Mercado Libre ($MELI) doing what they do: crushing earnings
  • Revenue: Up 53% YoY and 60% TTM over previous TTM
  • Gross, operating, and net margins up YoY and TTM
  • FCF of $808MM and over $1B TTM
  • Unique Active Users up 11% to 84MM
  • Mercado Envios is seeing good penetration with logistics penetration network cracking 91% for the first time ever, coming in aT 91.1%.
  • Commerce revenue increase 23% YoY / 44% TTM, their lowest number in years, but Fintech was up 113% and 91% TTM. Fintech is killing it.
  • On the Commerce side, GMV was up 22% YoY and the take rate was up 1% YoY. Commerce take rate is under pressure though and has no decreased sequentially for two straight quarters. Items sold was up 12% YoY.
  • Mercado Credito booming with a credit portfolio of $2.687B, up 232% YoY and 516% TTM.
  • Fintech is where it's at though. TPV up 72% YoY and 61% TTM. On a TTM basis, this is the first time they have over $100B in TPV.
  • TPV on marketplace was 25% YoY and TPV off marketplace was up 106% YoY. Bananas adoption of Mercado Pago.
  • Unique Active Fintech Users is up to 38.2MM, an increase of 27% YoY while Wallet Payers rose 42% YoY.
  • Do Investment Accounts interest you? That's up to 22.4MM, a rise of 16%.
  • Fintech take rate hit a record high of 4%.
  • Total Payment Transactions jumped 73% to 1.262B transactions.

My favorite stat: Mercado Libre, a tech company, has diluted shareholders by 13%... since 2016.

They remain my top position by both cost basis and current market value.
Joshua Simka's avatar
Up 12% AH. These guys are just so impressive. I see they're a $45B company now. I remember when I first started investing, I was listening to an analyst on a podcast saying that he thought they could be a $10B company "someday." That stuck with me. I started learning about $MELI and bought shares not long after. I'm still holding--and adding.
Steve Matt's avatar
@tomato You have me beat. My first investments was at ~$12B MC.
Conor Mac's avatar
Pretty awesome quarter from MELI

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