VTEX(US:VTEX)2024-02-27 21:01Financial Performance - Total revenue for the three months ended December 31, 2023, was $60,721,000, a 33.4% increase from $45,485,000 in the same period of 2022[7] - Subscription revenue for the twelve months ended December 31, 2023, reached $190,302,000, up 28.2% from $148,475,000 in 2022[7] - Gross profit for the twelve months ended December 31, 2023, was $140,568,000, compared to $104,788,000 in 2022, reflecting a 34.2% increase[7] - Net income for the three months ended December 31, 2023, was $3,223,000, compared to a loss of $322,000 in the same period of 2022[7] - Total revenue for the twelve months ended December 31, 2023, was $201.5 million, a 27.8% increase from $157.6 million in 2022[48] - Subscription revenue for the three months ended December 31, 2023, was $58.2 million, up 36.2% from $42.7 million in the same period of 2022[48] - Basic earnings per share for the three months ended December 31, 2023, was $0.018, compared to a loss of $0.002 in the same period of 2022[50] - Net income for the period was $3.2 million, a significant improvement compared to a net loss in the same quarter of the previous year[107] Assets and Liabilities - Total current assets decreased to $266,253,000 as of December 31, 2023, from $287,157,000 in 2022, a decline of 7.2%[4] - Total liabilities increased to $100,813,000 as of December 31, 2023, from $83,996,000 in 2022, representing a 19.9% increase[6] - Total shareholders' equity decreased to $240,332,000 as of December 31, 2023, down from $274,677,000 in 2022, a decline of 12.5%[6] - Total trade receivables increased to $52,446 thousand in 2023 from $43,084 thousand in 2022, indicating growth in customer transactions[24] - The total accounts payable and accrued expenses rose to $41,360 thousand in 2023, compared to $34,647 thousand in 2022, reflecting a 19.5% increase[38] - The total financial liabilities decreased to $18,925 thousand in 2023 from $20,852 thousand in 2022, a reduction of 9.2%[71] Cash Flow - Cash provided by operating activities was $4,177 thousand in 2023, a turnaround from $(28,910) thousand in 2022[10] - The company reported a net cash provided by investing activities of $38,425 thousand in 2023, compared to $(43,379) thousand in 2022, reflecting a positive cash flow trend[10] - For the twelve months ended December 31, 2023, net cash provided by operating activities was US$4.3 million, a significant improvement from a net cash used of US$29.2 million in the same period of 2022[154] - Net cash provided by investing activities amounted to US$38.4 million in 2023, compared to US$43.4 million used in 2022, primarily due to an increase in redemption of short-term investments to US$171.2 million[155] Expenses - Research and development expenses for the twelve months ended December 31, 2023, were $60,116,000, compared to $57,205,000 in 2022, an increase of 5.1%[7] - Operating expenses for Q4 2023 included $9.1 million in general and administrative costs, $15.1 million in sales and marketing, and $14.3 million in research and development[107] - Total cost for the three-month period ended December 31, 2023 increased by US$1.3 million, or 8.7%, to US$15.9 million[131] - Total cost for the twelve-month period ended December 31, 2023 increased by US$8.1 million, or 15.4%, to US$60.9 million[132] Shareholder Information - The total share capital decreased from $19 million on December 31, 2022, to $18 million on December 31, 2023, with the number of ordinary shares decreasing from 188,992,529 to 184,027,008[46] - Share-based compensation increased to $16,360 thousand in 2023 from $12,202 thousand in 2022, reflecting higher employee incentives[10] - The company incurred $19.1 million in total expenses related to share-based compensation for the year ended December 31, 2023, compared to $12.4 million in 2022[61] Market Position and Strategy - The company has over 2,500 customers and 3,500 active online stores across 43 countries, indicating strong market penetration[96] - VTEX's technology is designed to support large enterprises, with approximately 86% of GMV coming from blue-chip companies[96] - The company was recognized as a leader in the IDC MarketScape and a Visionary in the 2023 Gartner Magic Quadrant for Digital Commerce, highlighting its competitive positioning[97] - The company plans to continue expanding its sales and marketing efforts in existing and new regions to enhance brand awareness and attract new customers[122] Foreign Exchange and Risk Management - The company is exposed to foreign exchange fluctuations and uses derivative financial instruments for hedging purposes[166] - As of December 31, 2023, 20.3% of revenues were denominated in or linked to U.S. dollars, up from 15.6% in 2022[165] - The company's assets were represented by 61.3% in U.S. dollars as of December 31, 2023, compared to 66.1% in 2022[165] - Liabilities, excluding total shareholders' equity, were 11.7% in U.S. dollars as of December 31, 2023, down from 13.2% in 2022[165]