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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2013
Segment Reporting [Abstract] |
Financial Performance of Company's Reporting Segments | The following tables summarize the financial performance of the Company’s reporting segments:
|  | Three Months Ended June 30, 2013 |
|  | Brazil |  |  | Argentina |  |  | Mexico |  |  | Venezuela |  |  | Other Countries |  |  | Total |
Net revenues |  | $ | 51,116,153 |  |  | $ | 29,000,836 |  |  | $ | 7,823,566 |  |  | $ | 17,563,547 |  |  | $ | 6,679,258 |  |  | $ | 112,183,360 |
Direct costs |  |  | (27,849,992 | ) |  |  | (16,203,748 | ) |  |  | (5,122,425 | ) |  |  | (6,478,796 | ) |  |  | (3,215,003 | ) |  |  | (58,869,964 | )
Direct contribution |  |  | 23,266,161 |  |  |  | 12,797,088 |  |  |  | 2,701,141 |  |  |  | 11,084,751 |  |  |  | 3,464,255 |  |  |  | 53,313,396 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,864,101 | )
Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 35,449,295 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,202,314 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (531,668 | )
Foreign currency gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,600,866 |
Other gains, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,393 |
Net income before income / asset tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 40,722,200 |
|  | Three Months Ended June 30, 2012 |
|  | Brazil |  |  | Argentina |  |  | Mexico |  |  | Venezuela |  |  | Other Countries |  |  | Total |
Net revenues |  | $ | 44,205,857 |  |  | $ | 20,561,213 |  |  | $ | 6,046,812 |  |  | $ | 12,417,318 |  |  | $ | 5,612,859 |  |  | $ | 88,844,059 |
Direct costs |  |  | (25,066,435 | ) |  |  | (9,543,476 | ) |  |  | (3,269,574 | ) |  |  | (3,728,913 | ) |  |  | (2,896,426 | ) |  |  | (44,504,824 | )
Direct contribution |  |  | 19,139,422 |  |  |  | 11,017,737 |  |  |  | 2,777,238 |  |  |  | 8,688,405 |  |  |  | 2,716,433 |  |  |  | 44,339,235 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,454,315 | )
Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,884,920 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,982,303 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (474,300 | )
Foreign currency gain |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 749,008 |
Other losses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,009 | )
Net income before income / asset tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 35,134,922 |
|  | Six Months Ended June 30, 2013 |
|  | Brazil |  |  | Argentina |  |  | Mexico |  |  | Venezuela |  |  | Other Countries |  |  | Total |
Net revenues |  | $ | 98,881,836 |  |  | $ | 54,621,583 |  |  | $ | 15,613,867 |  |  | $ | 32,694,097 |  |  | $ | 13,097,724 |  |  | $ | 214,909,107 |
Direct costs |  |  | (58,843,536 | ) |  |  | (29,679,458 | ) |  |  | (9,239,252 | ) |  |  | (12,486,903 | ) |  |  | (6,082,984 | ) |  |  | (116,332,133 | )
Direct contribution |  |  | 40,038,300 |  |  |  | 24,942,125 |  |  |  | 6,374,615 |  |  |  | 20,207,194 |  |  |  | 7,014,740 |  |  |  | 98,576,974 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (34,556,496 | )
Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 64,020,478 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,596,320 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (892,020 | )
Foreign currency loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,648,848 | )
Other losses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,340 | )
Net income before income / asset tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 66,073,590 |
|  | Six Months Ended June 30, 2012 |
|  | Brazil |  |  | Argentina |  |  | Mexico |  |  | Venezuela |  |  | Other Countries |  |  | Total |
Net revenues |  | $ | 86,370,511 |  |  | $ | 38,677,682 |  |  | $ | 12,630,678 |  |  | $ | 23,658,890 |  |  | $ | 11,242,304 |  |  | $ | 172,580,065 |
Direct costs |  |  | (50,809,649 | ) |  |  | (17,666,411 | ) |  |  | (6,916,211 | ) |  |  | (8,576,248 | ) |  |  | (5,712,094 | ) |  |  | (89,680,613 | )
Direct contribution |  |  | 35,560,862 |  |  |  | 21,011,271 |  |  |  | 5,714,467 |  |  |  | 15,082,642 |  |  |  | 5,530,210 |  |  |  | 82,899,452 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26,083,786 | )
Income from operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 56,815,666 |
Other income (expenses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,070,862 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (551,617 | )
Foreign currency loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (283,969 | )
Other losses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (11,263 | )
Net income before income / asset tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 62,039,679 |
Allocation of Long-Lived Tangible Assets Based on Geography | The following table summarizes the allocation of the long-lived tangible assets based on geography, as of June 30, 2013 and December 31, 2012:
|  | June 30, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
|  | (Unaudited) |  |  | (Audited) |
US long-lived tangible assets |  | $ | 9,519,177 |  |  | $ | 6,782,077 |
Other countries long-lived tangible assets |  |  |  |  |  |  |  |
Argentina |  |  | 33,568,284 |  |  |  | 16,955,438 |
Brazil |  |  | 3,459,910 |  |  |  | 2,421,618 |
Mexico |  |  | 572,537 |  |  |  | 378,653 |
Venezuela |  |  | 29,755,221 |  |  |  | 8,455,816 |
Other countries |  |  | 3,206,530 |  |  |  | 2,732,620 |
|  | $ | 70,562,482 |  |  | $ | 30,944,145 |
Total long-lived tangible assets |  | $ | 80,081,659 |  |  | $ | 37,726,222 |
Allocation of Goodwill and Intangible Assets Based on Geography | The following table summarizes the allocation of the goodwill and intangible assets based on geography, as of June 30, 2013 and December 31, 2012:
|  | June 30, 2013 |  |  | December 31, 2012 |
|  | (Unaudited) |  |  | (Audited) |
US intangible assets |  | $ | 15,754 |  |  | $ | 21,005 |
Other countries goodwill and intangible assets |  |  |  |  |  |  |  |
Argentina |  |  | 19,067,487 |  |  |  | 20,328,154 |
Brazil |  |  | 11,129,343 |  |  |  | 10,724,007 |
Mexico |  |  | 14,667,740 |  |  |  | 14,644,795 |
Venezuela |  |  | 6,980,576 |  |  |  | 6,595,117 |
Other countries |  |  | 14,414,889 |  |  |  | 15,332,850 |
|  | $ | 66,260,035 |  |  | $ | 67,624,923 |
Total goodwill and intangible assets |  | $ | 66,275,789 |  |  | $ | 67,645,928 |
Consolidated Net Revenues by Similar Products and Services | The following table summarizes the allocation of the goodwill and intangible assets based on geography, as of June 30, 2013 and December 31, 2012:
|  | June 30, 2013 |  |  | December 31, 2012 |
|  | (Unaudited) |  |  | (Audited) |
US intangible assets |  | $ | 15,754 |  |  | $ | 21,005 |
Other countries goodwill and intangible assets |  |  |  |  |  |  |  |
Argentina |  |  | 19,067,487 |  |  |  | 20,328,154 |
Brazil |  |  | 11,129,343 |  |  |  | 10,724,007 |
Mexico |  |  | 14,667,740 |  |  |  | 14,644,795 |
Venezuela |  |  | 6,980,576 |  |  |  | 6,595,117 |
Other countries |  |  | 14,414,889 |  |  |  | 15,332,850 |
|  | $ | 66,260,035 |  |  | $ | 67,624,923 |
Total goodwill and intangible assets |  | $ | 66,275,789 |  |  | $ | 67,645,928 |
Consolidated net revenues by similar products and services for the three and six-months ended June 30, 2013 and 2012 were as follows:
Consolidated Net |  | Three Months Ended June 30, |
Revenues |  | 2013 |  |  | 2012 |
Marketplace |  | $ | 77,915,508 |  |  | $ | 61,936,103 |
Non-marketplace (*) |  | $ | 34,267,852 |  |  | $ | 26,907,956 |
Total |  | $ | 112,183,360 |  |  | $ | 88,844,059 |
Consolidated Net |  | Six Months Ended June 30, |
Revenues |  | 2013 |  |  | 2012 |
Marketplace |  | $ | 149,630,271 |  |  | $ | 122,218,201 |
Non-marketplace (*) |  | $ | 65,278,836 |  |  | $ | 50,361,864 |
Total |  | $ | 214,909,107 |  |  | $ | 172,580,065 |
(*) | Includes, among other things, Ad Sales, Real Estate, Motors, Financing Fees, Off-platform Payment Fees and other ancillary services.

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