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
- GMV reached US$4.0 billion in the third quarter of 2023,
representing a YoY increase of 35.2% in USD and 27.8% on an FX
neutral basis.
- Total revenue increased to US$50.6 million in the third quarter
of 2023, from US$38.8 million in the third quarter of 2022,
representing a YoY increase of 30.6% in USD and 24.5% on an FX
neutral basis.
- Subscription revenue represented 93.9% of total revenues and
increased to US$47.5 million in the third quarter of 2023, from
US$36.5 million in the third quarter of 2022, a YoY increase of
30.2% in USD and 24.2% on an FX neutral basis.
- Non-GAAP subscription gross profit was US$36.2 million in the
third quarter of 2023, compared to US$26.9 million in the third
quarter of 2022, representing a YoY increase of 34.6% in USD and
27.7% on an FX neutral basis.
- Non-GAAP subscription gross margin was 76.2% in the third
quarter of 2023, compared to 73.8% in the same quarter of 2022.
Non-GAAP subscription gross profit margin 247 bps YoY expansion was
mainly attributable to operational hosting cost efficiencies,
support cost optimization, among other impacts.
- Non-GAAP income from operations was US$1.7 million during the
third quarter of 2023, compared to a Non-GAAP loss from operations
of US$1.5 million in the second quarter of 2023 and a Non-GAAP loss
from operations of US$6.0 million in the same quarter of 2022.
- Non-GAAP positive free cash flow was US$2.7 million during the
third quarter of 2023, compared to a Non-GAAP negative free cash
flow of US$3.3 million both in the second quarter of 2023 and in
the same quarter of 2022.
- Our total headcount decreased to 1,276 as of September 30,
2023, representing a decrease of 9.2% YoY and a decrease of 2.2%
QoQ.
- On August 8, 2023 the Board of Directors authorized the
repurchase of shares of the Company's Class A common shares for an
aggregate consideration of up to US$20.0 million. As of September
30, 2023, we repurchased 1.9 million shares at an average price of
US$5.53 per share for a total cost of US$9.9 million. Considering
the previous plan that concluded on August 8, 2023, the total
repurchased shares amounted to 9.0 million, with an average price
of US$4.16 per share and a total cost of US$37.9 million.
Third Quarter 2023 Commercial Highlights:
- New customers that initiated their operations with us, among
others: Naldo in Argentina, Aiwa, Preçolandia and PicPay B2B in
Brazil, Ren-Wil in Canada, ICB Food in Chile, CoopiDrogas, Gabrica,
Eurosuper and Mattelsa in Colombia, Vianney and Farma Piel in
Mexico, and Beautycounter and Pierce Manufacturing B2B in the
US.
- Existing customers expanding their operations with us by
opening new online stores, among others:
- Calvin Klein, who added a new store in Ecuador, now operating
in nine countries in Latin America;
- Farmacity, who added their Simplicity brand in Argentina, now
operating with four stores in Argentina and one in Uruguay;
- Reebok, who added a store in Panama, operating in six countries
in Latin America; and
- Whirlpool, who added their Kitchenaid brand in Austria,
Denmark, Finland, France, UK, and Italy, now operating in Latin
America, EMEA, and APAC.
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:
- Zero friction onboarding and collaboration:
- The Foschini Group, a leading South African retailer with 26
diverse brands, leveraged VTEX to launch "Bash," integrating 18
brands into one customizable marketplace. Post-launch, multi-brand
orders surged by 73%, and app sales quickly reached over 35% of
total online sales within two months, boasting a conversion rate
exceeding 200% for mobile web and 80% for desktop. Additionally,
page load speed improved by 33%, enhancing the overall user
experience.
- Sorte Online, a leading Brazilian platform specialized in
lottery intermediation, adopted VTEX's headless approach for
greater frontend autonomy, improving their go-to-market strategy.
This move led to increased conversion rates across all channels
(organic, direct, paid media) due to reduced latency and VTEX's
scalability for high traffic without downtime.
- An aftermarket vendor in the US, has embarked on a
collaboration project with VTEX to evolve their B2B online
experience and improve customer experience, search and track
product details, while benefiting from VTEX master data
capabilities to manage their extensive SKU catalog.
- A global clothing and accessories retailer with 11 online
stores and 10 marketplaces across 39 countries, adopted VTEX's
headless CMS approach. This integration allows them to easily
customize and manage webpage content, enhancing performance by
minimizing errors and content loss.
- At NY Fashion Week, PatBo partnered with VTEX for a Live
Shopping event, being the only Brazilian brand to host a fashion
show at the event. The results were impressive, with a 300%
increase in sales, a 125% surge in orders, and a notable 79% rise
in average order value, underscoring Live Shopping's growing
efficacy.
- During VTEX Connect Latam, the Live Shopping experience thrived
with the Live Booth, hosting seven 40-minute events with an average
of 447 viewers each. Notably, KitchenAid, a participating brand,
enjoyed a remarkable 152% increase in sales. AI Tags, a new feature
introduced during the event, enabled live presenters to identify
products in real-time, enhancing the overall Live Shopping
experience.
- In Argentina, the TV show "Bailando por un Sueño" seamlessly
integrated with Style Store, a VTEX customer utilizing a streaming
solution for Live Shopping. The result: over 75K viewers during the
live broadcast and an astounding 700% sales boost compared to the
previous month. This event showcased Live Shopping's evolving
landscape and its potential for remarkable sales growth.
- Single control panel for every order
- Naldo, an Argentine retail brand with 70+ stores in 14 states,
opted for the VTEX platform. This choice streamlined their vast SKU
management, enabled payment and promotion features, and integrated
logistics with third parties, enhancing sales opportunities and
customer experience.
- Commerce on auto-pilot and co-pilot
- Farma Conde, a well-known Brazilian pharmacy chain with
numerous physical stores, joined forces with VTEX for omnichannel
capabilities. They've integrated over 160 stores into VTEX's
platform, using features like regionalization and intelligent
search to improve the customer experience. Farma Conde also
utilizes third-party solutions from the VTEX ecosystem, including
Mercado Pago for payments and Google Analytics for performance
metrics.
- Sergio K., a high-end Brazilian men's fashion brand, adopted
VTEX's composable architecture for their digital commerce platform.
With VTEX IO, they enhanced the customer experience by implementing
features like the wishlist. Sergio K. also optimized deliveries
with VTEX Shipping Network and utilized Google Analytics for easy
sales data tracking, resulting in a 7x order conversion rate
increase, 25% higher AOV, and a 60% reduction in shipping
costs.
- The development platform of choice for digital commerce
- Pague Menos, a leading player in pharmaceutical retail and a
long-term VTEX partner, leveraged VTEX's flexibility to swiftly
integrate Extrafarma using VTEX IO Store Framework in just 29 days.
This strategic move led to remarkable sales growth, a 200% boost in
conversion rates, and cost reductions, reinforcing Pague Menos
Group's financial efficiency while uniting both stores
seamlessly.
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
VTEX (NYSE:VTEX)
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