VTEX(US:VTEX)2022-05-12 20:17Financial Performance - Total revenue for the three months ended March 31, 2022, was $34.67 million, a 34% increase from $25.92 million in the same period of 2021[11] - Subscription revenue increased to $32.58 million, up 32% from $24.66 million year-over-year[11] - Net loss for the period was $19.09 million, compared to a net loss of $12.46 million in the prior year, reflecting a 53% increase in losses[11] - The company reported a gross profit of $22.06 million, representing a gross margin of approximately 63.7%[11] - Basic loss per share for the three months ended March 31, 2022, was $(0.100), compared to $(0.072) for the same period in 2021, indicating a higher loss per share[56] Assets and Liabilities - Total current assets decreased to $330.06 million from $349.52 million, a decline of approximately 5.5%[7] - Total liabilities increased slightly to $88.17 million from $87.78 million, with current liabilities totaling $60.25 million[9] - Cash and cash equivalents at the end of the period were $99.62 million, down from $121.01 million at the beginning of the period[14] - The total shareholders' equity decreased to $314.81 million from $327.19 million, reflecting a decline of about 3.8%[9] - Total trade receivables increased to $41,424,000 as of March 31, 2022, compared to $40,825,000 on December 31, 2021, reflecting a growth of about 1.5%[33] - The total amount of short-term investments was $176,061,000 as of March 31, 2022, slightly down from $177,191,000 on December 31, 2021, a decrease of about 0.6%[31] - The total amount of intangible assets, net, was $34,394,000 as of March 31, 2022, compared to $33,644,000 on December 31, 2021, reflecting a growth of about 2.2%[45] - The total financial assets at amortized cost amounted to $141,858, a decrease from $163,014 as of December 31, 2021, representing a decline of approximately 13%[72] - The total financial liabilities decreased slightly to $22,766 as of March 31, 2022, compared to $23,435 as of December 31, 2021, indicating a reduction of approximately 3%[72] Expenses - Operating expenses rose significantly, with sales and marketing expenses increasing to $17.90 million from $11.04 million, a 62% increase[11] - The total share-based compensation expense for the three months ended March 31, 2022, was $2,413, an increase from $1,317 in the same period of 2021[62] - Current tax expense for the three months ended March 31, 2022, was $427,000, compared to $207,000 for the same period in 2021, indicating an increase of approximately 106.3%[39] Deferred Revenue and Tax Liabilities - Deferred revenue increased to $38.09 million, up from $32.80 million, indicating growth in future revenue recognition[9] - The total current and non-current tax liabilities increased to $2,357,000 as of March 31, 2022, compared to $2,045,000 on December 31, 2021, representing an increase of about 15.3%[37] - The total taxes payable decreased to $4,463 as of March 31, 2022, from $5,195 as of December 31, 2021, a decline of 14.1%[51] Cash Flow and Financing - Cash and cash equivalents decreased to $99,624 as of March 31, 2022, down from $121,006 as of December 31, 2021, reflecting a decline of about 18%[72] - The total loans and financing as of March 31, 2022, amounted to $3,283, slightly up from $3,279 at the end of 2021[47] - The Group's loans and financing amounted to $3,283, with a fair value of $3,356, indicating a slight difference due to interest rate fluctuations[87] Risk Management and Currency Exposure - Approximately 16.8% of the Group's revenues for the three months ended March 31, 2022, were denominated in or linked to U.S. dollars, compared to 17.3% for the year ended December 31, 2021[158] - The Group's assets were represented by 70.6% in U.S. dollars as of March 31, 2022, compared to 69.6% as of December 31, 2021, showing an increase in dollar-denominated assets[158] - The Group's liabilities, excluding total shareholders' equity, were represented by 15.4% in U.S. dollars as of March 31, 2022, down from 16.9% as of December 31, 2021[158] - The Group's risk management is predominantly controlled by a central treasury department, which identifies and hedges financial risks in cooperation with the Group's operating units[89]