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MercadoLibre, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results
4:01 PM ET 2/23/17 | GlobeNewswire
51.6 million Sold Items, up 40.2%, 42.5 million Total Payment Transactions, up 67.1%
Net Revenues of $256.3 million, growing 41.8% in USD, 68.0% on an FX neutral basis
Net Income of $51.3 million, resulting in EPS of $1.16.
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, 2016.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, "Last year was one of our most significant in terms of the tangible results of the quality work and level of execution that the entire team at MELI delivered. The scope of control over the customer experience that we are now able to deliver is something that would have been hard for us to anticipate five years ago. This end to end servicing of each e-commerce transaction that we now offer puts us in an excellent position to focus on delivering a best in class user experience to our buyers and sellers, which is the driving principle behind everything we do."
Full Year 2016 Operational & Financial Highlights
-- MercadoLibre sold 181.2 million items during 2016, a year-over-year increase of 41.0%, resulting in Gross Merchandise Volume of $8.0 billion.
-- MercadoPago ended 2016 with 138.7 million Total Payment Transactions for the year, an increase of 72.6% compared to 2015, resulting in a full-year Total Payment Volume of $7.8 billion.
-- MercadoEnvios shipped 86.5 million items in 2016, a 91.4% increase as compared to 2015.
-- Consolidated Net Revenues for 2016 were $844.4 million, a 29.6% increase in USD year-over-year.
-- Full-year net income was $136.4 million, or $3.09 per share.
Fourth Quarter 2016 Business Highlights
-- MercadoPago ended the year with an excellent fourth quarter, processing $2,446.8 million dollars in Total Payment Volume, a 57.5% year-over-year increase. Total Payment Transactions through MercadoPago were 42.5 million, a 67.1% increase year-over-year.
-- Gross Merchandise Volume was $2,222.1 million, a 10.8% increase in USD and a 48.3 % increase on an FX neutral basis. Items sold during the fourth quarter of 2016 increased to 51.6 million, a 40.2 % increase year-over-year.
-- MercadoPago's merchant service business continues to deliver excellent results, growing Total Payment Volume 84.1% year-over-year on an FX neutral basis. This growth is attributed for the most part, to successful commercial efforts in onboarding large clients, an increase in cross-border payments, successful open platform integrations and increasing payment volume from Mobile Point-of-Sale solutions in Brazil.
-- Items shipped through MercadoEnvios increased 74.9% to 25.9 million items in the fourth quarter. Additionally, the service continues to gain adoption across the board, as MercadoEnvios shipped 71.6% of items sold in Brazil, 50.3% in Mexico, 31.8% in Argentina and 39.2% in Colombia.
-- Penetration of MercadoPago in countries beyond Brazil continues to increase as a result of improved transaction quality, and reflected in increased frequency on the platform. Penetration of MercadoPago rose to 77.8%, versus. 54.6% when compared to the fourth quarter of 2015.
-- We successfully launched MercadoPago in Uruguay during the month of October. Exiting the quarter and during its two months post-launch, MercadoPago was used in transactions representing 1/4 of Uruguay gross merchandise volume.
-- Mobile is the largest contributor of new users to the platform, with new registrations from either native apps or web mobile representing â?" of new users registering on MercadoLibre. During the fourth quarter, mobile Gross Merchandise Volume grew 98.7% year-on-year on an FX neutral basis, a 10 percentage point increase vs. last year.
-- We added almost 1,300 brands and large retailers to our Official Stores initiative in 2016
Fourth Quarter 2016 Financial Highlights
-- Net revenues for the fourth quarter were $256.3 million, a year-over-year increase of 41.8% in USD and 68.0% on an FX neutral basis. Marketplace revenues grew 40.7% in USD, and 74.4% on an FX neutral basis, while non-marketplace revenues grew 43.3% in USD, and 58.7% on an FX neutral basis. The main contributors for this non-marketplace growth came from MercadoPago merchant services, financing revenues from adoption of credit offerings, and shipping.
-- Gross profit for the fourth quarter of 2016 was $162.7 million. Gross profit margin was 63.5%, compared to 65.1% in the fourth quarter of 2015. Most of the margin compression is explained by higher sales taxes due to the increased adoption of financing, credit and shipping services, investments in hosting, as well as costs related the sale of Mobile Point-of-Sale payment devices.
-- Total operating expenses increased to $98.1 million, up 16.9% year-over-year on an as reported basis. As a percentage of revenues, operating expenses were 38.3% versus 46.4% in the fourth quarter of 2015.
-- Income from operations was $64.7 million, up 91.9% year-over-year on an as reported basis. As a percentage of revenues, income from operations was 25.2%, up from 18.6% during the same period in 2015.
-- Interest income grew 77.0% year-over-year to $10.3 million, attributable to higher interest rates on larger invested base.
-- The company incurred $6.8 million dollars in financial expenses, mainly as a consequence of interest payments on its Convertible Bond issued in June of 2014.
-- Foreign currency exchange saw a $501 thousand dollar loss due to local currency devaluations during the fourth quarter of 2015 in Argentina.
-- Net income before taxes was $67.6 million, up 27.5% year-over-year on an as reported basis.
-- Income tax expense was $16.3 million during the fourth quarter, yielding a blended tax rate for the period of 24.1%, mainly due to higher share of pre-tax profits in Argentina and tax credits in Brazil.
-- Net income as reported for the quarter was $51.3 million dollars, resulting in basic net income per share of 1 dollar and 16 cents.
-- Net cash from operating activities was $42.6 million. Free cash flow, defined as cash from operating activities less payment for the acquisition of property, equipment, intangible assets, advances for property and equipment net of financial liabilities and payment for acquired businesses net of cash acquired, was $26.9 million. *
(*) See note on "Non-GAAP Financial Measures"
The following table summarizes certain key performance metrics for the three months ended December 31, 2016 and 2015.
View dataThree months ended Dec 31, (in MM) Q4'15 Q4'16 %YoY %YoY LC Number of Confirmed Registered Users at end of period 144.6 174.2 20.4 % Number of Confirmed Registered Users During Period 6.3 7.9 25.6 % Gross merchandise volume $ 2,006.1 $ 2,222.1 10.8 % 48.3 % Number of successful items sold 368 51.6 40.2 % Total payment volume $ 1,557.4 $ 2,446.8 57.5 % 83.8 % Total payment volume on marketplace $ 1,109.4 $ 1,759.6 58.6 % Total payment transactions 25.4 42.5 67.1 % Number of successful items shipped 14.8 25.9 74.9 % Unique Buyers 10.7 13.2 22.8 % Unique Sellers 3.3 3.9 18.2 %
Table of Year-on-Year Local Currency Revenue Growth Rates by Quarter
View dataYoY Growth rates Consolidated Net Revenues Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Brazil 42 % 54 % 61 % 62 % 64 % Argentina 79 % 71 % 89 % 68 % 60 % Mexico 29 % 42 % 35 % 36 % 29 % Venezuela 272 % 249 % 185 % 152 % 199 % Others 14 % 19 % 30 % 33 % 42 % Total 69 % 75 % 73 % 66 % 68 %
Table of Year-on-Year USD Revenue Growth Rates by Quarter
View dataYoY Growth rates Consolidated Net Revenues Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Brazil -6 % 13 % 41 % 76 % 92 % Argentina 52 % 2 % 19 % 4 % 4 % Mexico 6 % 18 % 15 % 19 % 8 % Venezuela -7 % -13 % 31 % -22 % -10 % Others -8 % -1 % 14 % 33 % 46 % Total 12 % 6 % 29 % 37 % 42 %
Conference Call and Webcast
The Company will host a conference call and audio webcast on February 23, 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 65991410) 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 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.
Free Cash Flow - Defined as cash flows from operating activities less payment and advances for the acquisition of property, equipment, intangible assets net of financial liabilities and payment for acquired business net of cash acquired.
Foreign Exchange ("FX") Neutral - Calculated by using the average monthly exchange rate of each month of 2015 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: investor.mercadolibre.com.
The Mercado Libre, Inc. logo is available at globenewswire.com
Consolidated balance sheets
(In thousands of U.S. dollars, except par value)
View dataDecember 31, December 31, 2016 2015 Assets Current assets: Cash and cash equivalents $ 234,140 $ 166,881 Short-term investments 253,321 202,112 Accounts receivable, net 25,435 28,428 Credit cards receivable, net 307,904 131,946 Loans receivable, net 6,283 -- Prepaid expenses 15,060 6,007 Inventory 1,103 222 Other assets 26,215 9,577 Total current assets 869,461 545,173 Non-current assets: Long-term investments 153,803 187,621 Property and equipment, net 124,261 81,633 Goodwill 91,797 86,545 Intangible assets, net 26,277 28,991 Deferred tax assets 45,017 29,688 Other assets 56,819 43,955 Total non-current assets 497,974 458,433 Total assets $ 1,367,435 $ 1,003,606 Liabilities and Equity Current liabilities: Accounts payable and accrued expenses $ 105,106 $ 62,038 Funds payable to customers 370,693 203,247 Salaries and social security payable 48,898 32,918 Taxes payable 27,338 10,092 Loans payable and other financial liabilities 11,583 1,965 Other liabilities 6,359 7,667 Dividends payable 6,624 4,548 Total current liabilities 576,601 322,475 Non-current liabilities: Salaries and social security payable 16,173 10,422 Loans payable and other financial liabilities 301,940 294,342 Deferred tax liabilities 34,059 27,049 Other liabilities 9,808 9,860 Total non-current liabilities 361,980 341,673 Total liabilities $ 938,581 $ 664,148 Equity: Common stock, $0.001 par value, 110,000,000 shares authorized, 44,157,364 and 44,156,854 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively $ 44 $ 44 Additional paid-in capital 137,982 137,923 Retained earnings 550,641 440,770 Accumulated other comprehensive loss (259,813 ) (239,279 ) Total Equity 428,854 339,458 Total Liabilities and Equity $ 1,367,435 $ 1,003,606
Consolidated statements of cash flows
(In thousands of U.S. dollars, except par value)
View dataYear Ended December 31, 2016 2015 2014 Cash flows from operations: Net income attributable to MercadoLibre, Inc. Shareholders $ 136,366 $ 105,789 $ 72,581 Adjustments to reconcile net income to net cash provided by operating activities: Net income attributable to Redeemable Noncontrolling Interest -- -- 72 Unrealized Devaluation Loss, net 4,967 14,717 13,808 Impairment of Long-Lived Assets 13,717 16,226 49,496 Depreciation and amortization 29,022 23,209 16,947 Accrued interest (17,794 ) (12,783 ) (9,029 ) Non cash interest and convertible bonds amortization of debt discount and amortization of debt issuance costs 9,837 17,272 7,874 LTRP accrued compensation 22,983 10,213 11,852 Deferred income taxes (6,188 ) 4,354 (20,237 ) Changes in assets and liabilities: Accounts receivable (15,428 ) (36,476 ) (36,120 ) Credit cards receivable (180,592 ) (109,139 ) (45,521 ) Prepaid expenses (9,133 ) (3,907 ) (157 ) Inventory (787 ) (237 ) -- Other assets (24,425 ) (2,340 ) (5,982 ) Accounts payable and accrued expenses 47,980 63,668 68,780 Funds payable to customers 164,060 119,353 61,072 Other liabilities (45 ) 1,765 1,675 Interest received from investments 15,719 9,686 9,682 Net cash provided by operating activities 190,259 221,370 196,793 Cash flows from investing activities: Purchase of investments (3,501,283 ) (1,949,769 ) (2,577,130 ) Proceeds from sale and maturity of investments 3,508,293 1,875,516 2,330,836 Payment for acquired businesses, net of cash acquired (7,284 ) (45,009 ) (36,814 ) Payment of remaining amount from business acquisition -- -- (4,000 ) Purchases of intangible assets (431 ) (1,746 ) (857 ) Changes in principal loans receivable, net (6,599 ) -- -- Advance for property and equipment (8,412 ) (23,380 ) -- Purchases of property and equipment (68,527 ) (39,150 ) (34,426 ) Net cash used in investing activities (84,243 ) (183,538 ) (322,391 ) 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 financial liabilities 11,435 5,033 -- Payments on loans payable and other financing (6,684 ) (9,059 ) (7,704 ) Dividends paid (24,419 ) (20,974 ) (28,303 ) Repurchase of Common Stock -- (2,714 ) (1,944 ) Net cash (used in) provided by financing activities (19,668 ) (27,714 ) 264,297 Effect of exchange rate changes on cash and cash equivalents (19,089 ) (66,381 ) (55,840 ) Net increase (decrease) in cash and cash equivalents 67,259 (56,263 ) 82,859 Cash and cash equivalents, beginning of the year 166,881 223,144 140,285 Cash and cash equivalents, end of the year $ 234,140 $ 166,881 $ 223,144
Consolidated statements of income
(In thousands of U.S. dollars, except for share data)
View dataYear Ended December 31, Three Months Ended December 31, 2016 2015 2014 2016 2015 Net revenues $ 844,396 $ 651,790 $ 556,536 $ 256,275 $ 180,732 Cost of net revenues (307,538 ) (214,994 ) (158,978 ) (93,546 ) (63,162 ) Gross profit 536,858 436,796 397,558 162,729 117,570 Operating expenses: Product and technology development (98,479 ) (76,423 ) (53,600 ) (26,256 ) (22,497 ) Sales and marketing (156,296 ) (128,609 ) (111,627 ) (48,554 ) (42,167 ) General and administrative (87,310 ) (76,342 ) (62,364 ) (23,250 ) (19,215 ) Impairment of Long-Lived Assets (13,717 ) (16,226 ) (49,496 ) -- -- Total operating expenses (355,802 ) (297,600 ) (277,087 ) (98,060 ) (83,879 ) Income from operations 181,056 139,196 120,471 64,669 33,691 Other income (expenses): Interest income and other financial gains 35,442 20,561 15,336 10,250 5,792 Interest expense and other financial losses (25,605 ) (20,391 ) (11,659 ) (6,799 ) (4,229 ) Foreign currency (losses) gains (5,565 ) 11,125 (2,352 ) (501 ) 17,772 Net income before income tax expense 185,328 150,491 121,796 67,619 53,026 Income tax expense (48,962 ) (44,702 ) (49,143 ) (16,272 ) (14,062 ) Net income $ 136,366 $ 105,789 $ 72,653 $ 51,347 $ 38,964 Less: Net Income attributable to Redeemable Noncontrolling Interest -- -- 72 -- -- Net income attributable to MercadoLibre, Inc. shareholders $ 136,366 $ 105,789 $ 72,581 $ 51,347 $ 38,964
View dataYear Ended December 31, Three Months Ended December 31, 2016 2015 2014 2015 2015 Basic EPS Basic net income attributable to MercadoLibre, Inc. Shareholders per common share $ 3.09 $ 2.40 $ 1.63 $ 1.16 $ 0.88 Weighted average of outstanding common shares 44,157,251 44,155,680 44,153,884 44,157,355 44,156,800 Diluted EPS Diluted net income attributable to MercadoLibre, Inc. Shareholders per common share $ 3.09 $ 2.40 $ 1.63 $ 1.16 $ 0.88 Weighted average of outstanding common shares 44,157,251 44,155,680 44,153,884 44,157,355 44,156,800 Cash Dividends declared per common share 0.600 0.412 0.664 0.150 0.103
Financial results of reporting segments
View dataYear Ended December 31, 2016 Brazil Argentina Mexico Venezuela Other Countries Total (In thousands) Net revenues $ 455,024 $ 262,252 $ 46,332 $ 37,185 $ 43,603 $ 844,396 Direct costs (270,922 ) (152,103 ) (40,951 ) (17,732 ) (31,549 ) (513,257 ) Impairment of Long-lived Assets - - - (13,717 ) - (13,717 ) Direct contribution 184,102 110,149 5,381 5,736 12,054 317,422 Operating expenses and indirect costs of net revenues (136,366 ) Income from operations 181,056 Other income (expenses): Interest income and other financial gains 35,442 Interest expense and other financial losses (25,605 ) Foreign currency losses (5,565 ) Net income before income tax expense $ 185,328
View dataYear 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 tax expense $ 150,491
View dataThree Months December 31, 2016 Brazil Argentina Mexico Venezuela Other Countries Total (In thousands) Net revenues $ 143,597 $ 76,367 $ 11,957 $ 10,734 $ 13,620 $ 256,275 Direct costs (82,150 ) (46,886) (11,947) (5,041 ) (10,268) (156,292) Impairment of Long-lived Assets - - - - - - Direct contribution 61,447 29,481 10 5,693 3,352 99,983 Operating expenses and indirect costs of net revenues (35,311 ) Income from operations 64,672 Other income (expenses): Interest income and other financial gains 10,250 Interest expense and other financial losses (6,798 ) Foreign currency gain (503 ) Net income before income tax expense $ 67,621
View dataThree 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 ) Impairment of Long-lived Assets - - - - - - 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 tax expense $ 53,028
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements presented in accordance with U,S, GAAP, we use free cash flows and foreign exchange ("FX") neutral measures as non-GAAP measures.
These non-GAAP measures 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, these non-GAAP measures are 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, These non-GAAP financial measures should only be used to evaluate our results of operations in conjunction with the most comparable U,S, GAAP financial measures.
Reconciliation of these non-GAAP financial measures to the most comparable U,S, GAAP financial measures can be found in the tables included in this quarterly report.
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 and equipment, of intangible assets and of 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 and advances for the acquisition of property and equipment net of financial liabilities, 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 purchases of property and 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.
The following table shows a reconciliation of Operating Cash Flows to Free Cash Flows:
View dataThree-month Periods Ended December 31, (In millions) 2016 2015 Net Cash provided by Operating Activities $ 42.6 $ 110.1 Advance for property and equipment (2.3 ) (5.6 ) Purchase of intangible assets (0.4 ) (0.2 ) Purchase of property and equipment (13.0 ) (20.1 ) Free cash flow 26.9 84.2
(*) The table above may not total due to rounding.
The Company 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 these non-GAAP 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 2015 and applying them to the corresponding months in 2016, 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 months periods ended December 31, 2016 and 2015:
View dataThree-months Periods Ended December 31, (*) As reported FX Neutral Measures (In millions, except percentages) 2016 2015 Percentage 2016 2015 Percentage Change Change Net revenues $ 256.3 $ 180.7 41.8 % $ 304.1 $ 180.7 68.3 % Cost of net revenues (93.5 ) (63.2 ) 47.9 % (108.7 ) (63.2 ) 72.2 % Gross profit 162.7 117.6 38.4 % 195.4 117.6 66.2 % Operating expenses: (98.1 ) (83.9 ) 16.9 % (120.9 ) (83.9 ) 44.1 % Total operating expenses (98.1 ) (83.9 ) 16.9 % (120.9 ) (83.9 ) 44.1 % Income from operations 64.7 33.7 91.8 % 74.5 33.7 121.0 %
(*) The table above may not total due to rounding.
CONTACT: MercadoLibre, Inc. Investor Relations email@example.com investor.mercadolibre.com