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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022				December 31, 2021
Financial assets:
Cash and cash equivalents			24,394				121,006
Restricted cash			1,608				1,183
Marketable securities			10,119				—
Trade receivables			42,276				40,825
Total			78,397				163,014
Financial liabilities:
Trade payables			14,064				12,695
Lease liabilities			5,635				5,991
Loans and financing			1,153				3,279
Accounts payable from acquisition of subsidiaries			—				1,470
Total			20,852				23,435

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, 2022				December 31, 2021
Financial assets:
Short-term investments			204,045				177,191
Derivative financial instruments (i)			117				—
Total			204,162				177,191

		Carrying amount
		December 31, 2022				December 31, 2021
Financial liabilities:
Derivative financial instruments			—				133
Accounts payable from acquisition of subsidiary (“earn out”)			299				4,953
Total			299				5,086

(i) In 2022, VTEX ARG had positions in future derivative financial instruments raised through Matba Rofex designated as foreign exchange protection for intercompany loans obtained with VTEX UK, with a total notional value of US$5,000 and last maturity date in March 2023.

Summary of The Amounts Were Recognized In Profit Or Loss In Relation To Financial Instruments

The following amounts were recognized in profit or loss in relation to financial instruments:

		December 31, 2022				December 31, 2021				December 31, 2020
Net gain (loss) on financial instruments			2,364				(193	)			(174	)

The following amounts were recognized in profit or loss in relation to marketable securities and short-term investments:

		December 31, 2022				December 31, 2021				December 31, 2020
Net gain (loss) on marketable securities and short-term investments			(4,766	)			640				1,116

Summary of An Explanation of Each Level

An explanation of each level follows underneath the table.

		December 31, 2022
		Level 1				Level 2				Level 3
Assets
Short-term investments			204,045				—				—
Derivative financial instruments			—				117				—
Liabilities
Accounts payable from acquisition of subsidiary (“earn-out”)			—				—				299

		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

Summary of The Presents Changes In Level 3 Items

The following table presents the changes in level 3 items for the year ended on December 31, 2022:

		2022				2021
Opening balance on January 1			4,953				542
Acquisitions of subsidiaries			—				6,483
Payments of principal/finance charges - earn-out			(916	)			(1,378	)
Earn-out adjustment			(3,740	)			(785	)
Exchange differences			2				91
Closing balance on December 31			299				4,953

Summary of Differences Were Identified For The Instruments

Differences were identified for the following instruments at December 31, 2022:

		Carrying amount				Fair value
Financial assets:
Marketable securities			10,119				9,948
Total			10,119				9,948
Financial liabilities:
Loans and financing			1,153				990
Total			1,153				990

Summary of The Percentage Provision Per Type of Customer Or Revenue And Age of Balance

As of December 31, 2022 and 2021 the percentage provision per type of customer/revenue and age of balance are as follows:

		Days past due
		As of December 31, 2022
		Current				More than 30				More than 60				More than 120				More than 180				More than 270				More than 300
Tier 1			0.28	%			1.66	%			4.18	%			16.82	%			47.00	%			87.08	%			100.00	%
Tier 2			0.43	%			10.86	%			24.25	%			50.98	%			68.68	%			92.28	%			100.00	%
Tier 3			1.15	%			18.72	%			30.24	%			56.91	%			77.94	%			96.91	%			100.00	%
Others			0.92	%			5.61	%			12.50	%			74.13	%			95.64	%			98.57	%			100.00	%

		Days past due
		As of December 31, 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	%

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, 2022
Non-derivatives
Account payables			34,136				372				208
Loans and financing			1,153				—				—
Lease liabilities			1,898				1,804				2,437
Accounts payable from acquisition of subsidiaries			299				—				—
Other liabilities			70				—				—
Total non-derivatives			37,556				2,176				2,645

		Less than 1 year				Between 1 and 2 years				More than 2 years
December 31, 2021
Non-derivatives
Account payables			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				—				—
Total derivatives			133				—				—

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, 2022 for all subsidiaries with a functional currency other than U.S dollar.

		Foreign currency sensitivity analysis
		-10%				Actual				+10%
Net revenue			143,420				157,620				171,820
Costs and operating expenses			(190,016	)			(207,539	)			(225,062	)
Loss from operation			(46,596	)			(49,919	)			(53,243	)
Total Shareholders’ equity			278,001				274,677				271,354

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, 2022				Risk				-10%				10%
Assets			12,171				Brazilian Real /U.S. Dollar (2021 – 5.57 2022 – 5.29)				1,217				(1,217	)
Liabilities			(2,603	)							(260	)			260
			9,568												957				(957	)
Assets			114				Argentine Peso/U.S. Dollar (2021 – 102.69 2022 – 177.10)				11				(11	)
Liabilities			(8,647	)							(865	)			865
			(8,533	)							(854	)			854
Assets			115				Mexican Peso/U.S. Dollar (2021 – 20.45 2022 – 19.48)				12				(12	)
Liabilities			—								—				—
			115												12				(12	)
Assets			5,356				British Pounds/U.S. Dollar (2021 – 0.74 2022 – 0.83)				536				(536	)
Liabilities			(1,894	)							(189	)			189
			3,462												347				(347	)
Assets			579				Colombian Peso/U.S. Dollar (2021 – 4,068.51 2022 – 4,846.04)				58				(58	)
Liabilities			(535	)							(54	)			54
			44												4				(4	)
Assets			240				Peruvian sol/ U.S. Dollar (2021 – 3.99 2022 – 3.81)				24				(24	)
Liabilities			(973	)							(97	)			97
			(733	)											(73	)			73
Assets			1,589				Chilean Peso/ U.S. Dollar (2021 – 851.60 2022 – 852.17)				159				(159	)
Liabilities			(661	)							(66	)			66
			928								93				(93	)
Total at December 31, 2022			4,851								486				(486	)

		Exposure at December 31, 2021				Risk		-10%				10%
Assets			4,147			Brazilian Real /U.S. Dollar (2020 –5.20 2021 – 5.57)			415				(415	)
Liabilities			(6,216	)					(622	)			622
			(2,069	)					(207	)			207
Assets			97			Argentine Peso/U.S. Dollar (2020 – 84.17 2021 – 102.69)			10				(10	)
Liabilities			(2,862	)					(286	)			286
			(2,765	)					(276	)			276
Assets			271			Mexican Peso/U.S. Dollar (2020 – 19.92 2021 – 20.45)			27				(27	)
Liabilities			(2,881	)					(288	)			288
			(2,610	)					(261	)			261
Assets			15,730			British Pounds/U.S. Dollar (2020 – 0.73 2021 – 0.74)			1,573				(1,573	)
Liabilities			(1,228	)					(123	)			123
			14,502						1,450				(1,450	)
Assets			8			Colombian Peso/U.S. Dollar (2020 – 3,438.59 2021 – 4,068.51)			1				(1	)
Liabilities			(1,920	)					(192	)			192
			(1,912	)					(191	)			191
Assets			525			Peruvian sol/U.S. Dollar (2020 – 3.62 2021 – 3.99)			53				(53	)
Liabilities			(1,193	)					(119	)			119
			(668	)					(66	)			66
Assets			472			Euro/U.S. Dollar (2021 – 0.88)			47				(47	)
Liabilities			(41	)					(4	)			4
			431						43				(43	)

Assets			176			Romanian leu/U.S. Dollar (2021 – 4.35)			18				(18	)
Liabilities			(10	)					(1	)			1
			166						17				(17	)
Assets			597			Chilean Peso/U.S. Dollar (2020 – 711.25 2021 – 851.60)			60				(60	)
Liabilities			(407	)					(41	)			41
			190						19				(19	)
Total at December 31, 2021			5,265						528				(528	)

Summary of The Group's Strategy To Keep Positive Net Cash

The Group’s strategy is to keep positive adjusted net cash. The adjusted net cash as of December 31, 2022 and 2021 was as follows:

		December 31, 2022				December 31, 2021
Loans and financing			1,153				3,279
Lease liabilities			5,635				5,991
Accounts payable from acquisition of subsidiaries			299				6,423
(-) Cash and cash equivalent			(24,394	)			(121,006	)
(-) Short-term and Marketable securities			(214,164	)			(177,191	)
Adjusted net cash/debt			(231,471	)			(282,504	)
Total Equity attributable to VTEX’s shareholders			274,658				327,182
Financial leverage ratio			84.28	%			86.34	%

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