MercadoLibre, Inc. (Nasdaq: MELI) (http://www.mercadolibre.com),
Latin America’s leading e-commerce technology company, today
reported financial results for the quarter ended September 30,
2021.
Pedro Arnt, Chief Financial Officer of
MercadoLibre, Inc., commented, “As a result of what we believe to
be these lasting contributions to financial inclusion and the
democratization of commerce through an improved experience for our
users, our volume growth rates continue to demonstrate a solid
trajectory over the long term. We have once again reached new
records in gross merchandise volume, payment volumes and credit
portfolio size; which demonstrates resilience and strength across
all parts of our ecosystem. Moreover, we see our engagement and
satisfaction improving sequentially for both commerce and fintech
services, which is particularly encouraging given the user base
expansion that we have driven over the last year.”
Third Quarter
2021 Business
Highlights
- Considering our entire ecosystem,
Unique active users reached 78.7 million.
- Gross merchandise volume (“GMV”)
grew to $7.3 billion, representing an increase of 23.9% in USD and
29.7% on an FX neutral basis.
- Successful items sold reached 259.8
million, increasing by 26.3% year-over-year.
- Live listings offered on
MercadoLibre’s marketplace reached 335.1 million.
- Mobile gross merchandise volume
reached 74.1% of GMV.
- Mercado Envios shipped 247.8
million items during the quarter, representing a 32.1%
year-over-year increase.
- Total payment volume (“TPV”)
through Mercado Pago almost topped $20.9 billion, a year-over-year
increase of 43.9% in USD and 59.0% on an FX neutral basis. Total
payment transactions increased 54.7% year-over-year, totaling 865.7
million transactions for the quarter.
- Off-platform TPV grew 59.0%
year-over-year in USD and 78.8% year-over-year on a FX neutral
basis, reaching $13.4 billion, while payment transactions reached
697.4 million, a year-over-year increase of 67.3%.
- We are offering a more robust
breakdown of our total payments volume, including Acquiring TPV and
Digital Account TPV.
- Acquiring TPV, which includes
On-Platform, Online Payments, MPoS and QR payments, was $15.4
billion, growing 45.5% on an FX neutral basis.
- Digital accounts TPV, which
includes wallet payments, P2P transfers between Mercado Pago
accounts and Cards transactions (debit, prepaid and credit), was
$5.5 billion, growing 101.1% on an FX neutral basis.
- Our asset management product,
Mercado Fondo, has now almost $919 million under management and
approximately 20.7 million users across Latin America.
- Mercado Credito’s portfolio is now
over $ 1.1 billion, almost 4x its size compared to the third
quarter of 2020
Third Quarter 2021 Financial Highlights
- Net revenues for the third quarter
were $1.9 billion, a year-over-year increase of 66.5% in USD and
72.9% on an FX neutral basis.
- Commerce revenues increased 69.0%
year-over-year in USD reaching $1,224.7 million, while Fintech
revenues increased 61.7% year-over-year in USD reaching $632.8
million.
- Gross profit was $806.6 million
with a margin of 43.4%, compared to 43.0% in the third quarter of
2020.
- Total operating expenses were
$646.2 million, an increase of 62.7% year-over-year in USD. As a
percentage of revenues, operating expenses were 34.8%, compared to
35.6% during the third quarter of 2020.
- Income from operations was $160.4
million, compared to $83.1 million during the prior year. As a
percentage of revenues, income from operations was 8.6%.
- Interest income and other financial
gains was $35.4 million, a 44.0% increase year-over-year. We
incurred $44.4 million in interest expense and other financial
losses this quarter, an 81.0% increase year-over-year.
- We had foreign currency losses of
$25.2 million, mainly attributable to a general deterioration in FX
currencies of our 3 key geographies.
- During the quarter, our Argentine
subsidiary was approved as eligible under the knowledge-based
economy promotional regime the tax benefits granted under the
promotional regime are retroactive to January 2020 and will also
apply to our future results. For more details, please see our
Quarterly Report on Form 10-Q for the quarter ended September
30, 2021.
- Net income before income tax
expense was $126.1 million, a 139.5% increase from the $52.7
million during the third quarter of 2020.
- Income tax expense was $30.9
million, mainly as a result of higher income tax expense in Brazil
due to higher pre-tax gain in Brazil this quarter, partially offset
by an income tax benefit in Argentina related to the approval of
our Argentine subsidiary’s application for eligibility pursuant to
the knowledge-based economy promotional regime.
- Net income was $95.2 million,
resulting in net income per share of $1.92
The following table summarizes certain
key performance metrics for the nine and three-month periods ended
September 30, 2021 and 2020.
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Nine-month Periods Ended September 30,
(*) |
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|
Three-month Periods Ended September 30,
(*) |
(in millions) |
|
2021 |
|
2020 |
|
|
2021 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unique active users |
|
|
224.5 |
|
|
112.5 |
|
|
78.7 |
|
|
76.1 |
Gross merchandise volume |
|
$ |
20,394.2 |
|
$ |
14,361.4 |
|
$ |
7,314.4 |
|
$ |
5,902.4 |
Number of successful items
sold |
|
|
726.5 |
|
|
489.9 |
|
|
259.8 |
|
|
205.7 |
Number of successful items
shipped |
|
|
686.4 |
|
|
435.2 |
|
|
247.8 |
|
|
187.6 |
Total payment volume |
|
$ |
53,126.9 |
|
$ |
33,814.8 |
|
$ |
20,879.8 |
|
$ |
14,506.0 |
Total volume of payments on
marketplace |
|
$ |
19,673.1 |
|
$ |
13,615.4 |
|
$ |
7,058.0 |
|
$ |
5,648.9 |
Total payment
transactions |
|
|
2,225.6 |
|
|
1,255.2 |
|
|
865.7 |
|
|
559.7 |
Capital expenditures |
|
$ |
433.9 |
|
$ |
166.8 |
|
$ |
171.0 |
|
$ |
65.0 |
Depreciation and
amortization |
|
$ |
136.8 |
|
$ |
72.4 |
|
$ |
52.3 |
|
$ |
28.2 |
(*) Figures have been calculated using rounded
amounts. Growth calculations based on this table may not total due
to rounding.
Year-over-year USD Revenue Growth Rates
by Quarter
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Consolidated Net Revenues |
|
Q3’20 |
|
Q4’20 |
|
Q1’21 |
|
Q2’21 |
|
Q3’21 |
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Brazil |
|
57 |
% |
68 |
% |
93 |
% |
104 |
% |
74 |
% |
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|
|
|
|
|
|
|
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Argentina |
|
145 |
% |
144 |
% |
124 |
% |
53 |
% |
38 |
% |
|
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|
|
|
|
|
|
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|
Mexico |
|
111 |
% |
141 |
% |
143 |
% |
105 |
% |
94 |
% |
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Year-over-year Local Currency Revenue
Growth Rates by Quarter
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Consolidated Net Revenues |
|
Q3’20 |
|
Q4’20 |
|
Q1’21 |
|
Q2’21 |
|
Q3’21 |
|
|
|
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|
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|
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Brazil |
|
112 |
% |
120 |
% |
139 |
% |
101 |
% |
69 |
% |
|
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|
|
|
|
|
|
|
|
|
|
Argentina |
|
260 |
% |
229 |
% |
223 |
% |
112 |
% |
83 |
% |
|
|
|
|
|
|
|
|
|
|
|
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Mexico |
|
140 |
% |
155 |
% |
148 |
% |
76 |
% |
76 |
% |
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Conference Call and Webcast
The Company will host a conference call and audio webcast on
November 4th, 2021 at 4:30 p.m. Eastern Time. The conference call
may be accessed by dialing (877) 303-7209 / (970) 315-0420
(Conference ID – 7238308 –) and requesting inclusion in the call
for MercadoLibre. The live conference call can be accessed via
audio webcast at the investor relations section of the Company's
website, at http://investor.mercadolibre.com. An archive of the
webcast will be available for one week following the conclusion of
the conference call.
Definition of Selected Operational
Metrics
Unique Active User – New or existing user who
performed at least one of the following actions during the reported
period: (1) made one purchase, or reservation, or asked one
question on MercadoLibre Marketplace or Classified Marketplace (2)
maintained an active listing on MercadoLibre Marketplace or
Classified Marketplace (3) maintained an active account in Mercado
Shops (4) made a payment, money transfer, collection and/or advance
using Mercado Pago (5) maintained an outstanding credit line
through Mercado Credito or (6) maintained a balance of more than $5
invested in a Mercado Fondo asset management account.
Foreign Exchange (“FX”) Neutral – Calculated by
using the average monthly exchange rate of each month of 2020 and
applying it to the corresponding months in the current year, so as
to calculate what the results would have been had exchange rates
remained constant. Intercompany allocations are excluded from this
calculation. These calculations do not include any other
macroeconomic effect such as local currency inflation effects or
any price adjustment to compensate local currency inflation or
devaluations.
Gross merchandise volume – Measure of the total
U.S. dollar sum of all transactions completed through the Mercado
Libre Marketplace, excluding Classifieds transactions.
Total payment transactions – Measure of the
number of all transactions paid for using Mercado Pago.
Total volume of payments on marketplace –
Measure of the total U.S. dollar sum of all marketplace
transactions paid for using Mercado Pago, excluding shipping and
financing fees.
Total payment volume – Measure of total U.S.
dollar sum of all transactions paid for using Mercado Pago,
including marketplace and non-marketplace transactions.
MPOS – Mobile point-of-sale is a dedicated
wireless device that performs the functions of a cash register or
electronic point-of-sale terminal wirelessly.
Commerce – Revenues from core marketplace fees,
shipping fees, sale of goods, ad sales, classified fees and other
ancillary services.
Fintech – Revenues includes fees from
off-platform transactions, financing fees, interest earned from
merchant and consumer credits and sale of MPOS.
Successful items sold – Measure of the number of
items that were sold/purchased through the Mercado Libre
Marketplace, excluding Classifieds items.
Successful items shipped – Measure of the number
of items that were shipped through our shipping service.
Local Currency Growth Rates – Refer to FX
Neutral definition.
Net income margin – Defined as net income as a
percentage of net revenues.
Operating margin – Defined as income from
operations as a percentage of net revenues.
About MercadoLibre
Founded in 1999, MercadoLibre is the largest
online commerce ecosystem in Latin America, serving as an
integrated regional platform and as a provider of the necessary
digital and technology-based tools that allow businesses and
individuals to trade products and services in the region. The
Company enables commerce through its marketplace platform which
allows users to buy and sell in most of Latin America.
The Company is listed on NASDAQ (Nasdaq: MELI)
following its initial public offering in 2007.
For more information about the Company visit:
http://investor.mercadolibre.com.
The MercadoLibre, Inc. logo is available at
https://resource.globenewswire.com/Resource/Download/6ab227b7-693f-4b17-b80c-552ae45c76bf?size=0
Forward-Looking Statements
Any statements herein regarding MercadoLibre,
Inc. that are not historical or current facts are forward-looking
statements. These forward-looking statements convey MercadoLibre,
Inc.’s current expectations or forecasts of future events.
Forward-looking statements regarding MercadoLibre, Inc. involve
known and unknown risks, uncertainties and other factors that may
cause MercadoLibre, Inc.’s actual results, performance or
achievements to be materially different from any future results,
performances or achievements expressed or implied by the
forward-looking statements. Certain of these risks and
uncertainties are described in the “Risk Factors,” “Forward-Looking
Statements” and “Cautionary Note Regarding Forward-Looking
Statements” sections of MercadoLibre, Inc.’s annual report on Form
10-K for the year ended December 31, 2020, “Item 1A-Risk
Factors” in Part II of our Form 10-Q for the quarter ended March
31, 2021 and any of MercadoLibre, Inc.’s other applicable filings
with the Securities and Exchange Commission. Unless required by
law, MercadoLibre, Inc. undertakes no obligation to publicly update
or revise any forward-looking statements to reflect circumstances
or events after the date hereof.
MercadoLibre, Inc.Interim Condensed
Consolidated Balance Sheets(In thousands of
U.S. dollars, except par value)
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September 30, |
|
December 31, |
|
2021 |
|
2020 |
Assets |
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Current assets: |
|
|
|
Cash and cash equivalents |
$ |
987,213 |
|
|
$ |
1,856,394 |
|
Restricted cash and cash equivalents |
|
435,348 |
|
|
|
651,830 |
|
Short-term investments (739,176 and 636,949 held in guarantee) |
|
1,041,868 |
|
|
|
1,241,306 |
|
Accounts receivable, net |
|
70,542 |
|
|
|
49,691 |
|
Credit cards receivable and other means of payments, net |
|
1,428,454 |
|
|
|
863,073 |
|
Loans receivable, net |
|
772,753 |
|
|
|
385,036 |
|
Prepaid expenses |
|
52,337 |
|
|
|
28,378 |
|
Inventory |
|
226,694 |
|
|
|
118,140 |
|
Other assets |
|
267,912 |
|
|
|
152,959 |
|
Total current assets |
|
5,283,121 |
|
|
|
5,346,807 |
|
Non-current assets: |
|
|
|
Long-term investments |
|
38,027 |
|
|
|
166,111 |
|
Loans receivable, net |
|
31,184 |
|
|
|
16,619 |
|
Property and equipment, net |
|
702,528 |
|
|
|
391,684 |
|
Operating lease right-of-use assets |
|
389,806 |
|
|
|
303,214 |
|
Goodwill |
|
80,949 |
|
|
|
85,211 |
|
Intangible assets, net |
|
30,709 |
|
|
|
14,155 |
|
Deferred tax assets |
|
127,508 |
|
|
|
134,916 |
|
Other assets |
|
116,185 |
|
|
|
67,615 |
|
Total non-current assets |
|
1,516,896 |
|
|
|
1,179,525 |
|
Total assets |
$ |
6,800,017 |
|
|
$ |
6,526,332 |
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
906,393 |
|
|
$ |
767,336 |
|
Funds payable to customers and amounts due to merchants |
|
1,987,083 |
|
|
|
1,733,095 |
|
Salaries and social security payable |
|
277,489 |
|
|
|
207,358 |
|
Taxes payable |
|
196,561 |
|
|
|
215,918 |
|
Loans payable and other financial liabilities |
|
765,135 |
|
|
|
548,393 |
|
Operating lease liabilities |
|
83,677 |
|
|
|
55,246 |
|
Other liabilities |
|
70,193 |
|
|
|
108,534 |
|
Total current liabilities |
|
4,286,531 |
|
|
|
3,635,880 |
|
Non-current liabilities: |
|
|
|
Salaries and social security payable |
|
22,691 |
|
|
|
49,852 |
|
Loans payable and other financial liabilities |
|
1,970,393 |
|
|
|
860,876 |
|
Operating lease liabilities |
|
307,333 |
|
|
|
243,601 |
|
Deferred tax liabilities |
|
54,951 |
|
|
|
64,354 |
|
Other liabilities |
|
35,142 |
|
|
|
20,191 |
|
Total non-current liabilities |
|
2,390,510 |
|
|
|
1,238,874 |
|
Total liabilities |
$ |
6,677,041 |
|
|
$ |
4,874,754 |
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Common stock, $0.001 par value, 110,000,000 shares authorized, |
|
|
|
49,458,958 and 49,869,727 shares issued and outstanding at
September 30, |
|
|
|
2021 and December 31, 2020 |
$ |
49 |
|
|
$ |
50 |
|
Additional paid-in capital |
|
919,584 |
|
|
|
1,860,502 |
|
Treasury stock |
|
(744,102 |
) |
|
|
(54,805 |
) |
Retained earnings |
|
443,523 |
|
|
|
314,115 |
|
Accumulated other comprehensive loss |
|
(496,078 |
) |
|
|
(468,284 |
) |
Total Equity |
|
122,976 |
|
|
|
1,651,578 |
|
Total Liabilities and Equity |
$ |
6,800,017 |
|
|
$ |
6,526,332 |
|
MercadoLibre, Inc.Interim Condensed
Consolidated Statements of IncomeFor the nine
and three-month periods ended September 30, 2021 and
2020(In thousands of U.S. dollars, except for
share data)
|
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|
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|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net service revenues |
|
$ |
4,366,538 |
|
|
$ |
2,524,348 |
|
|
$ |
1,630,914 |
|
|
$ |
1,038,574 |
|
Net product revenues |
|
|
572,105 |
|
|
|
121,813 |
|
|
|
226,538 |
|
|
|
77,127 |
|
Net revenues |
|
|
4,938,643 |
|
|
|
2,646,161 |
|
|
|
1,857,452 |
|
|
|
1,115,701 |
|
Cost of net revenues |
|
|
(2,786,756 |
) |
|
|
(1,425,985 |
) |
|
|
(1,050,862 |
) |
|
|
(635,511 |
) |
Gross profit |
|
|
2,151,887 |
|
|
|
1,220,176 |
|
|
|
806,590 |
|
|
|
480,190 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Product and technology development |
|
|
(410,691 |
) |
|
|
(235,485 |
) |
|
|
(137,671 |
) |
|
|
(88,796 |
) |
Sales and marketing |
|
|
(1,006,789 |
) |
|
|
(620,204 |
) |
|
|
(385,523 |
) |
|
|
(229,621 |
) |
General and administrative |
|
|
(317,020 |
) |
|
|
(211,669 |
) |
|
|
(123,018 |
) |
|
|
(78,699 |
) |
Total operating expenses |
|
|
(1,734,500 |
) |
|
|
(1,067,358 |
) |
|
|
(646,212 |
) |
|
|
(397,116 |
) |
Income from operations |
|
|
417,387 |
|
|
|
152,818 |
|
|
|
160,378 |
|
|
|
83,074 |
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
Interest income and other financial gains |
|
|
84,588 |
|
|
|
80,119 |
|
|
|
35,352 |
|
|
|
24,553 |
|
Interest expense and other financial losses (*) |
|
|
(175,026 |
) |
|
|
(75,083 |
) |
|
|
(44,395 |
) |
|
|
(24,522 |
) |
Foreign currency losses |
|
|
(52,382 |
) |
|
|
(32,524 |
) |
|
|
(25,202 |
) |
|
|
(30,435 |
) |
Net income before income tax
expense |
|
|
274,567 |
|
|
|
125,330 |
|
|
|
126,133 |
|
|
|
52,670 |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(145,159 |
) |
|
|
(75,457 |
) |
|
|
(30,908 |
) |
|
|
(37,635 |
) |
Net income |
|
$ |
129,408 |
|
|
$ |
49,873 |
|
|
$ |
95,225 |
|
|
$ |
15,035 |
|
|
|
(*) |
Includes $49,247 thousands of
loss on debt extinguishment and premium related to the 2028 Notes
repurchase recognized in January 2021. |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Three Months Ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
Basic
EPS |
|
|
|
|
|
|
|
|
Basic net income |
|
|
|
|
|
|
|
|
Available to shareholders per common share |
|
$ |
2.60 |
|
$ |
0.94 |
|
$ |
1.92 |
|
$ |
0.28 |
Weighted average of outstanding common shares |
|
|
49,761,360 |
|
|
49,713,621 |
|
|
49,597,157 |
|
|
49,720,854 |
Diluted
EPS |
|
|
|
|
|
|
|
|
Diluted net income |
|
|
|
|
|
|
|
|
Available to shareholders per common share |
|
$ |
2.60 |
|
$ |
0.94 |
|
$ |
1.92 |
|
$ |
0.28 |
Weighted average of outstanding common shares |
|
|
49,761,360 |
|
|
49,713,621 |
|
|
49,597,157 |
|
|
49,720,854 |
|
|
|
|
|
|
|
|
|
MercadoLibre, Inc.Interim Condensed
Consolidated Statements of Cash FlowsFor the
nine months ended September 30, 2021 and 2020
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Cash flows from
operations: |
|
|
|
|
Net income |
|
$ |
129,408 |
|
|
$ |
49,873 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
Unrealized devaluation loss, net |
|
|
67,119 |
|
|
|
59,471 |
|
Impairment of digital assets |
|
|
7,741 |
|
|
|
— |
|
Depreciation and amortization |
|
|
136,761 |
|
|
|
72,436 |
|
Accrued interest |
|
|
(20,714 |
) |
|
|
(37,550 |
) |
Non cash interest, convertible notes amortization of debt discount
and amortization of debt issuance costs and other charges |
|
|
60,550 |
|
|
|
15,001 |
|
Bad debt charges |
|
|
271,332 |
|
|
|
79,491 |
|
Financial results on derivative instruments |
|
|
872 |
|
|
|
(26,535 |
) |
Stock-based compensation expense — restricted shares |
|
|
538 |
|
|
|
548 |
|
LTRP accrued compensation |
|
|
83,972 |
|
|
|
75,142 |
|
Sale of fixed assets and intangible assets |
|
|
— |
|
|
|
3,814 |
|
Deferred income taxes |
|
|
18,383 |
|
|
|
(58,485 |
) |
Changes in assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(7,206 |
) |
|
|
51,250 |
|
Credit cards receivables and other means of payments |
|
|
(616,595 |
) |
|
|
(351,397 |
) |
Prepaid expenses |
|
|
(24,312 |
) |
|
|
15,627 |
|
Inventory |
|
|
(113,692 |
) |
|
|
(40,322 |
) |
Other assets |
|
|
(147,897 |
) |
|
|
(18,240 |
) |
Payables and accrued expenses |
|
|
127,044 |
|
|
|
357,804 |
|
Funds payable to customers and amounts due to merchants |
|
|
331,873 |
|
|
|
711,987 |
|
Other liabilities |
|
|
(63,373 |
) |
|
|
(69,829 |
) |
Interest received from investments |
|
|
22,543 |
|
|
|
35,909 |
|
Net cash provided by operating activities |
|
|
264,347 |
|
|
|
925,995 |
|
Cash flows from investing
activities: |
|
|
|
|
Purchase of investments |
|
|
(6,499,127 |
) |
|
|
(3,600,715 |
) |
Proceeds from sale and maturity of investments |
|
|
6,798,408 |
|
|
|
3,081,643 |
|
Receipts from settlements of derivative instruments |
|
|
3,598 |
|
|
|
17,779 |
|
Capital contributions in joint ventures |
|
|
(5,113 |
) |
|
|
— |
|
Payment for acquired businesses, net of cash acquired |
|
|
— |
|
|
|
(6,937 |
) |
Receipts from the sale of fixed assets and intangible assets |
|
|
— |
|
|
|
274 |
|
Payment for settlements of derivative instruments |
|
|
(19,620 |
) |
|
|
— |
|
Purchases of intangible assets |
|
|
(29,211 |
) |
|
|
(93 |
) |
Changes in principal of loans receivable, net |
|
|
(711,699 |
) |
|
|
(170,284 |
) |
Purchases of property and equipment |
|
|
(424,646 |
) |
|
|
(159,797 |
) |
Net cash used in investing activities |
|
|
(887,410 |
) |
|
|
(838,130 |
) |
Cash flows from financing
activities: |
|
|
|
|
Proceeds from loans payable and other financial liabilities |
|
|
6,056,090 |
|
|
|
1,890,156 |
|
Payments on loans payable and other financial liabilities |
|
|
(4,365,252 |
) |
|
|
(1,415,845 |
) |
Payments on repurchase of the 2028 Notes |
|
|
(1,865,076 |
) |
|
|
— |
|
Payment of finance lease obligations |
|
|
(12,612 |
) |
|
|
(2,499 |
) |
Purchase of convertible note capped call |
|
|
(100,769 |
) |
|
|
(186,777 |
) |
Unwind of convertible note capped call |
|
|
396,739 |
|
|
|
— |
|
Common Stock repurchased |
|
|
(440,005 |
) |
|
|
(39,671 |
) |
Exercise of Convertible Notes |
|
|
(3,137 |
) |
|
|
— |
|
Dividends paid of preferred stock |
|
|
— |
|
|
|
(3,000 |
) |
Net cash (used in) provided by financing activities |
|
|
(334,022 |
) |
|
|
242,364 |
|
Effect of exchange rate
changes on cash, cash equivalents, restricted cash and cash
equivalents |
|
|
(128,578 |
) |
|
|
(157,524 |
) |
Net (decrease) increase in
cash, cash equivalents, restricted cash and cash equivalents |
|
|
(1,085,663 |
) |
|
|
172,705 |
|
Cash, cash equivalents,
restricted cash and cash equivalents, beginning of the period |
|
$ |
2,508,224 |
|
|
$ |
1,451,424 |
|
Cash, cash equivalents,
restricted cash and cash equivalents, end of the period |
|
$ |
1,422,561 |
|
|
$ |
1,624,129 |
|
Financial results of reporting
segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2021 |
|
|
|
Brazil |
|
Argentina |
|
Mexico |
|
|
Other Countries |
|
Total |
|
|
|
(In thousands) |
Net revenues |
|
$ |
1,062,620 |
|
|
$ |
393,109 |
|
|
$ |
291,496 |
|
|
|
$ |
110,227 |
|
|
$ |
1,857,452 |
|
Direct costs |
|
|
(831,656 |
) |
|
|
(253,069 |
) |
|
|
(284,751 |
) |
|
|
|
(91,886 |
) |
|
|
(1,461,362 |
) |
Direct
contribution |
|
|
230,964 |
|
|
|
140,040 |
|
|
|
6,745 |
|
|
|
|
18,341 |
|
|
|
396,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
and indirect costs of net revenues |
|
|
|
|
|
|
|
|
|
|
|
(235,712 |
) |
Income from
operations |
|
|
|
|
|
|
|
|
|
|
|
160,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other
financial gains |
|
|
|
|
|
|
|
|
|
|
|
35,352 |
|
|
Interest expense and other
financial losses |
|
|
|
|
|
|
|
|
|
|
|
(44,395 |
) |
|
Foreign currency losses |
|
|
|
|
|
|
|
|
|
|
|
(25,202 |
) |
Net income before
income tax expense |
|
|
|
|
|
|
|
|
|
|
$ |
126,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2020 |
|
|
|
Brazil |
|
Argentina |
|
Mexico |
|
|
Other Countries |
|
Total |
|
|
|
(In thousands) |
Net revenues |
|
$ |
610,721 |
|
|
$ |
284,746 |
|
|
$ |
150,382 |
|
|
|
$ |
69,852 |
|
|
$ |
1,115,701 |
|
Direct costs |
|
|
(501,544 |
) |
|
|
(193,373 |
) |
|
|
(144,914 |
) |
|
|
|
(53,212 |
) |
|
|
(893,043 |
) |
Direct
contribution |
|
|
109,177 |
|
|
|
91,373 |
|
|
|
5,468 |
|
|
|
|
16,640 |
|
|
|
222,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
and indirect costs of net revenues |
|
|
|
|
|
|
|
|
|
|
|
(139,584 |
) |
Income from
operations |
|
|
|
|
|
|
|
|
|
|
|
83,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other
financial gains |
|
|
|
|
|
|
|
|
|
|
|
24,553 |
|
|
Interest expense and other
financial losses |
|
|
|
|
|
|
|
|
|
|
|
(24,522 |
) |
|
Foreign currency losses |
|
|
|
|
|
|
|
|
|
|
|
(30,435 |
) |
Net income before
income tax expense |
|
|
|
|
|
|
|
|
|
|
$ |
52,670 |
|
Non-GAAP Financial Measures
To supplement our audited consolidated financial
statements presented in accordance with U.S. GAAP, we present
foreign exchange (“FX”) neutral measures as a non-GAAP measure.
Reconciliation of this non-GAAP financial measure to the most
comparable U.S. GAAP financial measure can be found in the tables
below.
This non-GAAP measure should not be considered
in isolation or as a substitute for measures of performance
prepared in accordance with U.S. GAAP and may be different from
non-GAAP measures used by other companies. In addition, this
non-GAAP measure is not based on any comprehensive set of
accounting rules or principles. Non-GAAP measures have limitations
in that they do not reflect all of the amounts associated with our
results of operations as determined in accordance with U.S. GAAP.
This non-GAAP financial measure should only be used to evaluate our
results of operations in conjunction with the most comparable U.S.
GAAP financial measures.
We provide this non-GAAP financial measure to
enhance overall understanding of our current financial performance
and its prospects for the future, and we understand that this
measure provides useful information to both Management and
investors. In particular, we believe that FX neutral measures
provide useful information to both Management and investors by
excluding the foreign currency exchange rate impact that may not be
indicative of our core operating results and business outlook.
The FX neutral measures were calculated by using
the average monthly exchange rates for each month during 2020 and
applying them to the corresponding months in 2021, so as to
calculate what our results would have been had exchange rates
remained stable from one year to the next. The table below excludes
intercompany allocation FX effects. Finally, these measures do not
include any other macroeconomic effect such as local currency
inflation effects, the impact on impairment calculations or any
price adjustment to compensate local currency inflation or
devaluations.
The following table sets forth the FX neutral
measures related to our reported results of the operations for the
three-months period ended September 30, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month Periods Ended September 30,
(*) |
|
|
As reported |
|
FX Neutral Measures |
|
As reported |
|
|
(In millions, except percentages) |
|
|
2021 |
|
|
|
2020 |
|
|
Percentage Change |
|
|
2021 |
|
|
|
2020 |
|
|
Percentage Change |
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
Net revenues |
|
$ |
1,857.5 |
|
|
$ |
1,115.7 |
|
|
66.5 |
% |
|
$ |
1,929.1 |
|
|
$ |
1,115.7 |
|
|
72.9 |
% |
Cost of net revenues |
|
|
(1,050.9 |
) |
|
|
(635.5 |
) |
|
65.4 |
% |
|
|
(1,076.3 |
) |
|
|
(635.5 |
) |
|
69.4 |
% |
Gross profit |
|
|
806.6 |
|
|
|
480.2 |
|
|
68.0 |
% |
|
|
852.8 |
|
|
|
480.2 |
|
|
77.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
(646.2 |
) |
|
|
(397.1 |
) |
|
62.7 |
% |
|
|
(664.9 |
) |
|
|
(397.1 |
) |
|
67.4 |
% |
Income from operations |
|
|
160.4 |
|
|
|
83.1 |
|
|
93.1 |
% |
|
|
187.9 |
|
|
|
83.1 |
|
|
126.2 |
% |
(*) The table above may not total due to rounding.
CONTACT: MercadoLibre, Inc.Investor
Relationsinvestor@mercadolibre.comhttp://investor.mercadolibre.com
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