MercadoLibre, Inc. Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue & Profit: Revenue reached a record $1.857 billion, up 66.5% YoY in USD and 72.9% on an FX-neutral basis. Operating income was $160 million (8.6% margin). Net income was $95 million (5.1% margin); excluding one-offs, net margin would be closer to 2%.
  • Commerce Highlights:
    • Gross Merchandise Volume (GMV) hit $7.3 billion, up 30% YoY FX-neutral.
    • Items sold increased to 260 million, up 26% YoY; unique buyers reached 38.6 million.
    • GMV Growth by Market: Brazil +28%, Mexico +34%, Argentina +37% (all FX-neutral).
    • Fulfillment penetration hit 37%, overall managed logistics network penetration hit 86% (up from 64% YoY).
    • Delivery speed improved: 80% of items delivered within 48 hours.
    • Notable brands onboarded: Nike, Nivea, PlayStation, Apple, Samsung. Grocery strategy piloted with Mambo in São Paulo.
  • Fintech Highlights:
    • Total Payment Volume (TPV) was $20.9 billion, up 59% YoY FX-neutral with 865 million transactions (+55% YoY).
    • Acquiring TPV: $15.4 billion (+46% FX-neutral); driven by mobile POS sales (1.3 million units), QR payments up in all geographies.

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Operator: Good day, and thank you for standing by. Welcome to MercadoLibre Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker, Lisa Schreurs, Investor Relations Officer. Lisa Schreurs: Hello, everyone, and welcome to the MercadoLibre Earnings Conference Call for the quarter ended September 30, 2021. I am Lisa Schreurs, Investor Relations Officer for MercadoLibre. Our Chief Financial Officer, Pedro Arnt, will be leading today's prepared remarks. Joining him on the line is Chief Executive Officer of MercadoPago, Osvaldo Gimenez, who will be available during today's Q&A session. 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-l

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