6-K 1 a52717517.htm VTEX 6-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF
1934

 For the month of May 2022.

Commission File Number 001-40626
 
VTEX
(Exact name of registrant as specified in its charter)
 
N/A
(Translation of registrant’s name into English)
 

125 Kingsway, WC2B
6NH London, United
Kingdom
(Address of principal executive office)


 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

VTEX Reports First Quarter 2022 Financial Results

GMV and total revenue YoY growth accelerates to 33.3% and 33.7%, respectively

Gross profit increases 46.1% YoY, representing a margin improvement of 563 bps

NEW YORK--(BUSINESS WIRE)--May 12, 2022--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 first quarter of 2022 ended March 31, 2022. 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 had a strong first quarter, thanks to the resilience and focus of our teams on delivering our strategic objectives. We also improved gross margin, demonstrating our commitment to efficiency especially under tougher macro conditions.” Mariano Gomide de Faria, founder and co-CEO of VTEX, added, “We are witnessing an increasing momentum in VTEX attractiveness for enterprise brands worldwide. We are committed to continue maximizing growth, while being disciplined in how we deploy capital. We are now a stronger company than ever and we are confident in the long term opportunity for VTEX.”

First Quarter 2022 Operational and Financial Highlights

  • GMV reached US$2.7 billion in the first quarter of 2022, representing a YoY increase of 33.3% in USD and 27.9% on an FX neutral basis.
  • Total revenue increased to US$34.7 million in the first quarter of 2022, from US$25.9 million in the first quarter of 2021, representing a YoY increase of 33.7% in USD and 29.7% on an FX neutral basis.
  • Subscription revenue represented 94.0% of total revenues and increased to US$32.6 million in the first quarter of 2022, from US$24.7 million in the first quarter of 2021, a YoY increase of 32.1% in USD and 27.7% on an FX neutral basis.
  • Non-GAAP subscription gross profit was US$22.7 million in the first quarter of 2022, compared to US$16.1 million in the first quarter of 2021, representing a year-over-year increase of 41.2% in USD and 33.5% on an FX neutral basis.
    • Non-GAAP subscription gross margin was 69.6% in the first quarter of 2022, compared to 65.1% in the same quarter of 2021. Non-GAAP subscription gross profit margin YoY 466bps improvement reflects operational hosting cost efficiencies.
  • Non-GAAP loss from operations was US$13.7 million during the first quarter of 2022, compared to Non-GAAP loss from operations of US$8.5 million in the first quarter of 2021, 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$16.1 million during the first quarter of 2022, compared to US$21.3 million in the fourth quarter of 2021 and US$8.0 million in the first quarter of 2021.
  • Our total headcount increased to 1,765 as of March 31, 2022, representing an increase of 42.6% YoY and 2.2% QoQ.

First Quarter 2022 Commercial Highlights:

  • New customers that initiated their operations with us, among others: Angeloni in Brazil, Arcor in Argentina, Boston Medical Group in Mexico, Briggs & Stratton in the US, Colgate in Brazil, Easy in Chile, EcoWater in Canada, and Moulinex in Argentina.
  • Existing customers expanding their operations with us by opening new online stores, among others: AB InBev added Mexico, additionally to other 8 countries in Latin America; H&M added Colombia, now totaling 4 countries in Latin America; Oster in Argentina, on top of other 6 countries in Latin America; Under Armour in Uruguay, on top of other 4 countries in Latin America; Walmart in Central America, expanding their operations from 5 to 7 countries with us in the region; Whirlpool added France, India, Poland and Singapore, currently operating with us across 15 countries around the globe; and Xiaomi in Peru, on top of other 4 countries in Latin America.

First Quarter 2022 Product Innovation Highlights:

We innovate aligned with our guiding principles. VTEX key innovations deployed this quarter and customer use-cases highlighted during VTEX Day were:

  • Zero friction onboarding and collaboration:
    • Whirlpool achieved a positive impact on business indicators such as an increase in NPS by 15% by making use of VTEX's omnichannel capabilities, such as pick-up in store and ship from store.
    • Continued making progress on our new front-end framework called FastStore. A highlight this quarter was Avon in Brazil, adopting the new storefront allowed them to improve conversion rate by almost 40%. With FastStore, our customers also experienced an uplift on its google page speed test performance by more than 3 times, both in mobile and desktop.
    • Our partnership with Paypal aims to strengthen our internationalization strategy and bring VTEX customers closer to excellent technological solutions for local and cross-border trade in the 38 markets where we operate. In line with our payments strategy, this partnership will contribute to the further monetization of our ecosystem.
    • Subsequent to the first quarter 2022, we’ve launched our partnerships with EBANX which also focuses on cross-border payments collaboration in Latin America, aiming to broaden cross-border payments for Brazilian e-commerce companies in Latin America. Through this union, Brazilian companies will be able to enjoy more than 100 payment methods in 15 countries across Latin America.

  • Single control panel for every order:
    • Cobasi simplified processes by adopting several VTEX’s solutions highlighting the relevancy of having one source of truth for centralizing the multiple channels they commercialize their products and being able to deliver in 2 hours 60% of their orders.
    • Decathlon bet on the implementation of our endless aisle and fulfillment module in all its stores, resulting in endless aisle orders placed in-store representing 5% of total brick-and-mortar sales.
    • Samsung shared its live shopping adoption journey, highlighting their event in Mexico where they launched the new Galaxy S22 5G. In the event they sold more than US$1 million in GMV, engaging almost 12 thousand viewers, in only 54 minutes.
    • Along with Samsung, companies like Nestlé, Cencosud, Coca-Cola, Grupo Éxito, Fravega, among many others, have already adopted the solution. Live Shopping had more than 130 events in the first quarter of 2022, gaining momentum MoM. We started the year with 24 events in January 2022 and ended the quarter with 61 events in March 2022. Subsequent to the first quarter 2022, in April, we had our first Live Shopping event in the US with Motorola, expanding our offering to 14 countries with 150 active accounts.
    • Subsequent to the first quarter 2022, we partnered with TikTok for business in order to offer an app that is available in the VTEX app store for all customers that integrate directly to TikTok, improving our customer’s asset sharing process with the social media giant. We are happy to share that we have already early adopters that are anxious to test the app such as Carrefour, L’Oreal, Reserva, among many others.

  • Commerce on auto-pilot and co-pilot:
    • Michael Kors shared its experience with the adoption of our new VTEX Shipping Network feature, which resulted in improvements in delivery times, SLA’s and cost efficiencies, with around 10% shipping cost savings along with traceability of their deliveries.
    • Credit card attack protection is a new layer of security for our customers. When a high rate of credit card transaction denials is detected in a short period of time, the payment module will now automatically trigger an action to protect stores from fraudulent transactions.
  • The development platform of choice for digital commerce:
    • 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 24 thousand in the first quarter of 2022 from more than 20 thousand in the fourth quarter of 2021.

Business Outlook

Enterprise brands, retailers and consumers have changed the way they interact since 2020. Ecommerce gained significant traction worldwide and it continues to transform the way commerce is conceptualized.

Nowadays, we are not talking only about physical channels and desktop online channels; but mobile channels, interactive, social and conversational commerce, among others. The incremental complexity of building a proper omnichannel strategy enables VTEX to position itself as the backbone of commerce, integrating all these apparently separate pieces together in one powerful ecosystem.

In view of the aforementioned trends and VTEX’s performance during the first quarter of 2022, and the current macroeconomic uncertainty for global ecommerce, we are currently targeting revenue in the US$37.5 million to US$38.5 million range for the second quarter of 2022, implying a YoY growth of 23% in USD and 20% on an FX neutral basis in the middle of the range.

For the full year 2022, we expect FX neutral YoY revenue growth of 24% to 27%, implying a range of US$160 million to US$164 million, based on the first quarter average FX rates.

In this environment, and looking forward to the full year 2022, we continue to expect delivering significant operating margin expansion.

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 months ended March 31, 2022 and 2021.


 

 

Three months ended
March 31,

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

2022

2021

GMV

2,714.6

2,036.1

GMV growth YoY FXN (1)

27.9%

142.3%

Revenue

34.7

25.9

Revenue growth YoY FXN (1)

29.7%

77.0%

Non-GAAP Subscription gross profit (2)(4)

22.7

16.1

Non-GAAP Subscription gross profit margin (3)(4)

69.6%

65.1%

Non-GAAP income (loss) from operations (4)

(13.7)

(8.5)

Total number of employees

1,765

1,238

(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)

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 – 630556 –) and requesting inclusion in the call for VTEX.

The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at https://www.investors.vtex.com/.

An archive of the webcast will be available for one week following the conclusion of the conference call.

Definition of Selected Operational Metrics

“ARR” means annual recurring revenue, calculated as subscription revenue in the most recent quarter multiplied by four.

“Customers” means companies ranging from small and medium-sized businesses to larger enterprises that pay to use VTEX’s platform.

“GMV” means the total value of customer orders processed through our platform, including value-added taxes and shipping. Our GMV does not include the value of orders processed by our SMB customers or B2B transactions.


“FX Neutral” or “FXN” means a way of using the average monthly exchange rates for each month during the previous year, adjusted by inflation in countries with hyper-inflation, and applying them to the corresponding months of the current year, so as to calculate what results would have been had exchange rates remained stable from one year to the next.

“SSS” means same-store-sales calculated on a yearly basis by dividing the GMV of active online stores in the current period by the GMV of the same active online same stores in the prior period.

“Stores” or “Active Stores” means the number of unique domains generating gross merchandise value. Each customer might have multiple stores.

Special Note Regarding Non-GAAP financial metrics

For the convenience of investors, this document presents certain Non-GAAP financial measures, which are not recognized under IFRS, specifically Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures.

We understand that Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Non-GAAP Free Cash Flow and FX Neutral measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations presented in accordance with IFRS. Additionally, our calculations of Non-GAAP subscription gross profit, Non-GAAP Income (Loss) from Operations, Free Cash Flow and FX Neutral measures may be different from the calculation used by other companies, including our competitors, and therefore, our measures may not be comparable to those of other companies.

Reconciliation of Non-GAAP measures

The following table presents a reconciliation of our Non-GAAP subscription gross profit to subscription gross profit for the following periods:


 

 

Three months ended
March 31,

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

2022

2021

Subscription revenue

32.6

24.7

Subscription cost

(10.0)

(8.7)

Subscription gross profit

22.6

15.9

Share-based compensation

0.1

0.1

Non-GAAP subscription gross profit

22.7

16.1

Non-GAAP subscription gross margin

69.6%

65.1%



 

The following table presents a reconciliation of our Non-GAAP expenses to expenses for the following periods:


 

Sales & Marketing

Three months ended
March 31,

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

2022

2021

Sales & Marketing expense

(17.9)

(11.0)

Share-based compensation expense

0.7

0.7

Amortization of intangible related to acquisitions

0.3

0.2

Non-GAAP Sales & Marketing expense

(16.9)

(10.1)



 


 

Research & Development

Three months ended
March 31,

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

2022

2021

Research & Development expense

(13.9)

(8.4)

Share-based compensation expense

0.6

1.1

Amortization of intangible related to acquisitions

0.2

0.1

Non-GAAP Research & Development expense

(13.1)

(7.2)



 


 

General & Administrative

Three months ended
March 31,

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

2022

2021

General & Administrative expense

(6.9)

(7.2)

Share-based compensation expense

1.0

1.2

Amortization of intangible related to acquisitions

0.0

-

Non-GAAP General & Administrative expense

(5.9)

(6.1)



 

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
March 31,

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

2022

2021

Income (loss) from operations

(16.7)

(12.0)

Share-based compensation expense

2.5

3.2

Amortization of intangibles related to acquisitions

0.5

0.4

Non-GAAP income (loss) from operations

(13.7)

(8.5)



 

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
March 31,

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

2022

2021

Net cash used in operating activities

(16.0)

(7.4)

Acquisitions of property and equipment

(0.1)

(0.6)

Non-GAAP free cash flow

(16.1)

(8.0)



 

The following table sets forth the FX neutral measures related to our reported results of the operations for the three months period ended March 31, 2022:


 

 

Three months ended March 31,

As Reported

FXN

As
Reported

FXN

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

2022

2021

Percentage
change

2022

2021

Percentage
change

Subscription revenue

32.6

24.7

32.1%

31.5

24.7

27.7%

Services revenue

2.1

1.3

64.8%

2.1

1.3

69.2%

Total revenue

34.7

25.9

33.7%

33.6

25.9

29.7%

Subscription cost

(10.0)

(8.7)

14.7%

(10.2)

(8.7)

17.1%

Services cost

(2.6)

(2.1)

23.6%

(2.7)

(2.1)

27.7%

Total cost

(12.6)

(10.8)

16.4%

(12.9)

(10.8)

19.1%

Gross profit

22.1

15.1

46.1%

20.7

15.1

37.3%

Operating expenses

(38.7)

(27.1)

42.8%

(38.3)

(27.1)

41.1%

Income (loss) from operation

(16.7)

(12.0)

38.6%

(17.5)

(12.0)

45.8%







 

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, 2021, we were trusted by more than 2,400 customers with over 3,200 active online stores across 38 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 interim statement of profit or loss

(Unaudited)

In thousands of U.S. dollars, unless otherwise indicated


 

 

Three months ended

 

March 31, 2022

 

March 31, 2021

 

 

 

 

Subscription revenue

32,580

 

24,658

Services revenue

2,087

 

1,266

Total revenue

34,667

 

25,924

Subscription cost

(9,996)

 

(8,715)

Services cost

(2,607)

 

(2,108)

Total cost

(12,603)

 

(10,823)

Gross profit

22,064

 

15,101

Operating expenses

 

 

 

General and administrative

(6,921)

 

(7,223)

Sales and marketing

(17,900)

 

(11,035)

Research and development

(13,925)

 

(8,423)

Other income (losses)

8

 

(449)

Loss from operation

(16,674)

 

(12,029)

Financial income

4,292

 

531

Financial expense

(9,013)

 

(1,886)

Financial result, net

(4,721)

 

(1,355)

Equity results

219

 

96

Loss before income tax

(21,176)

 

(13,288)

Current

(427)

 

(207)

Deferred

2,512

 

1,034

Total income tax

2,085

 

827

Net Loss for the period

(19,091)

 

(12,461)

Attributable to controlling shareholders

(19,090)

 

(12,458)

 

Non-controlling interest

(1)

 

(3)

 

 

 

 

Loss per share

 

 

 

Basic loss per share

(0.100)

 

(0.072)

Diluted loss per share

(0.100)

 

(0.072)

 

 

 

 



VTEX

Condensed consolidated interim balance sheet

(Unaudited)

In thousands of U.S. dollars





 

 

 

March 31, 2022

 

December 31, 2021

ASSETS

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

99,624

 

121,006

Restricted cash

 

810

 

1,183

Marketable securities and short-term investments

 

176,061

 

177,191

Trade receivables

 

35,386

 

34,682

Recoverable taxes

 

7,696

 

6,881

Deferred commissions

 

375

 

263

Prepaid expenses

 

9,527

 

7,911

Other current assets

 

581

 

399

Total current assets

 

330,060

 

349,516

Non-current assets

 

 

 

 

Trade receivables

 

6,038

 

6,143

Deferred tax assets

 

17,469

 

12,572

Prepaid expenses

 

464

 

343

Recoverable taxes

 

588

 

556

Deferred Commission

 

1,645

 

1,246

Other non-current assets

 

448

 

435

Right-of-use assets

 

6,372

 

5,183

Property and equipment, net

 

5,191

 

4,711

Intangible assets, net

 

34,394

 

33,644

Investment in joint venture

 

321

 

621

Total non-current assets

 

72,930

 

65,454

Total assets

 

402,990

 

414,970





 

LIABILITIES

 

March 31, 2022

 

December 31, 2021

Current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

27,937

 

29,537

Loans and financing

 

2,786

 

2,087

Taxes payables

 

4,304

 

5,035

Lease liabilities

 

1,485

 

1,105

Deferred revenue

 

20,447

 

16,598

Derivative financial instruments

 

-

 

133

Accounts payable from acquisition of subsidiaries

 

3,087

 

4,260

Other current liabilities

 

204

 

133

Total current liabilities

 

60,250

 

58,888

Non-current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

1,112

 

1,977

Loans and financing

 

497

 

1,192

Taxes payable

 

160

 

160

Lease liabilities

 

5,859

 

4,886

Accounts payable from acquisition of subsidiaries

 

-

 

2,163

Deferred revenue

 

17,646

 

16,204

Deferred tax liabilities

 

2,357

 

2,045

Other non-current liabilities

 

290

 

266

Total non-current liabilities

 

27,921

 

28,893

EQUITY

 

 

 

 

Issued capital

 

19

 

19

Capital reserve

 

393,587

 

390,466

Other reserves

 

4,248

 

652

Accumulated losses

 

(83,045)

 

(63,955)

Equity attributable to VTEX’s shareholders

 

314,809

 

327,182

Non-controlling interests

 

10

 

7

Total shareholders’ equity

 

314,819

 

327,189

Total liabilities and equity

 

402,990

 

414,970





 


VTEX

Condensed consolidated interim statements of cash flows

(Unaudited)

In thousands of U.S. dollars, unless otherwise indicated



 

 

 

Three months ended

 

 

March 31, 2022

 

March 31, 2021

 

 

 

 

 

Loss of the period

 

(19,916)

 

(12,461)

Adjustments on loss of the period

 

 

 

 

Depreciation and amortization

 

1,094

 

794

Deferred income tax

 

(2,512)

 

(1,034)

Loss on disposal of rights of use, property, equipment, and intangible assets

 

(46)

 

28

Allowance for doubtful accounts

 

122

 

429

Share-based compensation

 

3,099

 

1,560

Provision for payroll taxes (share-based compensation)

 

(1,232)

 

-

Adjustment of hyperinflation

 

717

 

402

Profit on investments in joint venture

 

(219)

 

(96)

Fair value losses

 

3,840

 

274

Other costs and foreign exchange, net

 

(1,940)

 

1,049

Working capital adjustments

 

 

 

 

Trade receivables

 

(759)

 

(1,087)

Recoverable taxes

 

(847)

 

46

Prepaid expenses

 

(1,737)

 

278

Other assets

 

(306)

 

148

Accounts payable and accrued expenses

 

(1,143)

 

1,008

Taxes payable

 

(427)

 

(402)

Deferred revenue

 

5,291

 

2,758

Other liabilities

 

410

 

(482)

Cash used in operating activities

 

(15,686)

 

(6,788)

Income tax paid

 

(304)

 

(658)

Net cash used in operating activities

 

(15,990)

 

(7,446)

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Purchase of short-term investment

 

(6,587)

 

-

Redemption of short-term investment

 

3,631

 

-

Redemption of marketable securities

 

-

 

554

Interest received

 

-

 

285

Payment of subsidiaries net of cash acquired

 

(1,268)

 

(13)

Acquisitions of property and equipment

 

(95)

 

(541)

Net cash provided by (used in) investing activities

 

(4,319)

 

285

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Derivative financial instruments

 

(718)

 

-

Changes in restricted cash

 

373

 

212

Proceeds from the exercise of stock options

 

19

 

828

Net-settlement of share-based payment

 

(598)

 

-

Capital increase

 

-

 

1,000

Buyback of shares

 

-

 

(2,344)

Payment of loans and financing

 

(657)

 

(9,004)

Interest paid

 

(20)

 

(40)

Principal elements of lease payments

 

(279)

 

(200)

Lease interest paid

 

(176)

 

(176)

Net cash used in financing activities

 

(2,056)

 

(9,724)

 

 

 

 

 

Net decrease in cash and cash equivalents

 

(22,365)

 

(16,885)

 

 

 

 

 

Cash and cash equivalents, beginning of the year

 

121,006

 

58,557

Effect of exchange rate changes

 

983

 

(1,365)

Cash and cash equivalents, end of the period

 

99,624

 

40,307

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

Lease liabilities arising from obtaining right-of-use assets

 

931

 

53

Issue of ordinary shares as consideration for a business combination

 

3

 

3

Unpaid amount related to acquisition of non-controlling interest

 

-

 

27

Unpaid amount related to business combinations

 

-

 

6,712

Dividends receivable used to pay accounts from acquisition of subsidiaries

 

448

 

-

Transactions with non-controlling interests

 

4

 

-

 

Contacts

Julia Vater Fernández
Investor Relations Director
investors@vtex.com


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
 
Date: May 12, 2022

 
VTEX 
 
 
 
 
 By:
/s/ André Spolidoro Ferreira Gomes
 
 
 
 
 Name:
André Spolidoro Ferreira Gomes
 
 Title:
Chief Financial Officer


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