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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2021
Text Block [Abstract] |
Summary of The Group Financial Instruments Valued At Amortized Cost | The Group has the following financial instruments valued at amortized cost:
|  | December 31, 2021 |  |  | December 31, 2020 |
Financial assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 121,006 |  |  |  | 58,557 |
Restricted cash |  |  | 1,183 |  |  |  | 1,429 |
Trade receivables |  |  | 40,825 |  |  |  | 24,491 |
Total |  |  | 163,014 |  |  |  | 84,477 |
Financial liabilities |  |  |  |  |  |  |  |
Trade payables |  |  | 12,695 |  |  |  | 9,973 |
Lease liabilities |  |  | 5,991 |  |  |  | 6,153 |
Loans and financing |  |  | 3,279 |  |  |  | 6,359 |
Accounts payable from acquisition of subsidiaries |  |  | 1,470 |  |  |  | 3,458 |
Total |  |  | 23,435 |  |  |  | 25,943 |
Summary of The Group Financial Instruments Valued At Fair Value Through Profit Or Loss | The Group has the following financial instruments valued at fair value through profit or loss:
|  | Carrying amount |
|  | December 31, 2021 |  |  | December 31, 2020 |
Financial assets: |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Marketable securities and short-term investments |  |  | 177,191 |  |  |  | 16,969 |
Derivative financial instruments (i) |  |  | — |  |  |  | 174 |
Total |  |  | 177,191 |  |  |  | 17,143 |
|  | Carrying amount |
|  | December 31, 2021 |  |  | December 31, 2020 |
Financial liabilities: |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Derivative financial instruments (ii) |  |  | 133 |  |  |  | — |
Accounts payable from acquisition of subsidiaries (“earn-out”) |  |  | 4,953 |  |  |  | 542 |
|  |  | 5,086 |  |  |  | 542 |
Summary of The Amounts Were Recognized In Profit Or Loss In Relation To Derivatives | The following amounts were recognized in profit or loss in relation to derivatives:
|  | December 31, 2021 |  |  | December 31, 2020 |
Net gain (loss) on derivative financial instruments |  |  | (193 | ) |  |  | (174 | )
The following amounts were recognized in profit or loss in relation to marketable securities and short-term investments:
|  | December 31, 2021 |  |  | December 31, 2020 |
Net gain(loss) on marketable securities and short-term investments |  |  | 640 |  |  |  | 1,116 |
Summary of An Explanation of Each Level | An explanation of each level follows underneath the table.
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments |  |  | 177,191 |  |  |  | — |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | — |  |  |  | 133 |  |  |  | — |
Accounts payable from acquisition of subsidiary (earn out) |  |  | — |  |  |  | — |  |  |  | 4,953 |
|  | December 31, 2020 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities |  |  | 16,969 |  |  |  | — |  |  |  | — |
Derivative financial instruments |  |  | — |  |  |  | 174 |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable from acquisition of subsidiary (earn-out) |  |  | — |  |  |  | — |  |  |  | 542 |
Summary of The Presents Changes In The Maximum Earn-out | The following table presents changes in the maximum earn-out, which are the only level 3 items for the year ended December 31, 2021:
At January 1, 2021 |  |  | 542 |
Acquisitions of subsidiaries |  |  | 6,483 |
Payments of principal/finance charges - earn-out |  |  | (1,378 | )
Earn-out adjustments |  |  | (785 | )
Exchange rate effect |  |  | 91 |
At December 31, 2021 |  |  | 4,953 |
Summary of Differences Were Identified For The Instruments | Differences were identified for the following instruments at December 31, 2021:
|  | Carrying amount |  |  | Fair value |
Financial liabilities: |  |  |  |  |  |  |  |
Loans and financing |  |  | 3,279 |  |  |  | 3,472 |
|  |  | 3,279 |  |  |  | 3,472 |
Summary of The Percentage Provision Per Type of Customer Or Revenue And Age of Balance | As of December 31, 2021 and 2020 the percentage provision per type of customer/revenue and age of balance are as follows:
|  | Days past due |
| As of 31 December, 2021 |
|  | Current |  |  | More than 30 |  |  | More than 60 |  |  | More than 120 |  |  | More than 180 |  |  | More than 270 |  |  | More than 300 |
Tier 1 |  |  | 0.35 | % |  |  | 2.12 | % |  |  | 5.93 | % |  |  | 24.68 | % |  |  | 53.91 | % |  |  | 87.56 | % |  |  | 100.00 | %
Tier 2 |  |  | 0.57 | % |  |  | 11.78 | % |  |  | 26.32 | % |  |  | 53.94 | % |  |  | 71.59 | % |  |  | 95.92 | % |  |  | 100.00 | %
Tier 3 |  |  | 1.61 | % |  |  | 28.20 | % |  |  | 50.25 | % |  |  | 80.79 | % |  |  | 86.94 | % |  |  | 95.85 | % |  |  | 100.00 | %
Others |  |  | 1.86 | % |  |  | 9.75 | % |  |  | 14.68 | % |  |  | 45.79 | % |  |  | 77.04 | % |  |  | 96.97 | % |  |  | 100.00 | %
|  | Days past due |
| As of 31 December, 2020 |
|  | Current |  |  | More than 30 |  |  | More than 60 |  |  | More than 120 |  |  | More than 180 |  |  | More than 270 |  |  | More than 300 |
Tier 1 |  |  | 0.12 | % |  |  | 0.52 | % |  |  | 1.71 | % |  |  | 9.03 | % |  |  | 17.76 | % |  |  | 41.43 | % |  |  | 100.00 | %
Tier 2 |  |  | 1.08 | % |  |  | 13.56 | % |  |  | 26.19 | % |  |  | 48.24 | % |  |  | 58.13 | % |  |  | 72.22 | % |  |  | 100.00 | %
Tier 3 |  |  | 1.72 | % |  |  | 27.41 | % |  |  | 41.91 | % |  |  | 64.49 | % |  |  | 73.58 | % |  |  | 90.03 | % |  |  | 100.00 | %
Others |  |  | 1.88 | % |  |  | 7.39 | % |  |  | 13.60 | % |  |  | 47.15 | % |  |  | 76.67 | % |  |  | 87.58 | % |  |  | 100.00 | %
Summary of The Amounts Disclosed In The Table Are The Contractual Undiscounted Cash Flows | The table below presents the Group’s non-derivative and derivatives financial liabilities divided into the relevant maturity group based on the remaining period from the end of the reporting period and the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
|  | Less than 1 year |  |  | Between 1 and 2 years |  |  | More than 2 years |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Non-derivatives |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 29,537 |  |  |  | 1,243 |  |  |  | 836 |
Loans and financing |  |  | 2,087 |  |  |  | 1,253 |  |  |  | — |
Lease liabilities |  |  | 1,105 |  |  |  | 1,471 |  |  |  | 3,665 |
Accounts payable from acquisition of subsidiaries |  |  | 4,260 |  |  |  | 2,274 |  |  |  | — |
Other liabilities |  |  | 133 |  |  |  | 190 |  |  |  | — |
Total non-derivatives |  |  | 37,122 |  |  |  | 6,431 |  |  |  | 4,501 |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |
Net settled |  |  | 133 |  |  |  | — |  |  |  | — |
|  |  | 133 |  |  |  | — |  |  |  | — |
|  | Less than 1 year |  |  | Between 1 and 2 years |  |  | More than 2 years |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Non-derivatives |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 20,709 |  |  |  | — |  |  |  | — |
Loans and financing |  |  | 2,392 |  |  |  | 2,327 |  |  |  | 949 |
Lease liabilities |  |  | 1,493 |  |  |  | 1,489 |  |  |  | 3,171 |
Accounts payable from acquisition of subsidiaries |  |  | 2,794 |  |  |  | 1,143 |  |  |  | 793 |
Other current liabilities |  |  | 353 |  |  |  | — |  |  |  | — |
Total non-derivatives |  |  | 27,741 |  |  |  | 4,959 |  |  |  | 4,913 |
Summary of The Impact On The Group's Net Revenues, Costs, Operation Expenses, Net Income (Loss) From Operation | The table below shows the impact on the Group’s net revenues, costs, operation expenses, net income (loss) from operation and equity for a positive and a negative 10% fluctuation as of December 31, 2021 for all subsidiaries with a functional currency other than U.S dollar.
Foreign currency sensitivity analysis |
|  | -10% |  |  | Actual |  |  | +10% |
Net Revenue |  |  | 114,714 |  |  |  | 125,773 |  |  |  | 136,832 |
Cost and operating expenses |  |  | (175,859 | ) |  |  | (191,702 | ) |  |  | (207,545 | )
Income (loss) from operation |  |  | (61,145 | ) |  |  | (65,929 | ) |  |  | (70,713 | )
Total Shareholders’ Equity |  |  | 331,973 |  |  |  | 327,189 |  |  |  | 322,404 |
Summary of Foreign Exchange Risk On Financial Instruments | A sensitivity analysis is set out below, showing a scenario for foreign exchange risk on financial instruments, computed based on external data along with stressed scenarios (a range of 10% in the foreign exchange rates).
|  | Exposure at December 31, 2021 |  |  | Risk |  | -10% |  |  | +10% |
Assets |  |  | 4,147 |  |  | Brazilian Real /U.S. Dollar |  |  | 415 |  |  |  | (415 | )
Liabilities |  |  | (6,216 | ) |  | (2020 – 5.20 2021 – 5.57) |  |  | (622 | ) |  |  | 622 |
|  |  | (2,069 | ) |  |  |  |  | (207 | ) |  |  | 207 |
Assets |  |  | 97 |  |  | Argentine Peso/U.S. Dollar |  |  | 10 |  |  |  | (10 | )
Liabilities |  |  | (2,862 | ) |  | (2020 – 84.17 2021 – 102.69) |  |  | (286 | ) |  |  | 286 |
|  |  | (2,765 | ) |  |  |  |  | (276 | ) |  |  | 276 |
Assets |  |  | 271 |  |  | Mexican Peso/U.S. Dollar |  |  | 27 |  |  |  | (27 | )
Liabilities |  |  | (2,881 | ) |  | (2020 – 19.92 2021 – 20.45) |  |  | (288 | ) |  |  | 288 |
|  |  | (2,610 | ) |  |  |  |  | (261 | ) |  |  | 261 |
Assets |  |  | 15,730 |  |  | British Pounds/U.S. Dollar |  |  | 1,573 |  |  |  | (1,573 | )
Liabilities |  |  | (1,228 | ) |  | (2020 – 0.73 2021 – 0.74) |  |  | (123 | ) |  |  | 123 |
|  |  | 14,502 |  |  |  |  |  | 1,450 |  |  |  | (1,450 | )
|  | Exposure at December 31, 2021 |  |  | Risk |  | -10% |  |  | +10% |
Assets |  |  | 8 |  |  | Colombian Peso/U.S. Dollar |  |  | 1 |  |  |  | (1 | )
Liabilities |  |  | (1,920 | ) |  | (2020 – 3,438.59 2021 – 4,068.51) |  |  | (192 | ) |  |  | 192 |
|  |  | (1,912 | ) |  |  |  |  | (191 | ) |  |  | 191 |
Assets |  |  | 525 |  |  | Peruvian sol/U.S. Dollar |  |  | 53 |  |  |  | (53 | )
Liabilities |  |  | (1,193 | ) |  | (2020 – 3.62 2021 – 3.99) |  |  | (119 | ) |  |  | 119 |
|  |  | (668 | ) |  |  |  |  | (66 | ) |  |  | 66 |
Assets |  |  | 472 |  |  | Euro/U.S. Dollar |  |  | 47 |  |  |  | (47 | )
Liabilities |  |  | (41 | ) |  | (2021 – 0.88) |  |  | (4 | ) |  |  | 4 |
|  |  | 431 |  |  |  |  |  | 43 |  |  |  | (43 | )
Assets |  |  | 176 |  |  | Romanian leu/U.S. Dollar |  |  | 18 |  |  |  | (18 | )
Liabilities |  |  | (10 | ) |  | (2021 – 4.35) |  |  | (1 | ) |  |  | 1 |
|  |  | 166 |  |  |  |  |  | 17 |  |  |  | (17 | )
Assets |  |  | 597 |  |  | Chilean Peso/U.S. Dollar |  |  | 60 |  |  |  | (60 | )
Liabilities |  |  | (407 | ) |  | (2020 – 711.25 2021 – 851.60) |  |  | (41 | ) |  |  | 41 |
|  |  | 190 |  |  |  |  |  | 19 |  |  |  | (19 | )
Total at December 31, 2021 |  |  | 5,265 |  |  |  |  |  | 528 |  |  |  | (528 | )
|  | Exposure at December 31, 2020 |  |  | Risk |  | -10% |  |  | +10% |
Assets |  |  | 586 |  |  | Brazilian Real /U.S. Dollar |  |  | 59 |  |  |  | (59 | )
Liabilities |  |  | (7,368 | ) |  | (2019 – 4.03 |  |  | (737 | ) |  |  | 737 |
Non-Deliverable Forward (NDF) |  |  | 1,656 |  |  | 2020 – 5.20) |  |  | 166 |  |  |  | (166 | )
|  |  | (5,126 | ) |  |  |  |  | -512 |  |  |  | 512 |
Assets |  |  | 121 |  |  | Argentine Peso/U.S. Dollar |  |  | 12 |  |  |  | (12 | )
Liabilities |  |  | (1,643 | ) |  | (2019 – 59.89 2020 – 84.17) |  |  | (164 | ) |  |  | 164 |
|  |  | (1,522 | ) |  |  |  |  | (152 | ) |  |  | 152 |
Assets |  |  | 26 |  |  | Mexican Peso/U.S. Dollar |  |  | 3 |  |  |  | (3 | )
Liabilities |  |  | (685 | ) |  | (2019 – 18.89 2020 – 19.92) |  |  | (69 | ) |  |  | 69 |
|  |  | (659 | ) |  |  |  |  | (66 | ) |  |  | 66 |
Assets |  |  | 5,620 |  |  | British Pounds/U.S. Dollar |  |  | 562 |  |  |  | (562 | )
Liabilities |  |  | (306 | ) |  | (2019 – 0.76 2020 – 0.73) |  |  | (31 | ) |  |  | 31 |
|  |  | 5,314 |  |  |  |  |  | 531 |  |  |  | (531 | )
Assets |  |  | — |  |  | Colombian Peso/U.S. Dollar |  |  | — |  |  |  | — |
Liabilities |  |  | (94 | ) |  | (2019 – 3,286.23 2020 – 3,438.59) |  |  | (9 | ) |  |  | 9 |
|  |  | (94 | ) |  |  |  |  | (9 | ) |  |  | 9 |
Assets |  |  | 2,295 |  |  | Chilean Peso/U.S. Dollar |  |  | 230 |  |  |  | (230 | )
Liabilities |  |  | (1,909 | ) |  | (2019 – 754.09 2020 – 711.25) |  |  | (191 | ) |  |  | 191 |
|  |  | 386 |  |  |  |  |  | 39 |  |  |  | (39 | )
Total at December 31, 2020 |  |  | (1,701 | ) |  |  |  |  | (170 | ) |  |  | 170 |
Summary of The Group's Financial Instruments Exposed To An Interest Rate Risk | The following table summarizes the Group’s financial instruments exposed to an interest rate risk:
Loan and Financing |  | Book value |  |  | Interest rate risk |
BNDES |  |  | 891 |  |  |  | TJLP | (i)
Itaú |  |  | 2,388 |  |  |  | CDI + 2.5 | % (ii)
Total |  |  | 3,279 |  |  |  |  |
Accounts payable on acquisition of subsidiaries |  |  | 1,470 |  |  |  | CDI + 5 | % (ii)
(i) | TJLP: Long term interest rate based on inflation in Brazil.
(ii) | CDI: Interbank Deposit Certificates. This means the Brazilian interbank deposit ( Certificado de Depósito Interbancário ) rate, which is an average of interbank overnight rates in Brazil.
Summary of The Group's Strategy To Keep Positive Net Cash | The Group’s strategy is to keep positive net cash. The net cash as of December 31, 2021 and 2020 was as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
Loans and financing |  |  | 3,279 |  |  |  | 6,359 |
Lease liabilities |  |  | 5,991 |  |  |  | 6,153 |
Accounts payable from acquisition of subsidiaries |  |  | 6,423 |  |  |  | 4,000 |
(-) Cash and cash equivalent |  |  | (121,006 | ) |  |  | (58,557 | )
Net cash/debt |  |  | (105,313 | ) |  |  | (42,045 | )
Total Equity attributable to VTEX’s shareholders |  |  | 327,182 |  |  |  | 75,622 |
Financial leverage ratio - % |  |  | (0.32 | ) |  |  | (0.55 | )

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