MercadoLibre (MELI) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 06, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	MercadoLibre, Inc.
Trading Symbol	MELI
Entity Central Index Key	0001099590
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Incorporation State Country Code	DE
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,709,956
Entity Address, Address Line One	Arias 3751, 7th Floor
Entity Address, City or Town	Buenos Aires
Entity Address, Postal Zip Code	C1430CRG
Entity Address, Country	Argentina
Entity File Number	001-33647
Entity Tax Identification Number	980212790
City Area Code	5411
Local Phone Number	4640-8000

Interim Condensed Consolidated

Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,118,662	$ 440,332
Restricted cash and cash equivalents	9,660	24,363
Short-term investments (339,299 and 284,317 held in guarantee)	1,789,354	461,541
Accounts receivable, net	40,175	35,153
Credit cards receivable, net	433,046	360,298
Loans receivable, net	192,881	95,778
Prepaid expenses	18,618	27,477
Inventory	5,950	4,612
Other assets	68,086	61,569
Total current assets	3,676,432	1,511,123
Non-current assets:
Long-term investments	207,047	276,136
Property and equipment, net	216,005	165,614
Operating lease right-of-use assets	157,843	0
Goodwill	90,375	88,883
Intangible assets, net	16,808	18,581
Deferred tax assets	184,926	141,438
Other assets	46,056	37,744
Total non-current assets	919,060	728,396
Total assets	4,595,492	2,239,519
Current liabilities:
Accounts payable and accrued expenses	314,703	266,759
Funds payable to customers	778,128	640,954
Salaries and social security payable	78,007	60,406
Taxes payable	45,672	31,058
Loans payable and other financial liabilities	162,983	132,949
Operating lease liabilities	13,957	0
Other liabilities	56,059	34,098
Total current liabilities	1,449,509	1,166,224
Non-current liabilities:
Salaries and social security payable	23,648	23,161
Loans payable and other financial liabilities	619,670	602,228
Operating lease liabilities	147,555	0
Deferred tax liabilities	98,997	91,698
Other liabilities	11,501	19,508
Total non-current liabilities	901,371	736,595
Total liabilities	2,350,880	1,902,819
Commitments and Contingencies (Note 7)
Redeemable convertible preferred stock, $0.001 par value, 40,000,000 shares authorized, 100,000 shares issued and outstanding at June 30, 2019 (Note 10)	98,843	0
Equity
Common stock, $0.001 par value, 110,000,000 shares authorized, 49,318,543 and 45,202,859 shares issued and outstanding at June 30, 2019 and December 31, 2018	49	45
Additional paid-in capital	2,009,497	224,800
Retained earnings	524,672	503,432
Accumulated other comprehensive loss	(388,449)	(391,577)
Total Equity	2,145,769	336,700
Total Liabilities, Redeemable convertible preferred stock and Equity	$ 4,595,492	$ 2,239,519

Interim Condensed Consolidate_2

Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Interim Condensed Consolidated Balance Sheets [Abstract]
Short-term investments, held in guarantee	$ 339,299	$ 284,317
Redeemable convertible preferred stock, Par Value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, Shares Authorized	40,000,000	40,000,000
Redeemable convertible preferred stock, Shares Issued	100,000
Redeemable convertible preferred stock, Shares Outstanding	100,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	110,000,000	110,000,000
Common stock, shares issued	49,318,543	45,202,859
Common stock, shares outstanding	49,318,543	45,202,859

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interim Condensed Consolidated Statements of Income [Abstract]
Net revenues	$ 545,242	$ 335,377	$ 1,019,012	$ 656,353
Cost of net revenues	(272,812)	(175,629)	(509,578)	(333,847)
Gross profit	272,430	159,748	509,434	322,506
Operating expenses:
Product and technology development	(53,923)	(33,437)	(106,292)	(71,833)
Sales and marketing	(180,692)	(121,216)	(311,368)	(231,939)
General and administrative	(50,303)	(33,337)	(94,123)	(76,395)
Total operating expenses	(284,918)	(187,990)	(511,783)	(380,167)
Loss from operations	(12,488)	(28,242)	(2,349)	(57,661)
Other income (expenses):
Interest income and other financial gains	33,684	9,915	58,128	19,110
Interest expense and other financial losses	(14,679)	(13,202)	(30,238)	(23,936)
Foreign currency (losses) gains	783	12,577	(2,886)	18,178
Net income (loss) before income tax gain	7,300	(18,952)	22,655	(44,309)
Income tax gain	8,917	7,700	5,426	20,138
Net income (loss)	$ 16,217	$ (11,252)	$ 28,081	$ (24,171)
Basic EPS: Basic net income (loss)
Available to shareholders per common share	$ 0.31	$ (0.25)	$ 0.45	$ (0.55)
Weighted average of outstanding common shares	49,318,522	44,157,364	47,658,610	44,157,364
Diluted EPS: Diluted net income (loss)
Available to shareholders per common share	$ 0.31	$ (0.25)	$ 0.45	$ (0.55)
Weighted average of outstanding common shares	49,318,522	44,157,364	47,658,610	44,157,364

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interim Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income (loss)	$ 16,217	$ (11,252)	$ 28,081	$ (24,171)
Other comprehensive income (loss), net of income tax:
Currency translation adjustment	3,647	(86,956)	3,353	(102,530)
Unrealized gains on hedging activities		912		912
Unrealized net gains on available for sale investments	492	88	2,504	65
Less: Reclassification adjustment for gains from accumulated other comprehensive income		922	2,729	1,718
Net change in accumulated other comprehensive loss, net of income tax	4,139	(86,878)	3,128	(103,271)
Total Comprehensive income (loss)	$ 20,356	$ (98,130)	$ 31,209	$ (127,442)

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Beginning Balance at Dec. 31, 2017	$ 44	$ 70,661	$ 537,925	$ (282,851)	$ 325,779
Beginning Balance (in shares) at Dec. 31, 2017	44,157
Capped Call		(45,692)			(45,692)
Changes in accounting Standards			2,092		2,092
Net income (loss)			(12,919)		(12,919)
Other comprehensive income (loss)				(16,393)	(16,393)
Ending Balance at Mar. 31, 2018	$ 44	24,969	527,098	(299,244)	252,867
Ending Balance (in shares) at Mar. 31, 2018	44,157
Beginning Balance at Dec. 31, 2017	$ 44	70,661	537,925	(282,851)	325,779
Beginning Balance (in shares) at Dec. 31, 2017	44,157
Net income (loss)					(24,171)
Ending Balance at Jun. 30, 2018	$ 44	24,969	515,846	(386,122)	154,737
Ending Balance (in shares) at Jun. 30, 2018	44,157
Beginning Balance at Mar. 31, 2018	$ 44	24,969	527,098	(299,244)	252,867
Beginning Balance (in shares) at Mar. 31, 2018	44,157
Net income (loss)			(11,252)		(11,252)
Other comprehensive income (loss)				(86,878)	(86,878)
Ending Balance at Jun. 30, 2018	$ 44	24,969	515,846	(386,122)	154,737
Ending Balance (in shares) at Jun. 30, 2018	44,157
Beginning Balance at Dec. 31, 2018	$ 45	224,800	503,432	(391,577)	336,700
Beginning Balance (in shares) at Dec. 31, 2018	45,203
Common Stock issued	$ 4	1,866,496			1,866,500
Common Stock issued (in shares)	4,116
Exercise of convertible notes		2			2
Unwind Capped Call		3			3
Net income (loss)			11,864		11,864
Amortization of Preferred Stock discount		5,841	(5,841)
Other comprehensive income (loss)				(1,011)	(1,011)
Ending Balance at Mar. 31, 2019	$ 49	2,097,142	509,455	(392,588)	2,214,058
Ending Balance (in shares) at Mar. 31, 2019	49,319
Beginning Balance at Dec. 31, 2018	$ 45	224,800	503,432	(391,577)	336,700
Beginning Balance (in shares) at Dec. 31, 2018	45,203
Redeemable convertible preferred stock dividend distribution ($9.99 per share)					(1,000)
Net income (loss)					28,081
Other comprehensive income (loss)					3,128
Ending Balance at Jun. 30, 2019	$ 49	2,009,497	524,672	(388,449)	2,145,769
Ending Balance (in shares) at Jun. 30, 2019	49,319
Beginning Balance at Mar. 31, 2019	$ 49	2,097,142	509,455	(392,588)	2,214,058
Beginning Balance (in shares) at Mar. 31, 2019	49,319
Transaction Costs		715			715
Exercise of convertible notes		2			2
Capped Call		(88,362)			(88,362)
Redeemable convertible preferred stock dividend distribution ($9.99 per share)			(1,000)		(1,000)
Net income (loss)			16,217		16,217
Other comprehensive income (loss)				4,139	4,139
Ending Balance at Jun. 30, 2019	$ 49	$ 2,009,497	$ 524,672	$ (388,449)	$ 2,145,769
Ending Balance (in shares) at Jun. 30, 2019	49,319

Interim Condensed Consolidate_6

Interim Condensed Consolidated Statements of Equity (Parenthetical)	Jun. 30, 2019$ / shares
Interim Condensed Consolidated Statements of Equity [Abstract]
Redeemable convertible preferred stock dividend distribution, price per share	$ 9.99

Interim Condensed Consolidate_7

Interim Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operations:
Net income (loss)	$ 28,081	$ (24,171)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized devaluation loss, net	13,366	6,976
Depreciation and amortization	32,975	22,566
Accrued interest	(24,753)	(7,845)
Non cash interest and convertible notes amortization of debt discount and amortization of debt issuance costs	11,140	9,684
LTRP accrued compensation	32,208	16,792
Deferred income taxes	(34,743)	(54,818)
Changes in assets and liabilities:
Accounts receivable	(6,900)	(21,807)
Credit card receivables	(61,562)	97,097
Prepaid expenses	8,857	(10,143)
Inventory	(1,191)	(6,299)
Other assets	(12,651)	(24,441)
Payables and accrued expenses	41,798	42,771
Funds payable to customers	118,421	32,513
Other liabilities	3,587	20,213
Interest received from investments	17,292	8,066
Net cash provided by operating activities	165,925	107,154
Cash flows from investing activities:
Purchase of investments	(2,332,544)	(1,248,452)
Proceeds from sale and maturity of investments	1,086,461	1,390,713
Purchases of intangible assets	(34)	(242)
Advance for property and equipment		(4,426)
Changes in principal of loans receivable, net	(97,468)	(66,629)
Purchases of property and equipment	(71,361)	(42,092)
Net cash (used in) provided by investing activities	(1,414,946)	28,872
Cash flows from financing activities:
Purchase of convertible note capped call	(88,362)	(45,692)
Proceeds from loans payable and other financial liabilities	95,603	146,666
Payments on loans payable and other financing liabilities	(55,236)	(14,893)
Payment of finance lease obligations	(889)
Dividends paid		(6,624)
Dividends paid of preferred stock	(844)
Proceeds from issuance of convertible redeemable preferred stock, net	98,688
Proceeds from issuance of common stock, net	1,867,215
Net cash provided by financing activities	1,916,175	79,457
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents	(3,527)	(79,732)
Net increase in cash, cash equivalents, restricted cash and cash equivalents	663,627	135,751
cash, cash equivalents, restricted cash and cash equivalents, beginning of the period	464,695	388,260
cash, cash equivalents, restricted cash and cash equivalents, end of the period	$ 1,128,322	$ 524,011

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2019
Nature of Business [Abstract]
Nature of Business	1. Nature of Business MercadoLibre, Inc. (“MercadoLibre” or the “Company”) was incorporated in the state of Delaware, in the United States of America in October 1999. MercadoLibre is the largest online commerce ecosystem in Latin America , serving as an integrated regional platform and as a provider of the necessary online and technology-based tools that allow businesses and individuals to trade products and services in the region. The Company enables commerce through its marketplace platform (including online classifieds for motor vehicles, vessels, aircraft, services and real estate), which allows users to buy and sell in most of Latin America. Through Mercado Pago, the Company’s FinTech solution, MercadoLibre enables individuals and businesses to send and receive online payments; through Mercado Envios, MercadoLibre facilitates the shipping of goods from sellers to buyers; through our advertising products, MercadoLibre facilitates advertising services for large retailers and brands to promote their product and services on the web; through Mercado Shops, MercadoLibre allows users to set-up, manage, and promote their own on-line web-stores under a subscription-based business model; through Mercado Credito, MercadoLibre extends loans to certain merchants and consumers; and through Mercado Fondo, MercadoLibre allows users to invest funds deposited in their Mercado Pago accounts. In addition, MercadoLibre develops and sells software enterprise solutions to e-commerce business clients in Brazil. As of June 30, 2019, MercadoLibre, through its wholly-owned subsidiaries, operated online ecommerce platforms directed towards Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Peru, Mexico, Panama, Honduras, Nicaragua, El Salvador, Uruguay, Bolivia, Guatemala, Paraguay and Venezuela. Additionally, MercadoLibre operates an online payments solution in Argentina, Brazil, Mexico, Colombia, Chile, Peru and Uruguay. It also offers a shipping solution directed towards Argentina, Brazil, Mexico, Colombia, Chile and Uruguay. In addition, the Company operates a real estate classified platform that covers some areas of State of Florida, in the United States of America.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of significant accounting policies Basis of presentation The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the accounts of the Company, its wholly-owned subsidiaries and consolidated Variable Interest Entities (“VIE”). These interim condensed consolidated financial statements are stated in U.S. dollars, except where otherwise indicated. Intercompany transactions and balances with subsidiaries have been eliminated for consolidation purposes. Substantially all net revenues, cost of net revenues and operating expenses are generated in the Company’s foreign operations. Long-lived assets, intangible assets and goodwill located in the foreign jurisdictions totaled $ 321,409 thousands and $ 270,073 thousands as of June 30, 2019 and December 31, 2018, respectively. These interim condensed consolidated financial statements reflect the Company’s consolidated financial position as of June 30, 2019 and December 31, 2018. These financial statements include the Company’s consolidated statements of income, comprehensive income and equity for the six and three-month periods ended June 30, 2019 and 2018 and statement of cash flows for the six-month periods ended June 30, 2019 and 2018. These interim condensed consolidated financial statements include all normal recurring adjustments that Management believes are necessary to fairly state the Company’s financial position, operating results and cash flows. Because all of the disclosures required by U.S. GAAP for annual consolidated financial statements are not included herein, these unaudited interim condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2018, contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The condensed consolidated statements of income, comprehensive income, equity and cash flows for the periods presented herein are not necessarily indicative of results expected for any future period. For a more detailed discussion of the Company’s significant accounting policies, see note 2 to the financial statements in the Company’s Form 10-K for the year ended December 31, 2018. During the six-month period ended June 30, 2019, there were no material updates made to the Company’s significant accounting policies, except for the adoption of ASC 842 and the investments fair value option as of January 1, 2019. S ee Note 2 to these interim condensed consolidated financial statements for more details. Cash and cash equivalents Cash, cash equivalents and restricted cash and cash equivalents of $ 1,128,322 thousands and $ 464,695 thousands as reported in the consolidated statements of cash flow as of June 30, 2019 and December 31, 2018, respectively, is the sum of $ 1,118,662 thousands and $ 9,660 thousands as of June 30, 2019 and the sum of $ 440,332 thousands and $ 24,363 thousands as of December 31, 2018 shown in lines Cash and cash equivalents and Restricted cash and cash equivalents of the consolidated balance sheet. Revenue recognition Revenue recognition criteria for the services mentioned above are described in note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Receivables represent amounts invoiced and revenue recognized prior to invoicing when the Company has satisfied the performance obligation and has the unconditional right to payment. The allowance for doubtful accounts, loans receivable and chargebacks is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions and other factors that may affect our customers’ ability to pay. The allowance for doubtful accounts, loans receivable and chargebacks was $ 33,439 thousands and $ 23,411 thousands as of June 30, 2019 and December 31, 2018, respectively. Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period in accordance with ASC 606. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. Deferred revenue as of December 31, 2018 and 2017 was $ 5,918 thousands and $ 6,116 thousands, respectively, of which $ 4,193 thousands and $ 5,395 thousands were recognized as revenue during the six-month periods ended June 30, 2019 and 2018, respectively. As of June 30, 2019, total deferred revenue was $ 5,930 thousands, mainly due to fees related to listing and optional feature services billed and loyalty programs that are expected to be recognized as revenue in the coming months. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, which is a non-monetary asset, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease, which is a monetary liability. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepaid payments made. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. According to transition guidance, finance leases that existed at December 31, 2018 are included in property and equipment, and loans payable and other financial liabilities in the consolidated balance sheets. Foreign currency translation All of the Company’s consolidated foreign operations use the local currency as their functional currency, except for Argentina, which has used the U.S. dollar as its functional currency since July 1, 2018, as described below. Accordingly, the foreign subsidiaries with local currency as functional currency translate assets and liabilities from their local currencies into U.S. dollars by using year-end exchange rates while income and expense accounts are translated at the average monthly rates in effect during the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transaction are used. The resulting translation adjustment is recorded as a component of other comprehensive income (loss). Argentine currency status As of July 1, 2018, the Company transitioned its Argentinian operations to highly inflationary status in accordance with U.S. GAAP, and changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars, which is the functional currency of their immediate parent company. Pursuant to the change in the functional currency, monetary assets and liabilities are remeasured at closing exchange rate, and non-monetary assets, revenues and expenses are remeasured at the rate prevailing on the date of the respective transaction. The effect of the re measurement is recognized as foreign currency (losses) gains. Argentina is the second largest principal market of the Company’s business, as measured by net revenue (see Note 5 – Segment Reporting). The economic environment in Argentina has been volatile with weak economic conditions, devaluation of local currency, high interest rates, high level of inflation and a large public deficit which led Argentina to request financial assistance from the International Monetary Fund . Derivative Financial Instruments The Company designates certain derivatives as hedges of particular risks associated with forecasted purchases (firm commitments). These transactions (mainly currency forward contracts on firm commitments) are classified as fair value hedge. The Company also hedges its economic exposure to foreign currency risk related to foreign currency denominated monetary assets and liabilities with foreign derivative currency contracts. The gains and losses on the foreign exchange derivative contracts economically offset gains and losses on certain foreign currency denominated monetary assets and liabilities. All outstanding derivatives are recognized in the Company ’s consolidated balance sheet at fair value. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in consolidated statement of income, together with any changes in the fair value of the firm commitment that are attributable to the hedged risk. Changes in the fair value of derivative instruments not designated as a hedge are recognized in earnings. In addition, the Company used derivative instruments to reduce the volatility of earnings and cash flows, which were classified as cash flow hedge as of June 30, 2018. The effective portion of a designated derivative’s gain or loss was initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into the financial statement line item in which the variability of the hedged item was recorded in the period the hedging transaction affects earnings. Income tax The Company is subject to U.S. and foreign income taxes. The Company accounts for income taxes following the liability method of accounting which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are also recognized for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when, based on the available evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized. The Company’s income tax expense consists of taxes currently payable, if any, plus the change during the period in the Company’s deferred tax assets and liabilities. On August 17, 2011, the Argentine government issued a software development law and on September 9, 2013, the Argentine government issued a regulatory decree establishing the requirements to become a beneficiary of the software development law, including a requirement to comply with annual incremental ratios related to exports of services and research and development. The law will expire on December 31, 2019. The Argentine Industry Secretary approved the Company’s application for eligibility under the law for the Company’s Argentine subsidiary, Mercadolibre S.R.L. As a result, the Company’s Argentine subsidiary has been granted a tax holiday retroactive from September 18, 2014. A portion of the benefits obtained is a 60 % relief of total income tax related to software development activities and a 70 % relief of payroll taxes related to software development activities. As a result of the Company’s eligibility under the law, it recorded an income tax benefit of $ 4,093 thousands and $ 774 thousands during the six and three-month periods ended June 30, 2019, respectively. The aggregate per share benefit of the Argentine tax holiday amounted to $ 0.09 and $ 0.02 for the six and three-month periods ended June 30, 2019, respectively. Furthermore, the Company recorded a labor cost benefit of $ 4,637 thousands and $ 2,241 thousands during the six and three-month periods ended June 30, 2019, respectively. Additionally, $ 611 thousands and $ 211 thousands were accrued to pay software development law audit fees during the six and three-month periods ended June 30, 2019, respectively. As a result of the Company’s eligibility under the law, it recorded an income tax benefit of $ 10,562 thousands and $ 3,263 thousands during the six and three-month periods ended June 30, 2018, respectively. The aggregate per share benefit of the Argentine tax holiday amounted to $ 0.24 and $ 0.07 for the six and three-month periods ended June 30, 2018, respectively. Furthermore, the Company recorded a labor cost benefit of $ 3,735 thousands and $ 1,719 thousands during the six and three-month periods ended June 30, 2018, respectively. Additionally, $ 1,001 thousands and $ 349 thousands were accrued to pay software development law audit fees during the six and three-month periods ended June 30, 2018, respectively. On June 10, 2019, the Argentine government enacted Law No. 27,506, which established a regime that provides certain benefits, including tax benefits, for companies that derive at least 70 % of their revenues from certain specified activities. The promotional regime will be effective from January 1, 2020 to December 31, 2029. Eligible companies are entitled to i) a 15 % reduction in the corporate income tax rate, ii) a freeze on the taxpayer’s overall federal tax burden, iii) a reduced contribution requirement for employer social security contributions, and iv) a tax credit in the amount of 1.6 times the amount payable as social security contributions. The tax credit may be used to offset federal taxes, such as value-added tax and income tax. The Company is currently assessing whether it will be eligible to benefit from the new law and related tax benefits, such eligibility remaining subject to Argentine government approval. Further regulations related to Law No. 27,506 are expected to be released. Redeemable Convertible Preferred Stock On March 29, 2019 an affiliate of Dragoneer Investment Group purchased, in a private placement, 100,000 shares of perpetual convertible preferred stock designated as Series A Preferred Stock, par value $ 0.001 per share (the “Preferred Stock”) , of the Company for $ 100 million in the aggregate. The Company determined that the shares of Preferred Stock should be classified as mezzanine equity upon their issuance since they are contingently redeemable as explained in Note 10. The Company also determined that there is a beneficial conversion feature of $ 5,841 thousands attributable to the Preferred Stock because the initial conversion price was lower than the fair value of MercadoLibre’s common stock on March 29, 2019 (the commitment date). The beneficial conversion feature was fully amortized at issuance, increasing the Preferred Stock’s carrying amount, since the shares of Preferred Stock are perpetual and the holders of Preferred Stock have the right to convert immediately. In addition, the Company determined that there were no embedded derivatives requiring bifurcation. Fair value option applied to certain financial instruments Under ASC 825, U.S. GAAP provides an option to elect fair value with impact on the statement of income as an alternative measurement for certain financial instruments and other items on the balance sheet. The Company has elected to measure certain financial assets at fair value with impact on the statement of income from January 1, 2019 for several reasons including to avoid the mismatch generated by the recognition of certain linked instruments / transactions, separately, in consolidated statement of income and consolidated statement of other comprehensive income and to better reflect the financial model applied for selected instruments. The Company’s election of the fair value option applies to the: i) Brazilian federal government bonds and ii) U.S. treasury notes. As result of the election of the fair value option, the Company recognized gains in interest income and other financial gains of $ 3,722 thousands as of June 30, 2019. Accumulated other comprehensive loss The following table sets forth the Company’s accumulated other comprehensive loss as of June 30, 2019 and December 31, 2018: June 30, December 31, 2019 2018 (In thousands) Accumulated other comprehensive loss: Foreign currency translation $ ( 390,953 ) $ ( 394,306 ) Unrealized gains on investments 3,157 3,345 Estimated tax loss on unrealized gains on investments ( 653 ) ( 616 ) $ ( 388,449 ) $ ( 391,577 ) The following tables summarize the changes in accumulated balances of other comprehensive loss for the six-months ended June 30, 2019: Unrealized Foreign Estimated tax (Losses) Gains on Currency (expense) Investments Translation benefit Total (In thousands) Balances as of December 31, 2018 $ 3,345 $ ( 394,306 ) $ ( 616 ) $ ( 391,577 ) Other comprehensive income (loss) before reclassifications 3,157 3,353 ( 653 ) 5,857 Amount of loss (gain) reclassified from accumulated other comprehensive loss ( 3,345 ) — 616 ( 2,729 ) Net current period other comprehensive income (loss) ( 188 ) 3,353 ( 37 ) 3,128 Ending balance $ 3,157 $ ( 390,953 ) $ ( 653 ) $ ( 388,449 ) Amount of (Loss) Gain Reclassified from Details about Accumulated Accumulated Other Other Comprehensive Loss Comprehensive Affected Line Item Components Loss in the Statement of Income (In thousands) Unrealized gains on investments $ 3,345 Interest income and other financial gains Estimated tax gain on unrealized losses on investments ( 616 ) Income tax loss Total reclassifications for the period $ 2,729 Total, net of income taxes Use of estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, accounting for allowances for doubtful accounts and chargeback provisions, allowance for loans receivables, recoverability of goodwill, intangible assets with indefinite useful lives and tax loss carryforwards, impairment of short-term and long-term investments, impairment of long-lived assets, compensation costs relating to the Company’s long term retention plan, fair value of convertible debt, fair value of investments, fair value of derivative instruments, recognition of income taxes and contingencies and determination of the incremental borrowing rate at commencement date of lease operating agreements. Actual results could differ from those estimates. Recently Adopted Accounting Standards In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use (ROU) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The guidance permits the use of a modified retrospective approach, which requires an entity to recognize and measure leases existing at, or entered into after, the beginning of the earliest comparative period presented. Alternatively, the guidance permits a “Comparatives Under 840 Option” that changes the date of initial application to the beginning of the period of adoption. The Company elected the Comparatives Under 840 Option in which it must apply ASC 840 to all comparative periods, including disclosures, and there were no effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carryforward the historical lease classification. In addition, the Company elected certain practical expedients and accounting policies including the lessee practical expedient to not separate lease components. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company recognizes those lease payments in the consolidated statements of income on a straight-line basis over the lease term. The standard had a material impact on the Company’s consolidated balance sheets. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for existing finance leases remains substantially unchanged. Recently issued accounting pronouncements not yet adopted On June 16, 2016 the FASB issued the ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of credit losses on financial instruments”. This update amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this update eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this topic will require that credit losses be presented as an allowance rather than as a write-down. The new standard is effective for fiscal years beginning after December 15, 2019. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its financial statements. On August 28, 2018 the FASB issued the ASU 2018-13 “Fair value measurement (Topic 820): Disclosure Framework—Changes to the disclosure requirements for fair value measurement”. This update modified the disclosure requirements on fair value measurements based on concepts in the FASB Concepts Statement. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. On August 29, 2018 the FASB issued the ASU 2018-15 “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)”. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its financial statements.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Net Income (Loss) Per Share [Abstract]
Net Income (Loss) Per Share	3. Net income (loss) per share Basic earnings per share for the Company’s common stock is computed by dividing, net income (loss) available to common shareholders attributable to common stock for the period by the weighted average number of common shares outstanding during the period. On June 30, 2014, the Company issued $ 330 million of 2.25 % Convertible Senior Notes due 2019 and on August 24, 2018 and August 31, 2018 the Company issued an aggregate principal amount of $ 880 million of 2.00 % Convertible Senior Notes due 2028 (see Note 9 to these interim condensed consolidated financial statements). Additionally, on March 29, 2019 the Company issued Preferred Stock (see Note 2 and Note 10 to these interim condensed consolidated financial statements). The conversion of these notes and the Preferred Stock are included in the calculation for diluted earnings per share utilizing the “if converted” method. Accordingly, conversion of these Notes and the redeemable convertible preferred stock are not assumed for purposes of computing diluted earnings per share if the effect is antidilutive. The denominator for diluted net income (loss) per share for the six and three-month periods ended June 30, 2019 and 2018 does not include any effect from the 2019 Notes Capped Call Transactions (as defined in Note 9) or the 2028 Notes Capped Call Transactions (as defined in Note 9) because it would be antidilutive. In the event of conversion of any or all of the 2019 Notes or the 2028 Notes, the shares that would be delivered to the Company under the Capped Call Transactions (as defined in Note 9) are designed to partially neutralize the dilutive effect of the shares that the Company would issue under the Notes. S ee Note 9 to these interim condensed consolidated financial statements and Note 17 of the financial statements as of December 31, 2018 on Form 10-K for more details. For the six and three-month periods ended June 30, 2019 , the effects of the conversion of the redeemable convertible preferred stock would have been antidilutive and, as a consequence, they were not factored into the calculation of diluted earnings per share. Net income (loss) per share of common stock is as follows for the six and three-month periods ended June 30, 2019 and 2018: Six Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income (loss) per common share $ 0.45 $ 0.45 $ ( 0.55 ) $ ( 0.55 ) $ 0.31 $ 0.31 $ ( 0.25 ) $ ( 0.25 ) Numerator: Net income (loss) $ 28,081 $ 28,081 $ ( 24,171 ) $ ( 24,171 ) $ 16,217 $ 16,217 $ ( 11,252 ) $ ( 11,252 ) Amortization of redeemable convertible preferred stock ( 5,841 ) ( 5,841 ) — — — — — — Dividends on preferred stock ( 1,000 ) ( 1,000 ) — — ( 1,000 ) ( 1,000 ) — — Net income (loss) corresponding to common stock $ 21,240 $ 21,240 $ ( 24,171 ) $ ( 24,171 ) $ 15,217 $ 15,217 $ ( 11,252 ) $ ( 11,252 ) Denominator: Weighted average of common stock outstanding for Basic earnings per share 47,658,610 — 44,157,364 — 49,318,522 — 44,157,364 — Adjusted weighted average of common stock outstanding for Diluted earnings per share — 47,658,610 — 44,157,364 — 49,318,522 — 44,157,364

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	4. G oodwill and intangible assets The composition of goodwill and intangible assets is as follows: June 30, December 31, 2019 2018 (In thousands) Goodwill $ 90,375 $ 88,883 Intangible assets with indefinite lives - Trademarks 8,763 8,584 Amortizable intangible assets - Licenses and others 5,415 5,406 - Non-compete agreement 2,803 3,028 - Customer list 14,915 14,897 - Trademarks 4,680 4,565 Total intangible assets $ 36,576 $ 36,480 Accumulated amortization ( 19,768 ) ( 17,899 ) Total intangible assets, net $ 16,808 $ 18,581 Goodwill The changes in the carrying amount of goodwill for the six-month period ended June 30, 2019 and the year ended December 31, 2018 are as follows: Period Ended June 30, 2019 Brazil Argentina Mexico Chile Colombia Other Countries Total (In thousands) Balance, beginning of the period $ 30,069 $ 6,946 $ 31,340 $ 16,014 $ 3,339 $ 1,175 $ 88,883 Purchase price allocations adjustments — 45 — — — — 45 Effect of exchange rates changes 287 — 738 370 44 8 1,447 Balance, end of the period $ 30,356 $ 6,991 $ 32,078 $ 16,384 $ 3,383 $ 1,183 $ 90,375 Year Ended December 31, 2018 Brazil Argentina Mexico Chile Colombia Other Countries Total (In thousands) Balance, beginning of the year $ 32,492 $ 5,761 $ 30,396 $ 18,805 $ 3,632 $ 1,193 $ 92,279 - Business acquisitions 3,110 3,175 543 61 80 53 7,022 - Effect of exchange rates changes ( 5,533 ) ( 1,990 ) 401 ( 2,852 ) ( 373 ) ( 71 ) ( 10,418 ) Balance, end of the year $ 30,069 $ 6,946 $ 31,340 $ 16,014 $ 3,339 $ 1,175 $ 88,883 Intangible assets with definite useful life Intangible assets with definite useful life are comprised of customer lists, non-compete and non-solicitation agreements, acquired software licenses, and other acquired intangible assets including developed technologies and trademarks. Aggregate amortization expense for intangible assets totaled $ 919 thousands and $ 1,656 thousands for the three-month periods ended June 30, 2019 and 2018, respectively, while aggregate amortization expense for intangible assets for the six-month periods ended June 30, 2019 and 2018 amounted to $ 2,149 thousands and $ 3,328 thousands, respectively. The following table summarizes the remaining amortization of intangible assets (in thousands of U.S. dollars) with definite useful life as of June 30, 2019 : For year ended 12/31/2019 $ 2,069 For year ended 12/31/2020 2,396 For year ended 12/31/2021 1,819 For year ended 12/31/2022 1,072 Thereafter 689 $ 8,045

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	5. Segment reporting Reporting segments are based upon the Company’s internal organizational structure, the manner in which the Company’s operations are managed and resources are assigned, the criteria used by Management to evaluate the Company’s performance, the availability of separate financial information and overall materiality considerations. Segment reporting is based on geography as the main basis of segment breakdown in accordance with the criteria used for evaluation of the Company’s performance as determined by Management. The Company’s segments include Brazil, Argentina, Mexico and other countries (which includes Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Honduras, Nicaragua, El Salvador, Bolivia, Guatemala, Panama, Paraguay, Peru, Uruguay and the United States of America). Direct contribution consists of net revenues from external customers less direct costs, which include costs of net revenues, product and technology development expenses, sales and marketing expenses and general and administrative expenses over which segment managers have direct discretionary control, such as advertising and marketing programs, customer support expenses, allowances for doubtful accounts, payroll and third-party fees. All corporate related costs have been excluded from the Company’s direct contribution. Expenses over which segment managers do not currently have discretionary control, such as certain technology and general and administrative costs are monitored by Management through shared cost centers and are not evaluated in the measurement of segment performance. The following tables summarize the financial performance of the Company’s reporting segments: Three Months Ended June 30, 2019 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 340,858 $ 113,913 $ 64,383 $ 26,088 $ 545,242 Direct costs ( 275,917 ) ( 83,909 ) ( 85,216 ) ( 24,441 ) ( 469,483 ) Direct contribution 64,941 30,004 ( 20,833 ) 1,647 75,759 Operating expenses and indirect costs of net revenues ( 88,247 ) Loss from operations ( 12,488 ) Other income (expenses): Interest income and other financial gains 33,684 Interest expense and other financial losses ( 14,679 ) Foreign currency gains 783 Net income before income tax gain $ 7,300 Three Months Ended June 30, 2018 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 195,839 $ 100,110 $ 17,540 $ 21,888 $ 335,377 Direct costs ( 176,987 ) ( 68,051 ) ( 39,534 ) ( 21,088 ) ( 305,660 ) Direct contribution 18,852 32,059 ( 21,994 ) 800 29,717 Operating expenses and indirect costs of net revenues ( 57,959 ) Loss from operations ( 28,242 ) Other income (expenses): Interest income and other financial gains 9,915 Interest expense and other financial losses ( 13,202 ) Foreign currency gains 12,577 Net loss before income tax gain $ ( 18,952 ) Six Months Ended June 30, 2019 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 643,242 $ 207,689 $ 118,944 $ 49,137 $ 1,019,012 Direct costs ( 501,260 ) ( 151,401 ) ( 150,801 ) ( 44,888 ) ( 848,350 ) Direct contribution 141,982 56,288 ( 31,857 ) 4,249 170,662 Operating expenses and indirect costs of net revenues ( 173,011 ) Loss from operations ( 2,349 ) Other income (expenses): Interest income and other financial gains 58,128 Interest expense and other financial losses ( 30,238 ) Foreign currency losses ( 2,886 ) Net income before income tax gain $ 22,655 Six Months Ended June 30, 2018 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 379,994 $ 202,049 $ 34,605 $ 39,705 $ 656,353 Direct costs ( 353,967 ) ( 125,346 ) ( 65,857 ) ( 38,361 ) ( 583,531 ) Direct contribution 26,027 76,703 ( 31,252 ) 1,344 72,822 Operating expenses and indirect costs of net revenues ( 130,483 ) Loss from operations ( 57,661 ) Other income (expenses): Interest income and other financial gains 19,110 Interest expense and other financial losses ( 23,936 ) Foreign currency gains 18,178 Net loss before income tax gain $ ( 44,309 ) The following table summarizes the allocation of property and equipment, net based on geography: June 30, December 31, 2019 2018 (In thousands) US property and equipment, net $ 1,758 $ 2,959 Other countries Argentina 90,560 58,358 Brazil 92,143 78,227 Mexico 22,503 16,497 Other countries 9,041 9,573 $ 214,247 $ 162,655 Total property and equipment, net $ 216,005 $ 165,614 The following table summarizes the allocation of the goodwill and intangible assets based on geography: June 30, December 31, 2019 2018 (In thousands) US intangible assets $ 21 $ 46 Other countries goodwill and intangible assets Argentina 8,417 9,050 Brazil 32,147 32,955 Mexico 36,222 35,993 Chile 25,371 24,638 Other countries 5,005 4,782 $ 107,162 $ 107,418 Total goodwill and intangible assets $ 107,183 $ 107,464 Consolidated net revenues by similar products and services for the six and three-month periods ended June 30, 2019 and 2018 were as follows: Six months Ended June 30, Three months Ended June 30, Consolidated Net Revenues 2019 2018 2019 2018 (In thousands) (In thousands) Enhanced Marketplace (*) $ 541,333 $ 296,897 $ 288,298 $ 156,202 Non-marketplace (**) (***) 477,679 359,456 256,944 179,175 Total $ 1,019,012 $ 656,353 $ 545,242 $ 335,377 (*) Includes Final Value Fees and Shipping fees. (**) Includes, among other things, Ad Sales, Classified Fees, Payment Fees and other ancillary services. (***) Includes $ 408,191 thousands and $ 288,678 thousands of Payment Fees for the six-month periods ended June 30, 2019 and 2018, respectively. Includes an amount of $ 221,226 thousands and $ 143,915 thousands of Payment Fees for the three-month periods ended June 30, 2019 and 2018, respectively.

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities	6 Months Ended
	Jun. 30, 2019
Fair Value Measurement of Assets and Liabilities [Abstract]
Fair Value Measurement of Assets and Liabilities	6. Fair value measurement of assets and liabilities The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018: Quoted Prices in Quoted Prices in Balances as of active markets for Significant other Unobservable Balances as of active markets for Significant other Unobservable June 30, identical Assets observable inputs inputs December 31, identical Assets observable inputs inputs Description 2019 (Level 1) (Level 2) (Level 3) 2018 (Level 1) (Level 2) (Level 3) (In thousands) Assets Cash and Cash Equivalents: Money Market Funds $ 168,741 $ 168,741 $ — $ — $ 179,252 $ 179,252 $ — $ — Restricted Cash and cash equivalents: Money Market Funds 9,591 9,591 — 24,363 24,363 — — Investments: Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) 339,299 339,299 — — 284,317 284,317 — — Sovereign Debt Securities 1,238,880 1,238,880 — — 429,602 429,602 — — Corporate Debt Securities 255 250 5 — 262 237 25 — Other Assets: Firm commitments 1,030 — — 1,030 — — — — Derivative Instruments 69 — — 69 — — — — Total Financial Assets $ 1,757,865 $ 1,756,761 $ 5 $ 1,099 $ 917,796 $ 917,771 $ 25 $ — Liabilities: Contingent considerations $ 2,135 $ — $ — $ 2,135 $ 2,097 $ — $ — $ 2,097 Long-term retention plan 49,207 — 49,207 — 42,625 — 42,625 — Derivative Instruments 1,030 — — 1,030 — — — — Total Financial Liabilities $ 52,372 $ — $ 49,207 $ 3,165 $ 44,722 $ — $ 42,625 $ 2,097 As of June 30, 2019 and December 31, 2018, the Company’s financial assets valued at fair value consisted of assets valued using i) Level 1 inputs: unadjusted quoted prices in active markets (Level 1 instrument valuations are obtained from observable inputs that reflect quoted prices (unadjusted) for identical assets in active markets); ii) Level 2 inputs: obtained from readily-available pricing sources for comparable instruments as well as instruments with inactive markets at the measurement date; and iii) Level 3 inputs: valuations based on unobservable inputs reflecting Company assumptions. Fair value of firm commitments and derivative instruments are determined considering the prevailing risk free interest rate and spot exchange rate. As of June 30, 2019 and December 31, 2018 , the Company ’s liabilities were valued at fair value using Level 2 inputs and level 3 inputs (valuations based on unobservable inputs reflecting Company assumptions). Fair value of contingent considerations are determined based on the probability of achievement of the performance targets arising from each acquisition, as well as the Company’s historical experience with similar arrangements. Fair value of derivative instruments are determined considering the prevailing risk free interest rate and spot exchange rate. The unrealized net gains or losses on short-term and long-term investments for which the Company has not elected the fair value option are reported as a component of other comprehensive income. The Company does not anticipate any significant realized losses associated with those investments in excess of the Company’s historical cost. As of June 30, 2019 and December 31, 2018, the carrying value of the Company’s financial assets and liabilities measured at amortized cost approximated their fair value mainly because of their short-term maturity. These assets and liabilities included cash, cash equivalents, restricted cash and cash equivalents and short-term investments (excluding money markets funds and debt securities), accounts receivable, credit cards receivable, loans receivable, funds payable to customers, other assets (excluding firm commitments and derivative instruments), accounts payable, 2019 Notes (liability component), salaries and social security payable (excluding variable LTRP), taxes payable, provisions and other liabilities (excluding contingent considerations and derivative instruments) . The estimated fair value of the 2028 Notes (liability component), which is based on Level 2 inputs, is $ 627,654 thousands and was determined based on market interest rates. The rest of the loans payable and other financial liabilities and operating lease liabilities approximate their fair value because the effective interest rates are not materially different from market interest rates. The following table summarizes the fair value level for those financial assets and liabilities of the Company measured at amortized cost as of June 30, 2019 and December 31, 2018: Balances as of Significant other Balances as of Significant other June 30, observable inputs December 31, observable inputs 2019 (Level 2) 2018 (Level 2) (In thousands) Assets Time Deposits $ 414,777 $ 414,777 $ 20,056 $ 20,056 Accounts receivable 40,175 40,175 35,153 35,153 Credit Cards receivable 433,046 433,046 360,298 360,298 Loans receivable, net 192,881 192,881 95,778 95,778 Other assets 116,233 116,233 102,753 102,753 Total Assets $ 1,197,112 $ 1,197,112 $ 614,038 $ 614,038 Liabilities Accounts payable and accrued expenses $ 314,703 $ 314,703 $ 266,759 $ 266,759 Funds payable to customers 778,128 778,128 640,954 640,954 Salaries and social security payable 52,448 52,448 40,942 40,942 Taxes payable 45,672 45,672 31,058 31,058 Operating lease liabilities 161,512 161,512 — — Loans payable and other financial liabilities (*) 782,653 846,875 735,177 735,177 Other liabilities 64,395 64,395 51,509 51,509 Total Liabilities $ 2,199,511 $ 2,263,733 $ 1,766,399 $ 1,766,399 (*) The fair value of the 2019 Notes and the 2028 Notes (including the equity component) are disclosed in Note 9. As of June 30, 2019 and December 31, 2018 , the Company held no direct investments in auction rate securities and does not have any non-financial assets or liabilities measured at fair value. As of June 30, 2019 and December 31, 2018 , the fair value of money market funds, short and long-term investments classified as available for sale securities are as follows: June 30, 2019 Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Financial Gains Estimated Fair Value (In thousands) Cash and cash equivalents Money Market Funds $ 168,741 $ — $ — $ — $ 168,741 Total Cash and cash equivalents $ 168,741 $ — $ — $ — $ 168,741 Restricted cash and cash equivalents Money Market Funds $ 9,591 $ — $ — $ — $ 9,591 Total Restricted cash and cash equivalents $ 9,591 $ — $ — $ — $ 9,591 Short-term investments Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) (*) $ 337,301 $ — $ — $ 1,998 $ 339,299 Sovereign Debt Securities (**) 1,032,882 599 — 1,723 1,035,204 Corporate Debt Securities 74 — — — 74 Total Short-term investments $ 1,370,257 $ 599 $ — $ 3,721 $ 1,374,577 Long-term investments Sovereign Debt Securities $ 201,250 $ 2,425 $ — $ 1 $ 203,676 Corporate Debt Securities 179 2 — — 181 Total Long-term investments $ 201,429 $ 2,427 $ — $ 1 $ 203,857 Total $ 1,750,018 $ 3,026 $ — $ 3,722 $ 1,756,766 (1) Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of June 30, 2019. (*) Brazilian government bonds measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments) (**) Includes $ 809,380 thousands of U.S treasury notes measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments) December 31, 2018 Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value (In thousands) Cash and cash equivalents Money Market Funds $ 179,252 $ — $ — $ 179,252 Total Cash and cash equivalents $ 179,252 $ — $ — $ 179,252 Restricted Cash and cash equivalents Money Market Funds $ 24,363 $ — $ — $ 24,363 Total Restricted Cash and cash equivalents $ 24,363 $ — $ — $ 24,363 Short-term investments Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) $ 282,752 $ 1,565 $ — $ 284,317 Sovereign Debt Securities 156,910 237 — 157,147 Corporate Debt Securities 21 — — 21 Total Short-term investments $ 439,683 $ 1,802 $ — $ 441,485 Long-term investments Sovereign Debt Securities $ 271,024 $ 1,431 $ — $ 272,455 Corporate Debt Securities 244 — ( 3 ) 241 Total Long-term investments $ 271,268 $ 1,431 $ ( 3 ) $ 272,696 Total $ 914,566 $ 3,233 $ ( 3 ) $ 917,796 (1) Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of December 31, 2018. The material portion of the Sovereign Debt Securities consists of U.S. Treasury Notes, which carry no significant risk. Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) On November 1, 2018, the Company obtained the approval from the Central Bank of Brazil to operate as an authorized payment institution. With the authorization, Mercado Pago in Brazil is subject to the supervision of the Central Bank of Brazil and must fully comply with all the obligations established in the current regulation. Among other obligations, the regulation requires authorized payment institutions to hold the balance available in the payment institution account in either in a specific account of Central Bank of Brazil that does not pay interest or in Brazilian federal government bonds registered with the “Sistema Especial de Liquidacao e Custodia”. The percentage of the electronic currency that must be deposited was 100 % and 80 % as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 and December 31, 2018 and in accordance with the regulation, the Company held $ 339,299 thousands and $ 284,317 thousands deposited in Brazilian federal government bonds, respectively, as mandatory guarantee. As of June 30, 2019 , the estimated fair values (in thousands of U.S. dollars) of money market funds and short-term and long-term investments classified by their effective maturities are as follows: One year or less 1,552,909 One year to two years 203,672 Two years to three years 52 Three years to four years 54 Four years to five years 79 Total $ 1,756,766

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Litigation and Other Legal Matters The Company is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings. The Company accrues liabilities when it considers probable that future costs will be incurred and such costs can be reasonably estimated. Proceeding-related liabilities are based on developments to date and historical information related to actions filed against the Company. As of June 30, 2019 , the Company had accounted for estimated liabilities involving proceeding-related contingencies and other estimated contingencies of $ 5,320 thousands to cover legal actions against the Company in which its Management has assessed the likelihood of a final adverse outcome as probable. Expected legal costs related to litigations are accrued when the legal service is actually provided. In addition, as of June 30, 2019 the Company and its subsidiaries are subject to certain legal actions considered by the Company’s Management and its legal counsels to be reasonably possible for an estimated aggregate amount up to $ 11,249 thousands. No loss amounts have been accrued for such reasonably possible legal actions. Other third parties have from time to time claimed, and others may claim in the future, that the Company was responsible for fraud committed against them, or that the Company has infringed their intellectual property rights. The underlying laws with respect to the potential liability of online intermediaries like the Company are unclear in the jurisdictions where the Company operates. Management believes that additional lawsuits alleging that the Company has violated copyright or trademark laws will be filed against the Company in the future. Intellectual property and regulatory claims, whether meritorious or not, are time consuming and costly to resolve, require significant amounts of management time, could require expensive changes in the Company’s methods of doing business, or could require the Company to enter into costly royalty or licensing agreements. The Company may be subject to patent disputes, and be subject to patent infringement claims as the Company’s services expand in scope and complexity. In particular, the Company may face additional patent infringement claims involving various aspects of the payments businesses. From time to time, the Company is involved in other disputes or regulatory inquiries that arise in the ordinary course of business. The number and significance of these disputes and inquiries are increasing as the Company’s business expands and the Company grows larger. Buyer protection program The Company provides consumers with a buyer protection program (“BPP”) for all transactions completed through the Company’s online payment solution (“Mercado Pago”). This program is designed to protect buyers in the Marketplace from losses due primarily to fraud or counterparty non-performance. The Company’s BPP provides protection to consumers by reimbursing them for the total value of a purchased item and the value of any shipping service paid if it does not arrive or does not match the seller’s description. The Company is entitled to recover from the third-party carrier companies performing the shipping service certain amounts paid under the BPP. Furthermore, in some specific circumstances (i.e. Black Friday, Hot Sale), the Company enters into insurance contracts with third-party insurance companies in order to cover contingencies that may arise from the BPP. The maximum potential exposure under this program is estimated to be the volume of payments on the Marketplace, for which claims may be made under the terms and conditions of the Company’s BPP. Based on historical losses to date, the Company does not believe that the maximum potential exposure is representative of the actual potential exposure. The Company records a liability with respect to losses under this program when they are probable and the amount can be reasonably estimated. As of June 30, 2019 and December 31, 2018, Management’s estimate of the maximum potential exposure related to the Company’s buyer protection program is $ 1,051,292 thousands and $ 988,664 thousands, respectively, for which the Company recorded an allowance of $ 4,313 thousands and $ 4,146 thousands , respectively. Loans payable and other financial liabilities During the last quarter of 2018, the Company, through its Chilean subsidiary, obtained two lines of credit from Scotiabank Chile denominated in Chilean Pesos, to be applied to working capital needs. As of June 30, 2019, the amount outstanding under these lines of credit is $ 4,428 thousands and $ 2,952 thousands matured in July 2019 (and were renewed upon maturity) and both bear interest at a fixed rate of 3.66 %. During the second quarter of 2019, the Company obtained two additional lines of credit from Scotiabank Chile denominated in Chilean Pesos, to be applied to working capital needs. As of June 30, 2019, the amount outstanding under these lines of credit is $ 14,745 thousands and $ 7,366 thousands matured in July 2019 (and were renewed upon maturity) and bear interest at a fixed rate of 3.20 % and 3.24 %, respectively. In addition, the Chilean subsidiary, obtained two lines of credit from Banco de Chile denominated in Chilean pesos, to be applied to working capital needs. As of June 30, 2019, the amount outstanding under these lines of credit is $ 8,858 thousands and $ 7,365 thousands matured in July 2019 (and were renewed upon maturity) and bear interest at a fixed rate of 3.60 % and 3.24 % per annum, respectively. During the second quarter of 2019, the Company, through its Argentine subsidiary, maintained finance lease contracts denominated in local currency. The outstanding amount is $ 3,455 thousands which bears interest at a weighted average rate of 68.5 % per annum and will mature within the next 4 years. In addition, the Argentine subsidiary obtained an unsecured line of credit denominated in local currency for an amount of $ 11,987 thousands, which bears fixed interest at a weighted average rate of 60.7 % per annum and will mature within the next three months . Lastly, the Argentine subsidiary obtained an unsecured line of credit from Citibank N.A. denominated in local currency for an amount of $ 6,583 thousands, which bears interest at a fixed rate of 85.00 % per annum and was fully paid off in July 2019. As of June 30, 2019 the Company, through its Mexican subsidiary, had three finance leases contracts related to facilities for its fulfillment center. The outstanding amounts are $ 5,469 thousands, which bears interest at a fixed rate of 6.17 % per annum and will mature within the next 5 years, $ 1,022 thousands which bears interest at a fixed rate of 9.00 % per annum and will mature within the next 3.75 years and $ 134 thousands which bears interest at a fixed rate of 10.78 % per annum and will mature within the next 9 months. During the second quarter of 2019, the Company, through its Uruguayan subsidiary obtained two lines of credit from Citibank, N.A, denominated in local currency, to be applied to working capital needs. As of June 30, 2019, the amount outstanding under these lines of credit is $ 859 thousands and $ 2,282 thousands. These lines of credit mature in July 2019 and bear interest at a fixed rate of 11.39 % per annum. The first line of credit was fully paid off in July 2019 and the second line of credit was renewed upon maturity. In addition, the Uruguayan subsidiary obtained an unsecured line of credit denominated in local currency for an amount of $ 11,222 thousands, which bears interest at a fixed rate of 9.11 % per annum. See Notes 9 and 11 to these interim condensed consolidated financial statements for details regarding the Company’s 2019 Notes and 2028 Notes and collateralized debt securitization transactions, respectively. Commitments As of June 30, 2019, the Company entered into a purchase commitment with a Brazilian supplier in relation to the purchase of mobile point of sale devices. This agreement refers to the acquisition of 1,290,000 units for a total amount of $ 54,720 thousands with partial deliveries between May and October 2019.

Long Term Retention Plan

Long Term Retention Plan	6 Months Ended
	Jun. 30, 2019
Long Term Retention Plan [Abstract]
Long Term Retention Plan	8. Long term retention plan (“LTRP”) The following table summarizes the 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018 and 2019 long term retention plan accrued compensation expense for the six and three-month periods ended June 30, 2019 and 2018, which are payable in cash according to the decisions made by the Board of Directors: Six Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) LTRP 2010 — 24 — ( 29 ) LTRP 2011 26 487 ( 29 ) ( 175 ) LTRP 2012 1,416 799 857 ( 326 ) LTRP 2013 97 1,422 ( 96 ) ( 327 ) LTRP 2014 2,823 1,712 1,603 ( 372 ) LTRP 2015 4,862 2,317 2,880 ( 499 ) LTRP 2016 7,607 3,416 4,569 ( 492 ) LTRP 2017 6,976 3,513 4,163 173 LTRP 2018 3,323 3,102 1,868 3,102 LTRP 2019 5,078 — 2,952 — Total LTRP $ 32,208 $ 16,792 $ 18,767 $ 1,055

Convertible Senior Notes

Convertible Senior Notes	6 Months Ended
	Jun. 30, 2019
Convertible Senior Notes [Abstract]
Convertible Senior Notes	9. Convertible Senior Notes 2.00% Convertible Senior Notes Due 2028 On August 24, 2018, the Company issued $ 800,000 thousands of 2.00 % Convertible Senior Notes due 2028 and issued an additional $ 80,000 thousand of notes on August 31, 2018 pursuant to the partial exercise of the initial purchasers’ option to purchase such additional notes, for an aggregate principal amount of $ 880,000 thousands of 2.00 % Convertible Senior Notes due 2028 (collectively, the “2028 Notes”). The 2028 Notes are unsecured, unsubordinated obligations of the Company, which pay interest in cash semi-annually, on February 15 and August 15 of each year, at a rate of 2.00 % per annum. The 2028 Notes will mature on August 15, 2028 unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. The 2028 Notes may be converted, under specific conditions, based on an initial conversion rate of 2.2553 shares of common stock per $ 1,000 principal amount of the 2028 Notes (equivalent to an initial conversion price of $ 443.40 per share of common stock), subject to adjustment as described in the indenture governing the 2028 Notes. For additional information regarding the 2028 Notes please refer to Note 2 and Note 17 to the audited consolidated financial statements for the year ended December 31, 2018, contained in the Company’s Annual Report on Form 10-K filed with the SEC. In connection with the issuance of the 2028 Notes, the Company paid $ 91,784 thousands, $ 11,472 thousands and $ 88,362 thousands (including transaction expenses) in August 2018, November 2018 and June 2019, respectively, to enter capped call transactions with respect to shares of the common stock with certain financial institutions (the “2028 Notes Capped Call Transactions”). The 2028 Notes Capped Call Transactions are expected generally to reduce the potential dilution upon conversion of the 2028 Notes in the event that the market price of the Company’s common stock is greater than the strike price of the 2028 Notes Capped Call Transactions. Therefore, as a result of executing the 2028 Notes Capped Call Transactions, the Company will reduce its exposure to potential dilution once the market price of its common shares exceeds the strike price of $ 443.41 , $ 633.87 and $ 703.64 with a cap price of approximately $ 656.90 , $ 666.72 , $ 846.86 per common share for the capped calls entered into in August 2018, November 2018 and June 2019, respectively. The cost of the 2028 Notes Capped Call Transactions is included as a net reduction to additional paid-in capital in the stockholders’ equity section of the consolidated balance sheets. The total estimated fair value of the 2028 Notes was $ 1,387,267 thousands and $ 787,266 thousands as of June 30, 2019 and December 31, 2018, respectively. The fair value was determined based on the closing trading price per $ 100 principal amount of the 2028 Notes as of the last day of trading for the period. The Company considered the fair value of the 2028 Notes as of June 30, 2019 and December 31, 2018 to be a Level 2 measurement. The fair value of the 2028 Notes is primarily affected by the trading price of our common stock and market interest rates. Based on the $ 611.77 closing price of the Company’s common stock on June 30, 2019 , the if-converted value of the 2028 Notes exceeded their principal amount by $ 334,158 thousands. The following table presents the carrying amounts of the liability and equity components related to the 2028 Notes as of June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 (In thousands) Amount of the equity component (1) $ 327,305 $ 327,305 2.00 % Convertible Senior Notes due 2028 $ 880,000 $ 880,000 Unamortized debt discount (2) ( 313,498 ) ( 325,783 ) Unamortized transaction costs related to the debt component ( 9,719 ) ( 9,958 ) Contractual coupon interest accrual 15,009 5,867 Contractual coupon interest payment ( 8,360 ) — Net carrying amount $ 563,432 $ 550,126 (1) Net of $ 6,163 thousands of transaction costs related to the equity component of the 2028 Notes. (2) As of June 30, 2019 , the remaining period over which the unamortized debt discount will be amortized is 9.2 years. The following table presents the interest expense for the contractual interest, the accretion of debt discount and the amortization of debt issuance costs: Six month periods ended June 30, Three month periods ended June 30, 2019 2019 (In thousands) Contractual coupon interest expense $ 9,142 $ 4,400 Amortization of debt discount 12,285 5,968 Amortization of debt issuance costs 239 117 Total interest expense related to the 2028 Notes $ 21,666 $ 10,485 2.25% Convertible Senior Notes Due 2019 On June 30, 2014, the Company issued $ 330,000 thousands of 2.25 % Convertible Senior Notes due 2019 (the “2019 Notes”). The 2019 Notes were unsecured, unsubordinated obligations of the Company, which paid interest in cash semi-annually, on January 1 and July 1, at a rate of 2.25 % per annum. The 2019 Notes were convertible, under specific conditions, based on an initial conversion rate of 7.9353 shares of common stock per $ 1,000 principal amount of the 2019 Notes (equivalent to an initial conversion price of $ 126.02 per share of common stock), subject to adjustment as described in the indenture governing the 2019 Notes. For additional information regarding the 2019 Notes please refer to Note 2 and Note 17 to the audited consolidated financial statements for the year ended December 31, 2018, contained in the Company’s Annual Report on Form 10-K filed with the SEC. In connection with the issuance of the 2019 Notes, the Company paid $ 19,668 thousands, $ 67,308 thousands and $ 45,692 thousands (including transaction expenses) in June 2014, September 2017 and March 2018, respectively, to enter into capped call transactions with respect to shares of the common stock (the “2019 Notes Capped Call Transactions” and together with the 2028 Notes Capped Call Transactions, the “Capped Call Transactions”), with certain financial institutions. The 2019 Notes Capped Call Transactions were expected generally to reduce the potential dilution upon conversion of the 2019 Notes in the event that the market price of the common stock is greater than the strike price of the 2019 Notes Capped Call Transactions. The cost of the 2019 Notes Capped Call Transactions is included as a net reduction to additional paid-in capital in the stockholders’ equity section of the consolidated balance sheets. On August 24, 2018, the Company used a portion of the net proceeds from the 2028 Notes to repurchase or exchange and retire $ 263,724 thousands principal amount of its outstanding 2019 Notes. The consideration paid included $ 348,123 thousands in cash and 1,044,298 shares of the Company’s common stock. Additionally, the Company entered into agreements with certain financial institutions who were counterparties to the existing 2019 Notes Capped Call Transactions entered into in June 2014 and September 2017 to terminate a portion of those transactions, in each case, in a notional amount corresponding to the amount of 2019 Notes repurchased or exchanged and retired. In connection with the termination of existing 2019 Capped Call Transactions and the related unwinding of the existing hedge position, the Company received from certain financial institutions the amount of $ 121,703 thousands and $ 14,405 thousands in August 2018 and November 2018, respectively . The total estimated fair value of the 2019 Notes was $ 324,905 thousands and $ 150,572 thousands as of June 30, 2019 and December 31, 2018, respectively. The fair value was determined based on the closing trading price per $ 100 principal amount of the 2019 Notes as of the last day of trading for the period. The Company considered the fair value of the 2019 Notes as of June 30, 2019 and December 31, 2018 to be a Level 2 measurement. The fair value of the 2019 Notes is primarily affected by the trading price of our common stock and market interest rates. Based on the $ 611.77 closing price of the Company’s common stock on June 30, 2019 , the if-converted value of the 2019 Notes exceeded their principal amount by $ 254,317 thousands. The 2019 Notes matured on July 1, 2019 . Holders of $ 65,961 thousands principal amount of the 2019 Notes elected to convert their 2019 Notes at maturity, and the Company issued 523,407 shares of common stock in settlement of such conversions. $ 17 thousands of the principal amount of the 2019 Notes was not converted, and was repaid by the Company in cash at maturity. Also on July 1, 2019, the Company received and retired 131,994 shares of common stock in settlement of capped call agreements that the Company had previously entered into in relation to the 2019 Notes. The following table presents the carrying amounts of the liability and equity components related to the 2019 Notes as of June 30, 2019 and December 31, 2018: June 30, 2019 December 31, 2018 (In thousands) Amount of the equity component (1) $ 9,196 $ 9,196 2.25 % Convertible Senior Notes due 2019 $ 65,978 $ 65,987 Unamortized debt discount — ( 1,063 ) Unamortized transaction costs related to the debt component — ( 176 ) Contractual coupon interest accrual 745 5,447 Contractual coupon interest payment ( 745 ) ( 5,447 ) Net carrying amount $ 65,978 $ 64,748 (1) Net of $ 236 thousands of transaction costs related to the equity component of the 2019 Notes. The following table presents the interest expense for the contractual interest, the accretion of debt discount and the amortization of debt issuance costs: Six month periods ended June 30, Three month periods ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) Contractual coupon interest expense $ 745 $ 3,713 $ 372 $ 1,857 Amortization of debt discount 1,063 5,016 532 2,508 Amortization of debt issuance costs 176 798 88 399 Total interest expense related to the 2019 Notes $ 1,984 $ 9,527 $ 992 $ 4,764

Equity Offerings

Equity Offerings	6 Months Ended
	Jun. 30, 2019
Equity Offerings [Abstract]
Equity Offerings	10. Equity Offerings On March 15, 2019, the Company closed a public equity offering of approximately $ 1,150,000 thousands of common stock at a public offering price of $ 480 per share (the “Offering”). Pursuant to the Offering, the Company issued 2,395,834 shares of common stock, par value $ 0.001 per share (the “Common Stock”) which includes the exercise in full of the underwriters’ option to purchase $ 150 million of additional shares of common stock. In addition, on March 15, 2019 the Company closed its $ 750,000 thousands concurrent private placement of common stock to PayPal, Inc (“PayPal”). PayPal purchased 1,719,790 shares of Common Stock at a price of $ 436.10 per share. On March 29, 2019, in a separate private placement, an affiliate of Dragoneer Investment Group purchased 100,000 shares of perpetual convertible preferred stock designated as Series A Perpetual Preferred Stock, par value $ 0.001 per share of the Company for $ 100,000 thousands in the aggregate. The Preferred Stock is a class of equity security that ranks senior to the Common Stock with respect to dividend rights or rights upon liquidation. Each share of Preferred Stock has a stated value of $ 1,000 , is entitled to a cash dividend of 4 % per annum, and is convertible into shares of the Company’s Common Stock at an initial conversion price of $ 479.71 (subject to adjustment). The Company may require the conversion of any or all of the Preferred Stock beginning on March 29, 2023 if certain conditions set forth in the Certificate of Designation are met. The Company may redeem any or all of the Preferred Stock for cash, shares of its Common Stock or a combination thereof (at its election, subject to certain conditions) at any time beginning on March 29, 2026 for a percentage of the stated value of each share of Preferred Stock, plus any accrued and unpaid dividends at such time. On March 15, 2026, September 15, 2026 and March 15, 2027, the holders of the Preferred Stock shall have the right to redeem all of the outstanding shares of Preferred Stock for cash, shares of the Company’s Common Stock or a combination thereof (at the Company’s election, subject to certain conditions) to be determined by the formula set forth in the Certificate of Designation. Upon the occurrence of a change of control, the holders will have the right to redeem their shares of Preferred Stock for cash at a price set forth in the Certificate of Designation. The holders of the Preferred Stock have the right to vote on matters submitted to a vote of the holders of Common Stock on an as-converted basis unless required by applicable law. In the aggregate, the Company raised funds in the amount of $ 1,965,903 thousands net of issuance costs paid in the amount of $ 34,097 thousands.

Securitization Transactions

Securitization Transactions	6 Months Ended
	Jun. 30, 2019
Securitization Transactions [Abstract]
Securitization Transactions	11. Securitization Transactions The process of securitization consists of the issuance of securities collateralized by a pool of assets through a special purpose entity, often under a VIE. The Company securitizes financial assets associated with its loans receivable portfolio. The Company’s securitization transactions typically involve the legal transfer of financial assets to bankruptcy remote special purpose entities (“SPEs”) or the acquisition of loans receivable portfolios through SPEs. The Company generally retains economic interests in the collateralized securitization transactions, which are retained in the form of subordinated interests. For accounting purposes, the Company is precluded from recording the transfers of assets in securitization transactions as sales or is required to consolidate the SPE. The Company securitizes certain loans receivable through Brazilian and Argentine SPEs, formed to securitize loans receivable provided by the Company to its users or purchased from financial institutions that grant loans to the Company’s users through Mercado Pago. According to the SPE contracts, the Company has determined that it has both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant because it retains the equity certificates of participation, and would therefore also be consolidated. When the Company controls the vehicle, it accounts the securitization transactions as if they were secured financing and therefore the assets, liabilities, and related results are consolidated in its financial statements. As of June 30, 2019, the carrying value of the Brazilian collateralized debt was $ 55,395 thousands, composed of: 1) $ 15,855 thousands, which bears interest at a rate of Brazilian DI plus 3.5 % per annum for a term of 36 months, due in June 2021 and 2) $ 39,540 thousands, which bears interest at a rate of Brazilian DI plus 3.25 % per annum for a term of 30 months, due in May 2021. The carrying value of the Argentine collateralized debt was $ 9,266 thousands, composed of: 1) $ 3,123 thousands bearing interest at a variable rate equivalent to the BADLAR rate plus 200 basis points with a minimum 33 % and a maximum 48 % nominal rate per annum for a term of 8 months, due in October 2019, 2) $ 397 thousands bearing interest at a variable rate equivalent to the BADLAR rate plus 200 basis points with a minimum 30 % and a maximum 45 % nominal rate per annum for a term of 12 months, due in July 2019 and 3) $ 5,746 thousands bearing interest at a variable rate equivalent to the BADLAR rate plus 200 basis points with a minimum 37 % and a maximum 52 % nominal rate per annum for a term of 8 months due in January 2020. This secured debt is issued by the SPEs and includes collateralized securities used to fund Mercado Credito business. The third-party investors in the securitization transactions have legal recourse only to the assets securing the debt and do not have recourse to the Company. Additionally, the cash flows generated by the SPEs are restricted to the payment of amounts due to third-party investors, but the Company retains the right to residual cash flows. The assets and liabilities of the SPEs are included in the Company’s interim condensed consolidated financial statements as of June 30, 2019 and December 31, 2018 as follows: June 30, December 31, 2019 2018 Assets (in thousands) (in thousands) Current assets: Restricted cash and cash equivalents $ 9,660 $ 24,363 Loans receivable, net 87,263 51,471 Total current assets 96,923 75,834 Total assets $ 96,923 $ 75,834 Liabilities Current liabilities: Accounts payable and accrued expenses $ 115 $ 113 Loans payable and other financial liabilities 9,875 7,539 Total current liabilities 9,990 7,652 Non-current liabilities: Loans payable and other financial liabilities 54,786 46,441 Total non-current liabilities 54,786 46,441 Total liabilities $ 64,776 $ 54,093

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	12. Leases The Company leases certain fulfillment centers and office space in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2019 Operating Leases Operating lease right-of-use assets $ 157,843 Operating lease liabilities $ 161,512 Finance Leases Property and equipment, at cost 12,377 Accumulated depreciation ( 638 ) Property and equipment, net $ 11,739 Loans payable and other financial liabilities $ 10,080 The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating and finance leases at June 30, 2019: Weighted average remaining lease term Operating leases 9 Years Finance leases 4 Years Weighted average discount rate (*) Operating leases 10.6 % Finance leases 27.5 % (*) Includes discount rates of leases in local currency and U.S dollar. The components of lease expense were as follows (in thousands): June 30, 2019 Operating lease cost $ 13,874 Finance lease cost: Depreciation of property and equipment 584 Interest on lease liabilities 489 Total finance lease cost $ 1,073 Supplemental cash flow information related to leases was as follows (in thousands): Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,219 Financing cash flows from finance leases 889 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 43,018 Finance leases 3,355 The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the operating and finance leases (in thousands): Period Ending June 30, 2019 Operating Leases Finance Leases One year or less $ 29,836 $ 4,716 One year to two years 28,994 4,266 Two years to three years 28,369 4,266 Three years to four years 26,600 4,021 Four years to five years 24,932 1,417 Thereafter 114,372 — Total lease payments $ 253,103 $ 18,686 Less imputed interest ( 91,591 ) ( 8,606 ) Total $ 161,512 $ 10,080

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments [Abstract]
Derivative Instruments	13. Derivative instruments The Company designates certain derivatives as hedges of particular risks associated with forecasted purchases (firm commitments). These transactions, mainly currency forward contracts on firm commitments, are classified as fair value hedges. As of June 30, 2019 the Company used foreign currency exchange contracts to hedge the fair value of certain firm commitments entered into with certain suppliers denominated in U.S. dollars and owed by a Brazilian subsidiary whose functional currency is the Brazilian Reais. Pursuant to these contracts, the Company will buy a notional amount of $ 14,130 thousands in July 2019, $ 8,595 thousands in August 2019, $ 7,695 thousands in September 2019 and $ 7,948 thousands in October 2019, respectively, at fixed currency rates. As of June 30, 2019 the Company entered into a foreign currency exchange contracts to hedge the foreign currency fluctuations related to certain transactions denominated in U.S. dollars of a Brazilian subsidiary whose functional currency is the Brazilian Reais. Pursuant to this contract, the Company will buy a notional amount of $ 3,234 thousands in July 2019, $ 653 thousands in August 2019, $ 1,251 thousands in September 2019, $ 2,988 thousands in November 2019, $ 2,042 thousands in December 2019 and $ 10,000 thousands in June 2020, at fixed currency rates. Foreign exchange contracts The fair values of the Company’s outstanding derivative instruments as of June 30, 2019 were as follows: June 30, Balance sheet location 2019 (In thousands) Derivatives Foreign exchange contracts designated as fair value hedges Other current liabilities $ 1,030 Foreign exchange contracts not designated as hedging instruments Other current assets $ 69 Effect of Derivative Contracts and firm commitments on Condensed Consolidated Statement of Income as of June 30, 2019 were as follows: June 30, 2019 (In thousands) Loss from foreign exchange contracts designated as fair value hedges $ ( 1,030 ) Gain from hedged items attributable to hedged risk 1,030 Foreign exchange contracts not designated as hedging instruments 69 $ 69

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited interim condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and include the accounts of the Company, its wholly-owned subsidiaries and consolidated Variable Interest Entities (“VIE”). These interim condensed consolidated financial statements are stated in U.S. dollars, except where otherwise indicated. Intercompany transactions and balances with subsidiaries have been eliminated for consolidation purposes. Substantially all net revenues, cost of net revenues and operating expenses are generated in the Company’s foreign operations. Long-lived assets, intangible assets and goodwill located in the foreign jurisdictions totaled $ 321,409 thousands and $ 270,073 thousands as of June 30, 2019 and December 31, 2018, respectively. These interim condensed consolidated financial statements reflect the Company’s consolidated financial position as of June 30, 2019 and December 31, 2018. These financial statements include the Company’s consolidated statements of income, comprehensive income and equity for the six and three-month periods ended June 30, 2019 and 2018 and statement of cash flows for the six-month periods ended June 30, 2019 and 2018. These interim condensed consolidated financial statements include all normal recurring adjustments that Management believes are necessary to fairly state the Company’s financial position, operating results and cash flows. Because all of the disclosures required by U.S. GAAP for annual consolidated financial statements are not included herein, these unaudited interim condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2018, contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”). The condensed consolidated statements of income, comprehensive income, equity and cash flows for the periods presented herein are not necessarily indicative of results expected for any future period. For a more detailed discussion of the Company’s significant accounting policies, see note 2 to the financial statements in the Company’s Form 10-K for the year ended December 31, 2018. During the six-month period ended June 30, 2019, there were no material updates made to the Company’s significant accounting policies, except for the adoption of ASC 842 and the investments fair value option as of January 1, 2019. S ee Note 2 to these interim condensed consolidated financial statements for more details.
Cash and Cash Equivalents	Cash and cash equivalents Cash, cash equivalents and restricted cash and cash equivalents of $ 1,128,322 thousands and $ 464,695 thousands as reported in the consolidated statements of cash flow as of June 30, 2019 and December 31, 2018, respectively, is the sum of $ 1,118,662 thousands and $ 9,660 thousands as of June 30, 2019 and the sum of $ 440,332 thousands and $ 24,363 thousands as of December 31, 2018 shown in lines Cash and cash equivalents and Restricted cash and cash equivalents of the consolidated balance sheet.
Revenue Recognition	Revenue recognition Revenue recognition criteria for the services mentioned above are described in note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers. Receivables represent amounts invoiced and revenue recognized prior to invoicing when the Company has satisfied the performance obligation and has the unconditional right to payment. The allowance for doubtful accounts, loans receivable and chargebacks is estimated based upon our assessment of various factors including historical experience, the age of the accounts receivable balances, current economic conditions and other factors that may affect our customers’ ability to pay. The allowance for doubtful accounts, loans receivable and chargebacks was $ 33,439 thousands and $ 23,411 thousands as of June 30, 2019 and December 31, 2018, respectively. Deferred revenue consists of fees received related to unsatisfied performance obligations at the end of the period in accordance with ASC 606. Due to the generally short-term duration of contracts, the majority of the performance obligations are satisfied in the following reporting period. Deferred revenue as of December 31, 2018 and 2017 was $ 5,918 thousands and $ 6,116 thousands, respectively, of which $ 4,193 thousands and $ 5,395 thousands were recognized as revenue during the six-month periods ended June 30, 2019 and 2018, respectively. As of June 30, 2019, total deferred revenue was $ 5,930 thousands, mainly due to fees related to listing and optional feature services billed and loyalty programs that are expected to be recognized as revenue in the coming months.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term, which is a non-monetary asset, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease, which is a monetary liability. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease prepaid payments made. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. According to transition guidance, finance leases that existed at December 31, 2018 are included in property and equipment, and loans payable and other financial liabilities in the consolidated balance sheets.
Foreign Currency Translation	Foreign currency translation All of the Company’s consolidated foreign operations use the local currency as their functional currency, except for Argentina, which has used the U.S. dollar as its functional currency since July 1, 2018, as described below. Accordingly, the foreign subsidiaries with local currency as functional currency translate assets and liabilities from their local currencies into U.S. dollars by using year-end exchange rates while income and expense accounts are translated at the average monthly rates in effect during the year, unless exchange rates fluctuate significantly during the period, in which case the exchange rates at the date of the transaction are used. The resulting translation adjustment is recorded as a component of other comprehensive income (loss). Argentine currency status As of July 1, 2018, the Company transitioned its Argentinian operations to highly inflationary status in accordance with U.S. GAAP, and changed the functional currency for Argentine subsidiaries from Argentine Pesos to U.S. dollars, which is the functional currency of their immediate parent company. Pursuant to the change in the functional currency, monetary assets and liabilities are remeasured at closing exchange rate, and non-monetary assets, revenues and expenses are remeasured at the rate prevailing on the date of the respective transaction. The effect of the re measurement is recognized as foreign currency (losses) gains. Argentina is the second largest principal market of the Company’s business, as measured by net revenue (see Note 5 – Segment Reporting). The economic environment in Argentina has been volatile with weak economic conditions, devaluation of local currency, high interest rates, high level of inflation and a large public deficit which led Argentina to request financial assistance from the International Monetary Fund .
Derivative Financial Instruments	Derivative Financial Instruments The Company designates certain derivatives as hedges of particular risks associated with forecasted purchases (firm commitments). These transactions (mainly currency forward contracts on firm commitments) are classified as fair value hedge. The Company also hedges its economic exposure to foreign currency risk related to foreign currency denominated monetary assets and liabilities with foreign derivative currency contracts. The gains and losses on the foreign exchange derivative contracts economically offset gains and losses on certain foreign currency denominated monetary assets and liabilities. All outstanding derivatives are recognized in the Company ’s consolidated balance sheet at fair value. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in consolidated statement of income, together with any changes in the fair value of the firm commitment that are attributable to the hedged risk. Changes in the fair value of derivative instruments not designated as a hedge are recognized in earnings. In addition, the Company used derivative instruments to reduce the volatility of earnings and cash flows, which were classified as cash flow hedge as of June 30, 2018. The effective portion of a designated derivative’s gain or loss was initially reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into the financial statement line item in which the variability of the hedged item was recorded in the period the hedging transaction affects earnings.
Income Tax	Income tax The Company is subject to U.S. and foreign income taxes. The Company accounts for income taxes following the liability method of accounting which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. Deferred tax assets are also recognized for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets or liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded when, based on the available evidence, it is more likely than not that all or a portion of the Company’s deferred tax assets will not be realized. The Company’s income tax expense consists of taxes currently payable, if any, plus the change during the period in the Company’s deferred tax assets and liabilities. On August 17, 2011, the Argentine government issued a software development law and on September 9, 2013, the Argentine government issued a regulatory decree establishing the requirements to become a beneficiary of the software development law, including a requirement to comply with annual incremental ratios related to exports of services and research and development. The law will expire on December 31, 2019. The Argentine Industry Secretary approved the Company’s application for eligibility under the law for the Company’s Argentine subsidiary, Mercadolibre S.R.L. As a result, the Company’s Argentine subsidiary has been granted a tax holiday retroactive from September 18, 2014. A portion of the benefits obtained is a 60 % relief of total income tax related to software development activities and a 70 % relief of payroll taxes related to software development activities. As a result of the Company’s eligibility under the law, it recorded an income tax benefit of $ 4,093 thousands and $ 774 thousands during the six and three-month periods ended June 30, 2019, respectively. The aggregate per share benefit of the Argentine tax holiday amounted to $ 0.09 and $ 0.02 for the six and three-month periods ended June 30, 2019, respectively. Furthermore, the Company recorded a labor cost benefit of $ 4,637 thousands and $ 2,241 thousands during the six and three-month periods ended June 30, 2019, respectively. Additionally, $ 611 thousands and $ 211 thousands were accrued to pay software development law audit fees during the six and three-month periods ended June 30, 2019, respectively. As a result of the Company’s eligibility under the law, it recorded an income tax benefit of $ 10,562 thousands and $ 3,263 thousands during the six and three-month periods ended June 30, 2018, respectively. The aggregate per share benefit of the Argentine tax holiday amounted to $ 0.24 and $ 0.07 for the six and three-month periods ended June 30, 2018, respectively. Furthermore, the Company recorded a labor cost benefit of $ 3,735 thousands and $ 1,719 thousands during the six and three-month periods ended June 30, 2018, respectively. Additionally, $ 1,001 thousands and $ 349 thousands were accrued to pay software development law audit fees during the six and three-month periods ended June 30, 2018, respectively. On June 10, 2019, the Argentine government enacted Law No. 27,506, which established a regime that provides certain benefits, including tax benefits, for companies that derive at least 70 % of their revenues from certain specified activities. The promotional regime will be effective from January 1, 2020 to December 31, 2029. Eligible companies are entitled to i) a 15 % reduction in the corporate income tax rate, ii) a freeze on the taxpayer’s overall federal tax burden, iii) a reduced contribution requirement for employer social security contributions, and iv) a tax credit in the amount of 1.6 times the amount payable as social security contributions. The tax credit may be used to offset federal taxes, such as value-added tax and income tax. The Company is currently assessing whether it will be eligible to benefit from the new law and related tax benefits, such eligibility remaining subject to Argentine government approval. Further regulations related to Law No. 27,506 are expected to be released.
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock On March 29, 2019 an affiliate of Dragoneer Investment Group purchased, in a private placement, 100,000 shares of perpetual convertible preferred stock designated as Series A Preferred Stock, par value $ 0.001 per share (the “Preferred Stock”) , of the Company for $ 100 million in the aggregate. The Company determined that the shares of Preferred Stock should be classified as mezzanine equity upon their issuance since they are contingently redeemable as explained in Note 10. The Company also determined that there is a beneficial conversion feature of $ 5,841 thousands attributable to the Preferred Stock because the initial conversion price was lower than the fair value of MercadoLibre’s common stock on March 29, 2019 (the commitment date). The beneficial conversion feature was fully amortized at issuance, increasing the Preferred Stock’s carrying amount, since the shares of Preferred Stock are perpetual and the holders of Preferred Stock have the right to convert immediately. In addition, the Company determined that there were no embedded derivatives requiring bifurcation.
Fair Value Option Applied to Certain Financial Instruments	Fair value option applied to certain financial instruments Under ASC 825, U.S. GAAP provides an option to elect fair value with impact on the statement of income as an alternative measurement for certain financial instruments and other items on the balance sheet. The Company has elected to measure certain financial assets at fair value with impact on the statement of income from January 1, 2019 for several reasons including to avoid the mismatch generated by the recognition of certain linked instruments / transactions, separately, in consolidated statement of income and consolidated statement of other comprehensive income and to better reflect the financial model applied for selected instruments. The Company’s election of the fair value option applies to the: i) Brazilian federal government bonds and ii) U.S. treasury notes. As result of the election of the fair value option, the Company recognized gains in interest income and other financial gains of $ 3,722 thousands as of June 30, 2019.
Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss The following table sets forth the Company’s accumulated other comprehensive loss as of June 30, 2019 and December 31, 2018: June 30, December 31, 2019 2018 (In thousands) Accumulated other comprehensive loss: Foreign currency translation $ ( 390,953 ) $ ( 394,306 ) Unrealized gains on investments 3,157 3,345 Estimated tax loss on unrealized gains on investments ( 653 ) ( 616 ) $ ( 388,449 ) $ ( 391,577 ) The following tables summarize the changes in accumulated balances of other comprehensive loss for the six-months ended June 30, 2019: Unrealized Foreign Estimated tax (Losses) Gains on Currency (expense) Investments Translation benefit Total (In thousands) Balances as of December 31, 2018 $ 3,345 $ ( 394,306 ) $ ( 616 ) $ ( 391,577 ) Other comprehensive income (loss) before reclassifications 3,157 3,353 ( 653 ) 5,857 Amount of loss (gain) reclassified from accumulated other comprehensive loss ( 3,345 ) — 616 ( 2,729 ) Net current period other comprehensive income (loss) ( 188 ) 3,353 ( 37 ) 3,128 Ending balance $ 3,157 $ ( 390,953 ) $ ( 653 ) $ ( 388,449 ) Amount of (Loss) Gain Reclassified from Details about Accumulated Accumulated Other Other Comprehensive Loss Comprehensive Affected Line Item Components Loss in the Statement of Income (In thousands) Unrealized gains on investments $ 3,345 Interest income and other financial gains Estimated tax gain on unrealized losses on investments ( 616 ) Income tax loss Total reclassifications for the period $ 2,729 Total, net of income taxes
Use of Estimates	Use of estimates The preparation of interim condensed consolidated financial statements in conformity with U.S. GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are used for, but not limited to, accounting for allowances for doubtful accounts and chargeback provisions, allowance for loans receivables, recoverability of goodwill, intangible assets with indefinite useful lives and tax loss carryforwards, impairment of short-term and long-term investments, impairment of long-lived assets, compensation costs relating to the Company’s long term retention plan, fair value of convertible debt, fair value of investments, fair value of derivative instruments, recognition of income taxes and contingencies and determination of the incremental borrowing rate at commencement date of lease operating agreements. Actual results could differ from those estimates.
Recently Adopted Accounting Standards & Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Standards In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of right-of-use (ROU) assets and lease liabilities on the balance sheet. Most prominent among the changes in the standard is the recognition of ROU assets and lease liabilities by lessees for those leases classified as operating leases under current U.S. GAAP. Leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The guidance permits the use of a modified retrospective approach, which requires an entity to recognize and measure leases existing at, or entered into after, the beginning of the earliest comparative period presented. Alternatively, the guidance permits a “Comparatives Under 840 Option” that changes the date of initial application to the beginning of the period of adoption. The Company elected the Comparatives Under 840 Option in which it must apply ASC 840 to all comparative periods, including disclosures, and there were no effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the Company to carryforward the historical lease classification. In addition, the Company elected certain practical expedients and accounting policies including the lessee practical expedient to not separate lease components. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet. The Company recognizes those lease payments in the consolidated statements of income on a straight-line basis over the lease term. The standard had a material impact on the Company’s consolidated balance sheets. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for existing finance leases remains substantially unchanged. Recently issued accounting pronouncements not yet adopted On June 16, 2016 the FASB issued the ASU 2016-13 “Financial Instruments-Credit Losses (Topic 326): Measurement of credit losses on financial instruments”. This update amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, this update eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however this topic will require that credit losses be presented as an allowance rather than as a write-down. The new standard is effective for fiscal years beginning after December 15, 2019. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its financial statements. On August 28, 2018 the FASB issued the ASU 2018-13 “Fair value measurement (Topic 820): Disclosure Framework—Changes to the disclosure requirements for fair value measurement”. This update modified the disclosure requirements on fair value measurements based on concepts in the FASB Concepts Statement. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this standard is not expected to have a material impact on the Company’s financial statements. On August 29, 2018 the FASB issued the ASU 2018-15 “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)”. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The amendments in this update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is assessing the effects that the adoption of this accounting pronouncement may have on its financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Summary of Significant Accounting Policies [Abstract]
Accumulated Other Comprehensive Loss	June 30, December 31, 2019 2018 (In thousands) Accumulated other comprehensive loss: Foreign currency translation $ ( 390,953 ) $ ( 394,306 ) Unrealized gains on investments 3,157 3,345 Estimated tax loss on unrealized gains on investments ( 653 ) ( 616 ) $ ( 388,449 ) $ ( 391,577 )
Summary of Changes in Accumulated Balances of Other Comprehensive Loss	Unrealized Foreign Estimated tax (Losses) Gains on Currency (expense) Investments Translation benefit Total (In thousands) Balances as of December 31, 2018 $ 3,345 $ ( 394,306 ) $ ( 616 ) $ ( 391,577 ) Other comprehensive income (loss) before reclassifications 3,157 3,353 ( 653 ) 5,857 Amount of loss (gain) reclassified from accumulated other comprehensive loss ( 3,345 ) — 616 ( 2,729 ) Net current period other comprehensive income (loss) ( 188 ) 3,353 ( 37 ) 3,128 Ending balance $ 3,157 $ ( 390,953 ) $ ( 653 ) $ ( 388,449 )
Reclassifications Out of Accumulated Other Comprehensive Loss	Amount of (Loss) Gain Reclassified from Details about Accumulated Accumulated Other Other Comprehensive Loss Comprehensive Affected Line Item Components Loss in the Statement of Income (In thousands) Unrealized gains on investments $ 3,345 Interest income and other financial gains Estimated tax gain on unrealized losses on investments ( 616 ) Income tax loss Total reclassifications for the period $ 2,729 Total, net of income taxes

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Net Income (Loss) Per Share [Abstract]
Net (Loss) Income Per Share of Common Stock	Six Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) Basic Diluted Basic Diluted Basic Diluted Basic Diluted Net income (loss) per common share $ 0.45 $ 0.45 $ ( 0.55 ) $ ( 0.55 ) $ 0.31 $ 0.31 $ ( 0.25 ) $ ( 0.25 ) Numerator: Net income (loss) $ 28,081 $ 28,081 $ ( 24,171 ) $ ( 24,171 ) $ 16,217 $ 16,217 $ ( 11,252 ) $ ( 11,252 ) Amortization of redeemable convertible preferred stock ( 5,841 ) ( 5,841 ) — — — — — — Dividends on preferred stock ( 1,000 ) ( 1,000 ) — — ( 1,000 ) ( 1,000 ) — — Net income (loss) corresponding to common stock $ 21,240 $ 21,240 $ ( 24,171 ) $ ( 24,171 ) $ 15,217 $ 15,217 $ ( 11,252 ) $ ( 11,252 ) Denominator: Weighted average of common stock outstanding for Basic earnings per share 47,658,610 — 44,157,364 — 49,318,522 — 44,157,364 — Adjusted weighted average of common stock outstanding for Diluted earnings per share — 47,658,610 — 44,157,364 — 49,318,522 — 44,157,364

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets [Abstract]
Composition of Goodwill and Intangible Assets	June 30, December 31, 2019 2018 (In thousands) Goodwill $ 90,375 $ 88,883 Intangible assets with indefinite lives - Trademarks 8,763 8,584 Amortizable intangible assets - Licenses and others 5,415 5,406 - Non-compete agreement 2,803 3,028 - Customer list 14,915 14,897 - Trademarks 4,680 4,565 Total intangible assets $ 36,576 $ 36,480 Accumulated amortization ( 19,768 ) ( 17,899 ) Total intangible assets, net $ 16,808 $ 18,581
Changes in Carrying Amount of Goodwill	Period Ended June 30, 2019 Brazil Argentina Mexico Chile Colombia Other Countries Total (In thousands) Balance, beginning of the period $ 30,069 $ 6,946 $ 31,340 $ 16,014 $ 3,339 $ 1,175 $ 88,883 Purchase price allocations adjustments — 45 — — — — 45 Effect of exchange rates changes 287 — 738 370 44 8 1,447 Balance, end of the period $ 30,356 $ 6,991 $ 32,078 $ 16,384 $ 3,383 $ 1,183 $ 90,375 Year Ended December 31, 2018 Brazil Argentina Mexico Chile Colombia Other Countries Total (In thousands) Balance, beginning of the year $ 32,492 $ 5,761 $ 30,396 $ 18,805 $ 3,632 $ 1,193 $ 92,279 - Business acquisitions 3,110 3,175 543 61 80 53 7,022 - Effect of exchange rates changes ( 5,533 ) ( 1,990 ) 401 ( 2,852 ) ( 373 ) ( 71 ) ( 10,418 ) Balance, end of the year $ 30,069 $ 6,946 $ 31,340 $ 16,014 $ 3,339 $ 1,175 $ 88,883
Expected Intangible Asset Amortization Expense	For year ended 12/31/2019 $ 2,069 For year ended 12/31/2020 2,396 For year ended 12/31/2021 1,819 For year ended 12/31/2022 1,072 Thereafter 689 $ 8,045

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Financial Performance of Company's Reporting Segments	Three Months Ended June 30, 2019 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 340,858 $ 113,913 $ 64,383 $ 26,088 $ 545,242 Direct costs ( 275,917 ) ( 83,909 ) ( 85,216 ) ( 24,441 ) ( 469,483 ) Direct contribution 64,941 30,004 ( 20,833 ) 1,647 75,759 Operating expenses and indirect costs of net revenues ( 88,247 ) Loss from operations ( 12,488 ) Other income (expenses): Interest income and other financial gains 33,684 Interest expense and other financial losses ( 14,679 ) Foreign currency gains 783 Net income before income tax gain $ 7,300 Three Months Ended June 30, 2018 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 195,839 $ 100,110 $ 17,540 $ 21,888 $ 335,377 Direct costs ( 176,987 ) ( 68,051 ) ( 39,534 ) ( 21,088 ) ( 305,660 ) Direct contribution 18,852 32,059 ( 21,994 ) 800 29,717 Operating expenses and indirect costs of net revenues ( 57,959 ) Loss from operations ( 28,242 ) Other income (expenses): Interest income and other financial gains 9,915 Interest expense and other financial losses ( 13,202 ) Foreign currency gains 12,577 Net loss before income tax gain $ ( 18,952 ) Six Months Ended June 30, 2019 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 643,242 $ 207,689 $ 118,944 $ 49,137 $ 1,019,012 Direct costs ( 501,260 ) ( 151,401 ) ( 150,801 ) ( 44,888 ) ( 848,350 ) Direct contribution 141,982 56,288 ( 31,857 ) 4,249 170,662 Operating expenses and indirect costs of net revenues ( 173,011 ) Loss from operations ( 2,349 ) Other income (expenses): Interest income and other financial gains 58,128 Interest expense and other financial losses ( 30,238 ) Foreign currency losses ( 2,886 ) Net income before income tax gain $ 22,655 Six Months Ended June 30, 2018 Brazil Argentina Mexico Other Countries Total (In thousands) Net revenues $ 379,994 $ 202,049 $ 34,605 $ 39,705 $ 656,353 Direct costs ( 353,967 ) ( 125,346 ) ( 65,857 ) ( 38,361 ) ( 583,531 ) Direct contribution 26,027 76,703 ( 31,252 ) 1,344 72,822 Operating expenses and indirect costs of net revenues ( 130,483 ) Loss from operations ( 57,661 ) Other income (expenses): Interest income and other financial gains 19,110 Interest expense and other financial losses ( 23,936 ) Foreign currency gains 18,178 Net loss before income tax gain $ ( 44,309 )
Allocation of Long-Lived Tangible Assets Based on Geography	June 30, December 31, 2019 2018 (In thousands) US property and equipment, net $ 1,758 $ 2,959 Other countries Argentina 90,560 58,358 Brazil 92,143 78,227 Mexico 22,503 16,497 Other countries 9,041 9,573 $ 214,247 $ 162,655 Total property and equipment, net $ 216,005 $ 165,614
Allocation of Goodwill and Intangible Assets Based on Geography	June 30, December 31, 2019 2018 (In thousands) US intangible assets $ 21 $ 46 Other countries goodwill and intangible assets Argentina 8,417 9,050 Brazil 32,147 32,955 Mexico 36,222 35,993 Chile 25,371 24,638 Other countries 5,005 4,782 $ 107,162 $ 107,418 Total goodwill and intangible assets $ 107,183 $ 107,464
Consolidated Net Revenues by Similar Products and Services	Six months Ended June 30, Three months Ended June 30, Consolidated Net Revenues 2019 2018 2019 2018 (In thousands) (In thousands) Enhanced Marketplace (*) $ 541,333 $ 296,897 $ 288,298 $ 156,202 Non-marketplace (**) (***) 477,679 359,456 256,944 179,175 Total $ 1,019,012 $ 656,353 $ 545,242 $ 335,377 (*) Includes Final Value Fees and Shipping fees. (**) Includes, among other things, Ad Sales, Classified Fees, Payment Fees and other ancillary services. (***) Includes $ 408,191 thousands and $ 288,678 thousands of Payment Fees for the six-month periods ended June 30, 2019 and 2018, respectively.

Fair Value Measurement of Ass_2

Fair Value Measurement of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Measurement of Assets and Liabilities [Abstract]
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Quoted Prices in Quoted Prices in Balances as of active markets for Significant other Unobservable Balances as of active markets for Significant other Unobservable June 30, identical Assets observable inputs inputs December 31, identical Assets observable inputs inputs Description 2019 (Level 1) (Level 2) (Level 3) 2018 (Level 1) (Level 2) (Level 3) (In thousands) Assets Cash and Cash Equivalents: Money Market Funds $ 168,741 $ 168,741 $ — $ — $ 179,252 $ 179,252 $ — $ — Restricted Cash and cash equivalents: Money Market Funds 9,591 9,591 — 24,363 24,363 — — Investments: Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) 339,299 339,299 — — 284,317 284,317 — — Sovereign Debt Securities 1,238,880 1,238,880 — — 429,602 429,602 — — Corporate Debt Securities 255 250 5 — 262 237 25 — Other Assets: Firm commitments 1,030 — — 1,030 — — — — Derivative Instruments 69 — — 69 — — — — Total Financial Assets $ 1,757,865 $ 1,756,761 $ 5 $ 1,099 $ 917,796 $ 917,771 $ 25 $ — Liabilities: Contingent considerations $ 2,135 $ — $ — $ 2,135 $ 2,097 $ — $ — $ 2,097 Long-term retention plan 49,207 — 49,207 — 42,625 — 42,625 — Derivative Instruments 1,030 — — 1,030 — — — — Total Financial Liabilities $ 52,372 $ — $ 49,207 $ 3,165 $ 44,722 $ — $ 42,625 $ 2,097
Fair Value of Financial Assets and Liabilities Measured at Amortized Cost	Balances as of Significant other Balances as of Significant other June 30, observable inputs December 31, observable inputs 2019 (Level 2) 2018 (Level 2) (In thousands) Assets Time Deposits $ 414,777 $ 414,777 $ 20,056 $ 20,056 Accounts receivable 40,175 40,175 35,153 35,153 Credit Cards receivable 433,046 433,046 360,298 360,298 Loans receivable, net 192,881 192,881 95,778 95,778 Other assets 116,233 116,233 102,753 102,753 Total Assets $ 1,197,112 $ 1,197,112 $ 614,038 $ 614,038 Liabilities Accounts payable and accrued expenses $ 314,703 $ 314,703 $ 266,759 $ 266,759 Funds payable to customers 778,128 778,128 640,954 640,954 Salaries and social security payable 52,448 52,448 40,942 40,942 Taxes payable 45,672 45,672 31,058 31,058 Operating lease liabilities 161,512 161,512 — — Loans payable and other financial liabilities (*) 782,653 846,875 735,177 735,177 Other liabilities 64,395 64,395 51,509 51,509 Total Liabilities $ 2,199,511 $ 2,263,733 $ 1,766,399 $ 1,766,399 (*) The fair value of the 2019 Notes and the 2028 Notes (including the equity component) are disclosed in Note 9.
Fair Value of Money Market Funds, Short and Long-Term Investments Classified as Available for Sale Securities	June 30, 2019 Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Financial Gains Estimated Fair Value (In thousands) Cash and cash equivalents Money Market Funds $ 168,741 $ — $ — $ — $ 168,741 Total Cash and cash equivalents $ 168,741 $ — $ — $ — $ 168,741 Restricted cash and cash equivalents Money Market Funds $ 9,591 $ — $ — $ — $ 9,591 Total Restricted cash and cash equivalents $ 9,591 $ — $ — $ — $ 9,591 Short-term investments Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) (*) $ 337,301 $ — $ — $ 1,998 $ 339,299 Sovereign Debt Securities (**) 1,032,882 599 — 1,723 1,035,204 Corporate Debt Securities 74 — — — 74 Total Short-term investments $ 1,370,257 $ 599 $ — $ 3,721 $ 1,374,577 Long-term investments Sovereign Debt Securities $ 201,250 $ 2,425 $ — $ 1 $ 203,676 Corporate Debt Securities 179 2 — — 181 Total Long-term investments $ 201,429 $ 2,427 $ — $ 1 $ 203,857 Total $ 1,750,018 $ 3,026 $ — $ 3,722 $ 1,756,766 (1) Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of June 30, 2019. (*) Brazilian government bonds measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments) (**) Includes $ 809,380 thousands of U.S treasury notes measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments) December 31, 2018 Cost Gross Unrealized Gains (1) Gross Unrealized Losses (1) Estimated Fair Value (In thousands) Cash and cash equivalents Money Market Funds $ 179,252 $ — $ — $ 179,252 Total Cash and cash equivalents $ 179,252 $ — $ — $ 179,252 Restricted Cash and cash equivalents Money Market Funds $ 24,363 $ — $ — $ 24,363 Total Restricted Cash and cash equivalents $ 24,363 $ — $ — $ 24,363 Short-term investments Sovereign Debt Securities (Central Bank of Brazil mandatory guarantee) $ 282,752 $ 1,565 $ — $ 284,317 Sovereign Debt Securities 156,910 237 — 157,147 Corporate Debt Securities 21 — — 21 Total Short-term investments $ 439,683 $ 1,802 $ — $ 441,485 Long-term investments Sovereign Debt Securities $ 271,024 $ 1,431 $ — $ 272,455 Corporate Debt Securities 244 — ( 3 ) 241 Total Long-term investments $ 271,268 $ 1,431 $ ( 3 ) $ 272,696 Total $ 914,566 $ 3,233 $ ( 3 ) $ 917,796 (1) Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of December 31, 2018.
Estimated Fair Values of Cash Equivalents, Short-Term and Long-Term Investments, Effective Maturities	One year or less 1,552,909 One year to two years 203,672 Two years to three years 52 Three years to four years 54 Four years to five years 79 Total $ 1,756,766

Long Term Retention Plan (Table

Long Term Retention Plan (Tables)	6 Months Ended
	Jun. 30, 2019
Long Term Retention Plan [Abstract]
Long Term Retention Plans Accrued Compensation Expense	Six Months Ended June 30, Three Months Ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) LTRP 2010 — 24 — ( 29 ) LTRP 2011 26 487 ( 29 ) ( 175 ) LTRP 2012 1,416 799 857 ( 326 ) LTRP 2013 97 1,422 ( 96 ) ( 327 ) LTRP 2014 2,823 1,712 1,603 ( 372 ) LTRP 2015 4,862 2,317 2,880 ( 499 ) LTRP 2016 7,607 3,416 4,569 ( 492 ) LTRP 2017 6,976 3,513 4,163 173 LTRP 2018 3,323 3,102 1,868 3,102 LTRP 2019 5,078 — 2,952 — Total LTRP $ 32,208 $ 16,792 $ 18,767 $ 1,055

Convertible Senior Notes (Table

Convertible Senior Notes (Tables) - Convertible Senior Notes [Member]	6 Months Ended
	Jun. 30, 2019
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Carrying Amounts of Liability and Equity Components	June 30, 2019 December 31, 2018 (In thousands) Amount of the equity component (1) $ 327,305 $ 327,305 2.00 % Convertible Senior Notes due 2028 $ 880,000 $ 880,000 Unamortized debt discount (2) ( 313,498 ) ( 325,783 ) Unamortized transaction costs related to the debt component ( 9,719 ) ( 9,958 ) Contractual coupon interest accrual 15,009 5,867 Contractual coupon interest payment ( 8,360 ) — Net carrying amount $ 563,432 $ 550,126 (1) Net of $ 6,163 thousands of transaction costs related to the equity component of the 2028 Notes. (2) As of June 30, 2019 , the remaining period over which the unamortized debt discount will be amortized is 9.2 years.
Summary of Interest Expense for Contractual Interest and Accretion of Debt Discount	Six month periods ended June 30, Three month periods ended June 30, 2019 2019 (In thousands) Contractual coupon interest expense $ 9,142 $ 4,400 Amortization of debt discount 12,285 5,968 Amortization of debt issuance costs 239 117 Total interest expense related to the 2028 Notes $ 21,666 $ 10,485
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Carrying Amounts of Liability and Equity Components	June 30, 2019 December 31, 2018 (In thousands) Amount of the equity component (1) $ 9,196 $ 9,196 2.25 % Convertible Senior Notes due 2019 $ 65,978 $ 65,987 Unamortized debt discount — ( 1,063 ) Unamortized transaction costs related to the debt component — ( 176 ) Contractual coupon interest accrual 745 5,447 Contractual coupon interest payment ( 745 ) ( 5,447 ) Net carrying amount $ 65,978 $ 64,748 (1) Net of $ 236 thousands of transaction costs related to the equity component of the 2019 Notes.
Summary of Interest Expense for Contractual Interest and Accretion of Debt Discount	Six month periods ended June 30, Three month periods ended June 30, 2019 2018 2019 2018 (In thousands) (In thousands) Contractual coupon interest expense $ 745 $ 3,713 $ 372 $ 1,857 Amortization of debt discount 1,063 5,016 532 2,508 Amortization of debt issuance costs 176 798 88 399 Total interest expense related to the 2019 Notes $ 1,984 $ 9,527 $ 992 $ 4,764

Securitization Transactions (Ta

Securitization Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Securitization Transactions [Abstract]
Assets And Liabilities Of The Trust	June 30, December 31, 2019 2018 Assets (in thousands) (in thousands) Current assets: Restricted cash and cash equivalents $ 9,660 $ 24,363 Loans receivable, net 87,263 51,471 Total current assets 96,923 75,834 Total assets $ 96,923 $ 75,834 Liabilities Current liabilities: Accounts payable and accrued expenses $ 115 $ 113 Loans payable and other financial liabilities 9,875 7,539 Total current liabilities 9,990 7,652 Non-current liabilities: Loans payable and other financial liabilities 54,786 46,441 Total non-current liabilities 54,786 46,441 Total liabilities $ 64,776 $ 54,093

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Supplemental Balance Sheet Information Related To Leases	June 30, 2019 Operating Leases Operating lease right-of-use assets $ 157,843 Operating lease liabilities $ 161,512 Finance Leases Property and equipment, at cost 12,377 Accumulated depreciation ( 638 ) Property and equipment, net $ 11,739 Loans payable and other financial liabilities $ 10,080
Summary Of Weighted Average Remaining Lease Term And Discount Rate	Weighted average remaining lease term Operating leases 9 Years Finance leases 4 Years Weighted average discount rate (*) Operating leases 10.6 % Finance leases 27.5 % (*) Includes discount rates of leases in local currency and U.S dollar.
Components Of Lease Expense	June 30, 2019 Operating lease cost $ 13,874 Finance lease cost: Depreciation of property and equipment 584 Interest on lease liabilities 489 Total finance lease cost $ 1,073
Supplemental Cash Flow Information Related To Leases	Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,219 Financing cash flows from finance leases 889 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 43,018 Finance leases 3,355
Maturities Of Lease Liabilities	Period Ending June 30, 2019 Operating Leases Finance Leases One year or less $ 29,836 $ 4,716 One year to two years 28,994 4,266 Two years to three years 28,369 4,266 Three years to four years 26,600 4,021 Four years to five years 24,932 1,417 Thereafter 114,372 — Total lease payments $ 253,103 $ 18,686 Less imputed interest ( 91,591 ) ( 8,606 ) Total $ 161,512 $ 10,080

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments [Abstract]
Summary Of Outstanding Derivative Instruments	June 30, Balance sheet location 2019 (In thousands) Derivatives Foreign exchange contracts designated as fair value hedges Other current liabilities $ 1,030 Foreign exchange contracts not designated as hedging instruments Other current assets $ 69
Fair Value Of Derivative Instruments	June 30, 2019 (In thousands) Loss from foreign exchange contracts designated as fair value hedges $ ( 1,030 ) Gain from hedged items attributable to hedged risk 1,030 Foreign exchange contracts not designated as hedging instruments 69 $ 69

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands	Jun. 10, 2019item	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Mar. 29, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)
Significant Accounting Policies [Line Items]
cash, cash equivalents, restricted cash and cash equivalents		$ 1,128,322	$ 524,011	$ 1,128,322	$ 524,011		$ 464,695	$ 388,260
Cash and cash equivalents		1,118,662		1,118,662			440,332
Restricted cash and cash equivalents		9,660		9,660			24,363
Long-lived assets, intangible assets and goodwill located in the foreign operations		321,409		321,409			270,073
Allowance for doubtful accounts, loan receivables and chargebacks		33,439		33,439			23,411
Deferred Revenue		$ 5,930		5,930			$ 5,918	$ 6,116
Deferred Revenue, Revenue Recognized				$ 4,193	5,395
Percentage on relief of total income tax				60.00%
Percentage on relief of payroll tax				70.00%
Redeemable convertible preferred stock, Shares Issued | shares		100,000		100,000
Redeemable convertible preferred stock, Par Value | $ / shares		$ 0.001		$ 0.001			$ 0.001
Recognized gains in interest income and other financial gains				$ 3,722
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Redeemable convertible preferred stock, Shares Issued | shares						100,000
Redeemable convertible preferred stock, Par Value | $ / shares						$ 0.001
Redeemable convertible preferred stock aggregate						$ 100,000
Preferred Stock, Embedded Beneficial Conversion feature						$ 5,841
New Software Development Law [Member]
Significant Accounting Policies [Line Items]
Minimum Percent Of Revenues Measured For New Benefits	70.00%
New Law, Reduction Of Corporate Income Tax Rate	15.00%
New Tax Law, Multiplier For Tax Credit | item	1.6
Income tax gain		$ 774	10,562	4,093	3,263
Labor cost benefit		$ 2,241	$ 1,719	$ 4,637	$ 3,735
Aggregate per share effect of the Argentine tax holiday | $ / shares		$ 0.02	$ 0.07	$ 0.09	$ 0.24
Software development law audit fees		$ 211	$ 349	$ 611	$ 1,001

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Summary of Significant Accounting Policies [Abstract]
Foreign currency translation	$ (390,953)	$ (394,306)
Unrealized gains on investments	3,157	3,345
Estimated tax loss on unrealized gains on investments	(653)	(616)
Accumulated other comprehensive loss	$ (388,449)	$ (391,577)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Summary of Changes in Accumulated Balances of Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance, Estimated tax (expense) benefit		$ (616)			$ (616)
Other comprehensive income (loss) before reclassifications, Estimated tax (expense) benefit					(653)
Amount of loss (gain) reclassified from accumulated other comprehensive loss, Estimated tax (expense) benefit					616
Net current period other comprehensive income (loss), Estimated tax (expense) benefit					(37)
Ending Balance, Estimated tax (expense) benefit	$ (653)				(653)
Beginning Balance		(391,577)			(391,577)
Other comprehensive income (loss) before reclassifications, net of tax					5,857
Amount of loss (gain) reclassified from accumulated other comprehensive loss, net of tax					(2,729)
Net current period other comprehensive income (loss), net of tax	4,139	(1,011)	$ (86,878)	$ (16,393)	3,128
Ending Balance	(388,449)				(388,449)
Unrealized Gains on Investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		3,345			3,345
Other comprehensive income (loss) before reclassifications, before tax					3,157
Amount of loss (gain) reclassified from accumulated other comprehensive loss, before tax					(3,345)
Net current period other comprehensive income (loss), before tax					(188)
Ending Balance	3,157				3,157
Foreign Currency Translation [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance		$ (394,306)			(394,306)
Other comprehensive income (loss) before reclassifications, before tax					3,353
Net current period other comprehensive income (loss), before tax					3,353
Ending Balance	$ (390,953)				$ (390,953)

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income and other financial gains	$ 33,684		$ 9,915		$ 58,128	$ 19,110
Income tax loss	8,917		7,700		5,426	20,138
Net income (loss)	$ 16,217	$ 11,864	$ (11,252)	$ (12,919)	28,081	$ (24,171)
Amount of (Loss) Gain Reclassified From Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax loss					(616)
Net income (loss)					2,729
Amount of (Loss) Gain Reclassified From Accumulated Other Comprehensive Loss [Member] | Unrealized Gains on Investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest income and other financial gains					$ 3,345

Net Income (Loss) Per Share (Na

Net Income (Loss) Per Share (Narrative) (Details) - Convertible Senior Notes [Member] - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Aug. 31, 2018	Aug. 24, 2018	Jun. 30, 2014
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible senior notes, issued	$ 65,978,000	$ 65,987,000			$ 330,000,000
Convertible senior notes, interest rate	2.25%				2.25%
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Convertible senior notes, issued	$ 880,000,000	$ 880,000,000	$ 880,000,000
Convertible senior notes, interest rate	2.00%	2.00%	2.00%	2.00%

Net Income (Loss) Per Share (Ne

Net Income (Loss) Per Share (Net (Loss) Income Per Share of Common Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income attributable to MercadoLibre, Inc. per common share
Net (loss) income per common share, Basic	$ 0.31		$ (0.25)		$ 0.45	$ (0.55)
Net (loss) income per common share, Diluted	$ 0.31		$ (0.25)		$ 0.45	$ (0.55)
Numerator:
Net income (loss)	$ 16,217	$ 11,864	$ (11,252)	$ (12,919)	$ 28,081	$ (24,171)
Amortization of redeemable convertible preferred stock					(5,841)
Dividends on preferred stock	(1,000)				(1,000)
Net income (loss) corresponding to common stock, Basic	15,217		(11,252)		21,240	(24,171)
Net income (loss) corresponding to common stock, Diluted	$ 15,217		$ (11,252)		$ 21,240	$ (24,171)
Denominator:
Weighted average of common stock outstanding for Basic earnings per share	49,318,522		44,157,364		47,658,610	44,157,364
Adjusted weighted average of common stock outstanding for Diluted earnings per share	49,318,522		44,157,364		47,658,610	44,157,364

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill and Intangible Assets [Abstract]
Aggregate amortization expense for intangible assets	$ 919	$ 1,656	$ 2,149	$ 3,328

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Composition of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 90,375	$ 88,883	$ 92,279
Total intangible assets	36,576	36,480
Accumulated amortization	(19,768)	(17,899)
Total intangible assets, net	16,808	18,581
Licenses And Others [Member]
Indefinite-lived Intangible Assets [Line Items]
Amortizable intangible assets	5,415	5,406
Non-Compete Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Amortizable intangible assets	2,803	3,028
Customer Lists [Member]
Indefinite-lived Intangible Assets [Line Items]
Amortizable intangible assets	14,915	14,897
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Amortizable intangible assets	4,680	4,565
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	$ 8,763	$ 8,584

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Goodwill [Line Items]
Balance, beginning of the period	$ 88,883	$ 92,279
Business acquisition		7,022
Purchase price allocations adjustments	45
Effect of exchange rates changes	1,447	(10,418)
Balance, end of the period	90,375	88,883
Brazil [Member]
Goodwill [Line Items]
Balance, beginning of the period	30,069	32,492
Business acquisition		3,110
Effect of exchange rates changes	287	(5,533)
Balance, end of the period	30,356	30,069
Argentina [Member]
Goodwill [Line Items]
Balance, beginning of the period	6,946	5,761
Business acquisition		3,175
Purchase price allocations adjustments	45
Effect of exchange rates changes		(1,990)
Balance, end of the period	6,991	6,946
Mexico [Member]
Goodwill [Line Items]
Balance, beginning of the period	31,340	30,396
Business acquisition		543
Effect of exchange rates changes	738	401
Balance, end of the period	32,078	31,340
Chile [Member]
Goodwill [Line Items]
Balance, beginning of the period	16,014	18,805
Business acquisition		61
Effect of exchange rates changes	370	(2,852)
Balance, end of the period	16,384	16,014
Colombia [Member]
Goodwill [Line Items]
Balance, beginning of the period	3,339	3,632
Business acquisition		80
Effect of exchange rates changes	44	(373)
Balance, end of the period	3,383	3,339
Other Countries [Member]
Goodwill [Line Items]
Balance, beginning of the period	1,175	1,193
Business acquisition		53
Effect of exchange rates changes	8	(71)
Balance, end of the period	$ 1,183	$ 1,175

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Expected Intangible Asset Amortization Expense) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets [Abstract]
For year ended 12/31/2019	$ 2,069
For year ended 12/31/2020	2,396
For year ended 12/31/2021	1,819
For year ended 12/31/2022	1,072
Thereafter	689
Total remaining amortization of intangible assets	$ 8,045

Segment Reporting (Financial Pe

Segment Reporting (Financial Performance of Company's Reporting Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Net revenues	$ 545,242	$ 335,377	$ 1,019,012	$ 656,353
Direct costs	(469,483)	(305,660)	(848,350)	(583,531)
Direct contribution	75,759	29,717	170,662	72,822
Operating expenses and indirect costs of net revenues	(88,247)	(57,959)	(173,011)	(130,483)
Loss from operations	(12,488)	(28,242)	(2,349)	(57,661)
Other income (expenses):
Interest income and other financial gains	33,684	9,915	58,128	19,110
Interest expense and other financial losses	(14,679)	(13,202)	(30,238)	(23,936)
Foreign currency (losses) gains	783	12,577	(2,886)	18,178
Net income (loss) before income tax gain	7,300	(18,952)	22,655	(44,309)
Operating Segments [Member] | Brazil Segment [Member]
Segment Reporting Information [Line Items]
Net revenues	340,858	195,839	643,242	379,994
Direct costs	(275,917)	(176,987)	(501,260)	(353,967)
Direct contribution	64,941	18,852	141,982	26,027
Operating Segments [Member] | Argentina Segment [Member]
Segment Reporting Information [Line Items]
Net revenues	113,913	100,110	207,689	202,049
Direct costs	(83,909)	(68,051)	(151,401)	(125,346)
Direct contribution	30,004	32,059	56,288	76,703
Operating Segments [Member] | Mexico Segment [Member]
Segment Reporting Information [Line Items]
Net revenues	64,383	17,540	118,944	34,605
Direct costs	(85,216)	(39,534)	(150,801)	(65,857)
Direct contribution	(20,833)	(21,994)	(31,857)	(31,252)
Operating Segments [Member] | Other Countries Segment [Member]
Segment Reporting Information [Line Items]
Net revenues	26,088	21,888	49,137	39,705
Direct costs	(24,441)	(21,088)	(44,888)	(38,361)
Direct contribution	$ 1,647	$ 800	$ 4,249	$ 1,344

Segment Reporting (Allocation o

Segment Reporting (Allocation of Long-Lived Tangible Assets Based on Geography) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 216,005	$ 165,614
US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	1,758	2,959
Argentina [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	90,560	58,358
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	92,143	78,227
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	22,503	16,497
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	9,041	9,573
Total Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 214,247	$ 162,655

Segment Reporting (Allocation_2

Segment Reporting (Allocation of Goodwill and Intangible Assets Based on Geography) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	$ 107,183	$ 107,464
US [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	21	46
Argentina [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	8,417	9,050
Brazil [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	32,147	32,955
Mexico [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	36,222	35,993
Chile [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	25,371	24,638
Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	5,005	4,782
Total Other Countries [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total goodwill and intangible assets	$ 107,162	$ 107,418

Segment Reporting (Consolidated

Segment Reporting (Consolidated Net Revenues by Similar Products and Services) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues		$ 545,242	$ 335,377	$ 1,019,012	$ 656,353
Enchanced Marketplace [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	[1]	288,298	156,202	541,333	296,897
Non-marketplace [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	[2],[3]	256,944	179,175	477,679	359,456
Payment fees		$ 221,226	$ 143,915	$ 408,191	$ 288,678
[1]	Includes Final Value Fees and Shipping fees.
[2]	Includes $ 408,191 thousands and $ 288,678 thousands of Payment Fees for the six-month periods ended June 30, 2019 and 2018, respectively. Includes an amount of $ 221,226 thousands and $ 143,915 thousands of Payment Fees for the three-month periods ended June 30, 2019 and 2018, respectively.
[3]	Includes, among other things, Ad Sales, Classified Fees, Payment Fees and other ancillary services.

Fair Value Measurement of Ass_3

Fair Value Measurement of Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	$ 1,756,766		$ 917,796
Short-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated Fair Value	1,374,577		441,485
Auction Rate Securities [Member] | Direct Investment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0		0
Non-financial assets	0		0
Non-financial liabilities	0		$ 0
2028 Convertible Senior Notes [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net carrying amount	$ 627,654
Central Bank of Brazil Mandatory Guarantee [Member] | Short-term Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percent of electronic currency deposited	100.00%		80.00%
Estimated Fair Value	$ 339,299	[1]	$ 284,317
[1]	Brazilian government bonds measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments)

Fair Value Measurement of Ass_4

Fair Value Measurement of Assets and Liabilities (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Financial Assets	$ 1,757,865	$ 917,796
Contingent considerations	2,135	2,097
Long-term retention plan	49,207	42,625
Derivative Instruments	1,030
Total Financial Liabilities	52,372	44,722
Firm Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets	1,030
Derivative Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets	69
Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Financial Assets	1,756,761	917,771
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Financial Assets	5	25
Long-term retention plan	49,207	42,625
Total Financial Liabilities	49,207	42,625
Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Financial Assets	1,099
Contingent considerations	2,135	2,097
Derivative Instruments	1,030
Total Financial Liabilities	3,165	2,097
Unobservable Inputs (Level 3) [Member] | Firm Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets	1,030
Unobservable Inputs (Level 3) [Member] | Derivative Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets	69
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	168,741	179,252
Restricted Cash and cash equivalents	9,591	24,363
Money Market Funds [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	168,741	179,252
Restricted Cash and cash equivalents	9,591	24,363
Central Bank of Brazil Mandatory Guarantee [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	339,299	284,317
Central Bank of Brazil Mandatory Guarantee [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	339,299	284,317
Sovereign Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,238,880	429,602
Sovereign Debt Securities [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,238,880	429,602
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	255	262
Corporate Debt Securities [Member] | Quoted Prices In Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	250	237
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 5	$ 25

Fair Value Measurement of Ass_5

Fair Value Measurement of Assets and Liabilities (Fair Value of Financial Assets and Liabilities Measured at Amortized Cost) (Details) - USD ($) $ in Thousands		Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		$ 1,197,112	$ 614,038
Liabilities		2,199,511	1,766,399
Accounts Payable And Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		314,703	266,759
Funds Payable To Customers [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	[1]	778,128	640,954
Salaries And Social Security Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		52,448	40,942
Taxes Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		45,672	31,058
Operating Lease Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		161,512
Loans Payable And Other Financial Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		782,653	735,177
Other Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		64,395	51,509
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		1,197,112	614,038
Liabilities		2,263,733	1,766,399
Significant Other Observable Inputs (Level 2) [Member] | Accounts Payable And Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		314,703	266,759
Significant Other Observable Inputs (Level 2) [Member] | Funds Payable To Customers [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	[1]	778,128	640,954
Significant Other Observable Inputs (Level 2) [Member] | Salaries And Social Security Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		52,448	40,942
Significant Other Observable Inputs (Level 2) [Member] | Taxes Payable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		45,672	31,058
Significant Other Observable Inputs (Level 2) [Member] | Operating Lease Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		161,512
Significant Other Observable Inputs (Level 2) [Member] | Loans Payable And Other Financial Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		846,875	735,177
Significant Other Observable Inputs (Level 2) [Member] | Other Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities		64,395	51,509
Time Deposits [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		414,777	20,056
Time Deposits [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		414,777	20,056
Accounts Receivable [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		40,175	35,153
Accounts Receivable [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		40,175	35,153
Credit Card Receivables [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		433,046	360,298
Credit Card Receivables [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		433,046	360,298
Loans Receivable, Net [Member] | Accounts Payable And Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		192,881	95,778
Loans Receivable, Net [Member] | Significant Other Observable Inputs (Level 2) [Member] | Accounts Payable And Accrued Expenses [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		192,881	95,778
Other Assets [Member] | Funds Payable To Customers [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		116,233	102,753
Other Assets [Member] | Significant Other Observable Inputs (Level 2) [Member] | Funds Payable To Customers [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets		$ 116,233	$ 102,753
[1]	The fair value of the 2019 Notes and the 2028 Notes (including the equity component) are disclosed in Note 9.

Fair Value Measurement of Ass_6

Fair Value Measurement of Assets and Liabilities (Fair Value of Money Market Funds, Short and Long-Term Investments Classified as Available for Sale Securities) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2019		Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Cost		$ 1,750,018		$ 914,566
Gross Unrealized Gains	[1]	3,026		3,233
Gross Unrealized Losses	[1]			(3)
Financial Gains		3,722
Estimated Fair Value		1,756,766		917,796
Fair value option		3,722
Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		168,741		179,252
Estimated Fair Value		168,741		179,252
Cash and Cash Equivalents [Member] | Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		168,741		179,252
Estimated Fair Value		168,741		179,252
Restricted Cash and Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		9,591		24,363
Estimated Fair Value		9,591		24,363
Restricted Cash and Cash Equivalents [Member] | Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		9,591		24,363
Estimated Fair Value		9,591		24,363
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		1,370,257		439,683
Gross Unrealized Gains	[1]	599		1,802
Financial Gains		3,721
Estimated Fair Value		1,374,577		441,485
Short-term Investments [Member] | Central Bank of Brazil Mandatory Guarantee [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		337,301	[2]	282,752
Gross Unrealized Gains	[1]			1,565
Financial Gains	[2]	1,998
Estimated Fair Value		339,299	[2]	284,317
Short-term Investments [Member] | Sovereign Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		1,032,882	[3]	156,910
Gross Unrealized Gains	[1]	599	[3]	237
Financial Gains	[3]	1,723
Estimated Fair Value		1,035,204	[3]	157,147
Short-term Investments [Member] | Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		74		21
Estimated Fair Value		74		21
Short-term Investments [Member] | U.S. Treasury Notes [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value option		809,380
Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		201,429		271,268
Gross Unrealized Gains	[1]	2,427		1,431
Gross Unrealized Losses	[1]			(3)
Financial Gains		1
Estimated Fair Value		203,857		272,696
Long-term Investments [Member] | Sovereign Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		201,250		271,024
Gross Unrealized Gains	[1]	2,425		1,431
Financial Gains		1
Estimated Fair Value		203,676		272,455
Long-term Investments [Member] | Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost		179		244
Gross Unrealized Gains	[1]	2
Gross Unrealized Losses	[1]			(3)
Estimated Fair Value		$ 181		$ 241
[1]	Unrealized gains (losses) from securities are attributable to market price movements, net foreign exchange losses and foreign currency translation. Management does not believe any remaining significant unrealized losses represent other-than-temporary impairments based on the evaluation of available evidence including the credit rating of the investments, as of June 30, 2019.
[2]	Brazilian government bonds measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments)
[3]	Includes $ 809,380 thousands of U.S treasury notes measured at fair value with impact on the consolidated statement of income for the application of the fair value option. (See Note 2 – Fair value option applied to certain financial instruments)

Fair Value Measurement of Ass_7

Fair Value Measurement of Assets and Liabilities (Estimated Fair Values Of Cash Equivalents, Short-Term and Long-Term Investments, Effective Maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value Measurement of Assets and Liabilities [Abstract]
One year or less	$ 1,552,909
One year to two years	203,672
Two years to three years	52
Three years to four years	54
Four years to five years	79
Total	$ 1,756,766	$ 917,796

Commitments and Contingencies (

Commitments and Contingencies (Narrative I) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019
Loss Contingencies [Line Items]
Reserves for proceeding-related contingencies		$ 5,320
Aggregate amount for legal actions for which no loss amount has been accrued		11,249
Loss accrued for reasonably possible legal actions	$ 0
Buyer Protection Program [Member]
Loss Contingencies [Line Items]
Provision for maximum potential exposure	988,664	1,051,292
Product liability, contingency, recorded allowance	$ 4,146	$ 4,313

Commitments and Contingencies_2

Commitments and Contingencies (Narrative II) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)item	Dec. 31, 2018item	Jun. 30, 2019USD ($)item
Commitments And Contingencies [Line Items]
Finance Leases	$ 10,080		$ 10,080
Purchase Commitment, Number Of Units | item			1,290,000
Long-term Purchase Commitment, Amount			$ 54,720
Citibank N.A. [Member] | Uruguayan Subsidiary [Member]
Commitments And Contingencies [Line Items]
Number of line of credit facility | item	2
Banco De Chile [Member]
Commitments And Contingencies [Line Items]
Number of line of credit facility | item			2
Scotiabank Chile [Member]
Commitments And Contingencies [Line Items]
Number of line of credit facility | item	2	2
Line of credit, Fixed interest rate			3.66%
Line Of Credit One [Member] | Citibank N.A. [Member] | Uruguayan Subsidiary [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	$ 859		$ 859
Line of credit, Fixed interest rate			11.39%
Line Of Credit One [Member] | Banco De Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	8,858		$ 8,858
Line of credit, Fixed interest rate			3.60%
Line Of Credit One [Member] | Scotiabank Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	14,745		$ 14,745
Line of credit, Fixed interest rate			3.20%
Line Of Credit One, Entered During 2018 [Member] | Scotiabank Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	4,428		$ 4,428
Line Of Credit Two [Member] | Citibank N.A. [Member] | Uruguayan Subsidiary [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	2,282		2,282
Line Of Credit Two [Member] | Banco De Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	7,365		$ 7,365
Line of credit, Fixed interest rate			3.24%
Line Of Credit Two [Member] | Scotiabank Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	7,366		$ 7,366
Line of credit, Fixed interest rate			3.24%
Line Of Credit Two, Entered During 2018 [Member] | Scotiabank Chile [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	2,952		$ 2,952
Unsecured Line Of Credit [Member] | Argentinean Subsidiaries [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	$ 11,987		$ 11,987
Debt weight average rate	60.70%		60.70%
Debt term			3 months
Unsecured Line Of Credit [Member] | Citibank N.A. [Member] | Argentinean Subsidiaries [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	$ 6,583		$ 6,583
Line of credit, Fixed interest rate			85.00%
Unsecured Line Of Credit [Member] | Citibank N.A. [Member] | Uruguayan Subsidiary [Member]
Commitments And Contingencies [Line Items]
Outstanding line of credit	11,222		$ 11,222
Line of credit, Fixed interest rate			9.11%
Fulfillment Center Finance Leases [Member]
Commitments And Contingencies [Line Items]
Number of finance lease contracts | item			3
Fulfillment Center Finance Leases One [Member]
Commitments And Contingencies [Line Items]
Finance Leases	$ 5,469		$ 5,469
Debt instrument, interest rate	6.17%		6.17%
Lessee, Finance Lease, Term of Contract	5 years		5 years
Fulfillment Center Finance Leases Two [Member]
Commitments And Contingencies [Line Items]
Finance Leases	$ 1,022		$ 1,022
Debt instrument, interest rate	9.00%		9.00%
Lessee, Finance Lease, Term of Contract	3 years 9 months		3 years 9 months
Fulfillment Center Finance Leases Three [Member]
Commitments And Contingencies [Line Items]
Finance Leases	$ 134		$ 134
Debt instrument, interest rate	10.78%		10.78%
Debt term			9 months
Finance Lease Contracts [Member] | Argentinean Subsidiaries [Member]
Commitments And Contingencies [Line Items]
Finance Leases	$ 3,455		$ 3,455
Debt weight average rate	68.50%		68.50%
Debt term			4 years

Long Term Retention Plan (Long

Long Term Retention Plan (Long Term Retention Plans Accrued Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	$ 18,767	$ 1,055	$ 32,208	$ 16,792
LTRP 2010 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan		(29)		24
LTRP 2011 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	(29)	(175)	26	487
LTRP 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	857	(326)	1,416	799
LTRP 2013 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	(96)	(327)	97	1,422
LTRP 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	1,603	(372)	2,823	1,712
LTRP 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	2,880	(499)	4,862	2,317
LTRP 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	4,569	(492)	7,607	3,416
LTRP 2017 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	4,163	173	6,976	3,513
LTRP 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	1,868	$ 3,102	3,323	$ 3,102
LTRP 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Long term retention plan	$ 2,952		$ 5,078

Convertible Senior Notes (Narra

Convertible Senior Notes (Narrative) (Details) - Convertible Senior Notes [Member]	Jul. 01, 2019USD ($)itemshares	Aug. 24, 2018USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Nov. 30, 2018USD ($)$ / shares	Aug. 31, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)
Initial Issuance - 2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 800,000,000
Additional Issuance - 2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount						$ 80,000,000
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 880,000,000		$ 880,000,000	$ 880,000,000	$ 880,000,000
Debt instrument, interest rate		2.00%		2.00%		2.00%	2.00%	2.00%
Convertible senior notes, conversion rate		2.2553%
Converted instrument, principal amount used per conversion		$ 1,000					$ 100
Convertible senior notes, conversion price | $ / shares		$ 443.40
Amount paid to enter into capped call transactions				$ 88,362,000	$ 11,472,000	$ 91,784,000	88,362,000
Estimated fair value				$ 1,387,267,000			$ 1,387,267,000	$ 787,266,000
Common stock, closing price per share | $ / shares				$ 611.77			$ 611.77
Debt instrument convertible, if-converted value in excess of principal							$ 334,158,000
Strike price, per share | $ / shares				703.64	$ 633.87	$ 443.41
Approximate cap price, per share | $ / shares				$ 846.86	$ 666.72	$ 656.90	$ 846.86
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 330,000,000	$ 65,978,000			$ 65,978,000	65,987,000
Debt instrument, interest rate			2.25%	2.25%			2.25%
Debt instrument, maturity date							Jul. 1, 2019
Convertible senior notes, conversion rate			7.9353%
Converted instrument, principal amount used per conversion			$ 1,000
Convertible senior notes, conversion price | $ / shares			$ 126.02
Amount paid to enter into capped call transactions			$ 19,668,000						$ 45,692,000	$ 67,308,000
Debt Conversion, Received And Retired Shares | item	131,994
Estimated fair value				$ 324,905,000			$ 324,905,000	$ 150,572,000
Closing Trading Amount Price Per Share | $ / shares							$ 100
Common stock, closing price per share | $ / shares				$ 611.77			$ 611.77
Amount of debt extinguished		$ 263,724,000
Cash payment for debt extinguishment		$ 348,123,000
Shares issued related to the debt extinguishment | shares		1,044,298
Unwind of convertible note cappeds calls					$ 14,405,000	$ 121,703,000
Debt instrument convertible, if-converted value in excess of principal							$ 254,317,000
2019 Convertible Senior Notes [Member] | Subsequent Events [Member]
Debt Instrument [Line Items]
Debt Conversion, Converted Instrument, Amount Not Converted	$ 17,000
Convertible senior notes, amount converted	$ 65,961,000
Debt Conversion, Converted Instrument, Shares Issued | shares	523,407

Convertible Senior Notes (Carry

Convertible Senior Notes (Carrying Amounts of Liability and Equity Components) (Details) - Convertible Senior Notes [Member] - USD ($)		Jun. 30, 2019	Dec. 31, 2018	Aug. 31, 2018	Jun. 30, 2014
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Amount of the equity component	[1]	$ 327,305,000	$ 327,305,000
Convertible senior notes		880,000,000	880,000,000	$ 880,000,000
Unamortized debt discount	[2]	(313,498,000)	(325,783,000)
Unamortized transaction costs related to the debt component		(9,719,000)	(9,958,000)
Contractual coupon interest accrual		15,009,000	5,867,000
Contractual coupon interest payment		(8,360,000)
Net carrying amount		563,432,000	550,126,000
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Amount of the equity component	[3]	9,196,000	9,196,000
Convertible senior notes		65,978,000	65,987,000		$ 330,000,000
Unamortized debt discount			(1,063,000)
Unamortized transaction costs related to the debt component			(176,000)
Contractual coupon interest accrual		745,000	5,447,000
Contractual coupon interest payment		(745,000)	(5,447,000)
Net carrying amount		$ 65,978,000	$ 64,748,000
[1]	Net of $ 6,163 thousands of transaction costs related to the equity component of the 2028 Notes.
[2]	As of June 30, 2019 , the remaining period over which the unamortized debt discount will be amortized is 9.2 years.
[3]	Net of $ 236 thousands of transaction costs related to the equity component of the 2019 Notes.

Convertible Senior Notes (Car_2

Convertible Senior Notes (Carrying Amounts of Liability and Equity Components - Additional Information) (Details) - Convertible Senior Notes [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Aug. 31, 2018	Aug. 24, 2018	Jun. 30, 2014
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2.00%	2.00%	2.00%	2.00%
Transaction costs related to the equity component	$ 6,163
Remaining period over which the unamortized debt discount will be amortized	9 years 2 months 12 days
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	2.25%				2.25%
Transaction costs related to the equity component	$ 236	$ 236

Convertible Senior Notes (Summa

Convertible Senior Notes (Summary of Interest Expense for Contractual Interest and Accretion of Debt Discount) (Details) - Convertible Senior Notes [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
2028 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Contractual coupon interest expense	$ 4,400		$ 9,142
Amortization of debt discount	5,968		12,285
Amortization of debt issuance costs	117		239
Total interest expense related to the Notes	10,485		21,666
2019 Convertible Senior Notes [Member]
Debt Instrument [Line Items]
Contractual coupon interest expense	372	$ 1,857	745	$ 3,713
Amortization of debt discount	532	2,508	1,063	5,016
Amortization of debt issuance costs	88	399	176	798
Total interest expense related to the Notes	$ 992	$ 4,764	$ 1,984	$ 9,527

Equity Offerings (Details)

Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 29, 2019	Mar. 15, 2019	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues			$ 1,866,500
Common stock, par value				$ 0.001	$ 0.001
Redeemable convertible preferred stock, Par Value				0.001	$ 0.001
Preferred Stock Par Or Stated Value Per Share				$ 1,000
Preferred Stock, Dividend Rate, Percentage				4.00%
Common Stock, Convertible, Conversion Price				$ 479.71
Funds raised from aggregate issuance				$ 1,965,903
Equity, issuance cost				$ 34,097
Common Stock [Member]
Class of Stock [Line Items]
Common Stock Value At Offering		$ 1,150,000
Common Stock Value At Offering, Per Share		$ 480
Stock Issued During Period, Shares, New Issues		2,395,834
Common Stock Value At Offering, Underwriters' Option, Additional Shares Value		$ 150
Common stock, par value		$ 0.001
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Redeemable convertible preferred stock, Par Value	$ 0.001
PayPay, Inc. [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common Stock Value At Offering, Per Share		$ 436.10
Stock Issued During Period, Value, New Issues		$ 750,000
Stock Issued During Period, Shares, New Issues		1,719,790
Dragoneer Investment Group [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Value, New Issues	$ 100,000
Stock Issued During Period, Shares, New Issues	100,000
Redeemable convertible preferred stock, Par Value	$ 0.001

Securitization Transaction (Nar

Securitization Transaction (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Collateralized Debt, Due May 2021 [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 39,540
Basis spread on variable rate	3.25%
Debt term	30 months
Collateralized Debt, Due October 2019 [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 3,123
Debt term	8 months
Collateralized Debt, Due July 2019 [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 397
Debt term	12 months
Collateralized Debt, Due January 2020 [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 5,746
Basis spread on variable rate	2.00%
Debt term	8 months
Brazil [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 55,395
Brazil [Member] | Collateralized Debt, Due June 2021 [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 15,855
Basis spread on variable rate	3.50%
Debt term	36 months
Argentina [Member]
Debt Instrument [Line Items]
Collateralized debt	$ 9,266
Maximum [Member] | Collateralized Debt, Due October 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	48.00%
Maximum [Member] | Collateralized Debt, Due July 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	45.00%
Maximum [Member] | Collateralized Debt, Due January 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	52.00%
Minimum [Member] | Collateralized Debt, Due October 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	33.00%
Minimum [Member] | Collateralized Debt, Due July 2019 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	30.00%
Minimum [Member] | Collateralized Debt, Due January 2020 [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	37.00%
BADLAR Rate [Member] | Collateralized Debt, Due October 2019 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
BADLAR Rate [Member] | Collateralized Debt, Due July 2019 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Securitization Transaction (Ass

Securitization Transaction (Assets And Liabilities Of The Trust) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Securitization Transactions [Line Items]
Restricted cash and cash equivalents	$ 9,660	$ 24,363
Loans receivable, net	192,881	95,778
Total current assets	3,676,432	1,511,123
Total assets	4,595,492	2,239,519
Accounts payable and accrued expenses	314,703	266,759
Loans payable and other financial liabilities	162,983	132,949
Total current liabilities	1,449,509	1,166,224
Loans payable and other financial liabilities	619,670	602,228
Total non-current liabilities	901,371	736,595
Total liabilities	2,350,880	1,902,819
Trust Created In Brazil [Member]
Securitization Transactions [Line Items]
Restricted cash and cash equivalents	9,660	24,363
Loans receivable, net	87,263	51,471
Total current assets	96,923	75,834
Total assets	96,923	75,834
Accounts payable and accrued expenses	115	113
Loans payable and other financial liabilities	9,875	7,539
Total current liabilities	9,990	7,652
Loans payable and other financial liabilities	54,786	46,441
Total non-current liabilities	54,786	46,441
Total liabilities	$ 64,776	$ 54,093

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 157,843	$ 0
Operating lease liabilities	161,512
Finance Leases	10,080
Amortization depreciation	(584)
Accumulated Depreciation [Member]
Lessee, Lease, Description [Line Items]
Amortization depreciation	(638)
Property And Equipment, At Cost [Member]
Lessee, Lease, Description [Line Items]
Finance Leases	12,377
Property And Equipment, Net [Member]
Lessee, Lease, Description [Line Items]
Finance Leases	11,739
Loans Payable And Other Financial Liabilities [Member]
Lessee, Lease, Description [Line Items]
Finance Leases	$ 10,080

Leases (Summary Of Weighted Ave

Leases (Summary Of Weighted Average Remaining Lease Term And Discount Rate) (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term, Operating leases	9 years
Weighted average remaining lease term, Finance leases	4 years
Weighted average discount rate, Operating leases	10.60%
Weighted average discount rate, Finance leases	27.50%

Leases (Components Of Lease Exp

Leases (Components Of Lease Expense) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 13,874
Depreciation of property and equipment	584
Interest on lease liabilities	489
Total finance lease cost	$ 1,073

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 10,219
Financing cash flows from finance leases	889
Right-of-use assets obtained in exchange for lease obligations: Operating leases	43,018
Right-of-use assets obtained in exchange for lease obligations: Finance leases	$ 3,355

Leases (Maturities Of Lease Lia

Leases (Maturities Of Lease Liabilities) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating Leases, One year or less	$ 29,836
Operating Leases, One year to two years	28,994
Operating Leases, Two years to three years	28,369
Operating Leases, Three years to four years	26,600
Operating Leases, Fours years to five years	24,932
Operating Leases, Thereafter	114,372
Operating Leases, Total lease payments	253,103
Operating Leases, Less imputed interest	(91,591)
Operating leases, Total	161,512
Finance Leases, One year or less	4,716
Finance Leases, One year to two years	4,266
Finance Leases, Two years to three years	4,266
Finance Leases, Three years to four years	4,021
Finance Leases, Fours years to five years	1,417
Finance Leases, Total lease payments	18,686
Finance Leases, Less imputed interest	(8,606)
Finance Leases, Total	$ 10,080

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Jul. 31, 2019
Scenario, Forecast [Member] | Foreign Exchange Contract Used [Member]
Derivative [Line Items]
Derivative, Notional Amount				$ 7,948	$ 7,695	$ 8,595
Scenario, Forecast [Member] | Foreign Exchange Contract Entered [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 10,000	$ 2,042	$ 2,988		$ 1,251	$ 653
Subsequent Events [Member] | Foreign Exchange Contract Used [Member]
Derivative [Line Items]
Derivative, Notional Amount							$ 14,130
Subsequent Events [Member] | Foreign Exchange Contract Entered [Member]
Derivative [Line Items]
Derivative, Notional Amount							$ 3,234

Derivative Instruments (Summary

Derivative Instruments (Summary Of Outstanding Derivative Instruments) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,030
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 69

Derivative Instruments (Fair Va

Derivative Instruments (Fair Value Of Derivative Instruments) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Derivative Instruments [Abstract]
Loss from foreign exchange contracts designated as fair value hedges	$ (1,030)
Gain from hedged items attributable to hedged risk	1,030
Foreign exchange contracts not designated as hedging instruments	69
Total	$ 69