| From: Savant | 5/9/2012 9:11:51 AM | | | | | | MercadoLibre, Inc. Reports Financial Results for First Quarter 2012
May 8, 2012 (GlobeNewswire via COMTEX) --
* Items sold during Q1'12 increased by 38.1% year-over-year to 15.0
million
* Net Revenues in Q1'12 increased by 36.2% year-over-year to 83.7
million, a 43.6% growth in local currencies
* Q1'12 net income increased by 39.7% year-over-year to $19.6 million, a
47.0% growth in local currencies |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 8/3/2012 10:01:51 AM | | | | | | MercadoLibre, Inc. Reports Financial Results for Second Quarter 2012
Aug 2, 2012 (GlobeNewswire via COMTEX) --
* Items sold during Q2'12 increased by 35.6% year-over-year to 15.8
million
* Net Revenues in Q2'12 grew to 88.8 million, a 47.1% growth in local
currencies
* Q2'12 net income increased to $25.4 million, a 90.8% growth in local
currencies
==============
MercadoLibre 2nd-Quarter Net Up 71% as Users, Sales Increase
Last Update: 8/2/2012 6:50:39 PM
By Kristin Jones
MercadoLibre Inc.'s (MELI) second-quarter profit jumped 71% as the online
marketplace reported an increase in users and items sold.
The results beat Street expectations, and shares jumped 12% to $74.62 in
after-hours trading. Through the close, the stock was down 16% so far this year.
The Latin America e-commerce company provides merchandise listings for
individuals and businesses. It also offers an online-payment service, and has
posted double-digit revenue and earnings growth on a percentage basis over the
past two years.
The latest period included higher interest income and currency gains.
MercadoLibre posted a profit of $25.4 million, or 57 cents a share a share, up
from $14.8 million, or 34 cents, a year earlier.
Revenue jumped 28% to $88.8 million.
Analysts polled by Thomson Reuters were expecting per-share earnings of 49 cents
a share on revenue of $88 million.
Gross margin narrowed to 73.1% from 75.6%.
Total confirmed users reached 73.2 million in the period, up 25% from a year
earlier.
Gross merchandise volume increased 22%, while items sold jumped 36%.
==========
MercadoLibre up 16% premarket after earnings
==========
Up over 21% after open |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 8/3/2012 11:03:11 AM | | | | | | MercadoLibre Inc.'s (MELI, $82.40, +$15.88, +23.87%) second-quarter profit jumped
71% as the online marketplace reported an increase in users and items sold. The
results beat Street expectations and prompted J.P. Morgan to up its rating on the
stock to overweight from neutral and price target to $100 from $88. |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Sr K | 2/8/2013 5:11:07 PM | | | | | | Venezuela Devalues Bolivar by 32% Amid Shortage of Dollars
By Charlie Devereux & Jose Orozco - Feb 8, 2013 4:34 PM ET
Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy.
The government will weaken the exchange rate by 32 percent to 6.3 bolivars per dollar, Finance Minister Jorge Giordani told reporters today in Caracas. Companies with operations in Venezuela, including Colgate-Palmolive Co., Avon Products Inc. and MercadoLibre Inc., fell on the announcement.
bloomberg.com |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
|
| From: Savant | 3/2/2017 7:36:42 PM | | | | | | MELI $216.69 yr hi the other day, giving back some...now $208
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 investor@mercadolibre.com investor.mercadolibre.com |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: Savant who wrote (16) | 5/3/2017 9:51:03 AM | | From: Savant | | | | BUENOS AIRES, Argentina, April 27, 2017 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. ( MELI) intends to release financial results for its first fiscal quarter ended March 31, 2017 on May 4th, 2017 after the close of the day's trading.
The Company will host a conference call and audio webcast on May 4th, 2017 at 4:30 p.m. Eastern Time.
The conference call may be accessed by dialing (877) 303-7209 / (970) 315-0420 (Conference ID 11441757) 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 An archive of the webcast will be available for one week following the conclusion of the conference call.
About MercadoLibre
MercadoLibre hosts the largest online commerce and payments ecosystem in Latin America. The Company’s efforts are centered on enabling e-commerce and digital and mobile payments on behalf of its customers by delivering a suite of technology solutions across the complete value chain of commerce. MercadoLibre is present in 18 countries including: Argentina, Brazil, Mexico, Colombia, Chile, Venezuela and Peru, and based on unique visitors and page views MercadoLibre is a market leader in each of the major countries where it is present.
For more information about MercadoLibre.com, visit: h ttp://investor.mercadolibre.com. |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
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| To: Savant who wrote (17) | 5/4/2017 6:31:31 PM | | From: Savant | | | | MELI up $12.48 in afmar... globenewswire.com
53.2 million Sold Items, up 38.6%, 44.1 million Total Payment Transactions, up 60.1%
Net Revenues of $273.9 million, growing 73.8% in USD, 78.9% on an FX neutral basis
Net Income of $48.5 million, resulting in EPS of $1.10.
BUENOS AIRES, Argentina, May 04, 2017 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (Nasdaq: MELI) (https://www.globenewswire.com/Tracker?data=VRvY3FBknE0H_mTZ8Rl4ZZzavLiUDMbVNJpfhOfDcWuPvEGGjj2fkA8Buk_wBEAzoHGWJrYsOhk9Ap9PyTmKNXlOBdNHB707qRxJGhVhbIg=), Latin America's leading e-commerce technology company, today reported financial results for the first quarter ended March 31, 2017.
Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, “We’ve kicked off the year with a strong first quarter, sustaining the momentum from 2016, which was one of the best years in history for us. The consistent pace of execution this quarter is a direct reflection of our relentless drive to deliver disruptive technology solutions to our users across platforms, devices, and countries where we operate. We remain focused on transforming commerce and financial services through product innovation, fostering entrepreneurship and delivering best in class user experiences, and thus cementing our leadership position in technology, online payments, and ecommerce throughout Latin America.”
First Quarter 2017 Business Highlights
Gross Merchandise Volume was $2,334.0 million, a 31.0% increase in USD and a 61.4 % increase on an FX neutral basis.Items sold during the first quarter of 2017 reached 53.2 million, maintaining momentum versus last quarter, and growing 38.6 % year-over-year. This increase was primarily driven by strong items growth in Brazil and Mexico, which delivered growth rates of 52.7% and 70.7% respectively versus the first three months of 2016.Unique buyers grew by 20.3% year on year and maintained the solid pace of demand growth observed over the course of last year.MercadoPago kicked off 2017 with an outstanding first quarter, processing $2,601.0 million dollars in Total Payment Volume, an 89.0% year-over-year increase. MercadoPago ended the quarter processing 44.1 million transactions, an increase of 60.1% year-over-year.During the quarter, monetization on the platform continued to improve, driven by penetration gains of MercadoPago across our marketplaces. Penetration of MercadoPago on our platforms rose to 77.4% versus 56.2% when compared to the first quarter of 2016.MercadoPago off platform payments business, saw a Total Payment Volume increase of 109.7% year-over-year in USD and 98.1% in local currencies. This growth was led by Brazil, Argentina, Mexico, and Chile as commercial efforts to onboard new large clients and increased volume from Mobile Point of Sale solutions continue to deliver positive results.Items shipped through MercadoEnvíos increased 58.7% to 27.3 million items in the first quarter of 2017. Mexico remains on solid footing with envíos penetration reaching 59% (vs. 30% last year), while items shipped increased 220% year on year to 2.6 million. Colombia delivered solid growth in shipping unit volumes (up 191% as compared to the first quarter of 2016), and market-wide usage of MercadoEnvíos has reached 51% of total items sold.Our Classifieds business continues to experience growth, driven by demand from professional clients and maintaining its momentum in most countries. Live listings are at an all-time high of 3.8 million, growing 111% year-over-year. Professional clients are also at multi-year highs reaching almost 22 thousand sellers and growing 29% year-over-year.Our Net Promoter Score rose once again during the first quarter of 2017, providing our users consistently higher rates of immediate access to customer service representatives through real time online and phone channels.First Quarter 2017 Financial Highlights
Net revenues for the first quarter were $273.9 million, a year-over-year increase of 73.8% in USD and 78.9% on an FX neutral basis. Excluding Venezuela, net revenues grew 78.3% in USD and 61.4% in local currencies.Marketplace revenues grew 68.4% in USD, and 85.8% on an FX neutral basis, while non-marketplace revenues grew 81.8% in USD, and 68.4% on an FX neutral basis. Gross profit for the first quarter of 2017 was $168.9 million. Gross profit margin was 61.6%, compared to 64.8% in the first quarter of 2016. Most of the margin compression is as the result of an increase in costs of providing free shipping in Mexico and incremental mPos adoption.Total operating expenses increased to $105.5 million, up 47.2% year-over-year. As a percentage of revenues, operating expenses were 38.5% versus 45.5% in the first quarter of 2016.Income from operations was $63.3 million, up 107.7% year-over-year. As a percentage of revenues, income from operations was 23.1%, up from 19.3% during the same period in 2016.Interest income grew 67.7% year-over-year to $12.2 millionThe company incurred $6.5 million dollars in financial expenses in the first quarter of 2017, mainly as a consequence of interest payments on its Convertible Bond issued in June 2014.Net income before taxes was $69.7 million, up 87.2% year-over-year.Income tax expense was $21.1 million during the first quarter, yielding a blended tax rate for the period of 30.4%, mainly due to higher share of pre-tax profits in Brazil.Net income as reported for the quarter was $48.5 million dollars, resulting in basic net income per share of 1 dollar and 10 cents.Net cash provided by operating activities was $104.8 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 $92.0 million. * (*) See note on “Non-GAAP Financial Measures”
The following table summarizes certain key performance metrics for the three months ended March 31, 2017 and 2016.
| | | Three months ended March 31, (in MM) | | | | | | 2016 | | 2017 | %YoY | %YoY Local
Currency | | | | Total confirmed registered users at the end of period | | 151.5 | | 182.2 | 20.3 | % | - | | | | | New confirmed registered users during the period | | 6.9 | | 8.1 | 17.1 | % | - | | | | | Gross merchandise volume | $ | 1,781.1 | $ | 2,334.0 | 31.0 | % | 61.4 | % | | | | Number of successful items sold | | 38.3 | | 53.2 | 38.6 | % | - | | | | | Number of successful items shipped | | 17.2 | | 27.3 | 58.7 | % | | | | | Total payment volume | $ | 1,376.1 | $ | 2,601.0 | 89.0 | % | 81.3 | % | | | | Total volume of payments on marketplace | $ | 1,012.4 | $ | 1,825.8 | 80.3 | % | | | | | Total payment transactions | | 27.5 | | 44.1 | 60.1 | % | - | | | | | Unique Buyers | | 11.0 | | 13.3 | 20.3 | % | | | | | Unique Sellers | | 3.6 | | 4.1 | 14.3 | % | | | | | | | | | | |
Table of Year-on-Year Local Currency Revenue Growth Rates by Quarter
| | | YoY Growth rates | | | | Consolidated Net Revenues | | | | | | | | | | Q1'16 | Q2'16 | Q3'16 | Q4'16 | Q1'17 | | | | Brazil | 54 | % | 61 | % | 62 | % | 64 | % | 66 | % | | | | Argentina | 71 | % | 89 | % | 68 | % | 60 | % | 58 | % | | | | Mexico | 42 | % | 35 | % | 36 | % | 29 | % | 55 | % | | | | Venezuela | 249 | % | 185 | % | 152 | % | 199 | % | 291 | % | | | | Others | 19 | % | 30 | % | 33 | % | 42 | % | 36 | % | | | | Total | 75 | % | 73 | % | 66 | % | 68 | % | 79 | % | | | | | | | | | | |
Table of Year-on-Year USD Revenue Growth Rates by Quarter
| | YoY Growth rates | | | Consolidated Net Revenues | | | | | | | | | Q1'16 | Q2'16 | Q3'16 | Q4'16 | Q1'17 | | | Brazil | 13 | % | 41 | % | 76 | % | 92 | % | 106 | % | | | Argentina | 2 | % | 19 | % | 4 | % | 4 | % | 48 | % | | | Mexico | 18 | % | 15 | % | 19 | % | 8 | % | 40 | % | | | Venezuela | -13 | % | 31 | % | -22 | % | -10 | % | 19 | % | | | Others | -1 | % | 14 | % | 33 | % | 46 | % | 47 | % | | | Total | 6 | % | 29 | % | 37 | % | 42 | % | 74 | % | | | | | | | | | |
Conference Call and Webcast
The Company will host a conference call and audio webcast on May 4, 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 11441757) 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 globenewswire.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 2016 and applying it to the corresponding months in the current year, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations.
Gross merchandise volume – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding motor vehicles, vessels, aircraft, real estate, and services.
Total payment transactions – Measure of the number of all transactions completed using MercadoPago.
Total volume of payments on marketplace - Measure of the total U.S. dollar sum of all marketplace transactions paid for using MercadoPago, excluding shipping and financing fees.
Total payment volume – Measure of total U.S. dollar sum of all transactions paid for using MercadoPago.
Items sold – Measure of the number of items sold/purchased through the Mercado Libre Marketplace.
Items shipped- Measure of the number of items that were shipped through our shipping service.
Local Currency Growth Rates – Refer to FX Neutral definition.
Net income margin – Defined as net income as a percentage of net revenues.
New confirmed registered users – Measure of the number of new users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July’12, registration and confirmation take place in the same step of the registration flow.
Operating margin – Defined as income from operations as a percentage of net revenues.
Total confirmed registered users – Measure of the cumulative number of users who have registered on the Mercado Libre platform (including Mercado Pago) and confirmed their registration. Since July ’12, registration and confirmation take place in the same step of the registration flow.
Unique Buyers – New or existing buyers with at least one purchase made in the period.
Unique Sellers – New or existing sellers with at least one sale made in the period.
About Mercado Libre
Founded in 1999, Mercado Libre is Latin America's leading e-commerce technology company. Through its primary platforms, Mercado Libre.com and Mercado Pago.com, it provides solutions to individuals and companies buying, selling, advertising, and paying for goods and services online.
Mercado Libre.com serves millions of users and creates a market for a wide variety of goods and services in an easy, safe and efficient way. The site is among the top 50 in the world in terms of page views and is the leading retail platform in unique visitors in the major countries in which it operates according to metrics provided by comScore Networks. The Company is listed on NASDAQ (Nasdaq: MELI) following its initial public offering in 2007.
For more information about the Company visit: globenewswire.com.
The Mercado Libre, Inc. logo is available at globenewswire.com
| | | Consolidated balance sheets | | (In thousands of U.S. dollars, except par value) | | | | | | March 31, | | December 31, | | | | 2017 | | | | 2016 | | | Assets | | | | | Current assets: | | | | | Cash and cash equivalents | $ | 301,388 | | | $ | 234,140 | | | Short-term investments | | 265,165 | | | | 253,321 | | | Accounts receivable, net | | 24,097 | | | | 25,435 | | | Credit cards receivables, net | | 300,612 | | | | 307,904 | | | Loans receivable, net | | 11,380 | | | | 6,283 | | | Prepaid expenses | | 14,846 | | | | 15,060 | | | Inventory | | 432 | | | | 1,103 | | | Other assets | | 28,472 | | | | 26,215 | | | Total current assets | | 946,392 | | | | 869,461 | | | Non-current assets: | | | | | Long-term investments | | 170,352 | | | | 153,803 | | | Property and equipment, net | | 131,968 | | | | 124,261 | | | Goodwill | | 95,849 | | | | 91,797 | | | Intangible assets, net | | 26,227 | | | | 26,277 | | | Deferred tax assets | | 51,441 | | | | 45,017 | | | Other assets | | 61,417 | | | | 56,819 | | | Total non-current assets | | 537,254 | | | | 497,974 | | | Total assets | $ | 1,483,646 | | | $ | 1,367,435 | | | Liabilities and Equity | | | | | Current liabilities: | | | | | Accounts payable and accrued expenses | $ | 108,507 | | | $ | 105,106 | | | Funds payable to customers | | 396,487 | | | | 370,693 | | | Salaries and social security payable | | 73,342 | | | | 48,898 | | | Taxes payable | | 30,668 | | | | 27,338 | | | Loans payable and other financial liabilities | | 16,430 | | | | 11,583 | | | Other liabilities | | 5,606 | | | | 6,359 | | | Dividends payable | | 6,624 | | | | 6,624 | | | Total current liabilities | | 637,664 | | | | 576,601 | | | Non-current liabilities: | | | | | Salaries and social security payable | | 12,498 | | | | 16,173 | | | Loans payable and other financial liabilities | | 304,534 | | | | 301,940 | | | Deferred tax liabilities | | 36,830 | | | | 34,059 | | | Other liabilities | | 9,876 | | | | 9,808 | | | Total non-current liabilities | | 363,738 | | | | 361,980 | | | Total liabilities | $ | 1,001,402 | | | $ | 938,581 | | | | | | | | | | | | | | | | | Common stock, $0.001 par value, 110,000,000 shares authorized, | | | | | 44,157,364 shares issued and outstanding at March 31, | | | | | 2017 and December 31, 2016, respectively | $ | 44 | | | $ | 44 | | | Additional paid-in capital | | 137,982 | | | | 137,982 | | | Retained earnings | | 592,535 | | | | 550,641 | | | Accumulated other comprehensive loss | | (248,317 | ) | | | (259,813 | ) | | Total Equity | | 482,244 | | | | 428,854 | | | Total Liabilities and Equity | $ | 1,483,646 | | | $ | 1,367,435 | |
| | | Consolidated statements of cash flows | | (In thousands of U.S. dollars, except par value) | | | | | | | | | | Three Months Ended March 31, | | | | | 2017 | | | | 2016 | | | | | | | Cash flows from operations: | | | | | | Net income | | $ | 48,518 | | | $ | 30,247 | | | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | Depreciation and amortization | | | 9,003 | | | | 6,252 | | | Accrued interest | | | (5,679 | ) | | | (3,877 | ) | | Non cash interest and convertible bonds amortization of debt discount and amortization of debt issuance costs | | | 4,226 | | | | 4,431 | | | LTRP accrued compensation | | | 9,176 | | | | 3,190 | | | Deferred income taxes | | | (2,798 | ) | | | (1,896 | ) | | Changes in assets and liabilities: | | | | | | Accounts receivable | | | (1,305 | ) | | | (22,920 | ) | | Credit Card Receivables | | | 15,583 | | | | (62,544 | ) | | Prepaid expenses | | | 347 | | | | (1,387 | ) | | Inventory | | | 727 | | | | (158 | ) | | Other assets | | | (4,472 | ) | | | (6,738 | ) | | Accounts payable and accrued expenses | | | 13,364 | | | | 14,376 | | | Funds payable to customers | | | 13,929 | | | | 23,684 | | | Other liabilities | | | 123 | | | | 1,152 | | | Interest received from investments | | | 4,015 | | | | 4,386 | | | Net cash provided by (used in) operating activities | | | 104,757 | | | | (11,802 | ) | | Cash flows from investing activities: | | | | | | Purchase of investments | | | (897,589 | ) | | | (641,259 | ) | | Proceeds from sale and maturity of investments | | | 876,040 | | | | 659,309 | | | Payment for acquired businesses, net of cash acquired | | | — | | | | (1,838 | ) | | Purchases of intangible assets | | | (17 | ) | | | (11 | ) | | Advance for property and equipment | | | (2,505 | ) | | | (872 | ) | | Changes in principal of loans receivable, net | | | (4,808 | ) | | | — | | | Purchases of property and equipment | | | (10,268 | ) | | | (14,552 | ) | | Net cash (used in) provided by investing activities | | | (39,147 | ) | | | 777 | | | Cash flows from financing activities: | | | | | | Proceeds from loans payable and other financial liabilities | | | 4,290 | | | | — | | | Payments on loans payable and other financing liabilities | | | (2,875 | ) | | | (661 | ) | | Dividends paid | | | (6,624 | ) | | | (4,548 | ) | | Net cash used in financing activities | | | (5,209 | ) | | | (5,209 | ) | | Effect of exchange rate changes on cash and cash equivalents | | | 6,847 | | | | (5,762 | ) | | Net increase (decrease) in cash and cash equivalents | | | 67,248 | | | | (21,996 | ) | | Cash and cash equivalents, beginning of the period | | | 234,140 | | | | 166,881 | | | Cash and cash equivalents, end of the period | | $ | 301,388 | | | $ | 144,885 | |
| | | | Consolidated statements of income | | | (In thousands of U.S. dollars, except for share data) | | | | | | | | | | | | Three Months Ended March 31, | | | | | | 2017 | | | | 2016 | | | | Net revenues | | $ | 273,926 | | | $ | 157,630 | | | | Cost of net revenues | | | (105,070 | ) | | | (55,448 | ) | | | Gross profit | | | 168,856 | | | | 102,182 | | | | Operating expenses: | | | | | | | Product and technology development | | | (30,302 | ) | | | (21,941 | ) | | | Sales and marketing | | | (46,931 | ) | | | (32,683 | ) | | | General and administrative | | | (28,309 | ) | | | (17,069 | ) | | | Total operating expenses | | | (105,542 | ) | | | (71,693 | ) | | | Income from operations | | | 63,314 | | | | 30,489 | | | | | | | | | | | Other income (expenses): | | | | | | | Interest income and other financial gains | | | 12,157 | | | | 7,251 | | | | Interest expense and other financial losses | | | (6,471 | ) | | | (5,684 | ) | | | Foreign currency gains | | | 663 | | | | 5,147 | | | | Net income before income tax expense | | | 69,663 | | | | 37,203 | | | | | | | | | | | Income tax expense | | | (21,145 | ) | | | (6,956 | ) | | | Net income | | $ | 48,518 | | | $ | 30,247 | | |
| | | | | | | | | | Three Months Ended March 31, | | | | | 2017 | | | 2016 | | | Basic EPS | | | | | | | Basic net income | | | | | | | Shareholders per common share | | $ | 1.10 | | $ | 0.68 | | | Weighted average of outstanding common shares | | | 44,157,364 | | | 44,156,961 | | | Diluted EPS | | | | | | | Diluted net income | | | | | | | Shareholders per common share | | $ | 1.10 | | $ | 0.68 | | | Weighted average of outstanding common shares | | | 44,157,364 | | | 44,156,961 | | | | | | | | | | Cash Dividends declared (per share) | | | 0.150 | | | 0.150 | |
Financial results of reporting segments
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2017 | | | | Brazil | | Argentina | | Mexico | | Venezuela | | Other Countries | | Total | | | | (In thousands) | | Net revenues | | $ | 159,781 | | | $ | 71,392 | | | $ | 15,536 | | | $ | 14,397 | | | $ | 12,820 | | | $ | 273,926 | | | Direct costs | | | (87,037 | ) | | | (45,066 | ) | | | (16,841 | ) | | | (6,551 | ) | | | (9,739 | ) | | | (165,234 | ) | | Direct contribution | | | 72,744 | | | | 26,326 | | | | (1,305 | ) | | | 7,846 | | | | 3,081 | | | | 108,692 | | | | | | | | | | | | | | | | | Operating expenses and indirect costs of net revenues | | | | | | | | | | | (45,378 | ) | | Income from operations | | | | | | | | | | | | | 63,314 | | | | | | | | | | | | | | | | | Other income (expenses): | | | | | | | | | | | | | | Interest income and other financial gains | | | | | | | | | | | 12,157 | | | Interest expense and other financial losses | | | | | | | | | | | (6,471 | ) | | Foreign currency gains | | | | | | | | | | | | | 663 | | | Net income before income tax expense | | | | | | | | | | $ | 69,663 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2016 | | | | | | | | | | Brazil | | Argentina | | Mexico | | Venezuela | | Other Countries | | Total | | | | | | | | | | (In thousands) | | Net revenues | | $ | 77,535 | | | $ | 48,201 | | | $ | 11,116 | | | $ | 12,105 | | | $ | 8,673 | | | $ | 157,630 | | | Direct costs | | | (50,287 | ) | | | (27,757 | ) | | | (9,438 | ) | | | (5,134 | ) | | | (6,201 | ) | | | (98,817 | ) | | Direct contribution | | | 27,248 | | | | 20,444 | | | | 1,678 | | | | 6,971 | | | | 2,472 | | | | 58,813 | | | | | | | | | | | | | | | | | | | | | | | Operating expenses and indirect costs of net revenues | | | | | | | | | | | | | (28,324 | ) | | Income from operations | | | | | | | | | | | | | 30,489 | | | | | | | | | | | | | | | | | | | | | | | Other income (expenses): | | | | | | | | | | | | | | | Interest income and other financial gains | | | | | | | | | | | | | 7,251 | | | | Interest expense and other financial losses | | | | | | | | | | | | | (5,684 | ) | | | Foreign currency gains | | | | | | | | | | | | | 5,147 | | | Net income before income tax expense | | | | | | | | | | | | $ | 37,203 | |
Non-GAAP Financial Measures
To supplement our 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 annual 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 net of financial liabilities, 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 and advances for the acquisition of property and equipment net of the related 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:
| | | | | | | | | | | | Three-month Periods Ended | | | | | | March 31, | | (In millions) | | | | | 2017 | | | | 2016 | | | | | | | | | | | Net Cash provided by (used in) Operating Activities | | | | $ | 104.8 | | | $ | (11.8 | ) | | Payment for acquired business, net of cash acquired | | | | | - | | | | (1.8 | ) | | Advance for property and equipment | | | | | (2.5 | ) | | | (0.9 | ) | | Purchase of intangible assets | | | | | (0.0 | ) | | | (0.0 | ) | | Purchase of property and equipment | | | | | (10.3 | ) | | | (14.6 | ) | | Free cash flow | | | | | 92.0 | | | | (29.1 | ) |
(*) The table above may not total due to rounding.
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 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 2016 and applying them to the corresponding months in 2017, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, 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 periods ended March 31, 2017:
| | | | | | | | | | | | | | | | | Three-months Periods Ended
March 31, (*) | | | | As reported | | FX Neutral Measures | | (In millions, except percentages) | | | 2017 | | | | 2016 | | | Percentage
Change | | | 2017 | | | | 2016 | | | Percentage
Change | | | | (Unaudited) | | | | (Unaudited) | | | | Net revenues | | $ | 273.9 | | | $ | 157.6 | | | 73.8 | % | | $ | 282.0 | | | $ | 157.6 | | | 78.9 | % | | Cost of net revenues | | | (105.1 | ) | | | (55.4 | ) | | 89.5 | % | | | (102.6 | ) | | | (55.4 | ) | | 85.1 | % | | Gross profit | | | 168.9 | | | | 102.2 | | | 65.3 | % | | | 179.4 | | | | 102.2 | | | 75.5 | % | | | | | | | | | | | | | | | | Total operating expenses | | | (105.5 | ) | | | (71.7 | ) | | 47.2 | % | | | (107.8 | ) | | | (71.7 | ) | | 50.4 | % | | Income from operations | | | 63.3 | | | | 30.5 | | | 107.7 | % | | | 71.5 | | | | 30.5 | | | 134.6 | % |
(*) The table above may not total due to rounding.
CONTACT: MercadoLibre, Inc, Investor Relations investor@mercadolibre,com investor.mercadolibre.com |
| | MELI MercadoLibre | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last Read |
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| From: Savant | 5/18/2017 10:39:44 AM | | | | | | MELI pulled back to just above recent gap up...to 248.xx...I added a bit on the move.
pps up 21$ from today's low..so far. |
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| From: Savant | 6/21/2017 8:50:24 PM | | | | | | NEW YORK, June 09, 2017 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced that MercadoLibre, Inc. (Nasdaq: MELI), will become a component of the NASDAQ-100 Index® (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) prior to market open on Monday, June 19, 2017. MercadoLibre, Inc. will replace Yahoo! Inc. (Nasdaq: YHOO) which is being removed as a result of their conversion to a closed-end fund.
MercadoLibre, Inc. is headquartered in Buenos Aires, Argentina, and has a market capitalization of approximately $12.4 billion. For more information about the company, go to www.mercadolibre.com.
About Nasdaq Global Indexes
Nasdaq Global Indexes has been creating innovative, market-leading, transparent indexes since 1971. Today, our index offering spans geographies and asset classes and includes diverse families such as the Dividend and Income (includes Dividend Achievers), Dorsey Wright, Fixed Income (includes BulletShares®), Global Equity, Green Economy, Nordic and Commodity indexes. We continuously offer new opportunities for financial product sponsors across a wide-spectrum of investable products and for asset managers to measure risk and performance. Nasdaq also provides exchange listing, custom index and design solutions to financial organizations worldwide.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to 3,800 total listings with a market value of $11 trillion. To learn more, visit: globenewswire.com |
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| From: Savant | 7/12/2017 10:37:50 AM | | | | | | MercadoLibre, Inc. ( MELI ) will begin (*began) trading ex-dividend on June 28, 2017. A cash dividend payment of $0.15 per share is scheduled to be paid on July 17, 2017. Shareholders who purchased MELI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 6th quarter that MELI has paid the same dividend. At the current stock price of $268, the dividend yield is .22%.
The previous trading day's last sale of MELI was $268, representing a -10.05% decrease from the 52 week high of $297.95 and a 112.53% increase over the 52 week low of $126.10.
MELI is a part of the Miscellaneous sector, which includes companies such as Alibaba Group Holding Limited ( BABA ) and Visa Inc. ( V ). MELI's current earnings per share, an indicator of a company's profitability, is $3.5. Zacks Investment Research reports MELI's forecasted earnings growth in 2017 as 34.05%, compared to an industry average of 15.2%. |
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