Vtex
(NYSE:VTEX)

VTEX provides a software-as-a-service (SaaS) 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 prod...

Website: https://vtex.com/

Founded: 2000

CEO / Founder: Mariano Gomide de Faria

Sector: Technology

Industry: Services

E-Commerce SaaS

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-06	2025-05-05	2024-12-31	2024-11-05	2024-08-06	2024-05-07	2024-02-27	2023-11-07	2023-08-08	2023-05-09	2023-05-03	2023-03-02	2022-12-31	2022-11-10	2022-08-11	2022-05-12	2022-02-24	2021-12-31	2021-11-17	2021-11-15	2021-08-17

subscription revenue	58,400,000	57,248,000	217,658,000	52,580,000	59,462,000	53,897,000	53,985,000	50,362,000	58,224,000	47,544,000	44,772,000,000	39,762,000,000	39,762,000	42,732,000	148,369,257,000	36,513,000	36,649,000	32,580,000	34,529,000,000	34,529,000	29,627,000	29,627,000	29,652,000
services revenue	1,208,000	1,542,000	9,003,000	1,585,000	2,062,000	2,099,000	2,556,000	2,286,000	2,497,000	3,084,000	3,114,000,000	2,520,000,000	2,520,000	2,753,000	9,138,608,000	2,241,000	2,065,000	2,087,000	2,587,000,000	2,587,000	2,237,000	2,237,000	1,217,000
total revenue	59,608,000	58,790,000	226,661,000	54,165,000	61,524,000	55,996,000	56,541,000	52,648,000	60,721,000	50,628,000	47,886,000,000	42,282,000,000	42,282,000	45,485,000	157,507,865,000	38,754,000	38,714,000	34,667,000	37,116,000,000	37,116,000	31,864,000	31,864,000	30,869,000
yoy	-3.11%	4.99%	300.88%	2.88%	1.32%	10.60%	-99.88%	-99.88%	43.61%	11.31%	-69.60%	109003.58%	9.22%	31.21%	324.37%	4.41%	21.50%	8.80%	120137.13%
qoq	1.39%	-74.06%	318.46%	-11.96%	9.87%	-0.96%	7.39%	-13.30%	19.94%	-99.89%	13.25%	99900.00%	-7.04%	-99.97%	406329.96%	0.10%	11.67%	-99.91%	99900.00%	16.48%	0.00%	3.22%
subscription cost	-11,567,000	-11,597,000	-47,471,000	-11,080,000	-12,625,000	-11,642,000	-11,842,000	-11,539,000	-12,472,000	-11,395,000	-11,153,000,000	-10,400,000,000	-10,400,000	-11,491,000	-41,378,083,000	-9,755,000	-10,166,000	-9,996,000	-10,469,000,000	-10,469,000	-9,735,000	-9,735,000	-9,461,000
services cost	-1,961,000	-1,916,000	-12,234,000	-2,103,000	-2,833,000	-2,636,000	-3,080,000	-3,221,000	-3,385,000	-3,625,000	-4,353,000,000	-4,166,000,000	-4,166,000	-3,103,000	-11,415,679,000	-2,872,000	-2,842,000	-2,607,000	-3,291,000,000	-3,291,000	-3,056,000	-3,056,000	-2,757,000
total cost	-13,528,000	-13,513,000	-59,705,000	-13,183,000	-15,458,000	-14,278,000	-14,922,000	-14,760,000	-15,857,000	-15,020,000	-15,506,000,000	-14,566,000,000	-14,566,000	-14,594,000	-52,793,762,000	-12,627,000	-13,008,000	-12,603,000	-13,760,000,000	-13,760,000	-12,791,000	-12,791,000	-12,218,000
gross profit	46,080,000	45,277,000	166,956,000	40,982,000	46,066,000	41,718,000	41,619,000	37,888,000	44,864,000	35,608,000	32,380,000,000	27,716,000,000	27,716,000	30,891,000	104,714,103,000	26,127,000	25,706,000	22,064,000	23,356,000,000	23,356,000	19,073,000	19,073,000	18,651,000
yoy	0.03%	8.53%	301.15%	8.17%	2.68%	17.16%	-99.87%	-99.86%	61.87%	15.27%	-69.08%	105981.83%	7.82%	40.01%	348.34%	11.86%	34.78%	15.68%	125126.53%
qoq	1.77%	-72.88%	307.39%	-11.04%	10.42%	0.24%	9.85%	-15.55%	25.99%	-99.89%	16.83%	99900.00%	-10.28%	-99.97%	400688.85%	1.64%	16.51%	-99.91%	99900.00%	22.46%	0.00%	2.26%
gross margin %	77.31%	77.01%	73.66%	75.66%	74.87%	74.50%	73.61%	71.96%	73.89%	70.33%	67.62%	65.55%	65.55%	67.91%	66.48%	67.42%	66.40%	63.65%	62.93%	62.93%	59.86%	59.86%	60.42%
operating expenses
general and administrative	-8,138,000	-9,025,000	-34,284,000	-9,035,000	-8,090,000	-8,402,000	-8,767,000	-9,172,000	-9,132,000	-8,374,000	-8,242,000,000	-7,925,000,000	-7,925,000	-7,052,000	-28,326,704,000	-6,944,000	-7,431,000	-6,921,000	-6,913,000,000	-6,913,000	-9,947,000	-9,947,000	-7,806,000
sales and marketing	-16,701,000	-17,441,000	-68,598,000	-16,847,000	-17,008,000	-16,410,000	-17,252,000	-17,192,000	-15,129,000	-15,101,000	-14,449,000,000	-14,782,000,000	-14,782,000	-12,404,000	-67,742,606,000	-16,176,000	-21,318,000	-17,900,000	-17,459,000,000	-17,459,000	-19,330,000	-19,330,000	-15,697,000
research and development	-16,725,000	-15,416,000	-55,412,000	-14,868,000	-13,290,000	-13,366,000	-14,236,000	-12,728,000	-14,344,000	-15,508,000	-16,305,000,000	-13,959,000,000	-13,959,000	-14,059,000	-57,161,854,000	-13,812,000	-15,409,000	-13,925,000	-11,915,000,000	-11,915,000	-14,179,000	-14,179,000	-10,669,000
other losses	-347,000		-1,276,000	-429,000	-552,000	-668,000		-386,000	-556,000	-99,000	-511,000,000			-402,000			-474,000		-211,000,000
income from operations	4,169,000	2,913,000	7,386,000	-197,000	744,250	2,872,000	1,695,000	-1,590,000	5,703,000	-3,474,000	-7,127,000,000			-3,026,000				-16,674,000	-13,142,000,000	-13,142,000	-24,369,000
yoy	460.16%	1.43%	335.75%	-87.61%	-86.95%	-182.67%	-100.02%			14.81%				-81.85%
qoq	43.12%	-60.56%	-3849.24%	-126.47%	-74.09%	69.44%	-206.60%	-127.88%	-264.16%	-99.95%								-99.87%	99900.00%	-46.07%
operating margin %	6.99%	4.95%	3.26%	-0.36%	1.21%	5.13%	3.00%	-3.02%	9.39%	-6.86%	-14.88%	0%	0%	-6.65%	0%	0%	0%	-48.10%	-35.41%	-35.41%	-76.48%	0%	0%
other income	2,207,000	-482,000	5,884,000	1,637,000			331,000					-754,000,000	-754,000		-238,500	-489,000		8,000		-325,750	14,000	14,000	-868,000
income before income tax	6,376,000	3,801,000	13,270,000	1,440,000	7,887,000	2,272,000	4,470,000		6,081,000	-2,115,000	-6,646,000,000	-7,907,000,000	-7,907,000	27,000	-56,387,529,000	-11,212,000	-24,084,000	-21,176,000	-14,321,000,000	-14,321,000	-24,773,000	-24,773,000	-17,604,000
total income tax	-14,000	-815,000	2,540,000	-579,000	-1,611,000	972,000	459,000	2,512,000	-2,858,000	-264,000	36,000,000	-21,000,000	-21,000	-349,000	4,020,626,000	-330,000	2,619,000	2,085,000	3,696,000,000
net income for the period	6,362,000	2,986,000		861,000	1,429,750	3,244,000	4,929,000		3,223,000	-2,379,000	-6,610,000,000	-7,928,000,000	-7,928,000	-322,000	-13,024,250	-11,542,000	-21,465,000	-19,091,000	-10,625,000,000	-12,472,250	-21,959,000	-21,959,000	-15,469,000
non-controlling interest	11,000			3,000	12,000		-6,000	-8,000	-3,000	-5,000	1,000,000			1,000	-998,000		-1,000	-1,000
attributable to controlling shareholders	6,351,000	2,994,000		858,000	6,264,000	3,245,000	4,935,000	-2,446,000	3,226,000	-2,374,000	-6,611,000,000	-7,928,000,000	-7,928,000	-323,000	-52,365,905,000	-11,542,000	-21,464,000	-19,090,000	-10,625,000,000	-10,625,000	-21,959,000	-21,959,000	-15,469,000
earnings per share
basic earnings per share	0.035	0.016	0.085	0.005	0.008	0.018	0.027		0.018											-0.07	-0.119	-0.119	-0.09
diluted earnings per share	0.034	0.016	0.082	0.005	0.008	0.017	0.026		0.016											-0.07	-0.119	-0.119	-0.09
net income			15,810,000
yoy
qoq
net income margin %	0%	0%	6.98%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
less: net loss attributable to non-controlling interest
net income attributable to controllingshareholders			15,818,000
liabilities
current liabilities
accounts payable and accrued expenses						37,726,000
taxes payable						6,305,000
lease liabilities						1,534,000
deferred revenue						31,553,000
derivative financial instruments						102,000
accounts payable from acquisition of subsidiaries						33,000
other current liabilities						1,243,000
total current liabilities						78,496,000
non-current liabilities
deferred tax liabilities						2,653,000
other non-current liabilities						439,000
total non-current liabilities						32,450,000
equity
issued capital						19,000
capital reserve						383,371,000
other reserves						3,104,000
accumulated losses						-124,326,000
equity attributable to vtex’s shareholders						262,168,000
non-controlling interests						45,000
total shareholders’ equity						262,213,000
total liabilities and equity						373,159,000
financial income					6,339,000	7,359,000	10,342,000	9,102,000	20,801,000	8,974,000	9,240,000,000	7,359,000,000	7,359,000	7,645,000	23,753,875,000	7,137,000	4,696,000	4,292,000	2,295,000,000	2,295,000	2,575,000	2,575,000
financial expense					-5,578,000	-7,959,000	-7,551,000	-12,496,000	-20,442,000	-7,896,000	-9,126,000,000	-5,903,000,000	-5,903,000	-4,939,000	-31,374,538,000	-7,327,000	-10,122,000	-9,013,000	-3,664,000,000	-3,664,000	-3,141,000	-3,141,000
financial result					761,000	-600,000	2,791,000	-3,394,000	359,000	1,078,000	114,000,000	1,456,000,000	1,456,000	2,706,000	-7,620,663,000	-190,000	-5,426,000	-4,721,000	-1,369,000,000	-1,369,000	-566,000	-566,000	-1,354,000
equity results							-16,000	18,000	19,000	281,000	367,000,000	341,000,000	341,000	347,000	1,105,241,000	272,000	268,000	219,000	190,000,000	190,000	162,000	162,000	139,000
income tax
current					-1,331,000	98,000	73,000	-254,000	-2,865,000	-50,000	-1,697,000,000	-570,000,000	-570,000	-136,000	-876,259,000	260,000	-574,000	-427,000	-35,000,000	-35,000	-1,107,000	-1,107,000	-297,000
deferred					-280,000	874,000	386,000	2,766,000	7,000	-214,000	1,733,000,000	549,000,000	549,000	-213,000	4,896,885,000	-590,000	3,193,000	2,512,000	3,731,000,000	3,731,000	3,921,000	3,921,000	2,432,000
loss before income tax								-4,966,000
net loss for the period								-2,454,000
loss per share
basic loss per share								-0.013		-0.013	-0.035	-0.042	-0.042	-0.002	-0.002	-0.06	-0.112	-0.1	-0.056
diluted loss per share								-0.013		-0.013	-0.035	-0.042	-0.042	-0.002	-0.002	-0.06	-0.112	-0.1	-0.056
income from operation												-9,704,000,000	-9,704,000		-11,723,250	-11,294,000	-18,926,000					-24,369,000	-16,389,000
finance income																							2,136,000
finance expense																							-3,490,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-06	2025-05-05	2024-12-31	2024-11-05	2024-09-30	2024-08-06	2024-05-07	2024-02-27	2023-09-30	2023-06-30

assets
current assets
cash and cash equivalents	20,395,000	21,341,000	18,673,000	21,085,000	18,673,000	22,525,000		22,910,000	17,468,000	28,035,000	21,301,000	100,504,000
marketable securities	182,140,000	189,446,000	196,135,000	184,195,000
trade receivables	54,051,000	55,534,000	52,519,000	53,401,000	52,519,000	53,820,000		49,100,000	45,189,000	44,122,000	41,591,000	43,432,000
recoverable taxes	5,995,000	9,143,000	10,327,000	8,866,000	10,327,000	5,898,000		9,462,000	5,958,000	6,499,000	3,762,000	4,525,000
deferred commissions	1,884,000	1,896,000	1,671,000	1,801,000	1,671,000	1,449,000		1,315,000	1,328,000	1,005,000	937,000	831,000
prepaid expenses and other current assets	7,564,000	6,476,000
total current assets	272,029,000	283,836,000	284,590,000	275,491,000	284,590,000	282,643,000		279,289,000	268,188,000	266,253,000	264,634,000	275,505,000
non-current assets
equity investments	9,649,000	9,649,000	9,649,000	9,649,000
deferred tax assets	13,370,000	13,639,000	13,968,000	14,059,000	19,047,000	21,424,000		21,274,000	22,469,000	19,926,000	20,731,000	21,836,000
prepaid expenses and other non-current assets	1,268,000	1,188,000
right-of-use assets	3,264,000	3,701,000	3,220,000	3,093,000	2,783,000	2,204,000		2,464,000	2,813,000	3,277,000	3,658,000	4,169,000
property and equipment	3,412,000	2,988,000	2,970,000	2,972,000	2,999,000	3,198,000		2,950,000	2,969,000	2,697,000	3,127,000	3,474,000
intangible assets	8,691,000	9,160,000	6,822,000	9,397,000	28,990,000	31,309,000		27,331,000	29,121,000	30,024,000	30,173,000	31,397,000
goodwill	26,811,000	26,530,000	22,168,000	25,704,000
total non-current assets	82,363,000	81,737,000	77,516,000	80,214,000	82,188,000	90,516,000		76,143,000	78,454,000	74,892,000	72,665,000	75,916,000
total assets	354,392,000	365,573,000	362,106,000	355,705,000	366,778,000	373,159,000		355,432,000	346,642,000	341,145,000	337,299,000	351,421,000
liabilities
current liabilities
accounts payable and accrued expenses	39,571,000	37,727,000	36,003,000	31,541,000	36,951,000	37,726,000		39,332,000	39,352,000	39,728,000	36,549,000	35,372,000
taxes payable	5,587,000	6,585,000	7,863,000	8,191,000	7,863,000	6,305,000		6,778,000	6,811,000	8,219,000	4,124,000	4,989,000
lease liabilities	1,861,000	1,989,000	1,617,000	1,747,000	1,617,000	1,534,000		1,607,000	1,717,000	1,863,000	1,897,000	2,002,000
deferred revenue	37,182,000	36,276,000	32,521,000	34,537,000	32,521,000	31,553,000		28,575,000	26,653,000	25,948,000	24,366,000	24,516,000
accounts payable from acquisition of subsidiaries	1,428,000	16,000	29,000	15,000	29,000	33,000
other current liabilities	3,643,000	3,204,000	1,989,000	5,145,000	1,989,000	1,243,000		1,046,000	3,854,000	1,486,000	296,000	17,000
total current liabilities	87,844,000	85,797,000	80,022,000	81,176,000	80,970,000	78,496,000		77,338,000	78,387,000	77,244,000	67,232,000	66,931,000
non-current liabilities
deferred tax liabilities	644,000	699,000	808,000	753,000	2,478,000	2,653,000		3,422,000	3,026,000	2,668,000	3,078,000	2,745,000
other non-current liabilities	352,000	343,000	361,000	340,000	363,000	439,000		408,000	427,000	452,000	464,000	224,000
total non-current liabilities	24,590,000	29,513,000	27,938,000	28,641,000	30,007,000	32,450,000		27,137,000	25,324,000	23,569,000	23,805,000	25,916,000
commitments and contingencies
equity
common stock: 0.0001 par value...	18,000	18,000	18,000	18,000
additional paid-in capital	339,843,000	354,803,000	365,933,000	355,508,000
accumulated other comprehensive income	1,658,000	1,365,000	-2,023,000	-726,000
accumulated losses	-99,611,000	-105,962,000	-109,814,000	-108,956,000	-118,062,000	-124,326,000		-127,571,000	-132,506,000	-130,060,000	-133,286,000	-130,912,000
equity attributable to vtex’s shareholders	241,908,000	250,224,000	254,114,000	245,844,000	255,745,000	262,168,000		250,913,000	242,890,000	240,293,000	246,205,000	258,511,000
non-controlling interests	50,000	39,000	32,000	44,000	56,000	45,000		44,000	41,000	39,000	57,000	63,000
total shareholders’ equity	241,958,000	250,263,000	254,146,000	245,888,000	255,801,000	262,213,000		250,957,000	242,931,000	240,332,000	246,262,000	258,574,000
total liabilities and equity	354,392,000	365,573,000	362,106,000	355,705,000	366,778,000	373,159,000		355,432,000	346,642,000	341,145,000	337,299,000	351,421,000
prepaid expenses			5,120,000	6,042,000	5,120,000	4,313,000		3,716,000	6,238,000	5,143,000	4,291,000	4,166,000
other current assets			145,000	101,000	145,000	124,000		249,000	122,000	22,000	60,000	45,000
other non-current assets			1,053,000	1,034,000	1,053,000	1,114,000		792,000	788,000	902,000	947,000	987,000
investments in joint venture									1,099,000	1,118,000	1,061,000	825,000
note
short-term investments					196,135,000	194,514,000		192,489,000	191,885,000	181,374,000	192,405,000	122,002,000
derivative financial instruments						102,000		48,000		53,000	287,000	35,000
long-term investments					9,649,000	9,649,000		3,635,000	3,056,000	2,000,000
issued capital					18,000	19,000		18,000	18,000	18,000	19,000	19,000
capital reserve					374,681,000	383,371,000		377,857,000	373,554,000	370,821,000	377,330,000	385,015,000
other reserves					-892,000	3,104,000		609,000	1,824,000	-486,000	2,142,000	4,389,000
fixed installment - cash							33,000
current							33,000
non-current							893,000
total							926,000
restricted cash
loans and financing

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-06	2025-05-05	2025-03-31	2024-12-31	2024-11-05	2024-08-06	2024-06-30	2024-05-07	2024-03-31	2024-02-27	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-08-17

income for the period	10,209,000	3,847,000		861,000	861,000
adjustments for:
depreciation and amortization	2,400,000	1,547,000	3,233,000	723,000	723,000	4,363,000	3,329,000	2,228,000		1,113,000		5,018,000	3,799,000		1,226,000	1,238,000	1,173,000	1,111,000	1,094,000
deferred income tax	1,470,000	1,324,000	-3,954,000	379,000	379,000	-3,746,000	-4,026,000	-3,152,000		-2,766,000		-2,075,000	-2,068,000		-549,000	213,000	590,000	-3,193,000	-2,512,000
loss on disposal of rights of use, property, equipment, and intangible assets	7,000	7,000	120,000	5,000	5,000	120,000	114,000	128,000		127,000		874,000	614,000		14,000	0	117,000	-80,000	-46,000
expected credit losses from trade receivables	1,423,000	843,000	1,082,000	320,000	320,000	1,082,000	775,000	479,000		215,000		1,472,000	1,093,000		537,000
share-based compensation	13,061,000	8,749,000	16,885,000	4,191,000	4,191,000	15,552,000	11,111,000	6,970,000		3,030,000		16,360,000	12,280,000		4,004,000	3,701,000	3,964,000	1,438,000	3,099,000
gain on investments and other financial instruments	-13,099,000	-8,183,000
others and foreign exchange	6,919,000	4,222,000	9,429,000	3,080,000	3,080,000	9,352,000	9,508,000	5,762,000		3,877,000		8,298,000	2,559,000		68,000
change in operating assets and liabilities
trade receivables	8,832,000	3,475,000	-21,680,000	5,642,000	5,642,000	-22,679,000	-19,143,000	-12,987,000		-3,684,000		-13,137,000	-6,781,000		-124,000	-2,975,000	-2,646,000	2,801,000	-759,000
recoverable taxes	1,201,000	1,030,000	-2,845,000	1,635,000	1,635,000	-3,486,000	-1,611,000	-4,673,000		-397,000		-3,597,000	-108,000		-580,000	-1,598,000	1,089,000	685,000	-847,000
prepaid expenses and other assets	-1,240,000	-894,000
accounts payable and accrued expenses	889,000	574,000	2,712,000	-6,164,000	-6,164,000	-227,000	-2,275,000	1,836,000		-1,346,000		39,728,000	-958,000		-4,250,000	2,045,000	2,098,000	2,229,000	-1,143,000
operating leases	-1,209,000	-783,000	-1,981,000	-395,000	-395,000
taxes payable	-2,934,000	-1,650,000	1,021,000	24,000	24,000	3,577,000	1,056,000	627,000		-1,038,000		8,219,000	415,000		1,472,000	1,028,000	-1,878,000	-218,000	-427,000
deferred revenue	-6,394,000	-645,000	20,792,000	-1,359,000	-1,359,000	21,125,000	17,931,000	10,255,000		4,251,000		25,948,000	5,450,000		4,279,000	1,109,000	1,589,000	-6,832,000	5,291,000
other liabilities	582,000	489,000	820,000	2,718,000	2,718,000	1,011,000	110,000	841,000		2,888,000		1,925,000	1,175,000		304,000	-46,000	423,000	-42,000	410,000
net cash from operating activities	22,117,000	13,952,000		6,702,000	6,702,000	27,256,000	14,497,000	6,399,000	-2,635,200	2,639,000	2,600,000	4,259,000	-5,422,000	-3,300,000	-4,858,000	2,586,000	-3,186,000	-12,632,000	-15,990,000
capital expenditures	-852,000	-200,000		-67,000	-67,000	-2,069,000	-1,691,000	-1,259,000	737,500	-738,000	-700,000	-472,000	-252,000	0	-146,000	-74,000	-100,000	-71,000	-95,000
free cash flows	21,265,000	13,752,000		6,635,000	6,635,000	25,187,000	12,806,000	5,140,000	-1,897,700	1,901,000	1,900,000	3,787,000	-5,674,000	-3,300,000	-5,004,000	2,512,000	-3,286,000	-12,703,000	-16,085,000
cash flows from investing activities
proceeds from disposal of joint venture						1,026,000	1,026,000	1,026,000
purchase of marketable securities and equity investments	-173,980,000	-107,979,000	-133,671,000	-59,380,000	-59,380,000
sales and maturities of marketable securities and equity investments	194,283,000	119,455,000	120,915,000	73,955,000	73,955,000
acquisition of subsidiaries net of cash acquired	-3,693,000	-3,678,000	-2,920,000	-3,678,000	-3,678,000		-2,920,000
acquisitions of property and equipment	-852,000	-200,000	-2,069,000	-67,000	-67,000	-2,069,000	-1,691,000	-1,259,000	737,500	-738,000	-700,000	-472,000	-252,000		-146,000	-74,000	-100,000	-71,000	-95,000	-200,000	-500,000
derivative financial instruments	2,725,000	478,000	-3,987,000	290,000	290,000	-3,987,000	-3,558,000	-2,201,000		-1,549,000		-105,000	359,000		-134,000	-28,000	0	0	-718,000
net cash from investing activities	18,483,000	8,076,000	-20,706,000	11,120,000	11,120,000	-20,014,000	-17,977,000	-8,916,000		-11,973,000		38,425,000	30,294,000		8,045,000	2,723,000	13,067,000	-54,850,000	-4,319,000
cash flows from financing activities
proceeds from the exercise of stock options	226,000	223,000	3,898,000	7,000	7,000	3,898,000	3,725,000	1,399,000		448,000		1,031,000	632,000		3,000	137,000	402,000	9,000	19,000
net-settlement of share-based payment	-1,902,000	-1,427,000	-4,675,000	-659,000	-659,000	-4,675,000	-2,806,000	-1,624,000		-764,000		-2,488,000	-1,618,000		-387,000	-477,000	-355,000	-185,000	-598,000
buyback of shares	-37,811,000	-18,911,000	-11,202,000	-15,054,000	-15,054,000	-11,202,000						-35,243,000	-25,053,000		-5,330,000	-7,649,000
acquisition of subsidiary noncontrolling interest	-164,000	-164,000
payment of loans and financing	-47,000	-47,000	-71,000	-47,000	-47,000	-71,000	-71,000					-1,238,000	-1,238,000		-696,000	-669,000	-655,000	-670,000	-657,000
net cash from financing activities	-39,698,000	-20,326,000	-12,050,000	-15,753,000	-15,753,000	-14,034,000	-685,000	-1,295,000		-836,000		-38,430,000	-27,214,000		-5,896,000	-9,124,000	-7,270,000	-1,130,000	-2,056,000
net increase in cash and cash equivalents	902,000	1,702,000		2,069,000	2,069,000	-6,792,000		-3,812,000				4,254,000				-3,815,000
cash and cash equivalents, beginning of the period	18,673,000	18,673,000		18,673,000	18,673,000		28,035,000	28,035,000		28,035,000			24,394,000		24,394,000		0	0	121,006,000
effect of exchange rate changes	820,000	966,000	-2,570,000	343,000	343,000	-2,570,000	-1,345,000	-1,313,000		-397,000		-613,000	-751,000		206,000	-1,648,000	-2,421,000	-1,345,000	983,000
cash and cash equivalents, end of the period	20,395,000	21,341,000		21,085,000	21,085,000		22,525,000	22,910,000		17,468,000			21,301,000		21,891,000		190,000	-69,957,000	99,624,000
supplemental cash flow information:
cash (paid) refunded for income taxes	201,000	299,000	-1,919,000
non-cash transactions:
lease liabilities arising from obtaining right-of-use assets and remeasurement	938,000	938,000		75,000	75,000	1,530,000	344,000	287,000				-251,000
unpaid amount related to business combinations	456,000	507,000	972,000	383,000	383,000		926,000
unpaid amount related to intangible assets acquisitions	1,616,000	1,446,000		1,298,000	1,298,000
transactions with non-controlling interests	12,000	12,000	16,000	9,000	9,000		21,000	19,000		10,000		27,000	42,000		17,000	6,000	2,000	1,000	4,000
net income for the year			15,810,000
loss on investments and other financial instruments			-15,493,000	-4,652,000
prepaid expenses			-452,000	-627,000	-627,000	-466,000	668,000	1,141,000		-1,167,000		-598,000	206,000		-1,019,000	28,000	715,000	4,941,000	-1,737,000
other assets			465,000	321,000	321,000	-531,000	-462,000	-1,074,000		-446,000		583,000	-25,000		-299,000	-2,000	-417,000	142,000	-306,000
cash from operating activities			25,964,000			29,175,000	15,979,000	7,031,000		2,092,000		4,177,000	-5,655,000		-4,688,000	2,705,000	-3,596,000	-12,333,000	-15,686,000
proceeds from sale of joint venture			1,026,000
net increase in cash, cash equivalents, and restricted cash			-6,792,000
cash, cash equivalents, and restricted cash at the beginning of the year			28,035,000
cash, cash equivalents, and restricted cash at the end of the year			18,673,000
cash paid for interest
non-cash transactions:lease liabilities arising from obtaining right-of-use assets and remeasurement			1,530,000
cash refunded for income taxes				290,000	290,000
(gain) loss on investments and other financial instruments					-4,652,000
income for the year						11,995,000
provision for payroll taxes						1,419,000	1,520,000	1,426,000		1,092,000		3,326,000
adjustment of hyperinflation						6,908,000	6,428,000	5,785,000		4,002,000		19,369,000	10,221,000		1,420,000	1,389,000	1,707,000	1,362,000	717,000
equity results								-2,000		-18,000		-1,008,000	-989,000		-341,000
accrued interest						-14,168,000	-12,605,000	-10,510,000		-5,491,000		-23,757,000	-9,875,000
fair value gains						-2,024,000	-2,166,000	-524,000
income tax refund						-1,919,000				547,000		82,000	233,000
dividends received from joint venture												1,138,000	1,138,000
purchase of short and long-term investment						-133,671,000	-116,802,000	-67,538,000		-64,067,000		-135,442,000
redemption of short-term investment						120,915,000	105,377,000	60,593,000		54,184,000		171,200,000	139,458,000		9,992,000	11,859,000	13,095,000	49,426,000	3,631,000
interest and dividend received from short-term investments						691,000				197,000		2,106,000	1,941,000		462,000
payment of business acquired						-2,919,000										0	-180,000
changes in restricted cash												1,660,000	1,660,000		1,034,000	55,000	-978,000	202,000	373,000
interest paid												-5,000			-4,000	-8,000	-12,000	-16,000	-20,000
principal elements of lease payments						-1,615,000	-1,249,000	-870,000		-414,000		-1,574,000	-1,152,000		-368,000	-365,000	-324,000	-295,000	-279,000
lease interest paid						-369,000	-284,000	-200,000		-106,000		-573,000	-440,000		-148,000	-155,000	-164,000	-175,000	-176,000
cash and cash equivalents, beginning of the year						28,035,000						24,394,000
cash and cash equivalents, end of the year						18,673,000						28,035,000
accounts payable related to buyback of shares
net income for the period							5,719,000	2,475,000					-16,917,000		-7,928,000
income tax paid							-1,482,000	-632,000							-170,000	-119,000	410,000	-299,000	-304,000
interest and dividends received from short-term investments							591,000	463,000
net decrease in cash and cash equivalents							-4,165,000			-10,170,000			-2,342,000		-2,709,000			-68,612,000	-22,365,000
benefit from payroll taxes													2,117,000		452,000	453,000	569,000	-915,000	-1,232,000
income from operations											-1,600,000
share-based compensation expense											200,000
amortization of intangibles related to acquisitions											500,000
non-gaap income from operations											3,000,000
free cash flow											1,900,000
subscription revenue														44,800,000							29,700,000
services revenue														3,100,000							1,200,000
total revenue														47,900,000							30,900,000
gross profit														32,400,000							18,700,000
net loss for the period										-2,454,000
fair value losses										304,000		-10,332,000						4,130,000	3,840,000
research & development expense											-12,700,000
amortization of intangible related to acquisitions											200,000
non-gaap research & development expense											-12,300,000
general & administrative
general & administrative expense											-9,200,000
non-gaap general & administrative expense											-6,600,000
acquisitions of intangibles
liabilities
current liabilities
loans and financing
lease liabilities												1,863,000
accounts payable from acquisition of subsidiaries
other current liabilities												1,486,000
total current liabilities												77,244,000
non-current liabilities
deferred tax liabilities												2,668,000
other non-current liabilities												452,000
total non-current liabilities												23,569,000
equity
issued capital												18,000
capital reserve												370,821,000
other reserves												-486,000
accumulated losses												-130,060,000
equity attributable to vtex’s shareholders												240,293,000
non-controlling interests												39,000
total shareholders’ equity												240,332,000
total liabilities and equity												341,145,000
net loss for the year												-13,694,000
issue of ordinary shares as consideration for a business combination																0	0	0	3,000
dividends from joint venture used to pay accounts from acquisition of subsidiaries
fair value (gains) losses													-7,863,000		-3,374,000
acquisitions of intangible assets
capital increase
capital increase - issuance of common shares in initial public offering
unpaid amount related to acquisition of non-controlling interest
purchase of short-term investment													-112,350,000		-2,010,000	-572,000	-49,000	-104,404,000	-6,587,000
lease liabilities arising from obtaining right-of-use assets													85,000		76,000	-2,000	-35,000	89,000	931,000
non-gaap free cash flow														-3,300,000						-10,400,000	-14,700,000
income from operation														-7,100,000							-16,400,000
purchase of marketable securities															-1,995,000
redemption of marketable securities															1,876,000
1
company
vtex
vtex informatica s.a.
vtex brasil tecnologia para e-commerce ltda.
vtex day eventos ltda
loja integrada tecnologia para softwares s.a.
vtex chile spa
vtex colombia tecnologia para ecommerce s.a.s.
vtex commerce cloud solutions llc
vtex ecommerce platform limited
vtex mexico soluciones en ecommerce s.r.l. de c.v.
ei education s.a.p.i de c.v.
peru tecnologia para ecommerce s.a.c.
vtex platform españa, s.l.
vtex ecommerce platform limited - sede secondaria
vtex ecommerce platform limited london - sucursala bucuresti
vtex ecommerce platform limited – sucursal em portugal
2
a.
b.
c.
capital increase - proceeds from initial public offering, net of transaction costs
loss for the period																	-11,542,000
adjustments on loss for the period
allowance for doubtful accounts																	131,000	387,000	122,000
profit on investments in joint venture																	-272,000	-268,000	-219,000
fair value (gains) losses for the period
other costs and foreign exchange																	354,000	1,453,000	-1,940,000
working capital adjustments
dividends received																	1,000
interest received																	143,000
dividend income from financial instruments																	157,000
transactions costs related to repurchase of shares
dividends receivable used to pay accounts from acquisition of subsidiaries																	0	0	448,000
loss of the period																			-19,091,000
adjustments on loss of the period
payment of subsidiaries net of cash acquired																			-1,268,000
adjustments
fair value (gain) loss
other gains
dividends paid
net cash provided (used) by operating activities																				-10,200,000	-14,200,000
subscription cost																					-9,500,000
services cost																					-2,800,000
total cost																					-12,200,000
operating expenses																					-35,000,000
net income of the period
adjustments on income ( loss) for the period
loss on disposal of property, equipment and intangible assets
loss (profit) on investments in joint venture
fair value gain

Vtex(NYSE:VTEX)

Vtex
(NYSE:VTEX)