
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. Refer to note 18.1(ii) for additional detail.
|
12
|
Taxes payable
|
December 31, 2022
|
December 31, 2021
|
|||||||
Income tax payable
|
673
|
524
|
||||||
Other taxes payable
|
3,615
|
4,671
|
||||||
Total
|
4,288
|
5,195
|
||||||
Current
|
4,128
|
5,035
|
||||||
Non-current
|
160
|
160
|
13
|
Contingencies
|
December 31, 2022
|
December 31, 2021
|
|||||||
Civil
|
6
|
17
|
||||||
Labor
|
95
|
16
|
||||||
Tax
|
84
|
53
|
||||||
Total
|
185
|
86
|
December 31, 2022
|
December 31, 2021
|
|||||||
Civil
|
118
|
123
|
||||||
Labor
|
-
|
189
|
||||||
Tax
|
878
|
10
|
||||||
Total
|
996
|
322
|
14
|
Shareholders’ equity
|
December 31, 2022
|
December 31, 2021
|
|||||||
Number of ordinary nominative shares
|
188,992,529
|
191,028,642
|
||||||
Par value
|
0.0001
|
0.0001
|
||||||
Total issued capital
|
19
|
19
|
15
|
Revenue from services provided
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Subscriptions
|
46,712
|
37,668
|
162,132
|
129,292
|
||||||||||||
Taxes on subscriptions
|
(3,980
|
)
|
(3,139
|
)
|
(13,657
|
)
|
(10,826
|
)
|
||||||||
Revenue from subscriptions
|
42,732
|
34,529
|
148,475
|
118,466
|
||||||||||||
Services provided
|
2,919
|
2,894
|
9,799
|
8,154
|
||||||||||||
Taxes on services
|
(166
|
)
|
(307
|
)
|
(654
|
)
|
(847
|
)
|
||||||||
Services revenue
|
2,753
|
2,587
|
9,145
|
7,307
|
||||||||||||
Total revenue
|
45,485
|
37,116
|
157,620
|
125,773
|
16
|
Earnings (loss) per share
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Loss attributable to the stockholders of the Group
|
(322
|
)
|
(10,625
|
)
|
(52,419
|
)
|
(60,514
|
)
|
||||||||
Weighted average number of outstanding common shares (thousands)
|
190,167
|
190,983
|
190,695
|
181,554
|
||||||||||||
Basic and diluted loss per share
|
(0.002
|
)
|
(0.056
|
)
|
(0.275
|
)
|
(0.333
|
)
|
17
|
Share-based compensation
|
Number of
options
(thousands)
|
Weighted
average
exercise price
|
Remaining contractual
terms in years
|
Weighted
average grant
date fair value
|
|||||||||||||
At December 31, 2021
|
8,809
|
4.78
|
5.37
|
1.58
|
||||||||||||
Granted during the period
|
3,910
|
4.39
|
-
|
1.98
|
||||||||||||
Forfeit during the period
|
(2,508
|
)
|
7.22
|
-
|
3.19
|
|||||||||||
Exercised during the period (i)
|
(497
|
)
|
1.14
|
-
|
0.46
|
|||||||||||
At December 31, 2022
|
9,714
|
4.18
|
4.37
|
1.41
|
||||||||||||
Stock options exercisable as of December 31, 2022
|
3,270
|
3.82
|
3.95
|
1.07
|
●
|
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 - US$4.40 per share (December 31, 2021 - US$10.72 per share)
|
●
|
Risk-Free Interest Rate – 3.83% (December 31, 2021: 1.14%)
|
●
|
Volatility – 55.68% (December 31, 2021: 51.89%)
|
●
|
Expected dividend: None
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
|||||||
At December 31, 2021
|
3,001
|
7.70
|
||||||
RSU granted
|
2,354
|
5.94
|
||||||
Forfeit during the period
|
(940
|
)
|
7.91
|
|||||
Settled (i)
|
(906
|
)
|
5.86
|
|||||
At December 31, 2022
|
3,509
|
6.94
|
Number of
options
(thousands)
|
Weighted
average
exercise price
|
Remaining contractual
terms in years
|
Weighted
average grant
date fair value
|
|||||||||||||
At December 31, 2021
|
23.57
|
12.37
|
6.35
|
5.47
|
||||||||||||
Granted during the period
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeit during the period
|
(15.15
|
)
|
12.78
|
-
|
5.82
|
|||||||||||
Exercised during the period
|
-
|
-
|
-
|
-
|
||||||||||||
At December 31, 2022
|
8.42
|
13.48
|
5.35
|
5.66
|
||||||||||||
Stock options exercisable as of December 31, 2022
|
6.31
|
13.48
|
5.35
|
5.49
|
●
|
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 - Not applicable for the period (December 31, 2021 - US$13.06 per share)
|
●
|
Risk-free interest rate in Brazilian Reais - Not applicable for the period (December 31, 2021: 8.81%)
|
●
|
Volatility - Not applicable for the period (December 31, 2021: 47.69%)
|
●
|
Expected dividend: None
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
|||||||
At December 31, 2021
|
83.03
|
11.22
|
||||||
RSU granted
|
327.27
|
6.54
|
||||||
Forfeit during the period
|
(76.24
|
)
|
10.70
|
|||||
Settled (i)
|
(48.78
|
)
|
9.69
|
|||||
At December 31, 2022
|
285.28
|
6.42
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
December 31, 2022
|
December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||
Subscription cost
|
(164
|
)
|
(71
|
)
|
(502
|
)
|
(696
|
)
|
||||||||
Services cost
|
(88
|
)
|
(79
|
)
|
(156
|
)
|
(376
|
)
|
||||||||
General and administrative
|
(1,476
|
)
|
(1,008
|
)
|
(4,366
|
)
|
(7,087
|
)
|
||||||||
Sales and marketing
|
(1,142
|
)
|
(610
|
)
|
(2,885
|
)
|
(5,530
|
)
|
||||||||
Research and development
|
(1,716
|
)
|
176
|
(4,844
|
)
|
(5,896
|
)
|
|||||||||
Total
|
(4,586
|
)
|
(1,592
|
)
|
(12,753
|
)
|
(19,585
|
)
|
18
|
Financial Instruments
|
December 31, 2022
|
December 31, 2021
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
24,394
|
121,006
|
||||||
Restricted cash
|
1,608
|
1,183
|
||||||
Marketable securities
|
10,119
|
-
|
||||||
Trade receivables
|
42,276
|
40,825
|
||||||
Total
|
78,397
|
163,014
|
||||||
Financial liabilities:
|
||||||||
Trade payables
|
14,064
|
12,695
|
||||||
Lease liabilities
|
5,635
|
5,991
|
||||||
Loans and financing
|
1,153
|
3,279
|
||||||
Accounts payable from acquisition of subsidiaries
|
-
|
1,470
|
||||||
Total
|
20,852
|
23,435
|
Carrying amount
|
||||||||
December 31, 2022
|
December 31, 2021
|
|||||||
Financial assets:
|
||||||||
Short-term investments
|
204,045
|
177,191
|
||||||
Derivative financial instruments (i)
|
117
|
-
|
||||||
Total
|
204,162
|
177,191
|
Carrying amount
|
||||||||
December 31, 2022
|
December 31, 2021
|
|||||||
Financial liabilities:
|
||||||||
Derivative financial instruments
|
-
|
133
|
||||||
Accounts payable from acquisition of subsidiary ("earn out")
|
299
|
4,953
|
||||||
Total
|
299
|
5,086
|
Three months ended
(unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Net gain (loss) on financial instruments
|
548
|
(73
|
)
|
2,364
|
(193
|
)
|
Three months ended
(unaudited)
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
Net gain (loss) on marketable securities and short-term investments
|
3,675
|
428
|
(4,766
|
)
|
640
|
a.
|
Fair value hierarchy
|
December 31, 2022
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Short-term investments
|
204,045
|
-
|
-
|
|||||||||
Derivative financial instruments
|
-
|
117
|
-
|
|||||||||
Liabilities
|
||||||||||||
Accounts payable from acquisition of subsidiary ("earn-out")
|
-
|
-
|
299
|
|||||||||
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 subsidiary ("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
|
2021
|
|||||||
Opening balance on January 1
|
4,953
|
542
|
||||||
Acquisitions of subsidiaries
|
-
|
6,483
|
||||||
Payments of principal/finance charges - earn-out
|
(916
|
)
|
(1,378
|
)
|
||||
Earn-out adjustment
|
(3,740
|
)
|
(785
|
)
|
||||
Exchange differences
|
2
|
91
|
||||||
Closing balance on December 31
|
299
|
4,953
|
b.
|
Fair values of other financial instruments (unrecognized)
|
Carrying amount
|
Fair value
|
|||||||
Financial assets:
|
||||||||
Marketable securities
|
10,119
|
9,948
|
||||||
Total
|
10,119
|
9,948
|
||||||
Financial liabilities:
|
||||||||
Loans and financing
|
1,153
|
990
|
||||||
Total
|
1,153
|
990
|
19
|
COVID-19 impact
|
20
|
Russian invasion of Ukraine
|
21
|
Subsequent events
|
Three months ended
|
Twelve months ended
|
|||||||||||||||
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
|||||||||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||||||||||
GMV
|
3,903.7
|
2,905.6
|
12,687.7
|
9,665.8
|
||||||||||||
GMV growth FX neutral (%)
|
29.2
|
%
|
16.1
|
%
|
26.8
|
%
|
31.1
|
%
|
For the three months ended (unaudited)
|
||||||||||||||||||||||||||||||||
(in US$ millions)
|
March
31, 2021 |
June
30, 2021 |
September
30, 2021 |
December
31, 2021 |
March
31, 2022 |
June
30, 2022
|
September
30, 2022
|
December
31, 2022 |
||||||||||||||||||||||||
Subscription revenue
|
24.7
|
29.7
|
29.6
|
34.5
|
32.6
|
36.7
|
36.5
|
42.7
|
||||||||||||||||||||||||
Services revenue
|
1.3
|
1.2
|
2.2
|
2.6
|
2.1
|
2.1
|
2.2
|
2.8
|
||||||||||||||||||||||||
Total revenue
|
25.9
|
30.9
|
31.9
|
37.1
|
34.7
|
38.7
|
38.8
|
45.5
|
||||||||||||||||||||||||
Subscription cost
|
(8.7
|
)
|
(9.5
|
)
|
(9.7
|
)
|
(10.5
|
)
|
(10.0
|
)
|
(10.2
|
)
|
(9.8
|
)
|
(11.5
|
)
|
||||||||||||||||
Services cost
|
(2.1
|
)
|
(2.8
|
)
|
(3.1
|
)
|
(3.3
|
)
|
(2.6
|
)
|
(2.8
|
)
|
(2.9
|
)
|
(3.1
|
)
|
||||||||||||||||
Total cost
|
(10.8
|
)
|
(12.2
|
)
|
(12.8
|
)
|
(13.8
|
)
|
(12.6
|
)
|
(13.0
|
)
|
(12.6
|
)
|
(14.6
|
)
|
||||||||||||||||
Gross profit
|
15.1
|
18.7
|
19.1
|
23.4
|
22.1
|
25.7
|
26.1
|
30.9
|
||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||
General and administrative
|
(7.2
|
)
|
(7.8
|
)
|
(9.9
|
)
|
(6.9
|
)
|
(6.9
|
)
|
(7.4
|
)
|
(6.9
|
)
|
(7.1
|
)
|
||||||||||||||||
Sales and marketing
|
(11.0
|
)
|
(15.7
|
)
|
(19.3
|
)
|
(17.5
|
)
|
(17.9
|
)
|
(21.3
|
)
|
(16.2
|
)
|
(12.4
|
)
|
||||||||||||||||
Research and development
|
(8.4
|
)
|
(10.7
|
)
|
(14.2
|
)
|
(11.9
|
)
|
(13.9
|
)
|
(15.4
|
)
|
(13.8
|
)
|
(14.1
|
)
|
||||||||||||||||
Other income (losses)
|
(0.4
|
)
|
(0.9
|
)
|
0.0
|
(0.2
|
)
|
0.0
|
(0.5
|
)
|
(0.5
|
)
|
(0.4
|
)
|
||||||||||||||||||
Loss from operation
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
||||||||||||||||
Financial result, net
|
(1.4
|
)
|
(1.4
|
)
|
(0.6
|
)
|
(1.4
|
)
|
(4.7
|
)
|
(5.4
|
)
|
(0.2
|
)
|
2.7
|
|||||||||||||||||
Equity results
|
0.1
|
0.1
|
0.2
|
0.2
|
0.2
|
0.3
|
0.3
|
0.3
|
||||||||||||||||||||||||
Income (loss) before income tax
|
(13.3
|
)
|
(17.6
|
)
|
(24.8
|
)
|
(14.3
|
)
|
(21.2
|
)
|
(24.1
|
)
|
(11.2
|
)
|
0.0
|
|||||||||||||||||
Income tax
|
0.8
|
2.1
|
2.8
|
3.7
|
2.1
|
2.6
|
(0.3
|
)
|
(0.3
|
)
|
||||||||||||||||||||||
Net loss for the period
|
(12.5
|
)
|
(15.5
|
)
|
(22.0
|
)
|
(10.6
|
)
|
(19.1
|
)
|
(21.5
|
)
|
(11.5
|
)
|
(0.3
|
)
|
||||||||||||||||
Earnings (loss) per share
|
||||||||||||||||||||||||||||||||
Basic and diluted earnings
(loss) per share (US$)
|
(0.07
|
)
|
(0.09
|
)
|
(0.12
|
)
|
(0.06
|
)
|
(0.10
|
)
|
(0.11
|
)
|
(0.06
|
)
|
(0.00
|
)
|
For the three months ended (unaudited)
|
||||||||||||||||||||||||||||||||
March
31, 2021 |
June
30, 2021 |
September
30, 2021 |
December
31, 2021 |
March
31, 2022 |
June
30, 2022 |
September
30, 2022
|
December
31, 2022 |
|||||||||||||||||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||
Subscription cost
|
(33.6
|
)%
|
(30.6
|
)%
|
(30.6
|
)%
|
(28.2
|
)%
|
(28.8
|
)%
|
(26.3
|
)%
|
(25.2
|
)%
|
(25.3
|
)%
|
||||||||||||||||
Services cost
|
(8.1
|
)%
|
(8.9
|
)%
|
(9.6
|
)%
|
(8.9
|
)%
|
(7.5
|
)%
|
(7.3
|
)%
|
(7.4
|
)%
|
(6.8
|
)%
|
||||||||||||||||
Total cost
|
(41.8
|
)%
|
(39.6
|
)%
|
(40.1
|
)%
|
(37.1
|
)%
|
(36.3
|
)%
|
(33.6
|
)%
|
(32.6
|
)%
|
(32.1
|
)%
|
||||||||||||||||
Gross profit
|
58.2
|
%
|
60.4
|
%
|
59.9
|
%
|
62.9
|
%
|
63.7
|
%
|
66.4
|
%
|
67.4
|
%
|
67.9
|
%
|
||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||
General and administrative
|
(27.9
|
)%
|
(25.3
|
)%
|
(31.2
|
)%
|
(18.6
|
)%
|
(19.9
|
)%
|
(19.2
|
)%
|
(17.9
|
)%
|
(15.5
|
)%
|
||||||||||||||||
Sales and marketing
|
(42.6
|
)%
|
(50.9
|
)%
|
(60.7
|
)%
|
(47.0
|
)%
|
(51.6
|
)%
|
(55.1
|
)%
|
(41.7
|
)%
|
(27.3
|
)%
|
||||||||||||||||
Research and development
|
(32.5
|
)%
|
(34.6
|
)%
|
(44.5
|
)%
|
(32.1
|
)%
|
(40.1
|
)%
|
(39.8
|
)%
|
(35.6
|
)%
|
(30.9
|
)%
|
||||||||||||||||
Other income (losses)
|
(1.7
|
)%
|
(2.8
|
)%
|
0.0
|
%
|
(0.6
|
)%
|
0.0
|
%
|
(1.2
|
)%
|
(1.3
|
)%
|
(0.9
|
)%
|
||||||||||||||||
Loss from operation
|
(46.4
|
)%
|
(53.1
|
)%
|
(76.5
|
)%
|
(35.4
|
)%
|
(48.1
|
)%
|
(48.9
|
)%
|
(29.1
|
)%
|
(6.7
|
)%
|
||||||||||||||||
Financial result, net
|
(5.2
|
)%
|
(4.4
|
)%
|
(1.8
|
)%
|
(3.7
|
)%
|
(13.5
|
)%
|
(14.0
|
)%
|
(0.5
|
)%
|
5.9
|
%
|
||||||||||||||||
Equity results
|
0.4
|
%
|
0.5
|
%
|
0.5
|
%
|
0.5
|
%
|
0.6
|
%
|
0.7
|
%
|
0.7
|
%
|
0.8
|
%
|
||||||||||||||||
Income (loss) before income tax
|
(51.3
|
)%
|
(57.0
|
)%
|
(77.7
|
)%
|
(38.6
|
)%
|
(61.1
|
)%
|
(62.2
|
)%
|
(28.9
|
)%
|
0.1
|
%
|
||||||||||||||||
Income tax
|
3.2
|
%
|
6.9
|
%
|
8.8
|
%
|
10.0
|
%
|
6.1
|
%
|
6.8
|
%
|
(0.9
|
)%
|
(0.8
|
)%
|
||||||||||||||||
Net loss for the period
|
(48.1
|
)%
|
(50.1
|
)%
|
(68.9
|
)%
|
(28.6
|
)%
|
(55.0
|
)%
|
(55.4
|
)%
|
(29.8
|
)%
|
(0.7
|
)%
|
March
31, 2021 |
June
30, 2021 |
September
30, 2021 |
December
31, 2021 |
March
31, 2022 |
June
30, 2022 |
September
30, 2022 |
December
31, 2022 |
|||||||||||||||||||||||||
Loss from operation
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
||||||||||||||||
Share-based compensation expense
|
3.2
|
5.5
|
9.3
|
1.6
|
2.5
|
0.9
|
4.8
|
4.6
|
||||||||||||||||||||||||
Amortization of intangibles related to acquisitions
|
0.3
|
0.5
|
0.5
|
0.8
|
0.5
|
0.6
|
0.5
|
0.5
|
||||||||||||||||||||||||
Offering expenses ("IPO") (i)
|
-
|
-
|
1.3
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
Non-GAAP Income (Loss) from Operation
|
(8.5
|
)
|
(10.4
|
)
|
(13.3
|
)
|
(10.9
|
)
|
(13.7
|
)
|
(17.4
|
)
|
(6.0
|
)
|
2.1
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
(in US$ thousands)
|
December
31, 2022
|
December
31, 2021
|
December
31, 2022 |
December
31, 2021
|
||||||||||||
Subscription revenue
|
42,732
|
34,529
|
148,475
|
118,466
|
||||||||||||
Services revenue
|
2,753
|
2,587
|
9,145
|
7,307
|
||||||||||||
Total revenue
|
45,485
|
37,116
|
157,620
|
125,773
|
||||||||||||
Subscription cost (1)
|
(11,491
|
)
|
(10,469
|
)
|
(41,408
|
)
|
(38,380
|
)
|
||||||||
Services cost (1)
|
(3,103
|
)
|
(3,291
|
)
|
(11,424
|
)
|
(11,212
|
)
|
||||||||
Total cost
|
(14,594
|
)
|
(13,760
|
)
|
(52,832
|
)
|
(49,592
|
)
|
||||||||
Gross profit
|
30,891
|
23,356
|
104,788
|
76,181
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative (1)
|
(7,052
|
)
|
(6,913
|
)
|
(28,348
|
)
|
(31,889
|
)
|
||||||||
Sales and marketing (1)
|
(12,404
|
)
|
(17,459
|
)
|
(67,798
|
)
|
(63,521
|
)
|
||||||||
Research and development (1)
|
(14,059
|
)
|
(11,915
|
)
|
(57,205
|
)
|
(45,186
|
)
|
||||||||
Other losses
|
(402
|
)
|
(211
|
)
|
(1,356
|
)
|
(1,514
|
)
|
||||||||
Loss from operation
|
(3,026
|
)
|
(13,142
|
)
|
(49,919
|
)
|
(65,929
|
)
|
||||||||
Financial result, net
|
2,706
|
(1,369
|
)
|
(7,631
|
)
|
(4,644
|
)
|
|||||||||
Equity results
|
347
|
190
|
1,106
|
587
|
||||||||||||
Income (loss) before income tax
|
27
|
(14,321
|
)
|
(56,444
|
)
|
(69,986
|
)
|
|||||||||
Income tax
|
(349
|
)
|
3,696
|
4,025
|
9,472
|
|||||||||||
Net loss for the period
|
(322
|
)
|
(10,625
|
)
|
(52,419
|
)
|
(60,514
|
)
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||
(in US$ thousands)
|
December
31, 2022
|
December
31, 2021
|
December
31, 2022
|
December
31, 2021
|
||||||||||||
Subscription cost
|
(165
|
)
|
(71
|
)
|
(502
|
)
|
(696
|
)
|
||||||||
Services cost
|
(88
|
)
|
(79
|
)
|
(156
|
)
|
(377
|
)
|
||||||||
General and administrative
|
(1,476
|
)
|
(1,008
|
)
|
(4,366
|
)
|
(7,087
|
)
|
||||||||
Sales and marketing
|
(1,142
|
)
|
(610
|
)
|
(2,885
|
)
|
(5,529
|
)
|
||||||||
Research and development
|
(1,715
|
)
|
176
|
(4,844
|
)
|
(5,896
|
)
|
|||||||||
Total
|
(4,586
|
)
|
(1,592
|
)
|
(12,753
|
)
|
(19,585
|
)
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
Subscription revenue
|
42,732
|
34,529
|
23.8
|
%
|
148,475
|
118,466
|
25.3
|
%
|
||||||||||||||||
Services revenue
|
2,753
|
2,587
|
6.4
|
%
|
9,145
|
7,307
|
25.2
|
%
|
||||||||||||||||
Total revenue
|
45,485
|
37,116
|
22.5
|
%
|
157,620
|
125,773
|
25.3
|
%
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
Subscription cost
|
(11,491
|
)
|
(10,469
|
)
|
9.8
|
%
|
(41,408
|
)
|
(38,380
|
)
|
7.9
|
%
|
||||||||||||
Services cost
|
(3,103
|
)
|
(3,291
|
)
|
(5.7
|
)%
|
(11,424
|
)
|
(11,212
|
)
|
1.9
|
%
|
||||||||||||
Total cost
|
(14,594
|
)
|
(13,760
|
)
|
6.1
|
%
|
(52,832
|
)
|
(49,592
|
)
|
6.5
|
%
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands,except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
General and administrative
|
(7,052
|
)
|
(6,913
|
)
|
2.0
|
%
|
(28,348
|
)
|
(31,889
|
)
|
(11.1
|
)%
|
||||||||||||
Percentage of total revenue
|
(15.5
|
)%
|
(18.6
|
)%
|
-
|
(18.0
|
)%
|
(25.4
|
)%
|
-
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
Sales and marketing
|
(12,404
|
)
|
(17,459
|
)
|
(29.0
|
)%
|
(67,798
|
)
|
(63,521
|
)
|
6.7
|
%
|
||||||||||||
Percentage of total revenue
|
(27.3
|
)%
|
(47.0
|
)%
|
-
|
(43.0
|
)%
|
(50.5
|
)%
|
-
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
Research and development
|
(14,059
|
)
|
(11,915
|
)
|
18.0
|
%
|
(57,205
|
)
|
(45,186
|
)
|
26.6
|
%
|
||||||||||||
Percentage of total revenue
|
(30.9
|
)%
|
(32.1
|
)%
|
-
|
(36.3
|
)%
|
(35.9
|
)%
|
-
|
Three months ended (unaudited)
|
Twelve months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
Variation
|
December
31, 2022
|
December
31, 2021
|
Variation
|
||||||||||||||||||
Financial income
|
7,645
|
2,295
|
233.1
|
%
|
23,770
|
7,414
|
220.6
|
%
|
||||||||||||||||
Financial expense
|
(4,939
|
)
|
(3,664
|
)
|
34.8
|
%
|
(31,401
|
)
|
(12,058
|
)
|
160.4
|
%
|
||||||||||||
Financial result, net
|
2,706
|
(1,369
|
)
|
(297.7
|
)%
|
(7,631
|
)
|
(4,644
|
)
|
64.3
|
%
|
As at December 31, 2022 (unaudited)
|
||||||||||||||||
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
Short-term investments
|
208,177
|
1,013
|
(5,145
|
)
|
204,045
|
As at December 31, 2021 (unaudited)
|
||||||||||||||||
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
Short-term investments
|
176,775
|
540
|
(124
|
)
|
177,191
|
For the twelve months ended
|
||||||||
(in US$ thousands, except percentages)
|
December
31, 2022
|
December
31, 2021
|
||||||
Net cash used in operating activities
|
(29,222
|
)
|
(52,991
|
)
|
||||
Net cash used in investing activities
|
(43,379
|
)
|
(166,781
|
)
|
||||
Net cash provided by (used in) financing activities
|
(19,580
|
)
|
283,683
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(92,181
|
)
|
63,911
|
●
|
a decrease in net loss of the year to US$52.4 million for the year ended December 31, 2022, from a net loss of the year of US$60.5 million for the year ended December 31, 2021;
|
●
|
changes in operating assets which consisted mainly of an increase in trade receivables in the amount of US$3.6 million for the year ended December 31, 2022, compared to an increase of US$16.7 million for the
year ended December 31, 2021, and a decrease in prepaid expenses in the amount of US$3.9 million for the year ended December 31, 2022, compared to an increase of US$2.7 million for the year ended December 31, 2021. This was partially offset
by:
|
●
|
changes in operating liabilities which consisted mainly of US$1.2 million increase in deferred revenue for the year ended December 31, 2022, compared to an increase of US$12.3 million for the year ended
December 31, 2021, and an decrease in taxes payable in the amount of US$1.5 million for the year ended December 31, 2022, compared to an increase of US$3.1 million for the year ended December 31, 2021.
|
|
VTEX | |
|
|
|
|
|
|
|
By: |
/s/ Ricardo Camatta Sodre |
|
Name: |
Ricardo Camatta Sodre |
|
Title: |
Chief Financial Officer |