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MercadoLibre (MELI) FY2021 results: revenue $7.1 billion, up 77.9% on the year

MercadoLibre, Inc. (MELI) reported revenue of $7.1 billion for fiscal 2021, the year ended 31 December 2021, up 77.9% on the year before. Net income was $83 million, and diluted earnings per share $1.67. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue
$7.1 billion
+77.9% on the year
FY2016FY2021
Operating margin
6.2%
3.2% a year earlier
FY2016FY2021
Net income
$83 million
FY2016FY2021
Diluted EPS
$1.67
FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue7,0693,9732,296+77.9%
Cost of revenue4,0642,2641,194+79.5%
Gross profit3,0051,7091,102+75.8%
Gross margin42.5%43.0%48.0%
Research and development590352224+67.5%
Operating income441128-153+244.3%
Operating margin6.2%3.2%-6.7%
Pre-tax income24181.0-107+197.1%
Income tax14982.064.8+81.4%
Effective tax rate61.8%101.3%n/a
Net income83.0-1.0-172
Net margin1.2%-0.0%-7.5%
Diluted EPS$1.67-$0.08-$3.71
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow9651,183451-18.4%
Capital expenditure573247137+131.9%
Free cash flow392936314-58.1%
Free cash flow margin5.5%23.5%13.7%
Cash from investing-1,597-252-1,448
Cash from financing1,9252422,021+694.6%
Depreciation and amortisation20410573.3+94.2%
Buybacks48654.10.7+798.4%
Diluted shares, weighted50m50m49m+0.1%
Shares outstanding at period end50m50m50m+1.1%

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity1,5321,6521,983-7.3%
Debt3,5181,409817+149.6%
Operating lease liabilities372244177+52.6%
Finance lease liabilities36.016.37.4+121.4%
Other liabilities4,6443,2061,797+44.9%
Total liabilities and equity10,1016,5264,782+54.8%
Fixed assets807392244+106.1%
Goodwill14885.087.6+74.4%
Intangible assets45.014.214.3+217.7%
Investments8991,4071,861-36.2%
Loans1,260402189+213.7%
Cash and equivalents2,5851,8561,385+39.2%
Receivables98.249.735.4+97.6%
Inventory2531188.6+114.2%
Other assets4,0062,202957+81.9%
Total assets10,1016,5264,782+54.8%

10-K for the year ended 31 December 2021, filed 23 February 2024: the filing.