We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
VTEX | NYSE:VTEX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.09 | -1.33% | 6.70 | 6.79 | 6.60 | 6.73 | 529,593 | 20:42:36 |
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 |
29
|
PART II - OTHER INFORMATION |
42
|
Item 1 - Signatures |
42
|
June 30, 2023
|
December 31, 2022
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
100,504
|
24,394
|
||||||
Restricted cash
|
-
|
1,608
|
||||||
Short-term investments
|
122,002
|
214,164
|
||||||
Trade receivables
|
43,432
|
36,844
|
||||||
Recoverable taxes
|
4,525
|
5,122
|
||||||
Deferred commissions
|
831
|
663
|
||||||
Prepaid expenses
|
4,166
|
4,152
|
||||||
Derivative financial instruments
|
-
|
117
|
||||||
Other current assets
|
45
|
93
|
||||||
Total current assets
|
275,505
|
287,157
|
||||||
Non-current assets
|
||||||||
Trade receivables
|
6,437
|
5,432
|
||||||
Deferred tax assets
|
21,836
|
17,710
|
||||||
Prepaid expenses
|
145
|
204
|
||||||
Recoverable taxes
|
4,151
|
3,334
|
||||||
Deferred commissions
|
2,495
|
1,790
|
||||||
Other non-current assets
|
987
|
957
|
||||||
Right-of-use assets
|
4,169
|
4,818
|
||||||
Property and equipment, net
|
3,474
|
3,909
|
||||||
Intangible assets, net
|
31,397
|
31,210
|
||||||
Investments in joint venture
|
825
|
1,152
|
||||||
Total non-current assets
|
75,916
|
70,516
|
||||||
Total assets
|
351,421
|
357,673
|
June 30, 2023
|
December 31, 2022
|
|||||||
LIABILITIES
|
||||||||
Current liabilities
|
||||||||
Accounts payable and accrued expenses
|
35,372
|
34,136
|
||||||
Loans and financing
|
-
|
1,153
|
||||||
Taxes payable
|
4,989
|
4,128
|
||||||
Lease liabilities
|
2,002
|
1,898
|
||||||
Deferred revenue
|
24,516
|
20,332
|
||||||
Derivative financial instruments
|
35
|
-
|
||||||
Accounts payable from acquisition of subsidiaries
|
-
|
299
|
||||||
Other current liabilities
|
17
|
70
|
||||||
Total current liabilities
|
66,931
|
62,016
|
||||||
Non-current liabilities
|
||||||||
Accounts payable and accrued expenses
|
1,013
|
511
|
||||||
Taxes payable
|
160
|
160
|
||||||
Lease liabilities
|
3,301
|
3,737
|
||||||
Deferred revenue
|
18,473
|
13,923
|
||||||
Deferred tax liabilities
|
2,745
|
2,464
|
||||||
Other non-current liabilities
|
224
|
185
|
||||||
Total non-current liabilities
|
25,916
|
20,980
|
||||||
EQUITY
|
||||||||
Issued Capital
|
19
|
19
|
||||||
Capital reserve
|
385,015
|
390,885
|
||||||
Other reserves
|
4,389
|
127
|
||||||
Accumulated losses
|
(130,912
|
)
|
(116,373
|
) |
||||
Equity attributable to VTEX’s shareholders
|
258,511
|
274,658
|
||||||
Non-controlling interests
|
63
|
19
|
||||||
Total shareholders’ equity
|
258,574
|
274,677
|
||||||
Total liabilities and equity
|
351,421
|
357,673
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30, 2023
|
June 30, 2022
|
June 30, 2023
|
June 30, 2022
|
|||||||||||||
Subscription revenue
|
44,772
|
36,649
|
84,534
|
69,230
|
||||||||||||
Services revenue
|
3,114
|
2,065
|
5,634
|
4,151
|
||||||||||||
Total revenue
|
47,886
|
38,714
|
90,168
|
73,381
|
||||||||||||
Subscription cost
|
(11,153
|
)
|
(10,166
|
)
|
(21,553
|
)
|
(20,162
|
)
|
||||||||
Services cost
|
(4,353
|
)
|
(2,842
|
)
|
(8,519
|
)
|
(5,449
|
)
|
||||||||
Total cost
|
(15,506
|
)
|
(13,008
|
)
|
(30,072
|
)
|
(25,611
|
)
|
||||||||
Gross profit
|
32,380
|
25,706
|
60,096
|
47,770
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative
|
(8,242
|
)
|
(7,431
|
)
|
(16,167
|
)
|
(14,352
|
)
|
||||||||
Sales and marketing
|
(14,449
|
)
|
(21,318
|
)
|
(29,231
|
)
|
(39,218
|
)
|
||||||||
Research and development
|
(16,305
|
)
|
(15,409
|
)
|
(30,264
|
)
|
(29,334
|
)
|
||||||||
Other losses
|
(511
|
)
|
(474
|
)
|
(1,265
|
)
|
(465
|
)
|
||||||||
Loss from operations
|
(7,127
|
)
|
(18,926
|
)
|
(16,831
|
)
|
(35,599
|
)
|
||||||||
Financial income
|
9,240
|
4,696
|
16,599
|
8,988
|
||||||||||||
Financial expense
|
(9,126
|
)
|
(10,122
|
)
|
(15,029
|
)
|
(19,135
|
)
|
||||||||
Financial result, net
|
114
|
(5,426
|
)
|
1,570
|
(10,147
|
)
|
||||||||||
Equity results
|
367
|
268
|
708
|
487
|
||||||||||||
Loss before income tax
|
(6,646
|
)
|
(24,084
|
)
|
(14,553
|
)
|
(45,259
|
)
|
||||||||
Income tax
|
||||||||||||||||
Current
|
(1,697
|
)
|
(574
|
)
|
(2,267
|
)
|
(1,001
|
)
|
||||||||
Deferred
|
1,733
|
3,193
|
2,282
|
5,705
|
||||||||||||
Total income tax
|
36
|
2,619
|
15
|
4,704
|
||||||||||||
Net loss for the period
|
(6,610
|
)
|
(21,465
|
)
|
(14,538
|
)
|
(40,555
|
)
|
||||||||
Attributable to controlling shareholders
|
(6,611
|
)
|
(21,464
|
)
|
(14,539
|
)
|
(40,553
|
)
|
||||||||
Non-controlling interest
|
1
|
(100
|
)
|
1
|
(2
|
)
|
||||||||||
Loss per share
|
||||||||||||||||
Basic loss per share
|
(0.035
|
)
|
(0.112
|
)
|
(0.077
|
)
|
(0.212
|
)
|
||||||||
Diluted loss per share
|
(0.035
|
)
|
(0.112
|
)
|
(0.077
|
)
|
(0.212
|
)
|
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
|
-
|
-
|
-
|
(40,553
|
)
|
(40,553
|
)
|
(2
|
)
|
(40,555
|
) |
|||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
(48
|
)
|
-
|
(48
|
)
|
-
|
(48
|
) |
||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
(48
|
)
|
(40,553
|
)
|
(40,601
|
)
|
(2
|
)
|
(40,603
|
) | ||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Exercise of stock options
|
-
|
28
|
-
|
-
|
28
|
-
|
28
|
|||||||||||||||||||||
Issue of ordinary shares as consideration for a business combination
|
-
|
3
|
-
|
-
|
3
|
-
|
3
|
|||||||||||||||||||||
Share-based compensation
|
-
|
4,537
|
-
|
-
|
4,537
|
-
|
4,537
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
5
|
5
|
|||||||||||||||||||||
Total transactions with owners of the Company
|
-
|
4,568
|
-
|
-
|
4,568
|
5
|
4,573
|
|||||||||||||||||||||
At June 30, 2022
|
19
|
395,034
|
604
|
(104,508
|
)
|
291,149
|
10
|
291,159
|
||||||||||||||||||||
At January 1, 2023
|
19
|
390,885
|
127
|
(116,373
|
)
|
274,658
|
19
|
274,677
|
||||||||||||||||||||
Net loss for the period
|
-
|
-
|
-
|
(14,539
|
)
|
(14,539
|
)
|
1
|
(14,538
|
) | ||||||||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
4,262
|
-
|
4,262
|
-
|
4,262
|
|||||||||||||||||||||
Total comprehensive loss for the period
|
-
|
-
|
4,262
|
(14,539
|
)
|
(10,277
|
)
|
1
|
(10,276
|
) | ||||||||||||||||||
Transactions with owners of the Company
|
||||||||||||||||||||||||||||
Exercise of stock options
|
-
|
88
|
-
|
-
|
88
|
-
|
88
|
|||||||||||||||||||||
Share repurchase program
|
-
|
(13,841
|
)
|
-
|
-
|
(13,841
|
)
|
-
|
(13,841
|
) | ||||||||||||||||||
Share-based compensation
|
-
|
7,883
|
-
|
-
|
7,883
|
-
|
7,883
|
|||||||||||||||||||||
Transactions with non-controlling interests
|
-
|
-
|
-
|
-
|
-
|
43
|
43
|
|||||||||||||||||||||
Total transactions with owners of the Company
|
-
|
(5,870
|
)
|
-
|
-
|
(5,870
|
)
|
43
|
(5,827
|
) | ||||||||||||||||||
At June 30, 2023
|
19
|
385,015
|
4,389
|
(130,912
|
)
|
258,511
|
63
|
258,574
|
|
June 30, 2023
|
June 30, 2022
|
||||||
Net loss for the period
|
(14,538
|
)
|
(40,555
|
) |
||||
Adjustments for:
|
||||||||
Depreciation and amortization
|
2,494
|
2,205
|
||||||
Deferred income tax
|
(2,282
|
)
|
(5,705
|
) |
||||
Loss on disposal of rights of use, property, equipment, and intangible assets
|
612
|
(126
|
) |
|||||
Expected credit losses from trade receivables
|
737
|
509
|
||||||
Share-based compensation
|
7,621
|
4,537
|
||||||
Provision for payroll taxes (share-based compensation)
|
1,320
|
(2,147
|
) |
|||||
Adjustment of hyperinflation
|
4,860
|
2,079
|
||||||
Equity results
|
(708
|
)
|
(487
|
) |
||||
Fair value (gains) losses
|
(5,450
|
)
|
7,970
|
|||||
Others and foreign exchange, net
|
(2,616
|
)
|
(487
|
) |
||||
Change in operating assets and liabilities
|
||||||||
Trade receivables
|
(6,609
|
)
|
2,042
|
|||||
Recoverable taxes
|
(119
|
)
|
(162
|
) | ||||
Prepaid expenses
|
488
|
3,204
|
||||||
Other assets
|
(64
|
)
|
(164
|
) |
||||
Accounts payable and accrued expenses
|
(1,388
|
)
|
1,086
|
|||||
Taxes payable
|
1,108
|
(645
|
) |
|||||
Deferred revenue
|
6,170
|
(1,541
|
) | |||||
Other liabilities
|
227
|
368
|
||||||
Cash used in operating activities
|
(8,137
|
)
|
(28,019
|
) |
||||
Income tax paid
|
(37
|
)
|
(603
|
) |
||||
Net cash used in operating activities
|
(8,174
|
)
|
(28,622
|
) | ||||
Cash flows from investing activities
|
||||||||
Dividends received from joint venture
|
1,138
|
146
|
||||||
Purchase of short-term investment
|
(21,273
|
)
|
(110,991
|
) | ||||
Redemption of short-term investment
|
118,311
|
53,057
|
||||||
Interest and dividend received from short-term investments
|
1,233
|
297
|
||||||
Payment of business acquired
|
-
|
(1,512
|
) | |||||
Acquisitions of property and equipment
|
(178
|
)
|
(166
|
) | ||||
Derivative financial instruments
|
(45
|
)
|
-
|
|||||
Net cash provided by (used in) investing activities
|
99,186
|
(59,169
|
) | |||||
Cash flows from financing activities
|
||||||||
Derivative financial instruments
|
-
|
(718
|
) | |||||
Changes in restricted cash
|
1,660
|
575
|
||||||
Proceeds from the exercise of stock options
|
88
|
28
|
||||||
Net-settlement of share-based payment
|
(932
|
)
|
(783
|
) | ||||
Buyback of shares
|
(13,841
|
)
|
-
|
|||||
Payment of loans and financing
|
(1,238
|
)
|
(1,327
|
) | ||||
Interest paid
|
(5
|
)
|
(36
|
) | ||||
Principal elements of lease payments
|
(751
|
)
|
(574
|
) | ||||
Lease interest paid
|
(302
|
)
|
(351
|
) | ||||
Net cash used in financing activities
|
(15,321
|
)
|
(3,186
|
) | ||||
Net increase (decrease) in cash and cash equivalents
|
75,691
|
(90,977
|
) | |||||
Cash and cash equivalents, beginning of the period
|
24,394
|
121,006
|
||||||
Effect of exchange rate changes
|
419
|
(362
|
) |
|||||
Cash and cash equivalents, end of the period
|
100,504
|
29,667
|
||||||
Non-cash transactions:
|
||||||||
Lease liabilities arising from obtaining right-of-use assets
|
85
|
1,020
|
||||||
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
|
43
|
5
|
1 |
General information
VTEX (“VTEX” or the “Company”) and its subsidiaries, or collectively referred to as the “Group”, provide a software-as-a-service digital
commerce platform for enterprise brands and retailers. VTEX’s services enable its customers to execute their commerce strategy, including building online stores, integrating and managing orders across channels, and creating marketplaces
to sell products from third-party vendors. The platform is also designed to be the operating system for the commerce ecosystem, enabling enterprise brands and retailers to orchestrate their network of consumers, business partners,
suppliers, and fulfillment providers in one place with a complete Commerce, Marketplace, and OMS solution. VTEX assists global companies build, manage, and deliver native and advanced business-to-business (B2B), business-to-consumer
(B2C), and Marketplace commerce experiences with competitive time-to-market. The Company's shares, under the symbol “VTEX”, are listed on the New York Stock Exchange (“NYSE”).
The following entities are part of the Group and are being consolidated in these unaudited condensed interim financial statements:
|
Interest held by the Group (%)
|
|||||||
Company
|
Place of business /
country of
incorporation
|
Relationship
|
Principal
business
activity
|
June
30,
2023
|
December
31, 2022
|
June 30,
2022
|
|
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 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
|
98.87
|
99.58
|
99.76
|
|
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
|
|
EICOM Business School 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
|
The Group also holds VT Comercio, a joint venture (“JV”) established in July 2019 with a participation of 50%. |
2 |
Basis of presentation and consolidation
The accounting policies described in detail below have been consistently applied to all periods presented in these unaudited
condensed consolidated interim financial statements, unless otherwise stated. The financial statements are applicable for the group consisting of VTEX and its subsidiaries. The accounting policies have been consistently applied by the
Group.
|
a. Basis for preparation of the unaudited condensed consolidated interim financial statements
The unaudited condensed consolidated interim financial statements of VTEX Group for the six-month period ended June 30, 2023,
have been prepared in accordance with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”).
The unaudited interim condensed consolidated financial statements do not include all the information and disclosures required in
an annual consolidated financial statement. Accordingly, this report is to be read in conjunction with the Group’s annual consolidated financial statements for the year ended December 31, 2022, and any public announcements made by the Group
during the interim reporting period.
The accounting policies adopted are consistent with those of the previous financial year, except for the income tax estimation
(see note 6) and the adoption of new and amended standards as set out below.
The unaudited condensed consolidated interim financial statements are presented in U.S. dollars (“USD” or “US$”), which is the
Company’s functional and presentation currency. All amounts are rounded to the nearest thousands, except when otherwise indicated.
b. New standards, interpretations, and amendments adopted by the Group
A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result
of adopting these amended standards.
|
c. Critical estimates and accounting judgments
Management has made judgments and estimates that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may
differ from these estimates. Accounting estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances. Revisions to estimates are recognized prospectively.
In preparing these unaudited condensed consolidated interim financial statements, the significant
judgments and estimates made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those set at the consolidated financial statements for the year ended December 31, 2022.
No retrospective adjustments were made.
|
3. |
Cash and cash equivalents
The breakdown of cash and cash equivalents is as follows:
|
June 30, 2023
|
December 31, 2022
|
|||||||
Cash and cash bank deposits
|
20,133
|
18,930
|
||||||
US treasuries
|
72,965
|
-
|
||||||
Time deposits, investment funds and others
|
7,406
|
5,464
|
||||||
Total
|
100,504
|
24,394
|
4 |
Short-term investments |
June 30, 2023
|
December 31, 2022
|
|||||||
Investments funds
|
105,629
|
204,045
|
||||||
Time deposits and others
|
16,373
|
10,119
|
||||||
Short-term investments
|
122,002
|
214,164
|
4.1 Investment funds
The following table shows the changes in the balances:
|
2023
|
||||||
Opening balance on January 1
|
204,045
|
|||||
Additions
|
4,111
|
|||||
Redemption
|
(107,235
|
) | ||||
Fair value gains, net
|
5,374
|
|||||
Exchange differences
|
(666
|
) | ||||
Closing balance on June 30
|
105,629
|
4.2 Time deposits and others
The following table shows the changes in the balances:
|
2023
|
||||||
Opening balance on January 1
|
10,119
|
|||||
Additions
|
17,162
|
|||||
Redemption
|
(11,076
|
) |
||||
Accrued interest
|
3,822
|
|||||
Exchange differences
|
(3,654
|
) | ||||
Closing balance on June 30
|
16,373
|
5 |
Trade receivables
Trade receivables are as follows:
|
June 30, 2023
|
December 31, 2022
|
|||||||
Trade receivables
|
50,826
|
43,084
|
||||||
Expected credit losses
|
(957
|
)
|
(808)
|
|||||
Total trade receivables
|
49,869
|
42,276
|
||||||
Current
|
43,432
|
36,844
|
||||||
Non-current
|
6,437
|
5,432
|
The changes in expected credit losses for trade receivables are as follows: |
2023
|
||||||||
Opening balance on January 1
|
(808
|
) |
|
|||||
Addition, net
|
(737
|
) | ||||||
Write-off
|
634
|
|||||||
Exchange differences
|
(46
|
) | ||||||
Closing balance on June 30
|
(957
|
) |
The trade receivables by maturity are distributed as follows:
|
June 30, 2023
|
December 31, 2022
|
|||||||
Current
|
47,107
|
39,188
|
||||||
Overdue:
|
||||||||
From 1 to 30 days
|
1,920
|
2,087
|
||||||
From 31 to 60 days
|
589
|
454
|
||||||
From 61 to 90 days
|
196
|
359
|
||||||
From 91 to 120 days
|
240
|
295
|
||||||
From 121 to 300 days
|
774
|
701
|
||||||
Total
|
50,826
|
43,084
|
6 |
Current and deferred tax
6.1 Deferred tax assets
The balance comprises temporary differences attributable to:
|
June 30, 2023
|
December 31, 2022
|
|||||||
Loss allowances for financial assets
|
314
|
270
|
||||||
Bonus provision
|
1,089
|
1,712
|
||||||
Lease
|
423
|
392
|
||||||
Share-based compensation
|
3,913
|
3,130
|
||||||
Hyperinflationary adjustments
|
21
|
37
|
||||||
Tax loss (i)
|
13,864
|
10,513
|
||||||
Others (ii)
|
2,212
|
1,656
|
||||||
Total deferred tax assets
|
21,836
|
17,710
|
(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.
(ii) This amount refers mainly to temporary differences over accrued expenses.
|
6.2 Deferred tax liabilities
The balance comprises temporary differences attributable to:
|
June 30, 2023
|
December 31, 2022
|
|||||||
Acquisition of subsidiaries
|
1,281
|
1,409
|
||||||
Temporary differences
|
1,210
|
827
|
||||||
Others
|
254
|
228
|
||||||
Total deferred tax liabilities
|
2,745
|
2,464
|
6.3 Income Tax expense
Income tax expense is recognized based on Management’s estimate of the weighted average effective annual income tax rate expected for the full financial year.
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||
Current tax
|
||||||||||||||||
Current tax on profits for the period
|
(1,697
|
)
|
(574
|
)
|
(2,267
|
)
|
(1,001)
|
|||||||||
(1,697
|
)
|
(574
|
)
|
(2,267
|
)
|
(1,001)
|
||||||||||
Deferred income tax
|
||||||||||||||||
Decrease in deferred tax
|
1,733
|
3,193
|
2,282
|
5,705
|
||||||||||||
1,733
|
3,193
|
2,282
|
5,705
|
|||||||||||||
Income tax
|
36
|
2,619
|
15
|
4,704
|
7 |
Leases |
7.1 Amounts recognized in the balance sheet |
|
The balance sheet shows the following amounts related to leases: |
June 30, 2023 | December 31, 2022 | ||||||||
Right-of-use assets |
|||||||||
Office buildings
|
4,169
|
4,818
|
|||||||
Total
|
4,169
|
4,818
|
June 30, 2023 | December 31, 2022 | ||||||||
Lease liabilities |
|||||||||
Current
|
2,002
|
1,898
|
|||||||
Non-current
|
3,301
|
3,737
|
|||||||
Total
|
5,303
|
5,635
|
The following table shows the changes in the right-of-use asset and lease liabilities: |
||||||
2023
|
||||||
Right-of-use assets
|
||||||
Opening balance on January 1
|
4,818
|
|||||
New lease agreements
|
85
|
|||||
Depreciation
|
(746
|
)
|
||||
Write-off
|
(324
|
)
|
||||
Hyperinflation adjustment
|
5
|
|||||
Exchange differences
|
331
|
|||||
Closing balance on June 30
|
4,169
|
|||||
2023
|
||||||
Lease liabilities
|
||||||
Opening balance on January 1
|
5,635
|
|||||
New lease agreements
|
85
|
|||||
Interest added
|
302
|
|||||
Principal elements of lease payments
|
(751
|
)
|
||||
Interest payment
|
(302
|
)
|
||||
Write-off
|
(94
|
)
|
||||
Exchange differences
|
428
|
|||||
Closing balance on June 30
|
5,303
|
7.2 Amounts recognized in the Statement of profit or loss |
|
The Statement of profit or loss presents the following amounts related to leases: |
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Depreciation charge of office buildings
|
375
|
317
|
746
|
620
|
|||||||||||||
Interest expense (included in financial expense)
|
153
|
175
|
302
|
351
|
|||||||||||||
Total
|
528
|
492
|
1,048
|
971
|
8 | Property and equipment, net |
Details of the Group’s property and equipment balance are presented below: |
June 30, 2023
|
December 31, 2022
|
||||||||
Leasehold improvements
|
2,757
|
2,811
|
|||||||
Machinery and equipment
|
248
|
307
|
|||||||
Furniture and fixture
|
656
|
836
|
|||||||
Computer and peripherals
|
4,387
|
4,346
|
|||||||
Accumulated depreciation
|
(4,574
|
)
|
(4,391)
|
||||||
Property and equipment, net
|
3,474
|
3,909
|
9 | Intangible assets, net |
Details of the Group’s intangible assets balance are presented below: |
June 30, 2023
|
December 31, 2022
|
||||||||
Software
|
4,685
|
4,291
|
|||||||
Trademark
|
240
|
218
|
|||||||
Intellectual property
|
2,968
|
2,675
|
|||||||
Customer contracts
|
9,499
|
9,394
|
|||||||
Goodwill
|
21,919
|
20,965
|
|||||||
Others
|
570
|
519
|
|||||||
Accumulated amortization
|
(8,484
|
)
|
(6,852)
|
||||||
Intangible assets, net
|
31,397
|
31,210
|
10 | Accounts payable and accrued expenses |
The breakdown of accounts payable and accrued expenses is as follows: |
June 30, 2023
|
December 31, 2022
|
||||||||
Trade payables
|
15,671
|
14,064
|
|||||||
Social charges
|
6,217
|
5,537
|
|||||||
Profit-sharing
|
6,824
|
9,484
|
|||||||
Provision for vacation and benefits
|
7,633
|
5,506
|
|||||||
Others
|
40
|
56
|
|||||||
Total
|
36,385
|
34,647
|
|||||||
Current
|
35,372
|
34,136
|
|||||||
Non-current
|
1,013
|
511
|
11 | Loans and financing |
11.1 Breakdown of loans and financing | |
As of June 30, 2023, the Group no longer has loans to be paid as both Itaú and BNDES
contracts were fully paid during the first semester of 2023. More details on each loan are described in the table and footnotes below: |
Interest rate
|
Country
|
Maturity
|
June 30, 2023
|
December 31, 2022
|
|||||||||
BNDES (i)
|
6.5% p.a
(Brazilian Reais)
|
Brazil
|
Mar/23
|
-
|
189
|
||||||||
Itaú (ii)
|
100% CDI + 2.5% p.a
(Brazilian Reais)
|
Brazil
|
May/23
|
-
|
964
|
||||||||
Total
|
-
|
1,153
|
(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. The last installment matured in March 2023. | |
(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. The last installment matured in May 2023. |
11.2 Changes in loans and financing |
2023
|
||||||
Opening balance on January 1
|
1,153
|
|||||
Payment of loans
|
(1,238
|
)
|
||||
Interest charged
|
4
|
|||||
Interest paid
|
(5
|
)
|
||||
Basis adjustment on the fair value hedge (i)
|
42
|
|||||
Exchange differences
|
44
|
|||||
Closing balance on June 30
|
-
|
(i) Losses on the financial instrument designated as a fair value hedge referring to the loan in Euros with Itaú described above have been recognized as a financial expense. Refer to note 19.1(ii) for additional detail. | |
12 |
Taxes payable |
The breakdown of taxes payable is as follows: |
June 30, 2023
|
December 31, 2022
|
||||||||
Income tax payable
|
2,249
|
673
|
|||||||
Other taxes payable
|
2,900
|
3,615
|
|||||||
Total
|
5,149
|
4,288
|
|||||||
Current
|
4,989
|
4,128
|
|||||||
Non-current (i)
|
160
|
160
|
(i) The balance refers to sales taxes related to the WorkArea acquisition. |
13 | Contingencies |
|
The Group is party to civil and labor lawsuits involving loss risks. Provisions for losses resulting from lawsuits are
estimated and updated by the Group, based on analysis from the Group’s legal advisors. |
The breakdown of existing contingencies classified as probable losses by the Group, based on the evaluation of its legal advisors, which are recognized as a liability, is as follows: |
June 30, 2023
|
December 31, 2022
|
||||||||
Civil
|
14
|
6
|
|||||||
Labor
|
47
|
95
|
|||||||
Tax
|
163
|
84
|
|||||||
Total
|
224
|
185
|
|
The breakdown of existing contingencies classified as possible losses by the Group, based on the evaluation of its legal advisors, for which no provision was recognized, is as follows: |
June 30, 2023
|
December 31, 2022
|
||||||||
Civil
|
126
|
118
|
|||||||
Labor
|
68
|
-
|
|||||||
Tax
|
1,025
|
878
|
|||||||
Total
|
1,219
|
996
|
|
On October 9, 2020, Mirakl, Incorporated, filed a complaint for unspecified damages and preliminary and permanent injunctive relief in the United States District Court for the District of Massachusetts against our subsidiary VTEX Commerce Cloud Solutions LLC, or VTEX USA, and certain of its employees that were formerly employed by the plaintiff. |
On April 14, 2021, the court denied the motion to dismiss. On October 4, 2021, the court granted VTEX's motion to appoint an
independent expert to manage forensic discovery. On December 31, 2021, the court approved a forensic protocol to be employed by the independent expert. As of June 30, 2023, the parties are conducting discovery. Although VTEX plans to defend
itself against such lawsuit, the Company is not able to predict the outcomes of such lawsuit at this current early stage. On June 30, 2023 and December 31, 2022, this contingency was classified as possible, however at the end of the reporting
period it was not possible to estimate the future cash outflows at this stage of the lawsuit, and, therefore, it was not included in the table above. |
14 | Shareholders’ equity |
|
14.1 Issued capital |
The total share capital is as follows: |
June 30, 2023
|
December 31, 2022
|
||||||||
Number of ordinary nominative shares
|
186,748,157
|
188,992,529
|
|||||||
Par value
|
0.0001
|
0.0001
|
|||||||
Total issued capital
|
19
|
19
|
15 | Revenue from services provided |
The Group revenue derives mainly from the transfer of services rendered and fees charged as services are provided, therefore, mostly recognized over time. Disaggregation of revenue by major product lines are as follows: |
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Subscriptions
|
49,323
|
40,025
|
92,853
|
75,700
|
|||||||||||||
Taxes on subscriptions
|
(4,551
|
)
|
(3,376
|
)
|
(8,319
|
)
|
(6,470
|
) |
|||||||||
Subscription revenue
|
44,772
|
36,649
|
84,534
|
69,230
|
|||||||||||||
Services provided
|
3,253
|
2,257
|
5,898
|
4,510
|
|||||||||||||
Taxes on services
|
(139
|
)
|
(192
|
)
|
(264
|
)
|
(359
|
) |
|||||||||
Services revenue
|
3,114
|
2,065
|
5,634
|
4,151
|
|||||||||||||
Total revenue
|
47,886
|
38,714
|
90,168
|
73,381
|
16 |
Earnings (loss) per share
|
Basic earnings (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders
by the weighted average number of shares of common stock outstanding during the year. |
|
Diluted earnings per share are computed by affecting all potential weighted average dilutive common stock, including options and restricted stock
units. |
|
The following table contains the loss per share of the Group for the three and six-month periods ended June 30, 2023 and 2022: |
Three months ended | Six months ended | ||||||||||||||||
Basic loss per share |
June 30,
2023
|
June 30, 2022 |
June 30,
2023
|
June 30,
2022
|
|||||||||||||
Loss attributable to the stockholders of the Group
|
(6,611
|
)
|
(21,464
|
)
|
(14,539
|
)
|
(40,553
|
) |
|||||||||
Weighted average number of outstanding common shares (thousands)
|
187,054
|
191,281
|
187,688
|
191,223
|
|||||||||||||
Basic loss per share
|
(0.035
|
)
|
(0.112
|
)
|
(0.077
|
)
|
(0.212
|
) |
Three
months ended |
Six months ended | ||||||||||||||||
Diluted loss per share |
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||
Loss attributable to the stockholders of the Group
|
(6,611
|
)
|
(21,464
|
)
|
(14,539
|
)
|
(40,553
|
) | |||||||||
Weighted average number of outstanding common shares (thousands)
|
187,054
|
191,281
|
187,688
|
191,223
|
|||||||||||||
Diluted loss per share
|
(0.035
|
)
|
(0.112
|
)
|
(0.077
|
)
|
(0.212
|
) |
|
As of June 30, 2023 and 2022, the number of shares used to calculate diluted net loss per share of common stock attributable to common stockholders is the same as the number of shares used to calculate basic
net loss per share of common stock attributable to common stockholders for the period presented because the potentially dilutive shares would have been anti-dilutive if included in the calculation. The number of the potentially dilutive
shares that would have been anti-dilutive is disclosed in note 18.
|
17 |
Financial result, net
|
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Interest and dividend earned on bank deposits and financial investments
|
3,287
|
168
|
5,055
|
297
|
|||||||||||||
Foreign exchange gains
|
3,241
|
2,095
|
4,174
|
3,812
|
|||||||||||||
Gains from fair value of financial instruments (i)
|
399
|
1,504
|
729
|
3,276
|
|||||||||||||
Short-term investments gains
|
2,241
|
824
|
6,549
|
1,414
|
|||||||||||||
Other financial income
|
72
|
105
|
92
|
189
|
|||||||||||||
Financial income
|
9,240
|
4,696
|
16,599
|
8,988
|
|||||||||||||
Foreign exchange losses
|
(4,859
|
)
|
(2,008
|
)
|
(7,740
|
)
|
(3,580
|
) |
|||||||||
Losses from fair value of financial instruments (i)
|
(392
|
)
|
(269
|
)
|
(645
|
)
|
(2,121
|
) |
|||||||||
Interest on loans
|
-
|
(15
|
)
|
(4
|
)
|
(36
|
) |
||||||||||
Interest on lease liabilities
|
(153
|
)
|
(175
|
)
|
(302
|
)
|
(351
|
) |
|||||||||
Short-term investments losses
|
(171
|
)
|
(6,176
|
)
|
(1,175
|
)
|
(10,561
|
) |
|||||||||
Adjustment of hyperinflation
|
(3,440
|
)
|
(1,362
|
)
|
(4,860
|
)
|
(2,079
|
) |
|||||||||
Other financial expenses
|
(111
|
)
|
(117
|
)
|
(303
|
)
|
(407
|
) |
|||||||||
Financial expense
|
(9,126
|
)
|
(10,122
|
)
|
(15,029
|
)
|
(19,135
|
) |
|||||||||
Financial result, net
|
114
|
(5,426
|
)
|
1,570
|
(10,147
|
) |
|
(i) Refers to gain and losses on change in the fair value of hedge instruments (Refer to note 19.1)
|
18
|
Share-based compensation
|
|
18.1 Share-based compensation: VTEX
|
VTEX provides share-based compensation to selected directors and employees as a stock-option plan. |
|
Both stock options and Restricted Stock Units instruments (“RSUs”) are exercisable as long as the director or employee fulfills the worked periods after the options are granted. |
|
Set out below are summaries of stock options granted under the plan: |
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
|
229
|
3.91
|
-
|
0.60
|
|||||||||||||
Forfeit
|
(441
|
)
|
6.28
|
-
|
3.76
|
||||||||||||
Exercised (i)
|
(535
|
)
|
0.17
|
-
|
0.44
|
||||||||||||
At June 30, 2023
|
8,967
|
4.32
|
4.04
|
1.22
|
|||||||||||||
Stock options exercisable as of June 30, 2023
|
4,502
|
4.45
|
3.88
|
1.07
|
|
(i) The number of stock-options withheld for tax purposes was 0.2 thousand shares.
|
The fair value of the stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included: |
●
|
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.
|
|
The weighted average inputs used in the six-month period ended June 30, 2023:
|
●
|
Target Asset Price - US$3.91 per share (December 31, 2022 - US$4.40 per share)
|
●
|
Risk-Free Interest Rate – 3.73% (December 31, 2022: 3.83%)
|
●
|
Volatility – 57.38% (December 31, 2022: 55.68%)
|
●
|
Expected dividend: None
|
|
The following table summarizes the RSU options granted under the plan:
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
||||||||
At January 1, 2023
|
3,509
|
6.94
|
|||||||
Granted
|
804
|
3.62
|
|||||||
Forfeit
|
(206
|
)
|
6.49
|
||||||
Settled (i)
|
(1,042
|
)
|
5.89
|
||||||
At June 30, 2023
|
3,065
|
6.45
|
|
(i) The number of RSUs withheld for tax purposes was 301 thousand shares.
|
The fair value of the restricted stock units granted was calculated using the same Target Asset Price used in the Stock Options appraisal model. |
|
In June 2023, the Group modified some stock option instruments, changing the exercise price. The total incremental fair value of US$131 will be recognized as an expense over the period from the modification
date to the end of the vesting period. The expense for the original option granted will continue to be recognized as if the terms had not been modified. The fair value of the modified options was determined using the same models and
principles of the original contract. |
|
For the six-month period ended June 30, 2023, there was US$ 11,626 of remaining unamortized compensation costs, including social charges, related to unvested stock options and RSUs granted to the Group’s
employees. This cost will be recognized over an estimated weighted average remaining period of 1.67 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures. |
|
The total expense, including taxes and social charges related to the share-based compensation plan for the six-month period ended June 30, 2023, was US$7,589 (the six-month period ended June 30, 2022:
US$3,313). For the period ended June 30, 2023, the Group recorded in the capital reserve the amount of US$7,786 (the six-month period ended June 30, 2022: US$4,324). |
|
The Company must withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount to the tax authority on the employee's behalf. The Company is settling the
share-based compensation on a net basis by withholding the number of shares with a fair value equal to the monetary value of the employee's tax obligation and only issuing the remaining shares on completion of the vesting period. If all of
the shares outstanding as at June 30, 2023 were subsequently vested, the Group would be required to pay taxes of approximately US$5,892 considering the stock price as of June 30, 2023. |
|
18.2 Share-based compensation: Loja Integrada |
|
On April 29, 2021, VTEX introduced a new share-based compensation plan to selected directors and employees as a stock-option and RSU plan in Loja Integrada, a subsidiary wholly owned. This share-based
compensation plan also has RSU and Stock Options. Under both stock-option plan and RSUs, the options have a term of 7 years as of the grant date. They are exercisable as long as the director or employee fulfills the worked periods after the
options are granted. |
|
Set out below are summaries of stock options granted under the plan:
|
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 June 30, 2023
|
8.42
|
14.81
|
4.86
|
6.22
|
|||||||||||||
Stock options exercisable as of June 30, 2023
|
8.42
|
14.81
|
4.86
|
6.22
|
|
The fair value of the stock options granted is calculated based on the Binomial Options Pricing Model considering the average contract term. The model inputs for options included:
|
●
|
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.
|
|
The following table summarizes the RSU options granted under the plan:
|
Number of
RSUs
(thousands)
|
Weighted
average grant
date fair value
|
||||||||
At January 1, 2023
|
285.28
|
6.42
|
|||||||
Granted
|
115.00
|
4.68
|
|||||||
Forfeit
|
(39.67
|
)
|
5.73
|
||||||
Settled (i)
|
(63.58
|
)
|
6.91
|
||||||
At June 30, 2023
|
297.03
|
6.53
|
|||||||
(i) The number of RSUs withheld for tax purposes was 0.1 thousand shares. |
|
For the six-month period ended June 30, 2023, there was US$1,433 of remaining unamortized compensation cost, including social charges, related to unvested stock options and RSUs granted to the Group’s employees. This cost will be
recognized over an estimated weighted-average remaining period of 1.8 years. Total unamortized compensation costs will be adjusted for future changes in estimated forfeitures.
|
The total expense, including taxes and social charges related to the Loja Integrada share-based compensation plan for the six-month period ended June 30, 2023, was US$2,217 (the six-month period ended June
30, 2022: US$85). For the period ended June 30, 2023, the Group recorded in the capital reserve the amount of US$97 (the six-month period ended June 30, 2022: US$213). |
|
The Company must withhold an amount for an employee's tax obligation associated with a share-based payment and transfer that amount to the tax authority on the employee's behalf. The Company is settling the share-based compensation on a
net basis by withholding the number of shares with a fair value equal to the monetary value of the employee's tax obligation and only issuing the remaining shares on completion of the vesting period. If all of the shares outstanding as at
June 30, 2023 were subsequently vested, the Group would be required to pay taxes of approximately US$309 considering the stock price as of June 30, 2023.
|
18.3 Amounts recognized in the statement of profit or loss |
|
The following table illustrates the classification of stock-based compensation in the consolidated statements of profit and loss which includes both stock-based compensation of VTEX and Loja Integrada: |
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Subscription cost
|
(85
|
)
|
(80
|
)
|
(106
|
)
|
(167
|
)
|
|||||||||
Services cost
|
(99
|
)
|
6
|
(244
|
)
|
(20
|
)
|
||||||||||
General and administrative
|
(1,708
|
)
|
(639
|
)
|
(3,422
|
)
|
(1,628
|
)
|
|||||||||
Sales and marketing
|
(1,050
|
)
|
247
|
(2,369
|
)
|
(482
|
)
|
||||||||||
Research and development
|
(1,793
|
)
|
(458
|
)
|
(3,664
|
)
|
(1,101
|
)
|
|||||||||
Total
|
(4,735
|
)
|
(924
|
)
|
(9,805
|
)
|
(3,398
|
)
|
June 30, 2023
|
December 31, 2022
|
||||||||
Financial assets:
|
|||||||||
Cash and cash equivalents
|
100,504
|
24,394
|
|||||||
Restricted cash
|
-
|
1,608
|
|||||||
Short-term investments
|
16,373
|
10,119
|
|||||||
Trade receivables
|
49,869
|
42,276
|
|||||||
Total
|
166,746
|
78,397
|
|||||||
Financial liabilities:
|
|||||||||
Trade payables
|
15,671
|
14,064
|
|||||||
Lease liabilities
|
5,303
|
5,635
|
|||||||
Loans and financing
|
-
|
1,153
|
|||||||
Total
|
20,974
|
20,852
|
Carrying amount
|
|||||||||
June 30, 2023
|
December 31, 2022
|
||||||||
Financial assets:
|
|||||||||
Short-term investments
|
105,629
|
204,045
|
|||||||
Derivative financial instruments (i)
|
-
|
117
|
|||||||
Total
|
105,629
|
204,162
|
|||||||
Carrying amount
|
|||||||||
June 30, 2023
|
December 31, 2022
|
||||||||
Financial liabilities:
|
|||||||||
Derivative financial instruments (i)
|
35
|
-
|
|||||||
Accounts payable from acquisition of subsidiary ("earn out")
|
-
|
299
|
|||||||
Total
|
35
|
299
|
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Net gain on financial instruments
|
7
|
1,234
|
84
|
1,155
|
Three months ended
|
Six months ended
|
||||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
||||||||||||||
Net gain (loss) on short-term investments
|
2,070
|
(5,352
|
)
|
5,374
|
(9,147
|
)
|
June 30, 2023
|
|||||||||||||
Level 1
|
Level 2
|
Level 3
|
|||||||||||
Assets
|
|||||||||||||
Short-term investments
|
105,629
|
-
|
-
|
||||||||||
Liabilities
|
|||||||||||||
Derivative financial instruments
|
-
|
35
|
-
|
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 June 30
|
-
|
Carrying amount
|
Fair value
|
||||||||
Financial assets:
|
|||||||||
Short-term investments
|
8,725
|
9,038
|
|||||||
Total
|
8,725
|
9,038
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||
(in millions of U.S. Dollars, unless otherwise indicated)
|
||||||||||||||||
GMV
|
3,838.5
|
3,111.9
|
7,142.2
|
5,826.4
|
||||||||||||
GMV growth FX neutral (%)
|
21.2
|
%
|
21.0
|
%
|
20.9
|
%
|
24.1
|
%
|
For the three months ended
(unaudited) |
||||||||||||||||||||||||||||||||||||
(in US$ millions)
|
June
30, 2021 |
September
30, 2021
|
December
31, 2021
|
March
31, 2022 |
June
30, 2022 |
September
30, 2022
|
December
31, 2022
|
March
31, 2023 |
June
30, 2023 |
|||||||||||||||||||||||||||
Subscription revenue
|
29.7
|
29.6
|
34.5
|
32.6
|
36.6
|
36.5
|
42.7
|
39.8
|
44.8
|
|||||||||||||||||||||||||||
Services revenue
|
1.2
|
2.2
|
2.6
|
2.1
|
2.1
|
2.2
|
2.8
|
2.5
|
3.1
|
|||||||||||||||||||||||||||
Total revenue
|
30.9
|
31.9
|
37.1
|
34.7
|
38.7
|
38.8
|
45.5
|
42.3
|
47.9
|
|||||||||||||||||||||||||||
Subscription cost
|
(9.5
|
)
|
(9.7
|
)
|
(10.5
|
)
|
(10.0
|
)
|
(10.2
|
)
|
(9.8
|
)
|
(11.5
|
)
|
(10.4
|
)
|
(11.2
|
)
|
||||||||||||||||||
Services cost
|
(2.8
|
)
|
(3.1
|
)
|
(3.3
|
)
|
(2.6
|
)
|
(2.8
|
)
|
(2.9
|
)
|
(3.1
|
)
|
(4.2
|
)
|
(4.4
|
)
|
||||||||||||||||||
Total cost
|
(12.2
|
)
|
(12.8
|
)
|
(13.8
|
)
|
(12.6
|
)
|
(13.0
|
)
|
(12.6
|
)
|
(14.6
|
)
|
(14.6
|
)
|
(15.5
|
)
|
||||||||||||||||||
Gross profit
|
18.7
|
19.1
|
23.4
|
22.1
|
25.7
|
26.1
|
30.9
|
27.7
|
32.4
|
|||||||||||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(7.8
|
)
|
(9.9
|
)
|
(6.9
|
)
|
(6.9
|
)
|
(7.4
|
)
|
(6.9
|
)
|
(7.1
|
)
|
(7.9
|
)
|
(8.2
|
)
|
||||||||||||||||||
Sales and marketing
|
(15.7
|
)
|
(19.3
|
)
|
(17.5
|
)
|
(17.9
|
)
|
(21.3
|
)
|
(16.2
|
)
|
(12.4
|
)
|
(14.8
|
)
|
(14.4
|
)
|
||||||||||||||||||
Research and development
|
(10.7
|
)
|
(14.2
|
)
|
(11.9
|
)
|
(13.9
|
)
|
(15.4
|
)
|
(13.8
|
)
|
(14.1
|
)
|
(14.0
|
)
|
(16.3
|
)
|
||||||||||||||||||
Other income (losses)
|
(0.9
|
)
|
0.0
|
(0.2
|
)
|
0.0
|
(0.5
|
)
|
(0.5
|
)
|
(0.4
|
)
|
(0.8
|
)
|
(0.5
|
)
|
||||||||||||||||||||
Loss from operation
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
(9.7
|
)
|
(7.1
|
)
|
||||||||||||||||||
Financial result, net
|
(1.4
|
)
|
(0.6
|
)
|
(1.4
|
)
|
(4.7
|
)
|
(5.4
|
)
|
(0.2
|
)
|
2.7
|
1.5
|
0.1
|
|||||||||||||||||||||
Equity results
|
0.1
|
0.2
|
0.2
|
0.2
|
0.3
|
0.3
|
0.3
|
0.3
|
0.4
|
|||||||||||||||||||||||||||
Income (loss) before income tax
|
(17.6
|
)
|
(24.8
|
)
|
(14.3
|
)
|
(21.2
|
)
|
(24.1
|
)
|
(11.2
|
)
|
0.0
|
(7.9
|
)
|
(6.6
|
)
|
|||||||||||||||||||
Income tax
|
2.1
|
2.8
|
3.7
|
2.1
|
2.6
|
(0.3
|
)
|
(0.3
|
)
|
(0.0
|
)
|
0.0
|
||||||||||||||||||||||||
Net loss for the period
|
(15.5
|
)
|
(22.0
|
)
|
(10.6
|
)
|
(19.1
|
)
|
(21.5
|
)
|
(11.5
|
)
|
(0.3
|
)
|
(7.9
|
)
|
(6.6
|
)
|
||||||||||||||||||
Earnings (loss) per share
|
||||||||||||||||||||||||||||||||||||
Basic and diluted earnings
(loss) per share (US$)
|
(0.09
|
)
|
(0.12
|
)
|
(0.06
|
)
|
(0.10
|
)
|
(0.11
|
)
|
(0.06
|
)
|
(0.00
|
)
|
(0.04
|
)
|
(0.04
|
)
|
For the three months ended
(unaudited) |
||||||||||||||||||||||||||||||||||||
June
30, 2021 |
September
30, 2021
|
December
31, 2021
|
March
31, 2022 |
June
30, 2022 |
September
30, 2022
|
December
31, 2022
|
March
31, 2023 |
June
30, 2023 |
||||||||||||||||||||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||||||||||||
Subscription cost
|
(30.6
|
)%
|
(30.6
|
)%
|
(28.2
|
)%
|
(28.8
|
)%
|
(26.3
|
)%
|
(25.2
|
)%
|
(25.3
|
)%
|
(24.6
|
)%
|
(23.3
|
)%
|
||||||||||||||||||
Services cost
|
(8.9
|
)%
|
(9.6
|
)%
|
(8.9
|
)%
|
(7.5
|
)%
|
(7.3
|
)%
|
(7.4
|
)%
|
(6.8
|
)%
|
(9.9
|
)%
|
(9.1
|
)%
|
||||||||||||||||||
Total cost
|
(39.6
|
)%
|
(40.1
|
)%
|
(37.1
|
)%
|
(36.3
|
)%
|
(33.6
|
)%
|
(32.6
|
)%
|
(32.1
|
)%
|
(34.4
|
)%
|
(32.4
|
)%
|
||||||||||||||||||
Gross profit
|
60.4
|
%
|
59.9
|
%
|
62.9
|
%
|
63.7
|
%
|
66.4
|
%
|
67.4
|
%
|
67.9
|
%
|
65.6
|
%
|
67.6
|
%
|
||||||||||||||||||
Operating expenses
|
||||||||||||||||||||||||||||||||||||
General and administrative
|
(25.3
|
)%
|
(31.2
|
)%
|
(18.6
|
)%
|
(19.9
|
)%
|
(19.2
|
)%
|
(17.9
|
)%
|
(15.5
|
)%
|
(18.7
|
)%
|
(17.2
|
)%
|
||||||||||||||||||
Sales and marketing
|
(50.9
|
)%
|
(60.7
|
)%
|
(47.0
|
)%
|
(51.6
|
)%
|
(55.1
|
)%
|
(41.7
|
)%
|
(27.3
|
)%
|
(35.0
|
)%
|
(30.2
|
)%
|
||||||||||||||||||
Research and development
|
(34.6
|
)%
|
(44.5
|
)%
|
(32.1
|
)%
|
(40.1
|
)%
|
(39.8
|
)%
|
(35.6
|
)%
|
(30.9
|
)%
|
(33.0
|
)%
|
(34.0
|
)%
|
||||||||||||||||||
Other income (losses)
|
(2.8
|
)%
|
0.0
|
%
|
(0.6
|
)%
|
0.0
|
%
|
(1.2
|
)%
|
(1.3
|
)%
|
(0.9
|
)%
|
(1.8
|
)%
|
(1.1
|
)%
|
||||||||||||||||||
Loss from operation
|
(53.1
|
)%
|
(76.5
|
)%
|
(35.4
|
)%
|
(48.1
|
)%
|
(48.9
|
)%
|
(29.1
|
)%
|
(6.7
|
)%
|
(23.0
|
)%
|
(14.9
|
)%
|
||||||||||||||||||
Financial result, net
|
(4.4
|
)%
|
(1.8
|
)%
|
(3.7
|
)%
|
(13.5
|
)%
|
(14.0
|
)%
|
(0.5
|
)%
|
5.9
|
%
|
3.4
|
%
|
0.2
|
%
|
||||||||||||||||||
Equity results
|
0.5
|
%
|
0.5
|
%
|
0.5
|
%
|
0.6
|
%
|
0.7
|
%
|
0.7
|
%
|
0.8
|
%
|
0.8
|
%
|
0.8
|
%
|
||||||||||||||||||
Income (loss) before income tax
|
(57.0
|
)%
|
(77.7
|
)%
|
(38.6
|
)%
|
(61.1
|
)%
|
(62.2
|
)%
|
(28.9
|
)%
|
0.1
|
%
|
(18.7
|
)%
|
(13.9
|
)%
|
||||||||||||||||||
Income tax
|
6.9
|
%
|
8.8
|
%
|
10.0
|
%
|
6.1
|
%
|
6.8
|
%
|
(0.9
|
)%
|
(0.8
|
)%
|
(0
|
)%
|
0.1
|
%
|
||||||||||||||||||
Net loss for the period
|
(50.1
|
)%
|
(68.9
|
)%
|
(28.6
|
)%
|
(55.0
|
)%
|
(55.4
|
)%
|
(29.8
|
)%
|
(0.7
|
)%
|
(18.8
|
)%
|
(13.8
|
)%
|
For the three months ended
(unaudited) |
||||||||||||||||||||||||||||||||||||
June
30, 2021 |
September
30, 2021
|
December
31, 2021
|
March
31, 2022 |
June
30, 2022 |
September
30, 2022
|
December
31, 2022
|
March
31, 2023 |
June
30, 2023 |
||||||||||||||||||||||||||||
Loss from operation
|
(16.4
|
)
|
(24.4
|
)
|
(13.1
|
)
|
(16.7
|
)
|
(18.9
|
)
|
(11.3
|
)
|
(3.0
|
)
|
(9.7
|
)
|
(7.1
|
)
|
||||||||||||||||||
Share-based compensation expense
|
5.5
|
9.3
|
1.6
|
2.5
|
0.9
|
4.8
|
4.6
|
5.1
|
4.7
|
|||||||||||||||||||||||||||
Amortization and adjustment
related to acquisitions
|
0.5
|
0.5
|
0.8
|
0.5
|
0.6
|
0.5
|
0.5
|
0.5
|
0.8
|
|||||||||||||||||||||||||||
Offering expenses ("IPO") (i)
|
-
|
1.3
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Non-GAAP Income (loss)
from operation
|
(10.4
|
)
|
(13.3
|
)
|
(10.9
|
)
|
(13.7
|
)
|
(17.5
|
)
|
(6.0
|
)
|
2.1
|
(4.1
|
)
|
(1.5
|
)
|
Three months ended
|
Six months ended
|
|||||||||||||||
(in US$ thousands)
|
June
30, 2023 |
June
30, 2022 |
June
30, 2023 |
June
30, 2022 |
||||||||||||
Subscription revenue
|
44,772
|
36,649
|
84,534
|
69,230
|
||||||||||||
Services revenue
|
3,114
|
2,065
|
5,634
|
4,151
|
||||||||||||
Total revenue
|
47,886
|
38,714
|
90,168
|
73,381
|
||||||||||||
Subscription cost (1)
|
(11,153
|
)
|
(10,166
|
)
|
(21,553
|
)
|
(20,162
|
)
|
||||||||
Services cost (1)
|
(4,353
|
)
|
(2,842
|
)
|
(8,519
|
)
|
(5,449
|
)
|
||||||||
Total cost
|
(15,506
|
)
|
(13,008
|
)
|
(30,072
|
)
|
(25,611
|
)
|
||||||||
Gross profit
|
32,380
|
25,706
|
60,096
|
47,770
|
||||||||||||
Operating expenses
|
||||||||||||||||
General and administrative (1)
|
(8,242
|
)
|
(7,431
|
)
|
(16,167
|
)
|
(14,352
|
)
|
||||||||
Sales and marketing (1)
|
(14,449
|
)
|
(21,318
|
)
|
(29,231
|
)
|
(39,218
|
)
|
||||||||
Research and development (1)
|
(16,305
|
)
|
(15,409
|
)
|
(30,264
|
)
|
(29,334
|
)
|
||||||||
Other losses
|
(511
|
)
|
(474
|
)
|
(1,265
|
)
|
(465
|
)
|
||||||||
Loss from operations
|
(7,127
|
)
|
(18,926
|
)
|
(16,831
|
)
|
(35,599
|
)
|
||||||||
Financial result, net
|
114
|
(5,426
|
)
|
1,570
|
(10,147
|
)
|
||||||||||
Equity results
|
367
|
268
|
708
|
487
|
||||||||||||
Loss before income tax
|
(6,646
|
)
|
(24,084
|
)
|
(14,553
|
)
|
(45,259
|
)
|
||||||||
Total income tax
|
36
|
2,619
|
15
|
4,704
|
||||||||||||
Net loss for the period
|
(6,610
|
)
|
(21,465
|
)
|
(14,538
|
)
|
(40,555
|
)
|
Three months ended
|
Six months ended
|
|||||||||||||||
(in US$ thousands)
|
June
30, 2023 |
June
30, 2022 |
June
30, 2023 |
June
30, 2022 |
||||||||||||
Subscription cost
|
(85
|
)
|
(80
|
)
|
(106
|
)
|
(167
|
)
|
||||||||
Services cost
|
(99
|
)
|
6
|
(244
|
)
|
(20
|
)
|
|||||||||
General and administrative
|
(1,708
|
)
|
(639
|
)
|
(3,422
|
)
|
(1,628
|
)
|
||||||||
Sales and marketing
|
(1,050
|
)
|
247
|
(2,369
|
)
|
(482
|
)
|
|||||||||
Research and development
|
(1,793
|
)
|
(458
|
)
|
(3,664
|
)
|
(1,101
|
)
|
||||||||
Total
|
(4,735
|
)
|
(924
|
)
|
(9,805
|
)
|
(3,398
|
)
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June
30, 2023 |
June
30, 2022 |
Variation
|
June
30, 2023 |
June
30, 2022 |
Variation
|
||||||||||||||||||
Subscription revenue
|
44,772
|
36,649
|
22.2
|
%
|
84,534
|
69,230
|
22.1
|
%
|
||||||||||||||||
Services revenue
|
3,114
|
2,065
|
50.8
|
%
|
5,634
|
4,151
|
35.7
|
%
|
||||||||||||||||
Total revenue
|
47,886
|
38,714
|
23.7
|
%
|
90,168
|
73,381
|
22.9
|
%
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June 30,
2023
|
June 30,
2022
|
Variation
|
June 30,
2023
|
June 30,
2022
|
Variation
|
||||||||||||||||||
Subscription cost
|
(11,153
|
)
|
(10,166
|
)
|
9.7
|
%
|
(21,553
|
)
|
(20,162
|
)
|
6.9
|
%
|
||||||||||||
Services cost
|
(4,353
|
)
|
(2,842
|
)
|
53.2
|
%
|
(8,519
|
)
|
(5,449
|
)
|
56.3
|
%
|
||||||||||||
Total cost
|
(15,506
|
)
|
(13,008
|
)
|
19.2
|
%
|
(30,072
|
)
|
(25,611
|
)
|
17.4
|
%
|
||||||||||||
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June 30,
2023
|
June 30,
2022
|
Variation
|
June 30,
2023
|
June 30,
2022
|
Variation
|
||||||||||||||||||
General and administrative
|
(8,242
|
)
|
(7,431
|
)
|
10.9
|
%
|
(16,167
|
)
|
(14,352
|
)
|
12.6
|
%
|
||||||||||||
Percentage of total revenue
|
(17.2
|
)%
|
(19.2
|
)%
|
-
|
(17.9
|
)%
|
(19.6
|
)%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June 30,
2023
|
June 30,
2022
|
Variation
|
June 30,
2023
|
June 30,
2022
|
Variation
|
||||||||||||||||||
Sales and marketing
|
(14,449
|
)
|
(21,318
|
)
|
(32.2
|
%)
|
(29,231
|
)
|
(39,218
|
)
|
(25.5
|
)%
|
||||||||||||
Percentage of total revenue
|
(30.2
|
)%
|
(55.1
|
)%
|
-
|
(32.4
|
)%
|
(53.4
|
)%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June 30,
2023
|
June 30,
2022
|
Variation
|
June 30,
2023
|
June 30,
2022
|
Variation
|
||||||||||||||||||
Research and development
|
(16,305
|
)
|
(15,409
|
)
|
5.8
|
%
|
(30,264
|
)
|
(29,334
|
)
|
3.2
|
%
|
||||||||||||
Percentage of total revenue
|
(34.0
|
)%
|
(39.8
|
)%
|
-
|
(33.6
|
)%
|
(40.0
|
)%
|
-
|
Three months ended
|
Six months ended
|
|||||||||||||||||||||||
(in US$ thousands, except percentages)
|
June 30,
2023
|
June 30,
2022
|
Variation
|
June 30,
2023
|
June 30,
2022
|
Variation
|
||||||||||||||||||
Financial income
|
9,240
|
4,696
|
96.8
|
%
|
16,599
|
8,988
|
84.7
|
%
|
||||||||||||||||
Financial expense
|
(9,126
|
)
|
(10,122
|
)
|
(9.8
|
)%
|
(15,029
|
)
|
(19,135
|
)
|
(21.5
|
)%
|
||||||||||||
Financial result, net
|
114
|
(5,426
|
)
|
(102.1
|
)%
|
1,570
|
(10,147
|
)
|
(115.5
|
)%
|
As at June 30, 2023
|
||||||||||||||||
Amortized cost
|
Gross
unrealized gain
|
Gross
unrealized loss
|
Fair value
|
|||||||||||||
Short-term investments
|
100,601
|
5,028
|
-
|
105,629
|
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 six months ended
|
||||||||
(in US$ thousands)
|
June
30, 2023 |
June
30, 2022 |
||||||
Net cash used in operating activities
|
(8,174
|
)
|
(28,622
|
)
|
||||
Net cash provided by (used in) investing activities
|
99,186
|
(59,169
|
)
|
|||||
Net cash used in financing activities
|
(15,321
|
)
|
(3,186
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
75,691
|
(90,977
|
)
|
•
|
(1) a decrease in net loss of the period to US$14.5 million for the six-month period ended June 30, 2023, compared to a net loss of US$40.6 in the same period of 2022
|
•
|
(2) working capital adjustments which consisted mainly of an increase in deferred revenue in the amount of US$6.2 million for the six-month period ended June 30, 2023, compared to a decrease of US$1.5 million
in the same period of 2022. This was partially offset by:
|
•
|
(3) working capital adjustments which consisted mainly of an increase in trade receivables in the amount of US$6.6 million for the six-month period ended June 30, 2023, compared to a decrease of US$2.0
million in the same period of 2022.
|
|
VTEX
|
|
|
|
|
|
By: /s/ Ricardo Camatta Sodre
|
|
Name: Ricardo Camatta Sodre
|
|
Title: Chief Financial Officer
|
1 Year VTEX Chart |
1 Month VTEX Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions