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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

-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)

Delaware

 

98-0212790

(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 registrant’s principal executive offices) (Zip Code)

(+598) 2-927-2770

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

MELI

  Nasdaq Global Select Market  

2.375% Sustainability Notes due 2026

MELI26

The Nasdaq Stock Market LLC

3.125% Notes due 2031

MELI31

The 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   x     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   x     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer

x

Accelerated filer

¨

Non-accelerated filer

¨  

Smaller 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   x

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

50,294,893 shares of the issuer’s common stock, $0.001 par value, outstanding as of November 3, 2022.

MERCADOLIBRE, INC.

INDEX TO FORM 10-Q

 

PART I. FINANCIAL INFORMATION

Item 1 — Unaudited Interim Condensed Consolidated Financial Statements

Interim Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

1

Interim Condensed Consolidated Statements of Income for the nine and three-month periods ended September 30, 2022 and 2021

2

Interim Condensed Consolidated Statements of Comprehensive Income for the nine and three-month periods ended September 30, 2022 and 2021

3

Interim Condensed Consolidated Statements of Equity for the nine and three-month periods ended September 30, 2022 and 2021

4

Interim Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2022 and 2021

5

Notes to Interim Condensed Consolidated Financial Statements (unaudited)

6

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations

40

Item 3 — Qualitative and Quantitative Disclosures About Market Risk

64

Item 4 — Controls and Procedures

68

PART II. OTHER INFORMATION

68

Item 1 — Legal Proceedings

68

Item 1A — Risk Factors

68

Item 2 — Issuer Purchases of Equity Securities

68

Item 6 — Exhibits

69

INDEX TO EXHIBITS

69

 

MercadoLibre, Inc. - Interim Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

(In millions of U.S. dollars, except par value) (Unaudited)

September 30,

December 31,

2022

2021

Assets

Current assets:

Cash and cash equivalents

$                             1,455

$                          2,585

Restricted cash and cash equivalents

1,073

1,063

Short-term investments ($1,013 and $602 held in guarantee - Note 4)

1,943

810

Accounts receivable, net

108

98

Credit card receivables and other means of payments, net

2,550

1,839

Loans receivable, net of allowances of $974 and $408 (Note 5)

1,724

1,199

Prepaid expenses

62

40

Inventories

160

253

Customer crypto-assets safeguarding assets (Note 2)

15

Other assets

261

288

Total current assets

9,351

8,175

Non-current assets:

Long-term investments

375

89

Loans receivable, net of allowances of $34 and $27 (Note 5)

42

61

Property and equipment, net

945

807

Operating lease right-of-use assets

587

461

Goodwill

147

148

Intangible assets, net

29

45

Deferred tax assets

269

181

Other assets

217

134

Total non-current assets

2,611

1,926

Total assets

$                           11,962

$                        10,101

Liabilities

Current liabilities:

Accounts payable and accrued expenses

$                             1,155

$                          1,036

Funds payable to customers

2,558

2,393

Amounts payable due to credit and debit card transactions

418

337

Salaries and social security payable

345

313

Taxes payable

338

291

Loans payable and other financial liabilities

1,946

1,285

Operating lease liabilities

121

92

Customer crypto-assets safeguarding liabilities (Note 2)

15

Other liabilities

106

90

Total current liabilities

7,002

5,837

Non-current liabilities:

Amounts payable due to credit and debit card transactions

4

4

Loans payable and other financial liabilities

2,743

2,233

Operating lease liabilities

470

372

Deferred tax liabilities

36

62

Other liabilities

76

62

Total non-current liabilities

3,329

2,733

Total liabilities

$                           10,331

$                          8,570

Commitments and Contingencies (Note 9)

 

 

Equity

Common stock, $0.001 par value, 110,000,000 shares authorized,

50,294,893 and 50,418,980 shares issued and outstanding at September 30,

2022 and December 31, 2021

$                                  

$                               

Additional paid-in capital

2,308

2,439

Treasury stock

(898)

(790)

Retained earnings

748

397

Accumulated other comprehensive loss

(527)

(515)

Total Equity

1,631

1,531

Total Liabilities and Equity

$                           11,962

$                        10,101

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

MercadoLibre, Inc.

Interim Condensed Consolidated Statements of Income

For the nine and three-month periods ended September 30, 2022 and 2021

(In millions of U.S. dollars, except for share data)

(Unaudited)

Nine Months Ended September 30

Three Months Ended September 30

2022

2021

2022

2021

Net service revenues

$                    6,766

$                    4,366

$                    2,437

$                    1,631

Net product revenues

769

573

253

227

Net revenues

7,535

4,939

2,690

1,858

Cost of net revenues

(3,830)

(2,787)

(1,342)

(1,051)

Gross profit

3,705

2,152

1,348

807

Operating expenses:

Product and technology development

(774)

(411)

(278)

(138)

Sales and marketing

(916)

(736)

(333)

(281)

Provision for doubtful accounts

(845)

(271)

(288)

(105)

General and administrative

(485)

(317)

(153)

(123)

Total operating expenses

(3,020)

(1,735)

(1,052)

(647)

Income from operations

685

417

296

160

Other income (expenses):

Interest income and other financial gains

142

84

65

35

Interest expense and other financial losses (*)

(221)

(175)

(92)

(44)

Foreign currency losses, net

(134)

(52)

(71)

(25)

Net income before income tax expense

472

274

198

126

Income tax expense

(154)

(145)

(69)

(31)

Equity in earnings of unconsolidated entity

(1)

Net income

$                       317

$                       129

$                       129

$                         95

(*)

Includes $49 million of loss on debt extinguishment and premium related to the 2028 Notes repurchase recognized in January 2021. See Note 11 to these unaudited interim condensed consolidated financial statements for further detail on 2028 Notes repurchase.

Nine Months Ended September 30

Three Months Ended September 30

2022

2021

2022

2021

Basic EPS

Basic net income

Available to shareholders per common share

$                      6.30

$                      2.60

$                      2.57

$                      1.92

Weighted average of outstanding common shares

50,365,813

49,761,360

50,325,075

49,597,157