MercadoLibre (MELI) FY2020 results: revenue $4.0 billion, up 73.0% on the year
MercadoLibre, Inc. (MELI) reported revenue of $4.0 billion for fiscal 2020, the year ended 31 December 2020, up 73.0% on the year before. Net income was -$1 million, and diluted earnings per share $-0.08. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2021.
Revenue
$4.0 billion
+73.0% on the year
FY2016FY2020
Operating margin
3.2%
-6.7% a year earlier
FY2016FY2020
Net income
-$1 million
FY2016FY2020
Diluted EPS
-$0.08
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
3,973
2,296
1,440
+73.0%
Cost of revenue
2,264
1,194
743
+89.6%
Gross profit
1,709
1,102
697
+55.1%
Gross margin
43.0%
48.0%
48.4%
Research and development
352
224
146
+57.5%
Operating income
128
-153
-69.5
Operating margin
3.2%
-6.7%
-4.8%
Pre-tax income
81.0
-107
-65.5
Income tax
82.0
64.8
-28.9
+26.7%
Effective tax rate
101.3%
n/a
n/a
Net income
-1.0
-172
-36.6
Net margin
-0.0%
-7.5%
-2.5%
Diluted EPS
-$0.08
-$3.71
-$0.82
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,183
451
231
+162.2%
Capital expenditure
247
137
93.1
+80.6%
Free cash flow
936
314
138
+197.7%
Free cash flow margin
23.5%
13.7%
9.6%
Cash from investing
-252
-1,448
-672
Cash from financing
242
2,021
609
-88.0%
Depreciation and amortisation
105
73.3
45.8
+43.2%
Share-based compensation
n/a
n/a
27.5
Buybacks
54.1
0.7
n/a
+7,411.8%
Dividends paid
n/a
n/a
6.6
Diluted shares, weighted
50m
49m
45m
+2.2%
Shares outstanding at period end
50m
50m
45m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,652
1,983
337
-16.7%
Debt
1,409
817
735
+72.4%
Operating lease liabilities
244
177
0.0
+37.9%
Finance lease liabilities
16.3
7.4
5.7
+120.7%
Other liabilities
3,206
1,797
1,162
+78.4%
Total liabilities and equity
6,526
4,782
2,240
+36.5%
Fixed assets
392
244
166
+60.4%
Goodwill
85.0
87.6
88.9
-3.0%
Intangible assets
14.2
14.3
18.6
-0.8%
Investments
1,407
1,861
738
-24.4%
Loans
402
189
95.8
+113.0%
Cash and equivalents
1,856
1,385
440
+34.1%
Receivables
49.7
35.4
35.2
+40.2%
Inventory
118
8.6
4.6
+1,269.6%
Other assets
2,202
957
653
+130.1%
Total assets
6,526
4,782
2,240
+36.5%
10-K for the year ended 31 December 2020, filed 1 March 2021: the filing.