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SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Summary of Financial Performance of Company's Reporting Segments | The following tables summarize the financial performance of the Company’s reporting segments:
| Year Ended December 31, 2023
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Net revenues | $ | 7,595 |  |  | $ | 3,240 |  |  | $ | 2,985 |  |  | $ | 653 |  |  | $ | 14,473 |
Direct costs | (5,763) |  |  | (1,837) |  |  | (2,371) |  |  | (595) |  |  | (10,566) |
Direct contribution | 1,832 |  |  | 1,403 |  |  | 614 |  |  | 58 |  |  | 3,907 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  | (2,084) |
Income from operations |  |  |  |  |  |  |  |  | 1,823 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 723 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (378) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (615) |
Net income before income tax expense and equity in earnings of unconsolidated entity |  |  |  |  |  |  |  |  | $ | 1,553 |
| Year Ended December 31, 2022
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Net revenues | $ | 5,666 |  |  | $ | 2,500 |  |  | $ | 1,864 |  |  | $ | 507 |  |  | $ | 10,537 |
Direct costs | (4,717) |  |  | (1,488) |  |  | (1,579) |  |  | (481) |  |  | (8,265) |
Direct contribution | 949 |  |  | 1,012 |  |  | 285 |  |  | 26 |  |  | 2,272 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  | (1,238) |
Income from operations |  |  |  |  |  |  |  |  | 1,034 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 265 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (321) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (198) |
Net income before income tax expense and equity in earnings of unconsolidated entity |  |  |  |  |  |  |  |  | $ | 780 |
| Year Ended December 31, 2021
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Net revenues | $ | 3,910 |  |  | $ | 1,531 |  |  | $ | 1,172 |  |  | $ | 456 |  |  | $ | 7,069 |
Direct costs | (3,233) |  |  | (998) |  |  | (1,139) |  |  | (380) |  |  | (5,750) |
Direct contribution | 677 |  |  | 533 |  |  | 33 |  |  | 76 |  |  | 1,319 |
Operating expenses and indirect costs of net revenues |  |  |  |  |  |  |  |  | (878) |
Income from operations |  |  |  |  |  |  |  |  | 441 |
Other income (expenses): |  |  |  |  |  |  |  |  |
Interest income and other financial gains |  |  |  |  |  |  |  |  | 138 |
Interest expense and other financial losses |  |  |  |  |  |  |  |  | (229) |
Foreign currency losses, net |  |  |  |  |  |  |  |  | (109) |
Net income before income tax expense and equity in earnings of unconsolidated entity |  |  |  |  |  |  |  |  | $ | 241 |
Summary of Consolidated Net Revenues by Similar Products and Services | The following tables summarize net revenues per reporting segment, which have been disaggregated by similar products and services for the years ended December 31, 2023, 2022 and 2021:
| Year Ended December 31, 2023
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Commerce services (1) | $ | 3,655 |  |  | $ | 1,036 |  |  | $ | 1,653 |  |  | $ | 410 |  |  | $ | 6,754 |
Commerce products sales (2) | 857 |  |  | 225 |  |  | 326 |  |  | 39 |  |  | 1,447 |
Total commerce revenues | 4,512 |  |  | 1,261 |  |  | 1,979 |  |  | 449 |  |  | 8,201 |
Fintech services (3) | 1,910 |  |  | 1,292 |  |  | 296 |  |  | 185 |  |  | 3,683 |
Credit revenues (4) | 1,155 |  |  | 684 |  |  | 699 |  |  | 8 |  |  | 2,546 |
Fintech products sales (5) | 18 |  |  | 3 |  |  | 11 |  |  | 11 |  |  | 43 |
Total fintech revenues | 3,083 |  |  | 1,979 |  |  | 1,006 |  |  | 204 |  |  | 6,272 |
Total net revenues | $ | 7,595 |  |  | $ | 3,240 |  |  | $ | 2,985 |  |  | $ | 653 |  |  | $ | 14,473 |
| Year Ended December 31, 2022
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Commerce services (1) | $ | 2,585 |  |  | $ | 814 |  |  | $ | 1,036 |  |  | $ | 329 |  |  | $ | 4,764 |
Commerce products sales (2) | 487 |  |  | 271 |  |  | 246 |  |  | 40 |  |  | 1,044 |
Total commerce revenues | 3,072 |  |  | 1,085 |  |  | 1,282 |  |  | 369 |  |  | 5,808 |
Fintech services (3) | 1,464 |  |  | 904 |  |  | 152 |  |  | 125 |  |  | 2,645 |
Credit revenues (4) | 1,102 |  |  | 506 |  |  | 421 |  |  | 4 |  |  | 2,033 |
Fintech products sales (5) | 28 |  |  | 5 |  |  | 9 |  |  | 9 |  |  | 51 |
Total fintech revenues | 2,594 |  |  | 1,415 |  |  | 582 |  |  | 138 |  |  | 4,729 |
Total net revenues | $ | 5,666 |  |  | $ | 2,500 |  |  | $ | 1,864 |  |  | $ | 507 |  |  | $ | 10,537 |
| Year Ended December 31, 2021
| Brazil |  | Argentina |  | Mexico |  | Other Countries |  | Total
| (In millions)
Commerce services (1) | $ | 2,076 |  |  | $ | 614 |  |  | $ | 756 |  |  | $ | 304 |  |  | $ | 3,750 |
Commerce products sales (2) | 405 |  |  | 242 |  |  | 168 |  |  | 70 |  |  | 885 |
Total commerce revenues | 2,481 |  |  | 856 |  |  | 924 |  |  | 374 |  |  | 4,635 |
Fintech services (3) | 938 |  |  | 490 |  |  | 80 |  |  | 82 |  |  | 1,590 |
Credit revenues (4) | 468 |  |  | 178 |  |  | 163 |  |  | — |  |  | 809 |
Fintech products sales (5) | 23 |  |  | 7 |  |  | 5 |  |  | — |  |  | 35 |
Total fintech revenues | 1,429 |  |  | 675 |  |  | 248 |  |  | 82 |  |  | 2,434 |
Total net revenues | $ | 3,910 |  |  | $ | 1,531 |  |  | $ | 1,172 |  |  | $ | 456 |  |  | $ | 7,069 |
(1) Includes final value fees and flat fees paid by sellers derived from intermediation services and related shipping and storage fees, classified fees derived from classified advertising services and ad sales. (2) Includes revenues from inventory sales and related shipping fees. (3) Includes revenues from commissions the Company charges for transactions off-platform derived from use of the Company’s payment solution, revenues as a result of offering installments for the payment to its Mercado Pago users, either when the Company finances the transactions directly or when the Company sells the corresponding financial assets, Mercado Pago credit and debit card fees and insurtech fees. (4) Includes interest earned on loans and advances granted to merchants and consumers, and interest earned on Mercado Pago credit card transactions. (5) Includes sales of mobile point of sales devices.
Summary of Allocation of Property and Equipment Based on Geography | The following table summarizes the allocation of the property and equipment based on geography:
| December 31,
| 2023 |  | 2022
| (In millions)
US property and equipment, net | $ | 2 |  |  | $ | 1 |
Other countries |  |  |
Argentina | 208 |  |  | 188 |
Brazil | 603 |  |  | 514 |
Mexico | 345 |  |  | 206 |
Other countries | 92 |  |  | 84 |
| 1,248 |  |  | 992 |
Total property and equipment, net | $ | 1,250 |  |  | $ | 993 |
Schedule of Operating Lease Right of Use Assets Based on Geography | The following table summarizes the allocation of the operating lease right-of-use assets based on geography:
| December 31,
| 2023 |  | 2022
| (In millions)
Argentina | $ | 51 |  |  | $ | 53 |
Brazil | 396 |  |  | 286 |
Mexico | 380 |  |  | 245 |
Other countries | 72 |  |  | 72 |
Right of use asset, net | $ | 899 |  |  | $ | 656 |
Summary of Allocation of Goodwill and Intangible Assets Based on Geography | The following table summarizes the allocation of the goodwill and intangible assets based on geography:
| December 31,
| 2023 |  | 2022
| (In millions)
US intangible assets at fair value (1) | $ | 24 |  |  | $ | — |
| $ | 24 |  |  | $ | — |
US intangible assets, net (1) | $ | — |  |  | $ | 9 |
Goodwill and intangible assets, net |  |  |
Argentina | 12 |  |  | 14 |
Brazil | 68 |  |  | 63 |
Mexico | 44 |  |  | 40 |
Other countries | 50 |  |  | 52 |
| 174 |  |  | 169 |
Total goodwill and intangible assets | $ | 198 |  |  | $ | 178 |
(1) Digital assets as of December 31, 2023 are included within “Intangible assets at fair value” of the consolidated balance sheets. See Note 2 – Summary of significant accounting policies – Recently Adopted Accounting Standards of these audited consolidated financial statements for further detail.

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