$MELI
MERCADOLIBRE INC

2019 Q1 Form 10-Q Financial Statement

#000156276219000123 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $473.8M $321.0M
YoY Change 47.6% 19.02%
Cost Of Revenue $236.8M $158.2M
YoY Change 49.65% 56.96%
Gross Profit $237.0M $162.8M
YoY Change 45.62% -3.61%
Gross Profit Margin 50.03% 50.71%
Selling, General & Admin $174.5M $153.8M
YoY Change 13.47% 104.5%
% of Gross Profit 73.63% 94.48%
Research & Development $52.37M $38.40M
YoY Change 36.39% 26.72%
% of Gross Profit 22.1% 23.59%
Depreciation & Amortization $15.70M $11.10M
YoY Change 41.44% 23.33%
% of Gross Profit 6.62% 6.82%
Operating Expenses $226.9M $192.2M
YoY Change 18.05% 81.99%
Operating Profit $10.14M -$29.42M
YoY Change -134.46% -146.51%
Interest Expense $5.200M $4.100M
YoY Change 26.83% -34.92%
% of Operating Profit 51.29%
Other Income/Expense, Net
YoY Change
Pretax Income $15.36M -$25.36M
YoY Change -160.56% -136.38%
Income Tax $3.491M -$12.44M
% Of Pretax Income 22.74%
Net Earnings $11.86M -$12.92M
YoY Change -191.83% -126.63%
Net Earnings / Revenue 2.5% -4.02%
Basic Earnings Per Share $0.13 -$0.29
Diluted Earnings Per Share $0.13 -$0.29
COMMON SHARES
Basic Shares Outstanding 45.98M 44.16M
Diluted Shares Outstanding 45.98M 44.16M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.944B $509.9M
YoY Change 477.43% -10.01%
Cash & Equivalents $1.296B $350.4M
Short-Term Investments $1.649B $159.4M
Other Short-Term Assets $60.97M $90.00M
YoY Change -32.26% 107.85%
Inventory $3.003M $3.400M
Prepaid Expenses $24.13M
Receivables $34.52M $560.1M
Other Receivables $134.6M $122.3M
Total Short-Term Assets $3.520B $1.286B
YoY Change 173.84% 35.84%
LONG-TERM ASSETS
Property, Plant & Equipment $189.0M $122.9M
YoY Change 53.75% -6.89%
Goodwill $89.83M
YoY Change
Intangibles $17.68M
YoY Change
Long-Term Investments $275.4M $33.40M
YoY Change 724.55% -80.4%
Other Assets $41.46M $161.8M
YoY Change -74.37% 43.31%
Total Long-Term Assets $927.7M $434.1M
YoY Change 113.71% -19.19%
TOTAL ASSETS
Total Short-Term Assets $3.520B $1.286B
Total Long-Term Assets $927.7M $434.1M
Total Assets $4.448B $1.720B
YoY Change 158.66% 15.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $246.8M $228.3M
YoY Change 8.1% 110.41%
Accrued Expenses $88.70M $97.80M
YoY Change -9.3% 33.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $141.2M $134.5M
YoY Change 4.98% 720.12%
Total Short-Term Liabilities $1.248B $1.086B
YoY Change 14.95% 70.28%
LONG-TERM LIABILITIES
Long-Term Debt $602.1M $315.0M
YoY Change 91.14% 3.45%
Other Long-Term Liabilities $13.26M $40.50M
YoY Change -67.26% 80.8%
Total Long-Term Liabilities $887.2M $355.5M
YoY Change 149.56% 8.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.248B $1.086B
Total Long-Term Liabilities $887.2M $355.5M
Total Liabilities $2.135B $1.467B
YoY Change 45.58% 46.47%
SHAREHOLDERS EQUITY
Retained Earnings $509.5M
YoY Change
Common Stock $49.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.214B $252.9M
YoY Change
Total Liabilities & Shareholders Equity $4.448B $1.720B
YoY Change 158.66% 15.91%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $11.86M -$12.92M
YoY Change -191.83% -126.63%
Depreciation, Depletion And Amortization $15.70M $11.10M
YoY Change 41.44% 23.33%
Cash From Operating Activities $138.4M -$37.01M
YoY Change -473.92% -135.31%
INVESTING ACTIVITIES
Capital Expenditures $32.93M $19.54M
YoY Change 68.5% -252.67%
Acquisitions $0.00
YoY Change
Other Investing Activities -$1.227B -$1.100M
YoY Change 111454.55% -95.83%
Cash From Investing Activities -$1.260B -$24.10M
YoY Change 5129.22% -38.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.867B
YoY Change
Debt Paid & Issued, Net $23.82M $4.583M
YoY Change 419.66%
Cash From Financing Activities 1.975B 24.03M
YoY Change 8118.96% -562.04%
NET CHANGE
Cash From Operating Activities 138.4M -37.01M
Cash From Investing Activities -1.260B -24.10M
Cash From Financing Activities 1.975B 24.03M
Net Change In Cash 841.6M -37.85M
YoY Change -2323.48% -162.56%
FREE CASH FLOW
Cash From Operating Activities $138.4M -$37.01M
Capital Expenditures $32.93M $19.54M
Free Cash Flow $105.4M -$56.55M
YoY Change -286.47% -148.09%

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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 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 Mercado Pago, the Company&#x2019;s FinTech solution, MercadoLibre enables individuals and businesses to send and receive online payments; through Mercado Envios, 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 on-line web-stores under a subscription-based business model; through MercadoCredito, MercadoLibre extends loans to certain merchants and consumers; and through MercadoFondo, MercadoLibre allows users to invest funds deposited in their Mercado Pago 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 </font><font style="display: inline;">March 31, 2019</font><font style="display: inline;">, MercadoLibre, through its wholly-owned subsidiaries, operated online ecommerce platforms directed towards Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru, Mexico, Panama, Honduras, Nicaragua, El Salvador, Uruguay, Bolivia, Guatemala, Paraguay and Venezuela. Additionally, MercadoLibre operates an online payments solution in Argentina, Brazil, Mexico, Colombia, Chile, Peru and Uruguay. It also offers a shipping solution directed towards Argentina, Brazil, Mexico, Colombia, Chile and Uruguay. In addition, the Company operates a real estate classified platform that covers some areas of State of Florida, in the United States of 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;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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ReceivablesFromCustomers
308468000
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CY2019Q1 us-gaap Repayments Of Long Term Debt
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CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q1 us-gaap Revenues
Revenues
320976000
CY2019Q1 us-gaap Revenues
Revenues
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q1 us-gaap Selling And Marketing Expense
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CY2019Q1 us-gaap Share Based Compensation
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2019Q1 us-gaap Stock Issued During Period Value New Issues
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CY2018Q4 us-gaap Taxes Payable Current
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TaxesPayableCurrent
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CY2019Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2019Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Temporary Equity Shares Authorized
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CY2019Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
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CY2019Q1 us-gaap Temporary Equity Shares Issued
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CY2019Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
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CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<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:10pt 0pt 0pt 23pt;text-align:justify;text-justify:inter-ideograph;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. </font><font style="display: inline;">Estimates are used for, but not limited to, accounting for allowances for doubtful accounts and chargeback provisions, allowance for loans receivables, recoverability of goodwill, intangible assets with indefinite useful lives and tax loss carryforwards, 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 debt, fair value of investments, recognition of income taxes and contingencies and determination of the incremental borrowing rate at commencement date of lease operating agreements. Actual results could differ from those estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44157364
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45980255
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44157364
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45980255

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