Market Overview

MercadoLibre, Inc. Reports Second Quarter 2018 Financial Results

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85.4 million Items Sold, up 38.8%,

85.5 million Total Payment Transactions, up 64.0%

Net Revenues of $335.4 million, up 43.7% on an FX neutral basis

BUENOS AIRES, Argentina, Aug. 08, 2018 (GLOBE NEWSWIRE) -- MercadoLibre, Inc. (NASDAQ:MELI) (http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the quarter ended June 30, 2018.

Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, "The outlook for our industry is as positive as ever, and our investment thesis remains intact. The internet is rapidly becoming a driving force that is increasing the pace of modernization in Latin America. This modernization presents us with the opportunity to turn a history of underdeveloped infrastructure in the areas of retail and banking from a disadvantage into an advantage, as it allows for innovation to flourish unencumbered by existing legacy players."

Second Quarter 2018 Business Highlights

  • Gross merchandise volume again surpassed $3 billion, reaching $3.1 billion, a 15.2% year-over-year increase in USD, and a 35.9% year-over-year increase on an FX neutral basis, representing the fifth consecutive quarter of growth.
  • Items sold increased for the second consecutive quarter to 85.4 million, a 38.8% year-over-year increase, delivering solid growth.
  • Unique buyers grew 16.0% year-over-year versus 28.0% in the first quarter. This declining growth rate is attributable primarily to the price increases from our major postal partner, and the May truckers strike that lasted ten days and had a negative impact on e-commerce in Brazil. This deceleration in unique buyers growth in Brazil was partially offset by unique buyer growth rates in Mexico, Colombia, Chile and Argentina, where growth rates in unique buyers exceeded 20%.
  • Live listings offered on Mercado Libre's marketplace grew to 154.8 million in the second quarter of 2018, a 56.4% year-over-year increase, surpassing for the first time ever the 150 million mark.
  • We continue to transition to being a mobile first company, as mobile gross merchandize volume "GMV" penetration grew 28.1% year-over-year reaching 55.5% mobile penetration.
  • Items shipped through MercadoEnvíos reached 52.8 million, a 58.1% year-over-year increase, driven primarily by increasing our free shipping options, strong marketing of our loyalty program and customer acquisition initiatives. Items shipped in Argentina, Mexico, Chile and Colombia were highlights of the quarter, growing 73%, 135%, 440%, and 166% respectively year-over-year.           
  • Total payment volume through MercadoPago reached $4.4 billion, a year-over-year increase of 40.4% in USD and 66.3% on an FX neutral basis. Total payment transactions increased 64.1% year-over-year, totaling 85.5 million for the quarter.
  • We continue to successfully execute off-platform payments efforts (both online and offline) though merchant services, mPos, and mobile wallet businesses. On a consolidated basis, off-platform total payment volume grew 96.7% year-over-year in USD and 142.4% on an FX neutral basis.
  • Our mobile-point-of-sale business quickly becoming one of our fastest growing non-marketplace business units, representing 43.3% of total off-platform payment volume for the quarter.

Adoption of ASC 606

  • Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers related to revenue recognition ("ASC 606") issued by the Financial Accounting Standards Board ("FASB"). The Company has adopted ASC 606 using the full retrospective transition method and has accordingly revised its consolidated financial statements for the year ended December 31, 2017, and applicable interim periods within the year ended December 31, 2017, as if ASC 606 had been effective for those periods. Because the Company did not offer free shipping in 2016, net revenue for that year does not need to be recast.
  • As a result of adopting ASC 606, the Company must present net revenue net of amounts paid in connection with the Company's free shipping initiative rather than including these amounts in the cost of net sales, as previously recorded. For the three-month period ended June 30, 2018 the Company incurred $97 million of shipping subsidies that have been netted from revenues.
  • As a result of adopting ASC 606, our net revenues for the periods indicated below have been recast as presented below. Our adoption of 606 does not affect our operating or net income/loss.
                         
       In millions
Gross
billings
 
    H1 2017*     H1 2018**     Q2 2017*     Q2 2018**
  $ 590.5   $ 865.5   $ 316.5   $ 432.0
                         
       In millions
Adjustments
(Decrease)
 
    H1 2017*     H1 2018**     Q2 2017*     Q2 2018**
  $ 36.9   $ 209.2   $ 32.6   $ 96.6
                         
                         
      In millions
Net
Revenues
 
    H1 2017*     H1 2018**     Q2 2017*     Q2 2018**
  $ 553.6   $ 656.4   $ 283.9   $ 335.4
                         
*As Recast  **As Reported
                         
(*) The table above may not total due to rounding.
                         

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

           In millions
          H1 2017       H1 2018       Q2 2017       Q2 2018
Gross billings
Brazil     $ 339.8     $ 546.8     $ 180.1     $ 270.5
Argentina     $ 159.4     $ 211.9     $ 88.0     $ 105.9
Mexico     $ 35.7     $ 60.7     $ 20.2     $ 31.3
Venezuela     $ 28.6     $     $ 14.2     $
Others     $ 26.9     $ 46.1     $ 14.1     $ 24.3
           
           In millions
Adjustments
(Decrease)
        H1 2017       H1 2018       Q2 2017       Q2 2018
Brazil     $ 22.9     $ 166.8     $ 22.9     $ 74.7
  Argentina     $     $ 9.9     $     $ 5.7
  Mexico     $ 13.6     $ 26.1     $ 9.4     $ 13.8
  Venezuela     $     $     $     $
  Others     $ 0.4     $ 6.4     $ 0.4     $ 2.4
                                   
           
           In millions
Net Revenues         H1 2017*       H1 2018**       Q2 2017*       Q2 2018**
Brazil     $ 317.0     $ 380.0     $ 157.2     $ 195.8
  Argentina     $ 159.4     $ 202.0     $ 88.0     $ 100.1
  Mexico     $ 22.1     $ 34.6     $ 10.8     $ 17.5
  Venezuela     $ 28.6     $     $ 14.2     $
  Others     $ 26.5     $ 39.7     $ 13.8     $ 21.9
                                   
*As Recast  **As Reported                                  
                                   
(*) The table above may not total due to rounding.                                  
                                   

Second Quarter 2018 Financial Highlights

  • Net revenues for the second quarter grew to $335.4 million, a year-over-year increase of 18.1% in USD and 43.7% on an FX neutral basis.
  • Enhanced marketplace revenues decreased 13.2% year-over-year in USD, and 0.4% on an FX neutral basis, while non-marketplace revenues increased 72.5% year-over-year in USD and 107.5% on an FX neutral basis.
  • Gross profit was $159.7 million with a margin of 47.6%, compared to 60.4% in the second quarter of 2017. Most of the gross margin compression is attributed to an increase in free shipping subsidies.
  • Total operating expenses were $188.0 million, up 32.8% year-over-year. As a percentage of revenues, operating expenses were 56.1%, as compared to 49.9% during the second quarter of 2017.
  • Loss from operations was $28.2 million, down 194.1% year-over-year. As a percentage of revenues, loss from operations was 8.4%, as compared to a gain of 10.6% during the second quarter of 2017.
  • Interest income was $9.9 million, a 7.0% decrease year-over-year as a result of lower interest rates in Brazil as well as a lower float in Brazil and Argentina.
  • The company incurred $13.2 million in financial expenses in the second quarter of 2018 mostly related to working capital funding for the payments businesses and to interest accrual on our convertible bond issued in 2014.
  • Net loss before taxes was $19.0 million, down 252.6% year-over-year.
  • Income tax gain was $7.7 million during the second quarter, yielding a blended tax rate for the period of 40.6%.
  • Net loss as reported for the second quarter was $11.3 million, resulting in basic net loss per share of $0.25.
  • Operating cash flow was $144.2 million. Net decrease in cash, restricted cash and cash equivalents was $173.6 million in during the second quarter of 2018.

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

                               
    Six-months Periods Ended
June 30,
      Three-month Periods Ended
June 30,
(in millions)     2018 (*)       2017 (*)       2018 2017
                               
Number of confirmed registered users at end of period     234.9       191.2       234.9       191.2
Number of confirmed new registered users during period     23.0       17.0       11.8       9.0
Gross merchandise volume   $ 6,276.6     $ 5,056.3     $ 3,135.4     $ 2,722.4
Number of successful items sold     165.6       114.7       85.4       61.5
Number of successful items shipped     105.3       60.7       52.8       33.4
Total payment volume   $ 8,601.4     $ 5,721.8     $ 4,426.1     $ 3,152.0
Total volume of payments on marketplace   $ 5,603.8     $ 4,027.4     $ 2,794.3     $ 2,201.6
Total payment transactions     159.8       96.4       85.5       52.1
Unique buyers     25.0       22.2       16.9       14.6
Unique sellers     8.6       6.5       4.2       4.2
Capital expenditures   $ 46.8     $ 34.6     $ 23.7     $ 21.8
Depreciation and amortization   $ 22.6     $ 19.1     $ 11.5     $ 10.1
                               
(*) Percentages have been calculated using whole-dollar amounts rather than rounded amounts that appear in the table. The table above may not total due to rounding.
                               

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

        YoY Growth rates
         
Consolidated Net Revenues       Q2'17     Q3'17     Q4'17     Q1'18     Q2'18
Brazil       53%     35%     37%     15%     25%
Argentina       30%     30%     42%     43%     14%
Mexico       (6)%     (3)%     48%     51%     62%
                                 

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

        YoY Growth rates
         
Consolidated Net Revenues       Q2'17     Q3'17     Q4'17     Q1'18     Q2'18
Brazil       40%     31%     35%     19%     40%
Argentina       44%     51%     62%     80%     68%
Mexico       (3)%     (7)%     41%     39%     71%
                                 

Conference Call and Webcast

The Company will host a conference call and audio webcast on Aug 8th, 2018 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing +(970) 315-0420 or +(877) 303-7209 (Conference ID 2498798) 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 http://investor.mercadolibre.com. An archive of the webcast will be available for one week following the conclusion of the conference call.

Definition of Selected Operational Metrics

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

Foreign Exchange ("FX") Neutral – Calculated by using the average monthly exchange rate of each month of 2017 and applying it to the corresponding months in the current year, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations.

Gross merchandise volume – Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding motor vehicles, vessels, aircraft, real estate, and services.

Total payment transactions – Measure of the number of all transactions paid for using MercadoPago.

Total volume of payments on marketplace - Measure of the total U.S. dollar sum of all marketplace transactions paid for using MercadoPago, excluding shipping and financing fees.

Total payment volume – Measure of total U.S. dollar sum of all transactions paid for using MercadoPago, including marketplace and non-marketplace transactions.

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

Items sold – Measure of the number of items 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 Marketplace and confirmed their registration.

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 Marketplace and confirmed their registration.

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 listing 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: http://investor.mercadolibre.com.

The Mercado Libre, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4193

Forward-Looking Statements

Any statements herein regarding MercadoLibre, Inc. that are not historical or current facts are forward-looking statements. These forward-looking statements convey MercadoLibre, Inc.'s current expectations or forecasts of future events. Forward-looking statements regarding MercadoLibre, Inc. involve known and unknown risks, uncertainties and other factors that may cause MercadoLibre, Inc.'s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," "Forward-Looking Statements" and "Cautionary Note Regarding Forward-Looking Statements" sections of MercadoLibre, Inc.'s annual report on Form 10-K for the year ended December 31, 2017, and any of MercadoLibre, Inc.'s other applicable filings with the Securities and Exchange Commission. Unless required by law, MercadoLibre, Inc. undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof.

                       
Consolidated statements of income
(In thousands of U.S. dollars, except for share data)
                       
    Six Months Ended June 30,     Three Months Ended June 30,
        2018         2017         2018         2017  
Net revenues   $    656,353       $  553,558       $  335,377       $  283,882  
Cost of net revenues        (333,847 )        (213,148 )        (175,628 )        (112,328 )
Gross profit        322,506          340,410          159,749          171,554  
Operating expenses:                      
Product and technology development        (71,833 )        (60,639 )        (33,437 )        (30,338 )
Sales and marketing        (231,939 )        (123,786 )        (121,216 )        (76,856 )
General and administrative        (76,395 )        (59,808 )        (33,337 )        (31,498 )
Impairment of Long-Lived Assets        —          (2,837 )        —          (2,837 )
Total operating expenses        (380,167 )        (247,070 )        (187,990 )        (141,529 )
(Loss) income from operations        (57,661 )        93,340          (28,241 )        30,025  
                       
Other income (expenses):                      
Interest income and other financial gains        19,110          22,820          9,915          10,663  
Interest expense and other financial losses        (23,936 )        (12,977 )        (13,202 )        (6,506 )
Foreign currency gains (losses)        18,178          (21,097 )        12,577          (21,760 )
Net (loss) income before income tax gain (expense)        (44,309 )        82,086          (18,951 )        12,422  
                       
Income tax gain (expense)        20,138          (28,252 )        7,700          (7,106 )
Net (loss) income   $    (24,171 )     $  53,834       $  (11,251 )     $  5,316  


                   
    Six-Months Ended June 30,     Three-Months Ended June 30,
      2018       2017       2018       2017  
Basic EPS                  
Basic net (loss) income                  
Available to shareholders per common share   $  (0.55 )   $  1.22     $  (0.25 )   $  0.12  
Weighted average of outstanding common shares      44,157,364        44,157,364        44,157,364        44,157,364  
Diluted EPS                  
Diluted net (loss) income                  
Available to shareholders per common share   $  (0.55 )   $  1.22     $  (0.25 )   $  0.12  
Weighted average of outstanding common shares      44,157,364        44,157,364        44,157,364        44,157,364  
                   
Cash Dividends declared (per share)      —       0.150        —       0.150  
                                 


       
Consolidated balance sheets
(In thousands of U.S. dollars, except par value)
     
       
  June 30,   December 31,
    2018       2017  
Assets      
Current assets:      
Cash and cash equivalents $  489,157     $  388,260  
Restricted cash and cash equivalents    34,854        —  
Short-term investments    69,432        209,432  
Accounts receivable, net    27,470        28,168  
Credit cards receivables, net    307,614        521,130  
Loans receivable, net    112,066        73,409  
Prepaid expenses    14,410        5,864  
Inventory    7,938        2,549  
Other assets    62,213        58,107  
Total current assets    1,125,154        1,286,919  
Non-current assets:      
Long-term investments    11,394        34,720  
Property and equipment, net    113,170        114,837  
Goodwill    83,637        92,279  
Intangible assets, net    19,256        23,174  
Deferred tax assets    106,330        57,324  
Other assets    60,500        63,934  
Total non-current assets    394,287        386,268  
Total assets $  1,519,441     $  1,673,187  
Liabilities and Equity      
Current liabilities:      
Accounts payable and accrued expenses $  226,101     $  221,095  
Funds payable to customers    498,623        583,107  
Salaries and social security payable    50,043        65,053  
Taxes payable    28,300        32,150  
Loans payable and other financial liabilities    146,655        56,325  
Other liabilities    25,342        3,678  
Dividends payable    —        6,624  
Total current liabilities    975,064        968,032  
Non-current liabilities:      
Salaries and social security payable    19,123        25,002  
Loans payable and other financial liabilities    333,364        312,089  
Deferred tax liabilities    23,166        23,819  
Other liabilities    13,987        18,466  
Total non-current liabilities    389,640        379,376  
Total liabilities $  1,364,704     $  1,347,408  
       
Equity:      
       
Common stock, $0.001 par value, 110,000,000 shares authorized,      
  44,157,364 shares issued and outstanding at June 30,      
2018 and December 31, 2017 $  44     $  44  
Additional paid-in capital    24,969        70,661  
Retained earnings    515,846        537,925  
Accumulated other comprehensive loss    (386,122 )      (282,851 )
Total Equity    154,737        325,779  
Total Liabilities and Equity $  1,519,441     $  1,673,187  


             
Consolidated statements of cash flows
(In thousands of U.S. dollars, except par value)
             
      Six Months Ended June 30,
        2018         2017  
                     
Cash flows from operations:            
Net (loss) income     $  (24,171 )     $  53,834  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:            
Unrealized Devaluation Loss, net        6,976          25,502  
Impairment of Long-Lived Assets        —          2,837  
Depreciation and amortization        22,566          19,083  
Accrued interest        (7,845 )        (10,930 )
Non cash interest and convertible notes amortization of debt discount and amortization of debt issuance costs        9,684          4,798  
LTRP accrued compensation        16,792          22,068  
Deferred income taxes        (54,818 )        (10,451 )
Changes in assets and liabilities:            
Accounts receivable         (21,807 )        (5,165 )
Credit card receivables        97,097          34,161  
Prepaid expenses        (10,143 )        5,462  
Inventory        (6,299 )        102  
Other assets        (24,441 )        (22,074 )
Accounts payable and accrued expenses        42,771          33,633  
Funds payable to customers        32,513          63,164  
Other liabilities        20,213          (498 )
Interest received from investments        8,066          10,788  
Net cash provided by operating activities        107,154          226,314  
Cash flows from investing activities:            
Purchase of investments        (1,248,452 )        (2,186,528 )
Proceeds from sale and maturity of investments        1,390,713          2,200,172  
Purchases of intangible assets        (242 )        (74 )
Advance for property and equipment        (4,426 )        (8,351 )
Changes in principal of loans receivable, net        (66,629 )        (20,143 )
Purchases of property and equipment        (42,092 )        (26,147 )
Net cash provided by (used in) investing activities        28,872          (41,071 )
Cash flows from financing activities:            
Proceeds from loans payable and other financial liabilities        146,666          7,800  
Payments on loans payable and other financing liabilities        (14,893 )        (2,969 )
Dividends paid        (6,624 )        (13,247 )
Purchase of convertible note capped call        (45,692 )        —  
Net cash provided by (used in) financing activities        79,457          (8,416 )
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents        (79,732 )        (28,176 )
Net increase in cash, cash equivalents, restricted cash and cash equivalents        135,751          148,651  
Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period     $  388,260       $  234,140  
Cash, cash equivalents, restricted cash and cash equivalents, end of the period     $  524,011       $  382,791  
                     


                                                         
Financial results of reporting segments                                                        
    Three Months Ended June 30, 2018
           
    Brazil         Argentina         Mexico         Other Countries         Total            
    (In thousands)
           
Net revenues $  195,839        $  100,110        $  17,540        $  21,888        $  335,377             
Direct costs   (176,987 )       (68,051 )       (39,534 )       (21,088 )       (305,660 )          
Direct contribution (loss)   18,852         32,059         (21,994 )       800         29,717            
                                                         
Operating expenses and indirect costs of net revenues                                           (57,958 )          
Loss from operations                                           (28,241 )          
                                                         
Other income (expenses):                                                        
Interest income and other financial gains                                           9,915            
Interest expense and other financial losses                                           (13,202 )          
Foreign currency gains                                           12,577            
Net loss before income tax gain                                         $  (18,951 )          
                                                         
                                                         
    Three Months Ended June 30, 2017
    Brazil         Argentina         Mexico         Venezuela         Other Countries         Total  
    (In thousands)
Net revenues $  157,152        $  87,992        $  10,803        $  14,181        $  13,754        $  283,882   
Direct costs   (97,200 )       (49,697 )       (33,420 )       (5,708 )       (12,555 )       (198,580 )
Impairment of Long-lived Assets   -         -         -         (2,837 )       -         (2,837 )
Direct contribution (loss)   59,952         38,295         (22,617 )       5,636         1,199         82,465  
                                                         
Operating expenses and indirect costs of net revenues                                                     (52,440 )
Income from operations                                                     30,025  
                                                         
Other income (expenses):                                                        
Interest income and other financial gains                                                     10,663  
Interest expense and other financial losses                                                     (6,506 )
Foreign currency losses                                                     (21,760 )
Net income before income tax expense                                                   $  12,422   
                                                         

Non-GAAP Financial Measures

To supplement our consolidated financial statements presented in accordance with U.S. GAAP, we use foreign exchange ("FX") neutral measures as non-GAAP measure.

This non-GAAP measure should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP and may be different from non-GAAP measures used by other companies. In addition, this non-GAAP measure is not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with U.S. GAAP. This non-GAAP financial measure should only be used to evaluate our results of operations in conjunction with the most comparable U.S. GAAP financial measures.

Reconciliation of this non-GAAP financial measure to the most comparable U.S. GAAP financial measures can be found in the tables included in this quarterly report.

The Company believes that reconciliation of FX neutral measures to the most directly comparable GAAP measure provides investors an overall understanding of our current financial performance and its prospects for the future. Specifically, we believe this non-GAAP measure provide useful information to both management and investors by excluding the foreign currency exchange rate impact that may not be indicative of our core operating results and business outlook.

The FX neutral measures were calculated by using the average monthly exchange rates for each month during 2017 and applying them to the corresponding months in 2018, so as to calculate what our results would have been had exchange rates remained stable from one year to the next. The table below excludes intercompany allocation FX effects. Finally, this measure does not include any other macroeconomic effect such as local currency inflation effects, the impact on impairment calculations or any price adjustment to compensate local currency inflation or devaluations.

The following table sets forth the FX neutral measures related to our reported results of the operations for the three-month period ended June 30, 2018:

     
    Three-month Periods Ended
June 30, (*)
    As reported   FX Neutral Measures
(In millions, except percentages)     2018       2017     Percentage
Change
    2018       2017     Percentage
Change
    (Unaudited)       (Unaudited)    
Net revenues   $  335.4     $  283.9     18.1 %   $  407.9     $  283.9     43.7 %
Cost of net revenues      (175.6 )      (112.3 )   56.4 %      (209.3 )      (112.3 )   86.3 %
Gross profit      159.7        171.6     -6.9 %      198.6        171.6     15.8 %
                         
Operating expenses      (188.0 )      (138.7 )   35.5 %      (227.9 )      (138.7 )   64.4 %
Impairment of Long-Lived Assets      —        (2.8 )   -100.0 %      —        (2.8 )   -100.0 %
Total operating expenses      (188.0 )      (141.5 )   32.8 %      (227.9 )      (141.5 )   61.1 %
Loss / Income from operations      (28.2 )      30.0     -194.1 %      (29.3 )      30.0     -197.7 %
                                             
(*) The table above may not total due to rounding.
                                             

CONTACT:

MercadoLibre, Inc.
Investor Relations
investor@mercadolibre.com

http://investor.mercadolibre.com


A pdf accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/e22643e1-25ab-469d-b4e1-460da6bfbf25

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