GMV and total revenues YoY growth both reaching
22%
Gross profit increased 26% YoY, representing a
margin expansion of 190bps
VTEX (NYSE: VTEX) the global enterprise digital commerce
platform for premier brands and retailers, today announced results
for the first quarter of 2023 ended March 31, 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
has once again showcased its robust business model with our
customers achieving outstanding results amidst a challenging
macroeconomic environment worldwide. The VTEX team has delivered
solid revenue performance, while maintaining an efficient and
sustainable approach.” Mariano Gomide de Faria, founder and co-CEO
of VTEX, added, “We are delighted to declare our accomplishments
for the previous quarter, characterized by robust customer
additions and successful execution of strategies across all
regions. This reaffirms our leading position in the digital
landscape of Latin America and demonstrates clear progress towards
our global expansion goals. We are working towards several exciting
announcements for this year, particularly beyond the borders of
Latin America. This is just the beginning of a promising year
ahead.”
First Quarter 2023 Operational and Financial
Highlights
- GMV reached US$3.3 billion in the first quarter of 2023,
representing a YoY increase of 21.7% in USD and 20.6% on an FX
neutral basis.
- Total revenue increased to US$42.3 million in the first quarter
of 2023, from US$34.7 million in the first quarter of 2022,
representing a YoY increase of 22.0% in USD and 22.2% on an FX
neutral basis.
- Subscription revenue represented 94.0% of total revenues and
increased to US$39.8 million in the first quarter of 2023, from
US$32.6 million in the first quarter of 2022, a YoY increase of
22.0% in USD and 21.9% on an FX neutral basis.
- Non-GAAP subscription gross profit was US$29.4 million in the
first quarter of 2023, compared to US$22.7 million in the first
quarter of 2022, representing a YoY increase of 29.6% in USD and
29.1% on an FX neutral basis.
- Non-GAAP subscription gross margin was 73.9% in the first
quarter of 2023, compared to 69.6% in the same quarter of 2022.
Non-GAAP subscription gross profit margin YoY 430 bps expansion was
mainly attributable to operational hosting cost efficiencies,
support cost optimization, among other impacts.
- Non-GAAP loss from operations was US$4.1 million during the
first quarter of 2023, compared to a Non-GAAP income from
operations of US$2.1 million in the fourth quarter of 2022 and a
Non-GAAP loss from operations of US$13.7 million in the same
quarter of 2022.
- Non-GAAP negative free cash flow was US$5.0 million during the
first quarter of 2023, compared to a Non-GAAP positive free cash
flow of US$2.5 million in the fourth quarter of 2022 and a Non-GAAP
negative free cash flow of US$16.1 million in the same quarter of
2022.
- Our total headcount decreased to 1,339 as of March 31, 2023,
representing a decrease of 24.1% YoY and a decrease of 0.6%
QoQ.
- On August 8, 2022 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$30.0 million. As of March 31,
2023, we repurchased 4.6 million shares at an average price of
US$3.91 per share for a total cost of US$18.1 million.
First Quarter 2023 Commercial Highlights:
- New customers that initiated their operations with us, among
others: Banco Provincia in Argentina, Prezunic, Rede D’Or, and
Todo Dia in Brazil, Whitebird in Canada, Intime in Chile, Easy and
Only Muebles in Colombia, Farmaenlace in Ecuador, Canali in Italy,
Sonepar in Peru, Floria in Romania, and CornerUp in the US.
- Existing customers expanding their operations with us by
opening new online stores, among others: Belcorp, who added a
store in Ecuador, currently operating in 6 countries in Latin
America; CAE, who added two of its brands B2C stores in Canada
operating with us both B2B and B2C in North America; Mazda, who
added Netherlands, currently operation in 6 countries in Europe;
H&M, who added a store in Ecuador, currently operating in 5
countries in Latin America; Motorola, who added a store in
Singapore, currently operating in 20 countries across the globe;
and Samsung, who is now present in 4 countries both B2B and B2C
across the globe.
First Quarter 2023 Product Innovation Highlights:
We innovate aligned with our guiding principles. VTEX key
innovations deployed this quarter:
- Zero friction onboarding and collaboration:
- Samsung improved its ecommerce operation in Brazil by
implementing a data observability operation using VTEX IO. The
project included various solutions such as custom control
dashboards, pixel app templates, order feed and order hook, and an
alarm mechanism via Telegram. As a result, Samsung achieved a more
proactive operation, faster response times, and better delivery
quality, among other benefits.
- Cia. Hering, a major Brazilian fashion group with over 800
physical stores that migrated to VTEX in just three months, is
already increasing their average order value by 30% and decreasing
their abandoned carts by 40%. The replatforming process helped the
company achieve a fully customizable storefront, faster page
loading times, an improved checkout experience, and integrated its
physical and digital channels for a smooth omnichannel
operation.
- Claro, a leading telecommunications company in Latin America,
chose VTEX's composable architecture as their digital commerce
platform in Peru to simplify their current architecture and achieve
a fast time-to-market. With our out-of-the-box features, Claro was
able to solve their business requirements, including
marketplaces.
- Divvino, one of Brazil's largest online wine platforms,
selected VTEX to improve their front-end capabilities and ensure a
frictionless migration for their subscribers. As a result, Divvino
now has an internal marketplace and has increased their revenue
lines by selling new products such as wine accessories.
- Banco Provincia, a public bank in Argentina, chose VTEX due to
its ability to handle complex architecture requirements and
previous experience with similar clients. With VTEX's help, Banco
Provincia launched its successful platform with a daily record of
10,986 orders. They plan to expand their product catalog and double
the number of sellers with VTEX's assistance.
- A high aesthetic wear brand operating in Saudi Arabia and the
UAE, chose VTEX for our headless implementation capabilities and
flexibility to culture-specific product requirements. With our
platform, they now have a catalog that enables multi-language
product translations and the Checkout.com payment tool, which
provides a better customer experience for their users.
- Single control panel for every order
- Vital Mayorista, a large wholesale supermarket brand in
Argentina, customized their checkout with different payment options
with VTEX. Furthermore, the customer incorporated a shopping cart
rule feature during the checkout process, enabling the
implementation of purchasing rules for approving, canceling, or
modifying online orders. This has assisted their consumers in
adhering to the requirements necessary for completing the purchase,
leading to an increase in conversion rates. With this key
improvement, Vital has increased their orders by more than
140%.
- Oba Hortifruti, a grocery chain with more than 70 stores and 2
distribution centers in Brazil, chose VTEX's omnichannel strategy
to leverage sales opportunities. With our features such as shipping
from store and pick up in store, Oba improved their logistics and
customized their website's user experience.
- Commerce on auto-pilot and co-pilot
- Launched our improved conversational commerce tool with an
automated onboarding flow, enabling customers to create and
customize their WhatsApp accounts independently. This reduces the
onboarding time from 20 to 5 business days, increasing the time to
revenue for our customers.
- Launched the Offer Quality Filter configuration to provide
marketplaces with greater control over the approval criteria for
seller offers. This feature empowers our marketplace customers to
establish rules that automatically reject offers from sellers that
do not meet their business standards, allowing for a clear view of
their go-to-market strategies. Furthermore, our customers can
specify the application of filters for specific sellers,
categories, and brands.
- The development platform of choice for digital commerce
- Extended our native integration between VTEX stores and Amazon
by incorporating support for Amazon's FBA Classic (Fulfillment by
Amazon) and DBA (Delivery by Amazon) logistics programs. This new
feature enables users to import orders from FBA Classic or DBA,
providing a single place to view and manage orders. Moreover, the
integration delivers a more comprehensive user experience in the
VTEX Admin and streamlines operational work related to order
management.
- Jeffers Pet, an online pet retailer in the USA that operates in
B2C and B2B models, chose VTEX to strengthen their customer
experience and increase sales using our Live Shopping feature. Our
customer has experienced a significant increase in their conversion
rates during live events, doubling their average sales volume
during these sessions.
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.
However, the global macroeconomic environment has imposed
challenges to retailers and ecommerce players. The increase in
interest rates and labor costs has impacted consumption and put
pressure on margins. Despite these challenges, our company has not
seen a 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.
As a result of the aforementioned, we have reflected the
extended sales cycle resulting from the increased implementation
time of the VTEX platform and longer ramp-up periods for new
customers into our projections for this year. We haven’t seen
further deterioration of such cycles in the current quarter,
however the macroeconomic scenario for the full year remains
uncertain. 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
second quarter of 2023 in the US$45.0 million to US$45.8 million
range, implying a YoY growth of 19% on an FX neutral basis in the
middle of the range.
For the full year 2023, we expect FX neutral YoY revenue growth
of 16% to 19%, implying a range of US$185 million to US$190
million, based on year to date average FX rates.
As we continue executing on our strategy for profitable growth,
we anticipate a substantial YoY expansion in our non-GAAP operating
income margin in the second quarter of 2023, followed by
incremental lighter improvements in the second half of the
year.
We are confident in VTEX's ability to navigate the uncertainties
posed by the current macroeconomic scenario. We are empowering our
customers to digitally transform their commerce operations while
helping them to outperform the market.
The business outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
Actual results could vary materially as a result of numerous
factors, including certain risk factors, many of which are beyond
VTEX’s control. See the cautionary note regarding ''Forward-Looking
Statements'' below. Fluctuations in VTEX’s operating results may be
particularly pronounced in the current economic environment. There
can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and
operating metrics for the three months ended March 31, 2023 and
2022.
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
GMV
3,303.7
2,714.6
GMV growth YoY FXN (1)
20.6%
27.9%
Revenue
42.3
34.7
Revenue growth YoY FXN (1)
22.2%
29.7%
Non-GAAP subscription gross profit
(2)(4)
29.4
22.7
Non-GAAP subscription gross profit margin
(3)(4)
73.9%
69.6%
Non-GAAP loss from operations (4)
(4.1)
(13.7)
Total number of employees
1,339
1,765
(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 March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
Subscription revenue
39.8
32.6
Subscription cost
(10.4)
(10.0)
Subscription gross profit
29.4
22.6
Share-based compensation
0.0
0.1
Non-GAAP subscription gross
profit
29.4
22.7
Non-GAAP subscription gross
margin
73.9%
69.6%
The following table presents a reconciliation of our Non-GAAP
expenses to expenses for the following periods:
Sales & Marketing
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
Sales & Marketing expense
(14.8)
(17.9)
Share-based compensation expense
1.3
0.7
Amortization of intangible related to
acquisitions
0.3
0.3
Non-GAAP Sales & Marketing
expense
(13.2)
(16.9)
Research &
Development
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
Research & Development expense
(14.0)
(13.9)
Share-based compensation expense
1.9
0.6
Amortization of intangible related to
acquisitions
0.2
0.2
Non-GAAP Research & Development
expense
(11.8)
(13.1)
General &
Administrative
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
General & Administrative expense
(7.9)
(6.9)
Share-based compensation expense
1.7
1.0
Amortization of intangible related to
acquisitions
0.0
0.0
Non-GAAP General & Administrative
expense
(6.2)
(5.9)
The following table presents a reconciliation of our Non-GAAP
loss from operations to loss from operations for the following
periods:
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
Loss from operations
(9.7)
(16.7)
Share-based compensation expense
5.1
2.5
Amortization of intangibles related to
acquisitions
0.5
0.5
Non-GAAP loss from operations
(4.1)
(13.7)
The following table presents a reconciliation of our Non-GAAP
free cash flow to net cash used by operating activities for the
following periods:
Three months ended March
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
Net cash used in operating activities
(4.9)
(16.0)
Acquisitions of intangibles
-
-
Acquisitions of property and equipment
(0.1)
(0.1)
Non-GAAP free cash flow
(5.0)
(16.1)
The following table sets forth the FX neutral measures related
to our reported results of the operations for the three months
period ended March 31, 2022:
Three months ended March
31,
As Reported
FXN
As Reported
FXN
(in millions of US$, except as otherwise
indicated)
2023
2022
Percentage change
2023
2022
Percentage change
Subscription revenue
39.8
32.6
22.0%
39.7
32.6
21.9%
Services revenue
2.5
2.1
20.7%
2.7
2.1
27.7%
Total revenue
42.3
34.7
22.0%
42.4
34.7
22.2%
Subscription cost
(10.4)
(10.0)
4.0%
(10.5)
(10.0)
4.7%
Services cost
(4.2)
(2.6)
59.8%
(4.3)
(2.6)
63.5%
Total cost
(14.6)
(12.6)
15.6%
(14.7)
(12.6)
16.9%
Gross profit
27.7
22.1
25.6%
27.6
22.1
25.3%
Operating expenses
(37.4)
(38.7)
(3.4)%
(38.1)
(38.7)
(1.6)%
Loss from operation
(9.7)
(16.7)
(41.8)%
(10.5)
(16.7)
(37.2)%
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 global enterprise digital commerce
platform where brands and retailers run their world of commerce.
VTEX puts its customers’ businesses on a fast path to growth with a
complete commerce, marketplace, and OMS solution. It helps global
companies build, manage and deliver native and advanced B2B, B2C,
and marketplace commerce experiences with unprecedented time to
market and without complexity.
As a leader in digital commerce platforms, VTEX is trusted by
more than 2,600 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
March 31, 2023
March 31, 2022
Subscription revenue
39,762
32,580
Services revenue
2,520
2,087
Total revenue
42,282
34,667
Subscription cost
(10,400
)
(9,996
)
Services cost
(4,166
)
(2,607
)
Total cost
(14,566
)
(12,603
)
Gross profit
27,716
22,064
Operating expenses
General and administrative
(7,925
)
(6,921
)
Sales and marketing
(14,782
)
(17,900
)
Research and development
(13,959
)
(13,925
)
Other income (losses)
(754
)
8
Loss from operation
(9,704
)
(16,674
)
Financial income
7,359
4,292
Financial expense
(5,903
)
(9,013
)
Financial result, net
1,456
(4,721
)
Equity results
341
219
Loss before income tax
(7,907
)
(21,176
)
Income tax
Current
(570
)
(427
)
Deferred
549
2,512
Total income tax
(21
)
2,085
Net loss for the period
(7,928
)
(19,091
)
Attributable to controlling
shareholders
(7,928
)
(19,090
)
Non-controlling interest
-
(1
)
Loss per share
Basic loss per share
(0.042
)
(0.100
)
Diluted loss per share
(0.042
)
(0.100
)
VTEX
Condensed consolidated interim balance
sheets (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
March 31, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
21,891
24,394
Restricted cash
600
1,608
Marketable securities and short-term
investments
209,002
214,164
Trade receivables
37,536
36,844
Recoverable taxes
5,755
5,122
Deferred commissions
727
663
Prepaid expenses
5,376
4,152
Derivative financial instruments
54
117
Other current assets
1,294
93
Total current assets
282,235
287,157
Non-current assets
Trade receivables
5,115
5,432
Deferred tax assets
19,226
17,710
Prepaid expenses
172
204
Recoverable taxes
3,450
3,334
Deferred commissions
2,124
1,790
Other non-current assets
948
957
Right-of-use assets
4,673
4,818
Property and equipment, net
3,894
3,909
Intangible assets, net
31,267
31,210
Investments in joint venture
424
1,152
Total non-current assets
71,293
70,516
Total assets
353,528
357,673
March 31, 2023
December 31, 2022
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
31,078
34,136
Loans and financing
522
1,153
Taxes payable
5,498
4,128
Lease liabilities
1,959
1,898
Deferred revenue
23,640
20,332
Accounts payable from acquisition of
subsidiaries
-
299
Other current liabilities
73
70
Total current liabilities
62,770
62,016
Non-current liabilities
Accounts payable and accrued expenses
489
511
Taxes payable
160
160
Lease liabilities
3,571
3,737
Deferred revenue
16,037
13,923
Deferred tax liabilities
2,734
2,464
Other non-current liabilities
234
185
Total non-current liabilities
23,225
20,980
EQUITY
Issued Capital
19
19
Capital reserve
389,824
390,885
Other reserves
1,955
127
Accumulated losses
(124,301
)
(116,373
)
Equity attributable to VTEX’s
shareholders
267,497
274,658
Non-controlling interests
36
19
Total shareholders’ equity
267,533
274,677
Total liabilities and equity
353,528
357,673
VTEX
Condensed consolidated interim statements
of cash flows (Unaudited)
In thousands of U.S. dollars, unless
otherwise indicated
March 31, 2023
March 31, 2022
Net loss for the period
(7,928
)
(19,091
)
Adjustments for:
Depreciation and amortization
1,226
1,094
Deferred income tax
(549
)
(2,512
)
Loss on disposal of rights of use,
property, equipment, and intangible assets
14
(46
)
Expected credit losses from trade
receivables
537
122
Share-based compensation
4,004
3,099
Provision for payroll taxes (share-based
compensation)
452
(1,232
)
Adjustment of hyperinflation
1,420
717
Equity results
(341
)
(219
)
Fair value (gains) losses
(3,374
)
3,840
Others and foreign exchange, net
68
(1,940
)
Change in operating assets and
liabilities
Trade receivables
(124
)
(759
)
Recoverable taxes
(580
)
(847
)
Prepaid expenses
(1,019
)
(1,737
)
Other assets
(299
)
(306
)
Accounts payable and accrued expenses
(4,250
)
(1,143
)
Taxes payable
1,472
(427
)
Deferred revenue
4,279
5,291
Other liabilities
304
410
Cash used in operating
activities
(4,688
)
(15,686
)
Income tax paid
(170
)
(304
)
Net cash used in operating
activities
(4,858
)
(15,990
)
Cash flows from investing
activities
Purchase of short-term investment
(2,010
)
(6,587
)
Redemption of short-term investment
9,992
3,631
Purchase of marketable securities
(1,995
)
-
Redemption of marketable securities
1,876
-
Interest and dividend received from
short-term investments
462
-
Payment of business acquired
-
(1,268
)
Acquisitions of property and equipment
(146
)
(95
)
Derivative financial instruments
(134
)
-
Net cash provided by (used in)
investing activities
8,045
(4,319
)
Cash flows from financing
activities
Derivative financial instruments
-
(718
)
Changes in restricted cash
1,034
373
Proceeds from the exercise of stock
options
3
19
Net-settlement of share-based payment
(387
)
(598
)
Buyback of shares
(5,330
)
-
Payment of loans and financing
(696
)
(657
)
Interest paid
(4
)
(20
)
Principal elements of lease payments
(368
)
(279
)
Lease interest paid
(148
)
(176
)
Net cash used in financing
activities
(5,896
)
(2,056
)
Net decrease in cash and cash
equivalents
(2,709
)
(22,365
)
Cash and cash equivalents, beginning of
the period
24,394
121,006
Effect of exchange rate changes
206
983
Cash and cash equivalents, end of the
period
21,891
99,624
Non-cash transactions:
Lease liabilities arising from obtaining
right-of-use assets
76
931
Issue of ordinary shares as consideration
for a business combination
-
3
Dividends from joint venture used to pay
accounts from acquisition of subsidiaries
-
448
Transactions with non-controlling
interests
17
4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005126/en/
Julia Vater Fernández Investor Relations Director
investors@vtex.com
VTEX (NYSE:VTEX)
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