UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K/A

(Amendment No. 1)

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2018

 

MercadoLibre, Inc.
(Exact Name of Registrant as Specified in its Charter)

Delaware 001-33647 98-0212790
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification Number)

 

Arias 3751, 7th Floor, Buenos Aires, Argentina C1430CRG
(Address of Principal Executive Offices) (Zip Code)

011-54-11-4640-8000
(Registrant’s telephone number, including area code)


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 ☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 ☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)
     
 ☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 ☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
     
 
 
 

EXPLANATORY NOTE

On November 1, 2018, MercadoLibre, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Report”) with the Securities and Exchange Commission to report the Company’s financial results for the third quarter ended on September 30, 2018. This Amendment No. 1 (the “Amendment”) to the Report amends Items 2.02 and 9.01 of the Report to correct the percentage of FX neutral growth of the Company’s off-platform total payment volume for the quarter ended September 30, 2018 included in the press release furnished as Exhibit 99.1 to the Report. The phrase, “off-platform total payment volume grew 87.8% year-over-year in USD and 152.1% on an FX neutral basis” is now replaced with “off-platform total payment volume grew 87.8% year-over-year in USD and 163.3% on an FX neutral basis.” Except for correction of the typographical error referenced above, this Form 8-K/A does not update, modify, or amend any disclosures set forth in the Report.

Item 2.02Results of Operations and Financial Condition.

 

On November 1, 2018, the Company issued a press release. A copy of the press release, as corrected, is furnished hereto as Exhibit 99.1.

 

Item 9.01Financial Statements and Exhibits.

 

Exhibit 99.1 Press release dated November 1, 2018 (corrected).

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MercadoLibre, Inc.
     

Dated: November 2, 2018

 

By: /s/ Pedro Arnt
  Name: Pedro Arnt
  Title: Chief Financial Officer

 

EdgarFiling

EXHIBIT 99.1

MercadoLibre, Inc. Reports Third Quarter 2018 Financial Results

83.5 million Items Sold, up 12.5%,

103.9 million Total Payment Transactions, up 66.7%

Net Revenues of $355.3 million, up 58.3% on an FX neutral basis

BUENOS AIRES, Argentina, Nov. 01, 2018 (GLOBE NEWSWIRE) -- 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, 2018.

Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, “I am pleased to report another quarter of solid performance in our business, across our key business units. During the quarter we have: strengthened our online-to-offline payments offering, successfully expanded the financial services portfolio, once again confirmed the great resiliency of our marketplace business, and made important strides with the development of our proprietary logistics network. All this has translated into a strong top line growth, as gross billings grew 48% on an FX neutral basis year over year. And, from a bottom line perspective, operating losses showed a 61% reduction versus last quarter as we delivered break even EBITDA during Q3.”

Third Quarter 2018 Business Highlights1

__________________________________ 
1 Percentages have been calculated using whole amounts rather than rounded amounts.

Adoption of ASC 606

         
  In Millions
Gross  YTD 2017*   YTD 2018**   Q3 2017*   Q3 2018** 
Billings $   961.1 $   1,328.3 $   370.7 $   462.8
         
  In Millions
Adjustments  YTD 2017*   YTD 2018**   Q3 2017*   Q3 2018** 
(Decrease) $   102.6 $   316.7 $   65.7 $   107.6
         
  In Millions
Net  YTD 2017*   YTD 2018**   Q3 2017*   Q3 2018** 
Revenues $   858.5 $   1,011.6 $   304.9 $   355.3
         

*As Recast **As Reported
(*) The table above may not total due to rounding.

The tables below present our gross billing and amounts paid by us in connection with our free shipping service.

           
  In Millions
     YTD 2017   YTD 2018   Q3 2017   Q3 2018 
Gross
Billings
Brazil $ 569.3 $ 855.8 $ 229.5 $ 309.0
Argentina $ 250.7 $ 303.1 $ 91.3 $ 91.2
Mexico $ 58.3 $ 99.8 $ 22.6 $ 39.1
Venezuela $ 38.3 $ - $ 9.8 $ -
Others $ 44.5 $ 69.7 $ 17.5 $ 23.6
           
  In Millions
     YTD 2017   YTD 2018   Q3 2017   Q3 2018 
Adjustments
(Decrease)
Brazil $ 75.8 $ 254.9 $ 52.9 $ 88.2
Argentina $ - $ 17.3 $ - $ 7.5
Mexico $ 24.7 $ 36.3 $ 11.1 $ 10.1
Venezuela $ - $ - $ - $ -
Others $ 2.1 $ 8.2 $ 1.7 $ 1.8
           
  In Millions
     YTD 2017*   YTD 2018**   Q3 2017*   Q3 2018** 
Net
Revenues
Brazil $ 493.5 $ 600.8 $ 176.6 $ 220.8
Argentina $ 250.7 $ 285.8 $ 91.3 $ 83.7
Mexico $ 33.6 $ 63.6 $ 11.5 $ 29.0
Venezuela $ 38.3 $ - $ 9.8 $ -
Others $ 42.3 $ 61.5 $ 15.8 $ 21.8
           

*As Recast **As Reported
(*) The table above may not total due to rounding.

Third Quarter 2018 Financial Highlights

The following table summarizes certain key performance metrics for the three months ended September 30th, 2018 and 2017.

                         
    Nine-months Periods Ended   Three-month Periods Ended
     September 30,     September 30,
(in millions)*    2018
   2017 (**)    2018   2017 (**)
                         
Number of confirmed registered users at end of period     248.9     201.2     248.9     201.2
Number of confirmed new registered users during period     36.7     27.0     14.0     10.0
Gross merchandise volume   $ 9,271.8   $ 8,131.6   $ 2,995.2   $ 3,075.3
Number of successful items sold     249.1     188.9     83.5     74.2
Number of successful items shipped     159.6     102.4     54.3     41.7
Total payment volume   $ 13,153.8   $ 9,388.9   $ 4,552.4   $ 3,667.1
Total volume of payments on marketplace   $ 8,324.1   $ 6,620.3   $ 2,720.3   $ 2,592.9
Total payment transactions     263.7     158.2     103.9     62.3
Unique buyers     33.1     27.6     17.9     16.3
Unique sellers     12.9     8.7     4.3     4.6
Capital expenditures   $ 72.1   $ 52.1   $ 25.3   $ 17.5
Depreciation and amortization   $ 33.9   $ 30.0   $ 11.3   $ 10.9
                         

(*) Figures have been expressed using rounding amounts. Growth calculations using this table may not total due to rounding.
(**) Data for 2017 includes Venezuelan metrics. Please refer to Note 2 of our unaudited interim condensed consolidated financial statements for additional details

Table of Year-over-year USD Revenue Growth Rates by Quarter

      Year-over-year Growth rates
       
Consolidated Net Revenues     Q3’17 Q4’17 Q1’18 Q2’18 Q3’18
               
Brazil     35% 37% 15% 25% 25%
               
Argentina     30% 42% 43% 14% (8)%
               
Mexico     (3)% 48% 51% 62% 152%
               

Table of Year-over-year Local Currency Revenue Growth Rates by Quarter

      Year-over-year Growth rates
             
Consolidated Net Revenues     Q3’17 Q4’17 Q1’18 Q2’18 Q3’18
               
Brazil     31% 35% 19% 40% 56%
               
Argentina     51% 62% 80% 68% 68%
               
Mexico     (7)% 41% 39% 71% 168%
               

Conference Call and Webcast

The Company will host a conference call and audio webcast on Nov 1st, 2018 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing (877) 303-7209 / (970) 315-0420 (Conference ID 3879789) 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

Gross Billings - Total accrued fees, commissions, interest, and other sales received from users.

Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2017 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 MercadoLibre Marketplace, excluding Classifieds transactions.

Total payment transactions – Measure of the number of all transactions paid for 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, including marketplace and non-marketplace transactions.

Enhanced Marketplace - Revenues from the Enhanced Marketplace service, include the final value fees and shipping fees charged to the Company’s customers.

Items sold – Measure of the number of items that were sold/purchased through the MercadoLibre Marketplace, excluding Classifieds items.

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 MercadoLibre Marketplace and confirmed their registration, excluding Classifieds users.

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 MercadoLibre Marketplace and confirmed their registration, excluding Classifieds users.

Unique Buyers – New or existing users with at least one purchase made in the period, including Classifieds users.

Unique Sellers – New or existing users with at least one new listing in the period, including Classifieds users.

About MercadoLibre

Founded in 1999, MercadoLibre is Latin America's leading e-commerce technology company. Through its primary platforms, MercadoLibre.com and MercadoPago.com, it provides solutions to individuals and companies buying, selling, advertising, and paying for goods and services online.

MercadoLibre.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 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, 2017, 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.

 
Consolidated statements of income
(In thousands of U.S. dollars, except for share data)
                 
    Nine Months Ended September 30,   Three Months Ended September 30,
    2018   2017   2018   2017
Net revenues   $ 1,011,634     $ 858,479     $ 355,281     $ 304,921  
Cost of net revenues   $ (519,410 )   $ (342,241 )   $ (185,563 )   $ (129,094 )
Gross profit   $ 492,224     $ 516,238     $ 169,718     $ 175,827  
Operating expenses:                
Product and technology development   $ (107,311 )   $ (93,019 )   $ (35,478 )   $ (32,380 )
Sales and marketing   $ (342,382 )   $ (207,925 )   $ (110,443 )   $ (84,139 )
General and administrative   $ (111,195 )   $ (91,575 )   $ (34,800 )   $ (31,766 )
Impairment of Long-Lived Assets         $ (2,837 )            
Total operating expenses   $ (560,888 )   $ (395,356 )   $ (180,721 )   $ (148,285 )
(Loss) income from operations   $ (68,664 )   $ 120,882     $ (11,003 )   $ 27,542  
                 
Other income (expenses):                
Interest income and other financial gains   $ 27,746     $ 37,020     $ 8,636     $ 14,200  
Interest expense and other financial losses   $ (39,805 )   $ (19,686 )   $ (15,869 )   $ (6,709 )
Foreign currency gains (losses)   $ 22,102     $ (19,475 )   $ 3,924     $ 1,622  
Net (loss) income before income tax gain (expense)   $ (58,621 )   $ 118,741     $ (14,312 )   $ 36,655  
                 
Income tax gain (expense)   $ 24,372     $ (37,241 )   $ 4,234     $ (8,989 )
Net (loss) income   $ (34,249 )   $ 81,500     $ (10,078 )   $ 27,666  
                 
    Nine Months Ended September 30,   Three Months Ended September 30,
    2018   2017   2018   2017
Basic EPS                
Basic net (loss) income                
Available to shareholders per common share   $ (0.77 )   $ 1.85     $ ( 0.23 )   $ 0.63  
Weighted average of outstanding common shares   $ 44,302,724     $ 44,157,364     $ 44,588,704     $ 44,157,364  
Diluted EPS                
Diluted net (loss) income                
Available to shareholders per common share   $ ( 0.77 )   $ 1.85     $ ( 0.23 )   $ 0.63  
Weighted average of outstanding common shares   $ 44,302,724     $ 44,157,364     $ 44,588,704     $ 44,157,364  
                 
Cash Dividends declared (per share)         $ 0.45           $ 0.15  
                                 

 

 
Consolidated balance sheets
(In thousands of U.S. dollars, except par value)
       
  September 30,   December 31,
  2018   2017
Assets      
Current assets:      
Cash and cash equivalents $ 1,028,579     $ 388,260  
Restricted cash and cash equivalents $ 49,151        
Short-term investments $ 67,041     $ 209,432  
Accounts receivable, net $ 27,141     $ 28,168  
Credit cards receivables, net $ 266,461     $ 521,130  
Loans receivable, net $ 90,827     $ 73,409  
Prepaid expenses $ 11,013     $ 5,864  
Inventory $ 7,395     $ 2,549  
Other assets $ 54,071     $ 58,107  
Total current assets $ 1,601,679     $ 1,286,919  
Non-current assets:      
Long-term investments $ 2,823     $ 34,720  
Property and equipment, net $ 138,417     $ 114,837  
Goodwill $ 88,650     $ 92,279  
Intangible assets, net $ 18,719     $ 23,174  
Deferred tax assets $ 125,521     $ 57,324  
Other assets $ 42,542     $ 63,934  
Total non-current assets $ 416,672     $ 386,268  
Total assets $ 2,018,351     $ 1,673,187  
Liabilities and Equity      
Current liabilities:      
Accounts payable and accrued expenses $ 230,999     $ 221,095  
Funds payable to customers $ 525,089     $ 583,107  
Salaries and social security payable $ 57,372     $ 65,053  
Taxes payable $ 22,740     $ 32,150  
Loans payable and other financial liabilities $ 141,502     $ 56,325  
Other liabilities $ 11,830     $ 3,678  
Dividends payable       $ 6,624  
Total current liabilities $ 989,532     $ 968,032  
Non-current liabilities:      
Salaries and social security payable $ 23,389     $ 25,002  
Loans payable and other financial liabilities $ 554,830     $ 312,089  
Deferred tax liabilities $ 92,322     $ 23,819  
Other liabilities $ 16,526     $ 18,466  
Total non-current liabilities $ 687,067     $ 379,376  
Total liabilities $ 1,676,599     $ 1,347,408  
       
Equity:      
       
Common stock, $0.001 par value, 110,000,000 shares authorized,      
45,201,662 and 44,157,364 shares issued and outstanding at September 30,      
2018 and December 31, 2017 $ 45     $ 44  
Additional paid-in capital $ 221,719     $ 70,661  
Retained earnings $ 505,768     $ 537,925  
Accumulated other comprehensive loss $ (385,780 )   $ (282,851 )
Total Equity $ 341,752     $ 325,779  
Total Liabilities and Equity $ 2,018,351     $ 1,673,187  
               

 

 
Consolidated statements of cash flows
(In thousands of U.S. dollars, except par value)
         
    Nine Months Ended September 30,
    2018   2017
                 
Cash flows from operations:        
Net (loss) income   $ ( 34,249 )   $ 81,500  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:        
Unrealized devaluation loss, net   $ 9,262     $ 28,463  
Impairment of Long-Lived Assets         $ 2,837  
Depreciation and amortization   $ 33,861     $ 29,953  
Accrued interest   $ ( 11,258 )   $ ( 16,391 )
Non cash interest and convertible notes amortization of debt discount and amortization of debt issuance costs   $ 18,386     $ 9,234  
LTRP accrued compensation   $ 27,706     $ 28,734  
Deferred income taxes   $ ( 75,275 )   $ ( 14,769 )
Changes in assets and liabilities:        
Accounts receivable   $ ( 14,891 )   $ ( 13,380 )
Credit card receivables   $ 121,896     $ ( 113,514 )
Prepaid expenses   $ ( 6,810 )   $ 6,800  
Inventory   $ ( 6,015 )   $ ( 1,172 )
Other assets   $ ( 17,463 )   $ ( 31,528 )
Accounts payable and accrued expenses   $ 50,979     $ 71,794  
Funds payable to customers   $ 82,909     $ 151,635  
Other liabilities   $ 6,077     $ 3,703  
Interest received from investments   $ 10,986     $ 18,490  
Net cash provided by operating activities   $ 196,101     $ 242,389  
Cash flows from investing activities:        
Purchase of investments   $ ( 1,814,416 )   $ ( 3,180,633 )
Proceeds from sale and maturity of investments   $ 1,964,480     $ 3,371,543  
Payment for acquired businesses, net of cash acquired   $ ( 2,281 )      
Purchases of intangible assets   $ ( 217 )   $ ( 84 )
Advance for property and equipment   $ ( 4,426 )   $ ( 12,777 )
Changes in principal of loans receivable, net   $ ( 55,860 )   $ ( 46,951 )
Purchases of property and equipment   $ ( 65,133 )   $ ( 39,280 )
Net cash provided by investing activities   $ 22,147     $ 91,818  
Cash flows from financing activities:        
Funds received from the issuance of convertible notes   $ 880,000        
Transaction costs from the issuance of convertible notes   $ ( 16,264 )      
Purchase of convertible note capped call   $ ( 137,476 )   $ ( 67,308 )
Unwind of convertible note capped call   $ 121,703        
Payments on convertible notes   $ ( 348,123 )      
Proceeds from loans payable and other financial liabilities   $ 156,075     $ 13,153  
Payments on loans payable and other financing liabilities   $ ( 78,705 )   $ ( 4,304 )
Dividends paid   $ ( 6,624 )   $ ( 19,871 )
Net cash provided by (used in) financing activities   $ 570,586     $ ( 78,330 )
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents   $ ( 99,364 )   $ ( 28,819 )
Net increase in cash, cash equivalents and restricted cash equivalents   $ 689,470     $ 227,058  
Cash, cash equivalents and restricted cash  equivalents, beginning of the period   $ 388,260     $ 234,140  
Cash, cash equivalents and restricted cash equivalents, end of the period   $ 1,077,730     $ 461,198  
                 

Financial results of reporting segments

                       
    Three Months Ended September 30, 2018
    Brazil   Argentina   Mexico     Other Countries   Total
    (In thousands)
Net revenues   $  220,828   $  83,714   $  28,962     $  21,777   $  355,281  
Direct costs     (190,172   (60,409   (35,229     (18,822   (304,632
Direct contribution (loss)     30,656     23,305     (6,267     2,955     50,649  
                       
Operating expenses and indirect costs of net revenues                       (61,652
Loss from operations                       (11,003
                       
Other income (expenses):                      
Interest income and other financial gains                       8,636  
Interest expense and other financial losses                       (15,869
Foreign currency gains                       3,924  
Net loss before income tax gain                     $  (14,312 )
                       

 

                           
    Three Months Ended September 30, 2017  
    Brazil   Argentina   Mexico   Venezuela   Other Countries   Total  
    (In thousands)  
Net revenues   $  176,575   $  91,308   $  11,489   $  9,751   $  15,798   $  304,921  
Direct costs     (129,958   (56,210   (24,923   (4,582   (12,684   (228,357 )
Direct contribution (loss)     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   
                                       

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 2017 and applying them to the corresponding months in 2018, 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 period ended September 30, 2018:

                         
    Three-month Periods Ended
September 30, (*)
    As reported   FX Neutral Measures
(In millions, except percentages)   2018   2017   Percentage
Change
  2018   2017   Percentage
Change
    (Unaudited)       (Unaudited)    
Net revenues   $ 355.3   $ 304.9   16.5 %   $ 482.6   $ 304.9   58.3 %
Cost of net revenues     (185.6   (129.1 43.7 %     (254.3   (129.1 97.0 %
Gross profit     169.7     175.8   -3.5 %     228.3     175.8   29.8 %
                         
Operating expenses     (180.7   -148.3   21.9 %     (254.0   (148.3 71.3 %
(Loss) / Income from operations     (11.0   27.5   -140.0 %     (25.7   27.5   -193.4 %
                                     

(*) The table above may not total due to rounding.

CONTACT:

MercadoLibre, Inc.
Investor Relations
investor@mercadolibre.com
http://investor.mercadolibre.com

A PDF accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/89a2c73c-e351-409e-a9bd-8474b13c6109