$MELI
MERCADOLIBRE INC

2018 Q3 Form 10-Q Financial Statement

#000156276218000323 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $355.3M $304.9M
YoY Change 16.52% 32.09%
Cost Of Revenue $185.6M $129.1M
YoY Change 43.74% 51.52%
Gross Profit $169.7M $175.8M
YoY Change -3.47% 20.72%
Gross Profit Margin 47.77% 57.66%
Selling, General & Admin $145.2M $115.9M
YoY Change 25.31% 75.88%
% of Gross Profit 85.58% 65.92%
Research & Development $35.48M $32.40M
YoY Change 9.5% 24.14%
% of Gross Profit 20.9% 18.43%
Depreciation & Amortization $11.30M $10.90M
YoY Change 3.67% 45.33%
% of Gross Profit 6.66% 6.2%
Operating Expenses $180.7M $148.3M
YoY Change 21.87% 61.35%
Operating Profit -$11.00M $27.54M
YoY Change -139.95% -48.76%
Interest Expense -$3.300M $9.100M
YoY Change -136.26% -750.0%
% of Operating Profit 33.04%
Other Income/Expense, Net
YoY Change
Pretax Income -$14.31M $36.66M
YoY Change -139.05% -29.91%
Income Tax -$4.234M $8.989M
% Of Pretax Income 24.52%
Net Earnings -$10.08M $27.67M
YoY Change -136.43% -28.9%
Net Earnings / Revenue -2.84% 9.07%
Basic Earnings Per Share -$0.23 $0.63
Diluted Earnings Per Share -$0.23 $0.63
COMMON SHARES
Basic Shares Outstanding 44.59M 44.16M
Diluted Shares Outstanding 44.59M 44.16M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.096B $636.4M
YoY Change 72.16% 34.94%
Cash & Equivalents $1.029B $461.2M
Short-Term Investments $67.00M $175.2M
Other Short-Term Assets $54.07M $56.20M
YoY Change -3.79% 99.29%
Inventory $7.395M $2.300M
Prepaid Expenses $11.01M
Receivables $27.14M $435.4M
Other Receivables $90.80M $51.90M
Total Short-Term Assets $1.602B $1.182B
YoY Change 35.48% 55.74%
LONG-TERM ASSETS
Property, Plant & Equipment $138.4M $136.1M
YoY Change 1.7% 12.48%
Goodwill $88.65M
YoY Change
Intangibles $18.72M
YoY Change
Long-Term Investments $2.800M $45.60M
YoY Change -93.86% -70.62%
Other Assets $42.54M $134.6M
YoY Change -68.39% 36.65%
Total Long-Term Assets $416.7M $436.1M
YoY Change -4.45% -12.25%
TOTAL ASSETS
Total Short-Term Assets $1.602B $1.182B
Total Long-Term Assets $416.7M $436.1M
Total Assets $2.018B $1.618B
YoY Change 24.72% 28.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $231.0M $181.6M
YoY Change 27.2% 89.17%
Accrued Expenses $57.40M $61.20M
YoY Change -6.21% 40.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $141.5M $24.70M
YoY Change 472.87% 304.92%
Total Short-Term Liabilities $989.5M $822.8M
YoY Change 20.26% 65.79%
LONG-TERM LIABILITIES
Long-Term Debt $554.8M $309.4M
YoY Change 79.31% 3.31%
Other Long-Term Liabilities $16.53M $39.50M
YoY Change -58.16% 35.27%
Total Long-Term Liabilities $687.1M $348.9M
YoY Change 96.92% 6.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $989.5M $822.8M
Total Long-Term Liabilities $687.1M $348.9M
Total Liabilities $1.677B $1.212B
YoY Change 38.32% 40.76%
SHAREHOLDERS EQUITY
Retained Earnings $505.8M
YoY Change
Common Stock $45.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $341.8M $406.2M
YoY Change
Total Liabilities & Shareholders Equity $2.018B $1.618B
YoY Change 24.72% 28.84%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$10.08M $27.67M
YoY Change -136.43% -28.9%
Depreciation, Depletion And Amortization $11.30M $10.90M
YoY Change 3.67% 45.33%
Cash From Operating Activities $88.90M $16.10M
YoY Change 452.17% -84.34%
INVESTING ACTIVITIES
Capital Expenditures -$23.00M -$17.50M
YoY Change 31.43% -27.39%
Acquisitions
YoY Change
Other Investing Activities $16.30M $150.5M
YoY Change -89.17% -615.41%
Cash From Investing Activities -$6.800M $132.9M
YoY Change -105.12% -349.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 491.1M -69.90M
YoY Change -802.58% 2310.34%
NET CHANGE
Cash From Operating Activities 88.90M 16.10M
Cash From Investing Activities -6.800M 132.9M
Cash From Financing Activities 491.1M -69.90M
Net Change In Cash 573.2M 79.10M
YoY Change 624.65% 69.74%
FREE CASH FLOW
Cash From Operating Activities $88.90M $16.10M
Capital Expenditures -$23.00M -$17.50M
Free Cash Flow $111.9M $33.60M
YoY Change 233.04% -73.52%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">1. </font><font style="display: inline;font-weight:bold;">Nature of</font><a name="Notes"></a><font style="display: inline;font-weight:bold;"> Business</font> </p> <p style="margin:10pt 0pt 0pt 23.05pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">MercadoLibre, Inc. (&#x201C;MercadoLibre&#x201D; or the &#x201C;Company&#x201D;) was incorporated in the state of Delaware, in the United States of America in October 1999. MercadoLibre </font><font style="display: inline;color:#000000;">is one of the largest online commerce ecosystem in Latin America</font><font style="display: inline;">, serving as an integrated regional platform and as a provider of </font><font style="display: inline;color:#000000;">the necessary online and</font><font style="display: inline;"> technology based tools that allow businesses and individuals to trade products and services in the region. The Company enables commerce through its marketplace platform (including online classifieds for motor vehicles, vessels, aircraft, services and real estate), which allows users to buy and sell in most of Latin America.&nbsp;</font> </p> <p style="margin:10pt 0pt 0pt 23.05pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Through MercadoPago, MercadoLibre enables individuals and businesses to send and receive online payments; through MercadoEnvios, MercadoLibre facilitates the shipping of goods from sellers to buyers; through our advertising products, MercadoLibre facilitates advertising services for large retailers and brands to promote their product and services on the web; through MercadoShops, MercadoLibre allows users to set-up, manage and promote their own online webstores under a subscription-based business model; through MercadoCredito, MercadoLibre extends loans to certain merchants and consumers; and through MercadoFondo, allows users to invest funds deposited in their MercadoPago accounts. In addition, MercadoLibre develops and sells software enterprise solutions to e-commerce business clients in Brazil.</font> </p> <p style="margin:10pt 0pt 0pt 23.05pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of September 30, 2018, MercadoLibre, through its wholly-owned subsidiaries, operated online ecommerce platforms in Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru, Mexico, Panama, Honduras, Nicaragua, Salvador, Uruguay, Bolivia, Guatemala, Paraguay and Venezuela. Additionally, MercadoLibre operates an online payments solution in Argentina, Brazil, Mexico, Venezuela, Colombia, Chile, Peru and Uruguay. It also offers a shipping solution in Argentina, Brazil, Mexico, Colombia, Chile and Uruguay. The Company operates a real estate classified platform that covers some areas of State of Florida, in the United States of America.</font> </p> <p style="margin:10pt 0pt 0pt 23.05pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">Use of estimates</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to accounting for allowances for doubtful accounts, loan receivables and chargebacks, recoverability of goodwill and intangible assets with indefinite useful life, useful life of long-lived assets and intangible assets, impairment of short-term and long-term investments, impairment of long-lived assets, compensation costs relating to the Company&#x2019;s long term retention plan, fair value of convertible note debt, fair value of investments, fair value of derivative instruments, recognition of income taxes and contingencies. Actual results could differ from those estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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44302724
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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