MercadoLibre (MELI) FY2019 results: revenue $2.3 billion, up 59.5% on the year
MercadoLibre, Inc. (MELI) reported revenue of $2.3 billion for fiscal 2019, the year ended 31 December 2019, up 59.5% on the year before. Net income was -$172 million, and diluted earnings per share $-3.71. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$2.3 billion
+59.5% on the year
FY2016FY2019
Operating margin
-6.7%
-4.8% a year earlier
FY2016FY2019
Net income
-$172 million
FY2016FY2019
Diluted EPS
-$3.71
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,296
1,440
1,217
+59.5%
Cost of revenue
1,194
743
497
+60.8%
Gross profit
1,102
697
720
+58.1%
Gross margin
48.0%
48.4%
59.2%
Research and development
224
146
127
+53.0%
Operating income
-153
-69.5
56.3
Operating margin
-6.7%
-4.8%
4.6%
Interest expense
n/a
n/a
18.5
Pre-tax income
-107
-65.5
54.1
Income tax
64.8
-28.9
40.3
Effective tax rate
n/a
n/a
74.5%
Net income
-172
-36.6
13.8
Net margin
-7.5%
-2.5%
1.1%
Diluted EPS
-$3.71
-$0.82
$0.31
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
451
231
269
+95.4%
Capital expenditure
137
93.1
55.2
+46.9%
Free cash flow
314
138
214
+128.1%
Free cash flow margin
13.7%
9.6%
17.6%
Cash from investing
-1,448
-672
-22.6
Cash from financing
2,021
609
-50.9
+231.9%
Depreciation and amortisation
73.3
45.8
40.9
+60.1%
Share-based compensation
n/a
27.5
35.7
Buybacks
0.7
n/a
n/a
Dividends paid
n/a
6.6
26.5
Dividend per share
n/a
n/a
$0.60
Diluted shares, weighted
49m
45m
44m
+9.3%
Shares outstanding at period end
50m
45m
44m
+10.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,983
337
326
+489.0%
Debt
817
735
368
+11.2%
Operating lease liabilities
177
0.0
n/a
Finance lease liabilities
7.4
5.7
n/a
+30.2%
Other liabilities
1,797
1,162
979
+54.7%
Total liabilities and equity
4,782
2,240
1,673
+113.5%
Fixed assets
244
166
115
+47.5%
Goodwill
87.6
88.9
92.3
-1.4%
Intangible assets
14.3
18.6
23.2
-23.2%
Investments
1,861
738
244
+152.3%
Loans
189
95.8
73.4
+96.9%
Cash and equivalents
1,385
440
388
+214.5%
Receivables
35.4
35.2
28.2
+0.8%
Inventory
8.6
4.6
2.5
+87.0%
Other assets
957
653
706
+46.6%
Total assets
4,782
2,240
1,673
+113.5%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.