74.2 million Sold Items, up 55.8%, 62.3 million Total Payment Transactions, up 69.4%
Net Revenues of $370.7 million, growing 60.6% in USD, 79.4% on an FX neutral basis
Net Income of $27.7million, resulting in EPS of $0.63
BUENOS AIRES, Argentina, Nov. 02, 2017 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) (http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the third quarter ended September 30, 2017.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, “Mercado Libre is now positioned more clearly than ever as one of the central engines of the digital revolution of the retail and fintech landscape in Latin America. In many ways, this quarter has been our best this year so far, and we are delighted to witness firsthand how the company is executing against the ambitious set of goals it has set forth. Our aspirations are clear. We will strive to become the preferred platform for our users facilitating their digital commerce, payments, and credit activities.”
Third Quarter 2017 Business Highlights
- Gross Merchandise Volume surpassed the $3 billion mark for the first time reaching $3,075.3 million dollars, and accelerating by almost 40 percentage points year on year to 50.7% in USD, while on an FX neutral basis GMV accelerated for the fourth consecutive quarter to 93.8% year on year.
- Items sold accelerated for the second consecutive quarter to 55.8% year on year to 74.2 million, delivering the fastest pace of unit volume growth in over five years.
- Unique buyers accelerated to 31.1% year-over-year driven by Brazil and Mexico. Colombia and Chile also delivering excellent performance, both accelerating unique buyers sequentially and year-over-year.
- Live listings being offered on Mercado Libre’s marketplace accelerated to 51% year on year during the third quarter of 2017 reaching 106 million listings, also being the first time the Company exceeded the 100 million mark.
- Mobile GMV penetration grew 1100 bps year-over-year to 47%, and is well on its way to represent 50% of total GMV.
- Items shipped through MercadoEnvíos reached 41.7 million, an 80.4% year-over-year growth driven by the most part by investments in free shipping, our loyalty program, Mercado Puntos, and customer acquisition. Mexico was one of the highlights of the quarter with items shipped growing 285% year-over-year.
- Total Payment Volume through MercadoPago increased 73.5% in USD and 86.0% on an FX neutral, basis reaching $3,667.1 million. Total Payment Transactions increased 69.4% year-over-year, ending the quarter with 62.3 million.
- Merchant Service business continues to go from strength to strength as one of the fastest growing non-marketplace business units. On a consolidated basis, off platform Total Payment Volume on an FX neutral basis grew 107.6% year-on-year.
- Mobile-point-of-sale devices sold in Brazil grew 447% and its TPV already represents 28% of the off platform total payment volume.
Third Quarter 2017 Financial Highlights
- Net revenues for the third quarter ascended to $370.7 million, a year-over-year increase of 60.6% in USD and 79.4% on an FX neutral basis.
- Marketplace revenues grew 69.1% in USD, and 97.5% on an FX neutral basis, while non-marketplace revenues grew 48.6% in USD and 54.0% on an FX neutral basis.
- Gross profit for the third quarter of 2017 was $175.8 million with a margin of 47.4%, compared to 63.1% in the third quarter of 2016. Most of the gross margin compression is attributed to increase in costs of providing free shipping.
- Total operating expenses were $148.3 million, up 61.3% year-over-year. As a percentage of revenues, operating expenses were 40.0% versus 39.8% during the same quarter last year.
- Income from operations was $27.5 million, down 48.7% year-over-year. As a percentage of revenues, it was 7.4%, versus 23.3% during the third quarter of 2016.
- Interest income grew to $14.2 million a 43.6% increase year-over-year.
- The company incurred $6.7 million dollars in financial expenses in the third quarter of 2017.
- Net income before taxes was $36.7 million, down 29.9% year-over-year.
- Income tax expense was $9.0 million during the third quarter, yielding a blended tax rate for the period of 24.5%.
- Net income as reported for the third quarter was $27.7 million dollars, resulting in basic net income per share of $63 cents.
- Net cash provided by operating activities was $16.1 million. Net increase in cash and cash equivalents was $78.4 million dollars for the three months ended September 30th (*).
(*) Three month period ended September 30th is calculated by taking the difference between nine months ended September 30th and six months ended June 30th
Third Quarter 2017 Corporate Highlights
The company declared a quarterly dividend of $0.150 per share; this quarterly dividend is payable on January 16, 2018 to stockholders of record as of the close of business on December 31, 2017.
The following table summarizes certain key performance metrics for the three months ended September 30th, 2017 and 2016.
| Three months ended September 30, (in MM) | ||||||||||
| 2016 | 2017 | %YoY | %YoY Local Currency | |||||||
| Total confirmed registered users at the end of period | 166.3 | 201.2 | 21.0 | % | ||||||
| New confirmed registered users during the period | 7.7 | 10.0 | 29.5 | % | ||||||
| Gross merchandise volume | $ | 2,040.2 | $ | 3,075.3 | 50.7 | % | 93.8% | |||
| Number of successful items sold | 47.6 | 74.2 | 55.8 | % | ||||||
| Number of successful items shipped | 23.1 | 41.7 | 80.4 | % | ||||||
| Total payment volume | $ | 2,114.0 | $ | 3,667.1 | 73.5 | % | 86.0% | |||
| Total volume of payments on marketplace | $ | 1,519.9 | $ | 2,592.9 | 70.6 | % | ||||
| Tota payments transactions | 36.8 | 62.3 | 69.4 | % | ||||||
| Unique Buyers | 12.4 | 16.3 | 31.1 | % | ||||||
| Unique Sellers | 4.0 | 4.6 | 14.1 | % | ||||||
| (*) The table above may not total due to rounding. | ||||||||||
Table of Year-on-Year Local Currency Revenue Growth Rates by Quarter
| YoY Growth rates | ||||||||||
| Consolidated Net Revenues | ||||||||||
| Q3'16 | Q4'16 | Q1'17 | Q2'17 | Q3'17 | ||||||
| Brazil | 62 | % | 64 | % | 66 | % | 60 | % | 71 | % |
| Argentina | 68 | % | 60 | % | 58 | % | 44 | % | 51 | % |
| Mexico | 36 | % | 29 | % | 55 | % | 80 | % | 82 | % |
| Venezuela | 152 | % | 199 | % | 291 | % | 353 | % | 571 | % |
| Others | 33 | % | 42 | % | 36 | % | 34 | % | 55 | % |
| Total | 66 | % | 68 | % | 79 | % | 65 | % | 79 | % |
Table of Year-on-Year USD Revenue Growth Rates by Quarter
| YoY Growth rates | ||||||||||
| Consolidated Net Revenues | ||||||||||
| Q3'16 | Q4'16 | Q1'17 | Q2'17 | Q3'17 | ||||||
| Brazil | 76 | % | 92 | % | 106 | % | 75 | % | 75 | % |
| Argentina | 4 | % | 4 | % | 48 | % | 30 | % | 30 | % |
| Mexico | 19 | % | 8 | % | 40 | % | 76 | % | 91 | % |
| Venezuela | -22 | % | -10 | % | 19 | % | 90 | % | 42 | % |
| Others | 33 | % | 46 | % | 47 | % | 39 | % | 57 | % |
| Total | 37 | % | 42 | % | 74 | % | 59 | % | 61 | % |
Conference Call and Webcast
The Company will host a conference call and audio webcast on November 2nd, 2017 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing +(970) 315-0420 or +(877) 303-7209 (Conference ID 58231198) and requesting inclusion in the call for Mercado Libre. 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
Blended tax rate – Defined as income and asset tax expense as a percentage of income before income and assets tax.
Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2016 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 motor vehicles, vessels, aircraft, real estate, and services.
Total payment transactions – Measure of the number of all transactions completed using MercadoPago.
Total volume of payments on marketplace - Measure of the total U.S. dollar sum of all marketplace transactions paid for using MercadoPago, excluding shipping and financing fees.
Total payment volume – Measure of total U.S. dollar sum of all transactions paid for using MercadoPago.
Items sold – Measure of the number of items sold/purchased through the Mercado Libre Marketplace.
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.
New confirmed registered users – Measure of the number of new users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July’12, registration and confirmation take place in the same step of the registration flow.
Operating margin – Defined as income from operations as a percentage of net revenues.
Total confirmed registered users – Measure of the cumulative number of users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July ’12, registration and confirmation take place in the same step of the registration flow.
Unique Buyers – New or existing buyers with at least one purchase made in the period.
Unique Sellers – New or existing sellers with at least one sale made in the period.
About Mercado Libre
Founded in 1999, Mercado Libre is Latin America's leading e-commerce technology company. Through its primary platforms, Mercado Libre.com and Mercado Pago.com, it provides solutions to individuals and companies buying, selling, advertising, and paying for goods and services online.
Mercado Libre.com serves millions of users and creates a market for a wide variety of goods and services in an easy, safe and efficient way. The site is among the top 50 in the world in terms of page views and is the leading retail platform in unique visitors in the major countries in which it operates according to metrics provided by comScore Networks. 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 Mercado Libre, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4193
Consolidated balance sheets
(In thousands of U.S. dollars, except par value)
| September 30, | December 31, | ||||||
| 2017 | 2016 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 461,198 | $ | 234,140 | |||
| Short-term investments | 175,165 | 253,321 | |||||
| Accounts receivable, net | 28,564 | 25,435 | |||||
| Credit cards receivables, net | 406,883 | 307,904 | |||||
| Loans receivable, net | 51,843 | 6,283 | |||||
| Prepaid expenses | 8,199 | 15,060 | |||||
| Inventory | 2,309 | 1,103 | |||||
| Other assets | 47,995 | 26,215 | |||||
| Total current assets | 1,182,156 | 869,461 | |||||
| Non-current assets: | |||||||
| Long-term investments | 45,550 | 153,803 | |||||
| Property and equipment, net | 136,101 | 124,261 | |||||
| Goodwill | 95,249 | 91,797 | |||||
| Intangible assets, net | 24,642 | 26,277 | |||||
| Deferred tax assets | 66,163 | 45,017 | |||||
| Other assets | 68,431 | 56,819 | |||||
| Total non-current assets | 436,136 | 497,974 | |||||
| Total assets | $ | 1,618,292 | $ | 1,367,435 | |||
| Liabilities and Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 181,557 | $ | 105,106 | |||
| Funds payable to customers | 519,420 | 370,693 | |||||
| Salaries and social security payable | 61,168 | 48,898 | |||||
| Taxes payable | 27,923 | 27,338 | |||||
| Loans payable and other financial liabilities | 24,701 | 11,583 | |||||
| Other liabilities | 1,400 | 6,359 | |||||
| Dividends payable | 6,624 | 6,624 | |||||
| Total current liabilities | 822,793 | 576,601 | |||||
| Non-current liabilities: | |||||||
| Salaries and social security payable | 22,124 | 16,173 | |||||
| Loans payable and other financial liabilities | 309,444 | 301,940 | |||||
| Deferred tax liabilities | 40,435 | 34,059 | |||||
| Other liabilities | 17,340 | 9,808 | |||||
| Total non-current liabilities | 389,343 | 361,980 | |||||
| Total liabilities | $ | 1,212,136 | $ | 938,581 | |||
| Equity: | |||||||
| Common stock, $0.001 par value, 110,000,000 shares authorized, | |||||||
| 44,157,364 shares issued and outstanding at September 30, | |||||||
| 2017 and December 31, 2016 | $ | 44 | $ | 44 | |||
| Additional paid-in capital | 70,674 | 137,982 | |||||
| Retained earnings | 612,269 | 550,641 | |||||
| Accumulated other comprehensive loss | (276,831 | ) | (259,813 | ) | |||
| Total Equity | 406,156 | 428,854 | |||||
| Total Liabilities and Equity | $ | 1,618,292 | $ | 1,367,435 | |||
Consolidated statements of cash flows
(In thousands of U.S. dollars, except par value)
| Nine Months Ended September 30 | ||||||||
| 2017 | 2016 | |||||||
| Cash flows from operations: | ||||||||
| Net income | $ | 81,500 | $ | 85,017 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Unrealized Devaluation Loss, net | 28,463 | 5,162 | ||||||
| Impairment of Long-Lived Assets | 2,837 | 13,717 | ||||||
| Depreciation and amortization | 29,953 | 20,698 | ||||||
| Accrued interest | (16,391 | ) | (12,643 | ) | ||||
| Non cash interest and convertible bonds amortization of debt discount and amortization of debt issuance costs | 9,234 | 9,122 | ||||||
| LTRP accrued compensation | 28,734 | 19,251 | ||||||
| Deferred income taxes | (14,769 | ) | (5,895 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (13,380 | ) | (2,409 | ) | ||||
| Credit Card Receivables | (113,514 | ) | (92,811 | ) | ||||
| Prepaid expenses | 6,800 | (272 | ) | |||||
| Inventory | (1,172 | ) | (1,048 | ) | ||||
| Other assets | (31,528 | ) | (15,865 | ) | ||||
| Accounts payable and accrued expenses | 71,794 | 13,852 | ||||||
| Funds payable to customers | 151,635 | 100,322 | ||||||
| Other liabilities | 3,703 | 136 | ||||||
| Interest received from investments | 18,490 | 11,348 | ||||||
| Net cash provided by operating activities | 242,389 | 147,682 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of investments | (3,180,633 | ) | (2,548,060 | ) | ||||
| Proceeds from sale and maturity of investments | 3,371,543 | 2,525,118 | ||||||
| Payment for acquired businesses, net of cash acquired | — | (7,284 | ) | |||||
| Purchases of intangible assets | (84 | ) | (49 | ) | ||||
| Advance for property and equipment | (12,777 | ) | (6,129 | ) | ||||
| Changes in principal of loans receivable, net | (46,951 | ) | — | |||||
| Purchases of property and equipment | (39,280 | ) | (55,510 | ) | ||||
| Net cash provided by (used in) investing activities | 91,818 | (91,914 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from loans payable and other financial liabilities | 13,153 | 3,892 | ||||||
| Payments on loans payable and other financing liabilities | (4,304 | ) | (6,492 | ) | ||||
| Dividends paid | (19,871 | ) | (17,795 | ) | ||||
| Purchase of convertible note capped call | (67,308 | ) | — | |||||
| Net cash used in financing activities | (78,330 | ) | (20,395 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (28,819 | ) | (14,259 | ) | ||||
| Net increase in cash and cash equivalents | 227,058 | 21,114 | ||||||
| Cash and cash equivalents, beginning of the period | $ | 234,140 | $ | 166,881 | ||||
| Cash and cash equivalents, end of the period | $ | 461,198 | $ | 187,995 | ||||
Consolidated statements of income
(In thousands of U.S. dollars, except for share data)
| Nine Months Ended September 30 | Three Months Ended September 30, | ||||||||||||||||
| 2017 | 2016 | 2017 | 2016 | ||||||||||||||
| Net revenues | $ | 961,117 | $ | 588,121 | $ | 370,661 | $ | 230,847 | |||||||||
| Cost of net revenues | (444,879 | ) | (213,993 | ) | (194,834 | ) | (85,199 | ) | |||||||||
| Gross profit | 516,238 | 374,128 | 175,827 | 145,648 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Product and technology development | (93,019 | ) | (72,223 | ) | (32,380 | ) | (26,066 | ) | |||||||||
| Sales and marketing | (207,925 | ) | (107,743 | ) | (84,139 | ) | (39,723 | ) | |||||||||
| General and administrative | (91,575 | ) | (64,061 | ) | (31,766 | ) | (26,150 | ) | |||||||||
| Impairment of Long-Lived Assets | (2,837 | ) | (13,717 | ) | — | — | |||||||||||
| Total operating expenses | (395,356 | ) | (257,744 | ) | (148,285 | ) | (91,939 | ) | |||||||||
| Income from operations | 120,882 | 116,384 | 27,542 | 53,709 | |||||||||||||
| Other income (expenses): | |||||||||||||||||
| Interest income and other financial gains | 37,020 | 25,192 | 14,200 | 9,892 | |||||||||||||
| Interest expense and other financial losses | (19,686 | ) | (18,807 | ) | (6,709 | ) | (6,492 | ) | |||||||||
| Foreign currency (loss) / gain | (19,475 | ) | (5,062 | ) | 1,622 | (4,823 | ) | ||||||||||
| Net income before income tax expense | 118,741 | 117,707 | 36,655 | 52,286 | |||||||||||||
| Income tax expense | (37,241 | ) | (32,690 | ) | (8,989 | ) | (13,374 | ) | |||||||||
| Net income | $ | 81,500 | $ | 85,017 | $ | 27,666 | $ | 38,912 | |||||||||
| Nine Months Ended September 30 | Three Months Ended September 30, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||
| Basic EPS | ||||||||||||
| Basic net income | ||||||||||||
| Available to shareholders per common share | $ | 1.85 | $ | 1.93 | $ | 0.63 | $ | 0.88 | ||||
| Weighted average of outstanding common shares | 44,157,364 | 44,157,215 | 44,157,364 | 44,157,341 | ||||||||
| Diluted EPS | ||||||||||||
| Diluted net income | ||||||||||||
| Available to shareholders per common share | $ | 1.85 | $ | 1.93 | $ | 0.63 | $ | 0.88 | ||||
| Weighted average of outstanding common shares | 44,157,364 | 44,157,215 | 44,157,364 | 44,157,341 | ||||||||
| Cash Dividends declared (per share) | 0.450 | 0.450 | 0.150 | 0.150 | ||||||||
Financial results of reporting segments
| Three Months Ended September 30, 2017 | ||||||||||||||||||||||||||||||||
| Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | |||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||
| Net revenues | $ | 229,475 | $ | 91,308 | $ | 22,604 | $ | 9,751 | $ | 17,523 | $ | 370,661 | ||||||||||||||||||||
| Direct costs | (182,858 | ) | (56,210 | ) | (36,038 | ) | (4,582 | ) | (14,409 | ) | (294,097 | ) | ||||||||||||||||||||
| Direct contribution | 46,617 | 35,098 | (13,434 | ) | 5,169 | 3,114 | 76,564 | |||||||||||||||||||||||||
| Operating expenses and indirect costs of net revenues | (49,022 | ) | ||||||||||||||||||||||||||||||
| Income from operations | 27,542 | |||||||||||||||||||||||||||||||
| Other income (expenses): | ||||||||||||||||||||||||||||||||
| Interest income and other financial gains | 14,200 | |||||||||||||||||||||||||||||||
| Interest expense and other financial losses | (6,709 | ) | ||||||||||||||||||||||||||||||
| Foreign currency gains | 1,622 | |||||||||||||||||||||||||||||||
| Net income before income tax expense | $ | 36,655 | ||||||||||||||||||||||||||||||
| Three Months Ended September 30, 2016 | ||||||||||||||||||||||||
| Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | |||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
| Net revenues | $ | 131,003 | $ | 69,983 | $ | 11,807 | $ | 6,885 | $ | 11,169 | $ | 230,847 | ||||||||||||
| Direct costs | (77,012 | ) | (39,026 | ) | (10,353 | ) | (3,462 | ) | (7,943 | ) | (137,796 | ) | ||||||||||||
| Direct contribution | 53,991 | 30,957 | 1,454 | 3,423 | 3,226 | 93,051 | ||||||||||||||||||
| Operating expenses and indirect costs of net revenues | (39,342 | ) | ||||||||||||||||||||||
| Income from operations | 53,709 | |||||||||||||||||||||||
| Other income (expenses): | ||||||||||||||||||||||||
| Interest income and other financial gains | 9,892 | |||||||||||||||||||||||
| Interest expense and other financial losses | (6,492 | ) | ||||||||||||||||||||||
| Foreign currency losses | (4,823 | ) | ||||||||||||||||||||||
| Net income before income tax expense | $ | 52,286 | ||||||||||||||||||||||
Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we use foreign exchange (“FX”) neutral measures as non-GAAP measure.
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.
Reconciliation of this non-GAAP financial measure to the most comparable U.S. GAAP financial measures can be found in the tables included in this quarterly report.
The Company believes that reconciliation of FX neutral measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Specifically, we believe this non-GAAP measure 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 2016 and applying them to the corresponding months in 2017, 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, this measure does 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-month periods ended September 30, 2017:
| Three-months Periods Ended September 30, (*) | |||||||||||||||||||||||||||
| As reported | FX Neutral Measures | ||||||||||||||||||||||||||
| (In millions, except percentages) | 2017 | 2016 | Percentage Change | 2017 | 2016 | Percentage Change | |||||||||||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||||||||||||||
| Net revenues | $ | 370.7 | $ | 230.8 | 60.6% | $ | 414.0 | $ | 230.8 | 79.4% | |||||||||||||||||
| Cost of net revenues | (194.8 | ) | (85.2 | ) | 128.7% | (202.0 | ) | (85.2 | ) | 137.1% | |||||||||||||||||
| Gross profit | 175.8 | 145.6 | 20.7% | 212.0 | 145.6 | 45.6% | |||||||||||||||||||||
| Operating expenses | (148.3 | ) | (91.9 | ) | 61.3% | (160.9 | ) | (91.9 | ) | 75.0% | |||||||||||||||||
| Income from operations | 27.5 | 53.7 | -48.7% | 51.2 | 53.7 | -4.8% | |||||||||||||||||||||
| (*) The table above may not total due to rounding. | |||||||||||||||||||||||||||
CONTACT:
MercadoLibre, Inc.
Investor Relations
investor@mercadolibre.com
http://investor.mercadolibre.com