VTEX(US:VTEX)2023-03-02 21:02Revenue and Growth - Total revenue for the year ended December 31, 2022, was $157.62 million, representing a 25.3% increase from $125.77 million in 2021[12] - Subscription revenue increased to $148.48 million in 2022, up 25.4% from $118.47 million in 2021[12] - Total revenue for 2022 was $157,620,000, up 25.3% from $125,773,000 in 2021[61] - Total revenue for the three months ended December 31, 2022, increased to $45.5 million, a 22.5% increase from $37.1 million in the same period of 2021[117] - Total revenue for Q4 2022 was $45.5 million, a 22.5% increase from $37.1 million in Q4 2021, driven by a 34.4% increase in GMV to $3.9 billion[147] - Subscription revenue for Q4 2022 was $42.7 million, a 23.8% increase from $34.5 million in Q4 2021[147] - The GMV for the twelve months ended December 31, 2022, was $12.7 billion, compared to $9.7 billion for the twelve months ended December 31, 2021, reflecting a significant year-over-year growth[121] Profitability and Loss - Gross profit for the year was $104.79 million, a 37.6% increase compared to $76.18 million in 2021[12] - Net loss for the year decreased to $52.42 million from $60.51 million in 2021, showing an improvement of 13.8%[12] - The company reported a basic loss per share of $0.275 for the year ended December 31, 2022, compared to $0.333 in 2021[12] - The company's net loss for the period ended December 31, 2022, was $0.3 million, significantly improved from a net loss of $10.6 million in Q4 2021[123] - For the twelve months ended December 31, 2022, the net loss amounted to $52.4 million, compared to $60.5 million for the same period in 2021[173] Expenses and Cost Management - Operating expenses for the year were $107.73 million, compared to $113.62 million in 2021, reflecting a decrease of 5.2%[12] - Operating expenses for Q4 2022 were $32.9 million, a decrease from $38.5 million in Q4 2021, primarily due to reduced sales and marketing expenses[157] - Sales and marketing expenses for Q4 2022 decreased by 29.0% to $12.4 million, attributed to workforce optimization and reduced marketing costs[157] - General and administrative expenses for the full year 2022 decreased by 11.1% to $28.3 million, mainly due to reduced outsourcing expenses[156] Cash Flow and Financial Position - Cash and cash equivalents significantly dropped to $24.39 million in 2022 from $121.01 million in 2021, a decrease of 79.8%[8][16] - The company had a cash outflow from operating activities of $29.22 million in 2022, an improvement from $52.99 million in 2021[16] - Net cash used in operating activities decreased by US$23.8 million to US$29.2 million for the year ended December 31, 2022, from US$53.0 million in 2021[175] - Net cash used in investing activities decreased by US$123.4 million to US$43.4 million for the year ended December 31, 2022, from US$166.8 million in 2021[176] Assets and Liabilities - Total assets decreased to $357.67 million in 2022 from $414.97 million in 2021, a decline of 13.8%[8][10] - Total current liabilities increased to $62.02 million in 2022, up from $58.89 million in 2021, an increase of 5.4%[10] - Total accounts payable and accrued expenses increased from $31,514,000 in 2021 to $34,647,000 in 2022, an increase of 10.3%[48] - The total financial liabilities at amortized cost were US$20,852 as of December 31, 2022, down from US$23,435 in 2021[86] Research and Development - Research and development expenses for the full year 2022 increased to $57.2 million, reflecting continued investment in product innovation[141] - Research and development expenses increased by US$2.1 million, or 18.0%, to US$14.1 million for the three months ended December 31, 2022, compared to US$11.9 million for the same period in 2021[159] - For the twelve months ended December 31, 2022, research and development expenses rose by US$12.0 million, or 26.6%, to US$57.2 million from US$45.2 million in 2021[160] Market and Strategic Outlook - The company plans to continue expanding operations in new regions, including Mexico, Europe, and the United States[158] - The company anticipates fluctuations in total revenue in the near term as growth rates normalize post-COVID-19 pandemic[127] Stock and Shareholder Information - The company repurchased 3,287,960 Class A common shares for $12,723,000 in 2022[58] - The company has authorized a share repurchase program of up to $30 million, set to expire on August 8, 2023[57] - As of December 31, 2022, VTEX has awarded 3,345,616 stock options and 2,067,889 restricted share units under the 2021 Share Plan, with 515,177 Class A common shares remaining available for issuance[68]