Net Revenues of
Income from operations of
To our Shareholders
The second quarter of 2022 marked another quarter of records for
Commerce
Our commerce business continues to grow significantly, despite oscillations in year-over-year growth rates due to the tough comparison base from last year. Total gross merchandise volume (GMV) reached an all-time high, with over
We attribute the consistent growth of our commerce platform to our ability to offer a wide assortment of products while delivering a high-quality experience for our customers. We are seeing local and worldwide signs of online retail slowdown due to the normalization of mobility triggering shifts and constraints in consumer spending. However, our commerce platform is showing resilience. Our business caters to several shopping missions due to our diverse product offerings, with categories that span auto parts and accessories, home decorations, consumer electronics, apparel and beauty, toys and entertainment, and groceries, among others. We have invested in continuous improvements to our user experience, including the fast and free shipping offer for three-quarters of our GMV and a better navigation and search interface catered to more category-specific dynamics. These investments have proven to drive stickiness with our users as we see sequential improvements in shopping conversion rates. Our average user bought almost seven items with us in this quarter, and our most loyal users have bought a multiple of that. Overall, we sold over 275 million items this quarter, and are growing in our three main segments:
We also have deployed improvements to our apparel and beauty categories, facilitating the search for trends, specific products and official stores. Combined with improvements in navigation filters and the expansion of Meli Places enabled for reverse logistics, we now deliver a better user experience for our apparel and beauty buyers. To bring awareness to this new experience, we had important events throughout the second quarter such as Meli Trends,
Our advertising service has been an increasingly relevant tool to boost conversion rates and accelerate our monetization flywheel. In the second quarter, we had a significant increase in the number of total daily advertisers on our platform in all geographies, combined with the consistent increase in the number of total ad clicks, which grew over 50% year-over-year on aggregate. We are focused on deploying better tools for online sellers to access, manage and optimize their advertising spend on our platform, supporting them with more awareness, education and new ad formats to execute their campaigns. These achievements already generate an important contribution to our ecosystem, but we believe that we are still in the early days of our advertising business. There are several more important milestones in our technological roadmap that will unlock further sustainable growth.
As we continue to invest for growth, we have also made tactical adjustments to our operations that align with the current macroeconomic outlook, while preserving our long-term strategy. Such adjustments are focused on prioritizing opportunities where we can manage our cash conversion cycles more efficiently and where we can better deliver sustainable unit economics, while taking a more patient approach to less profitable areas that still have the potential to drive long-term differentiation. Under that scope, we have selected a more moderate approach to the investment intensity for growing volumes for groceries and the first-party retail assortment. We have implemented initiatives to accelerate our path towards profitability in both categories by focusing on price management and purchasing capabilities, implementing a higher free shipping threshold for supermarket shopping carts, as well as determining stricter inventory guardrails.
Within our shipping services, our focus remains on improving delivery times and driving cost efficiencies throughout our network. Over the last few months, there have been significant developments to reduce delivery times for incremental cities and neighborhoods as we create faster connections between nodes of the network. One example is the expansion of
As our managed network matures, we are balancing the incremental growth of network nodes with operational efficiency. This year we have started to observe some cost inflation pressure on transportation services due to rising fuel costs. As such, our efforts to optimize the density of our routes and create processes for better productivity in our warehouses are more important. The last mile delivery costs improved with the deployment of MELI Extra, our crowd-sourced shipping solution that rolled out in
Fintech
We are encouraged by our consistently growing volumes and revenues for our fintech business, accelerating and achieving several new records in the second quarter this year.
The payments processing and acquiring business delivered a total payment volume of over
The Mercado Pago Digital Account also shows signs of growth and higher engagement with the extension of more financial services, a clearer brand positioning communicated in new marketing campaigns, and continuous iterations to improve the user interface. Digital account TPV reached
Of all the financial services we offer, the most notable for users and merchants is access to credit. Our Credit business closed the second quarter with a portfolio of
The credit business has historically operated with annualized interest margins after provision for doubtful accounts (IMALs) of over 30% for the total portfolio, reaching almost 34% in the second quarter, up from the nearly 24% in the first quarter, which was exceptionally low because of higher provision for doubtful accounts associated with the credit card ramp up. At the current rates, we delivered
This is still a growing business, and there has been some deceleration in the pace of new credit originations this quarter, particularly from the slowdown in new credit card issuance as we evolve the scoring models. With relatively slower originations at the margin, the previous cohorts accelerate their aging into past dues, leading to a higher non-performing loan (NPL) ratio of 31.4% this quarter, growing mainly in the over 90 day cohorts, while the 1-90 day NPLs remain at 13.2%, similar to previous quarters. These levels of non-performing loans are well provisioned and reflected in the consistently high and profitable IMAL spreads. The allowance for doubtful accounts coverage ratios were over 170% in the second quarter for loans over 90 days past due, which is above the industry average.
Credit is an important piece of our ecosystemic offering for merchants and users, not only facilitating more transactions within our platform, but also deepening the relationship we have with our fintech active users. There are some key characteristics in our model that give us confidence that we can continue to prudently grow the credit book while appropriately managing risk. First, the business model is highly atomized - on the consumer side, we are offering consumer credit to nearly 10 million users with an average exposure of
Financial Results
Net revenues reached a new quarterly record, with almost
Due to the consistent growth from our credit book and the magnitude it represents in our business, we will begin to offer a more granular disclosure of our revenue breakdowns in our financial statements. Credit revenues alone reached
Gross profit margins improved for the second consecutive quarter, reaching 49.4% with almost
Total operating expenses represented 39.8% of revenues in the quarter, up from 34.5% last year, but improving sequentially from 41.5%. The main driver of the higher expense rate was an increase in provisions for doubtful accounts year-on-year related to the growth of the credit business. The credit book as a whole remains profitable and is improving its net income margin after losses sequentially. Total operating expenses as a percentage of revenues, excluding the provisions for doubtful accounts, have improved compared to last year, reaching 28.1%, compared to 29.7%. While the spending on salaries and wages has increased year-over-year, especially in product development, we have delivered efficiencies in our marketing and sales expenses, extracting a higher return on investment for every dollar spent.
Consequently, our operating margin for the quarter was 9.6%, similar to last year’s 9.8% and improving sequentially from 6.2%. We delivered
The foreign currency losses in the quarter were
Interest expenses were 2.8% of net revenues, similar to prior quarters, and partially offset by the interest income of 1.8% of revenues in the quarter, mostly generated in
Finally, we delivered a net income of
Progressing Our Mission in 2022
We delivered record results during the second quarter by focusing on execution, managing cash closely and continuing to invest in strategic initiatives that build our competitive advantage over time. As we improve our service levels for merchants and consumers with these investments, our users continue to engage with our ecosystem more frequently, both on the fintech and ecommerce sides. Our loyalty program grew strongly during the second quarter, with millions of subscribers, contributing to higher engagement in our ecosystem. By connecting
We believe that
On behalf of our management team, we appreciate the continued interest of our investors and stakeholders in tracking our developments and are looking forward to providing more updates on our performance in future quarters. The best is yet to come.
The following table summarizes certain key performance metrics for the six and three-month periods ended
| Six Months Ended |
Three Months Ended |
|||||||||||
| (in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||
| Unique active users | 107 | 98 | 84 | 76 | ||||||||
| Gross merchandise volume | $ | 16,216 | $ | 13,080 | $ | 8,551 | $ | 7,023 | ||||
| Number of successful items sold | 542 | 467 | 275 | 245 | ||||||||
| Number of successful items shipped | 518 | 439 | 264 | 231 | ||||||||
| Total payment volume | $ | 55,513 | $ | 32,247 | $ | 30,194 | $ | 17,529 | ||||
| Total volume of payments on marketplace | $ | 15,803 | $ | 12,615 | $ | 8,351 | $ | 6,775 | ||||
| Total payment transactions | 2,353 | 1,360 | 1,262 | 730 | ||||||||
| Capital expenditures | $ | 237 | $ | 263 | $ | 100 | $ | 150 | ||||
| Depreciation and amortization | $ | 184 | $ | 85 | $ | 100 | $ | 46 | ||||
(*) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding.
Year-over-year USD Revenue Growth Rates by Quarter
| Consolidated Net Revenues |
Q2’21 | Q3’21 | Q4’21 | Q1’22 | Q2’22 | ||||||
| 104 | % | 74 | % | 51 | % | 63 | % | 53 | % | ||
| 53 | % | 38 | % | 47 | % | 74 | % | 62 | % | ||
| 105 | % | 94 | % | 92 | % | 58 | % | 65 | % |
Year-over-year Local Currency Revenue Growth Rates by Quarter
| Consolidated Net Revenues |
Q2’21 | Q3’21 | Q4’21 | Q1’22 | Q2’22 | ||||||
| 101 | % | 69 | % | 61 | % | 55 | % | 42 | % | ||
| 112 | % | 83 | % | 84 | % | 110 | % | 104 | % | ||
| 76 | % | 76 | % | 96 | % | 59 | % | 66 | % |
Conference Call and Webcast
The Company will host an earnings video as well as a conference call and audio webcast for any questions that investors may have on
Definition of Selected Operational Metrics
Unique Active User – New or existing user who performed at least one of the following actions during the reported period: (1) made one purchase, or reservation, or asked one question on
Unique Fintech User – Users who engage in at least one of the following services within the quarter: wallet payments online, in app or in store; transfers; withdrawals; consumer or merchant credit borrowers; card users; fintech sellers; and fintech active products such as asset management and insurtech users.
Foreign Exchange (“FX”) Neutral – Calculated by using the average monthly exchange rate of each month of 2021 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
Total payment transactions – Measure of the number of all transactions paid for using
Total volume of payments on marketplace – Measure of the total
Total payment volume – Measure of total
MPOS – Mobile point-of-sale is a dedicated wireless device that performs the functions of a cash register or electronic point-of-sale terminal wirelessly.
Commerce – Revenues from core marketplace fees, shipping fees, first-party sales, ad sales, classified fees and other ancillary services.
Fintech – Revenues includes fees from off-platform transactions, financing fees, interest earned from merchant and consumer credits and sale of MPOS.
Successful items sold – Measure of the number of items that were sold/purchased through the
Successful 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.
Operating margin – Defined as income from operations as a percentage of net revenues.
IMAL (Interest Margins After Losses) – IMAL is the spread between credit revenues and the expenses associated with provisions for doubtful accounts, and usually expressed as a percentage of the outstanding portfolio.
About
Founded in 1999,
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
Forward-Looking Statements
Any statements herein regarding
Interim Condensed Consolidated Balance Sheets
(In millions of
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,329 | $ | 2,585 | ||||
| Restricted cash and cash equivalents | 924 | 1,063 | ||||||
| Short-term investments ( |
1,645 | 810 | ||||||
| Accounts receivable, net | 102 | 98 | ||||||
| Credit card receivables and other means of payments, net | 2,501 | 1,839 | ||||||
| Loans receivable, net of allowances of $807and $408 | 1,790 | 1,199 | ||||||
| Prepaid expenses | 77 | 40 | ||||||
| Inventories | 183 | 253 | ||||||
| Other assets | 312 | 288 | ||||||
| Total current assets | 8,863 | 8,175 | ||||||
| Non-current assets: | ||||||||
| Long-term investments | 456 | 89 | ||||||
| Loans receivable, net of allowances of $35 and |
55 | 61 | ||||||
| Property and equipment, net | 932 | 807 | ||||||
| Operating lease right-of-use assets | 525 | 461 | ||||||
| 149 | 148 | |||||||
| Intangible assets, net | 31 | 45 | ||||||
| Deferred tax assets | 248 | 181 | ||||||
| Other assets | 188 | 134 | ||||||
| Total non-current assets | 2,584 | 1,926 | ||||||
| Total assets | $ | 11,447 | $ | 10,101 | ||||
| Liabilities | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 1,131 | $ | 1,036 | ||||
| Funds payable to customers | 2,528 | 2,393 | ||||||
| Amounts payable due to credit and debit card transactions | 433 | 337 | ||||||
| Salaries and social security payable | 273 | 313 | ||||||
| Taxes payable | 327 | 291 | ||||||
| Loans payable and other financial liabilities | 1,925 | 1,285 | ||||||
| Operating lease liabilities | 108 | 92 | ||||||
| Other liabilities | 98 | 90 | ||||||
| Total current liabilities | 6,823 | 5,837 | ||||||
| Non-current liabilities: | ||||||||
| Amounts payable due to credit and debit card transactions | 4 | 4 | ||||||
| Salaries and social security payable | 4 | 20 | ||||||
| Taxes payable | 20 | — | ||||||
| Loans payable and other financial liabilities | 2,515 | 2,233 | ||||||
| Operating lease liabilities | 420 | 372 | ||||||
| Deferred tax liabilities | 32 | 62 | ||||||
| Other liabilities | 49 | 42 | ||||||
| Total non-current liabilities | 3,044 | 2,733 | ||||||
| Total liabilities | $ | 9,867 | $ | 8,570 | ||||
| Commitments and Contingencies | ||||||||
| Equity | ||||||||
| Common stock, |
$ | — | $ | — | ||||
| Additional paid-in capital | 2,308 | 2,439 | ||||||
| (858 | ) | (790 | ) | |||||
| Retained earnings | 619 | 397 | ||||||
| Accumulated other comprehensive loss | (489 | ) | (515 | ) | ||||
| Total Equity | 1,580 | 1,531 | ||||||
| Total Liabilities and Equity | $ | 11,447 | $ | 10,101 | ||||
Interim Condensed Consolidated Statements of Income
For six and three-month periods ended
(In millions of
| Six Months Ended |
Three Months Ended |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Net service revenues | $ | 4,329 | $ | 2,735 | $ | 2,332 | $ | 1,505 | ||||||||
| Net product revenues | 516 | 346 | 265 | 198 | ||||||||||||
| Net revenues | 4,845 | 3,081 | 2,597 | 1,703 | ||||||||||||
| Cost of net revenues | (2,488 | ) | (1,736 | ) | (1,313 | ) | (949 | ) | ||||||||
| Gross profit | 2,357 | 1,345 | 1,284 | 754 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Product and technology development | (496 | ) | (273 | ) | (262 | ) | (147 | ) | ||||||||
| Sales and marketing | (583 | ) | (455 | ) | (296 | ) | (251 | ) | ||||||||
| Provision for doubtful accounts | (557 | ) | (166 | ) | (303 | ) | (82 | ) | ||||||||
| General and administrative | (332 | ) | (194 | ) | (173 | ) | (108 | ) | ||||||||
| Total operating expenses | (1,968 | ) | (1,088 | ) | (1,034 | ) | (588 | ) | ||||||||
| Income from operations | 389 | 257 | 250 | 166 | ||||||||||||
| Other income (expenses): | ||||||||||||||||
| Interest income and other financial gains | 77 | 49 | 46 | 24 | ||||||||||||
| Interest expense and other financial losses (*) | (129 | ) | (131 | ) | (73 | ) | (40 | ) | ||||||||
| Foreign currency losses, net | (63 | ) | (27 | ) | (60 | ) | (12 | ) | ||||||||
| Net income before income tax expense | 274 | 148 | 163 | 138 | ||||||||||||
| Income tax expense | (85 | ) | (114 | ) | (39 | ) | (70 | ) | ||||||||
| Equity in earnings of unconsolidated entity | (1 | ) | — | (1 | ) | — | ||||||||||
| Net income | $ | 188 | $ | 34 | $ | 123 | $ | 68 | ||||||||
| (*) | Includes $49 million of loss on debt extinguishment and premium related to the 2028 Notes repurchase recognized in |
| Six Months Ended |
Three Months Ended |
|||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Basic EPS | ||||||||||||||||
| Basic net income | ||||||||||||||||
| Available to shareholders per common share | $ | 3.73 | $ | 0.69 | $ | 2.43 | $ | 1.37 | ||||||||
| Weighted average of outstanding common shares | 50,386,519 | 49,844,823 | 50,364,529 | 49,822,272 | ||||||||||||
| Diluted EPS | ||||||||||||||||
| Diluted net income | ||||||||||||||||
| Available to shareholders per common share | $ | 3.73 | $ | 0.69 | $ | 2.43 | $ | 1.37 | ||||||||
| Weighted average of outstanding common shares | 50,386,519 | 49,844,823 | 50,364,529 | 49,822,272 | ||||||||||||
Interim Condensed Consolidated Statements of Cash Flows
For the six-month periods ended
| Six Months Ended |
||||||||
| 2022 | 2021 | |||||||
| Cash flows from operations: | ||||||||
| Net income | $ | 188 | $ | 34 | ||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
| Unrealized devaluation loss, net | 134 | 45 | ||||||
| Impairment of digital assets | 11 | 7 | ||||||
| Depreciation and amortization | 184 | 85 | ||||||
| Accrued interest | (65 | ) | (9 | ) | ||||
| Non cash interest, convertible notes amortization of debt discount and amortization of debt issuance costs and other charges | 155 | 48 | ||||||
| Provision for doubtful accounts | 557 | 166 | ||||||
| Financial results on derivative instruments | 22 | 11 | ||||||
| LTRP accrued compensation | 35 | 51 | ||||||
| Deferred income taxes | (67 | ) | 16 | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (32 | ) | (30 | ) | ||||
| Credit card receivables and other means of payments | (642 | ) | (301 | ) | ||||
| Prepaid expenses | (36 | ) | (29 | ) | ||||
| Inventories | 81 | (47 | ) | |||||
| Other assets | (81 | ) | (92 | ) | ||||
| Payables and accrued expenses | 32 | 10 | ||||||
| Funds payable to customers | 119 | 71 | ||||||
| Amounts payable due to credit and debit card transactions | 80 | 12 | ||||||
| Other liabilities | (55 | ) | (64 | ) | ||||
| Interest received from investments | 54 | 15 | ||||||
| Net cash provided by (used in) operating activities | 674 | (1 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Purchase of investments | (6,190 | ) | (5,208 | ) | ||||
| Proceeds from sale and maturity of investments | 5,043 | 5,575 | ||||||
| Receipts from settlements of derivative instruments | — | 4 | ||||||
| Payment for settlements of derivative instruments | (7 | ) | (11 | ) | ||||
| Purchases of intangible assets | (1 | ) | (20 | ) | ||||
| Changes in principal of loans receivable, net | (1,170 | ) | (333 | ) | ||||
| Purchases of property and equipment | (236 | ) | (263 | ) | ||||
| Net cash used in investing activities | (2,561 | ) | (256 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from loans payable and other financial liabilities | 7,315 | 3,502 | ||||||
| Payments on loans payable and other financial liabilities | (6,646 | ) | (2,240 | ) | ||||
| Payments on repurchase of the 2028 Notes | — | (1,865 | ) | |||||
| Payment of finance lease obligations | (9 | ) | (9 | ) | ||||
| Purchase of convertible note capped call | — | (101 | ) | |||||
| Unwind of convertible note capped call | — | 102 | ||||||
| Common Stock repurchased | (74 | ) | (142 | ) | ||||
| Exercise of Convertible Notes | — | (3 | ) | |||||
| Net cash provided by (used in) financing activities | 586 | (756 | ) | |||||
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents | (94 | ) | (64 | ) | ||||
| Net decrease in cash, cash equivalents, restricted cash and cash equivalents | (1,395 | ) | (1,077 | ) | ||||
| Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period | $ | 3,648 | $ | 2,508 | ||||
| Cash, cash equivalents, restricted cash and cash equivalents, end of the period | $ | 2,253 | $ | 1,431 | ||||
Financial results of reporting segments
| Three Months Ended |
|||||||||||||||||||||
| Other Countries | Total | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||
| Net revenues | $ | 1,451 | $ | 594 | $ | 428 | $ | 124 | $ | 2,597 | |||||||||||
| Direct costs | (1,198 | ) | (372 | ) | (363 | ) | (117 | ) | (2,050 | ) | |||||||||||
| Direct contribution | 253 | 222 | 65 | 7 | 547 | ||||||||||||||||
| Operating expenses and indirect costs of net revenues | (297 | ) | |||||||||||||||||||
| Income from operations | 250 | ||||||||||||||||||||
| Other income (expenses): | |||||||||||||||||||||
| Interest income and other financial gains | 46 | ||||||||||||||||||||
| Interest expense and other financial losses | (73 | ) | |||||||||||||||||||
| Foreign currency losses, net | (60 | ) | |||||||||||||||||||
| Net income before income tax expense | $ | 163 | |||||||||||||||||||
| Three Months Ended |
|||||||||||||||||||||
| Other Countries | Total | ||||||||||||||||||||
| (In millions) | |||||||||||||||||||||
| Net revenues | $ | 951 | $ | 366 | $ | 259 | $ | 127 | $ | 1,703 | |||||||||||
| Direct costs | (721 | ) | (232 | ) | (261 | ) | (92 | ) | (1,306 | ) | |||||||||||
| Direct contribution | 230 | 134 | (2 | ) | 35 | 397 | |||||||||||||||
| Operating expenses and indirect costs of net revenues | (231 | ) | |||||||||||||||||||
| Income from operations | 166 | ||||||||||||||||||||
| Other income (expenses): | |||||||||||||||||||||
| Interest income and other financial gains | 24 | ||||||||||||||||||||
| Interest expense and other financial losses | (40 | ) | |||||||||||||||||||
| Foreign currency losses, net | (12 | ) | |||||||||||||||||||
| Net income before income tax expense | $ | 138 | |||||||||||||||||||
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented in accordance with
This non-GAAP measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with
We provide this non-GAAP financial measure to enhance overall understanding of our current financial performance and its prospects for the future, and we understand that this measure provides useful information to both Management and investors. In particular, we believe that FX neutral measures 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 2021 and applying them to the corresponding months in 2022, 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, these measures do 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
| Three Months Ended |
||||||||||||||||||||||
| As reported | FX Neutral Measures | As reported | ||||||||||||||||||||
| (In millions, except percentages) | 2022 | 2021 | Percentage Change | 2022 | 2021 | Percentage Change | ||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||||
| Net revenues | $ | 2,597 | $ | 1,703 | 52.5 | % | $ | 2,666 | $ | 1,703 | 56.5 | % | ||||||||||
| Cost of net revenues | (1,313 | ) | (949 | ) | 38.4 | % | (1,344 | ) | (949 | ) | 41.6 | % | ||||||||||
| Gross profit | 1,284 | 754 | 70.3 | % | 1,322 | 754 | 75.3 | % | ||||||||||||||
| Operating expenses | (1,034 | ) | (588 | ) | 75.9 | % | (1,072 | ) | (588 | ) | 82.3 | % | ||||||||||
| Income from operations | $ | 250 | $ | 166 | 50.6 | % | $ | 250 | $ | 166 | 50.6 | % | ||||||||||
CONTACT:
Investor Relations
http://investor.mercadolibre.com
Source: MercadoLibre, Inc.