MercadoLibre, Inc. Q4 FY2023 results: revenue $4.3 billion, up 41.9% on the year

MercadoLibre, Inc. (MELI) reported revenue of $4.3 billion for Q4 FY2023, the quarter ended 31 December 2023, up 41.9% on the same quarter a year earlier. Net income was $165 million, unchanged on the year, and diluted earnings per share $3.25. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$4.3 billionup 41.9%

Net income$165 millionunchanged

Diluted EPS$3.25

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	4,261	3,760	n/a	n/a
Cost of revenue	2,359	1,765	n/a	n/a
Gross profit	1,955	1,995	n/a	n/a
Gross margin	45.9%	53.1%	n/a
Research and development	686	396	n/a	n/a
Operating income	335	685	n/a	n/a
Operating margin	7.9%	18.2%	n/a
Pre-tax income	230	531	n/a	n/a
Income tax	65.0	172	n/a	n/a
Effective tax rate	28.3%	32.4%	n/a
Net income	165	359	n/a	n/a
Net margin	3.9%	9.5%	n/a
Diluted EPS	$3.25	$7.16	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,928	941	n/a	n/a
Capital expenditure	180	126	n/a	n/a
Free cash flow	1,748	815	n/a	n/a
Free cash flow margin	41.0%	21.7%	n/a
Depreciation and amortisation	135	135	n/a	n/a
Buybacks	0.0	149	n/a	n/a
Diluted shares, weighted	51m	50m	n/a	n/a
Shares outstanding at period end	51m	50m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	17,646	16,124	n/a	n/a
Cash and equivalents	2,556	2,171	n/a	n/a
Receivables	156	161	n/a	n/a
Inventory	238	246	n/a	n/a
Goodwill	163	159	n/a	n/a
Long-term debt	4,495	4,454	n/a	n/a
Long-term debt including finance leases	2,203	2,182	n/a	n/a
Operating lease liabilities	672	615	n/a	n/a
Finance lease liabilities	96.0	40.0	n/a	n/a
Shareholders' equity	3,071	2,741	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,760	4,261	4,333	5,073	5,312	6,059	5,935	6,790	7,409	8,759	8,845	10,169
Cost of revenue	1,765	2,359	2,309	2,708	2,873	3,310	3,164	3,696	4,200	4,975	4,983	6,010
Gross profit	1,995	1,955	2,024	2,365	2,439	2,749	2,771	3,094	3,209	3,784	3,862	4,159
Gross margin	53%	46%	47%	47%	46%	45%	47%	46%	43%	43%	44%	41%
R&D	396	686	458	460	504	512	551	567	567	584	699	729
Operating income	685	335	528	726	557	820	763	825	724	889	611	683
Operating margin	18%	8%	12%	14%	10%	14%	13%	12%	10%	10%	7%	7%
Pre-tax income	531	230	481	668	520	763	706	716	636	784	579	606
Tax rate	32%	28%	28%	21%	24%	16%	30%	27%	34%	29%	28%	23%
Net income	359	165	344	531	397	639	494	523	421	559	417	466
Net margin	10%	4%	8%	10%	7%	11%	8%	8%	6%	6%	5%	5%
Diluted EPS	$7.16	$3.25	$6.78	$10.48	$7.83	$12.60	$9.74	$10.31	$8.32	$11.03	$8.23	$9.19
Operating cash flow	941	1,928	1,512	1,882	1,600	2,924	1,031	2,917	2,959	5,209	2,075	3,662
Capital expenditure	126	180	146	183	222	309	272	287	357	427	271	441
Free cash flow	815	1,748	1,366	1,699	1,378	2,615	759	2,630	2,602	4,782	1,804	3,221
Buybacks	149	0.0	0.0	1.0	0.0	0.0	n/a	n/a	1.0	n/a	n/a	n/a
Shares outstanding	50m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m	51m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0001099590-24-000008: the filing on EDGAR. All of MercadoLibre, Inc.'s filings: EDGAR company page.

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