Arcos Dorados Reports Second Quarter 2023 Financial Results
- Arcos Dorados reported strong Q2 2023 results, with systemwide comparable sales growing 31.5% YoY. Total revenues reached $1.04 billion, up 17.2% in USD and 36.2% in constant currency. Consolidated Adjusted EBITDA was $110.1 million, up 20.5% in USD and 31.0% in constant currency. Net income in the quarter almost doubled the prior year result, reaching $28.4 million.
- None.
-
Systemwide comparable sales¹ grew
31.5% year-over-year, with strong sales and market share performance in all divisions -
Total revenues reached
in the quarter, up$1.04 billion 17.2% in US dollars and36.2% in constant currency, versus the prior year period -
Digital channel sales (Delivery, Mobile App and Self-order Kiosks), reached
, representing$665.9 million 49% of systemwide sales in the second quarter -
Consolidated Adjusted EBITDA¹ was
, up$110.1 million 20.5% in US dollars and31.0% in constant currency -
Net Income in the quarter grew to
, or$28.4 million per share, almost doubling the prior year result$0.13
Second Quarter 2023 Highlights
-
Systemwide comparable sales¹ increased
31.5% , rising 1.3 times blended inflation. -
Consolidated revenues reached
, growing$1.04 billion 17.2% in US dollars and36.2% in constant currency, versus the prior year period. -
Consolidated Adjusted EBITDA¹ of
rose$110.1 million 20.5% in US dollars versus the prior year result, and31.0% in constant currency. -
Consolidated Adjusted EBITDA margin reached
10.6% in the quarter, expanding by 30 basis points versus the prior year period. -
Basic net income per share was
in the quarter, almost double the net income per share of$0.13 in the prior year quarter.$0.07 - The Company opened 10 restaurants in the period, including 8 free-standing units.
- Surpassed 100 million cumulative downloads of the Company’s Mobile App.
Message from Marcelo Rabach, Chief Executive Officer
For the last several years, Arcos Dorados has made the most of its unique position in the Latin American QSR industry. We are operating the industry’s favorite Brand and leveraging structural competitive advantages to capture the McDonald’s Brand’s full growth potential.
Our “Three D’s” strategy, of Digital, Delivery and Drive-thru, provides the framework and tools for strong, sustainable sales growth. Restaurant level execution has also been a key success factor. By offering guests an unmatched experience through a combination of value, quality and service, we are generating consistent transaction volume growth on a comparable basis.
This approach to building topline has led to sales growth well above inflation that, in turn, generates fixed cost leverage and improved profitability. Importantly, the strong performance has been consistent across all three divisions. The geographic diversification we envisioned when Arcos Dorados was formed sixteen years ago has been an important success factor in recent years.
There have been a series of actions and initiatives across the organization within a long-term, strategic framework that are driving these results. From restaurant operations to digital capabilities and investment decisions, we are working hard to generate value for all stakeholders.
We understand the importance of efficient capital allocation, which is why we have focused our investments on modernizing existing restaurants and opening primarily free-standing locations to capitalize on the flexibility and adaptability of this restaurant format. Fortunately, the investments of the last three years have delivered above average returns on openings, modernizations and digital capabilities, among others.
These investments provide more than just financial returns. They also make us the largest generators of first-time jobs for young people in the region. In addition to restaurant training, we offer personal and professional development opportunities that will serve them for the rest of their lives. In fact, more than 110 thousand people have enrolled for free certificate courses on a broad range of topics through Hamburger University’s MCampus online education platform.
I hope we can inspire even more young people to join the Arcos Dorados family and build a better future for their families, communities and the planet.
Consolidated Results
Figure 1. AD Holdings Inc Consolidated: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 2,286 |
2,317 |
||||
Sales by Company-operated Restaurants | 848.4 |
(163.4) |
309.6 |
994.5 |
|
|
Revenues from franchised restaurants | 39.5 |
(5.6) |
12.0 |
46.0 |
|
|
Total Revenues | 887.9 |
(169.0) |
321.6 |
1,040.5 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 91.4 |
(9.6) |
28.3 |
110.1 |
|
|
Adjusted EBITDA Margin |
|
|
0.3 p.p. | |||
Net income (loss) attributable to AD | 14.5 |
(4.3) |
18.2 |
28.4 |
|
|
No. of shares outstanding (thousands) | 210,540 |
210,626 |
||||
EPS (US$/Share) | 0.07 |
0.13 |
Arcos Dorados’ total revenues reached
Second quarter 2023 front counter sales, which includes self-order kiosks, grew
Digital channel sales, which includes Delivery, Mobile App and Self-order kiosks, grew
The Mobile App leverages guest data and increases visit frequency, especially when the sale is identified to an individual guest. During the second quarter, identified sales represented about
Notable items in the Adjusted EBITDA reconciliation
Included in Adjusted EBITDA: The positive variation in other operating income / (expense) is mainly explained by a
Excluded from Adjusted EBITDA: There were no notable items excluded from Adjusted EBITDA in either the second quarter of 2023 or the second quarter of 2022.
Adjusted EBITDA
2Q23 Adjusted EBITDA Bridge
($ million)
Second quarter consolidated Adjusted EBITDA reached
Margin performance was highlighted by significant operating leverage in both Payroll and Occupancy & Other Operating expenses due to strong sales growth across all divisions. Food and Paper (F&P) costs also declined as a percentage of revenue compared with the prior year due to a better gross margin in NOLAD and SLAD. These more than offset moderately higher G&A expenses and the impact of the final step up of the Company’s royalty rate, which became effective as of August 3, 2022.
Non-operating Results
Arcos Dorados’ non-operating results for the second quarter included a
Net interest expense and other financing results totaled
In the second quarter, the Company recorded an income tax expense of
Second quarter net income attributable to the Company totaled
Total weighted average shares for the second quarter of 2023 were 210,625,859 compared to 210,539,537 in the second quarter of 2022.
For reference:
Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 2,186 |
2,227 |
||||
Sales by Company-operated Restaurants | 844.8 |
(139.3) |
283.4 |
989.0 |
|
|
Revenues from franchised restaurants | 39.1 |
(3.2) |
9.6 |
45.5 |
|
|
Total Revenues | 883.9 |
(142.5) |
293.0 |
1,034.4 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 92.4 |
(15.2) |
34.4 |
111.6 |
|
|
Adjusted EBITDA Margin |
|
|
0.3 p.p. | |||
Net income (loss) attributable to AD | 15.6 |
(10.3) |
24.7 |
29.9 |
|
|
No. of shares outstanding (thousands) | 210,540 |
210,626 |
||||
EPS (US$/Share) | 0.07 |
0.14 |
Divisional Results
Brazil Division
Figure 3. Brazil Division: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 1,070 |
1,098 |
||||
Total Revenues | 358.1 |
(2.7) |
49.9 |
405.2 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 52.7 |
(0.3) |
16.7 |
69.1 |
|
|
Adjusted EBITDA Margin |
|
|
2.3 p.p. |
Brazil’s revenues increased
Digital channel sales were up
The quarter also included a new menu item in the premium beef segment with the introduction of the “Big Tasty Bacon Barbecue”, while a campaign to celebrate the 40th anniversary of Chicken McNuggets strengthened the strategically important chicken category.
As reported Adjusted EBITDA in the division reached
North Latin American Division (NOLAD)
Figure 4. NOLAD Division: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 628 |
639 |
||||
Total Revenues | 222.7 |
20.8 |
34.1 |
277.6 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 23.3 |
2.2 |
2.7 |
28.2 |
|
|
Adjusted EBITDA Margin |
|
|
-0.2 p.p. |
As reported revenues totaled
NOLAD’s markets captured additional market share in the quarter with consistent, positive momentum in brand attributes across the division. In April, the Company continued the roll out of Best Burger, extending the platform to
As reported Adjusted EBITDA in the division reached
Notably, NOLAD generates its results in hard or relatively stable currencies: US dollar, euro, Mexican peso and Costa Rican colón.
South Latin American Division (SLAD)
Figure 5. SLAD Division: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 588 |
580 |
||||
Total Revenues | 307.1 |
(187.0) |
237.6 |
357.7 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 32.9 |
(17.3) |
21.2 |
36.9 |
|
|
Adjusted EBITDA Margin |
|
|
-0.4 p.p. |
Revenues in SLAD reached
SLAD reached some of its highest ever market share levels, backed by positive brand attribute trends. Menu innovations across the region, included the launch of flavorful and abundant products in the beef and chicken categories such as the “Signature Tasty Turbo Bacon” in
As reported Adjusted EBITDA in the division totaled
The division’s Adjusted EBITDA was primarily impacted by the final step-up in the Company’s royalty rate, as well as a moderate increase in G&A and payroll expenses as a percentage of revenue. These were partially offset by lower F&P costs as a percentage of revenue generated by a favorable sales mix and strong sales growth.
For reference:
Figure 6. SLAD Division - Excluding Venezuela: Key Financial Results (In millions of |
||||||
2Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q23 (a+b+c) |
% As Reported | % Constant Currency | |
Total Restaurants (Units) | 488 |
490 |
||||
Total Revenues | 303.1 |
(160.5) |
209.0 |
351.6 |
|
|
Systemwide Comparable Sales |
|
|||||
Adjusted EBITDA | 34.0 |
(22.9) |
27.3 |
38.4 |
|
|
Adjusted EBITDA Margin |
|
|
-0.3 p.p. |
New Unit Development
Figure 7. Total Restaurants (eop)* | |||||
June 2023 |
March 2023 |
December 2022 |
September 2022 |
June 2022 |
|
1,098 |
1,091 |
1,084 |
1,077 |
1,070 |
|
NOLAD | 639 |
639 |
638 |
631 |
628 |
SLAD | 580 |
582 |
590 |
589 |
588 |
TOTAL | 2,317 |
2,312 |
2,312 |
2,297 |
2,286 |
* Considers Company-operated and franchised restaurants at period-end |
Figure 8. Footprint as of June 30, 2023 | ||||||||
Store Type* | Total Restaurants | Ownership | McCafes | Dessert Centers | ||||
FS | IS | MS & FC | Company Operated | Franchised | ||||
550 |
91 |
457 |
1,098 |
662 |
436 |
137 |
1,975 |
|
NOLAD | 392 |
51 |
196 |
639 |
484 |
155 |
13 |
519 |
SLAD | 229 |
128 |
223 |
580 |
494 |
86 |
166 |
704 |
TOTAL | 1,171 |
270 |
876 |
2,317 |
1,640 |
677 |
316 |
3,198 |
* FS: Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court. |
During the second quarter of 2023, the Company opened 10 restaurants, including 9 restaurants in
As of the end of June, there were 1,128 Experience of the Future restaurants, the most modern format in the global McDonald’s system, making up
The Company’s restaurant development plan remains on track, with a strong pipeline of restaurant openings and modernizations underway in the second semester of 2023. All ground breaks on new restaurant construction for 2023 have been made and the Company expects to meet its full year openings guidance of 75 to 80 restaurants and about 250 modernizations.
Balance Sheet & Cash Flow Highlights
Figure 9. Consolidated Financial Ratios (In thousands of |
||
|
June 30, | December 31, |
|
2023 |
2022 |
Total Cash & cash equivalents (i) |
223,953 |
304,396 |
Total Financial Debt (ii) |
695,494 |
674,401 |
Net Financial Debt (iii) |
471,541 |
370,005 |
LTM Adjusted EBITDA |
427,264 |
386,564 |
Total Financial Debt / LTM Adjusted EBITDA ratio |
1.6 |
1.7 |
Net Financial Debt / LTM Adjusted EBITDA ratio |
1.1 |
1.0 |
(i) | Total cash & cash equivalents include short-term investment. |
(ii) |
Total financial debt includes short-term debt, long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to |
(iii) | Net financial debt equals total financial debt less total cash & cash equivalents. |
As of June 30, 2023, total cash and cash equivalents were
The net debt to Adjusted EBITDA leverage ratio ended the quarter at a healthy 1.1x.
Net cash generated from operating activities for the six months ended June 30, totaled
Supplemental Information
Second Quarter 2023 Earnings Webcast
A webcast to discuss the information contained in this press release will be held today, August 17, 2023, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: Arcos Dorados Second Quarter 2023 Results Webcast.
A replay of the webcast will be available later today in the investor section of the Company’s website: www.arcosdorados.com/ir.
Definitions
Systemwide comparable sales growth: refers to the change, measured in constant currency, in our Company-operated and franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year basis). While sales by our franchisees are not recorded as revenues by us, we believe the information is important in understanding our financial performance because these sales are the basis on which we calculate and record franchised revenues and are indicative of the financial health of our franchisee base.
Constant currency basis: refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories: (i) currency translation, (ii) constant currency growth. (i) Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which we conduct our business against the US dollar (the currency in which our financial statements are prepared). (ii) Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation.
Adjusted EBITDA: In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), within this press release and the accompanying tables, we use a non-GAAP financial measure titled ‘Adjusted EBITDA’. We use Adjusted EBITDA to facilitate operating performance comparisons from period to period.
Adjusted EBITDA is defined as our operating income plus depreciation and amortization plus/minus the following losses/gains included within other operating income (expenses), net, and within general and administrative expenses in our statement of income: gains from sale, equity method investments, or insurance recovery of property and equipment; write-offs of property and equipment; impairment of long-lived assets; and reorganization and optimization plan expenses.
We believe Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 10 of this earnings release include a reconciliation for Adjusted EBITDA. For more information, please see Adjusted EBITDA reconciliation in Note 9 – Segment and geographic information – of our financial statements (6-K Form) filed today with the S.E.C.
About Arcos Dorados
Arcos Dorados is the world’s largest independent McDonald’s franchisee, operating the largest quick service restaurant chain in
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company’s business prospects, its ability to attract customers, its affordable platform, its expectation for revenue generation and its outlook and guidance for growth and investments in 2023. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.
Second Quarter 2023 Consolidated Results
Figure 10. Second Quarter 2023 Consolidated Results (In thousands of |
|||||
For Three-Months ended | For Six-Months ended | ||||
June 30, | June 30, | ||||
2023 |
2022 |
2023 |
2022 |
||
REVENUES | |||||
Sales by Company-operated restaurants | 994,530 |
848,350 |
1,940,884 |
1,603,644 |
|
Revenues from franchised restaurants | 45,991 |
39,545 |
90,429 |
74,932 |
|
Total Revenues | 1,040,521 |
887,895 |
2,031,313 |
1,678,576 |
|
OPERATING COSTS AND EXPENSES | |||||
Company-operated restaurant expenses: | |||||
Food and paper | (351,745) |
(301,028) |
(685,611) |
(564,436) |
|
Payroll and employee benefits | (194,065) |
(169,441) |
(379,382) |
(321,669) |
|
Occupancy and other operating expenses | (278,997) |
(244,747) |
(542,720) |
(464,874) |
|
Royalty fees | (58,520) |
(44,061) |
(115,259) |
(82,677) |
|
Franchised restaurants - occupancy expenses | (20,420) |
(16,855) |
(38,629) |
(32,863) |
|
General and administrative expenses | (69,526) |
(54,996) |
(135,118) |
(110,534) |
|
Other operating income, net | 7,644 |
3,879 |
6,583 |
7,470 |
|
Total operating costs and expenses | (965,629) |
(827,249) |
(1,890,136) |
(1,569,583) |
|
Operating income | 74,892 |
60,646 |
141,177 |
108,993 |
|
Net interest expense and other financing results | (12,128) |
(24,161) |
(21,987) |
(34,820) |
|
Loss from derivative instruments | (9,191) |
(1,144) |
(14,120) |
(12,836) |
|
Foreign currency exchange results | 13,662 |
(5,045) |
20,945 |
10,782 |
|
Other non-operating income / (expenses), net | 116 |
(83) |
6 |
(108) |
|
Income before income taxes | 67,351 |
30,213 |
126,021 |
72,011 |
|
Income tax expense | (38,824) |
(15,638) |
(59,850) |
(32,807) |
|
Net income | 28,527 |
14,575 |
66,171 |
39,204 |
|
Net income attributable to non-controlling interests | (159) |
(94) |
(396) |
(220) |
|
Net income attributable to Arcos Dorados Holdings Inc. | 28,368 |
14,481 |
65,775 |
38,984 |
|
Earnings per share information ($ per share): | |||||
Basic net income per common share |
|
|
|
|
|
Weighted-average number of common shares outstanding-Basic | 210,625,859 |
210,539,537 |
210,610,288 |
210,509,099 |
|
Adjusted EBITDA Reconciliation | |||||
Operating income | 74,892 |
60,646 |
141,177 |
108,993 |
|
Depreciation and amortization | 35,000 |
30,504 |
68,520 |
60,640 |
|
Operating charges excluded from EBITDA computation | 164 |
212 |
863 |
227 |
|
Adjusted EBITDA | 110,056 |
91,362 |
210,560 |
169,860 |
|
Adjusted EBITDA Margin as % of total revenues | 10.6 % |
10.3 % |
10.4 % |
10.1 % |
Second Quarter 2023 Results by Division
Figure 11. Second Quarter 2023 Consolidated Results by Division (In thousands of |
|||||||||
For Three-Months ended | as | Constant | For Six-Months ended | as | Constant | ||||
June 30, | reported | Currency | June 30, | reported | Currency | ||||
2023 |
2022 |
Incr/(Decr)% | Incr/(Decr)% | 2023 |
2022 |
Incr/(Decr)% | Incr/(Decr)% | ||
Revenues | |||||||||
405,199 |
358,069 |
13.2 % |
|
779,397 |
670,048 |
|
|
||
NOLAD | 277,590 |
222,726 |
24.6 % |
|
536,856 |
426,578 |
|
|
|
SLAD | 357,732 |
307,100 |
16.5 % |
|
715,060 |
581,950 |
|
|
|
SLAD - Excl. |
351,615 |
303,083 |
16.0 % |
|
703,641 |
574,553 |
|
|
|
TOTAL | 1,040,521 |
887,895 |
17.2 % |
|
2,031,313 |
1,678,576 |
|
|
|
TOTAL - Excl. |
1,034,404 |
883,878 |
17.0 % |
33.2 % |
2,019,894 |
1,671,179 |
|
|
|
Operating Income (loss) | |||||||||
52,912 |
38,024 |
39.2 % |
|
97,002 |
70,045 |
|
|
||
NOLAD | 18,410 |
14,854 |
23.9 % |
|
32,357 |
28,087 |
|
|
|
SLAD | 29,452 |
26,845 |
9.7 % |
|
62,914 |
50,671 |
|
|
|
SLAD - Excl. |
31,345 |
28,185 |
11.2 % |
|
66,222 |
53,422 |
|
|
|
Corporate and Other | (25,882) |
(19,077) |
- |
- |
(51,096) |
(39,810) |
- |
- |
|
TOTAL | 74,892 |
60,646 |
23.5 % |
|
141,177 |
108,993 |
|
|
|
TOTAL - Excl. |
76,785 |
61,986 |
23.9 % |
|
144,485 |
111,744 |
|
|
|
Adjusted EBITDA | |||||||||
69,129 |
52,706 |
31.2 % |
|
128,602 |
98,744 |
|
|
||
NOLAD | 28,210 |
23,258 |
21.3 % |
|
51,910 |
44,660 |
|
|
|
SLAD | 36,874 |
32,937 |
12.0 % |
|
77,590 |
63,253 |
|
|
|
SLAD - Excl. |
38,402 |
33,961 |
13.1 % |
|
80,227 |
65,421 |
|
|
|
Corporate and Other | (24,157) |
(17,539) |
- |
- |
(47,542) |
(36,797) |
- |
- |
|
TOTAL | 110,056 |
91,362 |
20.5 % |
|
210,560 |
169,860 |
|
|
|
TOTAL - Excl. |
111,584 |
92,386 |
20.8 % |
|
213,197 |
172,028 |
|
|
Figure 12. Average Exchange Rate per Quarter* | ||||
2Q23 |
4.95 |
17.68 |
231.76 |
|
2Q22 |
4.92 |
20.02 |
117.88 |
|
* Local $ per |
Summarized Consolidated Balance Sheets
Figure 13. Summarized Consolidated Balance Sheets (In thousands of |
||
June 30, |
December 31, |
|
2023 |
2022 |
|
ASSETS | ||
Current assets | ||
Cash and cash equivalents | 201,492 |
266,937 |
Short-term investment | 22,461 |
37,459 |
Accounts and notes receivable, net | 127,856 |
124,273 |
Other current assets (1) | 213,667 |
196,873 |
Derivative instruments | 49,211 |
58,821 |
Total current assets | 614,687 |
684,363 |
Non-current assets | ||
Property and equipment, net | 981,051 |
856,085 |
Net intangible assets and goodwill | 65,706 |
54,569 |
Deferred income taxes | 92,234 |
87,972 |
Derivative instruments | 22,806 |
34,088 |
Equity method investments | 17,566 |
14,708 |
Leases right of use assets, net | 907,323 |
820,683 |
Other non-current assets (2) | 101,351 |
84,162 |
Total non-current assets | 2,188,037 |
1,952,267 |
Total assets | 2,802,724 |
2,636,630 |
LIABILITIES AND EQUITY | ||
Current liabilities | ||
Accounts payable | 307,995 |
353,468 |
Taxes payable (3) | 172,070 |
146,682 |
Accrued payroll and other liabilities | 147,928 |
115,327 |
Royalties payable to McDonald´s Corporation | 15,981 |
21,280 |
Provision for contingencies | 2,299 |
2,272 |
Interest payable | 7,788 |
7,906 |
Financial debt (4) | 32,085 |
29,566 |
Operating lease liabilities | 89,626 |
82,911 |
Total current liabilities | 775,772 |
759,412 |
Non-current liabilities | ||
Accrued payroll and other liabilities | 23,291 |
28,781 |
Provision for contingencies | 49,685 |
42,567 |
Financial debt (5) | 727,638 |
729,838 |
Deferred income taxes | 5,824 |
3,931 |
Operating lease liabilities | 816,165 |
747,674 |
Total non-current liabilities | 1,622,603 |
1,552,791 |
Total liabilities | 2,398,375 |
2,312,203 |
Equity | ||
Class A shares of common stock | 389,907 |
389,393 |
Class B shares of common stock | 132,915 |
132,915 |
Additional paid-in capital | 8,719 |
9,206 |
Retained earnings | 450,689 |
424,936 |
Accumulated other comprehensive loss | (559,229) |
(613,460) |
Common stock in treasury | (19,367) |
(19,367) |
Total Arcos Dorados Holdings Inc shareholders’ equity | 403,634 |
323,623 |
Non-controlling interest in subsidiaries | 715 |
804 |
Total equity | 404,349 |
324,427 |
Total liabilities and equity | 2,802,724 |
2,636,630 |
(1) |
Includes "Other receivables", "Inventories" and "Prepaid expenses and other current assets”. |
(2) |
Includes "Miscellaneous", "Collateral deposits", and "McDonald’s Corporation indemnification for contingencies". |
(3) |
Includes "Income taxes payable" and "Other taxes payable". |
(4) |
Includes "Short-term debt”, “Current portion of long-term debt" and "Derivative instruments”. |
(5) |
Includes "Long-term debt, excluding current portion" and "Derivative instruments". |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230817453821/en/
Investor Relations Contact
Dan Schleiniger
VP of Investor Relations
Arcos Dorados
daniel.schleiniger@mcd.com.uy
Media Contact
David Grinberg
VP of Corporate Communications
Arcos Dorados
david.grinberg@mcd.com.uy
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Source: Arcos Dorados Holdings, Inc.
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