VTEX Reports Second Quarter 2022 Financial Results
VTEX (NYSE: VTEX) reported second-quarter 2022 results highlighting a 27.6% increase in GMV to US$3.1 billion and a 25.4% rise in total revenue to US$38.7 million. Gross profit surged 37.8% YoY, achieving a gross margin expansion of 600 bps. Subscription revenue, accounting for 94.7% of total revenue, increased by 23.6% YoY. Despite a non-GAAP loss from operations of US$17.5 million, VTEX plans a US$30 million share repurchase program. For Q3 2022, the company forecasts revenue between US$37 million and US$38 million, indicating 18% YoY growth amidst uncertain macroeconomic conditions.
- GMV increased by 27.6% YoY to US$3.1 billion.
- Total revenue rose 25.4% YoY to US$38.7 million.
- Gross profit expanded 37.8% YoY, achieving a margin increase of 600 bps.
- Subscription revenue accounted for 94.7% of total revenue, growing 23.6% YoY.
- Planned US$30 million share repurchase program.
- Non-GAAP loss from operations increased to US$17.5 million from US$10.4 million YoY.
- Non-GAAP negative free cash flow was US$12.7 million.
GMV and total revenue YoY growth reached 27.6% and 25.4%, respectively
Gross profit increases 37.8% YoY, representing a margin expansion of 600 bps YoY
Second Quarter 2022 Operational and Financial Highlights
- GMV reached US$3.1 billion in the second quarter of 2022, representing a YoY increase of 27.6% in USD and 21.0% on an FX neutral basis.
- Total revenue increased to US$38.7 million in the second quarter of 2022, from US$30.9 million in the second quarter of 2021, representing a YoY increase of 25.4% in USD and 19.5% on an FX neutral basis.
- Subscription revenue represented 94.7% of total revenues and increased to US$36.6 million in the second quarter of 2022, from US$29.7 million in the second quarter of 2021, a YoY increase of 23.6% in USD and 17.4% on an FX neutral basis.
-
Non-GAAP subscription gross profit was US$26.6 million in the second quarter of 2022, compared to US$20.4 million in the second quarter of 2021, representing a YoY increase of 30.2% in USD and 22.7% on an FX neutral basis.
- Non-GAAP subscription gross margin was 72.5% in the second quarter of 2022, compared to 68.8% in the same quarter of 2021. Non-GAAP subscription gross profit margin YoY 370 bps expansion reflects operational hosting cost efficiencies.
- Non-GAAP loss from operations was US$17.5 million during the second quarter of 2022, compared to Non-GAAP loss from operations of US$10.4 million in the second quarter of 2021, this quarter included exceptional expenses related to VTEX Day and to a personnel layoff implemented during the quarter.
- Non-GAAP negative free cash flow was US$12.7 million during the second quarter of 2022, compared to US$16.1 million in the first quarter of 2022 and US$14.7 million in the second quarter of 2021.
-
Our total headcount decreased to 1,560 as of
June 30, 2022 , representing an increase of 5.0% YoY and a decrease of 11.6% QoQ. -
VTEX today announced its Board of Directors has authorized a 1-year, US$30.0 million program to repurchase shares ofVTEX's Class A Common Shares. The timing and amount of shares repurchased (if any) will be determined by our management based on its evaluation of market conditions and other factors.
Second Quarter 2022 Commercial Highlights:
-
New customers that initiated their operations with us, among others: Elo, Hering, Pernambucanas,
SumUp and ZeBrands inBrazil , Yamaha and Groupe Seb Andeans inColombia , and BRF inChile , Garbarino inArgentina , Grainger and Citric inMexico , Momentum Textiles in the US and Invitadisima inSpain . -
Existing customers expanding their operations with us by opening new online stores, among others:
AB Inbev added theDominican Republic , expanding from 9 countries inLatin America ; and Sugo addedMexico , expanding from 4 countries inLatin America .
Second Quarter 2022 Product Innovation Highlights:
We innovate aligned with our guiding principles.
-
Zero friction onboarding and collaboration:
-
Pernambucanas chose our headless approach to implement continuous customizations on their website and app and to keep a consistency between channels while providing a unified experience. The
VTEX team implemented this complex case in only 5 months. - Launched a partnership with Adyen, the global payments platform of choice for many of the world’s leading companies.
-
Pernambucanas chose our headless approach to implement continuous customizations on their website and app and to keep a consistency between channels while providing a unified experience. The
-
Single control panel for every order:
-
Briggs & Stratton choseVTEX in the US for their B2B project with 3 different Business Units supporting multi-language and multi-currency with one single account. With our single ecommerce platform and out-of-the-box features, we helped the customer to run their two different platforms, improving maintainability and providing frictionless solutions. -
Embargosalobestia needed robust omnichannel capabilities to help unify their multiple sales channels. With
VTEX , they improved their checkout statistics, conversion rates and other key ecommerce performance metrics while also building a true omnichannel strategy by integrating their physical stores and other sales channels. -
Live Shopping continues to penetrate our customer base with increased adoption and satisfaction. This quarter we had 231 Live Shopping events, which represents a QoQ increase of almost
80% . -
Along with Google,
VTEX is launching Web Page Performance, a dashboard that addsGoogle 's PageSpeed Insights and Lighthouse tools to the VTEX Admin. Now, our customers can keep track of the Core Web Vitals performance of all of the store's URLs in one single place.
-
-
The development platform of choice for digital commerce:
-
We continued evolving our VTEX Acceleration Program which seeks for innovative ecommerce-related solutions that can meet the needs of our customers. The project is focused on fostering the global ecommerce ecosystem by integrating third-party apps with
VTEX App Store . Some interesting partners to highlight within the program areMailUp , with its dashboard app, and WoowUp, with its CRM app. -
Continued attracting developers to our low-code platform, gaining momentum in the community and scaling our capabilities. Monthly active developers accessing the
VTEX development portal increased to more than 28,000 in the second quarter of 2022 from more than 24,000 in the first quarter of 2022.
-
We continued evolving our VTEX Acceleration Program which seeks for innovative ecommerce-related solutions that can meet the needs of our customers. The project is focused on fostering the global ecommerce ecosystem by integrating third-party apps with
Business Outlook
Since 2020 ecommerce meaning changed for enterprise brands and retailers, becoming a centerpiece of their business strategy. Omnichannel evolved from a “nice to have” to become a critical tool to engage with end consumers in a consistent and relevant way.
Nowadays, brands and retailers are evolving on the integration of not only physical channels and desktop and mobile online channels, but also interactive, social and conversational commerce, among other channels. The incremental complexity of building a proper omnichannel strategy enables
In the third quarter of 2022, although we are entering into cleaner comps, macroeconomic conditions remain uncertain. Therefore, we are currently targeting revenue in the US$37.0 million to US$38.0 million range for the third quarter of 2022, implying a YoY growth of 18% in USD and 20% on an FX neutral basis in the middle of the range.
For the full year 2022, we maintain our FX neutral YoY revenue growth of
Despite navigating a volatile environment, both in terms of macro conditions and consumer behavior, we continue to focus on helping our customers digitally transform their commerce operations and outperform the market. We are satisfied with and excited about the expanding market opportunity in front of us and the resilience of our customer base. After expanding the platform significantly during the past few years, we are executing on our strategy of profitable growth. As such, we expect to continue expanding gross and operating income margins in the second half of the year.
The business outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond VTEX’s control. See the cautionary note regarding ''Forward-Looking Statements'' below. Fluctuations in VTEX’s operating results may be particularly pronounced in the current economic environment. There can not be assurance that
The following table summarizes certain key financial and operating metrics for the three months and six months ended
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
GMV |
3,111.9 |
2,439.3 |
5,826.4 |
4,475.3 |
GMV growth YoY FXN (1) |
|
|
|
|
Revenue |
38.7 |
30.9 |
73.4 |
56.8 |
Revenue growth YoY FXN (1) |
|
|
|
|
Non-GAAP subscription gross profit (2)(4) |
26.6 |
20.4 |
49.2 |
36.5 |
Non-GAAP subscription gross profit margin (3)(4) |
|
|
|
|
Non-GAAP income (loss) from operations (4) |
(17.5) |
(10.4) |
(31.2) |
(19.0) |
Total number of employees |
1,560 |
1,486 |
1,560 |
1,486 |
(1) |
Calculated by using the average monthly exchange rates for the applicable months during 2021, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2022, 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 +1-844-200-6205 (Conference ID – 414708 –) and requesting inclusion in the call for
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
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
Subscription revenue |
36.6 |
29.7 |
69.2 |
54.3 |
Subscription cost |
(10.2) |
(9.5) |
(20.2) |
(18.2) |
Subscription gross profit |
26.5 |
20.2 |
49.1 |
36.1 |
Share-based compensation |
0.1 |
0.2 |
0.2 |
0.3 |
Non-GAAP subscription gross profit |
26.6 |
20.4 |
49.2 |
36.5 |
Non-GAAP subscription gross margin |
|
|
|
|
The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:
Sales & Marketing |
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
Sales & Marketing expense |
(21.3) |
(15.7) |
(39.2) |
(26.7) |
Share-based compensation expense |
(0.2) |
1.6 |
0.5 |
2.3 |
Amortization of intangible related to acquisitions |
0.3 |
0.3 |
0.6 |
0.5 |
Non-GAAP Sales & Marketing expense |
(21.3) |
(13.9) |
(38.1) |
(24.0) |
Research & Development |
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
Research & Development expense |
(15.4) |
(10.7) |
(29.3) |
(19.1) |
Share-based compensation expense |
0.5 |
1.7 |
1.1 |
2.8 |
Amortization of intangible related to acquisitions |
0.2 |
0.2 |
0.4 |
0.3 |
|
(14.7) |
(8.8) |
(27.8) |
(16.0) |
General & Administrative |
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
General & Administrative expense |
(7.4) |
(7.8) |
(14.4) |
(15.0) |
Share-based compensation expense |
0.6 |
1.9 |
1.6 |
3.1 |
Amortization of intangible related to acquisitions |
0.0 |
- |
0.0 |
- |
Non-GAAP General & Administrative expense |
(6.8) |
(5.9) |
(12.7) |
(12.0) |
The following table presents a reconciliation of our Non-GAAP income (loss) from operations to income (loss) from operations for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
Income (loss) from operations |
(18.9) |
(16.4) |
(35.6) |
(28.4) |
Share-based compensation expense |
0.9 |
5.5 |
3.4 |
8.7 |
Amortization of intangibles related to acquisitions |
0.5 |
0.5 |
1.0 |
0.8 |
Non-GAAP income (loss) from operations |
(17.5) |
(10.4) |
(31.2) |
(18.9) |
The following table presents a reconciliation of our Non-GAAP free cash flow to net cash provided (used) by operating activities for the following periods:
|
Three months ended
|
Six months ended
|
||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
2022 |
2021 |
Net cash used in operating activities |
(12.6) |
(14.2) |
(28.6) |
(21.6) |
Acquisitions of property and equipment |
(0.1) |
(0.5) |
(0.2) |
(1.1) |
Non-GAAP free cash flow |
(12.7) |
(14.7) |
(28.8) |
(22.7) |
The following table sets forth the FX neutral measures related to our reported results of the operations for the three months period ended
|
Three months ended |
|||||
As Reported |
FXN |
As Reported |
FXN |
|||
(in millions of US$, except as otherwise indicated) |
2022 |
2021 |
Percentage
|
2022 |
2021 |
Percentage
|
Subscription revenue |
36.6 |
29.7 |
|
34.8 |
29.7 |
|
Services revenue |
2.1 |
1.2 |
|
2.1 |
1.2 |
|
Total revenue |
38.7 |
30.9 |
|
36.9 |
30.9 |
|
Subscription cost |
(10.2) |
(9.5) |
|
(10.2) |
(9.5) |
|
Services cost |
(2.8) |
(2.8) |
|
(2.9) |
(2.8) |
|
Total cost |
(13.0) |
(12.2) |
|
(13.1) |
(12.2) |
|
Gross profit |
25.7 |
18.7 |
|
23.8 |
18.7 |
|
Operating expenses |
(44.6) |
(35.0) |
|
(43.1) |
(35.0) |
|
Income (loss) from operation |
(18.9) |
(16.4) |
|
(19.3) |
(16.4) |
|
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
As a leader in digital commerce platforms,
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
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.
Condensed consolidated interim statement of profit or loss (Unaudited)
In thousands of |
||||||||
|
|
Three months ended |
|
Six months ended |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue |
|
36,649 |
|
29,652 |
|
69,230 |
|
54,310 |
Services revenue |
|
2,065 |
|
1,217 |
|
4,151 |
|
2,483 |
|
|
|
|
|
|
|
|
|
Total revenue |
|
38,714 |
|
30,869 |
|
73,381 |
|
56,793 |
|
|
|
|
|
|
|
|
|
Subscription cost |
|
(10,166) |
|
(9,461) |
|
(20,162) |
|
(18,176) |
Services cost |
|
(2,842) |
|
(2,757) |
|
(5,449) |
|
(4,865) |
|
|
|
|
|
|
|
|
|
Total cost |
|
(13,008) |
|
(12,218) |
|
(25,611) |
|
(23,041) |
|
|
|
|
|
|
|
|
|
Gross profit |
|
25,706 |
|
18,651 |
|
47,770 |
|
33,752 |
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
(7,431) |
|
(7,806) |
|
(14,352) |
|
(15,029) |
Sales and marketing |
|
(21,318) |
|
(15,697) |
|
(39,218) |
|
(26,732) |
Research and development |
|
(15,409) |
|
(10,669) |
|
(29,334) |
|
(19,092) |
Other losses |
|
(474) |
|
(868) |
|
(465) |
|
(1,317) |
|
|
|
|
|
|
|
|
|
Loss from operation |
|
(18,926) |
|
(16,389) |
|
(35,599) |
|
(28,418) |
|
|
|
|
|
|
|
|
|
Financial income |
|
4,696 |
|
2,136 |
|
8,988 |
|
2,548 |
Financial expense |
|
(10,122) |
|
(3,490) |
|
(19,135) |
|
(5,257) |
|
|
|
|
|
|
|
|
|
Financial result, net |
|
(5,426) |
|
(1,354) |
|
(10,147) |
|
(2,709) |
|
|
|
|
|
|
|
|
|
Equity results |
|
268 |
|
139 |
|
487 |
|
235 |
|
|
|
|
|
|
|
|
|
Loss before income tax |
|
(24,084) |
|
(17,604) |
|
(45,259) |
|
(30,892) |
|
|
|
|
|
|
|
|
|
Income tax |
|
|
|
|
|
|
|
|
Current |
|
(574) |
|
(297) |
|
(1,001) |
|
(504) |
Deferred |
|
3,193 |
|
2,432 |
|
5,705 |
|
3,466 |
Total income tax |
|
2,619 |
|
2,135 |
|
4,704 |
|
2,962 |
|
|
|
|
|
|
|
|
|
Net loss for the period |
|
(21,465) |
|
(15,469) |
|
(40,555) |
|
(27,930) |
|
|
|
|
|
|
|
|
|
Attributable to controlling shareholders |
|
(21,464) |
|
(15,469) |
|
(40,553) |
|
(27,927) |
Non-controlling interest |
|
(1) |
|
- |
|
(2) |
|
(3) |
Loss per share |
|
|
|
|
|
|
|
|
Basic loss per share |
|
(0.112) |
|
(0.090) |
|
(0.212) |
|
(0.163) |
Diluted loss per share |
|
(0.112) |
|
(0.090) |
|
(0.212) |
|
(0.163) |
Condensed consolidated interim balance sheet (Unaudited)
In thousands of |
|||||
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
|
29,667 |
|
121,006 |
Restricted cash |
|
|
694 |
|
1,183 |
Marketable securities and short-term investments |
|
|
225,113 |
|
177,191 |
Trade receivables |
|
|
32,669 |
|
34,682 |
Recoverable taxes |
|
|
5,053 |
|
6,881 |
Deferred commissions |
|
|
396 |
|
263 |
Prepaid expenses |
|
|
4,806 |
|
7,911 |
Other current assets |
|
|
- |
|
399 |
Total current assets |
|
|
298,398 |
|
349,516 |
Non-current assets |
|
|
|
|
|
Trade receivables |
|
|
5,530 |
|
6,143 |
Deferred tax assets |
|
|
18,771 |
|
12,572 |
Prepaid expenses |
|
|
345 |
|
343 |
Recoverable taxes |
|
|
2,223 |
|
556 |
Deferred commissions |
|
|
1,705 |
|
1,246 |
Other non-current assets |
|
|
902 |
|
435 |
Right-of-use assets |
|
|
5,623 |
|
5,183 |
Property and equipment, net |
|
|
4,570 |
|
4,711 |
Intangible assets, net |
|
|
32,393 |
|
33,644 |
Investment in joint venture |
|
|
544 |
|
621 |
Total non-current assets |
|
|
72,606 |
|
65,454 |
Total assets |
|
|
371,004 |
|
414,970 |
LIABILITIES |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
30,168 |
|
29,537 |
Loans and financing |
|
|
2,396 |
|
2,087 |
Taxes payable |
|
|
3,733 |
|
5,035 |
Lease liabilities |
|
|
1,493 |
|
1,105 |
Deferred revenue |
|
|
16,531 |
|
16,598 |
Derivative financial instruments |
|
|
- |
|
133 |
Accounts payable from acquisition of subsidiaries |
|
|
1,552 |
|
4,260 |
Other current liabilities |
|
|
158 |
|
133 |
Total current liabilities |
|
|
56,031 |
|
58,888 |
Non-current liabilities |
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
482 |
|
1,977 |
Loans and financing |
|
|
- |
|
1,192 |
Taxes payable |
|
|
160 |
|
160 |
Lease liabilities |
|
|
4,931 |
|
4,886 |
Accounts payable from acquisition of subsidiaries |
|
|
- |
|
2,163 |
Deferred revenue |
|
|
15,581 |
|
16,204 |
Deferred tax liabilities |
|
|
2,240 |
|
2,045 |
Other non-current liabilities |
|
|
420 |
|
266 |
Total non-current liabilities |
|
|
23,814 |
|
28,893 |
EQUITY |
|
|
|
|
|
Issued capital |
|
|
19 |
|
19 |
Capital reserve |
|
|
395,034 |
|
390,466 |
Other reserves |
|
|
604 |
|
652 |
Accumulated losses |
|
|
(104,508) |
|
(63,955) |
Equity attributable to VTEX’s shareholders |
|
|
291,149 |
|
327,182 |
Non-controlling interests |
|
|
10 |
|
7 |
Total shareholders’ equity |
|
|
291,159 |
|
327,189 |
Total liabilities and equity |
|
|
371,004 |
|
414,970 |
Condensed consolidated interim statements of cash flows (Unaudited)
In thousands of |
|||||
|
|
|
Six months ended |
||
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period |
|
|
(40,555) |
|
(27,930) |
Adjustments on loss for the period |
|
|
|
|
|
Depreciation and amortization |
|
|
2,205 |
|
1,814 |
Deferred income tax |
|
|
(5,705) |
|
(3,466) |
Loss on disposal of rights of use, property, equipment, and intangible assets |
|
|
(126) |
|
1 |
Allowance for doubtful accounts |
|
|
509 |
|
294 |
Share-based compensation |
|
|
4,537 |
|
3,995 |
Provision for payroll taxes (share-based compensation) |
|
|
(2,147) |
|
- |
Adjustment of hyperinflation |
|
|
2,079 |
|
876 |
Profit on investments in joint venture |
|
|
(487) |
|
(235) |
Fair value losses |
|
|
7,970 |
|
(88) |
Other costs and foreign exchange, net |
|
|
(487) |
|
27 |
Working capital adjustments |
|
|
|
|
|
Trade receivables |
|
|
2,042 |
|
(6,553) |
Recoverable taxes |
|
|
(162) |
|
(47) |
Prepaid expenses |
|
|
3,204 |
|
(2,450) |
Other assets |
|
|
(164) |
|
28 |
Accounts payable and accrued expenses |
|
|
1,086 |
|
9,422 |
Taxes payable |
|
|
(645) |
|
206 |
Deferred revenue |
|
|
(1,541) |
|
6,894 |
Other liabilities |
|
|
368 |
|
(525) |
Cash used in operating activities |
|
|
(28,019) |
|
(17,737) |
Income tax paid |
|
|
(603) |
|
(3,879) |
Net cash used in operating activities |
|
|
(28,622) |
|
(21,616) |
Cash flows from investing activities |
|
|
|
|
|
Dividends received |
|
|
146 |
|
- |
Purchase of short-term investment |
|
|
(110,991) |
|
- |
Redemption of short-term investment |
|
|
53,057 |
|
- |
Redemption of marketable securities |
|
|
- |
|
3,316 |
Interest received |
|
|
267 |
|
384 |
Dividend income from financial instruments |
|
|
30 |
|
- |
Payment of business acquired |
|
|
(1,512) |
|
(4,449) |
Acquisitions of property and equipment |
|
|
(166) |
|
(1,065) |
Net cash used in investing activities |
|
|
(59,169) |
|
(1,814) |
Cash flows from financing activities |
|
|
|
|
|
Derivative financial instruments |
|
|
(718) |
|
- |
Changes in restricted cash |
|
|
575 |
|
69 |
Proceeds from the exercise of stock options |
|
|
28 |
|
927 |
Net-settlement of share-based payment |
|
|
(783) |
|
- |
Capital increase |
|
|
- |
|
1,000 |
Buyback of shares |
|
|
- |
|
(2,423) |
Payment of loans and financing |
|
|
(1,327) |
|
(9,653) |
Interest paid |
|
|
(36) |
|
(59) |
Principal elements of lease payments |
|
|
(574) |
|
(460) |
Lease interest paid |
|
|
(351) |
|
(351) |
Net cash used in financing activities |
|
|
(3,186) |
|
(10,950) |
Net decrease in cash and cash equivalents |
|
|
(90,977) |
|
(34,380) |
Cash and cash equivalents, beginning of the period |
|
|
121,006 |
|
58,557 |
Effect of exchange rate changes |
|
|
(362) |
|
(579) |
Cash and cash equivalents, end of the period |
|
|
29,667 |
|
23,598 |
Supplemental cash flow information: |
|
|
|
|
|
Lease liabilities arising from obtaining right-of-use assets |
|
|
1,020 |
|
156 |
Issue of ordinary shares as consideration for a business combination |
|
|
3 |
|
1,469 |
Unpaid amount related to acquisition of non-controlling interest |
|
|
- |
|
27 |
Unpaid amount related to business combinations |
|
|
- |
|
9,810 |
Dividends receivable used to pay accounts from acquisition of subsidiaries |
|
|
448 |
|
- |
Transactions with non-controlling interests |
|
|
5 |
|
- |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220809006063/en/
Investor Relations Director
investors@vtex.com
Source:
FAQ
What were VTEX's second quarter 2022 revenue results?
How did VTEX's GMV perform in Q2 2022?
What is VTEX's guidance for Q3 2022?
What notable financial changes occurred in VTEX's second quarter 2022?