MercadoLibre, Inc
(NASDAQ:MELI)

MercadoLibre, Inc. operates online commerce platforms in Latin America. It operates Mercado Libre Marketplace, an automated online commerce platform that enables businesses, merchants, and individuals to list merchandise and conduct sales and purchases online; and Mercado Pago FinTech, a financial t...

Website: http://www.mercadolibre.com

Founded: 1999

Full Time Employees: 40,548 (Dec 2022)

CEO: Marcos Galperin

Sector: Consumer Cyclical

Industry: Internet Retail

E-Commerce

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At a glance:

E-commerce Leadership and Marketplace Scale in Latin America: MercadoLibre remains a dominant online marketplace in Latin America, benefiting from strong brand recognition, a large active user base, and network effects that support continued GMV and buyer/seller growth.
Fintech Engine (Mercado Pago) Expands Engagement and Monetization: Mercado Pago continues to deepen user engagement across payments, digital wallet, and credit offerings, helping diversify revenue beyond commerce and supporting higher monetization through financial services.
Credit Exposure Growing Alongside Opportunities: As the company expands consumer and merchant lending, it gains incremental revenue potential but also increases exposure to credit losses and macro volatility across key markets.
Logistics Investments Support Faster Delivery and Customer Experience: Ongoing investment in fulfillment and last-mile capabilities improves delivery times and reliability, which can lift conversion and retention, though it requires continued operating spend and execution.
Macro and FX Volatility Remain Key Variables: Results are sensitive to inflation, currency moves, and regulatory conditions in core geographies (notably Brazil, Mexico, and Argentina), which can impact demand, margins, and reported financials.

Bull Thesis:

Dominant E-commerce Position in a Growing Market: MercadoLibre holds an unparalleled leadership position in e-commerce across Latin America, a region with significant untapped digital penetration potential. Its extensive reach, brand recognition, and localized approach provide a strong moat against competitors, ensuring continued market share gains as the region digitizes.
Explosive Growth of Mercado Pago (Fintech Arm): Mercado Pago has evolved beyond a payment processor for e-commerce into a full-fledged digital bank and financial services ecosystem. Its rapid expansion into off-platform payments, credit, investments, and insurance represents a massive, high-margin growth driver independent of e-commerce, tapping into the underbanked population of LatAm.
Robust Logistics Network (Mercado Envíos) as a Competitive Advantage: Significant investments in Mercado Envíos have created a highly efficient and extensive logistics network, improving delivery speeds, reducing costs, and enhancing customer satisfaction. This proprietary network is a key competitive advantage, especially in a region with challenging infrastructure, further solidifying its market leadership.
Improving Profitability and Operational Leverage: MercadoLibre has demonstrated a clear trend of improving profitability and expanding margins, driven by economies of scale, operational efficiencies, and the increasing contribution of higher-margin segments like advertising and fintech. This indicates strong operational leverage as the business matures, leading to better free cash flow generation.

Bear Thesis:

Macroeconomic Headwinds and Volatility in LatAm: The company's primary markets, particularly Argentina and Brazil, are prone to high inflation, currency devaluations, political instability, and economic recessions. These factors can negatively impact consumer spending, increase operational costs, and reduce reported earnings when translated to USD, creating significant financial volatility.
Intensifying Competition Across Segments: MercadoLibre faces increasing competition from global giants like Amazon, local e-commerce players, and specialized fintech companies. This competitive pressure could lead to pricing wars, higher marketing expenses, and slower market share gains in both its e-commerce and fintech segments, potentially compressing margins.
Regulatory Scrutiny and Compliance Risks: As a dominant player in both e-commerce and financial services, MercadoLibre is subject to evolving and potentially stringent regulations across multiple Latin American countries. Changes in data privacy laws, payment regulations, or antitrust scrutiny could increase compliance costs, limit operational flexibility, and impact business models.
High Valuation and Sustained Growth Expectations: MELI's stock often trades at a premium valuation, reflecting high investor expectations for continued rapid growth. Any slowdown in user acquisition, GMV, TPV, or profitability could lead to significant downward pressure on the stock price, as it may struggle to meet these elevated expectations in a challenging macro environment.

Main Competitors:

Amazon.com, Inc. ($AMZN) (Amazon Marketplace, Amazon Prime), Competes directly in e-commerce and logistics, particularly in key markets like Brazil and Mexico. Amazon offers a vast product selection, Prime membership benefits (fast shipping, streaming), and a growing logistics network, challenging MercadoLibre's market share and customer loyalty.
Magazine Luiza S.A. ($MGLU3.SA) (Magalu Marketplace, Magalu Pay), A major Brazilian e-commerce and retail player that competes across multiple fronts. Magalu has its own marketplace, a growing fintech arm (Magalu Pay) challenging Mercado Pago, and a robust logistics network, leveraging its strong brand and physical store presence in Brazil.
PagSeguro Digital Ltd. ($PAGS) (PagBank, PagSeguro payment solutions), A leading Brazilian fintech company that directly competes with Mercado Pago in payment processing, digital wallets, and financial services for individuals and SMEs. PagSeguro offers POS machines, online payment gateways, and a digital bank (PagBank), challenging MercadoLibre's financial ecosystem.
Falabella S.A. ($FALABELLA.SN) (Falabella.com, CMR Falabella), A large Chilean retail conglomerate with a significant presence across several Latin American countries (Chile, Peru, Colombia, Argentina). Falabella competes with MercadoLibre through its integrated e-commerce platform (Falabella.com), physical stores, and its financial services arm (CMR Falabella), offering credit cards and consumer loans.

Moat:

MercadoLibre's primary moat stems from its first-mover advantage and powerful network effects across its integrated ecosystem in Latin America. By combining a dominant e-commerce marketplace (MercadoLibre), a leading fintech platform (Mercado Pago), and robust logistics (Mercado Envíos), it creates significant switching costs and a strong competitive barrier. The vast number of buyers and sellers, coupled with seamless payment and shipping solutions, reinforces this moat. However, competition is intensifying from global giants like Amazon, which bring immense capital and logistics expertise; strong local champions such as Magazine Luiza, leveraging domestic brands and physical infrastructure; and specialized fintech players like PagSeguro, focusing on specific segments of the financial services market. MercadoLibre's ongoing challenge is to continue innovating and expanding its ecosystem while defending its market share against these diverse and well-funded competitors across its multiple business segments.

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

net service revenues and financial income	7,526,000,000	6,476,000,000	5,964,000,000	5,320,000,000	5,331,000,000	4,760,000,000	4,592,000,000	3,955,000,000
net product revenues	1,233,000,000	933,000,000	826,000,000	615,000,000	728,000,000	552,000,000	481,000,000	378,000,000	511,000,000	341,000,000	364,000,000	274,000,000	326,000,000	253,000,000	265,000,000	251,000,000	348,034,000	226,538,000	198,030,000	147,537,000
net revenues	8,759,000,000	7,409,000,000	6,790,000,000	5,935,000,000	6,059,000,000	5,312,000,000	5,073,000,000	4,333,000,000	4,261,000,000	3,760,000,000	3,415,000,000	3,037,000,000	3,002,000,000	2,690,000,000	2,597,000,000	2,248,000,000	2,130,766,000	1,857,452,000	1,702,750,000	1,378,441,000	1,327,304,000	1,115,701,000	878,369,000	652,091,000	674,271,000	603,031,000	545,242,000	473,770,000	428,019,000	355,281,000	335,377,000	320,976,000	436,978,000	370,661,000	316,529,000	273,926,000	256,275,000	230,847,000	199,644,000	157,630,000	180,742,000	168,641,000	154,314,000	148,103,000	161,369,647	147,934,895	131,849,139	115,382,319	134,630,171	123,055,431	112,183,360	102,725,747	103,754,646	97,266,784	88,844,059	83,736,006			69,378,160	61,459,668	62,316,230	55,951,378	98,448,105	45,937,774	49,020,045	50,599,276	40,901,799	32,322,501	33,427,119	40,260,643	34,471,508	28,840,730	26,893,586	22,800,130	18,973,288
yoy	44.56%	39.48%	33.85%	36.97%	42.20%	41.28%	48.55%	42.67%	41.94%	39.78%	31.50%	35.10%	40.89%	44.82%	52.52%	63.08%	60.53%	66.48%	93.85%	111.39%	96.85%	85.02%	61.10%	37.64%	57.53%	69.73%	62.58%	47.60%	-2.05%	-4.15%	5.95%	17.18%	70.51%	60.57%	58.55%	73.78%	41.79%	36.89%	29.38%	6.43%	12.00%	14.00%	17.04%	28.36%	19.86%	20.22%	17.53%	12.32%	29.76%	26.51%	26.27%	22.68%			28.06%	36.25%			-29.53%	33.79%	27.12%	10.58%	140.69%	42.12%	46.65%	25.68%	18.65%	12.07%	24.29%	76.58%	81.68%
qoq	18.22%	9.12%	14.41%	-2.05%	14.06%	4.71%	17.08%	1.69%	13.32%	10.10%	12.45%	1.17%	11.60%	3.58%	15.52%	5.50%	14.71%	9.09%	23.53%	3.85%	18.97%	27.02%	34.70%	-3.29%	11.81%	10.60%	15.09%	10.69%	20.47%	5.93%	4.49%	-26.55%	17.89%	17.10%	15.55%	6.89%	11.02%	15.63%	26.65%	-12.79%	7.18%	9.28%	4.19%	-8.22%	9.08%	12.20%	14.27%	-14.30%	9.41%	9.69%	9.21%	-0.99%	6.67%	9.48%	6.10%				12.88%	-1.37%	11.38%	-43.17%	114.31%	-6.29%	-3.12%	23.71%	26.54%	-3.30%	-16.97%	16.79%	19.52%	7.24%	17.95%	20.17%
cost of net revenues	-4,975,000,000	-4,200,000,000	-3,696,000,000	-3,164,000,000	-3,310,000,000	-2,873,000,000	-2,708,000,000	-2,309,000,000	-2,306,000,000	-1,765,000,000	-1,695,000,000	-1,501,000,000	-1,544,000,000	-1,342,000,000	-1,313,000,000	-1,175,000,000	-1,277,601,000	-1,050,862,000	-948,830,000	-787,064,000	-838,270,000	-635,511,000	-451,197,000	-339,277,000	-365,924,000	-318,689,000	-272,812,000	-236,766,000	-223,235,000	-185,563,000	-175,628,000	-158,218,000	-233,616,000	-194,834,000	-144,975,000	-105,070,000	-93,545,000	-85,199,000	-73,346,000	-55,448,000	-63,168,000	-56,813,000	-50,311,000	-44,708,000	-47,665,120	-43,401,677	-36,371,539	-31,539,665	-36,205,511	-34,144,989	-31,077,211	-28,649,167	-27,402,862	-25,693,605	-23,892,881	-21,096,297			-16,939,118	-14,331,703	-13,794,314	-11,450,919	-21,304,611	-9,893,051	-10,337,916	-10,390,671	-8,595,477	-6,633,986	-6,424,956	-8,153,862	-6,901,503	-6,018,281	-6,161,044	-5,192,650	-4,071,831
gross profit	3,784,000,000	3,209,000,000	3,094,000,000	2,771,000,000	2,749,000,000	2,439,000,000	2,365,000,000	2,024,000,000	1,955,000,000	1,995,000,000	1,720,000,000	1,536,000,000	1,458,000,000	1,348,000,000	1,284,000,000	1,073,000,000	853,165,000	806,590,000	753,920,000	591,377,000	489,034,000	480,190,000	427,172,000	312,814,000	308,347,000	284,342,000	272,430,000	237,004,000	204,784,000	169,718,000	159,749,000	162,758,000	203,362,000	175,827,000	171,554,000	168,856,000	162,730,000	145,648,000	126,298,000	102,182,000	117,574,000	111,828,000	104,003,000	103,395,000	113,704,527	104,533,218	95,477,600	83,842,654	98,424,660	88,910,442	81,106,149	74,076,580	76,351,784	71,573,179	64,951,178	62,639,709			52,439,042	47,127,965	48,521,916	44,500,459	77,143,494	36,044,723	38,682,129	40,208,605	32,306,322	25,688,515	27,002,163	32,106,781	27,570,005	22,822,449	20,732,542	17,607,480	14,901,457
yoy	37.65%	31.57%	30.82%	36.91%	40.61%	22.26%	37.50%	31.77%	34.09%	48.00%	33.96%	43.15%	70.89%	67.12%	70.31%	81.44%	74.46%	67.97%	76.49%	89.05%	58.60%	68.88%	56.80%	31.99%	50.57%	67.54%	70.54%	45.62%	0.70%	-3.47%	-6.88%	-3.61%	24.97%	20.72%	35.83%	65.25%	38.41%	30.24%	21.44%	-1.17%	3.40%	6.98%	8.93%	23.32%	15.52%	17.57%	17.72%	13.18%	28.91%	24.22%	24.87%	18.26%			23.86%	32.91%			-32.02%	30.75%	25.44%	10.67%	138.79%	40.31%	43.26%	25.23%	17.18%	12.56%	30.24%	82.35%	85.02%
qoq	17.92%	3.72%	11.66%	0.80%	12.71%	3.13%	16.85%	3.53%	-2.01%	15.99%	11.98%	5.35%	8.16%	4.98%	19.66%	25.77%	5.77%	6.99%	27.49%	20.93%	1.84%	12.41%	36.56%	1.45%	8.44%	4.37%	14.95%	15.73%	20.66%	6.24%	-1.85%	-19.97%	15.66%	2.49%	1.60%	3.76%	11.73%	15.32%	23.60%	-13.09%	5.14%	7.52%	0.59%	-9.07%	8.77%	9.48%	13.88%	-14.82%	10.70%	9.62%	9.49%	-2.98%	6.68%	10.20%	3.69%				11.27%	-2.87%	9.04%	-42.31%	114.02%	-6.82%	-3.80%	24.46%	25.76%	-4.86%	-15.90%	16.46%	20.80%	10.08%	17.75%	18.16%
gross margin %	43.20%	43.31%	45.57%	46.69%	45.37%	45.91%	46.62%	46.71%	45.88%	53.06%	50.37%	50.58%	48.57%	50.11%	49.44%	47.73%	40.04%	43.42%	44.28%	42.90%	36.84%	43.04%	48.63%	47.97%	45.73%	47.15%	49.96%	50.03%	47.84%	47.77%	47.63%	50.71%	46.54%	47.44%	54.20%	61.64%	63.50%	63.09%	63.26%	64.82%	65.05%	66.31%	67.40%	69.81%	70.46%	70.66%	72.41%	72.67%	73.11%	72.25%	72.30%	72.11%	73.59%	73.58%	73.11%	74.81%		NaN%	75.58%	76.68%	77.86%	79.53%	78.36%	78.46%	78.91%	79.46%	78.99%	79.48%	80.78%	79.75%	79.98%	79.13%	77.09%	77.23%	78.54%
operating expenses:
product and technology development	-584,000,000	-567,000,000	-567,000,000	-551,000,000	-512,000,000	-504,000,000	-460,000,000	-458,000,000	-686,000,000	-396,000,000	-368,000,000	-381,000,000	-325,000,000	-278,000,000	-262,000,000	-234,000,000	-179,637,000	-137,671,000	-146,985,000	-126,035,000	-116,989,000	-88,796,000	-73,254,000	-73,435,000	-58,020,000	-59,495,000	-53,923,000	-52,369,000	-38,962,000	-35,478,000	-33,437,000	-38,396,000	-34,141,000	-32,380,000	-30,338,000	-30,302,000	-26,256,000	-26,066,000	-24,216,000	-21,941,000	-22,473,000	-17,042,000	-19,639,000	-17,245,000	-16,027,166	-13,574,467	-11,740,808	-12,257,198	-9,670,944	-12,074,586	-9,760,220	-9,382,389	-6,923,686	-7,983,301	-6,133,819	-7,586,074			-5,518,892	-5,156,890	-4,430,276	-4,224,476	-7,201,240	-3,224,775	-3,124,460	-3,295,436	-3,087,206	-2,633,419	-2,081,498	-1,744,608	-1,730,780	-1,744,511	-1,212,343	-1,154,317	-1,029,096
sales and marketing	-1,036,000,000	-833,000,000	-751,000,000	-599,000,000	-636,000,000	-566,000,000	-511,000,000	-478,000,000	-529,000,000	-441,000,000	-383,000,000	-383,000,000	-380,000,000	-333,000,000	-296,000,000	-541,000,000	-502,704,000	-385,523,000	-333,107,000	-288,159,000	-282,350,000	-229,621,000	-184,076,000	-206,507,000	-269,751,000	-252,903,000	-180,692,000	-130,676,000	-140,065,000	-110,443,000	-121,216,000	-110,723,000	-117,450,000	-84,139,000	-76,856,000	-46,931,000	-48,553,000	-39,723,000	-35,337,000	-32,683,000	-42,158,000	-31,125,000	-29,115,000	-26,202,000	-33,400,003	-29,406,149	-26,469,194	-22,351,958	-23,147,363	-24,175,448	-20,823,546	-22,337,937	-19,182,429	-18,587,486	-16,805,362	-17,427,679			-15,636,413	-13,228,942	-14,019,551	-12,281,672	-22,581,944	-11,108,801	-11,519,475	-11,048,799	-10,077,284	-10,216,177	-9,094,778	-11,425,168	-10,265,389	-9,214,659	-7,969,682	-6,982,476	-6,330,128
provision for doubtful accounts	-983,000,000	-815,000,000	-690,000,000	-603,000,000	-527,000,000	-507,000,000	-450,000,000	-374,000,000	-299,000,000	-277,000,000	-222,000,000	-252,000,000	-228,000,000	-288,000,000	-303,000,000
general and administrative	-292,000,000	-270,000,000	-261,000,000	-255,000,000	-254,000,000	-305,000,000	-218,000,000	-186,000,000	-201,000,000	-196,000,000	-189,000,000	-180,000,000	-176,000,000	-153,000,000	-173,000,000	-159,000,000	-147,508,000	-123,018,000	-107,663,000	-86,339,000	-114,821,000	-78,699,000	-70,404,000	-62,566,000	-49,463,000	-53,869,000	-50,303,000	-43,820,000	-26,575,000	-34,800,000	-33,337,000	-43,058,000	-30,619,000	-31,766,000	-31,498,000	-28,309,000	-23,249,000	-26,150,000	-20,841,000	-17,069,000	-19,173,000	-18,381,000	-20,612,000	-18,134,000	-19,040,984	-14,406,413	-13,684,701	-15,232,411	-13,487,277	-15,261,345	-15,073,088	-13,785,070	-11,117,149	-11,288,705	-10,127,077	-12,695,212			-9,732,340	-9,450,977	-9,103,065	-8,683,605	-13,041,477	-6,206,881	-6,166,592	-6,882,020	-6,729,609	-6,071,375	-4,711,766	-7,261,068	-5,879,569	-5,321,077	-4,253,290	-3,483,918	-2,811,198
total operating expenses	-2,895,000,000	-2,485,000,000	-2,269,000,000	-2,008,000,000	-1,929,000,000	-1,882,000,000	-1,639,000,000	-1,496,000,000	-1,715,000,000	-1,310,000,000	-1,162,000,000	-1,196,000,000	-1,109,000,000	-1,052,000,000	-1,034,000,000	-934,000,000	-829,849,000	-646,212,000	-587,755,000	-500,533,000	-514,160,000	-397,116,000	-327,734,000	-342,508,000	-377,234,000	-366,267,000	-284,918,000	-226,865,000	-205,602,000	-180,721,000	-187,990,000	-192,177,000	-267,971,000	-148,285,000	-141,529,000	-105,542,000	-98,058,000	-91,939,000	-94,111,000	-71,693,000	-83,878,000	-66,548,000	-69,366,000	-77,807,000	-68,468,153	-57,387,029	-101,390,389	-49,841,567	-46,305,584	-51,511,379	-45,656,854	-45,505,396	-37,223,264	-37,859,492	-33,066,258	-37,708,965			-30,887,645	-27,836,809	-27,552,892	-25,189,753	-42,824,661	-20,540,457	-20,810,527	-21,226,255	-19,894,099	-18,920,971	-15,868,172	-20,430,844	-19,422,135	-16,280,247	-13,435,315	-11,620,711	-10,170,422
income from operations	889,000,000	724,000,000	825,000,000	763,000,000	820,000,000	557,000,000	726,000,000	528,000,000	240,000,000	685,000,000	558,000,000	340,000,000	349,000,000	296,000,000	250,000,000	139,000,000	23,316,000	160,378,000	166,165,000	90,844,000	-25,126,000	83,074,000	99,438,000	-29,694,000	-68,887,000	-81,925,000	-12,488,000	10,139,000	-818,000	-11,003,000	-28,241,000	-29,419,000	-64,609,000	27,542,000	30,025,000	63,314,000	64,672,000	53,709,000	32,187,000	30,489,000	33,696,000	45,280,000	34,637,000	25,588,000	45,236,374	47,146,189	-5,912,789	34,001,087	52,119,076	37,399,063	35,449,295	28,571,184	39,128,520	33,713,687	31,884,920	24,930,744			21,551,397	19,291,156	20,969,024	19,310,706	34,318,833	15,504,266	17,871,602	18,982,350	12,412,223	6,767,544	11,133,991	11,675,937	8,147,870	6,542,202	7,297,227	5,986,769	4,731,035
yoy	8.41%	29.98%	13.64%	44.51%	241.67%	-18.69%	30.11%	55.29%	-31.23%	131.42%	123.20%	144.60%	1396.83%	84.56%	50.45%	53.01%	-192.80%	93.05%	67.10%	-405.93%	-63.53%	-201.40%	-896.27%	-392.87%	8321.39%	644.57%	-55.78%	-134.46%	-98.73%	-139.95%	-194.06%	-146.47%	-199.90%	-48.72%	-6.72%	107.66%	91.93%	18.62%	-7.07%	19.15%	-25.51%	-3.96%	-685.80%	-24.74%	-13.21%	26.06%	-116.68%	19.00%	33.20%	10.93%	11.18%	14.60%			47.95%	29.23%			-37.20%	24.42%	17.33%	1.73%	176.49%	129.10%	60.51%	62.58%	52.34%	3.44%	52.58%	95.03%	72.22%
qoq	22.79%	-12.24%	8.13%	-6.95%	47.22%	-23.28%	37.50%	120.00%	-64.96%	22.76%	64.12%	-2.58%	17.91%	18.40%	79.86%	496.16%	-85.46%	-3.48%	82.91%	-461.55%	-130.25%	-16.46%	-434.88%	-56.89%	-15.91%	556.03%	-223.17%	-1339.49%	-92.57%	-61.04%	-4.00%	-54.47%	-334.58%	-8.27%	-52.58%	-2.10%	20.41%	66.87%	5.57%	-9.52%	-25.58%	30.73%	35.36%	-43.43%	-4.05%	-897.36%	-117.39%	-34.76%	39.36%	5.50%	24.07%	-26.98%	16.06%	5.74%	27.89%				11.72%	-8.00%	8.59%	-43.73%	121.35%	-13.25%	-5.85%	52.93%	83.41%	-39.22%	-4.64%	43.30%	24.54%	-10.35%	21.89%	26.54%
operating margin %	10.15%	9.77%	12.15%	12.86%	13.53%	10.49%	14.31%	12.19%	5.63%	18.22%	16.34%	11.20%	11.63%	11.00%	9.63%	6.18%	1.09%	8.63%	9.76%	6.59%	-1.89%	7.45%	11.32%	-4.55%	-10.22%	-13.59%	-2.29%	2.14%	-0.19%	-3.10%	-8.42%	-9.17%	-14.79%	7.43%	9.49%	23.11%	25.24%	23.27%	16.12%	19.34%	18.64%	26.85%	22.45%	17.28%	28.03%	31.87%	-4.48%	29.47%	38.71%	30.39%	31.60%	27.81%	37.71%	34.66%	35.89%	29.77%		NaN%	31.06%	31.39%	33.65%	34.51%	34.86%	33.75%	36.46%	37.52%	30.35%	20.94%	33.31%	29.00%	23.64%	22.68%	27.13%	26.26%	24.94%
other income																																																											240,097	20,344
interest income and other financial gains	8,000,000	49,000,000	44,000,000	37,000,000	41,000,000	43,000,000	39,000,000	25,000,000	178,000,000	196,000,000	188,000,000	161,000,000	123,000,000	65,000,000	46,000,000	31,000,000	53,374,000	35,352,000	24,165,000	25,071,000	22,648,000	24,553,000	18,782,000	36,784,000	26,933,000	28,462,000	33,684,000	24,444,000	14,293,000	8,636,000	9,915,000	9,195,000	8,881,000	14,200,000	10,663,000	12,157,000	10,250,000	9,892,000	8,049,000	7,251,000	5,832,000	5,777,000	4,683,000	4,308,000	4,366,406	4,360,901	3,572,917	3,035,630	2,295,481	2,776,791	2,202,314	3,394,006	2,880,600	2,925,913	2,982,303	3,088,560			2,249,898	1,873,768	1,857,788	1,361,899	1,711,529	794,142	582,929	580,343	602,174	929,663
interest expense and other financial losses	-50,000,000	-35,000,000	-36,000,000	-39,000,000	-48,000,000	-40,000,000	-39,000,000	-38,000,000	-81,000,000	-111,000,000	-92,000,000	-94,000,000	-100,000,000	-92,000,000	-73,000,000	-56,000,000	-53,678,000	-44,395,000	-39,342,000	-91,289,000	-31,607,000	-24,522,000	-26,977,000	-23,584,000	-21,187,000	-14,451,000	-14,679,000	-15,559,000	-16,444,000	-15,869,000	-13,202,000	-10,734,000	-6,783,000	-6,709,000	-6,506,000	-6,471,000	-6,798,000	-6,492,000	-6,631,000	-5,684,000	-4,040,500	-6,011,000	-5,201,000	-4,950,000	-4,940,896	-4,913,125	-778,155	-1,027,180	-976,413	-487,496	-531,668	-360,352	-273,902	-312,860	-474,300
foreign currency losses	-63,000,000	-102,000,000	-117,000,000	-55,000,000	-50,000,000	-40,000,000	-58,000,000	-34,000,000	-107,000,000	-239,000,000	-182,000,000	-87,000,000	-64,000,000	-71,000,000	-60,000,000	-3,000,000	-56,951,000	-25,202,000	-12,091,000	-15,089,000				-186,000											-21,760,000				-5,387,000				-648,000									-6,249,714
net income before income tax expense	514,500,000	636,000,000	716,000,000	706,000,000									308,000,000	198,000,000	163,000,000	111,000,000	-33,939,000	126,133,000	138,897,000	9,537,000	31,332,500	52,670,000		-16,680,000									-64,671,000	36,655,000	12,422,000	69,663,000
income tax expense	-225,000,000	-215,000,000	-193,000,000	-212,000,000	-124,000,000	-123,000,000	-137,000,000	-137,000,000	-65,000,000	-172,000,000	-210,000,000	-122,000,000	-144,000,000	-69,000,000	-39,000,000	-46,000,000	-3,643,000	-30,908,000	-70,702,000	-43,549,000	-18,864,250	-37,635,000		-4,429,000									-3,049,000	-8,989,000	-7,106,000	-21,145,000
net income	559,000,000	421,000,000	523,000,000	494,000,000	639,000,000	397,000,000	531,000,000	344,000,000	165,000,000	359,000,000	262,000,000	201,000,000	165,000,000	129,000,000	123,000,000	65,000,000	-46,104,000	95,225,000	68,195,000	-34,012,000	-50,580,000	15,035,000	55,947,000	-21,109,000	-53,998,000	-146,082,000	16,217,000	11,864,000	-2,336,000	-10,078,000	-11,251,000	-12,919,000	20,375,000	27,666,000	5,316,000	48,518,000	51,349,000	38,912,000	15,858,000	30,247,000	38,976,000	45,640,000	19,463,000	1,721,000	34,161,329	33,751,967	-25,588,478	30,327,953	40,835,967	29,146,247	30,021,018	17,522,591	30,246,390	26,067,897	25,394,824	19,637,038			14,820,826	14,057,634	15,939,493	18,790,963	21,294,563	9,620,601	11,285,570	9,852,268	6,679,779	5,391,176	7,909,436	5,875,792	2,947,095	2,067,677	5,322,393	2,785,474	590,886
yoy	-12.52%	6.05%	-1.51%	43.60%	287.27%	10.58%	102.67%	71.14%	0.00%	178.29%	113.01%	209.23%	-457.89%	35.47%	80.37%	-291.11%	-8.85%	533.36%	21.89%	61.13%	-6.33%	-110.29%	244.99%	-277.92%	2211.56%	1349.51%	-244.14%	-191.83%	-111.47%	-136.43%	-311.64%	-126.63%	-60.32%	-28.90%	-66.48%	60.41%	31.75%	-14.74%	-18.52%	1657.52%	14.09%	35.22%	-176.06%	-94.33%	-16.34%	15.80%	-185.24%	73.08%	35.01%	11.81%	18.22%	-10.77%			71.35%	39.69%			-30.40%	46.12%	41.24%	90.73%	218.79%	78.45%	42.68%	67.68%	126.66%	160.74%	48.61%	110.94%	398.76%
qoq	32.78%	-19.50%	5.87%	-22.69%	60.96%	-25.24%	54.36%	108.48%	-54.04%	37.02%	30.35%	21.82%	27.91%	4.88%	89.23%	-240.99%	-148.42%	39.64%	-300.50%	-32.76%	-436.42%	-73.13%	-365.04%	-60.91%	-63.04%	-1000.80%	36.69%	-607.88%	-76.82%	-10.43%	-12.91%	-163.41%	-26.35%	420.43%	-89.04%	-5.51%	31.96%	145.38%	-47.57%	-22.40%	-14.60%	134.50%	1030.91%	-94.96%	1.21%	-231.90%	-184.37%	-25.73%	40.11%	-2.91%	71.33%	-42.07%	16.03%	2.65%	29.32%				5.43%	-11.81%	-15.17%	-11.76%	121.34%	-14.75%	14.55%	47.49%	23.90%	-31.84%	34.61%	99.38%	42.53%	-61.15%	91.08%	371.41%
net income margin %	6.38%	5.68%	7.70%	8.32%	10.55%	7.47%	10.47%	7.94%	3.87%	9.55%	7.67%	6.62%	5.50%	4.80%	4.74%	2.89%	-2.16%	5.13%	4.00%	-2.47%	-3.81%	1.35%	6.37%	-3.24%	-8.01%	-24.22%	2.97%	2.50%	-0.55%	-2.84%	-3.35%	-4.02%	4.66%	7.46%	1.68%	17.71%	20.04%	16.86%	7.94%	19.19%	21.56%	27.06%	12.61%	1.16%	21.17%	22.82%	-19.41%	26.28%	30.33%	23.69%	26.76%	17.06%	29.15%	26.80%	28.58%	23.45%		NaN%	21.36%	22.87%	25.58%	33.58%	21.63%	20.94%	23.02%	19.47%	16.33%	16.68%	23.66%	14.59%	8.55%	7.17%	19.79%	12.22%	3.11%
basic earnings per share
basic net income available to shareholders per common share	11.03	8.32			12.6	7.83	10.48	6.78	3.24	7.18	5.22	4.01
weighted-average of outstanding common shares	50,697,299	50,697,265	50,697,375	50,697,375	50,697,428	50,697,438	50,697,447	50,697,442	50,262,302	50,008,320	50,162,687	50,245,073	50,345,353	50,325,075,000,000	50,364,529,000,000	50,408,754,000,000	49,802,993,000	49,597,157,000		49,867,625,000			49,709,973,000		48,692,906,000			45,980,255,000		44,588,704,000	44,157,364,000	44,157,364,000	44,157,364,000	44,157,364,000	44,157,364,000	44,157,364,000	44,157,251,000		44,157,341,000										44,152,600	44,152,933	44,152,933
diluted earnings per share
diluted net income available to shareholders per common share	11.03	8.32			12.6	7.83	10.48	6.78	3.1	7.16	5.16	3.97
basic and diluted earning per share
basic and diluted net income available to shareholders per common share			10.31	9.74
net income before income tax expense and equity in earnings of unconsolidated entity					763,000,000	520,000,000	668,000,000	481,000,000	230,000,000	531,000,000	472,000,000	320,000,000
equity in earnings of unconsolidated entity												3,000,000	-250,000		-1,000,000
basic earning per share
diluted earning per share
net service revenues									3,750,000,000	3,419,000,000	3,051,000,000	2,763,000,000	2,676,000,000	2,437,000,000	2,332,000,000	1,997,000,000	1,782,732,000	1,630,914,000	1,504,720,000	1,230,904,000
basic eps
basic net income
available to shareholders per common share													-6,299,990.43	2,570,000	2,430,000	1,300,000	-930	1,920		-680			1,110					130	-192.5	-230	-250	-290	-1,540	630	120	1,100
diluted eps
diluted net income
basic net loss
diluted net loss
foreign currency gains																					-9,930,000	-30,435,000	-1,903,000		167,000	987,000	783,000	-3,669,000	-3,862,000	3,924,000	12,577,000	5,601,000				663,000				5,147,000	-1,661,750	2,570,000		-8,570,000	-1,912,755.5	5,220,080	-15,964,572	3,093,471	2,331,731	1,575,592	3,600,866													396,972
net income before income tax (expense) gain																							89,340,000					15,355,000
income tax (expense) gain																							-33,393,000					-3,491,000
net income before income tax gain																									-11,068,000	-66,927,000	7,300,000		-6,831,000	-14,312,000	-18,951,000	-25,357,000
income tax gain																									-18,432,250	-79,155,000	8,917,000		4,495,000	4,234,000	7,700,000	12,438,000
impairment of long-lived assets																																			-2,837,000				-13,717,000		26,000			-16,226,000			-49,495,686
cash dividends declared																																	150	150	150	150	150		150
foreign currency gain																																	-4,868,750	1,622,000			-1,265,500	-4,823,000
net income before income / asset tax expense																																					29,426,750	52,286,000	28,218,000	37,203,000	24,365,750	47,616,000	33,471,000	16,376,000	49,961,367	51,814,045	-19,082,599	39,103,008	55,813,681	41,221,733	40,722,200	25,351,391	42,224,344	35,953,504	35,134,922	26,904,757			22,457,859	20,055,663	22,074,726	19,750,417	30,040,517	13,699,962	14,927,229	12,389,525	8,333,535	7,062,509	4,653,585.5	8,264,555	5,409,745	4,940,041	2,119,543.75	4,187,002	2,411,864
income / asset tax expense																																					-8,172,500	-13,374,000	-12,360,000	-6,956,000	-7,659,750	-1,976,000	-14,008,000	-14,655,000	-15,800,038	-18,062,078	-6,505,879	-8,775,055	-14,977,714	-12,075,486	-10,701,182	-7,828,800	-11,977,954	-9,885,607	-9,740,098	-7,267,719			-7,637,033	-5,998,029	-6,135,233	-959,454	-8,745,954	-4,079,361	-3,641,659	-2,537,257	-1,653,756	-1,671,333	-1,930,944.5	-2,388,763	-2,462,650	-2,872,364	-1,026,907	-1,401,528	-1,820,978
shareholders per common share																																					1,160		360
less: net income attributable to redeemable
noncontrolling interest
net income attributable to mercadolibre, inc. shareholders																																									16,706,000	45,640,000	19,463,000	1,721,000	34,145,118	33,765,491	-25,594,030	30,263,973	40,763,929	29,284,174	29,978,641	17,480,253
other losses net
less: net income attributable to redeemable noncontrolling interest																																													16,211	-13,524	5,552	63,980	72,038	-137,927	42,377	42,338
other gains																																																			1,393
other losses																																																	-11,139.25	-42,217		-3,733
basic net income attributable to mercadolibre, inc. shareholders per common share																																																	0.433	0.66	0.67
diluted net income attributable to mercadolibre, inc. shareholders per common share																																																	0.433	0.66	0.67
foreign currency (loss)/gain																																																					-119,374.75	-193,529	749,008
other (loss) / income																																																					30	-179,707	-7,009
less: net income attributable to noncontrolling interest																																																					10,716	24,804	15,632	2,428
net income attributable to mercadolibre, inc.																																																					17,764,223.25	26,043,093	25,379,192	19,634,610
basic net income attributable to mercadolibre, inc. per common share																																																					0.405	0.59	0.57	0.45
weighted-average shares																																																					44,147,861	44,150,387	44,147,999	44,142,076		44,138,397	44,138,105	44,131,383	44,124,018	44,129,762	44,117,364	44,113,595	44,086,892					44,290,540	44,238,166		25,149,405	27,538,652	13,575,158
diluted net income attributable to mercadolibre, inc. per common share																																																					0.405	0.59	0.57	0.45
interest expense and other financial charges																																																								-77,317			-880,819	-628,950	-682,364	-567,969	-6,351,339	-2,995,418	-3,639,551	-3,873,230	-3,334,589	-2,510,184	-4,946,329	-1,132,524	-958,348	-1,362,800	-792,212	-390,029	-379,874
foreign currency loss																																																								-1,032,978									112,249	-3,299,938			-1,422,484.5	-2,648,584	-2,052,638	-988,715	-451,630	-802,348	-599,398
other income / (loss)																																																								-4,252
foreign currency (loss) / gain																																																											-702,714
basic net income per common share																																																											0.34	0.32	0.36	0.43	0.48	0.22
diluted net income per common share																																																											0.34	0.32	0.36	0.43	0.48	0.22					0.063	0.13	0.07		0.025	0.07	0.01
foreign currency gain /																																																												-500,655	1,818.75	-354,219					-1,346,273	1,875,486
foreign currency gains /																																																															361,494
compensation cost related to acquisitions																																																																					-479,967.5		-1,546,397
interest income																																																																					337,517	330,139	270,576	749,354	737,196	352,968	421,522
other incomes																																																																					58,126	39,587	2,285			-960,358	-1,761,421
accretion of preferred stock																																																																										-61,860	-123,720
net income available to common shareholders																																																																					2,722,641	5,875,792	2,947,095	2,067,677
basic net income per share																																																																					0.063	0.13	0.07
net income / (loss) available to common shareholders																																																																									1,015,312	2,723,614	467,166
basic net income / (loss) available to common shareholders per common share																																																																									0.025	0.07	0.01

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

assets
current assets:
cash and cash equivalents	3,670,000,000	2,582,000,000	3,008,000,000	2,977,000,000	2,635,000,000	2,162,000,000	2,818,000,000	2,579,000,000	2,556,000,000	2,171,000,000	1,860,000,000	2,143,000,000	1,910,000,000	1,455,000,000	1,329,000,000	1,573,000,000	2,584,586,000	987,213,000	1,069,909,000	862,720,000	1,856,394,000	1,139,703,000	1,169,550,000	1,071,217,000	1,384,740,000	1,419,934,000	1,118,662,000	1,295,886,000	440,332,000	1,028,579,000	489,157,000	350,411,000	388,260,000	461,198,000	382,791,000	301,388,000	234,140,000	187,995,000	144,016,000	144,885,000	173,024,000	170,391,000	219,768,000	223,144,226	237,503,912	385,520,117	131,139,549	140,285,104	128,096,994	131,191,347	122,167,381	101,489,002	98,171,852	87,595,730	75,874,938	59,083,417	44,250,132	50,968,258	56,830,466	44,451,900	31,568,720	34,634,299	49,803,402	33,332,506	19,374,901	17,006,309	17,474,112,000,000	10,403,585	17,674,256	13,947,927	15,677,407	14,535,980	9,094,930
restricted cash and cash equivalents	9,867,000,000	6,617,000,000	3,880,000,000	1,521,000,000	2,064,000,000	1,316,000,000	1,005,000,000	1,239,000,000	1,292,000,000	1,085,000,000	1,964,000,000	1,381,000,000	1,453,000,000	1,073,000,000	924,000,000	841,000,000	1,063,377,000	435,348,000	361,180,000	325,636,000	651,830,000	484,426,000	493,808,000	194,166,000	66,684,000	37,031,000	9,660,000	10,375,000	24,363,000	49,151,000	34,854,000
short-term investments	2,629,000,000	3,715,000,000	4,634,000,000	5,082,000,000	4,485,000,000	4,511,000,000	4,073,000,000	3,671,000,000	3,480,000,000	3,320,000,000	2,839,000,000	2,479,000,000	2,339,000,000	1,943,000,000	1,645,000,000	1,412,000,000	809,522,000	1,041,868,000	898,367,000	980,076,000	1,241,306,000	2,187,479,000	2,124,872,000	1,558,325,000	1,597,241,000	1,726,189,000	1,789,354,000	1,648,457,000	461,541,000	67,041,000	69,432,000	159,446,000	209,432,000	175,165,000	206,165,000	265,165,000	253,321,000	283,650,000	251,416,000	195,569,000	168,015,000	167,161,000	148,052,000	148,809,539	169,843,592	105,228,656	87,390,844	76,593,214	91,330,179	71,299,941	75,545,528	93,694,805	79,390,492	83,016,176	82,722,150	67,578,494	72,384,019	3,179,205	5,342,766	6,584,453	11,279,620	7,077,862	14,580,185	19,867,077	28,647,386	29,354,094	31,639,400,000,000	20,489,006	31,743,124	37,921,663	52,300,007	48,373,617	7,141,477
accounts receivable	369,000,000	298,000,000	313,000,000	261,000,000	255,000,000	216,000,000	190,000,000	170,000,000	156,000,000	161,000,000	160,000,000	132,000,000	130,000,000	108,000,000	102,000,000	98,000,000	98,193,000	70,542,000	69,844,000	64,815,000	49,691,000	40,891,000	42,423,000	34,060,000	35,446,000	35,791,000	40,175,000	34,524,000	35,153,000	27,141,000	27,470,000	29,914,000	28,168,000	28,564,000	24,733,000	24,097,000	25,435,000	31,086,000	40,055,000	47,118,000	54,551,000	46,123,000	54,054,000	46,672,495	39,243,327	34,690,697	30,331,297	25,884,260	26,621,654	21,323,148	20,438,433	19,837,022	16,447,126	16,559,972	16,338,071	15,429,301	14,984,136	13,446,387	12,618,173	11,132,566	8,996,944	7,578,659	4,868,377	4,778,842	4,508,072	3,481,627	3,856,392,000,000	5,714,806	3,507,800	3,039,700	3,211,252	2,499,780	2,164,743
credit card receivables and other means of payments	6,893,000,000	6,648,000,000	6,552,000,000	5,532,000,000	5,288,000,000	4,585,000,000	4,168,000,000	3,962,000,000	3,632,000,000	3,375,000,000	2,835,000,000	2,799,000,000	2,946,000,000	2,550,000,000	2,501,000,000
loans receivable, net of allowances of 3,057 and 1,630	8,855,000,000
inventories	570,000,000	532,000,000	434,000,000	358,000,000	296,000,000	322,000,000	257,000,000	223,000,000	238,000,000	246,000,000	236,000,000	199,000,000	152,000,000	160,000,000	183,000,000	239,000,000	253,077,000				118,140,000
other assets	720,000,000	593,000,000	634,000,000	508,000,000	403,000,000	383,000,000	461,000,000	471,000,000	277,000,000	292,000,000	269,000,000	262,000,000	266,000,000	261,000,000	312,000,000	294,000,000	287,350,000	267,912,000	203,774,000	191,923,000	152,959,000	96,824,000	94,042,000	96,876,000	88,736,000	68,993,000	68,086,000	60,968,000	61,569,000	54,071,000	62,213,000	68,052,000	58,107,000	47,995,000	43,390,000	28,472,000	26,215,000	21,871,000	15,349,000	16,072,000	23,866,000	16,449,000	15,002,000	13,984,467	15,427,865	9,403,570	8,663,385	11,488,845	15,351,008	11,393,068	15,065,592	11,403,218	8,215,671	7,043,968	6,394,655	6,093,323	5,964,157	7,196,704	6,867,767	5,742,932	4,919,156	3,279,979	3,068,930	3,067,597	2,448,059	2,299,824	2,953,164,000,000	3,035,568	1,557,460	1,654,038	894,163	167,877	147,302
total current assets	33,573,000,000	28,795,000,000	26,062,000,000	21,740,000,000	20,142,000,000	17,824,000,000	16,479,000,000	15,505,000,000	14,294,000,000	13,050,000,000	12,290,000,000	11,336,000,000	10,953,000,000	9,351,000,000	8,863,000,000	8,705,000,000	8,174,979,000	5,283,121,000	4,567,651,000	3,900,191,000	5,346,807,000	4,923,891,000	4,754,554,000	3,510,274,000	3,788,856,000	3,780,630,000	3,676,432,000	3,520,453,000	1,511,123,000	1,601,679,000	1,125,154,000	1,285,560,000	1,286,919,000	1,182,156,000	958,185,000	946,392,000	869,461,000	759,107,000	673,267,000	605,049,000	625,214,000	547,354,000	588,175,000	532,750,218	569,891,629	614,216,147	337,211,132	326,164,235	317,749,095	312,999,612	288,565,059	275,361,175	254,911,722	233,544,404	217,199,163	174,490,947	159,221,716	94,224,463	101,635,208	85,435,169	67,284,399	61,895,137	82,135,016	74,392,594	64,397,643	57,274,367	60,301,224,000,000	79,115,516	95,193,533	87,844,488	104,974,170	86,081,220	33,406,406
non-current assets:
long-term investments	1,764,000,000	1,336,000,000	1,388,000,000	1,321,000,000	1,203,000,000	1,226,000,000	416,000,000	249,000,000	162,000,000	149,000,000	149,000,000	278,000,000	322,000,000	375,000,000	456,000,000	121,000,000	88,598,000	38,027,000	181,411,000	175,601,000	166,111,000	6,890,000	5,790,000	269,955,000	263,983,000	3,595,000	207,047,000	275,432,000	276,136,000	2,823,000	11,394,000	33,410,000	34,720,000	45,550,000	186,322,000	170,352,000	153,803,000	155,178,000	157,832,000	187,889,000	185,733,000	209,324,000	190,152,000	205,265,042	158,839,053	52,145,285	45,001,998	45,719,737	69,806,906	59,437,585	94,956,562	85,955,584	59,418,012	49,571,882	43,084,473	41,002,762	50,201,025	101,824,319	78,846,281	65,852,573	66,112,729	54,864,792	26,627,357	24,314,404	22,402,035	13,763,469	9,218,153,000,000	3,057,065	2,244,276	1,427,431	1,323,789	1,459,271	1,447,859
loans receivable, net of allowances of 86 and 48	510,000,000
property and equipment	2,303,000,000	2,058,000,000	1,799,000,000	1,563,000,000	1,380,000,000	1,283,000,000	1,218,000,000	1,260,000,000	1,250,000,000	1,081,000,000	1,090,000,000	1,036,000,000	993,000,000	945,000,000	932,000,000	967,000,000	807,367,000	702,528,000	618,997,000	458,640,000	391,684,000	302,489,000	263,041,000	239,249,000	244,257,000	220,854,000	216,005,000	188,956,000	165,614,000	138,417,000	113,170,000	122,859,000	114,837,000	136,101,000	130,594,000	131,968,000	124,261,000	121,006,000	104,808,000	89,932,000	82,510,000	82,735,000	75,945,000	91,544,836	83,926,941	83,780,843	129,464,927	131,371,909	80,000,110	80,081,659	38,017,200	37,726,222	35,217,386	35,103,153	33,117,055	31,351,966	31,316,388	22,672,952	20,817,712	19,062,411	7,689,100	7,263,001	5,948,276	6,394,512	6,402,482	6,730,431	5,940,160,000,000	5,874,868	5,676,382	4,732,349	4,143,204	4,171,087	4,017,032
operating lease right-of-use assets	2,201,000,000	2,042,000,000	1,664,000,000	1,262,000,000	1,098,000,000	968,000,000	775,000,000	872,000,000	899,000,000	796,000,000	779,000,000	697,000,000	656,000,000	587,000,000	525,000,000	542,000,000	461,175,000	389,806,000	396,253,000	345,313,000	303,214,000	225,345,000	186,851,000	183,534,000	200,449,000	175,022,000	157,843,000	153,499,000
goodwill	163,000,000	161,000,000	160,000,000	155,000,000	149,000,000	149,000,000	149,000,000	158,000,000	163,000,000	159,000,000	166,000,000	160,000,000	153,000,000	147,000,000	149,000,000	162,000,000	148,243,000	80,949,000	85,165,000	82,830,000	85,211,000	79,064,000	81,799,000	82,283,000	87,609,000	86,114,000	90,375,000	89,827,000	88,883,000	88,650,000	83,637,000	93,714,000	92,279,000	95,249,000	94,118,000	95,849,000	91,797,000	94,493,000	96,150,000	91,379,000	91,857,000	101,840,000	65,577,000	68,828,504	67,068,985	70,267,846	51,959,430	55,101,218	57,855,465	59,558,023	62,818,466	60,366,063	61,357,722	61,112,402	63,935,487	62,861,760	61,356,716	60,480,828	60,496,314
intangible assets	33,000,000	38,000,000	39,000,000	39,000,000	12,000,000	12,000,000	13,000,000	12,000,000	11,000,000	21,000,000	22,000,000	24,000,000	25,000,000	29,000,000	31,000,000	43,000,000	44,974,000	30,709,000	23,894,000	20,271,000	14,155,000	14,230,000	15,942,000	17,133,000	14,275,000	15,114,000	16,808,000	17,683,000	18,581,000	18,719,000	19,256,000	22,392,000	23,174,000	24,642,000	25,359,000	26,227,000	26,277,000	27,725,000	29,126,000	29,056,000	30,509,000	34,265,000	22,801,000	23,171,349	23,304,028	25,683,101	6,393,604	6,591,585	6,438,684	6,717,766	7,167,610	7,279,865	7,535,276	7,622,698	6,626,787	6,710,125	3,819,064	3,978,903	4,141,167
intangible assets at fair value		78,000,000	69,000,000	53,000,000	49,000,000	34,000,000	36,000,000	40,000,000	24,000,000
deferred tax assets	1,541,000,000	1,376,000,000	1,139,000,000	968,000,000	802,000,000	780,000,000	767,000,000	810,000,000	710,000,000	489,000,000	348,000,000	357,000,000	346,000,000	269,000,000	248,000,000	235,000,000	181,266,000	127,508,000	132,618,000	124,272,000	134,916,000	125,012,000	93,897,000	102,296,000	117,582,000	108,551,000	184,926,000	160,846,000	141,438,000	125,521,000	106,330,000	93,708,000	57,324,000	66,163,000	58,065,000	51,441,000	45,017,000	44,066,000	36,417,000	32,631,000	10,443,000	10,927,000	11,222,000	11,519,522	15,525,754	14,958,011	20,809,295	16,030,880	14,323,447	12,650,847	11,585,582	11,040,543	10,655,188	9,366,084	9,949,385	11,922,213	12,396,948	12,956,214	12,911,256	12,152,785	6,606,413	5,614,306	5,481,182	9,242,067	6,970,127	1,118,510	1,628,871,000,000	3,784,991	3,775,170	3,659,895	3,445,101	2,185,423	2,197,022
total non-current assets	9,094,000,000	7,896,000,000	6,886,000,000	5,942,000,000	5,054,000,000	4,799,000,000	3,551,000,000	3,557,000,000	3,352,000,000	3,074,000,000	2,953,000,000	2,865,000,000	2,783,000,000	2,611,000,000	2,584,000,000	2,318,000,000	1,926,179,000	1,516,896,000	1,575,043,000	1,297,664,000	1,179,525,000	813,828,000	698,182,000	947,806,000	992,835,000	658,711,000	919,060,000	927,707,000	728,396,000	416,672,000	394,287,000	434,127,000	386,268,000	436,136,000	553,253,000	537,254,000	497,974,000	496,950,000	466,882,000	478,420,000	443,614,000	473,281,000	388,608,000	434,097,517	369,306,999	273,748,751	260,647,536	266,198,538	251,572,150	216,582,620	214,655,733	203,308,101	175,712,830	165,007,329	159,370,293	150,852,643	149,304,260	192,508,711	168,047,815	155,297,483	141,357,331	130,442,095	100,479,633	121,091,428	118,822,069	103,624,123	96,437,525,000,000	90,009,245	52,222,679	49,232,080	29,518,630	29,377,321	28,816,912
total assets	42,667,000,000	36,691,000,000	32,948,000,000	27,682,000,000	25,196,000,000	22,623,000,000	20,030,000,000	19,062,000,000	17,646,000,000	16,124,000,000	15,243,000,000	14,201,000,000	13,736,000,000	11,962,000,000	11,447,000,000	11,023,000,000	10,101,158,000	6,800,017,000	6,142,694,000	5,197,855,000	6,526,332,000	5,737,719,000	5,452,736,000	4,458,080,000	4,781,691,000	4,439,341,000	4,595,492,000	4,448,160,000	2,239,519,000	2,018,351,000	1,519,441,000	1,719,687,000	1,673,187,000	1,618,292,000	1,511,438,000	1,483,646,000	1,367,435,000	1,256,057,000	1,140,149,000	1,083,469,000	1,068,828,000	1,020,635,000	976,783,000	966,847,735	939,198,628	887,964,898	597,858,668	592,362,773	569,321,245	529,582,232	503,220,792	478,669,276	430,624,552	398,551,733	376,569,456	325,343,590	308,525,976	286,733,174	269,683,023	240,732,652	208,641,730	192,337,232	182,614,649	195,484,022	183,219,712	160,898,490	156,738,749,000,000	169,124,761	147,416,212	137,076,568	134,492,800	115,458,541	62,223,318
liabilities
current liabilities:
accounts payable and accrued expenses	4,502,000,000	4,053,000,000	3,875,000,000	3,330,000,000	3,196,000,000	2,940,000,000	2,556,000,000	2,203,000,000	2,117,000,000	1,910,000,000	1,831,000,000	1,597,000,000	1,393,000,000	1,155,000,000	1,131,000,000	1,027,000,000	1,035,860,000	906,393,000	857,622,000	612,206,000	767,336,000	509,095,000	417,759,000	295,500,000	372,309,000	342,433,000	314,703,000	246,767,000	266,759,000	230,999,000	226,101,000	228,318,000	221,095,000	181,557,000	154,423,000	108,507,000	105,106,000	95,970,000	86,068,000	77,180,000	75,820,000	67,371,000	58,160,000	58,005,734	59,144,112	40,677,870	36,582,107	34,405,333	33,211,973	31,467,967	26,744,961	23,976,613	24,298,361	24,303,699	21,727,978	19,998,140	20,333,485	17,945,181	17,232,103	14,689,150	13,779,597	14,321,381	11,583,053	16,530,006	15,275,161	17,877,233	16,941,173,000,000	18,067,876	12,903,962	11,125,966	9,278,138	7,818,585	6,260,734
funds payable to customers	13,029,000,000	10,567,000,000	9,379,000,000	7,391,000,000	6,954,000,000	5,854,000,000	5,402,000,000	5,059,000,000	4,475,000,000	4,016,000,000	3,734,000,000	3,253,000,000	3,454,000,000	2,558,000,000	2,528,000,000	2,483,000,000	2,393,179,000					1,421,825,000	1,324,605,000	718,454,000	894,057,000	708,716,000	778,128,000	680,746,000	640,954,000	525,089,000	498,623,000	592,923,000	583,107,000	519,420,000	425,609,000	396,487,000	370,693,000	313,837,000	277,528,000	230,000,000	219,751,000	197,793,000	193,188,000	165,033,797	161,300,868	147,908,193	132,368,104	129,038,663	122,286,835	114,370,081	110,349,603	101,472,662	83,559,610	77,697,708	70,486,512	58,874,916	58,176,211	52,771,717	48,788,225	40,240,198	36,017,695	32,087,593	31,453,410	27,312,514	22,475,574	16,034,604	14,727,891,000,000	18,983,336	19,333,050	16,468,896	16,418,177	12,498,257	10,002,576
amounts payable due to credit and debit card transactions	3,584,000,000	2,943,000,000	2,556,000,000	2,121,000,000	1,923,000,000	1,681,000,000	1,480,000,000	1,329,000,000	1,072,000,000	745,000,000	585,000,000	547,000,000	483,000,000	418,000,000	433,000,000	420,000,000	336,863,000
salaries and social security payable	916,000,000	840,000,000	670,000,000	647,000,000	727,000,000	665,000,000	482,000,000	531,000,000	545,000,000	519,000,000	394,000,000	425,000,000	401,000,000	345,000,000	273,000,000	319,000,000	313,192,000	277,489,000	204,174,000	193,166,000	207,358,000	157,127,000	114,944,000	100,059,000	101,841,000	92,452,000	78,007,000	76,123,000	60,406,000	57,372,000	50,043,000	97,769,000	65,053,000	61,168,000	47,512,000	73,342,000	48,898,000	43,676,000	32,786,000	36,021,000	32,778,000	27,626,000	36,212,000	28,777,045	26,377,418	20,504,959	26,094,290	23,182,811	23,313,366	19,395,436	23,147,748	19,974,463	18,022,393	14,723,722
taxes payable	1,140,000,000	888,000,000	766,000,000	487,000,000	525,000,000	426,000,000	419,000,000	500,000,000	477,000,000	530,000,000	447,000,000	363,000,000	414,000,000	338,000,000	327,000,000	277,000,000	291,456,000	196,561,000	232,090,000	240,167,000	215,918,000	212,729,000	141,226,000	46,394,000	60,247,000	39,230,000	45,672,000	34,414,000	31,058,000	22,740,000	28,300,000	28,306,000	32,150,000	27,923,000	22,084,000	30,668,000	27,338,000	27,810,000	16,419,000	25,139,000	21,593,000	37,092,000	23,733,000	26,012,849	22,351,350	18,440,304	16,788,250	17,854,110	16,187,618	15,371,128	16,057,779	19,210,568	12,598,869	10,346,811	9,888,797	9,997,791	8,061,079	9,777,052	11,487,574	9,927,619	8,560,306	7,842,042	6,797,516	12,791,888	10,661,070	4,234,491	4,989,704,000,000	4,748,841	4,025,173	3,287,052	2,493,749	2,001,754	2,302,043
loans payable and other financial liabilities	4,623,000,000	4,431,000,000	3,818,000,000	3,569,000,000	2,828,000,000	2,250,000,000	2,203,000,000	2,246,000,000	2,292,000,000	2,272,000,000	2,286,000,000	2,332,000,000	2,131,000,000	1,946,000,000	1,925,000,000	1,459,000,000	1,285,416,000	765,135,000	579,786,000	514,540,000	548,393,000	618,164,000	591,683,000	316,508,000	186,138,000	108,908,000	162,983,000	141,162,000	132,949,000	141,502,000	146,655,000	134,466,000	56,325,000	24,701,000	18,240,000	16,430,000	11,583,000	6,077,000	782,000	3,277,000	4,294,000	1,499,000	1,565,000	1,641,646	1,548,537	2,258,026	7,677,659	13,370,823	18,909,134	11,870,676	115,017	84,570	124,753	146,604	142,687	140,107	105,498	92,513	100,031	30,905	56,121		3,213,992	6,343,964	15,465,001	18,490,600	14,963,421,000,000
operating lease liabilities	430,000,000	401,000,000	344,000,000	284,000,000	241,000,000	201,000,000	138,000,000	163,000,000	166,000,000	171,000,000	166,000,000	159,000,000	142,000,000	121,000,000	108,000,000	109,000,000	92,343,000	83,677,000	80,597,000	67,264,000	55,246,000	39,620,000	25,113,000	23,025,000	23,259,000	17,441,000	13,957,000	12,585,000
other liabilities	409,000,000	399,000,000	342,000,000	236,000,000	209,000,000	215,000,000	167,000,000	154,000,000	119,000,000	122,000,000	152,000,000	132,000,000	129,000,000	106,000,000	98,000,000	134,000,000	88,393,000	70,193,000	75,812,000	49,635,000	108,534,000	48,700,000	44,449,000	76,560,000	114,469,000	75,630,000	56,059,000	56,418,000	34,098,000	11,830,000	25,342,000	4,069,000	3,678,000	1,400,000	1,545,000	5,606,000	6,359,000	2,319,000	2,148,000	8,087,000	6,796,000	8,048,000	4,081,000	4,176,830	3,246,534	3,330,166	3,775,268	3,699,109	3,783,877	3,395,767	3,575,796	2,837,150	2,520,584	2,213,237	2,153,587	1,770,821	2,184,761	1,905,713	1,651,398	1,327,673	1,090,392	1,123,168	1,402,715	1,251,630	1,335,901	1,116,395	1,058,848,000,000	1,129,760	1,204,958	1,062,421	1,068,155	948,406	3,678,423
total current liabilities	28,633,000,000	24,522,000,000	21,750,000,000	18,065,000,000	16,603,000,000	14,313,000,000	12,914,000,000	12,256,000,000	11,297,000,000	10,306,000,000	9,616,000,000	8,827,000,000	8,562,000,000	7,002,000,000	6,823,000,000	6,228,000,000	5,836,702,000	4,286,531,000	3,869,290,000	3,204,949,000	3,635,880,000	3,007,260,000	2,659,779,000	1,576,500,000	1,752,320,000	1,384,810,000	1,449,509,000	1,248,215,000	1,166,224,000	989,532,000	975,064,000	1,085,851,000	968,032,000	822,793,000	676,037,000	637,664,000	576,601,000	496,313,000	422,355,000	386,328,000	367,311,000	345,679,000	323,160,000	292,622,153	282,915,806	240,449,064	226,839,956	224,165,609	220,222,795	198,789,157	182,728,977	169,531,272	143,416,022	132,030,580	120,203,112	104,264,446	100,753,412	93,892,486	88,394,467	73,895,695	65,524,136	58,656,245	60,492,892	69,675,040	69,891,627	60,740,748	56,309,885,000,000	66,537,511	43,264,352	39,699,549	41,751,506	29,027,619	25,632,108
non-current liabilities:
deferred tax liabilities	372,000,000	341,000,000	293,000,000	270,000,000	204,000,000	193,000,000	159,000,000	226,000,000	183,000,000	163,000,000	112,000,000	117,000,000	106,000,000	36,000,000	32,000,000	42,000,000	62,496,000	54,951,000	48,529,000	41,233,000	64,354,000	72,061,000	65,273,000	98,048,000	99,952,000	96,925,000	98,997,000	97,006,000	91,698,000	92,322,000	23,166,000	25,542,000	23,819,000	40,435,000	37,696,000	36,830,000	34,059,000	36,070,000	32,099,000	28,320,000	1,731,000	1,702,000	1,673,000	1,644,706	1,617,441	18,294,662	5,511,531	5,339,359	8,535,181	8,134,726	8,731,036	8,975,290	8,367,423	8,554,494	8,481,593	8,219,638	4,726,032	5,149,708	5,167,699	6,439,580	6,413,934	5,971,114	5,170,799	5,279,199	4,922,046	2,370,161	2,556,120,000,000	2,587,639	1,967,766	1,670,766
total non-current liabilities	7,286,000,000	5,951,000,000	5,485,000,000	4,613,000,000	4,242,000,000	4,308,000,000	3,460,000,000	3,416,000,000	3,278,000,000	3,077,000,000	3,375,000,000	3,334,000,000	3,347,000,000	3,329,000,000	3,044,000,000	3,206,000,000	2,732,765,000	2,390,510,000	2,192,374,000	2,023,310,000	1,238,874,000	934,933,000	885,865,000	916,170,000	947,408,000	917,514,000	901,371,000	887,199,000	736,595,000	687,067,000	389,640,000	380,969,000	379,376,000	389,343,000	376,386,000	363,738,000	361,980,000	364,757,000	353,227,000	344,075,000	338,065,000	330,513,000	322,505,000	318,437,172	311,433,529	309,000,729	17,153,356	20,713,556	20,897,909	17,889,013	16,483,396	15,324,378	15,102,774	14,680,099	14,686,528	13,225,101	10,143,394	9,735,552	9,570,286	10,677,260	9,396,082	10,434,277	7,928,520	7,399,030	6,900,108	4,631,162	7,004,883,000,000	3,717,399	3,178,683	2,742,205	1,068,155	948,406	9,723,764
total liabilities	35,919,000,000	30,473,000,000	27,235,000,000	22,678,000,000	20,845,000,000	18,621,000,000	16,374,000,000	15,672,000,000	14,575,000,000	13,383,000,000	12,991,000,000	12,161,000,000	11,909,000,000	10,331,000,000	9,867,000,000	9,434,000,000	8,569,467,000	6,677,041,000	6,061,664,000	5,228,259,000	4,874,754,000	3,942,193,000	3,545,644,000	2,492,670,000	2,699,728,000	2,302,324,000	2,350,880,000	2,135,414,000	1,902,819,000	1,676,599,000	1,364,704,000	1,466,820,000	1,347,408,000	1,212,136,000	1,052,423,000	1,001,402,000	938,581,000	861,070,000	775,582,000	730,403,000	705,376,000	676,192,000	645,665,000	611,059,325	594,349,335	549,449,793	243,993,312	244,879,165	241,120,704	216,678,170	199,212,373	184,855,650	158,518,796	146,710,679	134,889,640	117,489,547	110,896,806	103,628,038	97,964,753	84,572,955	74,920,218	69,090,522	68,421,412	77,074,070	76,791,735	65,371,910	63,314,768,000,000	70,254,910	46,443,035	42,441,754	42,819,661	29,976,025	35,355,872
commitments and contingencies
equity
common stock, 0.001 par value...																																												44,154	44,154	44,154	44,154	44,153	44,153	44,153	44,153	44,151	44,151	44,149	44,147	44,142	44,142	44,132	44,131	44,131	44,129	44,126	44,120	44,114	44,089	44,074	44,071,000,000	44,297	44,292	44,228	44,227
additional paid-in capital	1,771,000,000	1,771,000,000	1,770,000,000	1,770,000,000	1,770,000,000	1,770,000,000	1,770,000,000	1,770,000,000	1,770,000,000	1,959,000,000	2,309,000,000	2,309,000,000	2,309,000,000	2,308,000,000	2,308,000,000	2,308,000,000	2,439,345,000	919,584,000	455,206,000	275,632,000	1,860,502,000	1,930,984,000	1,964,140,000	2,068,048,000	2,067,869,000	2,075,693,000	2,009,497,000	2,097,142,000	224,800,000	221,719,000	24,969,000	24,969,000	70,661,000	70,674,000	137,982,000	137,982,000	137,982,000	137,979,000	137,979,000	137,979,000	137,842,000	137,787,000	137,692,000	137,644,989	137,572,237	137,572,237	120,595,008	121,562,193	120,491,485	120,491,485	120,471,777	120,468,759	120,468,759	120,465,461	120,463,063	120,440,906	120,429,310	120,426,216	120,391,622	120,366,356	120,375,178	120,320,530	120,257,998	120,196,731	120,104,599	119,904,615	119,807,007,000,000	122,172,907	122,001,703	121,915,938	121,890,138	121,881,108	2,478,883
treasury stock	-312,000,000	-312,000,000	-311,000,000	-311,000,000	-311,000,000	-311,000,000	-311,000,000	-310,000,000	-310,000,000	-587,000,000	-1,138,000,000	-992,000,000	-931,000,000	-898,000,000	-858,000,000	-829,000,000	-789,982,000	-744,102,000	-276,220,000	-80,126,000	-54,805,000	-40,391,000	-1,440,000	-720,000	-720,000	-720,000																						-1,012,216
retained earnings	5,809,000,000	5,250,000,000	4,829,000,000	4,306,000,000	3,812,000,000	3,173,000,000	2,776,000,000	2,245,000,000	1,901,000,000	1,735,000,000	1,376,000,000	1,114,000,000	913,000,000	748,000,000	619,000,000	496,000,000	397,419,000	443,523,000	348,298,000	280,103,000	314,115,000	364,967,000	350,860,000	295,913,000	322,592,000	377,590,000	524,672,000	509,455,000	503,432,000	505,768,000	515,846,000	527,098,000	537,925,000	612,269,000	591,227,000	592,535,000	550,641,000	505,915,000	473,627,000	464,393,000	406,353,000	365,261,000	350,346,000	353,173,098	326,684,667	300,359,917	333,404,534	310,345,448	275,583,588	252,781,049	229,466,188	218,083,844	192,668,273	171,253,118	150,867,488	118,262,734	95,498,168	84,208,680	73,681,556	57,742,063	38,951,100	27,277,138
accumulated other comprehensive loss	-520,000,000	-491,000,000	-575,000,000	-761,000,000	-920,000,000	-630,000,000	-579,000,000	-315,000,000	-290,000,000	-366,000,000	-295,000,000	-391,000,000	-464,000,000	-527,000,000	-489,000,000	-386,000,000	-515,141,000	-496,078,000	-446,304,000	-506,063,000	-468,284,000	-509,511,000	-505,361,000	-496,724,000	-406,671,000	-414,439,000	-388,449,000	-392,588,000	-391,577,000	-385,780,000	-386,122,000	-299,244,000	-282,851,000	-276,831,000	-270,238,000	-248,317,000	-259,813,000	-248,951,000	-247,083,000	-249,350,000	-180,787,000	-158,649,000	-156,964,000	-135,073,831	-123,451,765	-103,461,203	-104,178,340	-87,455,970	-71,918,685	-64,412,625	-49,973,699	-48,783,128	-45,075,427	-43,921,674	-33,694,882	-34,304,372	-18,342,450	-21,573,892	-22,399,039	-21,992,853	-25,648,895	-24,395,084	-23,765,418	-8,201,860	-10,239,410	-14,261,029
total equity	6,748,000,000	6,218,000,000	5,713,000,000	5,004,000,000	4,351,000,000	4,002,000,000	3,656,000,000	3,390,000,000	3,071,000,000	2,741,000,000	2,252,000,000	2,040,000,000	1,827,000,000	1,631,000,000	1,580,000,000	1,589,000,000	1,531,691,000	122,976,000	81,030,000	-30,404,000	1,651,578,000	1,746,099,000	1,808,249,000	1,866,567,000	1,983,120,000	2,038,174,000	2,145,769,000	2,214,058,000	336,700,000	341,752,000	154,737,000	252,867,000	325,779,000	406,156,000	459,015,000	482,244,000	428,854,000	394,987,000	364,567,000	353,066,000	363,452,000	344,443,000	331,118,000	355,788,410	340,849,293	334,515,105	349,865,356	343,483,608	324,200,541	308,904,062	300,008,419	289,813,626	268,105,756	247,841,054	237,679,816	207,854,043
total liabilities and equity	42,667,000,000	36,691,000,000	32,948,000,000	27,682,000,000	25,196,000,000	22,623,000,000	20,030,000,000	19,062,000,000	17,646,000,000	16,124,000,000	15,243,000,000	14,201,000,000	13,736,000,000	11,962,000,000	11,447,000,000	11,023,000,000	10,101,158,000	6,800,017,000	6,142,694,000	5,197,855,000									2,239,519,000	2,018,351,000	1,519,441,000	1,719,687,000	1,673,187,000	1,618,292,000	1,511,438,000	1,483,646,000	1,367,435,000	1,256,057,000	1,140,149,000	1,083,469,000	1,068,828,000	1,020,635,000	976,783,000													325,343,590
loans receivable, net of allowances of 2,762 and 1,630		7,810,000,000
loans receivable, net of allowances of 68 and 48		382,000,000
loans receivable, net of allowances of 2,413 and 1,630			6,607,000,000
loans receivable, net of allowances of 50 and 48			277,000,000
loans receivable, net of allowances of 2,001 and 1,630				5,501,000,000
loans receivable, net of allowances of 53 and 48				225,000,000
loans receivable, net of allowances of 1,630 and 1,042					4,716,000,000
loans receivable, net of allowances of 48 and 42					179,000,000
loans receivable, net of allowances of 1,565 and 1,042						4,248,000,000
customer crypto-assets safeguarding assets						81,000,000	67,000,000	71,000,000	34,000,000	21,000,000	21,000,000	19,000,000	15,000,000	15,000,000
loans receivable, net of allowances of 47 and 42						156,000,000
customer crypto-assets safeguarding liabilities						81,000,000	67,000,000	71,000,000	34,000,000	21,000,000	21,000,000	19,000,000	15,000,000	15,000,000
loans receivable, net of allowances of 1,312 and 1,042							3,440,000,000
loans receivable, net of allowances of 41 and 42							111,000,000
loans receivable, net of allowances of 1,197 and 1,042								3,119,000,000
loans receivable, net of allowances of 46 and 42								86,000,000
loans receivable, net of allowances of 1,042 and 1,074									2,629,000,000
loans receivable, net of allowances of 42 and 30									65,000,000
loans receivable, net of allowances of 989 and 1,074										2,336,000,000
prepaid expenses										43,000,000	55,000,000	45,000,000	38,000,000	62,000,000	77,000,000	79,000,000	40,426,000	52,337,000	58,143,000	43,291,000	28,378,000	28,387,000	23,141,000	35,294,000	45,309,000	17,898,000	18,618,000	24,132,000	27,477,000	11,013,000	14,410,000	21,862,000	5,864,000	8,199,000	9,570,000	14,846,000	15,060,000	6,299,000	6,004,000	7,319,000	7,614,000	5,332,000	6,433,000	3,457,693	5,878,124	4,982,687	4,554,266	3,836,081	4,158,163	3,522,020	3,082,814	2,080,079	2,232,034	1,940,811	1,955,533	1,140,002	1,331,890	843,908	913,262	681,923	506,921	471,733	547,138	1,041,145	526,628	804,176	426,869,000,000	793,683	841,083	1,982,101	283,477	590,898	1,232,682
loans receivable, net of allowances of 35 and 30										42,000,000
loans receivable, net of allowances of 1,095 and 1,074											2,051,000,000
loans receivable, net of allowances of 28 and 30											76,000,000
loans receivable, net of allowances of 1,116 and 1,074												1,877,000,000
loans receivable, net of allowances of 25 and 30												31,000,000
loans receivable, net of allowances of 1,074 and 408													1,704,000,000
loans receivable, net of allowances of 30 and 27													32,000,000
loans receivable, net of allowances of 974 and 408														1,724,000,000
loans receivable, net of allowances of 34 and 27														42,000,000
50,294,893 and 50,418,980 shares issued and outstanding at september 30,
2022 and december 31, 2021
loans receivable, net of allowances of 807 and 408															1,790,000,000
loans receivable, net of allowances of 35 and 27															55,000,000
50,338,275 and 50,418,980 shares issued and outstanding at june 30,
credit cards receivable and other means of payments																2,512,000,000	1,839,389,000	1,428,454,000	1,189,802,000	883,670,000	863,073,000	660,402,000
loans receivable																1,657,000,000	1,199,059,000	772,753,000	547,183,000	416,600,000	385,036,000	239,135,000	139,148,000	141,419,000	182,105,000	176,074,000	192,881,000	134,640,000	95,778,000	90,827,000	112,066,000	122,328,000	73,409,000	51,843,000	25,290,000	11,380,000	6,283,000
50,377,981 and 50,418,980 shares issued and outstanding at march 31,
50,418,980 and 49,869,727 shares issued and outstanding at december 31,
2021 and december 31, 2020																	50,000	49,000	50,000	50,000
inventory																		226,694,000	169,449,000	131,460,000		46,644,000	20,831,000	12,114,000	8,626,000	10,132,000	5,950,000	3,003,000	4,612,000	7,395,000	7,938,000	3,362,000	2,549,000	2,309,000	1,034,000	432,000	1,103,000	1,388,000	990,000	420,000	135,000
funds payable to customers and amounts due to merchants																		1,987,083,000	1,839,209,000	1,527,971,000	1,733,095,000
49,458,958 and 49,869,727 shares issued and outstanding at september 30,
49,711,650 and 49,869,727 shares issued and outstanding at june 30,
49,852,319 and 49,869,727 shares issued and outstanding at march 31,
redeemable convertible preferred stock, 0.001 par value...
authorized, 100,000 shares issued and outstanding at december 31, 2019																									98,843,000
49,869,727 and 49,709,955 shares issued and outstanding at december 31,
2020 and december 31, 2019																					50,000	50,000	50,000	50,000
total liabilities, redeemable convertible preferred stock and equity																					6,526,332,000	5,737,719,000	5,452,736,000	4,458,080,000	4,781,691,000	4,439,341,000	4,595,492,000	4,448,160,000
50,000 and 100,000 shares issued and outstanding at september 30, 2020 and december 31, 2019																						49,427,000
49,776,613 and 49,709,955 shares issued and outstanding at september 30,
credit cards receivable and other means of payment																							646,739,000
100,000 shares issued and outstanding at june 30, 2020 and december 31, 2019																							98,843,000
49,709,955 shares issued and outstanding at june 30,
credit cards receivable																								366,803,000	379,969,000	288,588,000	433,046,000	308,468,000	360,298,000				521,130,000				307,904,000
100,000 shares issued and outstanding at march 31, 2020 and december 31, 2019																								98,843,000
49,709,955 shares issued and outstanding at march 31,
49,709,955 and 45,202,859 shares issued and outstanding at december 31,
2019 and december 31, 2018																									50,000	50,000	49,000	49,000
authorized, 100,000 shares issued and outstanding at september 30, 2019																										98,843,000
49,709,955 and 45,202,859 shares issued and outstanding at september 30,
authorized, 100,000 shares issued and outstanding at june 30, 2019																											98,843,000
49,318,543 and 45,202,859 shares issued and outstanding at june 30,
authorized, 100,000 shares issued and outstanding at march 31, 2019																												98,688,000
49,318,498 and 45,202,859 shares issued and outstanding at march 31,
liabilities and equity
dividends payable																																	6,624,000	6,624,000	6,624,000	6,624,000	6,624,000	6,624,000	6,624,000	6,624,000	4,548,000	4,548,000	4,548,000	7,329,546	7,329,546	7,329,546	7,329,546	6,313,869	6,313,869	6,313,869	6,313,869	4,812,396	4,812,036	4,812,036	4,812,036	3,531,362	3,531,337	3,530,510
equity:
45,202,859 and 44,157,364 shares issued and outstanding at december 31,
2018 and december 31, 2017																													45,000	45,000	44,000	44,000
credit cards receivables																														266,461,000	307,614,000	530,185,000		406,883,000	265,212,000	300,612,000		226,818,000	215,437,000	193,666,000	187,566,000	130,971,000	133,644,000	85,162,276	86,469,055	59,432,409	54,322,496	52,045,851	37,867,650	61,619,241	40,679,729	35,816,506
45,201,662 and 44,157,364 shares issued and outstanding at september 30,
44,157,364 shares issued and outstanding at june 30,
44,157,364 shares issued and outstanding at march 31,
44,157,364 shares issued and outstanding at december 31,
2017 and december 31, 2016																																	44,000	44,000
44,157,364 shares issued and outstanding at september 30,
2017 and december 31, 2016, respectively																																			44,000	44,000
44,157,364 and 44,156,854 shares issued and outstanding at december 31,
2016 and december 31, 2015, respectively																																					44,000	44,000	44,000	44,000
44,157,341 and 44,156,854 shares issued and outstanding at september 30,
44,157,341 and 44,156,854 shares issued and outstanding at june 30,
44,157,341 and 44,156,854 shares issued and outstanding at march 31,
44,156,024 and 44,154,572 shares issued and outstanding at september 30,
2015 and december 31, 2014, respectively																																									44,000	44,000	44,000
44,155,589 and 44,154,572 shares issued and outstanding at june 30,
44,154,932 and 44,154,572 shares issued and outstanding at march 31,
redeemable noncontrolling interest																																													4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000
total liabilities, redeemable noncontrolling interest and equity																																												966,847,735	939,198,628	887,964,898	597,858,668	592,362,773	569,321,245	529,582,232	503,220,792	478,669,276	430,624,552	398,551,733	376,569,456
advance for fixed assets																																																	26,167,766
credits cards receivables																																																					39,799,359	28,021,663	23,964,431
payroll and social security payable																																																							13,145,102	11,722,130	10,545,802	9,775,513	10,786,534	9,007,823	7,110,417	4,405,229
funds receivable from customers																																																								13,244,197	7,910,434	5,633,787	6,151,518	4,688,610	3,406,625	3,238,299	3,785,802	3,063,360	1,922,470	3,209,827	2,322,416,000,000	34,893,877	36,094,640	25,639,164	29,162,763	17,216,572	11,189,050
total equity of mercadolibre, inc.																																																								204,443,410
noncontrolling interest																																																								3,410,633
liabilities and shareholders’ equity
shareholders’ equity:
total shareholders’ equity																																																									197,629,170	183,105,136	171,718,270	156,159,697	133,721,512	123,246,710	114,193,237	118,409,952	106,427,977	95,526,580	93,423,981,000,000	98,869,851	100,973,177	94,634,814	91,673,139	85,482,516
total liabilities and shareholders’ equity																																																									308,525,976	286,733,174	269,683,023	240,732,652	208,641,730	192,337,232	182,614,649	195,484,022	183,219,712	160,898,490	156,738,749,000,000	169,124,761	147,416,212	137,076,568
goodwill and intangible assets																																																												64,790,278	62,932,379	63,769,288	64,338,564	75,525,514	74,488,034	71,431,003	72,911,546,000,000	80,592,075	43,893,181	42,812,153	23,428,646	23,018,001	22,645,835
social security payable																																																															7,428,340	6,608,619	5,544,684	3,538,167	4,387,943,000,000	5,227,666	4,241,352	5,102,313	3,778,236	3,622,343	2,954,455
provisions																																																															16,581	88,049	470,137	565,653	299,753,000,000	1,012,021	93,623	95,808	69,979	36,100	18,230
loans payable																																																																			3,050,061,000,000	18,497,771	2,667,192	3,619,514	9,713,227	3,050,580	415,647
retained earnings /																																																															17,656,537	6,370,967
accumulated deficit																																																																	-3,481,301	-10,161,080	-15,552,256,000,000	-23,473,353	-29,349,145	-32,296,240	-34,363,917	-39,686,310	-42,471,784
accumulated other comprehensive income																																																																			-10,874,841,000,000	126,000	8,276,327	4,970,888	4,102,691	3,243,491	2,398,135
mandatorily redeemable convertible preferred stock, 0.001 par value...
shareholders’ equity
total liabilities, mandatorily redeemable convertible preferred stock and shareholders’ equity																																																																							134,492,800	115,458,541
other current assets																																																																								678,950	386,502
mandatorily redeemable convertible preferred stock, 0.01 par value...																																																																									64,323,984
common stock, 0.001 and 0.01 par value...																																																																								44,227
liabilities and shareholders' deficit
shareholders' deficit:
common stock, 0.01 par value...																																																																									138,228
total shareholders' deficit																																																																									-37,456,538
total liabilities, mandatorily redeemable convertible preferred stock and shareholders' deficit																																																																									62,223,318

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30

cash flows from operations:
net income	559,000,000	421,000,000	523,000,000	494,000,000	639,000,000	397,000,000	531,000,000	344,000,000	165,000,000	359,000,000	262,000,000	201,000,000	165,000,000	129,000,000	123,000,000	65,000,000	-46,104,000	95,225,000	68,195,000	-34,012,000	-50,580,000	15,035,000	55,947,000	-21,109,000	-53,998,000	-146,082,000	16,217,000	11,864,000	-2,336,000	-10,078,000	-11,252,000	-12,919,000		27,666,000	5,316,000	48,518,000		30,247,000																19,637,038	21,605,144	26,296,450	14,820,825	14,057,634	15,939,493	18,790,963	11,673,962	9,620,601	11,285,570	9,852,268	6,679,779	5,391,176		5,875,792	2,947,095	2,067,677	5,322,393	2,785,474
adjustments to reconcile net income to net cash from operating activities:
impairment of equity securities held at cost
equity in earnings of unconsolidated entity									0	0	0	-3,000,000
unrealized foreign currency losses	160,000,000	202,000,000	97,000,000	-2,000,000	110,000,000	53,000,000	114,000,000	9,000,000	-11,000,000	193,000,000	188,000,000	117,000,000
depreciation and amortization	238,000,000	209,000,000	199,000,000	172,000,000	152,000,000	157,000,000	154,000,000	154,000,000	135,000,000	135,000,000	128,000,000	126,000,000	122,000,000	97,000,000	100,000,000	84,000,000	67,181,000	52,236,000	46,109,000	38,416,000	32,556,000	28,234,000	22,652,000	21,550,000	20,802,000	19,543,000	17,281,000	15,694,000	11,931,000	11,295,000	11,482,000	11,084,000	10,968,000	10,870,000	10,080,000	9,003,000	8,324,000	6,252,000		5,986,000	5,889,000	5,081,000	4,600,737	4,762,890	4,064,170	3,519,100	3,285,174	3,137,368	2,834,684	2,621,339	2,547,083	2,354,739	2,090,847	1,966,624	2,018,907	1,943,373	1,764,652	1,541,143	1,327,494	1,406,803	1,240,480	946,873	934,475	1,013,895	988,891	956,491		955,148	813,252	707,450	639,731	566,868
accrued interest, financial income and other revenues
non cash interest expense and amortization of debt issuance costs and other charges	125,000,000	98,000,000	105,000,000	68,000,000	36,000,000	-4,000,000	34,000,000	48,000,000	45,000,000
provision for doubtful accounts	983,000,000	815,000,000	690,000,000	603,000,000	527,000,000	507,000,000	450,000,000	374,000,000	299,000,000	277,000,000	222,000,000	252,000,000
provision for contingencies	35,000,000	20,000,000	28,000,000	23,000,000
results on derivative instruments	21,000,000	44,000,000	24,000,000	28,000,000	-24,000,000	0	-19,000,000	1,000,000	13,000,000	5,000,000	10,000,000	11,000,000
results on digital assets at fair value	3,000,000	-9,000,000	-16,000,000	12,000,000	-15,000,000	2,000,000	4,000,000	-16,000,000
long term retention program (“ltrp”) accrued compensation	51,000,000	64,000,000	96,000,000	92,000,000	51,000,000	83,000,000	59,000,000	68,000,000	45,000,000	39,000,000	36,000,000	47,000,000
deferred income taxes	-159,000,000	-156,000,000	-94,000,000	-60,000,000	-76,000,000	24,000,000	-126,000,000	-65,000,000	-200,000,000	-108,000,000	16,000,000	8,000,000	-1,000,000	-29,000,000	-43,000,000	-24,000,000	-47,864,000	1,972,000	12,423,000	3,988,000	-11,830,000	-27,340,000	-26,946,000	-4,199,000	-13,187,000	64,383,000	-20,287,000	-14,456,000	-17,310,000	-20,457,000	-24,217,000	-30,601,000	-9,806,000	-4,318,000	-7,653,000	-2,798,000	-293,000	-1,896,000		-1,530,000	1,618,000	6,118,000	-3,722,188	-7,842,496	-3,996,944	-4,675,345	-3,840,898	-2,191,614	-1,674,763	-140,238	321,176	-959,508	336,780	-190,810	-151,380	-310,036	1,167,347	316,866	-102,268	-5,851,513	-691,718	-407,531	-2,587,236	-1,389,431	-93,599	462,974		-361,767	391,843	-198,224	-709,957	-20,377
changes in assets and liabilities:
receivables
inventories	-48,000,000	-87,000,000	-54,000,000	-46,000,000	-3,000,000	-65,000,000	-56,000,000	11,000,000	16,000,000	-19,000,000	-27,000,000	-39,000,000	12,000,000	21,000,000	43,000,000	38,000,000
other assets	-257,000,000	9,000,000	4,000,000	-247,000,000	-38,000,000	-65,000,000	-3,000,000	-202,000,000	34,000,000	-56,000,000	-23,000,000	-10,000,000	-30,000,000	21,000,000	-51,000,000	-30,000,000	-26,785,000	-56,409,000	-56,606,000	-34,882,000	-95,579,000	-11,275,000	-1,169,000	-5,796,000	-25,131,000	-11,608,000	-7,566,000	-5,085,000	-154,000	6,978,000	-11,432,000	-13,009,000	-23,252,000	-9,454,000	-17,602,000	-4,472,000	-8,560,000	-6,738,000		-8,967,000	-1,816,000	-2,306,000	97,074	-7,565,750	562,428	924,587	-16,893,980	-4,471,685	2,833,670	-4,595,498	-3,716,856	-1,639,007	-947,241	493,886	-1,304,710	-6,295,905	1,137,732	-70,095	-1,043,302	-864,627	-1,642,837	-92,884	486,880	662,041	-1,275,150	-2,465,124		-1,653,987	21,714	273,814	-394,878	-313,023
payables and accrued expenses	769,000,000	295,000,000	614,000,000	-191,000,000	638,000,000	473,000,000	403,000,000	81,000,000	620,000,000	297,000,000	201,000,000	107,000,000	299,000,000	118,000,000	180,000,000	-148,000,000	252,723,000	116,680,000	154,127,000	-143,763,000	226,477,000	187,704,000	213,201,000	-43,101,000	54,577,000	47,120,000
funds payable to customers	2,734,000,000	971,000,000	1,578,000,000	58,000,000	1,725,000,000	414,000,000	739,000,000	727,000,000	1,062,000,000	321,000,000	361,000,000	-242,000,000	828,000,000	97,000,000	208,000,000	-89,000,000						105,680,000	627,651,000	-21,344,000	172,214,000	-23,342,000	54,691,000	63,730,000	92,489,000	50,396,000	11,900,000	20,613,000	90,402,000	88,471,000	49,235,000	13,929,000	63,738,000	23,684,000		48,932,000	3,323,000	48,683,000	12,657,999	26,444,675	14,603,783	7,365,588	15,078,267	10,523,900	13,100,351	8,854,986	19,904,606	6,522,835	13,620,823	-159,063	11,823,284	9,333,628	3,646,741	3,072,102	8,064,743	2,654,727	4,320,880	418,066	4,251,781	3,264,524	3,583,022	1,322,085		2,850,721	1,316,568	-141,227	2,010,732	2,495,681
amounts payable due to credit and debit card transactions	826,000,000	351,000,000	328,000,000	87,000,000	452,000,000	181,000,000	288,000,000	292,000,000	438,000,000	128,000,000	64,000,000	63,000,000	51,000,000	-3,000,000	52,000,000	28,000,000
other liabilities	-111,000,000	359,000,000	-144,000,000	41,000,000	-185,000,000	12,000,000	-50,000,000	109,000,000	-3,000,000	-38,000,000	-86,000,000	39,000,000	5,000,000	-32,000,000			-15,634,000	699,000	-1,304,000	-62,768,000	35,243,000	3,305,000	-40,928,000	-32,206,000	27,339,000	14,526,000	-9,148,000	12,735,000	22,125,000	-14,136,000	17,172,000	3,041,000	3,977,000	4,201,000	-621,000	123,000	-181,000	1,152,000		2,878,000	-833,000	181,000	-282,204	606,331	1,032,880	318,251	521,440	131,625	36,199	2,297,188	223,610	381,833	390,028	158,139	217,822	-157,590	210,493	220,113	2,834,430	-1,143,933	-1,312,281	-467,618	389,934	-510,307	-513,748	-78,893		-1,720,346	-1,132,391	1,156,170	50,433	127,809
operating lease liabilities	-132,000,000
interest received from investments	164,000,000	200,000,000	93,000,000	127,000,000	59,000,000	32,000,000	53,000,000	85,000,000	42,000,000	89,000,000	69,000,000	55,000,000	39,000,000	30,000,000	28,000,000	26,000,000	12,569,000	7,696,000	5,369,000	9,478,000	15,948,000	8,312,000	12,792,000	14,805,000	14,250,000	18,083,000	13,756,000	3,536,000	5,747,000	2,920,000	4,154,000	3,912,000	4,058,000	7,702,000	6,773,000	4,015,000	4,371,000	4,386,000		3,287,000	1,789,000	2,824,000	2,712,591	2,719,270	2,004,162	2,245,543	2,780,094	2,301,259
net cash from operating activities	5,209,000,000	2,959,000,000	2,917,000,000	1,031,000,000	2,924,000,000	1,600,000,000	1,882,000,000	1,512,000,000	1,928,000,000	941,000,000	1,412,000,000	859,000,000	1,542,000,000	724,000,000	907,000,000	-233,000,000	700,696,000	265,306,000	262,038,000	-262,997,000	256,557,000	361,310,000	650,336,000	-85,651,000	78,274,000	206,892,000	27,554,000	138,371,000	34,806,000	88,947,000	144,160,000	-37,006,000	26,621,000	16,075,000	121,557,000	104,757,000	42,577,000	-11,802,000	110,121,000	14,448,000	58,652,000	38,179,000	58,354,397	50,531,661	60,280,649	27,626,577	19,664,909	63,686,688	29,070,267	30,091,497	56,183,251	25,219,348	39,502,608	18,986,182	27,131,959	28,561,358	18,563,337	15,168,977	25,906,793	15,897,890	14,637,222	11,454,548	23,139,467	13,880,024	8,172,056	4,509,439	38,428,998	9,503,408	-331,077	6,898,671	-926,324	2,297,527
cash flows from investing activities:
purchases of investments	-4,871,000,000	-3,434,000,000	-2,207,000,000	-4,242,000,000	-4,327,000,000	-3,665,000,000	-4,623,000,000	-4,095,000,000	-3,396,000,000	-5,494,000,000	-4,922,000,000	-5,124,000,000
proceeds from sale and maturity of investments	5,348,000,000	4,439,000,000	2,898,000,000	3,905,000,000	3,873,000,000	2,595,000,000	3,766,000,000	3,728,000,000	3,253,000,000	4,924,000,000	4,819,000,000	5,104,000,000	3,162,000,000	2,818,000,000	2,618,000,000	2,425,000,000	1,002,137,000	1,223,848,000	2,985,879,000	2,588,681,000	2,450,820,000	1,171,332,000	660,351,000	1,249,960,000	1,113,138,000	1,154,007,000	646,749,000	439,712,000	698,320,000	573,767,000	706,804,000	683,909,000	1,342,391,000	1,171,371,000	1,324,132,000	876,040,000	983,175,000	659,309,000		498,092,000	494,422,000	431,636,000	831,865,989	752,858,128	366,391,455	379,720,253	371,575,530	353,827,149	302,973,077	146,413,859	152,435,072	133,595,393	103,257,523	83,583,664	68,305,250	97,435,516	90,270,716	80,823,544	24,917,332	24,284,956	14,136,644	12,723,697	32,960,635	16,536,399	1,008,723	31,222,728		29,861,293	-2,871,920	63,604,369
payments for acquired businesses, net of cash acquired
proceeds from settlements of derivative instruments
payments from settlements of derivative instruments	-53,000,000	-30,000,000			-2,000,000	-7,000,000	0	-5,000,000	-9,000,000	-35,000,000	-6,000,000	-8,000,000
changes in loans receivable	-2,073,000,000	-1,730,000,000	-1,621,000,000	-1,235,000,000	-1,372,000,000	-1,326,000,000	-1,044,000,000	-946,000,000	-582,000,000
investments in property and equipment, intangible assets and intangible assets at fair value	-427,000,000	-357,000,000	-287,000,000	-272,000,000
proceeds from sales of intangible assets at fair value
net cash from investing activities	-2,001,000,000	-1,111,000,000	-1,225,000,000	-1,842,000,000	-2,128,000,000	-2,608,000,000	-2,085,000,000	-1,466,000,000	-914,000,000	-1,330,000,000	-668,000,000	-538,000,000	-646,000,000	-664,000,000	-1,337,000,000	-1,224,000,000	-709,123,000	-630,851,000	-158,626,000	-97,933,000	585,949,000	-290,102,000	-397,946,000	-150,082,000	-174,397,000	141,553,000	-154,861,000	-1,260,085,000	-694,606,000	-6,725,000	52,969,000	-24,097,000	-114,459,000	132,889,000	-1,924,000	-39,147,000	7,671,000	777,000		-126,000	-98,041,000	3,309,000	-50,757,723	-194,616,847	-62,870,961	-14,145,723	-412,497	-74,458,524	-7,724,073	3,806,347	-47,294,349	-9,077,053	-21,447,862	-6,802,918	-15,170,017	-8,454,432	-22,052,213	-21,205,754	-14,073,387	-3,449,576	-18,270,620	-23,040,438	-1,979,722	7,695,181	-3,711,512	-5,090,220		-14,215,492	5,081,290	-2,992,577	-3,456,490	-41,087,455
cash flows from financing activities:
proceeds from loans payable and other financial liabilities	13,347,000,000	11,978,000,000	9,794,000,000	8,931,000,000	6,897,000,000	5,252,000,000	3,804,000,000	3,519,000,000	5,573,000,000	7,073,000,000	6,340,000,000	5,977,000,000	4,539,000,000	5,163,000,000	3,991,000,000	3,324,000,000	3,205,613,000	2,554,081,000	1,662,392,000	1,839,617,000	506,561,000	109,116,000	1,031,423,000	749,617,000	458,288,000	76,000,000	61,626,000	33,977,000	80,798,000	9,409,000	65,741,000	80,925,000	34,752,000	5,353,000	3,510,000	4,290,000	7,543,000
payments on loans payable and other financing liabilities	-11,948,000,000	-11,519,000,000	-9,168,000,000	-8,453,000,000	-6,127,000,000	-4,514,000,000	-3,314,000,000	-3,506,000,000	-5,488,000,000	-6,784,000,000	-6,547,000,000	-6,022,000,000									-369,427,000	-62,187,000	-760,161,000	-593,497,000	-368,835,000	-48,826,000	-31,420,000	-23,816,000		-63,812,000	-10,310,000	-4,583,000		-1,335,000	-94,000	-2,875,000
payments of finance lease liabilities	-17,000,000	-14,000,000	-13,000,000	-13,000,000	-13,000,000	-12,000,000	-13,000,000	-13,000,000
common stock repurchased	0				0	0			0	-149,000,000	-146,000,000	-61,000,000	-33,000,000	-41,000,000	-35,000,000	-39,000,000	-45,881,000	-298,042,000	-116,642,000	-25,321,000	-14,414,000	-38,951,000			0
net cash from financing activities	1,382,000,000	444,000,000	613,000,000	465,000,000	757,000,000	726,000,000			73,000,000	132,000,000	-360,000,000	-112,000,000	-12,000,000	342,000,000	434,000,000	152,000,000	2,259,005,000	421,330,000	104,367,000	-859,719,000	-98,000	-77,139,000	164,947,000	154,556,000	79,935,000	24,902,000	-58,512,000	1,974,687,000	38,296,000	491,129,000	55,431,000	24,026,000	27,427,000	-69,914,000	-3,207,000	-5,209,000	727,000	-5,209,000		283,000	-11,561,000	-7,469,000	-11,760,612	-8,535,482	291,489,045	-6,896,026	-4,319,975	7,209,288	-7,326,085	-4,809,376					-3,531,359	-3,530,868	-3,520,689	885	-101,298	108,033	223,372	-3,211,908	-2,991,649	-9,100,930	-3,132,529	-57,172	-2,057,107	-1,981,398	-1,358,050	-6,203,445	5,833,215	44,387,437
effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents	-252,000,000	19,000,000	85,000,000	145,000,000	-332,000,000	-63,000,000	-268,000,000	-76,000,000	-495,000,000	-311,000,000	-84,000,000	-48,000,000	-49,000,000	-127,000,000	-165,000,000	71,000,000	-25,176,000	-64,313,000	34,954,000	-99,219,000	41,687,000	-33,298,000	-19,362,000	-104,864,000	10,647,000	-44,704,000	7,880,000	-11,407,000	8,469,000	-19,632,000
net increase in cash, cash equivalents, restricted cash and cash equivalents	4,338,000,000	2,311,000,000					5,000,000	-30,000,000			300,000,000	161,000,000					2,225,402,000	-8,528,000			884,095,000	-39,229,000	397,975,000	-186,041,000	-5,541,000	328,643,000	-177,939,000	841,566,000
cash, cash equivalents, restricted cash and cash equivalents, beginning of the year
cash, cash equivalents, restricted cash and cash equivalents, end of the year
accrued interest and financial income		-525,000,000	-168,000,000	-157,000,000	-128,000,000	-114,000,000
accounts receivable		16,000,000	-56,000,000	-4,000,000	-63,000,000	-31,000,000	-41,000,000	-22,000,000	-46,000,000	-8,000,000	-26,000,000	-12,000,000	-44,000,000	5,000,000	39,000,000	-71,000,000	-19,125,000	22,804,000	-51,074,000	21,064,000	-39,181,000	28,103,000	3,399,000	19,748,000	-1,971,000	8,364,000	-7,237,000	337,000	-12,214,000	6,916,000	-12,460,000	-9,347,000	-8,437,000	-8,215,000	-3,860,000	-1,305,000	-13,019,000	-22,920,000		-30,763,000	8,581,000	-27,923,000	3,356,986	-16,687,795	-13,379,227	-9,409,832	-5,625,209	-8,920,170	-7,224,795	-994,003	-4,827,936	-789,099	-4,838,438	1,803,522	-2,984,293	-6,125,804	214,064	-378,620	-1,015,655	-1,469,731	-1,557,811	-3,020,745	-1,437,527	-262,126	-682,635	-592,602		4,457,770	32,424	292,236	-219,654	-335,037
credit card receivables and other means of payments		-62,000,000	-930,000,000	-67,000,000	-1,109,000,000	-456,000,000	-562,000,000	-403,000,000	-960,000,000	-561,000,000	35,000,000	165,000,000	-316,000,000	-126,000,000
receipts from settlements of derivative instruments		1,000,000	0	2,000,000	11,000,000												2,747,000	28,000	1,985,000	1,585,000	0	9,155,000	4,956,000	3,668,000
cash, cash equivalents, restricted cash and cash equivalents, beginning of the period		0	0	4,699,000,000		0	0	3,848,000,000		0	0	3,363,000,000		0	0	3,648,000,000		0	0	2,508,224,000		0	0	1,451,424,000		0	0	464,695,000
cash, cash equivalents, restricted cash and cash equivalents, end of the period		2,311,000,000	2,390,000,000	4,498,000,000		-345,000,000	5,000,000	3,818,000,000		-568,000,000	300,000,000	3,524,000,000		275,000,000	-161,000,000	2,414,000,000		-8,528,000	242,733,000	1,188,356,000		-39,229,000	397,975,000	1,265,383,000		328,643,000	-177,939,000	1,306,261,000
net decrease in cash, cash equivalents, restricted cash and cash equivalents				-201,000,000										275,000,000	-161,000,000	-1,234,000,000				-1,319,868,000
impairment of digital assets													1,000,000	0	9,000,000	2,000,000	906,000	566,000
investments of property and equipment and intangibles assets
purchases of intangibles assets						-1,000,000	-1,000,000	-2,000,000
investments of property and equipment						-222,000,000	-183,000,000	-146,000,000	-180,000,000	-126,000,000	-114,000,000	-89,000,000
accrued interest income								-83,000,000	-79,000,000	-85,000,000	-75,000,000	-72,000,000	-55,000,000
brazilian withholding income tax contingency
capital contributions in joint ventures																	0
proceeds from issuance of common stock																									0	0	715,000	1,866,500,000
purchase of convertible note capped calls
exercise of convertible notes																		0
payments on repurchase of the 2028 notes																	0	0	0	-1,865,076,000
unwind of convertible note capped calls
stock-based compensation expense — restricted shares																		181,000	179,000	178,000		182,000	187,000	179,000																																			0	0	16,492	21,204	21,676	-68,940	104,713	16,933
prepaid expenses										11,000,000	-8,000,000	-6,000,000	25,000,000	14,000,000	-1,000,000	-35,000,000	11,597,000	5,185,000	-14,279,000	-15,218,000	577,000	-5,180,000	12,247,000	8,560,000	-27,294,000	481,000	5,541,000	3,316,000	-16,532,000	3,333,000	6,021,000	-16,164,000	1,870,000	1,338,000	5,115,000	347,000	-8,861,000	-1,387,000		-2,595,000	1,124,000	-3,451,000	2,416,547	-1,046,362	-565,602	-961,907	222,949	-693,198	-534,390	-1,069,904	123,935	-291,919	-57,252	-673,723	-159,334	116,501	-465,118	71,641	-220,426	-165,063	-6,275	58,009	308,475	-493,612	290,689	-393,388		32,352	3,126,987	-3,673,183	313,727	641,784
payments of finance lease obligations										-8,000,000	-7,000,000	-6,000,000
non cash interest expense, convertible notes amortization of debt discount and amortization of debt issuance costs and other charges											65,000,000	52,000,000	4,000,000
changes in principal loans receivable											-445,000,000	-421,000,000
settlement of the call option
stock-based compensation expense - restricted shares																																																																				35,546	26,254	20,075
sale of fixed assets and intangible assets																					0
ltrp accrued compensation													25,000,000	24,000,000	5,000,000	30,000,000	4,726,000	33,047,000	28,009,000	22,916,000	54,433,000	23,235,000	36,243,000	15,664,000	3,349,000	16,105,000	18,767,000	13,441,000	-181,000	10,914,000	1,055,000	15,737,000	6,985,000	6,666,000	12,892,000	9,176,000	3,732,000	3,190,000					5,540,986	4,379,547	1,165,307	765,775	1,647,863	5,699,671	2,586,791	1,710,752	1,104,454	1,135,526	353,209	1,849,633	1,551,771	223,952	1,132,832	1,170,710	680,410	1,282,994	1,191,055	324,607	761,010	-189,838	1,147,726	205,251
purchases of intangible assets													0	0			-7,356,000	-9,668,000	-11,738,000	-7,805,000	0	-6,000	6,000	-93,000	-22,000	-16,000	0	-34,000	25,000	25,000	-145,000	-97,000	51,000	-10,000	-57,000	-17,000	-382,000	-11,000		-135,000	-425,000	-942,000	-313,835	1,407,722	-1,806,356	-144,479					-48,865	48,949	-1,359,230	-31,508	-161,444	-10,439	-35,418	-73,405	-403,662	-55	132	-12,865	-9,179
dividends paid of preferred stock																					-356,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000	-1,000,000
unrealized devaluation loss														131,000,000	104,000,000	30,000,000	23,510,000	22,073,000	20,274,000	24,772,000	29,858,000	30,123,000	10,843,000	18,505,000	-1,531,000	32,491,000	11,480,000	1,886,000	1,869,000	2,286,000			0	2,961,000			-195,000
benefit from doubtful accounts														288,000,000
financial results on derivative instruments														6,000,000	-15,000,000	37,000,000	-443,000	-9,927,000	29,788,000	-18,989,000	24,600,000	-4,709,000	-5,059,000	-16,767,000
purchase of investments														-3,076,000,000	-3,287,000,000	-2,903,000,000	-871,615,000	-1,291,265,000	-2,792,771,000	-2,415,091,000	-1,599,160,000	-1,274,702,000	-1,002,382,000	-1,323,631,000	-1,228,041,000	-930,093,000	-708,318,000	-1,624,226,000	-1,361,662,000	-565,964,000	-615,718,000	-632,734,000	-1,373,016,000	-994,105,000	-1,288,939,000	-897,589,000	-953,223,000	-641,259,000		-485,019,000	-530,566,000	-420,070,000	-863,642,240	-939,070,806	-387,661,622	-386,755,370	-333,670,296	-390,295,737	-275,452,465	-136,522,055	-194,615,649	-139,362,461	-118,718,531	-86,658,793	-81,474,059	-96,574,348	-101,926,249	-99,069,739	-35,927,996	-21,085,782	-29,897,781	-34,354,598	-34,100,495	-8,062,753	-4,241,232	-33,656,429		-20,529,317	9,541,163	-48,626,371	-25,350,929	-42,537,921
payment for settlements of derivative instruments														0	-5,000,000	-2,000,000		-8,479,000
changes in principal of loans receivable														-300,000,000	-563,000,000	-607,000,000		-378,336,000	-184,629,000	-148,734,000		-131,192,000	-11,842,000	-27,250,000		-52,974,000	-54,859,000	-42,609,000		10,769,000	-14,386,000	-52,243,000		-26,808,000	-15,335,000	-4,808,000
investment in property and equipment
payments on loans payable and other financial liabilities														-4,775,000,000	-3,517,000,000	-3,129,000,000		-2,125,571,000	-1,535,374,000	-704,307,000																		-661,000		-184,000	-4,299,000	-139,000	-4,395,568	-582,809	-2,144,102	-582,157
payment of finance lease obligations														-5,000,000	-5,000,000	-4,000,000	-3,912,000	-3,495,000	-5,254,000	-3,863,000	-2,450,000	-1,435,000	-500,000	-564,000	-513,000	-527,000	-227,000	-662,000
purchase of convertible note capped call																		0	0	-100,769,000		-82,682,000				0				-91,784,000	0	-45,692,000	0
unwind of convertible note capped call																		294,357,000
accrued interest															-41,000,000	-24,000,000		-11,319,000	-5,350,000	-4,045,000	-8,043,000	-8,617,000	-6,581,000	-22,352,000	-14,759,000	-14,797,000	-16,054,000	-8,699,000	-6,553,000	-3,413,000	-3,398,000	-4,447,000	-3,801,000	-5,461,000	-5,251,000	-5,679,000	-5,151,000	-3,877,000		-3,542,000	-2,989,000	-2,780,000	-2,101,187	-2,716,916	-2,191,725	-2,019,040	-6,649,748	-247,479	-3,940,324	954,560	-217,106	290,284	-1,795,370	-816,543	1,284,250	-2,108,594	-1,777,621	-575,613	-242,786	-224,325	190,388	-228,151
non cash interest, convertible notes amortization of debt discount and amortization of debt issuance costs and other charges															115,000,000	40,000,000	25,488,000	12,497,000	13,916,000	34,137,000	53,485,000	18,924,000	54,781,000	20,787,000	16,925,000
purchases of property and equipment															-99,000,000	-137,000,000	-148,283,000	-161,866,000	-150,108,000	-112,672,000	-87,251,000	-64,963,000	-49,659,000	-45,175,000	-36,066,000	-29,371,000	-38,433,000	-32,928,000	-28,003,000	-23,041,000	-22,550,000	-19,542,000	-15,876,000	-13,133,000	-15,879,000	-10,268,000	-13,017,000	-14,552,000		-2,758,000	-8,990,000	-7,315,000	-9,980,306	-9,811,891	-7,667,633	-6,966,127	-63,827,416	-11,834,827	-35,232,028	-2,861,295	-5,064,907	-3,358,934	-4,627,624	-3,696,281	-1,839,764	-3,836,981	-10,361,262	-2,886,154	-2,659,061	-6,648,695	-2,509,615	-1,396,672	-830,683	-785,129	-444,318	-1,738,040		-1,193,944	-1,536,199	-1,139,166	-997,336	-119,288
bad debt charges																255,000,000	163,982,000	105,333,000	82,170,000	83,829,000
credit cards receivables and other means of payments																-447,000,000		-315,306,000	-239,015,000	-62,274,000
credit cards receivable and other means of payments
payment for acquired businesses, net of cash acquired																					0	0	624,000	-7,561,000					-1,914,000								0	-1,838,000		0			-4,687,331	0			-199,277	0	0	-3,224,162					0
payment from settlements of derivative instruments																				-3,897,000
receipts from the sale of fixed assets and intangible assets																					0
payments on convertible note
excercise of convertible notes
proceeds from issuance of convertible redeemable preferred stock																									0	0	0	98,688,000
inventory																		-66,567,000	-28,167,000	-18,958,000		-26,052,000	-8,998,000	-5,272,000	1,791,000	-4,748,000	-2,843,000	1,652,000	3,000,000	284,000	-5,427,000	-872,000	-377,000	-1,274,000	-625,000	727,000	261,000	-158,000
funds payable to customers and amounts due to merchants																		248,640,000	190,099,000	-106,866,000
advance for property and equipment																													0	0	-1,036,000	-3,390,000	-6,918,000	-4,426,000	-5,846,000	-2,505,000	-2,283,000	-872,000	-5,621,000	-10,306,000
funds received from the issuance of convertible notes																													0														0	0
transaction costs from the issuance of convertible notes																													0														0	-658,625
dividends paid																													0	0	0	-6,624,000	-6,625,000	-6,624,000	-6,623,000	-6,624,000	-6,624,000	-4,548,000		-4,548,000	-4,548,000	-7,330,000	-7,365,044	-7,294,048	-7,329,546	-6,313,869	-6,313,870	-6,313,870	-6,313,869	-4,812,396	-4,812,566	-4,812,040	-4,812,036	-3,531,362
payments on convertible notes
credit cards receivable and other means of payment
credit card receivables																								-33,303,000		127,530,000	-97,455,000	35,893,000		24,799,000	130,967,000	-33,870,000		-147,675,000	18,578,000	15,583,000		-62,544,000		-69,775,000	2,210,000	-54,763,000	776,400	-31,019,347	-5,406,954	-9,870,986	-19,755,664	23,666,973	-25,491,813	-5,734,899	3,282,042	-13,041,436	-5,694,280	-116,468
impairment of long-lived assets																																	0	0			0			0	0	16,226,000	0	0
loss on deconsolidation of venezuelan subsidiaries
credit cards receivable
reduction of cash due to venezuela deconsolidation
non cash interest and convertible notes amortization of debt discount and amortization of debt issuance costs																											8,122,000	3,018,000		8,702,000	2,621,000	7,063,000
accounts payable and accrued expenses																												-491,000	39,144,000	8,208,000	19,998,000	22,773,000	78,421,000	38,161,000	20,269,000	13,364,000	34,128,000	14,376,000		25,924,000	10,579,000	30,395,000	-5,808,133	40,818,812	22,015,225	11,754,682	8,058,654	5,603,351	10,131,789	2,243,694	7,191,853	5,187,205	12,058,586	-6,375,961	4,520,738	12,054,235	-1,029,956	-4,736,229	1,194,752	2,606,945	1,408,785	3,840,657	8,369,315	3,197,632	-3,494,303	613,690		4,548,995	-291,677	3,533,141
non cash interest and convertible bonds amortization of debt discount and amortization of debt issuance costs																																	1,621,000	4,436,000	572,000	4,226,000	715,000
payments on loans payable and other financing																																					-192,000
net increase in cash, cash equivalents and restricted cash equivalents
cash, cash equivalents and restricted cash equivalents, beginning of the period
cash, cash equivalents and restricted cash equivalents, end of the period
effect of exchange rate changes on cash and cash equivalents																																-772,000	-12,527,000	-643,000	-35,023,000	6,847,000	-4,830,000	-5,762,000		-11,972,000	1,573,000	-37,395,000	-10,195,748	4,604,463	-34,518,165	-15,730,383	-2,744,327	468,195	-4,996,143	-8,410,089	-759,186	-757,433	-1,524,318	-158,641	-132,323	-1,742,773	291,439	173,684	646,458	326,833	344,447	-371,305	-1,697,200	1,483,330	1,040,577	170,150		-577,189	334,166	567,871	-308,974	-156,459
net increase in cash and cash equivalents																																-37,849,000	-72,938,000	78,407,000	81,403,000	67,248,000	46,145,000			2,633,000			-14,359,686	-148,016,205	254,380,568	-9,145,555	12,188,110	-3,094,353	9,023,966	20,678,379	3,317,150	10,576,122	11,720,792	8,493,261					12,378,566				16,470,896	13,957,605							1,141,427	5,441,050
cash and cash equivalents, beginning of the period																																388,260,000		0	0	234,140,000		166,881,000		0	0	223,144,000		0	0	140,285,104		0	0	101,489,002		0	0	67,381,677		0	0	56,830,466			0	49,803,402			0	17,474,112			0	15,677,407
cash and cash equivalents, end of the period																																350,411,000		78,407,000	81,403,000	301,388,000		144,885,000		2,633,000	-49,377,000	219,768,000		-148,016,205	254,380,568	131,139,549		-3,094,353	9,023,966	122,167,381		10,576,122	11,720,792	75,874,938		14,833,285	-6,718,126	50,968,258		12,883,180	-3,065,579	34,634,299		13,957,605	2,368,592	17,006,309		-7,270,671	3,726,329	13,947,927
net income attributable to mercadolibre, inc. shareholders																																								45,640,000	19,463,000	1,721,000	34,145,118	33,765,490	-25,594,030	30,263,973	40,763,929	29,284,615	29,978,641	17,480,253
repurchase of common stock																																								0			0	0				0
cash and cash equivalents, beginning of the year																																																											0				0
cash and cash equivalents, end of the year
net income attributable to redeemable noncontrolling interest																																											16,211	-13,523	5,552	63,980	72,038	-137,928	42,377	42,338
payment of remaining amount from business acquisition
assets
current assets:
cash and cash equivalents
short-term investments
credit cards receivables
total current assets
non-current assets:
long-term investments
property and equipment
goodwill
intangible assets
deferred tax assets
total non-current assets
total assets
liabilities and equity
current liabilities:
salaries and social security payable
taxes payable
loans payable and other financial liabilities
dividends payable
total current liabilities
non-current liabilities:
deferred tax liabilities																																																																-4,905	10,723	-185,959
total non-current liabilities
total liabilities
equity:
common stock, 0.001 par value, 110,000,000 shares authorized,
44,157,341 and 44,156,854 shares issued and outstanding at june 30,
2016 and december 31, 2015, respectively
additional paid-in capital
retained earnings
accumulated other comprehensive loss
total equity
total liabilities and equity
net revenues
cost of net revenues
gross profit
operating expenses:
product and technology development
sales and marketing
general and administrative
total operating expenses
income from operations
other income
interest income and other financial gains
interest expense and other financial losses
foreign currency losses
net income before income / asset tax expense
income / asset tax expense
basic eps
basic net income
shareholders per common share
weighted-average of outstanding common shares
diluted eps
diluted net income
cash dividends declared
other comprehensive income, net of income tax:
currency translation adjustment
unrealized net losses on available for sale investments
less: reclassification adjustment for losses on available for sale investments included in net income
net change in accumulated other comprehensive income, net of income tax
total comprehensive income
net decrease in cash and cash equivalents																																						-21,996,000				-3,376,000															-6,718,126	-5,862,208			-3,065,579	-15,169,103				-467,803			3,726,329	-1,729,480
venezuelan operations
accumulated other comprehensive loss:
foreign currency translation
unrealized losses on investments
estimated tax gain on unrealized losses on investments
balances as of december 31, 2015
other comprehensive loss before reclassifications adjustments for gains on available for sale investments
amount of gain reclassified from accumulated other comprehensive loss
net current period other comprehensive income
ending balance
details about accumulated
other comprehensive loss
components
total reclassifications for the year
net income per common share
numerator:
denominator:
weighted-average of common stock outstanding for basic earnings per share
adjusted weighted-average of common stock outstanding for diluted earnings per share
other net tangible assets
total net tangible assets acquired
non solicitation agreement
purchase price
customer lists
trademark
software
non-solicitation and non-compete agreements
intangible assets with indefinite lives
- trademarks
amortizable intangible assets
- licenses and others
- non-compete/solicitation agreement
- customer lists
total intangible assets
accumulated amortization
balance, beginning of the period
- business acquisition
- effect of exchange rates changes
balance, end of the period
balance, beginning of year
- business acquisitions
balance, end of the year
for year ended 12/31/2016
for year ended 12/31/2017
for year ended 12/31/2018
for year ended 12/31/2019
thereafter
direct costs
direct contribution
operating expenses and indirect costs of net revenues
us property and equipment
other countries
argentina
brazil
mexico
venezuela
total property and equipment
us intangible assets
other countries goodwill and intangible assets
total goodwill and intangible assets
consolidated net revenues
marketplace
non-marketplace
total
description
cash and cash equivalents:
money market funds
corporate debt securities
investments:
sovereign debt securities
certificates of deposit
total financial assets
liabilities:
contingent considerations
long-term retention plan
total financial liabilities
time deposits
liabilities
tax payable
total cash and cash equivalents
total short-term investments
total long-term investments
impairments based on the evaluation of available evidence including the credit rating of the investments, as of june 30, 2016 and december 31, 2015.
one year or less
one year to two years
two years to three years
three years to four years
four years to five years
more than five years
ltrp 2009
ltrp 2010
ltrp 2011
ltrp 2012
ltrp 2013
ltrp 2014
ltrp 2015
ltrp 2016
amount of the equity component
2.25% convertible senior notes due 2019
unamortized debt discount
unamortized transaction costs related to the debt component
contractual coupon interest accrual
contractual coupon interest payment
net carrying amount
contractual coupon interest expense
amortization of debt discount
amortization of debt issuance costs
total interest expense related to notes
net revenues:
total net revenues
consolidated net revenues by revenue stream
net assets
interest expense and other financial charges
foreign currency gain loss
number of confirmed registered users at end of period
number of confirmed new registered users during period
gross merchandise volume
number of successful items sold
number of items shipped
total payment volume
total payment transactions
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-99,000,000	-137,000,000	-148,283,000	-161,866,000	-150,108,000	-112,672,000	-87,251,000	-64,963,000	-49,659,000	-45,175,000	-36,066,000	-29,371,000	-38,433,000	-32,928,000	-28,003,000	-23,041,000	-22,550,000	-19,542,000	-15,876,000	-13,133,000	-15,879,000	-10,268,000	-13,017,000	-14,552,000	0	-2,758,000	-8,990,000	-7,315,000	-9,980,306	-9,811,891	-7,667,633	-6,966,127	-63,827,416	-11,834,827	-35,232,028	-2,861,295	-5,064,907	-3,358,934	-4,627,624	-3,696,281	-1,839,764	-3,836,981	-10,361,262	-2,886,154	-2,659,061	-6,648,695	-2,509,615	-1,396,672	-830,683	-785,129	-444,318	-1,738,040	0	-1,193,944	-1,536,199	-1,139,166	-997,336	-119,288
free cash flows	5,209,000,000	2,959,000,000	2,917,000,000	1,031,000,000	2,924,000,000	1,600,000,000	1,882,000,000	1,512,000,000	1,928,000,000	941,000,000	1,412,000,000	859,000,000	1,542,000,000	724,000,000	808,000,000	-370,000,000	552,413,000	103,440,000	111,930,000	-375,669,000	169,306,000	296,347,000	600,677,000	-130,826,000	42,208,000	177,521,000	-10,879,000	105,443,000	6,803,000	65,906,000	121,610,000	-56,548,000	10,745,000	2,942,000	105,678,000	94,489,000	29,560,000	-26,354,000	110,121,000	11,690,000	49,662,000	30,864,000	48,374,091	40,719,770	52,613,016	20,660,450	-44,162,507	51,851,861	-6,161,761	27,230,202	51,118,344	21,860,414	34,874,984	15,289,901	25,292,195	24,724,377	8,202,075	12,282,823	23,247,732	9,249,195	12,127,607	10,057,876	22,308,784	13,094,895	7,727,738	2,771,399	38,428,998	8,309,464	-1,867,276	5,759,505	-1,923,660	2,178,239
as a percentage of net revenues
2016
percent change from prior quarter
2015
2014
total consolidated
total cost of net revenues
income and asset tax
blended tax rate
effective tax rate
effective tax rate by country
margin
in dollars
in %
net cash from:
operating activities
investing activities
financing activities
effect of exchange rates on cash and cash equivalents
payment for acquired business, net of cash acquired
purchase of intangible assets																																																																	-34,685	-918,479		860	-51,754	-7,344	18,713	-27,283
purchase of property and equipment
free cash flow
devaluation loss in venezuela
impairment of long-lived assets in venezuela
adjusted net income before income / asset tax expense
income and asset tax expense
income tax effect on devaluation loss in venezuela
adjusted income and asset tax
adjusted net income
adjusted earnings per share
adjusted blended tax rate
foreign currency sensitivity analysis
expenses
other expenses and income tax related to p&l items
foreign currency impact related to the remeasurement of our net asset position
total shareholders' equity
direct contribution margin before impairment %
non-current other assets impairment
direct contribution margin after impairment %
change in equity price in percentage
40%
30%
20%
10%
static
-10%
-20%
-30%
-40%
marcos galperin president and chief executive officer
pedro arnt executive vice president and chief financial officer
osvaldo giménez executive vice president — payments
daniel rabinovich senior vice president and chief technology officer
stelleo tolda executive vice president and chief operating officer
consolidated performance ― constant dollars
payments performance
overall performance
individual performance multiplier
date: august 5, 2016.
3.1
3.2
4.1
4.2
4.3
10.01
10.02
10.03
10.04
10.05
10.06
10.07
10.08
10.09
31.1
31.2
32.1
32.2
101.ins
101.sch
101.cal
101.lab
101.pre
101.def
*
convertible bonds accrued interest amortization of debt discount and amortization of debt issuance costs																																						4,431,000
financial liabilities for acquisition of property and equipment
item 7.
adjustments to reconcile net income to net cash provided by
operating activities:
devaluation loss																																								-4,782,000
convertible bonds accrued interest and amortization of debt discount																																								4,355,000	4,578,000	3,984,000	3,947,460
long term retention program accrued compensation																																								-431,000	5,136,000	3,327,000
proceed from payable and other financial liabilities
devaluation gain																																										10,862,000
net devaluation loss in venezuela and argentina																																											0	0
stock options exercised																																															0	0	0	3,020	0	3,300			0	469	9,821	885	0	12,750	3,479	1,970	5,824	18,526				2,005	58,352	4,502	-3	15,691
advance for fixed assets
purchase of convertible notes capped call
net devaluation (gain) loss in venezuela and argentina																																														-2,657,792
net devaluation loss in venezuela																																															0	0	0	6,420,929
net income attributable to reedemable noncontrolling interest
stock-based compensation expense—stock options
stock-based compensation expense—restricted shares
decrease in short term debt																																																												95,283			12,002,527	-9,119,456	-3,136,530	-57,175		-1,989,549	-1,413,342	-6,216,965
net income attributable to mercadolibre, inc.																																																				26,043,091
net income attributable to noncontrolling interest																																																				24,804	15,632	2,428
net cash provided in financing activities																																																				-4,808,740	-4,809,636	-3,531,362
supplemental cash flow information:
cash paid for interest																																																					13,572	20,646			12,537	13,889		11,928	2,921,587	2,832,119
cash paid for income and asset taxes																																																					9,022,064	10,015,712			6,908,588	7,898,283
provisions																																																						1,407,480									497,993	-389,724	-101,283	296,001		-149,956	-7,536	-383,137	647	17,870
interest expense																																																															-129,765	-1,581	110,930	234,294
stock-based compensation expense - stock options																																																																				1,237	1,223	1,224
changes in assets and liabilities, net of the effect of the acquired business:
loans paid																																																																							0
dividends distribution																																																							-3,531,359	-3,531,337
stock-based compensation expense — stock options																																																											61	62	60	61	440	441	435	436
changes in assets and liabilities, net of the effect of the acquired business :
funds receivable from customers																																																								-6,408,852	-2,258,654	479,325	-1,446,604	-1,125,412	-193,958	441,399	-721,171	-849,235	1,536,808	-908,809		-5,520,391	-7,344,250	3,880,478	-8,489,626	-6,027,522
decrease in loans payable																																																														-3,213,878
net increase / (decrease) in cash and cash equivalents
foreign currency gains
changes in assets and liabilities, excluding the effect of acquisitions:
payment for businesses acquired, net of cash acquired
repurchase of treasury stock
cash paid for income taxes																																																												6,225,849	5,441,661	4,935,701
issuance of common stock																																																																		3					0
change in fair value of warrants																																																																							0	958,032
increase in short term debt																																																																							5,833,218	3,048,516
exercise of warrants																																																																							0
unrealized gains on investments																																																																48,922					25,719	-82,368	15,799	-161,558
loans received																																																																					-3,060	9,018
realized gains on investments																																																																		-365,117		-444,192	-258,302	-555,455	-482,507	-56,038
net cash (used in) investing activities
total increase in cash and cash equivalents
unrealized losses (gains) on investments
stock-based compensation long term retention plan
changes in assets and liabilities, excluding the effect of cmg acquisition:
payment for purchase of cmg, net of cash acquired																																																																					0	-16,824,065
cumulative effect of change in accounting principle
proceeds from sale of investments																																																																							22,873,062	1,597,037
payment for purchase of deremate, net of cash acquired
cash and cash equivalents, beginning of year																																																																							0	0
cash and cash equivalents, end of year
accounts payable																																																																								1,925,451
cash and cash equivalents, end of period																																																																								5,441,050
stock-based compensation expense
non-cash financing activities:
accretion of preferred stock - dividends

MercadoLibre, Inc(NASDAQ:MELI)

MercadoLibre, Inc
(NASDAQ:MELI)