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Financial Instruments (Tables)

12 Months Ended

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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