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VTEX Reports Third Quarter 2021 Financial Results

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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.

Positive
  • 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.
Negative
  • 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.

VTEX delivered strong Q3 results, reflecting robust growth and consistent execution

NEW YORK--(BUSINESS WIRE)-- VTEX (NYSE: VTEX), the enterprise digital commerce platform for premier brands and retailers, the leader in accelerating the digital commerce transformation in Latin America and now expanding globally, today announced results for the third quarter of 2021 ended September 30, 2021. 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, “We are pleased to announce that VTEX delivered another quarter of robust growth and consistent execution. We are excited to see VTEX’s recent product launches and new partnerships, as well as strong sales momentum and encouraging backlog of new online stores undergoing implementation to join our platform.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “Consumer behavior shift towards online purchasing had staying power. This is just the tip of the iceberg, ecommerce in Latin America is still an untapped opportunity. We are living in a new era, a revolution, and we are here to accelerate it.”

Third Quarter 2021 Operational and Financial Highlights

  • GMV reached US$2.3 billion in the third quarter of 2021, representing a year-over-year increase of 7.2% in USD and 4.2% on an FX neutral basis.
  • Total revenues increased to US$31.9 million in the third quarter of 2021, from US$27.7 million in the third quarter of 2020, representing a year-over-year increase of 15.2% in USD and 12.3% on an FX neutral basis.
  • Subscription revenue represented 93.0% of total revenues and increased to US$29.6 million in the third quarter of 2021, from US$26.3 million in the third quarter of 2020, a year-over-year increase of 12.6% in USD and 9.7% on an FX neutral basis.
  • Non-GAAP subscription gross profit was US$20.2 million in the third quarter of 2021, compared to US$20.4 million in the second quarter of 2021.
    • Non-GAAP subscription gross margin was 68.2% in the third quarter of 2021, compared to 68.8% 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 loss from operations was US$13.3 million during the third quarter of 2021, compared to Non-GAAP income from operations of US$6.3 million 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.
  • Non-GAAP negative free cash flow was US$10.4 million during the third quarter of 2021, compared to a positive US$11.6 million free cash flow in the third quarter of 2020, mainly driven by the increase in Non-GAAP loss from operations.
  • Our total headcount increased to 1,624 as of September 30, 2021, representing an increase of 91.7% year-over-year.

Third Quarter Product Innovation Highlights:

We innovate aligned with our guiding principles. VTEX key innovations deployed this quarter were:

  • 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 in Brazil, 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 Latin America continues to increase, demonstrating that the 2020 acceleration in online consumption appears sustainable, even as brick-and-mortar retail stores gradually reopen throughout the region and we lap our toughest comps quarter. Consumer behavior shift towards online purchasing has demonstrated staying power.

Our Q3 2021 FX Neutral year-over-year revenue growth of 12.3% already accelerated to over 20% by the end of the quarter, and it came on top of 140% year-over-year growth in Q3 2020. We expect our revenue growth to continue accelerating during Q4 of 2021, as in Q4 2020 brick-and-mortar stores were already starting to reopen.

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 September 30, 2021, we currently expect to deliver growth at healthy levels. We are targeting revenue in the US$35.3 million to US$37.3 million range for the fourth quarter of 2021, implying a 27% YoY FXN growth rate in the middle of the range. Although Latam currencies devalued 6.7% during Q3 2021, we are confirming our target of US$124 million to US$126 million range for the fiscal year ended December 31, 2021, assuming current period FX rates.

Importantly, we will continue to invest to grow our business as we work towards enhancing our leadership position in Latin America and explore new opportunities outside the region.

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 VTEX will achieve these results.

The following table summarizes certain key financial and operating metrics for the three and nine months ended September 30, 2021 and 2020.

 

Three months ended
September 30,

Nine months ended
September 30,

(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)

4.2%

190.2%

37.0%

137.4%

Revenue

31.9

27.7

88.7

69.6

Revenue growth YoY FXN (1)

12.3%

139.5%

29.9%

102.8%

Non-GAAP Subscription gross profit (2)

20.2

19.2

56.7

47.8

Non-GAAP Subscription gross profit margin (2)

68.2%

73.1%

67.5%

72.7%

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 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

“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
September 30,

Nine months ended
September 30,

(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

68.2%

73.1%

67.5%

72.7%

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)

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
September 30,

Nine months ended
September 30,

(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

-

Non-GAAP Research & Development expense

(10.6)

(4.4)

(26.6)

(11.6)

General & Administrative

Three months ended
September 30,

Nine months ended
September 30,

(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
September 30,

Nine months ended
September 30,

(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
September 30,

Nine months ended
September 30,

(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 September 30, 2021:

 

Three months ended September 30,

As Reported

FXN

As
Reported

FXN

(in millions of US$, except as otherwise indicated)

2021

2020

Percentage
change

2021

2020

Percentage
change

Subscription revenue

29.6

26.3

12.6%

28.9

26.3

9.7%

Services revenue

2.2

1.3

67.4%

2.2

1.3

62.2%

Total revenue

31.9

27.7

15.2%

31.0

27.7

12.3%

Subscription cost

(9.7)

(7.1)

37.5%

(9.6)

(7.1)

36.0%

Services cost

(3.1)

(1.7)

80.1%

(3.0)

(1.7)

74.2%

Total cost

(12.8)

(8.8)

45.8%

(12.6)

(8.8)

43.4%

Gross profit

19.1

18.9

1.0%

18.5

18.9

(2.2)%

Operating expenses

(43.4)

(13.4)

224.9%

(41.6)

(13.4)

211.3%

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 VTEX

VTEX provides a software-as-a-service digital commerce platform for enterprise brands and retailers. Our platform enables our customers to execute their commerce strategy, including building online stores, integrating and managing orders across channels, and creating marketplaces to sell products from third-party vendors. Founded in Brazil, we have been a leader in accelerating the digital commerce transformation in Latin America and are expanding globally. Our platform is engineered to enterprise-level standards and functionality. As of December 31, 2020, we were trusted by more than 2,000 customers with over 2,500 active online stores across 32 countries to connect with their consumers in a meaningful way.

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 Statements of Operations

(In thousands of U.S. dollars, unaudited)

 

 

 

Three months ended

 

Nine months ended

 

 

September 30,
2021

 

September 30,
2020

 

September 30,
2021

 

September 30,
2020

 

 

 

 

 

 

 

 

 

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

VTEX

Comprehensive Income (Loss)

(In thousands of U.S. dollars, unaudited)

 

 

Three months ended

 

Nine months ended

 

September 30,
2021

 

September 30,
2020

 

September 30,
2021

 

September 30,
2020

 

 

 

 

 

 

 

 

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

VTEX

Condensed Consolidated Balance Sheet

(In thousands of U.S. dollars, unaudited)

 

 

 

September 30, 2021

 

December 31, 2020

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

Deferred Commission

 

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

 

September 30, 2021

 

December 31, 2020

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

 

 

 

 

Issued Capital

 

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

VTEX

Condensed Consolidated Statements of Cash Flows

(In thousands of U.S. dollars, unaudited)

 

 

 

Nine months ended

 

 

September 30,
2021

 

September 30,
2020

 

 

 

 

 

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

 

-

 

Julia Vater Fernández

Investor Relations Director

investors@vtex.com

Source: VTEX Commerce Cloud Solutions LLC

FAQ

What were VTEX's total revenues for Q3 2021?

VTEX's total revenues for Q3 2021 reached US$31.9 million, up 15.2% year-over-year.

What is the Gross Merchandise Volume for VTEX in Q3 2021?

The Gross Merchandise Volume (GMV) for VTEX in Q3 2021 was US$2.3 billion, a 7.2% increase from the previous year.

What is VTEX's expected revenue growth for Q4 2021?

VTEX is targeting revenue in the range of US$35.3 million to US$37.3 million for Q4 2021, implying approximately 27% year-over-year growth.

How did VTEX's subscription revenue perform in Q3 2021?

Subscription revenue rose to US$29.6 million in Q3 2021, up from US$26.3 million year-over-year, comprising 93% of total revenues.

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