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 |
37 |
Item 1 - Signatures | 37 |
March 31, 2023
|
December 31, 2022
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
21,891
|
24,394
|
||||||
Restricted cash
|
600
|
1,608
|
||||||
Marketable securities and short-term investments
|
209,002
|
214,164
|
||||||
Trade receivables
|
37,536
|
36,844
|
||||||
Recoverable taxes
|
5,755
|
5,122
|
||||||
Deferred commissions
|
727
|
663
|
||||||
Prepaid expenses
|
5,376
|
4,152
|
||||||
Derivative financial instruments
|
54
|
117
|
||||||
Other current assets
|
1,294
|
93
|
||||||
Total current assets
|
282,235
|
287,157
|
||||||
Non-current assets
|
||||||||
Trade receivables
|
5,115
|
5,432
|
||||||
Deferred tax assets
|
19,226
|
17,710
|
||||||
Prepaid expenses
|
172
|
204
|
||||||
Recoverable taxes
|
3,450
|
3,334
|
||||||
Deferred commissions
|
2,124
|
1,790
|
||||||
Other non-current assets
|
948
|
957
|
||||||
Right-of-use assets
|
4,673
|
4,818
|
||||||
Property and equipment, net
|
3,894
|
3,909
|
||||||
Intangible assets, net
|
31,267
|
31,210
|
||||||
Investments in joint venture
|
424
|
1,152
|
||||||
Total non-current assets
|
71,293
|
70,516
|
||||||
Total assets
|
353,528
|
357,673
|
March 31, 2023
|
December 31, 2022
|
|||||||
LIABILITIES
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
31,078
|
34,136
|
||||||
Loans and financing
|
522
|
1,153
|
||||||
Taxes payable
|
5,498
|
4,128
|
||||||
Lease liabilities
|
1,959
|
1,898
|
||||||
Deferred revenue
|
23,640
|
20,332
|
||||||
Accounts payable from acquisition of subsidiaries
|
-
|
299
|
||||||
Other current liabilities
|
73
|
70
|
||||||
Total current liabilities
|
62,770
|
62,016
|
||||||
Non-current liabilities
|
||||||||
Accounts payable and accrued expenses
|
489
|
511
|
||||||
Taxes payable
|
160
|
160
|
||||||
Lease liabilities
|
3,571
|
3,737
|
||||||
Deferred revenue
|
16,037
|
13,923
|
||||||
Deferred tax liabilities
|
2,734
|
2,464
|
||||||
Other non-current liabilities
|
234
|
185
|
||||||
Total non-current liabilities
|
23,225
|
20,980
|
||||||
EQUITY
|
||||||||
Issued Capital
|
19
|
19
|
||||||
Capital reserve
|
389,824
|
390,885
|
||||||
Other reserves
|
1,955
|
127
|
||||||
Accumulated losses
|
(124,301
|
)
|
(116,373
|
)
|
||||
Equity attributable to VTEX’s shareholders
|
267,497
|
274,658
|
||||||
Non-controlling interests
|
36
|
19
|
||||||
Total shareholders’ equity
|
267,533
|
274,677
|
||||||
Total liabilities and equity
|
353,528
|
357,673
|
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Subscription revenue
|
39,762
|
32,580
|
||||||
Services revenue
|
2,520
|
2,087
|
||||||
Total revenue
|
42,282
|
34,667
|
||||||
Subscription cost
|
(10,400
|
)
|
(9,996
|
)
|
||||
Services cost
|
(4,166
|
)
|
(2,607
|
)
|
||||
Total cost
|
(14,566
|
)
|
(12,603
|
)
|
||||
Gross profit
|
27,716
|
22,064
|
||||||
Operating expenses
|
||||||||
General and administrative
|
(7,925
|
)
|
(6,921
|
)
|
||||
Sales and marketing
|
(14,782
|
)
|
(17,900
|
)
|
||||
Research and development
|
(13,959
|
)
|
(13,925
|
)
|
||||
Other income (losses)
|
(754
|
)
|
8
|
|||||
Loss from operation
|
(9,704
|
)
|
(16,674
|
)
|
||||
Financial income
|
7,359
|
4,292
|
||||||
Financial expense
|
(5,903
|
)
|
(9,013
|
)
|
||||
Financial result, net
|
1,456
|
(4,721
|
)
|
|||||
Equity results
|
341
|
219
|
||||||
Loss before income tax
|
(7,907
|
)
|
(21,176
|
)
|
||||
Income tax
|
||||||||
Current
|
(570
|
)
|
(427
|
)
|
||||
Deferred
|
549
|
2,512
|
||||||
Total income tax
|
(21
|
)
|
2,085
|
|||||
Net loss for the period
|
(7,928
|
)
|
(19,091
|
)
|
||||
Attributable to controlling shareholders
|
(7,928
|
)
|
(19,090
|
)
|
||||
Non-controlling interest
|
-
|
(1
|
)
|
|||||
Loss per share
|
||||||||
Basic loss per share
|
(0.042
|
)
|
(0.100
|
)
|
||||
Diluted loss per share
|
(0.042
|
)
|
(0.100
|
)
|
Issued capital
|
Capital reserve
|
Other
reserves |
Accumulated losses
|
Equity
attributable to VTEX’s shareholders |
Non-controlling interests
|
Total
shareholders’ equity |
||||||||||||||||||||||
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
|
)
|
|||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
3,596
|
-
|
3,596
|
-
|
3,596
|
|||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
3,596
|
(19,090
|
)
|
(15,494
|
)
|
(1
|
)
|
(15,495
|
)
|
|||||||||||||||||
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
|
|||||||||||||||||||||
Total transactions with owners of the Company
|
-
|
3,121
|
-
|
-
|
3,121
|
4
|
3,125
|
|||||||||||||||||||||
At March 31, 2022
|
19
|
393,587
|
4,248
|
(83,045
|
)
|
314,809
|
10
|
314,819
|
||||||||||||||||||||
At January 1, 2023
|
19
|
390,885
|
127
|
(116,373
|
)
|
274,658
|
19
|
274,677
|
||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(7,928
|
)
|
(7,928
|
)
|
-
|
(7,928
|
)
|
||||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
1,828
|
-
|
1,828
|
-
|
1,828
|
|||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
1,828
|
(7,928
|
)
|
(6,100
|
)
|
-
|
(6,100
|
)
|
||||||||||||||||||
Transactions with owners of the Company
|
|
|||||||||||||||||||||||||||
Exercise of stock options
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Share repurchase program (note 20.2)
|
-
|
(5,330
|
)
|
-
|
-
|
(5,330
|
)
|
-
|
(5,330
|
)
|
||||||||||||||||||
Share-based compensation
|
-
|
4,266
|
-
|
-
|
4,266
|
-
|
4,266
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
17
|
17
|
|||||||||||||||||||||
Total transactions with owners of the Company
|
-
|
(1,061
|
)
|
-
|
-
|
(1,061
|
)
|
17
|
(1,044
|
)
|
||||||||||||||||||
At March 31, 2023
|
19
|
389,824
|
1,955
|
(124,301
|
)
|
267,497
|
36
|
267,533
|
March 31, 2023
|
March 31, 2022
|
|||||||
Net loss for the period
|
(7,928
|
)
|
(19,091
|
)
|
||||
Adjustments for:
|
||||||||
Depreciation and amortization
|
1,226
|
1,094
|
||||||
Deferred income tax
|
(549
|
)
|
(2,512
|
)
|
||||
Loss on disposal of rights of use, property, equipment, and intangible assets
|
14
|
(46
|
)
|
|||||
Expected credit losses from trade receivables
|
537
|
122
|
||||||
Share-based compensation
|
4,004
|
3,099
|
||||||
Provision for payroll taxes (share-based compensation)
|
452
|
(1,232
|
)
|
|||||
Adjustment of hyperinflation
|
1,420
|
717
|
||||||
Equity results
|
(341
|
)
|
(219
|
)
|
||||
Fair value (gains) losses
|
(3,374
|
)
|
3,840
|
|||||
Others and foreign exchange, net
|
68
|
(1,940
|
)
|
|||||
Change in operating assets and liabilities
|
||||||||
Trade receivables
|
(124
|
)
|
(759
|
)
|
||||
Recoverable taxes
|
(580
|
)
|
(847
|
)
|
||||
Prepaid expenses
|
(1,019
|
)
|
(1,737
|
)
|
||||
Other assets
|
(299
|
)
|
(306
|
)
|
||||
Accounts payable and accrued expenses
|
(4,250
|
)
|
(1,143
|
)
|
||||
Taxes payable
|
1,472
|
(427
|
)
|
|||||
Deferred revenue
|
4,279
|
5,291
|
||||||
Other liabilities
|
304
|
410
|
||||||
Cash used in operating activities
|
(4,688
|
)
|
(15,686
|
)
|
||||
Income tax paid
|
(170
|
)
|
(304
|
)
|
||||
Net cash used in operating activities
|
(4,858
|
)
|
(15,990
|
)
|
||||
Cash flows from investing activities
|
||||||||
Purchase of short-term investment
|
(2,010
|
)
|
(6,587
|
)
|
||||
Redemption of short-term investment
|
9,992
|
3,631
|
||||||
Purchase of marketable securities
|
(1,995
|
)
|
-
|
|||||
Redemption of marketable securities
|
1,876
|
-
|
||||||
Interest and dividend received from short-term investments
|
462
|
-
|
||||||
Payment of business acquired
|
-
|
(1,268
|
)
|
|||||
Acquisitions of property and equipment
|
(146
|
)
|
(95
|
)
|
||||
Derivative financial instruments
|
(134
|
)
|
-
|
|||||
Net cash provided by (used in) investing activities
|
8,045
|
(4,319
|
)
|
|||||
Cash flows from financing activities
|
||||||||
Derivative financial instruments
|
-
|
(718
|
)
|
|||||
Changes in restricted cash
|
1,034
|
373
|
||||||
Proceeds from the exercise of stock options
|
3
|
19
|
||||||
Net-settlement of share-based payment
|
(387
|
)
|
(598
|
)
|
||||
Buyback of shares
|
(5,330
|
)
|
-
|
|||||
Payment of loans and financing
|
(696
|
)
|
(657
|
)
|
||||
Interest paid
|
(4
|
)
|
(20
|
)
|
||||
Principal elements of lease payments
|
(368
|
)
|
(279
|
)
|
||||
Lease interest paid
|
(148
|
)
|
(176
|
)
|
||||
Net cash used in financing activities
|
(5,896
|
)
|
(2,056
|
)
|
||||
Net decrease in cash and cash equivalents
|
(2,709
|
)
|
(22,365
|
)
|
||||
Cash and cash equivalents, beginning of the period
|
24,394
|
121,006
|
||||||
Effect of exchange rate changes
|
206
|
983
|
||||||
Cash and cash equivalents, end of the period
|
21,891
|
99,624
|
||||||
Non-cash transactions:
|
||||||||
Lease liabilities arising from obtaining right-of-use assets
|
76
|
931
|
||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
3
|
||||||
Dividends from joint venture used to pay accounts from acquisition of subsidiaries
|
-
|
448
|
||||||
Transactions with non-controlling interests
|
17
|
4
|
1 |
General information
|
Interest held by the Group (%)
|
||||||||||
Company
|
Place of business/
country of
incorporation
|
Relationship
|
Principal
business
activity
|
March
31, 2023
|
December
31, 2022
|
March
31, 2022
|
||||
VTEX (“VTEX”)
|
Cayman
|
Holding
|
Technology Services
|
|||||||
VTEX Informatica 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 Day Eventos LTDA (“VTEX DAY”)
|
Brazil
|
Subsidiary
|
Production of events
|
100
|
100
|
100
|
||||
Loja Integrada Tecnologia Para Softwares S.A. (“Loja Integrada”)
|
Brazil
|
Subsidiary
|
Technology Services
|
99.28
|
99.58
|
99.81
|
||||
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
|
||||
VTEX Ecommerce Platform Limited (“VTEX UK”)
|
UK
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
||||
VTEX Mexico Soluciones en Ecommerce S.R.L. de C.V. (“VTEX MEX”)
|
Mexico
|
Subsidiary
|
Technology Services
|
100
|
100
|
99.99
|
||||
EI Education S.A.P.I de C.V. (“Escuela”)
|
Mexico
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
||||
Peru Tecnologia para ECOMMERCE S.A.C. (“VTEX PERU”)
|
Peru
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
||||
VTEX Platform España, S.L. ("VTEX ESP")
|
Spain
|
Subsidiary
|
Technology Services
|
100
|
100
|
100
|
||||
Vtex Ecommerce Platform Limited - Sede Secondaria (“VTEX ITA”)
|
Italy
|
Branch
|
Technology Services
|
100
|
100
|
100
|
||||
Vtex Ecommerce Platform Limited London - Sucursala Bucuresti (“VTEX ROM”)
|
Romania
|
Branch
|
Technology Services
|
100
|
100
|
100
|
||||
Vtex Ecommerce Platform Limited – Sucursal em Portugal (“VTEX PORT”)
|
Portugal
|
Branch
|
Technology Services
|
100
|
100
|
100
|
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, 2023
|
December 31, 2022
|
|||||||
Cash and cash bank deposits
|
15,095
|
18,930
|
||||||
Time deposits and other investments
|
4,726
|
2,271
|
||||||
Investment funds
|
2,070
|
3,193
|
||||||
Total
|
21,891
|
24,394
|
4 |
Marketable securities and short-term investments |
March 31, 2023
|
December 31, 2022
|
|||||||
Marketable securities
|
9,908
|
10,119
|
||||||
Short-term investments
|
199,094
|
204,045
|
||||||
Marketable securities and short-term investments
|
209,002
|
214,164
|
|
4.1 | Marketable securities |
2023
|
||||
Opening balance on January 1
|
10,119
|
|||
Additions
|
1,995
|
|||
Redemption
|
(1,876
|
)
|
||
Accrued interest
|
1,306
|
|||
Exchange differences
|
(1,636
|
)
|
||
Closing balance on March 31
|
9,908
|
|||
4.2 | Short-term investments |
2023
|
||||
Opening balance on January 1
|
204,045
|
|||
Additions
|
2,010
|
|||
Redemption
|
(9,992
|
)
|
||
Fair value gains, net
|
3,304
|
|||
Exchange differences
|
(273
|
)
|
||
Closing balance on March 31
|
199,094
|
|||
5 |
Trade receivables |
March 31, 2023
|
December 31, 2022
|
|||||||
Trade receivables
|
43,803
|
43,084
|
||||||
Expected credit losses
|
(1,152
|
)
|
(808
|
)
|
||||
Total trade receivables
|
42,651
|
42,276
|
||||||
Current
|
37,536
|
36,844
|
||||||
Non-current
|
5,115
|
5,432
|
2023
|
||||
Opening balance on January 1
|
(808
|
)
|
||
Addition, net
|
(537
|
)
|
||
Write-off
|
216
|
|||
Exchange differences
|
(23
|
)
|
||
Closing balance on March 31
|
(1,152
|
)
|
||
March 31, 2023
|
December 31, 2022
|
|||||||
Current
|
40,804
|
39,188
|
||||||
Overdue:
|
||||||||
From 1 to 30 days
|
899
|
2,087
|
||||||
From 31 to 60 days
|
289
|
454
|
||||||
From 61 to 90 days
|
279
|
359
|
||||||
From 91 to 120 days
|
326
|
295
|
||||||
From 121 to 300 days
|
1,206
|
701
|
||||||
Total
|
43,803
|
43,084
|
6 | Current and deferred tax |
6.1 | Deferred tax assets |
March 31, 2023
|
December 31, 2022
|
|||||||
Loss allowances for financial assets
|
344
|
270
|
||||||
Bonus provision
|
551
|
1,712
|
||||||
Lease
|
406
|
392
|
||||||
Share-based compensation
|
3,064
|
3,130
|
||||||
Hyperinflationary adjustments
|
29
|
37
|
||||||
Tax loss (i)
|
12,530
|
10,513
|
||||||
Others (ii)
|
2,302
|
1,656
|
||||||
Total deferred tax assets
|
19,226
|
17,710
|
6.2 | Deferred tax liabilities |
March 31, 2023
|
December 31, 2022
|
|||||||
Acquisition of subsidiaries
|
1,347
|
1,409
|
||||||
Temporary differences
|
1,005
|
827
|
||||||
Others
|
382
|
228
|
||||||
Total deferred tax liabilities
|
2,734
|
2,464
|
6.3 | Income Tax expense |
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Current tax
|
||||||||
Current tax on profits for the period
|
(570
|
)
|
(427
|
)
|
||||
(570
|
)
|
(427
|
)
|
|||||
Deferred income tax
|
||||||||
Decrease in deferred tax
|
549
|
2,512
|
||||||
549
|
2,512
|
|||||||
Income tax
|
(21
|
)
|
2,085
|
7 | Leases |
7.1 | Amounts recognized in the balance sheet |
March 31, 2023
|
December 31, 2022
|
|||||||
Right-of-use assets
|
||||||||
Office buildings
|
4,673
|
4,818
|
||||||
Total
|
4,673
|
4,818
|
||||||
March 31, 2023
|
December 31, 2022
|
|||||||
Lease liabilities
|
||||||||
Current
|
1,959
|
1,898
|
||||||
Non-current
|
3,571
|
3,737
|
||||||
Total
|
5,530
|
5,635
|
2023
|
||||
Right-of-use assets
|
||||
Opening balance on January 1
|
4,818
|
|||
New lease agreements
|
76
|
|||
Depreciation
|
(371
|
)
|
||
Hyperinflation adjustment
|
2
|
|||
Exchange differences
|
148
|
|||
Closing balance on March 31
|
4,673
|
|||
2023
|
||||
Lease liabilities
|
||||
Opening balance on January 1
|
5,635
|
|||
New lease agreements
|
76
|
|||
Interest added
|
149
|
|||
Principal elements of lease payments
|
(368
|
)
|
||
Interest payment
|
(148
|
)
|
||
Exchange differences
|
186
|
|||
Closing balance on March 31
|
5,530
|
7.2 | Amounts recognized in the Statement of profit or loss |
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Depreciation charge of office buildings
|
371
|
303
|
||||||
Interest expense (included in financial expense)
|
149
|
176
|
||||||
Total
|
520
|
479
|
8 | Property and equipment, net |
March 31, 2023
|
December 31, 2022
|
|||||||
Leasehold improvements
|
3,045
|
2,811
|
||||||
Machinery and equipment
|
290
|
307
|
||||||
Furniture and fixture
|
759
|
836
|
||||||
Computer and peripherals
|
4,556
|
4,346
|
||||||
Accumulated depreciation
|
(4,756
|
)
|
(4,391
|
)
|
||||
Property and equipment, net
|
3,894
|
3,909
|
9 | Intangible assets, net |
March 31, 2023
|
December 31, 2022
|
|||||||
Software
|
4,462
|
4,291
|
||||||
Trademark
|
227
|
218
|
||||||
Intellectual property
|
2,819
|
2,675
|
||||||
Customer contracts
|
9,440
|
9,394
|
||||||
Goodwill
|
21,378
|
20,965
|
||||||
Others
|
541
|
519
|
||||||
Accumulated amortization
|
(7,600
|
)
|
(6,852
|
)
|
||||
Intangible assets, net
|
31,267
|
31,210
|
10 | Accounts payable and accrued expenses |
March 31, 2023
|
December 31, 2022
|
|||||||
Trade payables
|
14,479
|
14,064
|
||||||
Social charges
|
5,978
|
5,537
|
||||||
Profit-sharing
|
4,496
|
9,484
|
||||||
Provision for vacation and benefits
|
6,559
|
5,506
|
||||||
Others
|
55
|
56
|
||||||
Total
|
31,567
|
34,647
|
||||||
Current
|
31,078
|
34,136
|
||||||
Non-current
|
489
|
511
|
11 | Loans and financing |
11.1 | Breakdown of loans and financing |
Interest rate
|
Country
|
Maturity
|
March 31, 2023
|
December 31, 2022
|
||||||
BNDES
|
6.5% p.a
(Brazilian Reais)
|
Brazil
|
Mar/23
|
-
|
189
|
|||||
Itaú (i)
|
100% CDI + 2.5% p.a
(Brazilian Reais)
|
Brazil
|
May/23
|
522
|
964
|
|||||
Total
|
522
|
1,153
|
11.2 | Changes in loans and financing |
2023
|
||||
Opening balance on January 1
|
1,153
|
|||
Payment of loans
|
(696
|
)
|
||
Interest charged
|
4
|
|||
Interest paid
|
(4
|
)
|
||
Basis adjustment on the fair value hedge (i)
|
31
|
|||
Exchange differences
|
34
|
|||
Closing balance on March 31
|
522
|
|||
12 | Taxes payable |
March 31, 2023
|
December 31, 2022
|
|||||||
Income tax payable
|
1,134
|
673
|
||||||
Other taxes payable
|
4,524
|
3,615
|
||||||
Total
|
5,658
|
4,288
|
||||||
Current
|
5,498
|
4,128
|
||||||
Non-current (i)
|
160
|
160
|
13 | Contingencies |
March 31, 2023
|
December 31, 2022
|
|||||||
Civil
|
39
|
6
|
||||||
Labor
|
45
|
95
|
||||||
Tax
|
149
|
84
|
||||||
Total
|
233
|
185
|
March 31, 2023
|
December 31, 2022
|
|||||||
Civil
|
133
|
118
|
||||||
Labor
|
-
|
-
|
||||||
Tax
|
947
|
878
|
||||||
Total
|
1,080
|
996
|
14 |
Shareholders’ equity |
14.1 | Issued capital |
March 31, 2023
|
December 31, 2022
|
|||||||
Number of ordinary nominative shares
|
188,131,987
|
188,992,529
|
||||||
Par value
|
0.0001
|
0.0001
|
||||||
Total issued capital
|
19
|
19
|
15 | Revenue from services provided |
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Subscriptions
|
43,530
|
35,675
|
||||||
Taxes on subscriptions
|
(3,768
|
)
|
(3,095
|
)
|
||||
Subscription revenue
|
39,762
|
32,580
|
||||||
Services provided
|
2,645
|
2,254
|
||||||
Taxes on services
|
(125
|
)
|
(167
|
)
|
||||
Services revenue
|
2,520
|
2,087
|
||||||
Total revenue
|
42,282
|
34,667
|
16 | Earnings (loss) per share |
Three months ended
|
||||||||
Basic loss per share
|
March 31, 2023
|
March 31, 2022
|
||||||
Loss attributable to the stockholders of the Group
|
(7,928
|
)
|
(19,090
|
)
|
||||
Weighted average number of outstanding common shares (thousands)
|
188,240
|
191,165
|
||||||
Basic loss per share
|
(0.042
|
)
|
(0.100
|
)
|
Three months ended
|
||||||||
Diluted loss per share
|
March 31, 2023
|
March 31, 2022
|
||||||
Loss attributable to the stockholders of the Group
|
(7,928
|
)
|
(19,090
|
)
|
||||
Weighted average number of outstanding common shares (thousands)
|
188,240
|
191,165
|
||||||
Diluted loss per share
|
(0.042
|
)
|
(0.100
|
)
|
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, 2023
|
9,714
|
4.18
|
4.37
|
1.41
|
||||||||||||
Granted
|
4
|
3.95
|
-
|
1.87
|
||||||||||||
Forfeit
|
(74
|
)
|
3.62
|
-
|
1.64
|
|||||||||||
Exercised (i)
|
(5
|
)
|
0.63
|
-
|
1.26
|
|||||||||||
At March 31, 2023
|
9,639
|
4.19
|
4.14
|
1.30
|
||||||||||||
Stock options exercisable as of March 31, 2023
|
4,587
|
4.08
|
3.89
|
1.02
|
||||||||||||
●
|
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$3.95 per share (December 31, 2022 - US$10.72 per
share)
|
●
|
Risk-Free Interest Rate – 4.18% (December 31, 2022: 1.14%)
|
●
|
Volatility – 57.24% (December 31, 2022: 51.89%)
|
●
|
Expected dividend: None
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
|||||||
At January 1, 2023
|
3,509
|
6.94
|
||||||
Granted
|
452
|
3.38
|
||||||
Forfeit
|
(89
|
)
|
7.60
|
|||||
Settled (i)
|
(643
|
)
|
6.84
|
|||||
At March 31, 2023
|
3,229
|
6.44
|
||||||
17.2 | Share-based compensation: Loja Integrada |
Number of
options
(thousands)
|
Weighted
average
exercise price
|
Remaining
contractual
terms in years
|
Weighted
average grant
date fair value
|
|||||||||||||
At January 1, 2023
|
8.42
|
13.48
|
5.35
|
5.66
|
||||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeit
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
At March 31, 2023
|
8.42
|
14.06
|
5.11
|
5.90
|
||||||||||||
Stock options exercisable as of March 31, 2023
|
8.42
|
14.06
|
5.11
|
5.90
|
||||||||||||
●
|
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, 2022 - US$13.06 per share)
|
●
|
Risk-free interest rate in Brazilian Reais - Not applicable for the period (December 31, 2022: 8.81%)
|
●
|
Volatility - Not applicable for the period (December 31, 2022: 47.69%)
|
●
|
Expected dividend: None
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
|||||||
At January 1, 2023
|
285.28
|
6.42
|
||||||
Granted
|
-
|
-
|
||||||
Forfeit
|
(2.14
|
)
|
8.08
|
|||||
Settled (i)
|
(26.80
|
)
|
8.08
|
|||||
At March 31, 2023
|
256.34
|
6.54
|
||||||
17.3 | Amounts recognized in the statement of profit or loss |
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Subscription cost
|
(21
|
)
|
(87
|
)
|
||||
Services cost
|
(145
|
)
|
(26
|
)
|
||||
General and administrative
|
(1,714
|
)
|
(989
|
)
|
||||
Sales and marketing
|
(1,319
|
)
|
(729
|
)
|
||||
Research and development
|
(1,871
|
)
|
(643
|
)
|
||||
Total
|
(5,070
|
)
|
(2,474
|
)
|
18 |
Financial Instruments |
(i) |
Financial instruments valued at amortized cost |
March 31, 2023
|
December 31, 2022
|
|||||||
Financial assets:
|
||||||||
Cash and cash equivalents
|
21,891
|
24,394
|
||||||
Restricted cash
|
600
|
1,608
|
||||||
Marketable securities
|
9,908
|
10,119
|
||||||
Trade receivables
|
42,651
|
42,276
|
||||||
Other assets
|
1,127
|
-
|
||||||
Total
|
76,177
|
78,397
|
||||||
Financial liabilities:
|
||||||||
Trade payables
|
14,479
|
14,064
|
||||||
Lease liabilities
|
5,530
|
5,635
|
||||||
Loans and financing
|
522
|
1,153
|
||||||
Total
|
20,531
|
20,852
|
(ii) |
Financial instruments valued at fair value through profit or loss |
Carrying amount
|
||||||||
March 31, 2023
|
December 31, 2022
|
|||||||
Financial assets:
|
||||||||
Short-term investments
|
199,094
|
204,045
|
||||||
Derivative financial instruments (i)
|
54
|
117
|
||||||
Total
|
199,148
|
204,162
|
||||||
Carrying amount
|
||||||||
March 31, 2023
|
December 31, 2022
|
|||||||
Financial liabilities:
|
||||||||
Accounts payable from acquisition of subsidiary ("earn out")
|
-
|
299
|
||||||
Total
|
-
|
299
|
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Net gain (loss) on financial instruments
|
77
|
(80
|
)
|
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
Net gain (loss) on marketable securities and short-term investments
|
3,304
|
(3,795
|
)
|
a. | Fair value hierarchy |
March 31, 2023
|
||||||||||||
Level 1
|
Level 2
|
Level 3
|
||||||||||
Assets
|
||||||||||||
Short-term investments
|
199,094
|
-
|
-
|
|||||||||
Derivative financial instruments
|
-
|
54
|
-
|
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
|
2023
|
||||
Opening balance on January 1
|
299
|
|||
Earn-out adjustment
|
(299
|
)
|
||
Exchange differences
|
-
|
|||
Closing balance on March 31
|
-
|
b.
|
Fair values of other financial instruments (unrecognized) |
Carrying amount
|
Fair value
|
|||||||
Financial assets:
|
||||||||
Marketable securities
|
9,908
|
10,174
|
||||||
Total
|
9,908
|
10,174
|
||||||
Financial liabilities:
|
||||||||
Loans and financing
|
522
|
416
|
||||||
Total
|
522
|
416
|
18.2 | Financial risk management |
19 | Subsequent events |
Three months ended
|
||||||||
March 31, 2023
|
March 31, 2022
|
|||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||
GMV
|
3,303.7
|
2,714.6
|
||||||
GMV growth FX neutral (%)
|
20.6
|
%
|
27.9
|
%
|
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 |
March
31, 2023 |
|||||||||||||||||||||||||||
Subscription revenue
|
24.7
|
29.7
|
29.6
|
34.5
|
32.6
|
36.7
|
36.5
|
42.7
|
39.8
|
|||||||||||||||||||||||||||
Services revenue
|
1.3
|
1.2
|
2.2
|
2.6
|
2.1
|
2.1
|
2.2
|
2.8
|
2.5
|
|||||||||||||||||||||||||||
Total revenue
|
25.9
|
30.9
|
31.9
|
37.1
|
34.7
|
38.7
|
38.8
|
45.5
|
42.3
|
|||||||||||||||||||||||||||
Subscription cost
|
(8.7
|
)
|
(9.5
|
)
|
(9.7
|
)
|
(10.5
|
)
|
(10.0
|
)
|
(10.2
|
)
|
(9.8
|
)
|
(11.5
|
)
|
(10.4
|
)
|
||||||||||||||||||
Services cost
|
(2.1
|
)
|
(2.8
|
)
|
(3.1
|
)
|
(3.3
|
)
|
(2.6
|
)
|
(2.8
|
)
|
(2.9
|
)
|
(3.1
|
)
|
(4.2
|
)
|
||||||||||||||||||
Total cost
|
(10.8
|
)
|
(12.2
|
)
|
(12.8
|
)
|
(13.8
|
)
|
(12.6
|
)
|
(13.0
|
)
|
(12.6
|
)
|
(14.6
|
)
|
(14.6
|
)
|
||||||||||||||||||
Gross profit
|
15.1
|
18.7
|
19.1
|
23.4
|
22.1
|
25.7
|
26.1
|
30.9
|
27.7
|
|||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(7.2
|
)
|
(7.8
|
)
|
(9.9
|
)
|
(6.9
|
)
|
(6.9
|
)
|
(7.4
|
)
|
(6.9
|
)
|
(7.1
|
)
|
(7.9
|
)
|
||||||||||||||||||
Sales and marketing
|
(11.0
|
)
|
(15.7
|
)
|
(19.3
|
)
|
(17.5
|
)
|
(17.9
|
)
|
(21.3
|
)
|
(16.2
|
)
|
(12.4
|
)
|
(14.8
|
)
|
||||||||||||||||||
Research and development
|
(8.4
|
)
|
(10.7
|
)
|
(14.2
|
)
|
(11.9
|
)
|
(13.9
|
)
|
(15.4
|
)
|
(13.8
|
)
|
(14.1
|
)
|
(14.0
|
)
|
||||||||||||||||||
Other income (losses)
|
(0.4
|
)
|
(0.9
|
)
|
0.0
|
(0.2
|
)
|
0.0
|
(0.5
|
)
|
(0.5
|
)
|
(0.4
|
)
|
(0.8
|
)
|
||||||||||||||||||||
Loss from operation
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
(9.7
|
)
|
||||||||||||||||||
Financial result, net
|
(1.4
|
)
|
(1.4
|
)
|
(0.6
|
)
|
(1.4
|
)
|
(4.7
|
)
|
(5.4
|
)
|
(0.2
|
)
|
2.7
|
1.5
|
||||||||||||||||||||
Equity results
|
0.1
|
0.1
|
0.2
|
0.2
|
0.2
|
0.3
|
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
|
(7.9
|
)
|
|||||||||||||||||||
Income tax
|
0.8
|
2.1
|
2.8
|
3.7
|
2.1
|
2.6
|
(0.3
|
)
|
(0.3
|
)
|
(0.0
|
)
|
||||||||||||||||||||||||
Net loss for the period
|
(12.5
|
)
|
(15.5
|
)
|
(22.0
|
)
|
(10.6
|
)
|
(19.1
|
)
|
(21.5
|
)
|
(11.5
|
)
|
(0.3
|
)
|
(7.9
|
)
|
||||||||||||||||||
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
|
)
|
(0.04
|
)
|
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 |
March
31, 2023 |
||||||||||||||||||||||||||||
Total revenue
|
100.0
|
%
|
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
|
)%
|
(24.6
|
)%
|
||||||||||||||||||
Services cost
|
(8.1
|
)%
|
(8.9
|
)%
|
(9.6
|
)%
|
(8.9
|
)%
|
(7.5
|
)%
|
(7.3
|
)%
|
(7.4
|
)%
|
(6.8
|
)%
|
(9.9
|
)%
|
||||||||||||||||||
Total cost
|
(41.8
|
)%
|
(39.6
|
)%
|
(40.1
|
)%
|
(37.1
|
)%
|
(36.3
|
)%
|
(33.6
|
)%
|
(32.6
|
)%
|
(32.1
|
)%
|
(34.4
|
)%
|
||||||||||||||||||
Gross profit
|
58.2
|
%
|
60.4
|
%
|
59.9
|
%
|
62.9
|
%
|
63.7
|
%
|
66.4
|
%
|
67.4
|
%
|
67.9
|
%
|
65.6
|
%
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(27.9
|
)%
|
(25.3
|
)%
|
(31.2
|
)%
|
(18.6
|
)%
|
(19.9
|
)%
|
(19.2
|
)%
|
(17.9
|
)%
|
(15.5
|
)%
|
(18.7
|
)%
|
||||||||||||||||||
Sales and marketing
|
(42.6
|
)%
|
(50.9
|
)%
|
(60.7
|
)%
|
(47.0
|
)%
|
(51.6
|
)%
|
(55.1
|
)%
|
(41.7
|
)%
|
(27.3
|
)%
|
(35.0
|
)%
|
||||||||||||||||||
Research and development
|
(32.5
|
)%
|
(34.6
|
)%
|
(44.5
|
)%
|
(32.1
|
)%
|
(40.1
|
)%
|
(39.8
|
)%
|
(35.6
|
)%
|
(30.9
|
)%
|
(33.0
|
)%
|
||||||||||||||||||
Other income (losses)
|
(1.7
|
)%
|
(2.8
|
)%
|
0.0
|
%
|
(0.6
|
)%
|
0.0
|
%
|
(1.2
|
)%
|
(1.3
|
)%
|
(0.9
|
)%
|
(1.8
|
)%
|
||||||||||||||||||
Loss from operation
|
(46.4
|
)%
|
(53.1
|
)%
|
(76.5
|
)%
|
(35.4
|
)%
|
(48.1
|
)%
|
(48.9
|
)%
|
(29.1
|
)%
|
(6.7
|
)%
|
(23.0
|
)%
|
||||||||||||||||||
Financial result, net
|
(5.2
|
)%
|
(4.4
|
)%
|
(1.8
|
)%
|
(3.7
|
)%
|
(13.5
|
)%
|
(14.0
|
)%
|
(0.5
|
)%
|
5.9
|
%
|
3.4
|
%
|
||||||||||||||||||
Equity results
|
0.4
|
%
|
0.5
|
%
|
0.5
|
%
|
0.5
|
%
|
0.6
|
%
|
0.7
|
%
|
0.7
|
%
|
0.8
|
%
|
0.8
|
%
|
||||||||||||||||||
Income (loss) before income tax
|
(51.3
|
)%
|
(57.0
|
)%
|
(77.7
|
)%
|
(38.6
|
)%
|
(61.1
|
)%
|
(62.2
|
)%
|
(28.9
|
)%
|
0.1
|
%
|
(18.7
|
)%
|
||||||||||||||||||
Income tax
|
3.2
|
%
|
6.9
|
%
|
8.8
|
%
|
10.0
|
%
|
6.1
|
%
|
6.8
|
%
|
(0.9
|
)%
|
(0.8
|
)%
|
(0.0
|
)%
|
||||||||||||||||||
Net loss for the period
|
(48.1
|
)%
|
(50.1
|
)%
|
(68.9
|
)%
|
(28.6
|
)%
|
(55.0
|
)%
|
(55.4
|
)%
|
(29.8
|
)%
|
(0.7
|
)%
|
(18.8
|
)%
|
March
31, 2021 |
June
30, 2021 |
September
30, 2021 |
December
31, 2021 |
March
31, 2022 |
June
30, 2022 |
September
30, 2022 |
December
31, 2022 |
March
31, 2023 |
||||||||||||||||||||||||||||
Loss from operation
|
(12.0
|
)
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
(9.7
|
)
|
||||||||||||||||||
Share-based compensation expense
|
3.2
|
5.5
|
9.3
|
1.6
|
2.5
|
0.9
|
4.8
|
4.6
|
5.1
|
|||||||||||||||||||||||||||
Amortization of intangibles related to acquisitions
|
0.3
|
0.5
|
0.5
|
0.8
|
0.5
|
0.6
|
0.5
|
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
|
(4.1
|
)
|
Three months ended
|
||||||||
(in US$ thousands)
|
March 31, 2023
|
March 31, 2022
|
||||||
Subscription revenue
|
39,762
|
32,580
|
||||||
Services revenue
|
2,520
|
2,087
|
||||||
Total revenue
|
42,282
|
34,667
|
||||||
Subscription cost (1)
|
(10,400
|
)
|
(9,996
|
)
|
||||
Service cost (1)
|
(4,166
|
)
|
(2,607
|
)
|
||||
Total cost
|
(14,566
|
)
|
(12,603
|
)
|
||||
Gross profit
|
27,716
|
22,064
|
||||||
Operating expenses
|
||||||||
General and administrative (1)
|
(7,925
|
)
|
(6,921
|
)
|
||||
Sales and marketing (1)
|
(14,782
|
)
|
(17,900
|
)
|
||||
Research and development (1)
|
(13,959
|
)
|
(13,925
|
)
|
||||
Other income (losses)
|
(754
|
)
|
8
|
|||||
Loss from operations
|
(9,704
|
)
|
(16,674
|
)
|
||||
Financial result, net
|
1,456
|
(4,721
|
)
|
|||||
Equity results
|
341
|
219
|
||||||
Loss before income tax
|
(7,907
|
)
|
(21,176
|
)
|
||||
Total income tax
|
(21
|
)
|
2,085
|
|||||
Net loss for the period
|
(7,928
|
)
|
(19,091
|
)
|
Three months ended
|
||||||||
(in US$ thousands)
|
March 31, 2023
|
March 31, 2022
|
||||||
Subscription cost
|
(21
|
)
|
(87
|
)
|
||||
Service cost
|
(145
|
)
|
(26
|
)
|
||||
General and administrative
|
(1,714
|
)
|
(989
|
)
|
||||
Sales and marketing
|
(1,319
|
)
|
(729
|
)
|
||||
Research and development
|
(1,871
|
)
|
(643
|
)
|
||||
Total
|
(5,070
|
)
|
(2,474
|
)
|
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
Subscription revenue
|
39,762
|
32,580
|
22.0
|
%
|
||||||||
Services revenue
|
2,520
|
2,087
|
20.7
|
%
|
||||||||
Total revenue
|
42,282
|
34,667
|
22.0
|
%
|
||||||||
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
Subscription cost
|
(10,400
|
)
|
(9,996
|
)
|
4.0
|
%
|
||||||
Services cost
|
(4,166
|
)
|
(2,607
|
)
|
59.8
|
%
|
||||||
Total cost
|
(14,566
|
)
|
(12,603
|
)
|
15.6
|
%
|
||||||
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
General and administrative
|
(7,925
|
)
|
(6,921
|
)
|
14.5
|
%
|
||||||
Percentage of total revenue
|
(18.7
|
)%
|
(20.0
|
)%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
Sales and marketing
|
(14,782
|
)
|
(17,900
|
)
|
(17.4
|
)%
|
||||||
Percentage of total revenue
|
(35.0
|
)%
|
(51.6
|
)%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
Research and development
|
(13,959
|
)
|
(13,925
|
)
|
0.2
|
%
|
||||||
Percentage of total revenue
|
(33.0
|
)%
|
(40.2
|
)%
|
-
|
Three months ended
|
||||||||||||
(in US$ thousands,
except percentages)
|
March 31, 2023
|
March 31, 2022
|
Variation
|
|||||||||
Financial income
|
7,359
|
4,292
|
71.5
|
%
|
||||||||
Financial expense
|
(5,903
|
)
|
(9,013
|
)
|
(34.5
|
)%
|
||||||
Financial result, net
|
1,456
|
(4,721
|
)
|
(130.8
|
)%
|
|||||||
As at March 31, 2023
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
Short-term investments
|
200,702
|
1,326
|
(2,934
|
)
|
199,094
|
|||||||||||
As at December 31, 2022
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
Short-term investments
|
208,177
|
1,013
|
(5,145
|
)
|
204,045
|
|||||||||||
For the three months ended
|
||||||||
(in US$ thousands, except percentages)
|
March 31, 2023
|
March 31, 2022
|
||||||
Net cash used in operating activities
|
(4,858
|
)
|
(15,990
|
)
|
||||
Net cash provided by (used in) investing activities
|
8,045
|
(4,319
|
)
|
|||||
Net cash used in financing activities
|
(5,896
|
)
|
(2,056
|
)
|
||||
Net decrease in cash and cash equivalents
|
(2,709
|
)
|
(22,365
|
)
|
•
|
(1) a decrease in net loss to US$7.9 million for the period ended March 31, 2023, compared to a net loss of US$19.1 million for the period ended March 31, 2022; and (2) working
capital adjustments which consisted mainly of an increase in taxes payables in the amount of US$1.5 million for the three months ended March 31, 2023 compared to a decrease of US$0.4 million for the three months ended March 31, 2022.
This was partially offset by:
|
•
|
(1) working capital adjustments which consisted mainly of a decrease in accounts payable and accrual expenses in the amount of US$4.3 million for the three months ended March 31,
2023, compared to a decrease of US$1.1 million for the three months ended March 31, 2022; and (2) an increase in deferred revenue in the amount of US$4.3 million for the three months ended March 31, 2023, compared to an increase of
US$5.3 million for the three months ended March 31, 2022.
|
Date: May 3, 2023
|
|
|
|
|
|
|
VTEX
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By: /s/ Ricardo Camatta Sodre
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Name: Ricardo Camatta Sodre
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Title: Chief Financial Officer
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