$MELI
MERCADOLIBRE INC

2021 Q2 Form 10-Q Financial Statement

#000156276221000313 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.703B $878.4M
YoY Change 93.88% 61.1%
Cost Of Revenue $949.0M $451.2M
YoY Change 110.33% 65.39%
Gross Profit $754.0M $427.2M
YoY Change 76.51% 56.8%
Gross Profit Margin 44.27% 48.63%
Selling, General & Admin $359.0M $254.5M
YoY Change 41.07% 10.17%
% of Gross Profit 47.61% 59.57%
Research & Development $147.0M $73.25M
YoY Change 100.67% 35.85%
% of Gross Profit 19.5% 17.15%
Depreciation & Amortization $46.13M $22.60M
YoY Change 104.09% 30.64%
% of Gross Profit 6.12% 5.29%
Operating Expenses $588.0M $327.7M
YoY Change 79.41% 15.03%
Operating Profit $166.0M $99.44M
YoY Change 66.94% -896.27%
Interest Expense -$27.27M -$10.10M
YoY Change 169.98% -151.01%
% of Operating Profit -16.43% -10.16%
Other Income/Expense, Net
YoY Change
Pretax Income $138.0M $89.34M
YoY Change 54.47% 1123.84%
Income Tax $70.00M $33.39M
% Of Pretax Income 50.72% 37.38%
Net Earnings $68.00M $55.95M
YoY Change 21.54% 244.99%
Net Earnings / Revenue 3.99% 6.37%
Basic Earnings Per Share $1.37 $1.11
Diluted Earnings Per Share $1.37 $1.11
COMMON SHARES
Basic Shares Outstanding 49.82M 49.71M
Diluted Shares Outstanding 49.82M 49.71M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.968B $3.294B
YoY Change -40.25% 13.29%
Cash & Equivalents $1.070B $1.170B
Short-Term Investments $898.4M $2.125B
Other Short-Term Assets $203.8M $94.04M
YoY Change 116.68% 38.12%
Inventory $169.4M $20.83M
Prepaid Expenses $58.14M $23.14M
Receivables $69.84M $42.42M
Other Receivables $547.2M $139.1M
Total Short-Term Assets $4.568B $4.755B
YoY Change -3.93% 29.33%
LONG-TERM ASSETS
Property, Plant & Equipment $619.0M $263.0M
YoY Change 135.32% 21.78%
Goodwill $85.17M $81.80M
YoY Change 4.11% -9.49%
Intangibles $23.89M $15.94M
YoY Change 49.88% -5.15%
Long-Term Investments $181.4M $5.800M
YoY Change 3027.78% -97.2%
Other Assets $113.4M $45.81M
YoY Change 147.64% -0.54%
Total Long-Term Assets $1.575B $698.2M
YoY Change 125.59% -24.03%
TOTAL ASSETS
Total Short-Term Assets $4.568B $4.755B
Total Long-Term Assets $1.575B $698.2M
Total Assets $6.143B $5.453B
YoY Change 12.65% 18.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $857.6M $417.8M
YoY Change 105.27% 32.76%
Accrued Expenses $284.8M $140.1M
YoY Change 103.26% 52.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $579.8M $591.7M
YoY Change -2.01% 263.01%
Total Short-Term Liabilities $3.869B $2.660B
YoY Change 45.47% 83.5%
LONG-TERM LIABILITIES
Long-Term Debt $1.788B $610.9M
YoY Change 192.76% -1.42%
Other Long-Term Liabilities $22.96M $15.83M
YoY Change 45.06% 37.6%
Total Long-Term Liabilities $2.192B $885.9M
YoY Change 147.48% -1.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.869B $2.660B
Total Long-Term Liabilities $2.192B $885.9M
Total Liabilities $6.062B $3.546B
YoY Change 70.96% 50.82%
SHAREHOLDERS EQUITY
Retained Earnings $348.3M $350.9M
YoY Change -0.73% -33.13%
Common Stock $50.00K $50.00K
YoY Change 0.0% 2.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $276.2M $1.440M
YoY Change 19081.94%
Treasury Stock Shares
Shareholders Equity $81.00M $1.808B
YoY Change
Total Liabilities & Shareholders Equity $6.143B $5.453B
YoY Change 12.65% 18.65%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $68.00M $55.95M
YoY Change 21.54% 244.99%
Depreciation, Depletion And Amortization $46.13M $22.60M
YoY Change 104.09% 30.64%
Cash From Operating Activities $262.0M $650.4M
YoY Change -59.71% 2265.09%
INVESTING ACTIVITIES
Capital Expenditures -$161.8M -$49.60M
YoY Change 226.26% 29.17%
Acquisitions
YoY Change
Other Investing Activities $3.264M -$348.3M
YoY Change -100.94% 198.97%
Cash From Investing Activities -$158.7M -$397.9M
YoY Change -60.13% 157.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 104.3M 164.9M
YoY Change -36.72% -381.88%
NET CHANGE
Cash From Operating Activities 262.0M 650.4M
Cash From Investing Activities -158.7M -397.9M
Cash From Financing Activities 104.3M 164.9M
Net Change In Cash 207.7M 417.4M
YoY Change -50.23% -324.65%
FREE CASH FLOW
Cash From Operating Activities $262.0M $650.4M
Capital Expenditures -$161.8M -$49.60M
Free Cash Flow $423.9M $700.0M
YoY Change -39.45% 962.22%

Facts In Submission

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us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">1. </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Nature of</span><span id="Notes" style="text-decoration: none;"/><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;"> Business</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0.32in;margin-right: 0;margin-top: 10pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">MercadoLibre, Inc. (“MercadoLibre” or the “Company”) was incorporated in the state of Delaware, in the United States of America, in October 1999. MercadoLibre </span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">is the largest online commerce ecosystem in Latin America</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, serving as an integrated regional platform and as a provider of</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> necessary digital and</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> technology tools that allow businesses and individuals to trade products and services in the region. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0.32in;margin-right: 0;margin-top: 10pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company enables commerce through its marketplace platform, which allows users to buy and sell in most of Latin America. Through Mercado Pago, the fintech solution, MercadoLibre enables individuals and businesses to send and receive digital payments; through Mercado Envios, MercadoLibre facilitates the shipping of goods from the Company and sellers to buyers; through the advertising products, MercadoLibre facilitates advertising services for large retailers and brands to promote their product and services on the web; through Mercado Shops, MercadoLibre allows users to set-up, manage, and promote their own on-line web-stores under a subscription-based business model; through Mercado Credito, MercadoLibre extends loans to certain merchants and consumers; and through Mercado Fondo, MercadoLibre allows users to invest funds deposited in their Mercado Pago accounts.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0.32in;margin-right: 0;margin-top: 10pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As of June 30, 2021, MercadoLibre, through its wholly-owned subsidiaries, operated online e-commerce 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 its FinTech solution in Argentina, Brazil, Mexico, Colombia, Chile, Peru and Uruguay, and extends loans through Mercado Credito in Argentina, Brazil and Mexico. It also offers a shipping solution directed towards Argentina, Brazil, Mexico, Colombia, Chile and Uruguay.</span></p>
CY2021Q2 meli Other Countries Long Lived Tangible And Intangible Assets
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us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0.32in;margin-right: 0;margin-top: 10pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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 and chargeback provisions, allowance for loans receivables, inventories valuation reserves, recoverability of goodwill, intangible assets with indefinite useful lives and deferred tax assets, impairment of short-term and long-term investments, impairment of long-lived assets, compensation costs relating to the Company’s long term retention plan, fair value of convertible debt, fair value of investments, fair value of derivative instruments, 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.</span></p>
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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4000
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us-gaap Loss Contingency Accrual Provision
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meli Number Of Purchase Commitments Entered
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EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
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8132000
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27122000
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25342000
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meli Finance Lease Cost
FinanceLeaseCost
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meli Finance Lease Cost
FinanceLeaseCost
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CY2021Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2021Q2 us-gaap Finance Lease Liability Payments Due Year Two
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2020Q2 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
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187000
CY2021Q2 us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
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187000
CY2021Q1 us-gaap Debt Instrument Face Amount
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CY2021Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1260391000

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