XML 76 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operations:      
Net income attributable to MercadoLibre, Inc. Shareholders $ 72,580,551us-gaap_NetIncomeLoss $ 117,507,438us-gaap_NetIncomeLoss $ 101,247,298us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Net income attributable to Redeemable Noncontrolling Interest 72,220us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 18,825us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 98,849us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net Devaluation Loss in Venezuela and Argentina 13,808,146us-gaap_ForeignCurrencyTransactionLossBeforeTax 6,420,929us-gaap_ForeignCurrencyTransactionLossBeforeTax  
Impairment of Long-Lived Assets 49,495,686us-gaap_AssetImpairmentCharges    
Depreciation and amortization 16,946,897us-gaap_DepreciationAndAmortization 11,878,565us-gaap_DepreciationAndAmortization 8,959,293us-gaap_DepreciationAndAmortization
Accrued interest (9,028,868)meli_AccruedInterestFromInvestments (9,882,991)meli_AccruedInterestFromInvestments (7,630,203)meli_AccruedInterestFromInvestments
Convertible bonds accrued interest and amortization of debt discount 7,874,295meli_ConvertibleBondsAccruedInterestAndAmortizationOfDebtDiscount    
LTRP accrued compensation 11,851,615us-gaap_ShareBasedCompensation 11,645,077us-gaap_ShareBasedCompensation 4,442,822us-gaap_ShareBasedCompensation
Deferred income taxes (20,236,973)us-gaap_DeferredIncomeTaxExpenseBenefit (7,847,513)us-gaap_DeferredIncomeTaxExpenseBenefit (492,362)us-gaap_DeferredIncomeTaxExpenseBenefit
Changes in assets and liabilities:      
Accounts receivable (36,119,868)us-gaap_IncreaseDecreaseInAccountsReceivable (22,764,177)us-gaap_IncreaseDecreaseInAccountsReceivable (8,651,951)us-gaap_IncreaseDecreaseInAccountsReceivable
Credit Card Receivables (45,520,887)meli_IncreaseDecreaseInFundsReceivableFromCustomers (27,315,403)meli_IncreaseDecreaseInFundsReceivableFromCustomers (15,570,142)meli_IncreaseDecreaseInFundsReceivableFromCustomers
Prepaid expenses (157,324)us-gaap_IncreaseDecreaseInPrepaidExpense (2,074,543)us-gaap_IncreaseDecreaseInPrepaidExpense (898,959)us-gaap_IncreaseDecreaseInPrepaidExpense
Other assets (5,981,661)us-gaap_IncreaseDecreaseInOtherOperatingAssets (23,127,493)us-gaap_IncreaseDecreaseInOtherOperatingAssets (5,809,218)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable and accrued expenses 68,780,586us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 26,037,488us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 18,061,683us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Funds payable to customers 61,072,045meli_IncreaseDecreaseInFundsPayableToCustomers 47,557,504meli_IncreaseDecreaseInFundsPayableToCustomers 39,889,201meli_IncreaseDecreaseInFundsPayableToCustomers
Other liabilities 1,675,258us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 2,986,452us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 1,153,610us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Interest received from investments 9,681,566us-gaap_ProceedsFromOtherOperatingActivities 11,473,203us-gaap_ProceedsFromOtherOperatingActivities 5,091,468us-gaap_ProceedsFromOtherOperatingActivities
Net cash provided by operating activities 196,793,284us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 142,513,361us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 139,891,389us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:      
Purchase of investments (2,577,130,038)us-gaap_PaymentsToAcquireInvestments (1,135,940,553)us-gaap_PaymentsToAcquireInvestments (539,355,434)us-gaap_PaymentsToAcquireInvestments
Proceeds from sale and maturity of investments 2,330,835,825us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments 1,174,789,615us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments 472,871,652us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestments
Payment for acquired businesses, net of cash acquired (36,814,136)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (3,423,439)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired  
Payment of remaining amount from business acquisition (4,000,000)us-gaap_PaymentsForPreviousAcquisition    
Purchases of intangible assets (856,948)us-gaap_PaymentsToAcquireIntangibleAssets (458,804)us-gaap_PaymentsToAcquireIntangibleAssets (1,390,654)us-gaap_PaymentsToAcquireIntangibleAssets
Purchases of property and equipment (34,425,957)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (113,755,566)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (16,747,746)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (322,391,254)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (78,788,747)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (84,622,182)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:      
Funds received from the issuance of convertible notes 330,000,000us-gaap_ProceedsFromConvertibleDebt    
Transaction costs from the issuance of convertible notes (8,083,625)us-gaap_PaymentsOfFinancingCosts    
Purchase of convertible note capped call (19,668,000)us-gaap_PaymentsForHedgeFinancingActivities    
Loans payable and other financial liabilities   31,453,613us-gaap_ProceedsFromIssuanceOfLongTermDebt  
Payments on loans payable and other financial liabilities (7,704,636)us-gaap_RepaymentsOfLongTermDebt (15,936,551)us-gaap_RepaymentsOfLongTermDebt  
Dividends paid (28,302,507)us-gaap_PaymentsOfDividendsCommonStock (23,754,005)us-gaap_PaymentsOfDividendsCommonStock (17,968,004)us-gaap_PaymentsOfDividendsCommonStock
Repurchase of Common Stock (1,944,307)us-gaap_PaymentsForRepurchaseOfCommonStock (1,012,225)us-gaap_PaymentsForRepurchaseOfCommonStock  
Stock options exercised   3,020us-gaap_ProceedsFromStockOptionsExercised 5,700us-gaap_ProceedsFromStockOptionsExercised
Net cash provided by (used in) financing activities 264,296,925us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (9,246,148)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (17,962,304)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash and cash equivalents (55,839,833)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (15,682,364)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (3,199,578)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase in cash and cash equivalents 82,859,122us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 38,796,102us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 34,107,325us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents, beginning of the year 140,285,104us-gaap_CashAndCashEquivalentsAtCarryingValue 101,489,002us-gaap_CashAndCashEquivalentsAtCarryingValue 67,381,677us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents, end of the year 223,144,226us-gaap_CashAndCashEquivalentsAtCarryingValue 140,285,104us-gaap_CashAndCashEquivalentsAtCarryingValue 101,489,002us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental cash flow information:      
Cash paid for interest 4,750,706us-gaap_InterestPaid 657,776us-gaap_InterestPaid 68,916us-gaap_InterestPaid
Cash paid for income and asset taxes 67,661,966us-gaap_IncomeTaxesPaid 55,995,590us-gaap_IncomeTaxesPaid 38,837,721us-gaap_IncomeTaxesPaid
Non-cash financing activities:      
Stock based compensation 117,782meli_StockBasedCompensation 58,492meli_StockBasedCompensation  
LTRP shares issued 1,930,119meli_LtrpSharesIssued 1,031,933meli_LtrpSharesIssued  
Non-cash investing activities:      
Contingent considerations and escrows from acquired business 5,806,703meli_BusinessCombinationContingentConsiderationAndEscrowDeposits    
Acquisition of business      
Cash and cash equivalents 1,102,169us-gaap_CashAcquiredFromAcquisition [1] 31,058us-gaap_CashAcquiredFromAcquisition [2]  
Accounts receivable 5,931,787us-gaap_NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1 [1] 537,706us-gaap_NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1 [2]  
Tax credits 813,637meli_BusinessAcquisitionPurchasePriceAllocationCurrentAssetsTaxCredits [1]    
Other current assets 19,033meli_NoncashOrPartNoncashAcquisitionOtherCurrentAssetsAcquired [1] 14,674meli_NoncashOrPartNoncashAcquisitionOtherCurrentAssetsAcquired [2]  
Non current assets 236,397us-gaap_NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1 [1] 94,367us-gaap_NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1 [2]  
Fixed assets 564,323us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 [1] 5,800us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 [2]  
Total assets acquired 8,667,346us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1 [1] 683,605us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1 [2]  
Accounts payable and accrued expenses 4,371,584us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1 [1] 143,071us-gaap_NoncashOrPartNoncashAcquisitionPayablesAssumed1 [2]  
Financial liabilities 2,159,797meli_NoncashOrPartNoncashAcquisitionFinancialLiabilities [1]    
Taxes payable 71,265meli_NoncashOrPartNoncashAcquisitionTaxesPayable [1] 179,545meli_NoncashOrPartNoncashAcquisitionTaxesPayable [2]  
Payroll and social security payable 526,809us-gaap_NoncashOrPartNoncashAcquisitionEmployeeBenefitLiabilitiesAssumed1 [1] 123,098us-gaap_NoncashOrPartNoncashAcquisitionEmployeeBenefitLiabilitiesAssumed1 [2]  
Total liabilities assumed 7,129,455us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 [1] 445,714us-gaap_NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1 [2]  
Net assets acquired 1,537,891meli_NoncashOrPartNoncashAcquisitionNetAssetsAcquired [1] 237,891meli_NoncashOrPartNoncashAcquisitionNetAssetsAcquired [2]  
Goodwill, Identifiable Intangible Assets and deferred tax liabilities 21,193,054meli_NoncashOrPartNoncashAcquisitionGoodwillIdentifiableIntangibleAssetsAndDeferredTaxLiabilities [1] 2,668,661meli_NoncashOrPartNoncashAcquisitionGoodwillIdentifiableIntangibleAssetsAndDeferredTaxLiabilities [2]  
Escrow for employment relationship   547,945meli_NoncashOrPartNoncashAcquisitionEscrowForEmploymentRelationshipAcquired [2]  
Total purchase price 42,758,414meli_TotalPurchasePriceOfAcquisitions [1] 3,454,497meli_TotalPurchasePriceOfAcquisitions [2]  
Cash and cash equivalents acquired 1,102,169us-gaap_CashAcquiredFromAcquisition [1] 31,058us-gaap_CashAcquiredFromAcquisition [2]  
Payment for acquired businesses, net of cash acquired 41,656,245meli_PaymentsToAcquireBusinessNetOfCashAcquired [1] 3,423,439meli_PaymentsToAcquireBusinessNetOfCashAcquired [2]  
Trademarks [Member]      
Acquisition of business      
Intangible assets 7,577,000us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
/ us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis
= us-gaap_TrademarksMember
[1]    
Customer Lists [Member]      
Acquisition of business      
Intangible assets 10,988,868us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
= us-gaap_CustomerListsMember
[1]    
Software [Member]      
Acquisition of business      
Intangible assets 446,625us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
= us-gaap_ComputerSoftwareIntangibleAssetMember
[1]    
Non Solicitation Agreement [Member]      
Acquisition of business      
Intangible assets $ 1,014,976us-gaap_NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
/ us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis
= meli_NonSolicitationAgreementsMember
[1]    
[1] Related to the acquisition of software development company and Mexican and Chilean classified web site-see Note 6
[2] Related to the acquisition of software development company-See Note 6