VTEX Reports Third Quarter 2021 Financial Results
VTEX reported robust Q3 2021 results, with a 15.2% increase in total revenues, reaching US$31.9 million. Gross Merchandise Volume (GMV) stood at US$2.3 billion, reflecting a 7.2% increase year-over-year. Subscription revenue accounted for 93% of total revenue, increasing to US$29.6 million. However, the company faced a US$13.3 million loss from operations, attributed to increased investments in sales, marketing, and R&D. Despite challenges, VTEX expects revenue growth to accelerate in Q4 2021 and targets US$35.3 million to US$37.3 million for the quarter.
- Total revenues increased 15.2% year-over-year to US$31.9 million.
- Gross Merchandise Volume reached US$2.3 billion, a 7.2% increase.
- Subscription revenue grew to US$29.6 million, representing 93% of total revenues.
- Non-GAAP loss from operations was US$13.3 million, compared to a profit of US$6.3 million in Q3 2020.
- Non-GAAP negative free cash flow was US$10.4 million, down from a positive US$11.6 million in Q3 2020.
Third Quarter 2021 Operational and Financial Highlights
-
GMV reached
US in the third quarter of 2021, representing a year-over-year increase of$2.3 billion 7.2% in USD and4.2% on an FX neutral basis. -
Total revenues increased to
US in the third quarter of 2021, from$31.9 million US in the third quarter of 2020, representing a year-over-year increase of$27.7 million 15.2% in USD and12.3% on an FX neutral basis. -
Subscription revenue represented
93.0% of total revenues and increased toUS in the third quarter of 2021, from$29.6 million US in the third quarter of 2020, a year-over-year increase of$26.3 million 12.6% in USD and9.7% on an FX neutral basis. -
Non-GAAP subscription gross profit was
US in the third quarter of 2021, compared to$20.2 million US in the second quarter of 2021.$20.4 million -
Non-GAAP subscription gross margin was
68.2% in the third quarter of 2021, compared to68.8% in the second quarter of 2021. Non-GAAP subscription gross profit margin quarter-over-quarter compression reflects incremental investments in cybersecurity, privacy and compliance mostly related to our global expansion and becoming a public company.
-
Non-GAAP subscription gross margin was
-
Non-GAAP loss from operations was
US during the third quarter of 2021, compared to Non-GAAP income from operations of$13.3 million US in the third quarter of 2020, primarily due to incremental personnel-related investments in sales and marketing, and research and development, as we have been investing to capture market share and benefit from the further penetration of ecommerce.$6.3 million -
Non-GAAP negative free cash flow was
US during the third quarter of 2021, compared to a positive$10.4 million US free cash flow in the third quarter of 2020, mainly driven by the increase in Non-GAAP loss from operations.$11.6 million -
Our total headcount increased to 1,624 as of
September 30, 2021 , representing an increase of91.7% year-over-year.
Third Quarter Product Innovation Highlights:
We innovate aligned with our guiding principles.
-
Zero friction onboarding:
-
VTEX launched self-service onboarding for the seller’s portal, reducing our customers' time to revenue.
-
-
Zero friction collaboration:
- We built the new seller’s portal that enables partners of our customers, franchisers or SMB’s to more easily sell into their marketplaces, making collaboration between the online store, the franchiser or the brick-and-mortar stores seamless.
-
We certified our integration with
Mercado Libre inBrazil , a significant milestone in our journey to become the center of a vast network that natively connects every part of the global digital commerce ecosystem. - We enhanced our OMS’ order progress flow system, reducing refresh time to seconds without external event dependencies, such as manual authorization, cancellation windows and anti-fraud. This fits grocery, food & beverage and pet shop companies’ needs, among others, as it enables them to have faster communication between channels, avoid out of stock scenarios and deliver faster to their consumer’s doorstep.
-
Single control panel for every order:
- We enhanced our in-store solution with an endless aisle approach that enables brick-and-mortar stores to sell products from other brick-and-mortar stores as well as from the ecommerce store. We’ve improved messaging between the different sales channels, tuned search filters and added social selling.
- We launched a new dashboard that tracks additional key performance indicators of our customers, such as their cart-to-checkout and payment conversion rates.
-
The development platform of choice for digital commerce:
- AWS partnership will enable us in the long-term to expand our presence in the global digital commerce segment by using AWS technologies and leveraging AWS’ sales channels to build innovative, customer-centric capabilities for consumer packaged goods companies.
- The new global integration with Facebook aims to ensure better conversion rates in ecommerce by leveraging online campaigns with data intelligence and improving sales conversion natively on the platform.
- Subsequent to the third quarter 2021, we launched a partnership with Stripe to help brands and retailers to offer the most popular payment methods to their consumers regardless of their operating areas.
-
The strategic partnership with McFadyen in
Brazil and in the US will allow us to leverage not only their technical and architectural expertise, but also the depth and breadth of business planning their strategy practice can offer.
Business Outlook
Online commerce penetration in
Our Q3 2021 FX Neutral year-over-year revenue growth of
Seasonal trends in 2021 are expected to remain similar as in previous years. We expect to continue seeing strong new stores’ growth, as our encouraging backlog undergoes implementation. While supply chain challenges may impact commerce during Q4 2021, we are focused on supporting our customers on a successful Black Friday, Cyber Monday and the holiday shopping season.
In view of the aforementioned trends and VTEX’s performance during the nine months ending
Importantly, we will continue to invest to grow our business as we work towards enhancing our leadership position in
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 and nine months ended
|
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|
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|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
GMV |
2,284.8 |
2,131.7 |
6,760.2 |
4,954.9 |
GMV growth YoY FXN (1) |
|
|
|
|
Revenue |
31.9 |
27.7 |
88.7 |
69.6 |
Revenue growth YoY FXN (1) |
|
|
|
|
Non-GAAP Subscription gross profit (2) |
20.2 |
19.2 |
56.7 |
47.8 |
Non-GAAP Subscription gross profit margin (2) |
|
|
|
|
Non-GAAP income (loss) from operations (3) |
(13.3) |
6.3 |
(32.2) |
10.5 |
Total number of employees |
1,624 |
847 |
1,624 |
847 |
(1) |
Calculated by using the average monthly exchange rates for the applicable months during 2020, adjusted by inflation in countries with hyperinflation, and applying them to the corresponding months in 2021, 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) |
Reconciliation of non-GAAP income (loss) from operations to income (loss) from operations can be found in tables below. |
Conference Call and Webcast
The conference call may be accessed by dialing +1-844-200-6205 (Conference ID – 614545) 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
“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.
“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.
“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 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 revenue for the following periods:
|
Three months ended
|
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|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
Subscription revenue |
29.6 |
26.3 |
83.9 |
65.7 |
Subscription cost |
(9.7) |
(7.1) |
(27.9) |
(18.0) |
Subscription gross profit |
19.9 |
19.2 |
56.0 |
47.7 |
Share-based compensation |
0.3 |
0.0 |
0.6 |
0.1 |
Non-GAAP subscription gross profit |
20.2 |
19.2 |
56.7 |
47.8 |
Non-GAAP subscription gross margin |
|
|
|
|
The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:
Sales & Marketing |
Three months ended
|
Nine months ended
|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
Sales & Marketing expense |
(19.3) |
(5.3) |
(46.1) |
(16.4) |
Share-based compensation expense |
2.6 |
0.1 |
4.9 |
0.2 |
Amortization of intangible related to acquisitions |
0.3 |
0.1 |
0.8 |
0.4 |
Offering expenses ("IPO") (1) |
0.2 |
- |
0.2 |
- |
Non-GAAP Sales & Marketing expense |
(16.2) |
(5.1) |
(40.1) |
(15.8) |
Research & Development |
Three months ended
|
Nine months ended
|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
Research & Development expense |
(14.2) |
(4.5) |
(33.3) |
(12.2) |
Share-based compensation expense |
3.3 |
0.1 |
6.1 |
0.4 |
Amortization of intangible related to acquisitions |
0.2 |
0.0 |
0.5 |
0.2 |
Offering expenses ("IPO") (1) |
0.1 |
- |
0.1 |
- |
|
(10.6) |
(4.4) |
(26.6) |
(11.6) |
General & Administrative |
Three months ended
|
Nine months ended
|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
General & Administrative expense |
(9.9) |
(3.3) |
(25.0) |
(8.8) |
Share-based compensation expense |
3.0 |
0.5 |
6.1 |
0.7 |
Offering expenses ("IPO") |
0.9 |
- |
0.9 |
- |
Non-GAAP General & Administrative expense |
(6.0) |
(2.9) |
(18.0) |
(8.2) |
(1) |
Offering expenses ("IPO") for Sales and Marketing and Research and Development are travel-related expenses exclusively for the Event Day. |
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
|
Nine months ended
|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
Income (loss) from operations |
(24.4) |
5.5 |
(52.8) |
8.6 |
Share-based compensation expense |
9.3 |
0.6 |
18.0 |
1.3 |
Amortization of intangibles related to acquisitions |
0.5 |
0.1 |
1.3 |
0.6 |
Offering expenses ("IPO") |
1.3 |
- |
1.3 |
- |
Non-GAAP income (loss) from operations |
(13.3) |
6.3 |
(32.2) |
10.5 |
The following table presents a reconciliation of our Non-GAAP free cash flow to net cash provided (used) by operating activities for the following periods:
|
Three months ended
|
Nine months ended
|
||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
2021 |
2020 |
Net cash provided (used) by operating activities |
(10.2) |
12.0 |
(31.8) |
8.3 |
Acquisitions of property and equipment |
(0.2) |
(0.4) |
(1.2) |
(1.2) |
Non-GAAP free cash flow |
(10.4) |
11.6 |
(33.1) |
7.1 |
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
|
FXN |
|||||||||
(in millions of US$, except as otherwise indicated) |
2021 |
2020 |
Percentage
|
2021 |
2020 |
Percentage
|
||||||
Subscription revenue |
29.6 |
26.3 |
|
28.9 |
26.3 |
|
||||||
Services revenue |
2.2 |
1.3 |
|
2.2 |
1.3 |
|
||||||
Total revenue |
31.9 |
27.7 |
|
31.0 |
27.7 |
|
||||||
Subscription cost |
(9.7) |
(7.1) |
|
(9.6) |
(7.1) |
|
||||||
Services cost |
(3.1) |
(1.7) |
|
(3.0) |
(1.7) |
|
||||||
Total cost |
(12.8) |
(8.8) |
|
(12.6) |
(8.8) |
|
||||||
Gross profit |
19.1 |
18.9 |
|
18.5 |
18.9 |
(2.2)% |
||||||
Operating expenses |
(43.4) |
(13.4) |
|
(41.6) |
(13.4) |
|
||||||
Income (loss) from operation |
(24.4) |
5.5 |
n/a |
(23.2) |
5.5 |
n/a |
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
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 Statements of Operations
(In thousands of |
||||||||
|
|
Three months ended |
|
Nine months ended |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription revenue |
|
29,627 |
|
26,315 |
|
83,937 |
|
65,694 |
Services revenue |
|
2,237 |
|
1,337 |
|
4,720 |
|
3,875 |
Total revenue |
|
31,864 |
|
27,652 |
|
88,657 |
|
69,569 |
|
|
|
|
|
|
|
|
|
Subscription cost |
|
(9,735) |
|
(7,079) |
|
(27,911) |
|
(17,960) |
Services cost |
|
(3,056) |
|
(1,696) |
|
(7,921) |
|
(5,033) |
Total cost |
|
(12,791) |
|
(8,775) |
|
(35,832) |
|
(22,993) |
|
|
|
|
|
|
|
|
|
Gross profit |
|
19,073 |
|
18,877 |
|
52,825 |
|
46,576 |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
(9,947) |
|
(3,336) |
|
(24,976) |
|
(8,841) |
Sales and marketing |
|
(19,330) |
|
(5,250) |
|
(46,062) |
|
(16,356) |
Research and development |
|
(14,179) |
|
(4,512) |
|
(33,271) |
|
(12,212) |
Other income (losses) |
|
14 |
|
(275) |
|
(1,303) |
|
(585) |
Income (loss) from operations |
|
(24,369) |
|
5,504 |
|
(52,787) |
|
8,582 |
|
|
|
|
|
|
|
|
|
Financial income |
|
2,575 |
|
1,298 |
|
5,119 |
|
2,918 |
Financial expense |
|
(3,141) |
|
(1,879) |
|
(8,394) |
|
(4,727) |
Financial result, net |
|
(566) |
|
(581) |
|
(3,275) |
|
(1,809) |
|
|
|
|
|
|
|
|
|
Equity results |
|
162 |
|
36 |
|
397 |
|
27 |
|
|
|
|
|
|
|
|
|
Income (loss) before income tax |
|
(24,773) |
|
4,959 |
|
(55,665) |
|
6,800 |
|
|
|
|
|
|
|
|
|
Income tax |
|
|
|
|
|
|
|
|
Current |
|
(1,107) |
|
(2,052) |
|
(1,611) |
|
(3,808) |
Deferred |
|
3,921 |
|
71 |
|
7,387 |
|
450 |
|
|
|
|
|
|
|
|
|
Net income (loss) for the period |
|
(21,959) |
|
2,978 |
|
(49,889) |
|
3,442 |
|
|
|
|
|
|
|
|
|
Attributable to controlling shareholders |
|
(21,959) |
|
2,939 |
|
(49,886) |
|
3,356 |
Non-controlling interest |
|
- |
|
39 |
|
(3) |
|
86 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
(0.119) |
|
0,017 |
|
(0.280) |
|
0,020 |
Diluted earnings (loss) per share |
|
(0.119) |
|
0,016 |
|
(0.280) |
|
0,019 |
Comprehensive Income (Loss)
(In thousands of |
||||||||
|
Three months ended |
|
Nine months ended |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for the period |
(21,959) |
|
2,978 |
|
(49,889) |
|
3,442 |
|
|
|
|
|
|
|
|
|
|
Items that are or may be reclassified subsequently to profit or loss: |
|
|
|
|
|
|
|
|
Foreign cumulative conversion adjustment |
21 |
|
408 |
|
325 |
|
(987) |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) for the period |
(21,938) |
|
3,386 |
|
(49,564) |
|
2,455 |
Condensed Consolidated Balance Sheet
(In thousands of |
||||
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
321,629 |
|
58,557 |
Restricted cash |
|
1,190 |
|
1,429 |
Marketable securities |
|
- |
|
16,969 |
Trade receivables |
|
34,573 |
|
24,491 |
Recoverable taxes |
|
5,577 |
|
4,071 |
Deferred commissions |
|
150 |
|
438 |
Prepaid expenses |
|
5,981 |
|
2,379 |
Derivative financial instruments |
|
25 |
|
174 |
Other |
|
331 |
|
223 |
|
|
|
|
|
Total current assets |
|
369,456 |
|
108,731 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Deferred tax assets |
|
9,479 |
|
2,174 |
Prepaid expenses |
|
147 |
|
3,134 |
Recoverable taxes |
|
538 |
|
674 |
|
|
1,130 |
|
389 |
Other |
|
251 |
|
53 |
Right-of-use assets |
|
5,031 |
|
5,076 |
Property and equipment, net |
|
4,906 |
|
4,551 |
Intangible assets, net |
|
34,685 |
|
15,093 |
Investment in joint venture |
|
442 |
|
136 |
|
|
|
|
|
Total non-current assets |
|
56,609 |
|
31,280 |
|
|
|
|
|
Total assets |
|
426,065 |
|
140,011 |
LIABILITIES |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued expenses |
|
37,407 |
|
20,709 |
Loans and financing |
|
1,992 |
|
1,585 |
Taxes payables |
|
3,592 |
|
6,790 |
Lease liabilities |
|
1,023 |
|
850 |
Deferred revenue |
|
20,298 |
|
14,170 |
Accounts payable from acquisition of subsidiaries |
|
7,270 |
|
2,794 |
Others |
|
- |
|
159 |
|
|
|
|
|
Total current liabilities |
|
71,582 |
|
47,057 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Loans and financing |
|
1,914 |
|
4,774 |
Lease liabilities |
|
4,802 |
|
5,303 |
Accounts payable from acquisition of subsidiaries |
|
254 |
|
1,206 |
Deferred revenue |
|
9,885 |
|
5,005 |
Deferred tax liabilities |
|
2,141 |
|
731 |
Other |
|
392 |
|
187 |
|
|
|
|
|
Total non-current liabilities |
|
19,388 |
|
17,206 |
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
19 |
|
17 |
Capital reserve |
|
387,977 |
|
78,945 |
Other comprehensive income |
|
429 |
|
104 |
Accumulated losses |
|
(53,330) |
|
(3,444) |
|
|
|
|
|
Equity attributable to VTEX’s shareholders |
|
335,095 |
|
75,622 |
Non-controlling interests |
|
- |
|
126 |
|
|
|
|
|
Total shareholders’ equity |
|
335,095 |
|
75,748 |
|
|
|
|
|
Total liabilities and equity |
|
426,065 |
|
140,011 |
Condensed Consolidated Statements of Cash Flows
(In thousands of |
||||
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|
Nine months ended |
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|
|
|
|
|
|
|
|
|
|
Net income (loss) of the period |
|
(49,889) |
|
3,442 |
Adjustments on income (loss) for the period |
|
|
|
|
Depreciation and amortization |
|
2,840 |
|
1,803 |
Deferred income tax |
|
(7,385) |
|
(450) |
Loss on disposal of property, equipment, and intangible assets |
|
50 |
|
95 |
Allowance for doubtful accounts |
|
412 |
|
662 |
Share-based compensation |
|
6,845 |
|
1,317 |
Provision for payroll taxes (share-based compensation) |
|
9,991 |
|
- |
Adjustment of hyperinflation |
|
1,481 |
|
335 |
Profit on investments in joint venture |
|
(397) |
|
(27) |
Fair value gain |
|
(366) |
|
(925) |
Other gains (losses), net |
|
(433) |
|
(2,618) |
Working capital adjustments |
|
|
|
|
Trade receivables |
|
(9,876) |
|
(7,100) |
Recoverable taxes |
|
(1,370) |
|
(886) |
Prepaid expenses |
|
(615) |
|
(2,799) |
Other assets |
|
(161) |
|
(60) |
Accounts payable and accrued expenses |
|
10,209 |
|
7,127 |
Taxes payable |
|
1,190 |
|
4,987 |
Deferred revenue |
|
9,697 |
|
6,393 |
Other liabilities |
|
458 |
|
(1,470) |
Cash provided (used) in operating activities |
|
(27,319) |
|
9,826 |
Income tax paid |
|
(4,511) |
|
(1,572) |
Net cash provided (used) in operating activities |
|
(31,830) |
|
8,254 |
Cash flows from investing activities |
|
|
|
|
Redemption of marketable securities |
|
16,857 |
|
- |
Interest received |
|
981 |
|
1,013 |
Payment of business, net of cash acquired |
|
(5,182) |
|
(3,176) |
Acquisitions of intangible |
|
(364) |
|
- |
Acquisitions of property and equipment |
|
(1,235) |
|
(1,175) |
Net cash provided (used) in investing activities |
|
11,057 |
|
(3,338) |
Cash flows from financing activities |
|
|
|
|
Changes in restricted cash |
|
239 |
|
780 |
Proceeds from the exercise of stock options |
|
3,220 |
|
154 |
Net-settlement of share-based payment |
|
(1,781) |
|
- |
Capital increase |
|
1,000 |
|
126,976 |
Capital increase - proceeds from initial public offering, net of transaction costs |
|
296,318 |
|
- |
Buyback of shares |
|
(2,423) |
|
(103,414) |
Payment of loans and financing |
|
(10,349) |
|
(1,932) |
Interest paid |
|
(84) |
|
(150) |
Principal elements of lease payments |
|
(671) |
|
(199) |
Lease interest paid |
|
(513) |
|
(575) |
Net cash provided by financing activities |
|
284,956 |
|
21,640 |
Net increase in cash and cash equivalents |
|
264,183 |
|
26,556 |
Cash and cash equivalents, beginning of the period |
|
58,557 |
|
29,762 |
Effect of exchange rate changes |
|
(1,111) |
|
3,056 |
Cash and cash equivalents, end of the period |
|
321,629 |
|
59,374 |
Supplemental cash flow information: |
|
|
|
|
Lease liabilities arising from obtaining right-of-use assets |
|
155 |
|
34 |
Issue of ordinary shares as consideration for a business combination |
|
1,469 |
|
- |
Unpaid amount related to acquisition of non-controlling interest |
|
27 |
|
- |
Unpaid amount related to business combinations |
|
8,471 |
|
- |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005413/en/
Investor Relations Director
investors@vtex.com
Source:
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