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May 5, 2020, 4:02 p.m. EDT

MercadoLibre, Inc. Reports First Quarter 2020 Financial Results

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BUENOS AIRES, Argentina, May 05, 2020 (GLOBE NEWSWIRE via COMTEX) -- Net Revenues of $652.1 million, up 70.5% year-over-year on an FX neutral basis

$8.1 billion Total Payment Volume, up 82.2% year-over-year on an FX neutral basis

$3.4 billion Gross Merchandise Volume, up 34.2% year-over-year on an FX neutral basis

MercadoLibre, Inc. /zigman2/quotes/200678442/composite MELI -0.05% ( http://www.mercadolibre.com ), Latin America's leading e-commerce technology company, today reported financial results for the quarter ended March 31, 2020.

Pedro Arnt, Chief Financial Officer of MercadoLibre, Inc., commented, "Given the difficult circumstances the world is facing, we are optimistic about the results we've delivered during the first quarter of 2020. Although less affected than others, our business did register this impact, primarily during the first weeks of the imposed lockdowns, with a rebound throughout April. We remain committed to doing our part, by empowering our merchants to continue operating and securing deliveries of goods needed by households. We feel MercadoLibre has the opportunity to emerge from this situation stronger and with an even greater sense of purpose. We trust the dedication and commitment being demonstrated by our entire organization will allow us to continue executing our strategy with no significant interruptions, and in doing so play our part in contributing to making things less difficult to our users during these trying times. Finally, and most importantly, our hearts go out to those individuals and families affected by COVID-19, and our gratitude and appreciation go out to all those brave individuals who are on the front lines working through this unprecedented global health crisis."

Recent COVID-19 related key trends

First Quarter 2020 Business Highlights

First Quarter 2020 Financial Highlights

The following table summarizes certain key performance metrics for the three months periods ended March 31, 2020 and 2019.







        
                                                                  Three-month Periods Ended
                                                                  March 31,
        (in millions)                                             2020     2019
        Unique active users                                       43.2            33.0
        Number of confirmed new registered users during period    13.0            12.3
        Gross merchandise volume                                $ 3,414.1  $      3,087.8
        Number of successful items sold                           105.7           82.8
        Number of successful items shipped                        90.2            62.4
        Total payment volume                                    $ 8,094.5  $      5,639.1
        Total volume of payments on marketplace                 $ 3,203.3  $      2,896.1
        Total payment transactions                                290.7           143.9
        Capital expenditures                                    $ 53.5     $      33.0
        Depreciation and amortization                           $ 21.6     $      15.7
        


(*) Figures have been calculated using rounded amounts. Growth calculations based on this table may not total due to rounding.

Year-over-year USD Revenue Growth Rates by Quarter







        
        Consolidated Net Revenues  Q1'19   Q2'19   Q3'19   Q4'19   Q1'20
        Brazil                     64    % 74    % 77    % 61    % 31    %
        Argentina                  (8)   % 14    % 39    % 46    % 42    %
        Mexico                     220   % 267   % 146   % 86    % 74    %
        


Year-over-year Local Currency Revenue Growth Rates by Quarter







        
        Consolidated Net Revenues  Q1'19   Q2'19   Q3'19   Q4'19   Q1'20
        Brazil                     91    % 89    % 77    % 74    % 55    %
        Argentina                  83    % 115   % 119   % 133   % 123   %
        Mexico                     227   % 261   % 153   % 80    % 81    %
        


Conference Call and Webcast

The Company will host a conference call and audio webcast on May 5th, 2020 at 4:30 p.m. Eastern Time. The conference call may be accessed by dialing (877) 303-7209 / (970) 315-0420 (Conference ID -6697812-) and requesting inclusion in the call for MercadoLibre. The live conference call can be accessed via audio webcast at the investor relations section of the Company's website, at http://investor.mercadolibre.com . An archive of the webcast will be available for one week following the conclusion of the conference call.

Definition of Selected Operational Metrics

Unique Active User - New or existing user who performed at least one of the following actions during the reported period: (1) made one purchase, or reservation, or asked one question or MercadoLibre Marketplace or Classifieds Marketplace (2) maintained an active listing on MercadoLibre Marketplace or Classifieds Marketplace (3) maintained an active account in Mercado Shops (4) made a payment, money transfer, collection and/or advance using Mercado Pago (5) maintained an outstanding credit line through Mercado Credito or (6) maintained a balance of more than $5 invested in a Mercado Fondo asset management account.

Foreign Exchange ("FX") Neutral - Calculated by using the average monthly exchange rate of each month of 2019 and applying it to the corresponding months in the current year, so as to calculate what the results would have been had exchange rates remained constant. Intercompany allocations are excluded from this calculation. These calculations do not include any other macroeconomic effect such as local currency inflation effects or any price adjustment to compensate local currency inflation or devaluations.

Gross merchandise volume - Measure of the total U.S. dollar sum of all transactions completed through the Mercado Libre Marketplace, excluding Classifieds transactions.

Total payment transactions - Measure of the number of all transactions paid for using Mercado Pago.

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

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

Commerce - Revenues from core marketplace fees, shipping fees (net out of shipping subsidies), ad sales, classified fees and other ancillary services.

Fintech - Revenues includes fees from payments revenue stream.

Items sold - Measure of the number of items that were sold/purchased through the Mercado Libre Marketplace, excluding Classifieds items.

Items shipped - Measure of the number of items that were shipped through our shipping service.

Local Currency Growth Rates - Refer to FX Neutral definition.

Net income margin - Defined as net income as a percentage of net revenues.

New confirmed registered users - Measure of the number of new users who have registered on the Mercado Libre Marketplace and confirmed their registration, excluding Classifieds users.

Operating margin - Defined as income from operations as a percentage of net revenues.

About MercadoLibre

Founded in 1999, MercadoLibre is the largest online commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of the necessary online and technology- based tools that allow businesses and individuals to trade products and services in the region. The Company enables commerce through its marketplace platform (including online classifieds for motor vehicles, vessels, aircraft, services and real estate), which allows users to buy and sell in most of Latin America.

/zigman2/quotes/200678442/composite
US : U.S.: Nasdaq
$ 1,156.44
-0.61 -0.05%
Volume: 351,173
Aug. 14, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$57.49 billion
Rev. per Employee
$198,875
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