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MercadoLibre (MELI) FY2023 results: revenue $15.1 billion, up 40.1% on the year

MercadoLibre, Inc. (MELI) reported revenue of $15.1 billion for fiscal 2023, the year ended 31 December 2023, up 40.1% on the year before. Net income was $987 million, up 104.8%, and diluted earnings per share $19.46. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue
$15.1 billion
+40.1% on the year
FY2016FY2023
Operating margin
14.6%
9.9% a year earlier
FY2016FY2023
Net income
$987 million
+104.8% on the year
FY2016FY2023
Diluted EPS
$19.46
+104.2% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue15,10710,7807,069+40.1%
Cost of revenue7,5175,5824,064+34.7%
Gross profit7,5905,1983,005+46.0%
Gross margin50.2%48.2%42.5%
Research and development1,8311,099590+66.6%
Operating income2,2071,069441+106.5%
Operating margin14.6%9.9%6.2%
Pre-tax income1,553780241+99.1%
Income tax569298149+90.9%
Effective tax rate36.6%38.2%61.8%
Net income98748283.0+104.8%
Net margin6.5%4.5%1.2%
Diluted EPS$19.46$9.53$1.67+104.2%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow5,1402,940965+74.8%
Capital expenditure509454573+12.1%
Free cash flow4,6312,486392+86.3%
Free cash flow margin30.7%23.1%5.5%
Cash from investing-3,450-3,871-1,597
Cash from financing-2679161,925
Depreciation and amortisation524403204+30.0%
Buybacks356148486+140.5%
Diluted shares, weighted51m51m50m-0.6%
Shares outstanding at period end51m50m50m+0.9%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity3,0711,8271,532+68.1%
Debt4,4954,7583,518-5.5%
Operating lease liabilities672514372+30.7%
Finance lease liabilities96.037.036.0+159.5%
Other liabilities9,3126,6004,644+41.1%
Total liabilities and equity17,64613,73610,101+28.5%
Fixed assets1,250993807+25.9%
Goodwill163153148+6.5%
Intangible assets11.025.045.0-56.0%
Investments3,6422,661899+36.9%
Loans2,6941,7361,260+55.2%
Cash and equivalents2,5561,9102,585+33.8%
Receivables15613098.2+20.0%
Inventory238152253+56.6%
Other assets6,9365,9764,006+16.1%
Total assets17,64613,73610,101+28.5%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.