Mercadolibre, Inc. · NASDAQ:MELI
Mercadolibre — Q4 2024 Earnings Presentation
33 slides from Mercadolibre's earnings presentation, Feb 20, 2025
Slide 1: Investor Presentation Q4'24 Results
INVESTOR PRESENTATION Q4’24 Results February 20th, 2025
Slide 2: Fourth Quarter 2024 Disclaimers
Fourth Quarter 2024 DISCLAIMERS This presentation may contain forward-looking statements including, but A reconciliation of Non-GAAP measures can be found in our Fourth not limited to, statements regarding MercadoLibre, Inc.'s expectations, Quarter 2024 earnings press release, available on our inves
Slide 3: MELI Content for Investors
Fourth Quarter 2024 IR CONTENT MELI Content for Investors PODCAST PRODUCT UPDATES NEWS AND ALERTS Listen here Watch here Subscribe MercadoLibre, Inc. I 3
Slide 4: Operational & Financial Highlights
Fourth Quarter 2024 Operational & Financial Highlights GMV ITEMS SOLD TOTAL TPV CREDIT PORTFOLIO US$14.5BN 525.5MM US$58.9BN US$6.6BN +8% YoY +56% FXN YoY +27% YoY +33% YoY +49% FXN YoY +74% YoY NET REVENUE AND INCOME FROM OPERATIONS NET INCOME ADJUSTED FREE CASH FINANCIAL INCOME FLOW2 US$6.1BN US$8
Slide 5: Agenda
Fourth Quarter 2024 Agenda REVENUE & 1. QUARTERLY KPIs 3. FINANCIAL FACTSHEET 2. FINANCIAL METRICS 4. APPENDIX
Slide 6: Quarterly KPIs
Fourth Quarter 2024 1. QUARTERLY KPIs
Slide 7: Marketplace Highlights: Unique Active Buyers
Fourth Quarter 2024 1. Quarterly KPIs Marketplace Highlights Unique Active Buyers (MM) 67.3 60.8 Unique Buyers grew 24% YoY 56.6 Growth accelerated for the third 54.4 53.5 consecutive quarter to reach its highest level since Q1’21; for the full year, we surpassed 100mn for the first time. Q4'23 Q1'2
Slide 8: Marketplace Highlights: GMV and Items Sold
Fourth Quarter 2024 1. Quarterly KPIs Marketplace Highlights GMV and Items Sold grew strongly across the region as our value proposition bring more consumers online Gross Merchandise Volume Items Sold (FX-Neutral YoY Growth) (% YoY Growth) Q4'23 Q3'24 Q4'24 Q4'23 Q3'24 Q4'24 32% 31% 30% 32% 29% 235%
Slide 9: Marketplace Highlights: Same & Next Day Shipments
Fourth Quarter 2024 1. Quarterly KPIs Marketplace Highlights Same & Next Day Shipments (MM) 147.5 134.6 127.3 121.6 Same & Next Day Shipments up 114.7 21% YoY 49% of shipments were delivered within the same & next day. Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 MercadoLibre, Inc. I 9
Slide 10: Marketplace Highlights: Items Sold per Unique Buyer
Fourth Quarter 2024 1. Quarterly KPIs Marketplace Highlights Items Sold per Unique Buyer (Units) 7.8 Items Sold per Buyer grew 3% YoY 7.6 Items Sold is at its highest ever, 7.5 despite dilution from the significant 7.4 increase in new buyers in recent quarters. 7.2 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Merc
Slide 11: Fintech Services Highlights: Monthly Active Users
Fourth Quarter 2024 1. Quarterly KPIs Fintech Services Highlights Fintech Monthly Active Users1 (MM) 61.2 56.2 MAU grew strongly by 34% YoY 52.0 49.0 Our user base is growing rapidly 45.8 due to our strong value proposition, which offers attractive yields on deposits and access to credit lines (incl
Slide 12: Fintech Services Highlights: AUM and Credit Portfolio
Fourth Quarter 2024 1. Quarterly KPIs Fintech Services Highlights Credit Card is now our largest portfolio, and AUM continues to rise as consumers bring more funds to Mercado Pago Assets Under Management1 Credit Portfolio (US$ M) (US$ M; % share of total) 3 Consumer Credit Card Merchant Asset-backed
Slide 13: Fintech Services Highlights: Net Interest Margin After Losses
Fourth Quarter 2024 1. Quarterly KPIs Fintech Services Highlights Net Interest Margin After Losses (% of avg portfolio) Solid NIMAL spread in Q4’24 39.8% The sequential improvement in 31.5% 31.1% the spread was driven by strong 27.6% collections, partly due to favorable 24.2% seasonality, and better
Slide 14: Fintech Services Highlights: Past Dues and Provision Coverage
Fourth Quarter 2024 1. Quarterly KPIs Fintech Services Highlights While portfolio keeps growing and shifting towards lower risk products, asset quality remains stable and robust Past Dues 15-90 & >90 Provision Coverage ( % NPLs / Total Portfolio) (% Allowance of Doubtful Accounts / NPLs) 15-90 days
Slide 15: Acquiring Highlights: Acquiring TPV
Fourth Quarter 2024 1. Quarterly KPIs Acquiring Highlights Acquiring TPV (US$ BN) Acquiring On-Platform Acquiring Off-Platform 41.9 Acquiring TPV grew 20% YoY 36.0 34.7 33.7 Strong underlying growth trends, 30.6 15.5 helped by the move upmarket in 13.7 14.2 13.3 Brazil and digitization of cash in 12
Slide 16: Acquiring Highlights: TPV per Country and Sellers with Credit
Fourth Quarter 2024 1. Quarterly KPIs Acquiring Highlights Growth momentum in Acquiring remains strong, with increasing cross-sell of Credits Acquiring TPV per Country Monthly Active Sellers with Credit (FX-Neutral YoY Growth) (% of total) Q4'23 Q3'24 Q4'24 24.6% 21.8% 294% 261% 19.5% 214% 16.9% 75%
Slide 17: Financial Metrics
Fourth Quarter 2024 2. FINANCIAL METRICS
Slide 18: Commerce Net Revenues
Fourth Quarter 2024 2. Financial Metrics Financial Metrics Commerce Net Revenues (US$ M, % FXN growth) Commerce services Commerce products sales FX-Neutral YoY Growth 131% 121% 113% 106% 91% 3,554 Strong Commerce revenue growth 2,970 3,139 709 3P take rate of 20.8% rose YoY (on 2,461 2,496 538 a com
Slide 19: Fintech Net Revenues per Quarter
Fourth Quarter 2024 2. Financial Metrics Financial Metrics Fintech Net Revenues per Quarter (US$ M, %) Financial services and income Credit revenues Fintech products sales YoY FXN Growth Strong Fintech revenue growth 92% 86% 84% Take rate of 4.25% was down YoY, 81% 74% with lower financial income in
Slide 20: Income from Operations and Net Income Margins
Fourth Quarter 2024 2. Financial Metrics Financial Metrics We set new quarterly records for income from operations and net income Income from Operations1 and Margin Net Income2 and Margin (US$ M, % of Net Revenues) (US$ M, %) Operating Margin Operating Margin Comparable Net Income Margin Net Income
Slide 21: Income from Operations Margin
Fourth Quarter 2024 2. Financial Metrics Income from Operations Margin As Reported in 8-K Q4’24 comparable with Q4’23 as reported in 2023 excluding $332mn one-off expense, net1 +590 bps +60 bps 0.8% 2.2% 0.5% 0.8% 14.1% 7.9% 13.5% (0.1)% 13.5% (2.8)% (1.4)% 7.6% 5.6% (2.0)% EBIT Margin Mercado Pago
Slide 22: Net Income Margin
Fourth Quarter 2024 2. Financial Metrics Net Income Margin 1 As Reported in 8-K Q4’24 comparable with Q4’23 as reported in 2023 excluding $218mn one-off expense, net +680 bps +290 bps 1.6% 11.9% 1.8% 10.5% 0.8% (0.3)% 5.3% 9.0% (1.1)% (1.3)% 3.7% Net Income One-off 1 Net Income COGS + OPEX Interest
Slide 23: Q4'24 Cash Flow
Fourth Quarter 2024 2. Financial Metrics Cash Flow Q4’24 Cash Flow (US$ M) Total cash, restricted cash and 9,215 6,725 Q3’23 investments Q3’24 Available cash and investments B 3,774 4,417 Q3’24 Cash from Operations 2,924 1,928 $680mn Adjusted Free Cash Flow in Q4 Restricted customer funds and1 regul
Slide 24: Full Year Cash Flow
Full Year 2024 2. Financial Metrics Cash Flow Full Year Cash Flow (US$ M) Total cash, restricted cash and 7,490 6,024 2022 investments 2023 Available cash and investments 3,275 3,828 A 2023 Cash from Operations 7,918 5,140 $1.3bn Adjusted Free Cash Flow in 2024 Restricted customer funds and1 regulat
Slide 25: Available Cash & Leverage
Fourth Quarter 2024 2. Financial Metrics Available Cash & Leverage Leverage Evolution (US$ M) 0.69x 0.63x 0.55x 0.48x 0.33x 6,850 6,324 Low leverage & strong cash position 5,333 5,286 5,403 2,040 Leverage was broadly stable YoY, 976 1,907 1,505 1,367 whilst available cash and investments rose from $
Slide 26: Revenue & Financial Factsheet
Fourth Quarter 2024 REVENUE & 3. FINANCIAL FACTSHEET
Slide 27: Net Revenue Breakdown by Products and Services
3. Revenue & Fourth Quarter 2024 Financial Factsheet Net Revenue Breakdown by Products and Services Q4’241 & Q4’232 Brazil Mexico Argentina Others Total (US$ M) 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 4Q23 Commerce Services (a) 1,519 1,040 744 493 412 309 170 117 2,845 1,959 Commerce Product Sa
Slide 28: Operational & Financial Factsheet
3. Revenue & Fourth Quarter 2024 Financial Factsheet Operational & Financial Factsheet Volumes (US$ M, %) Users (MM) Net Revs. per Country1 (US$ M, %) GMV (FX-Neutral growth) 14,549 56.1% Unique Active Buyers (units) 67.3 23.9% Brazil 3,136 37.7% Items Sold (units) 525 27.2% Fintech Monthly Active U
Slide 29: Operational & Financial Factsheet Full Year 2024
3. Revenue & Full Year 2024 Financial Factsheet Operational & Financial Factsheet Volumes (US$ M, %) Users (MM) Net Revs. per Country1 (US$ M, %) GMV (FX-Neutral growth) 51,467 69.2% Unique Active Buyers (units) 100.2 18.8% Brazil 11,406 45.8% Items Sold (units) 1,787 27.3% Fintech Monthly Active Us
Slide 30: Appendix
Fourth Quarter 2024 4. APPENDIX
Slide 31: Reclassification of MercadoPago Interest Income & Expense
Fourth Quarter 2024 4. Appendix Reclassification of MercadoPago Interest Income & Expense The table shows a recast of our For the year ended December 31, 2023 For the year ended December 31, 2022 2023 and 2022 results to reflect the reclassification of Mercado As reported Reclassification Recast As
Slide 32: Changes in Mercado Pago TPV
Fourth Quarter 2024 4. Appendix Changes in Mercado Pago TPV In Q1’24, we updated the definition of TPV to exclude peer-to-peer transfers within Mercado Pago. This impacts Total and Fintech Services (previously “Digital Account”) TPV, but Acquiring TPV is unchanged. We believe the change creates a be
Slide 33: Investor Relations
Investor Relations investor@mercadolibre.com http://investor.mercadolibre.com MercadoLibre, Inc.