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Consolidated balance sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 24,394 $ 121,006
Restricted cash [1] 1,608 1,183
Marketable securities and short-term investments 214,164 177,191
Trade receivables 36,844 34,682
Recoverable taxes 5,122 6,881
Deferred commissions 663 263
Prepaid expenses 4,152 7,911
Derivative financial instruments 117 0
Other current assets 93 399
Total current assets 287,157 349,516
Non-current assets    
Trade receivables 5,432 6,143
Deferred tax assets 17,710 12,572
Prepaid expenses 204 343
Recoverable taxes 3,334 556
Deferred commissions 1,790 1,246
Other non-current assets 957 435
Right-of-use assets 4,818 5,183
Property and equipment, net 3,909 4,711
Intangible assets, net 31,210 33,644
Investments in joint venture 1,152 621
Total non-current assets 70,516 65,454
Total assets 357,673 414,970
Current liabilities    
Accounts payable and accrued expenses 34,136 29,537
Loans and financing 1,153 2,087
Taxes payable 4,128 5,035
Lease liabilities 1,898 1,105
Deferred revenue 20,332 16,598
Derivative financial instruments 0 133
Accounts payable from acquisition of subsidiaries 299 4,260
Other current liabilities 70 133
Total current liabilities 62,016 58,888
Non-current liabilities    
Accounts payable and accrued expenses 511 1,977
Loans and financing 0 1,192
Taxes payable 160 160
Lease liabilities 3,737 4,886
Accounts payable from acquisition of subsidiaries 0 2,163
Deferred revenue 13,923 16,204
Deferred tax liabilities 2,464 2,045
Other non-current liabilities 185 266
Total non-current liabilities 20,980 28,893
EQUITY    
Issued Capital 19 19
Capital reserve 390,885 390,466
Other reserves 127 652
Accumulated losses (116,373) (63,955)
Equity attributable to VTEX's shareholders 274,658 327,182
Non-controlling interests 19 7
Total shareholders' equity 274,677 327,189
Total liabilities and equity $ 357,673 $ 414,970
[1] As at December 31, 2022, the restricted cash includes US$608 (December 31, 2021 - US$1,183 ), which Itaú Bank in Brazil holds. These deposits are not available for use by the other entities within the Group. This amount refers to the guarantee granted related to BNDES and Itaú loans. Refer to note 16 for additional details. The restricted cash also includes US$1,000 (December 31, 2021 – US$0) related to guarantees used to increase the Group’s corporate credit cards limits.