Total revenue reached US$60.7 million,
increasing 34% in USD and 25% in FXN YoY
Gross profit grew 45% in USD and 33% in FXN
YoY, reaching 74% margin, a 6p.p. increase YoY
Non-GAAP income from operations and free cash
flow reached 19% and 16% margin, respectively
VTEX (NYSE: VTEX), the global enterprise digital commerce
platform, today announced results for the fourth quarter of 2023
ended December 31, 2023. VTEX results have been prepared in
accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (“IFRS
Accounting Standards”) and interpretations issued by the IFRS
Accounting Standards Interpretations Committee (“IFRS Accounting
Standards IC”) applicable to companies reporting under IFRS
Accounting Standards.
Geraldo Thomaz Jr., founder and co-CEO of VTEX, commented, “In
2023, we consistently surpassed expectations quarter after quarter,
navigating an uncertain economic landscape. Our operational and
business decisions also drove significant margin improvements every
quarter. The 4Q23 results highlight the inherent operational
leverage in our business model, providing a robust foundation for
continued sustainable growth.” Mariano Gomide de Faria, founder and
co-CEO of VTEX, added, “This year, we delivered significant
milestones in our global expansion, and it’s exciting to know that
the journey is just beginning. We've announced relevant customer
names globally and earned the recognition of industry experts. We
look forward to continue executing our global strategy, setting the
stage for a transformative future for VTEX.”
Fourth Quarter 2023 Financial Highlights
- GMV reached US$5.4 billion in the fourth quarter of 2023,
representing a YoY increase of 37.9% in USD and 29.9% on an FX
neutral basis.
- Total revenue increased to US$60.7 million in the fourth
quarter of 2023, from US$45.5 million in the fourth quarter of
2022, representing a YoY increase of 33.5% in USD and 24.9% on an
FX neutral basis.
- Subscription revenue represented 95.9% of total revenues and
increased to US$58.2 million in the fourth quarter of 2023, from
US$42.7 million in the fourth quarter of 2022, a YoY increase of
36.3% in USD and 27.5% on an FX neutral basis.
- Non-GAAP subscription gross profit was US$45.8 million in the
fourth quarter of 2023, compared to US$31.4 million in the fourth
quarter of 2022, representing a YoY increase of 45.7% in USD and
34.7% on an FX neutral basis.
- Non-GAAP subscription gross margin was 78.6% in the fourth
quarter of 2023, compared to 73.5% in the same quarter of 2022. The
YoY margin expansion of 510 bps was mainly attributable to
operational hosting cost efficiencies, support cost optimization,
among other impacts.
- Non-GAAP income from operations was US$11.6 million during the
fourth quarter of 2023, compared to a Non-GAAP income from
operations of US$1.7 million in the third quarter of 2023 and a
Non-GAAP income from operations of US$2.1 million in the same
quarter of 2022.
- Non-GAAP positive free cash flow was US$9.5 million during the
fourth quarter of 2023, compared to a Non-GAAP positive free cash
flow of US$2.7 million in the third quarter of 2023 and a Non-GAAP
positive free cash flow of US$2.5 million in the same quarter of
2022.
- As of December 31, 2023, our total headcount was 1,277,
remaining stable versus the prior quarter, and decreasing 5.2%
YoY.
- On August 8, 2023 the Board of Directors authorized the
repurchase of shares of the Company's Class A common shares for an
aggregate amount of up to US$20.0 million. During the fourth
quarter of 2023, we executed 100% of the remaining authorized
amount and repurchased 1.9 million shares at an average price of
US$5.41 per share for a total cost of US$10.2 million.
- Considering the current and the previous year's share
repurchase programs, the total executed amount reached 10.7 million
shares, with an average price of US$4.48 per share and a total cost
of US$48.0 million.
Fourth Quarter 2023 Commercial Highlights:
- New customers that initiated their operations with us, among
others: Biscoite, John John, Obabox, Osklen, and Tiffany in
Brazil, BSoul in Colombia, Macondo in Italy, 7-eleven, Chapur and
Voit in Mexico, Hunter Douglas in Nederlands, Yape Market in Peru,
and Hearst and ShopHero in the US.
- Existing customers expanding their operations with us by
opening new online stores, among others: Carrefour, who added a
new store in Brazil, Atacadão, now operating seven stores in Latin
America; Colgate, who added a new store in the US, PCA Skin, now
operating in Brazil and the US, both with B2C and B2B models;
Motorola, who added a new store in Ecuador, now operating in 20
countries across North America, Latin America, and EMEA; Oshkosh
Corporation, who added a new store in the US, Oshkosh Airport
Products, together with Pierce Manufacturing they are now operating
with two B2B stores in the US; and Probeauty, who added a new store
in Romania, Eternal, now operating both B2C and B2B stores in
Romania.
Fourth Quarter 2023 Operational Highlights:
We innovate aligned with our guiding principles. We express our
brand through the success of our customers. VTEX key operational
highlights this quarter are:
- Zero friction onboarding and collaboration:
- Flamingo, a Colombian retail chain with over 40 stores, teamed
up with VTEX to streamline their checkout. They seamlessly
integrated their widely used private label credit card, Me Fia,
into their system through VTEX. This new method now constitutes
over 60% of Flamingo’s digital sales, significantly boosting user
experience and sales, reinforcing their digital market
presence.
- The world's largest tool company, harnessed the potential of a
self-service platform for its B2B operations through VTEX. This
implementation streamlined ordering across three major business
units, eliminating offline complexities and resulting in
significant time and cost savings. Migrating to VTEX facilitated
the integration of their traditional ecommerce and B2B sites,
creating a unified and user-friendly commerce experience, enhancing
efficiency and reducing overall costs.
- Single control panel for every order
- Electrolux, a leading brand in innovative home appliances,
overcame the absence of physical stores by introducing a nomad'
store at the 2023 Home Fair in Colombia. This adaptable store, set
up specifically for events like the Home Fair, featured
self-service kiosks and a sales team with the VTEX Sales App, for
them to seamlessly showcase products through the app. The
initiative resulted in a 73% sales increase from 2022. The pickup
point contributed 30% of total sales, and there was an impressive
84% growth in units.
- Jeffers Pet, the leading US animal health and supply company,
expanded using VTEX to manage one physical store and two websites.
Their second site, Lambert Vet Supply, offers 4,000+ SKUs. VTEX's
flexibility enabled detailed pet registrations and streamlined
checkouts by integrating with master data. Customization for
subscriptions and vaccine deliveries improved user experience. The
unified web platform resulted in outstanding performance, they saw
an incredible 208% sales spike within three weeks of its
launch.
- Motorola, the global telecommunications leader, addressed
challenges in multiple commerce platforms by migrating to VTEX.
This move streamlined operations, accelerated global store
establishment and facilitated the testing of third-party
applications. Optimizing architectures by country and reducing
total cost of ownership, Motorola achieved a remarkable 20% annual
growth in its ecommerce business.
- Commerce on auto-pilot and co-pilot
- Badamax, the force behind Ferouch and NewMan, advanced its VTEX
partnership. Leveraging VTEX IO, they refined web development,
interfaces, and integrations to match changing trends. Integrating
sales channels and merging online with physical stores, Badamax saw
a 46% YoY sales surge in 2023. Ecommerce now contributes over 9% of
their total retail sales, driving growth for Ferouch and NewMan.
Real-time sales connections across 64 physical stores empowered
smarter decisions. Their adoption of VTEX Pick and Pack technology
showcases their progress in transforming physical stores into
efficient fulfillment hubs, a sign of their ongoing evolution.
- Haight, a women's fashion retailer operating 6 physical stores
in Brazil, expanded its local web presence with over 800 SKUs.
Leveraging VTEX's customizable features, they introduced
multi-currency support and multilanguage capabilities, using the
catalog translation app. Implementing VTEX's smart checkout vendor
code, social selling, promotions, catalog management, pricing, and
OMS, Haight streamlined the purchasing process, leading to a
remarkable 42% increase in conversion rates and a 30% rise in
average daily revenue.
- The development platform of choice for digital commerce
- Aramis, a Brazilian clothing brand with more than 100 stores
and 1,200 multi-brand stores, partnered with VTEX for their unified
commerce solution. Using VTEX IO, they launched a customized
webpage mirroring the in-store experience online. The site
showcases iconic products, campaigns, and offers a "Aramis Way"
section with fashion content, enhancing customer experience and
boosting conversion.
- VitalAire, the international brand for air liquide’s home
healthcare activities, swiftly migrated its B2C ecommerce in Brazil
to VTEX in just four months. Adapting two clinics to warehouses and
employing VTEX shipping network helped them to reduce their
delivery costs. VTEX IO customized their site for better user
experience, offering free shipping, checkout simulations,
categorized product views, and top-selling item highlights.
Full-Year 2023 Operational and Financial Highlights
- GMV reached US$16.5 billion in the full-year 2023, representing
a YoY increase of 30.2% in USD and 25.3% on an FX neutral
basis.
- Number of customers totaled 2.6 thousand in 2023. The number of
customers with annual revenue above US$250 thousand increased to
126 from 94 the prior year.
- Number of stores totaled 3.5 thousand in 2023, a YoY increase
of 3.8%, in 43 countries. Our top 100 customers have an average of
6.0 stores per customer, up from 5.9 in 2022. Active stores with
more than US$25 thousand in Annual Recurring Revenue (“ARR”)
represented 86.4% of our revenue and reached an average ARR per
store of US$133.6 thousand.
- Total revenues increased to US$201.5 million in 2023, from
US$157.6 million in 2022, representing a YoY increase of 27.8% in
USD and 23.7% on an FX neutral basis.
- In 2023, our same-store-sales (“SSS”) were 19.3% in USD and
14.6% on a FX Neutral basis.
- Revenue from existing stores increased to US$146.0 million in
2023, with a net revenue retention rate (“NRR”) of 111.3% in USD
and 107.4% on a FX Neutral basis.
- Revenues from new stores increased to US$27.7 million in 2023
compared to US$21.3 million in the fiscal year 2022.
- In 2023, Brazil revenues increased by 22.7%, Latin America
excluding Brazil by 21.0%, and Rest of the World by 37.3% on a YoY
FX neutral basis. In 2023, Brazil, Latin America excluding Brazil
and Rest of the World represented 54%, 35% and 11% of our total
revenue respectively, compared to 55%, 35% and 10% respectively in
2022.
- Subscription revenue represented 94.4% of total revenues and
increased to US$190.3 million in 2023, from US$148.5 million in
2022, a YoY increase of 28.2% in USD and 23.9% on an FX neutral
basis.
- In 2023, R&D reached 417 employees, decreasing 4.8% YoY,
S&M reached 344 employees, decreasing 8.8% YoY, G&A reached
246, decreasing 1.2% YoY, and under COGS we have our customer
excellence teams which represented 270 employees, decreasing 4.6%
YoY.
Business Outlook
Although the macroeconomic scenario remains uncertain, we see
VTEX well positioned to capture an attractive market opportunity.
We are closely monitoring the performance of our customers and
sales funnel and taking necessary actions to ensure our business'
sustainable growth and success.
In this context, we are currently targeting revenue for the
first quarter of 2024 in the US$52.5 million to US$53.5 million
range, implying a YoY growth of 22% on an FX neutral basis in the
middle of the range.
For the full year 2024, we expect FX neutral YoY revenue growth
of 18% to 22%, implying a range of US$234 million to US$243 million
based on January’s average FX rate.
For the full year 2024, as we continue executing our strategy
for profitable growth, we anticipate free cash flow and non-GAAP
operating income margins to reach mid-to-high single digits.
We are confident in VTEX's ability to navigate the uncertainties
posed by the current macroeconomic scenario. We are empowering our
customers to digitally transform their commerce operations while
helping them to outperform the market.
The business outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
Actual results could vary materially as a result of numerous
factors, including certain risk factors, many of which are beyond
VTEX’s control. See the cautionary note regarding ''Forward-Looking
Statements'' below. Fluctuations in VTEX’s operating results may be
particularly pronounced in the current economic environment. There
can not be an assurance that VTEX will achieve these results.
The following table summarizes certain key financial and
operating metrics for the three months and twelve months ended
December 31, 2023 and 2022.
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
GMV
5,382.7
3,903.7
16,524.2
12,687.7
GMV growth YoY FXN (1)
29.9%
29.2%
25.3%
26.8%
Revenue
60.7
45.5
201.5
157.6
Revenue growth YoY FXN (1)
24.9%
19.6%
23.7%
22.3%
Non-GAAP subscription gross profit
(2)(4)
45.8
31.4
145.1
107.6
Non-GAAP subscription gross profit margin
(3)(4)
78.6%
73.5%
76.2%
72.4%
Non-GAAP income (loss) from operations
(4)
11.6
2.1
7.7
(35.1)
Total number of employees
1,277
1,347
1,277
1,347
(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.
“NRR” means net revenue retention, calculated on a
monthly basis by dividing the subscription revenue from our
platform during the current period by the subscription revenue in
the same period of the previous year for the same base of online
stores that were active in the same period of the previous
year.
“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 December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Subscription revenue
58.2
42.7
190.3
148.5
Subscription cost
(12.5)
(11.5)
(45.4)
(41.4)
Subscription gross profit
45.8
31.2
144.9
107.1
Share-based compensation
0.0
0.2
0.2
0.5
Non-GAAP subscription gross
profit
45.8
31.4
145.1
107.6
Non-GAAP subscription gross
margin
78.6%
73.5%
76.2%
72.4%
The following table presents a reconciliation of our Non-GAAP
expenses to expenses for the following periods:
Sales & Marketing
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Sales & Marketing expense
(15.1)
(12.4)
(59.5)
(67.8)
Share-based compensation expense
1.0
1.1
4.4
2.9
Amortization and adjustment related to
acquisitions
0.3
0.3
1.2
1.2
Non-GAAP Sales & Marketing
expense
(13.8)
(11.0)
(53.9)
(63.7)
Research &
Development
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Research & Development expense
(14.3)
(14.1)
(60.1)
(57.2)
Share-based compensation expense
1.8
1.7
7.4
4.8
Amortization and adjustment related to
acquisitions
0.3
0.2
1.2
0.9
Non-GAAP Research & Development
expense
(12.3)
(12.1)
(51.5)
(51.5)
General &
Administrative
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
General & Administrative expense
(9.1)
(7.1)
(33.7)
(28.3)
Share-based compensation expense
2.3
1.5
7.3
4.4
Amortization and adjustment related to
acquisitions
0.0
0.0
0.0
0.0
Non-GAAP General & Administrative
expense
(6.8)
(5.6)
(26.4)
(24.0)
The following table presents a reconciliation of our Non-GAAP
loss from operations to loss from operations for the following
periods:
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Income (loss) from operations
5.7
(3.0)
(14.6)
(49.9)
Share-based compensation expense
5.3
4.6
19.7
12.8
Amortization and adjustment related to
acquisitions
0.6
0.5
2.6
2.1
Non-GAAP income (loss) from
operations
11.6
2.1
7.7
(35.1)
The following table presents a reconciliation of our Non-GAAP
free cash flow to net cash used by operating activities for the
following periods:
Three months ended December
31,
Twelve months ended December
31,
(in millions of US$, except as otherwise
indicated)
2023
2022
2023
2022
Net cash provided by (used in) by
operating activities
9.7
2.6
4.3
(29.2)
Acquisitions of intangibles
-
-
-
-
Acquisitions of property and equipment
(0.2)
(0.1)
(0.5)
(0.3)
Non-GAAP free cash flow
9.5
2.5
3.8
(29.6)
The following table sets forth the FX neutral measures related
to our reported results of the operations for the three months
period ended December 31, 2023:
Three months ended December
31,
As Reported
FXN
As Reported
FXN
(in millions of US$, except as otherwise
indicated)
4Q23
4Q22
Percentage change
4Q23
4Q22
Percentage change
Subscription revenue
58.2
42.7
36.3%
54.5
42.7
27.5%
Services revenue
2.5
2.8
(9.3)%
2.3
2.8
(15.1)%
Total revenue
60.7
45.5
33.5%
56.8
45.5
24.9%
Gross profit
44.9
30.9
45.2%
41.2
30.9
33.3%
Income (loss) from operation
5.7
(3.0)
n/a
3.5
(3.0)
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 (NYSE: VTEX) is the enterprise digital commerce platform
where forward-thinking CEOs and CIOs smarten up their investments.
Our composable and complete platform helps brands and retailers
modernize their stack and reduce maintenance costs by rapidly
migrating from legacy systems, connecting their entire value chain,
and making inventory and fulfillment their strength.
As a leader in digital commerce, VTEX is trusted by 2,600 B2C
and B2B customers, including Carrefour, Colgate, Motorola, Sony,
Stanley Black & Decker, and Whirlpool, having 3,500 active
online stores across 43 countries (as of FY ended on December 31,
2023). 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
Consolidated statements of profit or
loss
In thousands of U.S. dollars, unless
otherwise indicated
Three months ended
(unaudited)
Twelve months ended
December 31,
2023
December 31,
2022
December 31,
2023
December 31,
2022
Subscription revenue
58,224
42,732
190,302
148,475
Services revenue
2,497
2,753
11,215
9,145
Total revenue
60,721
45,485
201,517
157,620
Subscription cost
(12,472)
(11,491)
(45,420)
(41,408)
Services cost
(3,385)
(3,103)
(15,529)
(11,424)
Total cost
(15,857)
(14,594)
(60,949)
(52,832)
Gross profit
44,864
30,891
140,568
104,788
Operating expenses
General and administrative
(9,132)
(7,052)
(33,673)
(28,348)
Sales and marketing
(15,129)
(12,404)
(59,461)
(67,798)
Research and development
(14,344)
(14,059)
(60,116)
(57,205)
Other losses
(556)
(402)
(1,920)
(1,356)
Income (loss) from operations
5,703
(3,026)
(14,602)
(49,919)
Financial income
20,801
7,645
46,374
23,770
Financial expense
(20,442)
(4,939)
(43,367)
(31,401)
Financial result, net
359
2,706
3,007
(7,631)
Equity results
19
347
1,008
1,106
Income (loss) before income tax
6,081
27
(10,587)
(56,444)
Income tax
Current
(2,865)
(136)
(5,182)
(877)
Deferred
7
(213)
2,075
4,902
Total income tax
(2,858)
(349)
(3,107)
4,025
Net income (loss) for the
period
3,223
(322)
(13,694)
(52,419)
Attributable to controlling
shareholders
3,226
(323)
(13,687)
(52,418)
Non-controlling interest
(3)
1
(7)
(1)
Earnings (loss) per share
Basic earnings (loss) per share
0.018
(0.002)
(0.073)
(0.275)
Diluted earnings (loss) per
share
0.016
(0.002)
(0.073)
(0.275)
VTEX
Consolidated balance sheets
In thousands of U.S. dollars, unless
otherwise indicated
December 31, 2023
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents
28,035
24,394
Restricted cash
-
1,608
Short-term investments
181,374
214,164
Trade receivables
44,122
36,844
Recoverable taxes
6,499
5,122
Deferred commissions
1,005
663
Prepaid expenses
5,143
4,152
Derivative financial instruments
53
117
Other current assets
22
93
Total current assets
266,253
287,157
Non-current assets
Long-term investments
2,000
-
Trade receivables
7,415
5,432
Deferred tax assets
19,926
17,710
Prepaid expenses
155
204
Recoverable taxes
4,454
3,334
Deferred commissions
2,924
1,790
Other non-current assets
902
957
Right-of-use assets
3,277
4,818
Property and equipment, net
2,697
3,909
Intangible assets, net
30,024
31,210
Investments in joint venture
1,118
1,152
Total non-current assets
74,892
70,516
Total assets
341,145
357,673
December 31, 2023
December 31, 2022
LIABILITIES
Current liabilities
Accounts payable and accrued expenses
39,728
34,136
Loans and financing
-
1,153
Taxes payable
8,219
4,128
Lease liabilities
1,863
1,898
Deferred revenue
25,948
20,332
Accounts payable from acquisition of
subsidiaries
-
299
Other current liabilities
1,486
70
Total current liabilities
77,244
62,016
Non-current liabilities
Accounts payable and accrued expenses
1,632
511
Taxes payable
-
160
Lease liabilities
2,233
3,737
Deferred revenue
16,584
13,923
Deferred tax liabilities
2,668
2,464
Other non-current liabilities
452
185
Total non-current liabilities
23,569
20,980
EQUITY
Issued capital
18
19
Capital reserve
370,821
390,885
Other reserves
(486)
127
Accumulated losses
(130,060)
(116,373)
Equity attributable to VTEX’s
shareholders
240,293
274,658
Non-controlling interests
39
19
Total shareholders’ equity
240,332
274,677
Total liabilities and equity
341,145
357,673
VTEX
Consolidated statements of cash flows
In thousands of U.S. dollars, unless
otherwise indicated
December 31, 2023
December 31, 2022
Net loss for the year
(13,694)
(52,419)
Adjustments for:
Depreciation and amortization
5,018
4,616
Deferred income tax
(2,075)
(4,902)
Loss on disposal of rights of use,
property, equipment, and intangible assets
874
(9)
Expected credit losses from trade
receivables
1,472
852
Share-based compensation
16,360
12,202
Provision for payroll taxes (share-based
compensation)
3,326
(1,125)
Adjustment of hyperinflation
19,369
5,175
Equity results
(1,008)
(1,106)
Accrued interest
(23,757)
(2,252)
Fair value (gains) losses
(10,332)
2,522
Others and foreign exchange, net
8,298
2,786
Change in operating assets and
liabilities
Trade receivables
(13,137)
(3,579)
Recoverable taxes
(3,597)
(671)
Prepaid expenses
(598)
3,947
Other assets
583
(583)
Accounts payable and accrued expenses
855
5,229
Taxes payable
7,347
(1,495)
Deferred revenue
6,948
1,157
Other liabilities
1,925
745
Cash provided by (used in) operating
activities
4,177
(28,910)
Income tax refund (paid)
82
(312)
Net cash provided by (used in)
operating activities
4,259
(29,222)
Cash flows from investing
activities
Dividends received from joint venture
1,138
147
Purchase of short and long-term
investment
(135,442)
(120,615)
Redemption of short-term investment
171,200
78,011
Interest and dividend received from
short-term investments
2,106
1,110
Payment of business acquired
-
(1,692)
Acquisitions of property and equipment
(472)
(340)
Derivative financial instruments
(105)
-
Net cash provided by (used in)
investing activities
38,425
(43,379)
Cash flows from financing
activities
Derivative financial instruments
-
(746)
Changes in restricted cash
1,660
(348)
Proceeds from the exercise of stock
options
1,031
567
Net-settlement of share-based payment
(2,488)
(1,615)
Buyback of shares
(35,243)
(12,798)
Payment of loans and financing
(1,238)
(2,651)
Interest paid
(5)
(56)
Principal elements of lease payments
(1,574)
(1,263)
Lease interest paid
(573)
(670)
Net cash provided by (used in)
financing activities
(38,430)
(19,580)
Net increase (decrease) in cash and
cash equivalents
4,254
(92,181)
Cash and cash equivalents, beginning of
the year
24,394
121,006
Effect of exchange rate changes
(613)
(4,431)
Cash and cash equivalents, end of the
year
28,035
24,394
Non-cash transactions:
Lease liabilities arising from obtaining
right-of-use assets and remeasurement
(251)
983
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
27
13
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240227279453/en/
Julia Vater Fernández Investor Relations Director
investors@vtex.com
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