![](/cdn/assets/images/search/clock.png)
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 | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.87% | 6.99 | 7.01 | 6.91 | 6.92 | 363,682 | 01:00:00 |
GMV and total revenue YoY growth reached 35% and 31%, respectively
Gross profit increased 36% YoY, representing a margin expansion of 292 bps
Non-GAAP operating income and free cash flow reached $1.7 million and $2.7 million, respectively
VTEX (NYSE: VTEX) the global enterprise digital commerce platform for premier brands and retailers, today announced results for the third quarter of 2023 ended September 30, 2023. VTEX results have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting”.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “VTEX had another solid quarter. Our GMV and revenue accelerated to a notable pace under uncertain macro conditions while we continued to deliver gross margin improvements and expenses discipline, demonstrating an attractive balance of growth investments and profitability. Our focus on execution and the operational leverage of our business model allowed us to deliver our breakeven goal one quarter ahead of schedule.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “VTEX is becoming the preferred platform for forward-thinking leaders. Notable customer wins and the successful launch of Beautycounter in the US mark another relevant milestone in our global expansion journey. VTEX Connect success in Mexico also demonstrates our expansion potential in Latam. Validating our world-class product, Gartner recognized VTEX in second place in three out of five of its digital commerce critical capabilities, and as one of the best rated digital commerce platforms by Gartner Peer Insights in the last twelve months.”
Third Quarter 2023 Financial Highlights
Third Quarter 2023 Commercial Highlights:
Third Quarter 2023 Operational Highlights:
We innovate aligned with our guiding principles. We express our brand through the success of our customers. VTEX key operational highlights this quarter are:
Business Outlook
The integration of ecommerce to leverage existing physical stores has become a crucial aspect of the business strategy for enterprise brands and retailers. Consumers now expect a seamless shopping experience, whether they're browsing online or in-store. Omnichannel has gone from being a desirable feature to a vital tool for engaging with consumers in a consistent and relevant manner.
Although the global macroeconomic environment imposes challenges to retailers and ecommerce players, our company has not seen any significant deterioration in our most relevant long-term performance metrics. This is a testament to the resilience of our business model and our ability to adapt to changing market conditions.
Although the macroeconomic scenario remains uncertain, we see an encouraging stabilization on our sale cycle in the current quarter. We are closely monitoring the performance of our customers and sales funnel and taking necessary actions to ensure our business's continued growth and success.
In this context, we are currently targeting revenue for the fourth quarter of 2023 in the US$55.0 million to US$57.0 million range, implying a YoY growth of 22% on an FX neutral basis in the middle of the range.
For the full year 2023, considering the current performance of the company, we are increasing the bottom and the top of the range, now targeting the full year to end between 22% to 23% on an FX-neutral YoY basis, implying a range of US$196 million to US$198 million based on October average FX rate and assuming a devaluation of Argentina’s currency aligned with market futures rates.
As we continue executing our strategy for profitable growth, we anticipate YoY improvements in our Non-GAAP operating income margin in the fourth quarter 2023.
We are confident in VTEX's ability to navigate the uncertainties posed by the current macroeconomic scenario. We are empowering our customers to digitally transform their commerce operations while helping them to outperform the market.
The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding ''Forward-Looking Statements'' below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and operating metrics for the three months and nine months ended September 30, 2023 and 2022.
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
GMV
3,999.3
2,957.5
11,141.5
8,783.9
GMV growth YoY FXN (1)
27.8%
28.7%
23.2%
25.8%
Revenue
50.6
38.8
140.8
112.1
Revenue growth YoY FXN (1)
24.5%
22.0%
23.2%
23.4%
Non-GAAP subscription gross profit (2)(4)
36.2
26.9
99.3
76.2
Non-GAAP subscription gross profit margin (3)(4)
76.2%
73.8%
75.2%
72.0%
Non-GAAP income (loss) from operations (4)
1.7
(6.0)
(3.9)
(37.2)
Total number of employees
1,276
1,405
1,276
1,405
(1) Calculated by using the average monthly exchange rates for the applicable months during 2022, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2023, as applicable, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. (2) Corresponds to our subscription revenues minus our subscription costs. (3) Corresponds to our subscription gross profit divided by subscription revenues. (4) Reconciliation of Non-GAAP metrics can be found in tables below.
Conference Call and Webcast
The conference call may be accessed by dialing +1-888-660-6011 (Conference ID – 1918046–) and requesting inclusion in the call for VTEX.
The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/.
An archive of the webcast will be available for one week following the conclusion of the conference call.
Definition of Selected Operational Metrics
“ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four.
“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.
“GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions.
“FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next.
“SSS” means same-store-sales calculated on a yearly basis by dividing the GMV of active online stores in the current period by the GMV of the same active online same stores in the prior period.
“Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.
Special Note Regarding Non-GAAP financial metrics
For the convenience of investors, this document presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures.
We understand that Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Free Cash Flow and FX Neutral measures may be different from the calculation used by other companies, including our competitors, and therefore, our measures may not be comparable to those of other companies.
Reconciliation of Non-GAAP measures
The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods:
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
Subscription revenue
47.5
36.5
132.1
105.7
Subscription cost
(11.4)
(9.8)
(32.9)
(29.9)
Subscription gross profit
36.1
26.8
99.1
75.8
Share-based compensation
0.1
0.2
0.2
0.3
Non-GAAP subscription gross profit
36.2
26.9
99.3
76.2
Non-GAAP subscription gross margin
76.2%
73.8%
75.2%
72.0%
The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:
Sales & Marketing
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
Sales & Marketing expense
(15.1)
(16.2)
(44.3)
(55.4)
Share-based compensation expense
1.0
1.3
3.3
1.7
Amortization and adjustment related to acquisitions
0.3
0.3
0.9
0.9
Non-GAAP Sales & Marketing expense
(13.8)
(14.6)
(40.1)
(52.7)
Research & Development
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
Research & Development expense
(15.5)
(13.8)
(45.8)
(43.1)
Share-based compensation expense
1.9
2.0
5.6
3.1
Amortization and adjustment related to acquisitions
0.3
0.2
0.9
0.7
Non-GAAP Research & Development expense
(13.3)
(11.6)
(39.3)
(39.4)
General & Administrative
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
General & Administrative expense
(8.4)
(6.9)
(24.5)
(21.3)
Share-based compensation expense
1.5
1.3
4.9
2.9
Amortization and adjustment related to acquisitions
0.0
0.0
0.0
0.0
Non-GAAP General & Administrative expense
(6.9)
(5.7)
(19.6)
(18.4)
The following table presents a reconciliation of our Non-GAAP loss from operations to loss from operations for the following periods:
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
Loss from operations
(3.5)
(11.3)
(20.3)
(46.9)
Share-based compensation expense
4.6
4.8
14.4
8.2
Amortization and adjustment related to acquisitions
0.6
0.5
2.0
1.6
Non-GAAP income (loss) from operations
1.7
(6.0)
(3.9)
(37.2)
The following table presents a reconciliation of our Non-GAAP free cash flow to net cash used by operating activities for the following periods:
Three months ended
September 30,
Nine months ended
September 30,
(in millions of US$, except as otherwise indicated)
2023
2022
2023
2022
Net cash provided by (used in) by operating activities
2.8
(3.2)
(5.4)
(31.8)
Acquisitions of intangibles
-
-
-
-
Acquisitions of property and equipment
(0.1)
(0.1)
(0.3)
(0.3)
Non-GAAP free cash flow
2.7
(3.3)
(5.7)
(32.1)
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months period ended September 30, 2023:
Three months ended September 30,
As
Reported
FXN
As
Reported
FXN
(in millions of US$, except as otherwise indicated)
3Q23
3Q22
Percentage
change
3Q23
3Q22
Percentage
change
Subscription revenue
47.5
36.5
30.2%
45.3
36.5
24.2%
Services revenue
3.1
2.2
37.6%
2.9
2.2
30.5%
Total revenue
50.6
38.8
30.6%
48.3
38.8
24.5%
Gross profit
35.6
26.1
36.3%
33.8
26.1
29.2%
Loss from operation
(3.5)
(11.3)
(69.2)%
(2.8)
(11.3)
(75.3)%
This announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, "Interim Financial Reporting" nor a financial statement as defined by International Accounting Standards 1 "Presentation of Financial Statements". The financial information in this press release has not been audited.
About VTEX
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where forward-thinking CEOs and CIOs smarten up their investments. Our composable and complete platform helps brands and retailers modernize their stack and reduce maintenance costs by rapidly migrating from legacy systems, connecting their entire value chain, and making inventory and fulfillment their strength.
As a leader in digital commerce, VTEX is trusted by more than 2,600 B2C and B2B customers, including Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker, and Whirlpool, having over 3,400 active online stores across 38 countries (as of FY ended on December 31, 2022). For more information, visit www.vtex.com.
Forward-looking Statements
This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Statements contained herein that are not clearly historical in nature, including statements about the VTEX strategies and business plans, are forward-looking, and the words “anticipate,” “believe,” “continues,” “expect,” “estimate,” “intend,” ”strategy,” “project,” “target” and similar expressions and future or conditional verbs such as “will,” “would,” “should,” “could,” “might,” “can,” “may,” or similar expressions are generally intended to identify forward-looking statements.
VTEX may also make forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission, or the SEC, in press releases and other written materials and in oral statements made by its officers and directors. These forward-looking statements speak only as of the date they are made and are based on the VTEX’s current plans and expectations and are subject to a number of known and unknown uncertainties and risks, many of which are beyond VTEX’s control. A number of factors and risks could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks is included in VTEX filings with the SEC.
As a consequence, current plans, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this announcement. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented as there is no guarantee that expected events, trends or results will actually occur. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.
This announcement may also contain estimates and other information concerning our industry that are based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
VTEX Condensed consolidated interim statements of profit or loss (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
Three months ended
Nine months ended
September
30, 2023
September
30, 2022
September
30, 2023
September
30, 2022
Subscription revenue
47,544
36,513
132,078
105,743
Services revenue
3,084
2,241
8,718
6,392
Total revenue
50,628
38,754
140,796
112,135
Subscription cost
(11,395
)
(9,755
)
(32,948
)
(29,917
)
Services cost
(3,625
)
(2,872
)
(12,144
)
(8,321
)
Total cost
(15,020
)
(12,627
)
(45,092
)
(38,238
)
Gross profit
35,608
26,127
95,704
73,897
Operating expenses
General and administrative
(8,374
)
(6,944
)
(24,541
)
(21,296
)
Sales and marketing
(15,101
)
(16,176
)
(44,332
)
(55,394
)
Research and development
(15,508
)
(13,812
)
(45,772
)
(43,146
)
Other losses
(99
)
(489
)
(1,364
)
(954
)
Loss from operations
(3,474
)
(11,294
)
(20,305
)
(46,893
)
Financial income
8,974
7,137
25,573
16,125
Financial expense
(7,896
)
(7,327
)
(22,925
)
(26,462
)
Financial result, net
1,078
(190
)
2,648
(10,337
)
Equity results
281
272
989
759
Loss before income tax
(2,115
)
(11,212
)
(16,668
)
(56,471
)
Income tax
Current
(50
)
260
(2,317
)
(741
)
Deferred
(214
)
(590
)
2,068
5,115
Total income tax
(264
)
(330
)
(249
)
4,374
Net loss for the period
(2,379
)
(11,542
)
(16,917
)
(52,097
)
Attributable to controlling shareholders
(2,374
)
(11,542
)
(16,913
)
(52,095
)
Non-controlling interest
(5
)
-
(4
)
(2
)
Loss per share
Basic loss per share
(0.013
)
(0.060
)
(0.090
)
(0.273
)
Diluted loss per share
(0.013
)
(0.060
)
(0.090
)
(0.273
)
VTEX Condensed consolidated interim balance sheets (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
September 30, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
21,301
24,394
Restricted cash
-
1,608
Short-term investments
192,405
214,164
Trade receivables
41,591
36,844
Recoverable taxes
3,762
5,122
Deferred commissions
937
663
Prepaid expenses
4,291
4,152
Derivative financial instruments
287
117
Other current assets
60
93
Total current assets
264,634
287,157
Non-current assets
Trade receivables
5,920
5,432
Deferred tax assets
20,731
17,710
Prepaid expenses
105
204
Recoverable taxes
4,174
3,334
Deferred commissions
2,769
1,790
Other non-current assets
947
957
Right-of-use assets
3,658
4,818
Property and equipment, net
3,127
3,909
Intangible assets, net
30,173
31,210
Investments in joint venture
1,061
1,152
Total non-current assets
72,665
70,516
Total assets
337,299
357,673
September 30, 2023
December 31, 2022
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
36,549
34,136
Loans and financing
-
1,153
Taxes payable
4,124
4,128
Lease liabilities
1,897
1,898
Deferred revenue
24,366
20,332
Accounts payable from acquisition of subsidiaries
-
299
Other current liabilities
296
70
Total current liabilities
67,232
62,016
Non-current liabilities
Accounts payable and accrued expenses
1,092
511
Taxes payable
-
160
Lease liabilities
2,817
3,737
Deferred revenue
16,354
13,923
Deferred tax liabilities
3,078
2,464
Other non-current liabilities
464
185
Total non-current liabilities
23,805
20,980
EQUITY
Issued Capital
19
19
Capital reserve
377,330
390,885
Other reserves
2,142
127
Accumulated losses
(133,286
)
(116,373
)
Equity attributable to VTEX’s shareholders
246,205
274,658
Non-controlling interests
57
19
Total shareholders’ equity
246,262
274,677
Total liabilities and equity
337,299
357,673
VTEX Condensed consolidated interim statements of cash flows (Unaudited) In thousands of U.S. dollars, unless otherwise indicated
September 30, 2023
September 30, 2022
Net loss for the period
(16,917
)
(52,097
)
Adjustments for:
Depreciation and amortization
3,799
3,378
Deferred income tax
(2,068
)
(5,115
)
Loss on disposal of rights of use, property, equipment, and intangible assets
614
(9
)
Expected credit losses from trade receivables
1,093
640
Share-based compensation
12,280
8,501
Provision for payroll taxes (share-based compensation)
2,117
(1,578
)
Adjustment of hyperinflation
10,221
3,786
Equity results
(989
)
(759
)
Accrued interest
(9,875
)
(597
)
Fair value (gains) losses
(7,863
)
6,610
Others and foreign exchange, net
2,559
464
Change in operating assets and liabilities
Trade receivables
(6,781
)
(604
)
Recoverable taxes
(108
)
927
Prepaid expenses
206
3,919
Other assets
(25
)
(581
)
Accounts payable and accrued expenses
(958
)
3,184
Taxes payable
415
(2,523
)
Deferred revenue
5,450
48
Other liabilities
1,175
791
Cash used in operating activities
(5,655
)
(31,615
)
Income tax refund (paid)
233
(193
)
Net cash used in operating activities
(5,422
)
(31,808
)
Cash flows from investing activities
Dividends received from joint venture
1,138
147
Purchase of short-term investment
(112,350
)
(111,040
)
Redemption of short-term investment
139,458
66,152
Interest and dividend received from short-term investments
1,941
597
Payment of business acquired
-
(1,692
)
Acquisitions of property and equipment
(252
)
(266
)
Derivative financial instruments
359
-
Net cash provided by (used in) investing activities
30,294
(46,102
)
Cash flows from financing activities
Derivative financial instruments
-
(718
)
Changes in restricted cash
1,660
(403
)
Proceeds from the exercise of stock options
632
430
Net-settlement of share-based payment
(1,618
)
(1,138
)
Buyback of shares
(25,053
)
(5,184
)
Payment of loans and financing
(1,238
)
(1,982
)
Interest paid
(5
)
(48
)
Principal elements of lease payments
(1,152
)
(898
)
Lease interest paid
(440
)
(515
)
Net cash used in financing activities
(27,214
)
(10,456
)
Net decrease in cash and cash equivalents
(2,342
)
(88,366
)
Cash and cash equivalents, beginning of the period
24,394
121,006
Effect of exchange rate changes
(751
)
(2,783
)
Cash and cash equivalents, end of the period
21,301
29,857
Non-cash transactions:
Lease liabilities arising from obtaining right-of-use assets
85
985
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
42
7
View source version on businesswire.com: https://www.businesswire.com/news/home/20231107052067/en/
Julia Vater Fernández Investor Relations Director investors@vtex.com
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