Country: US

Q4 2018

• SE Q4 2018 Its Equity Just Went Negative. Nobody Mentioned It.Feb 27
• PDD Q4 2018 The $866 Million Founder Payout Hiding Inside a 652% Revenue SurgeFeb 11

Q3 2018

• SE Q3 2018 Sea's Net Loss Finally Shrank. Its Equity Almost Disappeared.Nov 21
• MELI Q3 2018 It Raised Nearly $1 Billion in Debt - While Still Posting a Net LossNov 02

Q2 2018

• SE Q2 2018 Sea's Payments Volume Grew 608%. Then Sea Retired the Metric Measuring It.Aug 21
• MELI Q2 2018 It Just Booked Its First Net Loss in Years - Was It Worth It?Aug 09
• BABA Alibaba Just Bought Out Every Partner It Used to Only Have a Contract WithMay 11

Q1 2018

• MELI Q1 2018 It Spent $112 Million on Free Shipping in One Quarter - and Flipped Straight to a LossJun 14
• SE Q1 2018 Sea Raised Its 2018 Guidance — So Why Did Its Losses Triple?May 15
• BABA Q1 2018 Net Income Grew 47%, But a New Non-Cash Gain Arrived the Same Year an Old One ReversedMay 11

Q4 2017

• MELI Q4 2017 One Month of Venezuela Just Erased 90% of a Full Year's ProfitMar 20
• SE Q4 2017 Why Did Sea's Loss Triple the Same Quarter It Went Public?Feb 27

Q3 2017

• MELI Q3 2017 Revenue Is Up 61%, So Why Did Operating Margin Fall by Two-Thirds?Nov 24
• SE Q3 2017 73% Growth on the Cover, 4% in the GAAP LineNov 22

Q2 2017

• MELI Q2 2017 Mexico's Direct Contribution Just Went to Negative 112% - Is This a Segment or a Sinkhole?Aug 18

Q1 2017

• MELI Q1 2017 Free Cash Flow Went From Negative $26 Million to Positive $94 Million in a Single Year - What Changed?May 19
• BABA Q1 2017 Net Income Fell 39% the Year Revenue Grew 56%May 10

Q4 2016

• MELI Q4 2016 The Stock Is Already Above Its Own Anti-Dilution Ceiling - Does the Full-Year Number Justify It?Mar 08

Q3 2016

• MELI Q3 2016 The Stock Doubled From January's Low - Does the Bull Case Still Clear It?Nov 20

Q2 2016

• MELI Q2 2016 A Third Venezuela Impairment Landed - and Free Cash Flow Recovered AnywayAug 19

Q1 2016

• MELI Q1 2016 Why Did Free Cash Flow Just Go Negative for the First Time?May 16
• XYZ Q1 2016 Did the Loss Really Double, or Is $50 Million of Litigation Hiding the Real Story?May 10
• BABA Q1 2016 Two Accounting Gains Explain 92% of the Profit Growth, and a Second SEC Inquiry OpensMay 09

Q4 2015

• MELI Q4 2015 Every Segment's Margin Fell This Year - Mexico's Collapsed by 13.7 PointsMar 15
• XYZ Q4 2015 The Marquee Customer Relationship That Never Turned a ProfitMar 10

Q3 2015

• MELI Q3 2015 Profit Grew 35% This Quarter - A One-Time Tax Gain Did Almost All of ItNov 20

Q2 2015

• MELI Q2 2015 The Venezuela Drama Finally Stopped - So Why Did Real Profit Just Fall 39%?Aug 20

Q1 2015

• MELI Q1 2015 Net Income Fell 94% This Quarter - the Venezuela Bill Finally Came DueMay 18
• BABA Q1 2015 Seven Shareholder Lawsuits and an SEC Inquiry, Six Months After the IPOMay 06

Q4 2014

• MELI Q4 2014 Local-Currency Revenue Grew 81% for the Year - Net Income Still Fell 38%Mar 18

Q3 2014

• MELI Q3 2014 The Loss Is Gone and Profits Are Back - But the Currency Gap Just Hit a Record 69 PointsNov 14

Q2 2014

• MELI Q2 2014 First-Ever Quarterly Loss Just Landed - Is the Business Actually Broken?Aug 19

Q1 2014

• MELI Q1 2014 Local Currency Says the Business Grew 50% - The Dollar Says It Grew 12%. Which One Is Real?May 20

Q4 2013

• MELI Q4 2013 Margins Recovered for the First Time All Year - So Why Did Free Cash Flow Collapse 77%?Feb 28

Q3 2013

• MELI Q3 2013 The Corporate-Cost Problem Got Worse, Not Better, and the Stock Rallied 25% AnywayNov 07

Q2 2013

• MELI Q2 2013 The Corporate-Cost Discipline This Coverage Tracked for a Year Just Reversed in a Single QuarterAug 06

Q1 2013

• MELI Q1 2013 The Estimated Venezuela Hit Was $5.7 Million - The Actual One Came In 12% Worse, and Took Net Income Down With ItMay 07

Q4 2012

• MELI Q4 2012 Every Warning Sign From Q3 Reversed by Year-End - Then Venezuela Devalued the Bolivar 46% Two Months LaterFeb 27

Q3 2012

• MELI Q3 2012 Every Improvement From Last Quarter Reversed at Once - And Net Income Fell for the First Time in This CoverageNov 05

Q2 2012

• MELI Q2 2012 The Corporate-Cost Pool Finally Grew Slower Than Revenue - And the Stock Fell 22% AnywayAug 03

Q1 2012

• MELI Q1 2012 The Corporate-Cost Problem This Coverage Tracked All Last Year Just Faded - So Why Did Operating Margin Fall Anyway?May 08

Q4 2011

• MELI Q4 2011 Every Segment Got a Better Margin in 2011 - So Why Did Full-Year Operating Margin Fall Anyway?Feb 28

Q3 2011

• MELI Q3 2011 Brazil's Margin Relapse Fully Reversed - So Why Did Unallocated Costs Grow Even Faster?Nov 04

Q2 2011

• MELI Q2 2011 Brazil's Margin Just Undid the Recovery Story Told Last QuarterAug 08

Q1 2011

• MELI Q1 2011 The Segments Recovered From Free Payments - So Why Did Operating Margin Fall Again?May 24

Q4 2010

• MELI Q4 2010 It Declared Its First-Ever Dividend the Same Quarter Its Own Bull Case Still Couldn't Clear the Stock PriceFeb 25

Q3 2010

• MELI Q3 2010 It Just Made Payments Free in Its Two Biggest Markets — And Every Segment Margin Absorbed the BillNov 20

Q2 2010

• MELI Q2 2010 The Business That Was Supposed to Fix the Take-Rate Problem Just Got Less Profitable TooAug 23

Q1 2010

• MELI Q1 2010 The One Number That Always Rose in This Coverage Just FellMay 24

Q4 2009

• MELI Q4 2009 The First Real DCF This Coverage Could Ever Run Says the Rally's Gone Too FarFeb 26

Q3 2009

• MELI Q3 2009 The Currency Gap Finally Narrowed, But the Stock Priced In Even More Than ThatNov 06

Q2 2009

• MELI Q2 2009 The Margins Finally Snapped Back, Right As a Brazilian Judge Ruled Against the Safe-Harbor DefenseAug 07

Q1 2009

• MELI Q1 2009 The Currency Wiped Out Two-Thirds of Real Growth This QuarterMay 11

Q4 2008

• MELI Q4 2008 Did the 2008 Crash Finally Show Up in the Numbers?Feb 27

Q3 2008

• MELI Q3 2008 The Quarter Every Metric Improved, and the Stock Fell 41% AnywayNov 12

Q2 2008

• MELI Q2 2008 The Cash Flow Reversal Reversed Again, and This Time Margin Went With ItAug 13

Q1 2008

• MELI Q1 2008 The Rally Reversed Itself, But the Cash Flow Problem Didn't Come Back With ItMay 15

Q4 2007

• MELI Q4 2007 The Stock Rallied 104% in One Quarter, But Free Cash Flow Barely MovedMar 31

Q3 2007

• MELI Q3 2007 A 44% Stock Swing Inside Its First Ten Weeks of Trading, and a 74x Jump in Net IncomeNov 14

Q2 2007

• MELI Q2 2007 An IPO Where Insiders Sold Five Times More Stock Than the Company ItselfOct 10