MercadoLibre, Inc. Q1 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Covered: Q1 2022 (Ended March 31, 2022)
  • Total Revenue: Record high, surpassing Q4 2021 levels
  • Gross Merchandise Volume (GMV): $7.7 billion, up 32% YoY FX-neutral, marking a sustained 2-year CAGR above 70%
  • Unique Buyers: ~40 million in Q1 2022
  • FinTech Total Payment Volume (TPV): Over $25 billion, first time crossing this threshold; take rates increased YoY
  • FinTech Active Users: 36 million, growing across regions
  • Credit Portfolio: Continues to deliver profitable growth with NPLs within expectations
  • EBIT Margin: Maintained at similar levels as Q1 2021 despite tough comps
  • Net Income: Record quarterly net income
  • Logistics: 40% of deliveries via fulfillment; 20 fulfillment sites; expanded “MELI Places” to 5,800+ locations
  • Crypto Wallet: 1 million users engaged in Q1 since launch
  • Hiring Plans: 13,000+ new hires expected in 2022, reaching over 43,000 in total
  • Advertising Revenue: Nearly doubled YoY; now >1% of GMV with 70%+ EBIT margin

Comparison to Previous Period (Q1 2021 / Q4 2021)

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Lissa Schreurs: Hello, and welcome to the MercadoLibre earnings conference call for the quarter ended March 31, 2022. I’m Lissa Schreurs, Investor Relations Officer for MercadoLibre. Today, we will share our quarterly highlights on video. After which, we will begin our live Q&A session with our Chief Financial Officer, Pedro Arnt; and Chief Executive Officer of Mercado Pago, Osvaldo Gimenez. I remind you that management may make Forward-Looking Statements relating to such matters as continued growth prospects for the Company, industry trends and product and technology initiatives. These statements are based on currently available information and our current assumptions, expectations and projections about future events. While we believe that our assumptions, expectations and projections are reasonable in view of the currently available information, you are cautioned not to place undue reliance on these forward-looking statements. Our actual results may differ materially from those included in this conference call for a variety of reasons, including those described in the forward-looking statements and Risk Factors sections of our Form 10-K for the year ended December 31, 2021, and any of MercadoLibre, Inc’s other applicable filings with the Securities and Exchange Commission, which are available on our Investor Relations website. With that, let’s begin with a summary of our results. Pedro Arnt: Hi, everyone. I’m pleased to present some of the highlights and key messages regard

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