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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
-OR-
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number 001-33647
___________________________________________________________________________________________________
MercadoLibre, Inc.
(Exact name of Registrant as specified in its Charter)
___________________________________________________________________________________________________
Delaware98-0212790
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
WTC Free Zone
Dr. Luis Bonavita 1294, Of. 1733, Tower II
Montevideo, Uruguay, 11300
(Address of principal executive offices) (Zip Code)
(+598) 2-927-2770
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par value per shareMELI Nasdaq Global Select Market
2.375% Sustainability Notes due 2026MELI26The Nasdaq Stock Market LLC
3.125% Notes due 2031MELI31The Nasdaq Stock Market LLC
___________________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
50,697,375 shares of the issuer’s common stock, $0.001 par value, outstanding as of November 6, 2024.



MERCADOLIBRE, INC.
INDEX TO FORM 10-Q
Page
PART I. FINANCIAL INFORMATION
ITEM 1 — UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS



MercadoLibre, Inc. - Interim Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
(In millions of U.S. dollars, except par value) (Unaudited)
September 30,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents$2,162 $2,556 
Restricted cash and cash equivalents1,316 1,292 
Short-term investments4,511 3,480 
Accounts receivable, net216 156 
Credit card receivables and other means of payments, net4,585 3,632 
Loans receivable, net of allowances of $1,565 and $1,042
4,248 2,629 
Inventories322 238 
Customer crypto-assets safeguarding assets81 34 
Other assets383 277 
Total current assets17,824 14,294 
Non-current assets:
Long-term investments1,226 162 
Loans receivable, net of allowances of $47 and $42
156 65 
Property and equipment, net1,283 1,250 
Operating lease right-of-use assets968 899 
Goodwill149 163 
Intangible assets, net12 11 
Intangible assets at fair value34 24 
Deferred tax assets780 710 
Other assets191 68 
Total non-current assets4,799 3,352 
Total assets$22,623 $17,646 
Liabilities
Current liabilities:
Accounts payable and accrued expenses$2,940 $2,117 
Funds payable to customers 5,854 4,475 
Amounts payable due to credit and debit card transactions1,681 1,072 
Salaries and social security payable665 545 
Taxes payable 426 477 
Loans payable and other financial liabilities 2,250 2,292 
Operating lease liabilities201 166 
Customer crypto-assets safeguarding liabilities81 34 
Other liabilities 215 119 
Total current liabilities14,313 11,297 
Non-current liabilities:
Amounts payable due to credit and debit card transactions35 20 
Loans payable and other financial liabilities 3,103 2,203 
Operating lease liabilities770 672 
Deferred tax liabilities193 183 
Other liabilities207 200 
Total non-current liabilities4,308 3,278 
Total liabilities$18,621 $14,575 
Commitments and contingencies (Note 11)
Equity
Common stock, $0.001 par value, 110,000,000 shares authorized, 50,697,438 and 50,697,442 shares issued and outstanding
$ $ 
Additional paid-in capital1,770 1,770 
Treasury stock(311)(310)
Retained earnings3,173 1,901 
Accumulated other comprehensive loss(630)(290)
Total equity 4,002 3,071 
Total liabilities and equity$22,623 $17,646 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
1 | MercadoLibre, Inc.

MercadoLibre, Inc.
Interim Condensed Consolidated Statements of Income
For the nine and three-month periods ended September 30, 2024 and 2023
(In millions of U.S. dollars, except for share data)
(Unaudited)
Nine Months Ended
September 30,
Three Months Ended
September 30,
2024
2023 (1)
2024
2023 (1)
Net service revenues and financial income$13,307 $9,719 $4,760 $3,586 
Net product revenues1,411 979 552 341 
Net revenues and financial income14,718 10,698 5,312 3,927 
Cost of net revenues and financial expenses(7,890)(5,158)(2,873)(1,832)
Gross profit6,828 5,540 2,439 2,095 
Operating expenses:
Product and technology development(1,422)(1,145)(504)(396)
Sales and marketing (1,555)(1,207)(566)(441)
Provision for doubtful accounts(1,331)(751)(507)(277)
General and administrative(709)(565)(305)(196)
Total operating expenses (5,017)(3,668)(1,882)(1,310)
Income from operations1,811 1,872 557 785 
Other income (expenses):
Interest income and other financial gains107 95 43 38 
Interest expense and other financial losses(117)(136)(40)(53)
Foreign currency losses, net(132)(508)(40)(239)
Net income before income tax expense and equity in earnings of unconsolidated entity1,669 1,323 520 531 
Income tax expense(397)(504)(123)(172)
Equity in earnings of unconsolidated entity 3   
Net income$1,272 $822 $397 $359 
(1) Recast for consistency with the current presentation due to the change in the presentation of certain financial results. Please refer to Note 2 – Summary of significant accounting policies - Change in the presentation of certain financial results and reclassification of prior year results.
Nine Months Ended
September 30,
Three Months Ended
September 30,
2024202320242023
Basic earning per share
Basic net income available to shareholders per common share$25.09 $16.40 $7.83 $7.18 
Weighted average of outstanding common shares50,697,44250,137,82650,697,43850,008,320
Diluted earning per share
Diluted net income available to shareholders per common share$25.09 $16.36 $7.83 $7.16 
Weighted average of outstanding common shares50,697,44250,338,94550,697,43850,209,439
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
2 | MercadoLibre, Inc.

MercadoLibre, Inc.
Interim Condensed Consolidated Statements of Comprehensive Income
For the nine and three-month periods ended September 30, 2024 and 2023
(In millions of U.S. dollars)
(Unaudited)
Nine Months Ended September 30,Three Months Ended September 30,
2024202320242023
Net income$1,272 $822 $397 $359 
Other comprehensive (loss) income, net of income tax:
Currency translation adjustment(350)99 (52)(76)
Unrealized gains on investments5  5  
Tax expense on unrealized gains on investments(1) (1) 
Unrealized gains (losses) on hedging activities9 (8)(3)2 
Tax (expense) benefit on unrealized gains (losses) on hedging activities(3)2 1 (1)
Less: Reclassification adjustment for gains (losses) on hedging activities included in cost of net revenues and financial expenses, interest expense and other financial losses and foreign currency losses, net1 (8)3 (6)
Less: Reclassification adjustment for estimated tax (expense) benefit on unrealized losses(1)3 (2)2 
Total other comprehensive (loss) income, net of income tax(340)98 (51)(71)
Total comprehensive income$932 $920 $346 $288 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
3 | MercadoLibre, Inc.

MercadoLibre, Inc.
Interim Condensed Consolidated Statements of Equity
For the nine and three-month periods ended September 30, 2024 and 2023
(In millions of U.S. dollars)
(Unaudited)
Common stockAdditional
paid-in
capital
Treasury Stock (1)
Retained
Earnings
Accumulated
other
comprehensive
loss
Total
Equity
SharesAmount
Balance as of December 31, 202350 $ $1,770 $(310)$1,901 $(290)$3,071 
Net income— — — — 344 — 344 
Other comprehensive loss— — — — — (25)(25)
Balance as of March 31, 202450 $ $1,770 $(310)$2,245 $(315)$3,390 
Common Stock repurchased— — — (1)— — (1)
Net income— — — — 531 — 531 
Other comprehensive loss— — — — — (264)(264)
Balance as of June 30, 202450 $ $1,770 $(311)$2,776 $(579)$3,656 
Net income— 397397 
Other comprehensive loss(51)(51)
Balance as of September 30, 202450 $ $1,770 $(311)$3,173 $(630)$4,002 
(1) As of September 30, 2024, the Company held 225,474 shares as treasury stock.

Common stockAdditional
paid-in
capital
Treasury
Stock
Retained
Earnings
Accumulated
other
comprehensive
loss
Total
Equity
SharesAmount
Balance as of December 31, 202250 $ $2,309 $(931)$913 $(464)$1,827 
Common Stock repurchased— — — (61)— — (61)
Net income— — — — 201 — 201 
Other comprehensive income— — — — — 73 73 
Balance as of March 31, 202350 $ $2,309 $(992)$1,114 $(391)$2,040 
Common Stock repurchased— — — (146)— — (146)
Net income— — — — 262 — 262 
Other comprehensive income— — — — — 96 96 
Balance as of June 30, 202350 $ $2,309 $(1,138)$1,376 $(295)$2,252 
Capped call settlement412(412) 
Conversion of 2028 Convertible Notes(762)1,112 350 
Common Stock repurchased(149)(149)
Net income— 359359 
Other comprehensive loss— (71)(71)
Balance as of September 30, 202350 $ $1,959 $(587)$1,735 $(366)$2,741 

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
4 | MercadoLibre, Inc.

MercadoLibre, Inc. - Interim Condensed Consolidated Statements of Cash Flows
For the nine-month periods ended September 30, 2024 and 2023
(In millions of U.S. dollars)
(Unaudited)
Nine Months Ended
September 30,
20242023
Cash flows from operations:
Net income$1,272 $822 
Adjustments to reconcile net income to net cash provided by operating activities:  
Equity in earnings of unconsolidated entity (3)
Unrealized foreign currency losses, net176 498 
Depreciation and amortization465 389 
Accrued interest and financial income(287)(232)
Non cash interest expense and amortization of debt issuance costs and other charges78 79 
Provision for doubtful accounts1,331 751 
Results on derivative instruments(18)26 
Long term retention program (“LTRP”) accrued compensation 210 122 
Results on digital assets at fair value(10) 
Deferred income taxes(167)(84)
Changes in assets and liabilities:  
Accounts receivable (94)(46)
Credit card receivables and other means of payments(1,421)(361)
Inventories(110)(85)
Other assets(270)(92)
Payables and accrued expenses957 605 
Funds payable to customers1,880 440 
Amounts payable due to credit and debit card transactions761 255 
Other liabilities71 (85)
Interest received from investments170 213 
Net cash provided by operating activities4,994 3,212 
Cash flows from investing activities:  
Purchases of investments(12,383)(15,540)
Proceeds from sale and maturity of investments10,089 14,847 
Receipts from settlements of derivative instruments18  
Payments from settlements of derivative instruments(12)(49)
Purchases of intangibles assets(4) 
Changes in loans receivable, net(3,316)(1,465)
Investments of property and equipment(551)(329)
Net cash used in investing activities (6,159)(2,536)
Cash flows from financing activities:
Proceeds from loans payable and other financial liabilities12,575 19,390 
Payments on loans payable and other financing liabilities(11,334)(19,353)
Payments of finance lease liabilities(38)(21)
Common Stock repurchased(1)(356)
Net cash provided by (used in) financing activities 1,202 (340)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents(407)(443)
Net decrease in cash, cash equivalents, restricted cash and cash equivalents(370)(107)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of the period3,848 3,363 
Cash, cash equivalents, restricted cash and cash equivalents, end of the period$3,478 $3,256 
The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.
5 | MercadoLibre, Inc.


MercadoLibre, Inc. - Interim Condensed Consolidated Statements of Cash Flows
For the nine-month periods ended September 30, 2024 and 2023
(In millions of U.S. dollars)
(Unaudited)

Nine Months Ended
September 30,
20242023
Non-cash transactions:
Right-of-use assets obtained under operating leases$257 $188 
Property and equipment obtained under finance leases13 20 
6 | MercadoLibre, Inc.

MercadoLibre, Inc.
Notes to unaudited interim condensed consolidated financial statements
NOTE 1. NATURE OF BUSINESS
MercadoLibre, Inc. (“MercadoLibre” and together with its consolidated entities, the “Company”) was incorporated in the state of Delaware, in the United States of America, in October 1999. MercadoLibre is the largest online commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of necessary digital and technology tools that allow businesses and individuals to trade products and services in the region.
The Company enables commerce through its marketplace platform, which allows users to buy and sell in most of Latin America. Through Mercado Pago, the fintech platform, MercadoLibre offers a comprehensive set of financial technology services to users of its e-commerce platform, and to users outside of its e-commerce platform; through Mercado Envios, MercadoLibre facilitates the shipping of goods from the Company and sellers to buyers; through the advertising products, MercadoLibre facilitates advertising services for large retailers and brands to promote their products and services on the web; through Mercado Shops, MercadoLibre allows users to set-up, manage, and promote their own online web-stores under a subscription-based business model; through Mercado Credito, MercadoLibre extends loans to certain merchants and consumers; and through Mercado Fondo, MercadoLibre allows users to invest funds deposited in their Mercado Pago accounts.
As of September 30, 2024, MercadoLibre, through its wholly-owned subsidiaries, operated online e-commerce platforms directed towards Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru, Mexico, Panama, Honduras, Nicaragua, El Salvador, Uruguay, Bolivia, Guatemala, Paraguay and Venezuela. Additionally, MercadoLibre operates its fintech solution in Argentina, Brazil, Mexico, Colombia, Chile, Peru, Uruguay and Ecuador, and extends loans through Mercado Credito in Argentina, Brazil, Mexico and Chile. It also offers a shipping solution directed towards Argentina, Brazil, Mexico, Colombia, Chile, Uruguay, Peru and Ecuador.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its wholly-owned subsidiaries and consolidated Variable Interest Entities (“VIEs”). Investments in entities where the Company holds joint control, but not control, over the investee are accounted for using the equity method of accounting. As of September 30, 2024, the Company had no investments where it has the ability to exercise joint control. These unaudited interim condensed consolidated financial statements are stated in U.S. dollars, except where otherwise indicated. Intercompany transactions and balances have been eliminated for consolidation purposes.
Substantially all net revenues and financial income, cost of net revenues and financial expenses and operating expenses, are generated in the Company’s foreign operations. Long-lived assets, intangible assets and goodwill and operating lease right-of-use assets located in the foreign jurisdictions totaled $2,405 million and $2,321 million as of September 30, 2024 and December 31, 2023, respectively.
These unaudited interim condensed consolidated financial statements reflect the Company’s consolidated financial position as of September 30, 2024 and December 31, 2023. These unaudited interim condensed consolidated financial statements include the Company’s consolidated statements of income, comprehensive income and equity for the nine and three-month periods ended September 30, 2024 and 2023 and statements of cash flows for the nine-month periods ended September 30, 2024 and 2023. These unaudited interim condensed consolidated financial statements include all normal recurring adjustments that Management believes are necessary to fairly state the Company’s financial position, operating results and cash flows.
Because all of the disclosures required by U.S. GAAP for annual consolidated financial statements are not included herein, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2023, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) (the “Company’s 2023 10-K”). The Company has evaluated all subsequent events through the date these unaudited interim condensed consolidated financial statements were issued. The interim condensed consolidated statements of income, comprehensive income, equity and cash flows for the periods presented herein are not necessarily indicative of results expected for any future period. For a more detailed discussion of the Company’s significant accounting policies, see Note 2 to the financial statements in the Company’s 2023 10-K. During the nine-month period ended September 30, 2024, there were no material updates made to the Company’s significant accounting policies. For information regarding the change in the presentation of the statements of income, please refer to section “Change in the presentation of certain financial results and reclassification of prior year results” of Note 2 – Summary of significant accounting policies of these unaudited interim condensed consolidated financial statements.
Change in the presentation of certain financial results and reclassification of prior year results
Change in the presentation of certain financial results
Mercado Pago Fintech platform operations have significantly evolved during the last several years, not only because of the increase in the volume of transactions but also as a result of transitioning from being a non-regulated business to a regulated business, subject to the oversight of central banks and other regulators in the various countries in which the Company operates (refer to Note 3 – Fintech Regulations to the consolidated financial statements in the Company’s 2023 10-K for further details).
7 | MercadoLibre, Inc.

MercadoLibre, Inc.
Notes to unaudited interim condensed consolidated financial statements
Many of the regulations to which the Company is subject require the Company, among other things, to maintain liquidity reserves to guarantee the funds on users’ account balances in their Mercado Pago digital accounts. Depending on the country, these reserves can be partially or totally invested. During the last several years, these new regulations, coupled with the increase in the volume of transactions, have led the Company to view interest income and other financial gains from investments of these liquidity reserves as part of the Company’s operations.
Furthermore, the evolution of Mercado Pago’s activities themselves has resulted in the Company managing a significant volume of cash, cash equivalents and investments. This is due to an increase in users’ account balances in their Mercado Pago digital account managed by the Company, and an increase in the level of the Company’s indebtedness to finance those operations. As a result, these Mercado Pago’s funds, together with the financing activities, have generated a significant volume of interest income and other financial gains and interest expenses and other financial losses, respectively.
The Company believes that these regulatory trends and related activities will continue and, therefore, with the goal of creating a better measure of the performance of the Company, the Company decided to reclassify and present certain financial results from “Other income (expenses)” to “Net services revenues and financial income” and “Cost of net revenues and financial expenses,” in the statement of income, starting January 1, 2024 and for all prior periods presented.
The reclassified financial results are related to activities that are needed or mandatory for Mercado Pago’s operations, and consist of:
interest income derived from investments and cash and cash equivalents, generated as part of the treasury strategy of the fintech business and because of the different regulations that require liquidity reserves, net of sales taxes;
interest expense and other financing costs generated by the different sources of funding of the fintech activities; and
gains and losses of derivatives hedging risks related to Mercado Pago’s activities.
Reclassification of prior year results
According to the Accounting Standards Codification (“ASC”) 205, Presentation of Financial Statements, the Company should present in a consistent manner all periods presented within the accompanying unaudited interim condensed consolidated financial statements. Therefore, prior period balances have been reclassified for consistency with the current presentation. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2023 10-K.
This reclassification did not have an impact on previously reported net income, earnings per share, retained earnings or other components of equity or total equity.

8 | MercadoLibre, Inc.

MercadoLibre, Inc.
Notes to unaudited interim condensed consolidated financial statements
The following tables, recast for the changes summarized above, present condensed statement of income line items affected by the revisions and reclassifications of previously reported financial statements, detailing amounts previously reported, the impact upon those line items due to reclassifications and amounts as currently revised within the financial statements:
Three Months Ended March 31, 2023Six Months Ended June 30, 2023Nine Months Ended September 30, 2023For the Year Ended December 31, 2023
RecastRecastAs reportedReclassificationRecastRecast
(In millions)(In millions)(In millions)(In millions)
Net service revenues and financial income$2,912 $6,133 $9,233 $486 $9,719 $13,617 
Net product revenues274 638 979  979 1,490 
Net revenues and financial income3,186 6,771 10,212 486 10,698 15,107 
Cost of net revenues and financial expenses(1,572)(3,326)(4,961)(197)(5,158)(7,517)
Gross profit1,614 3,445 5,251 289 5,540 7,590 
Operating expenses:
Product and technology development(381)(749)(1,145) (1,145)(1,831)
Sales and marketing(383)(766)(1,207) (1,207)(1,736)
Provision for doubtful accounts(252)(474)(751) (751)(1,050)
General and administrative(180)(369)(565) (565)(766)
Total operating expenses(1,196)(2,358)(3,668) (3,668)(5,383)
Income from operations418 1,087 1,583 289 1,872 2,207