* Fourth quarter Sold Items of 36.8 million, up 27%, 128.4 million for Full Year
* Fourth Quarter Net Revenues of $180.7 million, growing 12% in USD, 69% in local currencies
* Fourth Quarter Net Income of $39.0 million resulting in a $0.88 EPS.
BUENOS AIRES, Argentina, Feb. 25, 2016 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq:MELI) (http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the fourth quarter and fiscal year ended December 31, 2015.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, "We exited 2015 on a favorable trajectory across all our major initiatives, allowing us to wrap up one of the strongest years ever in terms of executing the strategic vision we set forth for the company. As we delve into our 2016 plan and beyond, we remain constant in our belief that product driven innovation and a customer-centric culture across our BU's will be the cornerstones of our efforts during the year."
Full Year 2015 Business Highlights
Fourth Quarter 2015 Operational Highlights
Exiting the year with increased user engagement of our ecosystem through improved product offerings:
Fourth Quarter 2015 Financial Highlights
(*) See note on "Non-GAAP Financial Measures"
The following table summarizes certain key performance metrics for the three months ended December 31, 2015 and 2014.
Three months ended December 31, (in MM) | ||||||||||||
2015 | 2014 | %YoY | %YoY Local Currency | |||||||||
Total confirmed registered users at the end of period | 144.6 | 120.9 | 19.6 | % | - | |||||||
New confirmed registered users during the period | 6.3 | 5.7 | 9.2 | % | - | |||||||
Gross merchandise volume | $ | 2,006.1 | $ | 1,797.3 | 11.6 | % | 85.8 | % | ||||
Items sold | 36.8 | 29.0 | 27.0 | % | - | |||||||
Total payment volume | $ | 1,556.4 | $ | 1,098.6 | 41.7 | % | 97.0 | % | ||||
Total payment transactions | 25.4 | 14.2 | 78.6 | % | - | |||||||
Table of Year-on-Year Local Currency Revenue Growth Rates by Quarter
YoY Growth rates | |||||||||||||||
Consolidated Net Revenues | |||||||||||||||
Q4'14 | Q1'15 | Q2'15 | Q3'15 | Q4'15 | |||||||||||
Brazil | 61 | % | 58 | % | 58 | % | 47 | % | 42 | % | |||||
Argentina | 98 | % | 94 | % | 90 | % | 83 | % | 79 | % | |||||
Mexico | 21 | % | 32 | % | 26 | % | 26 | % | 29 | % | |||||
Venezuela | 253 | % | 284 | % | 284 | % | 281 | % | 272 | % | |||||
Others | 61 | % | 33 | % | 12 | % | 3 | % | 14 | % | |||||
Total | 109 | % | 100 | % | 88 | % | 68 | % | 69 | % | |||||
Conference Call and Webcast
The Company will host a conference call and audio webcast on February 25, 2016 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing +(970) 315-0420 or +(877) 303-7209 (Conference ID 51641541) 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
Blended tax rate — Defined as income and asset tax expense as a percentage of income before income and assets tax.
Excluding Venezuela — Given the current currency distortions and hyperinflation present in Venezuela, the Company's growth data disclosed above excludes the impact of the results of operations from its Venezuelan subsidiaries. The disclosure of this data enables investors to evaluate the company's operating performance from period to period without the distortions caused by Venezuela's hyperinflation and foreign exchange policies.
Free Cash Flow — Defined as cash flows from operating activities less property, equipment, intangible assets net of financial liabilities and payment for acquired business net of cash acquired.
Currency devaluations impact — Constant currency analysis is used in order to provide a better understanding of the impact on margins of the currency fluctuations. Constant currency estimates are calculated using this quarter's exchange rate as the constant rate.
Gross merchandise volume — Measure of the total U.S. dollar sum of all transactions completed through the MercadoLibre Marketplace, excluding motor vehicles, vessels, aircraft, real estate, and services.
Items sold — Measure of the number of items sold/purchased through the MercadoLibre Marketplace.
Local Currency Growth Rates — Calculated by using the average monthly exchange rate for each month during the previous year and applying it to the corresponding month in the current year, so as to calculate what the growth would have been had exchange rates been the same throughout both periods.
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 platform (including MercadoPago) 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 MercadoLibre platform (including MercadoPago) and confirmed their registration. Since July '12, registration and confirmation take place in the same step of the registration flow.
Total payment transactions — Measure of the number of all transactions completed using MercadoPago.
Total payment volume — Measure of total U.S. dollar sum of all transactions paid for using MercadoPago.
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 http://www.globenewswire.com/newsroom/prs/?pkgid=4193
Consolidated balance sheets
December 31, | December 31, | ||||||
2015 | 2014 | ||||||
Assets | (In thousands) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 166,881 | $ | 223,144 | |||
Short-term investments | 202,112 | 148,810 | |||||
Accounts receivable, net | 28,428 | 46,672 | |||||
Credit cards receivables, net | 131,946 | 85,162 | |||||
Prepaid expenses | 6,007 | 3,458 | |||||
Inventory | 222 | — | |||||
Deferred tax assets | 12,290 | 11,520 | |||||
Other assets | 9,577 | 13,984 | |||||
Total current assets | 557,463 | 532,750 | |||||
Non-current assets: | |||||||
Long-term investments | 187,621 | 205,265 | |||||
Property and equipment, net | 81,633 | 91,545 | |||||
Goodwill | 86,545 | 68,829 | |||||
Intangible assets, net | 28,991 | 23,171 | |||||
Deferred tax assets | 17,398 | 21,554 | |||||
Other assets | 43,955 | 23,734 | |||||
Total non-current assets | 446,143 | 434,098 | |||||
Total assets | $ | 1,003,606 | $ | 966,848 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable and accrued expenses | $ | 62,038 | $ | 58,006 | |||
Funds payable to customers | 203,247 | 165,034 | |||||
Salaries and social security payable | 32,918 | 28,777 | |||||
Taxes payable | 10,092 | 26,013 | |||||
Loans payable and other financial liabilities | 1,965 | 1,642 | |||||
Deferred tax liabilities | 2,551 | 1,645 | |||||
Other liabilities | 7,667 | 4,176 | |||||
Dividends payable | 4,548 | 7,330 | |||||
Total current liabilities | 325,026 | 292,623 | |||||
Non-current liabilities: | |||||||
Salaries and social security payable | 10,422 | 11,326 | |||||
Loans payable and other financial liabilities | 294,342 | 282,184 | |||||
Deferred tax liabilities | 24,498 | 18,746 | |||||
Other liabilities | 9,860 | 6,181 | |||||
Total non-current liabilities | 339,122 | 318,437 | |||||
Total liabilities | $ | 664,148 | $ | 611,060 | |||
Commitments and contingencies | - | - | |||||
Equity: | |||||||
Common stock, $0.001 par value, 110,000,000 shares authorized, | |||||||
44,156,854 and 44,154,572 shares issued and outstanding at December 31, | |||||||
2015 and December 31, 2014, respectively | $ | 44 | $ | 44 | |||
Additional paid-in capital | 137,923 | 137,645 | |||||
Retained earnings | 440,770 | 353,173 | |||||
Accumulated other comprehensive loss | (239,279 | ) | (135,074 | ) | |||
Total Equity | 339,458 | 355,788 | |||||
Total Liabilities and Equity | $ | 1,003,606 | $ | 966,848 | |||
Consolidated statements of income
Year Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Net revenues | $ | 651,790 | $ | 556,536 | $ | 472,595 | $ | 180,732 | $ | 161,370 | |||||||||
Cost of net revenues | (214,994 | ) | (158,978 | ) | (130,077 | ) | (63,162 | ) | (47,665 | ) | |||||||||
Gross profit | 436,796 | 397,558 | 342,518 | 117,570 | 113,705 | ||||||||||||||
Operating expenses: | |||||||||||||||||||
Product and technology development | (76,423 | ) | (53,600 | ) | (40,888 | ) | (22,497 | ) | (16,027 | ) | |||||||||
Sales and marketing | (128,609 | ) | (111,627 | ) | (90,484 | ) | (42,167 | ) | (33,400 | ) | |||||||||
General and administrative | (76,342 | ) | (62,364 | ) | (57,607 | ) | (19,215 | ) | (19,041 | ) | |||||||||
Impairment of Long-Lived Assets | (16,226 | ) | (49,496 | ) | — | — | — | ||||||||||||
Total operating expenses | (297,600 | ) | (277,087 | ) | (188,979 | ) | (83,879 | ) | (68,468 | ) | |||||||||
Income from operations | 139,196 | 120,471 | 153,539 | 33,691 | 45,237 | ||||||||||||||
Other income (expenses): | |||||||||||||||||||
Interest income and other financial gains | 20,561 | 15,336 | 10,668 | 5,792 | 4,366 | ||||||||||||||
Interest expense and other financial losses | (20,391 | ) | (11,659 | ) | (2,356 | ) | (4,229 | ) | (4,941 | ) | |||||||||
Foreign currency gains (losses) | 11,125 | (2,352 | ) | 1,258 | 17,772 | 5,299 | |||||||||||||
Net income before income / asset tax expense | 150,491 | 121,796 | 163,109 | 53,026 | 49,961 | ||||||||||||||
Income / asset tax expense | (44,702 | ) | (49,143 | ) | (45,583 | ) | (14,062 | ) | (15,800 | ) | |||||||||
Net income | $ | 105,789 | $ | 72,653 | $ | 117,526 | $ | 38,964 | $ | 34,161 | |||||||||
Less: Net Income attributable to Redeemable Noncontrolling Interest | — | 72 | 19 | — | 16 | ||||||||||||||
Net income attributable to MercadoLibre, Inc. shareholders | $ | 105,789 | $ | 72,581 | $ | 117,507 | $ | 38,964 | $ | 34,145 | |||||||||
Year Ended December 31, | Three Months Ended December 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | |||||||||||||||
Basic EPS | |||||||||||||||||||
Basic net income attributable to MercadoLibre, Inc. | |||||||||||||||||||
Shareholders per common share | $ | 2.40 | $ | 1.63 | $ | 2.66 | $ | 0.88 | $ | 0.76 | |||||||||
Weighted average of outstanding common shares | 44,155,680 | 44,153,884 | 44,152,600 | 44,156,800 | 44,154,412 | ||||||||||||||
Diluted EPS | |||||||||||||||||||
Diluted net income attributable to MercadoLibre, Inc. | |||||||||||||||||||
Shareholders per common share | $ | 2.40 | $ | 1.63 | $ | 2.66 | $ | 0.88 | $ | 0.76 | |||||||||
Weighted average of outstanding common shares | 44,155,680 | 44,153,884 | 44,152,600 | 44,156,800 | 44,154,412 | ||||||||||||||
Cash Dividends declared | 0.412 | 0.664 | 0.572 | 0.103 | 0.166 | ||||||||||||||
Consolidated statements of cash flows
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operations: | ||||||||||||
Net income attributable to MercadoLibre, Inc. Shareholders | $ | 105,789 | $ | 72,581 | $ | 117,507 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Net income attributable to Redeemable Noncontrolling Interest | - | 72 | 19 | |||||||||
Unrealized Devaluation Loss, net | 14,717 | 13,808 | 6,421 | |||||||||
Impairment of Long-Lived Assets | 16,226 | 49,496 | — | |||||||||
Depreciation and amortization | 23,209 | 16,947 | 11,879 | |||||||||
Accrued interest | (12,783 | ) | (9,029 | ) | (9,883 | ) | ||||||
Convertible bonds accrued interest and amortization of debt discount | 17,272 | 7,874 | — | |||||||||
LTRP accrued compensation | 10,213 | 11,852 | 11,645 | |||||||||
Deferred income taxes | 4,354 | (20,237 | ) | (7,848 | ) | |||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (36,476 | ) | (36,120 | ) | (22,764 | ) | ||||||
Credit Card Receivables | (109,139 | ) | (45,521 | ) | (27,315 | ) | ||||||
Prepaid expenses | (3,907 | ) | (157 | ) | (2,075 | ) | ||||||
Inventory | (237 | ) | — | — | ||||||||
Other assets | (2,340 | ) | (5,982 | ) | (23,127 | ) | ||||||
Accounts payable and accrued expenses | 63,668 | 68,780 | 26,037 | |||||||||
Funds payable to customers | 119,353 | 61,072 | 47,558 | |||||||||
Other liabilities | 1,765 | 1,675 | 2,986 | |||||||||
Interest received from investments | 9,686 | 9,682 | 11,473 | |||||||||
Net cash provided by operating activities | 221,370 | 196,793 | 142,513 | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of investments | (1,949,769 | ) | (2,577,130 | ) | (1,135,941 | ) | ||||||
Proceeds from sale and maturity of investments | 1,875,516 | 2,330,836 | 1,174,790 | |||||||||
Payment for acquired businesses, net of cash acquired | (45,009 | ) | (36,814 | ) | (3,423 | ) | ||||||
Payment of remaining amount from business acquisition | - | (4,000 | ) | — | ||||||||
Purchases of intangible assets | (1,746 | ) | (857 | ) | (459 | ) | ||||||
Advance for property and equipment | (23,380 | ) | — | — | ||||||||
Purchases of property and equipment | (39,150 | ) | (34,426 | ) | (113,756 | ) | ||||||
Net cash used in investing activities | (183,538 | ) | (322,391 | ) | (78,789 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Funds received from the issuance of convertible notes | - | 330,000 | — | |||||||||
Transaction costs from the issuance of convertible notes | - | (8,084 | ) | — | ||||||||
Purchase of convertible note capped call | - | (19,668 | ) | — | ||||||||
Proceeds from loans payable and other finanacial liabilities | 5,033 | — | 31,454 | |||||||||
Payments on loans payable and other financial liabilities | (9,059 | ) | (7,704 | ) | (15,937 | ) | ||||||
Dividends paid | (20,974 | ) | (28,303 | ) | (23,754 | ) | ||||||
Repurchase of Common Stock | (2,714 | ) | (1,944 | ) | (1,012 | ) | ||||||
Stock options exercised | — | — | 3 | |||||||||
Net cash (used in) provided by financing activities | (27,714 | ) | 264,297 | (9,246 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (66,381 | ) | (55,840 | ) | (15,682 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (56,263 | ) | 82,859 | 38,796 | ||||||||
Cash and cash equivalents, beginning of the year | $ | 223,144 | 140,285 | 101,489 | ||||||||
Cash and cash equivalents, end of the year | $ | 166,881 | $ | 223,144 | $ | 140,285 | ||||||
Financial results of reporting segments
Year Ended December 31, 2015 | |||||||||||||||||||||||
Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net revenues | $ | 290,602 | $ | 245,011 | $ | 40,338 | $ | 40,475 | $ | 35,364 | $ | 651,790 | |||||||||||
Direct costs | (180,394 | ) | (134,750 | ) | (31,282 | ) | (15,287 | ) | (24,605 | ) | (386,318 | ) | |||||||||||
Impairment of Long-lived Assets | - | - | - | (16,226 | ) | - | (16,226 | ) | |||||||||||||||
Direct contribution | 110,208 | 110,261 | 9,056 | 8,962 | 10,759 | 249,246 | |||||||||||||||||
Operating expenses and indirect costs of net revenues | (110,050 | ) | |||||||||||||||||||||
Income from operations | 139,196 | ||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest income and other financial gains | 20,561 | ||||||||||||||||||||||
Interest expense and other financial losses | (20,391 | ) | |||||||||||||||||||||
Foreign currency gain | 11,125 | ||||||||||||||||||||||
Net income before income / asset tax expense | $ | 150,491 | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||
Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net revenues | $ | 273,638 | $ | 150,668 | $ | 37,669 | $ | 58,026 | $ | 36,535 | $ | 556,536 | |||||||||||
Direct costs | (158,412 | ) | (81,273 | ) | (24,068 | ) | (16,584 | ) | (20,163 | ) | (300,500 | ) | |||||||||||
Impairment of Long-lived Assets | - | - | - | (49,496 | ) | - | (49,496 | ) | |||||||||||||||
Direct contribution | 115,226 | 69,395 | 13,601 | (8,054 | ) | 16,372 | 206,540 | ||||||||||||||||
Operating expenses and indirect costs of net revenues | (86,069 | ) | |||||||||||||||||||||
Income from operations | 120,471 | ||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest income and other financial gains | 15,336 | ||||||||||||||||||||||
Interest expense and other financial losses | (11,659 | ) | |||||||||||||||||||||
Foreign currency gain | (2,352 | ) | |||||||||||||||||||||
Net income before income / asset tax expense | $ | 121,796 | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||
Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net revenues | $ | 206,394 | $ | 122,123 | $ | 32,843 | $ | 84,572 | $ | 26,663 | $ | 472,595 | |||||||||||
Direct costs | (119,423 | ) | (66,493 | ) | (18,558 | ) | (29,579 | ) | (12,339 | ) | (246,392 | ) | |||||||||||
Direct contribution | 86,971 | 55,630 | 14,285 | 54,993 | 14,324 | 226,203 | |||||||||||||||||
Operating expenses and indirect costs of net revenues | (72,664 | ) | |||||||||||||||||||||
Income from operations | 153,539 | ||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest income and other financial gains | 10,668 | ||||||||||||||||||||||
Interest expense and other financial losses | (2,356 | ) | |||||||||||||||||||||
Foreign currency gain | 1,258 | ||||||||||||||||||||||
Net income before income / asset tax expense | $ | 163,109 | |||||||||||||||||||||
Three Months December 31, 2015 | |||||||||||||||||||||||
Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net revenues | $ | 74,951 | $ | 73,515 | $ | 11,030 | $ | 11,946 | $ | 9,290 | $ | 180,732 | |||||||||||
Direct costs | (52,988 | ) | (42,203 | ) | (10,107 | ) | (4,787 | ) | (8,178 | ) | (118,263 | ) | |||||||||||
Direct contribution | 21,963 | 31,312 | 923 | 7,159 | 1,112 | 62,469 | |||||||||||||||||
Operating expenses and indirect costs of net revenues | (28,777 | ) | |||||||||||||||||||||
Income from operations | 33,692 | ||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest income and other financial gains | 5,793 | ||||||||||||||||||||||
Interest expense and other financial losses | (4,229 | ) | |||||||||||||||||||||
Foreign currency gain | 17,772 | ||||||||||||||||||||||
Net income before income / asset tax expense | $ | 53,028 | |||||||||||||||||||||
Three Months December 31, 2014 | |||||||||||||||||||||||
Brazil | Argentina | Mexico | Venezuela | Other Countries | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net revenues | $ | 79,628 | $ | 48,486 | $ | 10,365 | $ | 12,842 | $ | 10,049 | $ | 161,370 | |||||||||||
Direct costs | (46,884 | ) | (26,359 | ) | (7,102 | ) | (3,463 | ) | (5,636 | ) | (89,444 | ) | |||||||||||
Direct contribution | 32,744 | 22,127 | 3,263 | 9,379 | 4,413 | 71,926 | |||||||||||||||||
Operating expenses and indirect costs of net revenues | (26,689 | ) | |||||||||||||||||||||
Income from operations | 45,237 | ||||||||||||||||||||||
Other income (expenses): | |||||||||||||||||||||||
Interest income and other financial gains | 4,366 | ||||||||||||||||||||||
Interest expense and other financial losses | (4,941 | ) | |||||||||||||||||||||
Foreign currency gain | 5,299 | ||||||||||||||||||||||
Net income before income / asset tax expense | $ | 49,961 | |||||||||||||||||||||
Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (U.S. GAAP), we use free cash flows as non-GAAP measures.
This non-GAAP measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with 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 GAAP. This non-GAAP financial measure should only be used to evaluate our results of operations in conjunction with the most comparable GAAP financial measures.
Reconciliation of this non-GAAP financial measure to the most comparable GAAP financial measure can be found in the tables included in this press release.
Non-GAAP financial measures are provided to enhance investors' overall understanding of our current financial performance. Specifically, we believe that free cash flow provides useful information to both management and investors by excluding payments for the acquisition of property, equipment, of intangible assets and of acquired businesses net of cash acquired, that may not be indicative of our core operating results. In addition, we report free cash flows to investors because we believe that the inclusion of this measure provides consistency in our financial reporting.
Free cash flow represents cash from operating activities less payment for the acquisition of property, equipment and intangible assets and acquired businesses net of cash acquired. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our operations after the purchase of property, equipment, of intangible assets and of acquired businesses net of cash acquired. A limitation of the utility of free cash flow as a measure of financial performance is that it does not represent the total increase or decrease in our cash balance for the period.
Reconciliation of Operating Cash Flows to Free Cash Flows:
Three Months Ended December 31, | ||||||||
2015 | 2014 | |||||||
(In millions) | ||||||||
Net Cash provided by Operating Activities | $ | 110.1 | $ | 58.4 | ||||
Payment for acquired businesses, net of cash acquired | (8.7 | ) | ||||||
Purchase of intangible assets | (0.2 | ) | (0.3 | ) | ||||
Purchases of property and equipment | (20.1 | ) | (10.0 | ) | ||||
Advance for property and equipment | (5.6 | ) | ||||||
Free cash flow | $ | 84.2 | $ | 39.4 | ||||
The table above may not total due to rounding. | ||||||||
CONTACT: MercadoLibre, Inc. Investor Relations investor@mercadolibre.com http://investor.mercadolibre.com