Arcos Dorados Reports Second Quarter Financial Results
-
Total revenues of
$1.1 billion 6.8% in US dollars versus the prior year period. -
Systemwide comparable sales¹ grew
40.8% year-over-year, including strong guest volume growth. -
Digital channels (Mobile App, Delivery and Self-order Kiosks) accounted for more than
57% of systemwide sales in the period, including24% identified sales. - Loyalty Program implemented in three markets, grew to 11.2 million registered members2.
-
Consolidated Adjusted EBITDA¹ was
$118.8 million 7.9% year-over-year in US dollars. -
Net Income was
$26.6 million $0.13
Second Quarter 2024 Highlights
-
Consolidated revenues totaled
$1.1 billion 6.8% in US dollars versus the prior year period. -
Systemwide comparable sales¹ rose
40.8% versus the second quarter of 2023, or10.2% and 2.4x blended inflation, excludingArgentina . -
Consolidated Adjusted EBITDA¹ of
$118.8 million 7.9% in US dollars year-over-year. - Net Debt to Adjusted EBITDA leverage ratio ended the second quarter unchanged at 1.2x from the end of the first quarter of 2024.
-
The Company opened 15 Experience of the Future restaurants in the quarter, all of them free-standing, including 10 in
Brazil . -
Digital channel sales growth was boosted by continued strong Delivery sales and expanding Loyalty Program membership, leading to
24% identified sales in the quarter.
1 |
For definitions, please refer to page 15 of this document. |
2 |
As of July 31, 2024. |
Message from Marcelo Rabach, Chief Executive Officer
We believe our second quarter 2024 results demonstrate our ability to perform strongly in any operating context. Sales and profitability growth through June have been consistent with our strategy, especially when you consider the tougher-than-expected macroeconomic and consumer environments we are facing this year. To manage through this period, we are focused on the factors we can control to minimize short-term volatility and maximize long-term growth.
Consolidated revenue rose
Systemwide comparable sales growth was 2.4x the Company’s blended inflation, excluding
The Three D’s Strategy of Digital, Delivery and Drive-thru has set a new standard of quality, service and value for the quick service restaurant industry in
And we are meeting their expectations with sophisticated digital capabilities, a dedication to operational excellence, convenient free-standing restaurant locations and the best menu offerings in the QSR industry. No other restaurant brand in the region can match these structural competitive advantages.
Additionally, the business model has evolved in a way that allowed us to deliver the second-best EBITDA in US dollars for a second quarter in our history. We did this despite macroeconomic and currency headwinds in some of our largest markets and even after adjusting for a positive impact from the reduction of labor contingencies due to a favorable judgement in
During the first half of 2024, we opened 37 Experience of the Future (EOTF) restaurants, including 34 free-standing locations. In our biggest market,
We believe we are positioned to generate sustainable US dollar cash flow growth by leveraging our structural competitive advantages. And Sustainability is about more than just financial results. It is about making a positive impact on the communities we serve through our Recipe for the Future ESG platform. Because it is the right thing to do, and it is good for business.
Finally, it is worth reminding you that we operate in a highly underpenetrated region for both the QSR industry, as well as for the McDonald’s Brand. We see tremendous growth potential ahead and will work to capture it, as strategically and profitably as possible.
Consolidated Results
| Figure 1. AD Holdings Inc Consolidated: Key Financial Results (In millions of |
||||||
| 2Q23 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q24 (a+b+c) |
% As Reported |
% Constant Currency |
|
| Total Restaurants (Units) | 2,317 |
2,395 |
||||
| Sales by Company-operated Restaurants | 994.5 |
(426.9) |
493.1 |
1,060.7 |
|
|
| Revenues from franchised restaurants | 46.0 |
(12.2) |
16.4 |
50.2 |
|
|
| Total Revenues | 1,040.5 |
(439.2) |
509.5 |
1,110.9 |
|
|
| Systemwide Comparable Sales |
|
|||||
| Adjusted EBITDA | 110.1 |
(11.2) |
19.9 |
118.8 |
|
|
| Adjusted EBITDA Margin |
|
|
0.1 p.p. | |||
| Net income (loss) attributable to AD | 28.4 |
43.7 |
(45.4) |
26.6 |
- |
- |
| No. of shares outstanding (thousands) | 210,626 |
210,660 |
||||
| EPS (US$/Share) | 0.13 |
0.13 |
||||
Arcos Dorados’ total revenues reached
Systemwide comparable sales rose
The Three-D’s strategy (Digital, Delivery and Drive-thru) together with the industry’s most compelling value proposition, drove guest volume and sales growth in the quarter. This led to continued market share gains for the McDonald’s Brand throughout the region. According to the Company’s proprietary research, market share expanded by nearly three percentage points compared with the prior year period, across the Company’s operating footprint.
Off-premise sales (Delivery and Drive-thru) rose
The Company’s Digital platform offered guests the ability to choose their preferred experience, whether through the convenience of self-order kiosks in the Company’s restaurants or through Mobile App functionalities, such as Own Delivery and Mobile Order and Pay. Digital channel sales grew
As of the end of June 2024, Arcos Dorados’ Customer Relationship Management platform had about 90 million unique registered users and the Mobile App surpassed 130 million cumulative downloads, reaching more than 21 million monthly active users in the quarter. Loyalty Program members’ visit frequency was 1.5 to 2.0x that of non-Loyalty guests in the period, with healthy levels of both 90-day active customers and redemption rates. During the quarter, identified sales represented
2Q24 Adjusted EBITDA Bridge
($ million)
Second quarter consolidated Adjusted EBITDA reached
Consolidated Adjusted EBITDA margin was
These effects were partially offset by higher Occupancy & Other Operating expenses as a percentage of revenue in the second quarter, explained by an increase in expenses related to delivery fees and utilities as well as expenses related to running and maintaining the Company’s information technology tools and capabilities.
Notable items in the Adjusted EBITDA reconciliation
Included in Adjusted EBITDA: Brazil’s result in the second quarter of 2024 included a
Adjusted EBITDA in the second quarter 2024 and second quarter 2023 included a
Excluded from Adjusted EBITDA: There were no notable items excluded from Adjusted EBITDA in either the second quarter of 2024 or the second quarter of 2023.
Non-operating Results
Arcos Dorados’ non-operating results for the second quarter included a net interest expense of
Net income attributable to the Company totaled
Divisional Results
Brazil Division
| Figure 2. Brazil Division: Key Financial Results (In millions of |
||||||
| 2Q23 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q24 (a+b+c) |
% As Reported |
% Constant Currency |
|
| Total Restaurants (Units) | 1,098 |
1,150 |
||||
| Total Revenues | 405.2 |
(24.6) |
61.4 |
442.0 |
|
|
| Systemwide Comparable Sales |
|
|||||
| Adjusted EBITDA | 69.1 |
(4.3) |
21.4 |
86.2 |
|
|
| Adjusted EBITDA Margin |
|
|
2.4 p.p. | |||
Brazil’s revenues increased
Digital sales rose
The Loyalty program “Meu Méqui” continues to drive guest frequency, with a higher average check. The Company continued to invest in the attractiveness of the program, which accumulated more than 10.5 million registered members at the end of July 2024, up from 8 million at the end of April 2024.
Brazil’s marketing campaigns included strong Happy Meal properties such as Inside Out 2 to boost the family business. Arcos Dorados continued sponsoring Big Brother Brazil, the country’s most popular reality TV program, with associated promotions to support the chicken category. The Company also ran promotions and limited time offers to strengthen brand affinity with menu favorites such as McFish, McFries, Tasty Sauce and desserts.
As reported Adjusted EBITDA in the division reached
North Latin American Division (NOLAD)
| Figure 3. NOLAD Division: Key Financial Results (In millions of |
||||||
| 2Q23 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q24 (a+b+c) |
% As Reported |
% Constant Currency |
|
| Total Restaurants (Units) | 639 |
649 |
||||
| Total Revenues | 277.6 |
4.8 |
27.8 |
310.2 |
|
|
| Systemwide Comparable Sales |
|
|||||
| Adjusted EBITDA | 28.2 |
0.3 |
(2.4) |
26.2 |
- |
- |
| Adjusted EBITDA Margin |
|
|
-1.8 p.p. | |||
As reported revenues in NOLAD totaled
Systemwide sales increased 2.5x the division’s blended inflation in the period, with sales growing above inflation in most markets and particularly strong traffic growth in
Arcos Dorados continued to invest in the modernization and digitalization of its restaurants in the division. As a result, digital sales grew
NOLAD’s marketing initiatives included the launch of Best Burger in
As reported Adjusted EBITDA in the division was
South Latin American Division (SLAD)
| Figure 4. SLAD Division: Key Financial Results (In millions of |
||||||
| 2Q23 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
2Q24 (a+b+c) |
% As Reported |
% Constant Currency |
|
| Total Restaurants (Units) | 580 |
596 |
||||
| Total Revenues | 357.7 |
(419.3) |
420.3 |
358.7 |
|
|
| Systemwide Comparable Sales |
|
|||||
| Adjusted EBITDA | 36.9 |
(30.5) |
24.2 |
30.6 |
- |
|
| Adjusted EBITDA Margin |
|
|
-1.8 p.p. | |||
As reported revenues in SLAD totaled
The division’s results in the second quarter reflect a more challenging consumer environment, as well as significant macroeconomic and currency headwinds in
Digital sales represented
SLAD’s marketing activities included attractive Happy Meal offerings across the division, chicken-focused promotions in
As reported Adjusted EBITDA totaled
New Unit Development
Figure 5. Total Restaurants (end of period)* |
|||||
| June 2024 |
March 2024 |
December 2023 |
September 2023 |
June 2023 |
|
1,150 |
1,141 |
1,130 |
1,113 |
1,098 |
|
| NOLAD | 649 |
647 |
647 |
638 |
639 |
| SLAD | 596 |
593 |
584 |
588 |
580 |
| TOTAL | 2,395 |
2,381 |
2,361 |
2,339 |
2,317 |
*Considers Company-operated and franchised restaurants at period-end |
|||||
Figure 6. Footprint as of June 30, 2024 |
||||||||
| Store Type* | Total Restaurants |
Ownership | McCafes | Dessert Centers |
||||
| FS | IS | MS & FC | Company Operated |
Franchised | ||||
599 |
91 |
460 |
1,150 |
706 |
444 |
114 |
2,002 |
|
| NOLAD | 408 |
48 |
193 |
649 |
495 |
154 |
19 |
519 |
| SLAD | 250 |
125 |
221 |
596 |
503 |
93 |
201 |
733 |
| TOTAL | 1,257 |
264 |
874 |
2,395 |
1,704 |
691 |
334 |
3,254 |
FS: Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court. |
||||||||
During the second quarter of 2024, the Company opened 15 Experience of the Future (EOTF) restaurants, all of them free-standing units, including 10 restaurants in
At the end of June,
During the second quarter, the Company continued investing in the modernization of existing restaurants and, as of the end of June 2024, there were 1,471 EOTF restaurants making up
Arcos Dorados’ restaurant development plan remains on track, with a strong pipeline of restaurant openings and modernizations underway in the second semester.
Balance Sheet & Cash Flow Highlights
| Figure 7. Consolidated Debt and Financial Ratios (In thousands of |
||
June 30, |
December 31, |
|
2024 |
2023 |
|
| Total Cash & cash equivalents (i) | 139,356 |
246,767 |
| Total Financial Debt (ii) | 716,434 |
728,093 |
| Net Financial Debt (iii) | 577,078 |
481,326 |
| LTM Adjusted EBITDA | 489,461 |
472,304 |
| Total Financial Debt / LTM Adjusted EBITDA ratio | 1.5 |
1.5 |
| Net Financial Debt / LTM Adjusted EBITDA ratio | 1.2 |
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, 2024, total cash and cash equivalents were
The net debt to Adjusted EBITDA leverage ratio ended the quarter at 1.2x, unchanged from the end of the first quarter 2024.
On April 15, 2024, the Company entered into a revolving credit facility with Itaú Unibanco S.A.,
Net cash generated from operating activities for the six months ended June 30, 2024, totaled
Recent Developments
Master Franchise Agreement
On August 1, 2024, Arcos Dorados Holdings Inc. received a Renewal Notice from McDonald’s to replace the parties’ existing Master Franchise Agreement (MFA) with a new, 20-year Master Franchise Agreement, to be effective as of January 1, 2025. The parties are working to finalize the terms of this new MFA and will communicate additional progress in the renewal process as appropriate and in line with the requirements of the US Securities and Exchange Commission.
Second Quarter 2024 Earnings Webcast
A webcast to discuss the information contained in this press release will be held today, August 14, 2024, 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 2024 Earnings 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
In analyzing business trends, management considers a variety of performance and financial measures which are considered to be non-GAAP including: Adjusted EBITDA, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.
Adjusted EBITDA: In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), this press release and the accompanying tables use a non-GAAP financial measure titled ‘Adjusted EBITDA’. Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period.
Adjusted EBITDA is defined as the Company’s 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 on the statement of income: gains from sale or insurance recovery of property and equipment, write-offs of long-lived assets, and impairment of long-lived assets.
Management believes 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 8 of this earnings release includes 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.
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 and (ii) constant currency growth. (i) Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which the Company conducts its business against the US dollar (the currency in which the Company’s financial statements are prepared). (ii) Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation. The Company also calculates variations as a percentage in constant currency, which are also considered to be non-GAAP measures, to provide a more meaningful analysis of its business by identifying the underlying business trends, without distortion from the effect of foreign currency fluctuations.
Systemwide sales: Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial health of its sub-franchisee base.
Systemwide comparable sales growth: this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-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) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and is indicative of the success of the Company’s initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company.
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 expectation for revenue generation, its outlook and guidance for 2024 and the renewal of its Master Franchise Agreement with McDonald’s. 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 2024 Consolidated Results
| Figure 8. Second Quarter 2024 Consolidated Results (In thousands of |
||||
For Three-Months ended |
For Six-Months ended |
|||
June 30, |
June 30, |
|||
2024 |
2023 |
2024 |
2023 |
|
| REVENUES | ||||
| Sales by Company-operated restaurants | 1,060,709 |
994,530 |
2,092,131 |
1,940,884 |
| Revenues from franchised restaurants | 50,192 |
45,991 |
100,126 |
90,429 |
| Total Revenues | 1,110,901 |
1,040,521 |
2,192,257 |
2,031,313 |
| OPERATING COSTS AND EXPENSES | ||||
| Company-operated restaurant expenses: | ||||
| Food and paper | (372,926) |
(351,745) |
(733,913) |
(685,611) |
| Payroll and employee benefits | (193,538) |
(194,065) |
(395,498) |
(379,382) |
| Occupancy and other operating expenses | (315,558) |
(278,997) |
(614,611) |
(542,720) |
| Royalty fees | (66,361) |
(58,520) |
(131,364) |
(115,259) |
| Franchised restaurants - occupancy expenses | (20,285) |
(20,420) |
(42,275) |
(38,629) |
| General and administrative expenses | (72,954) |
(69,526) |
(141,612) |
(135,118) |
| Other operating income, net | 4,940 |
7,644 |
8,786 |
6,583 |
| Total operating costs and expenses | (1,036,682) |
(965,629) |
(2,050,487) |
(1,890,136) |
| Operating income | 74,219 |
74,892 |
141,770 |
141,177 |
| Net interest expense and other financing results | (14,141) |
(12,128) |
(30,579) |
(21,987) |
| Gain / (Loss) from derivative instruments | 3,182 |
(9,191) |
1,249 |
(14,120) |
| Foreign currency exchange results | (18,117) |
13,662 |
(19,115) |
20,945 |
| Other non-operating income / (expenses), net | (223) |
116 |
(652) |
6 |
| Income before income taxes | 44,920 |
67,351 |
92,673 |
126,021 |
| Income tax expense, net | (18,145) |
(38,824) |
(37,106) |
(59,850) |
| Net income | 26,775 |
28,527 |
55,567 |
66,171 |
| Net income attributable to non-controlling interests | (143) |
(159) |
(426) |
(396) |
| Net income attributable to Arcos Dorados Holdings Inc. | 26,632 |
28,368 |
55,141 |
65,775 |
| Earnings per share information ($ per share): | ||||
| Basic net income per common share |
|
|
|
|
| Weighted-average number of common shares outstanding-Basic | 210,660,444 |
210,625,859 |
210,658,096 |
210,610,288 |
| Adjusted EBITDA Reconciliation | ||||
| Operating income | 74,219 |
74,892 |
141,770 |
141,177 |
| Depreciation and amortization | 45,202 |
35,000 |
88,293 |
68,520 |
| Operating charges excluded from EBITDA computation | (639) |
164 |
(2,346) |
863 |
| Adjusted EBITDA | 118,782 |
110,056 |
227,717 |
210,560 |
| Adjusted EBITDA Margin as % of total revenues | 10.7 % |
10.6 % |
10.4 % |
10.4 % |
Second Quarter 2024 Results by Division
| Figure 9. Second Quarter 2024 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 |
|||
2024 |
2023 |
Incr/(Decr)% |
Incr/(Decr)% |
2024 |
2023 |
Incr/(Decr)% |
Incr/(Decr)% |
|
| Revenues | ||||||||
441,990 |
405,199 |
9.1 % |
|
890,927 |
779,397 |
14.3 % |
|
|
| NOLAD | 310,205 |
277,590 |
11.7 % |
|
612,926 |
536,856 |
14.2 % |
|
| SLAD | 358,706 |
357,732 |
|
|
688,404 |
715,060 |
- |
|
| TOTAL | 1,110,901 |
1,040,521 |
6.8 % |
|
2,192,257 |
2,031,313 |
7.9 % |
|
| Operating Income (loss) | ||||||||
68,194 |
52,912 |
28.9 % |
|
125,236 |
97,002 |
29.1 % |
|
|
| NOLAD | 13,191 |
18,410 |
- |
- |
31,174 |
32,357 |
- |
- |
| SLAD | 19,719 |
29,452 |
- |
|
34,161 |
62,914 |
- |
|
| Corporate and Other | (26,885) |
(25,882) |
- |
- |
(48,801) |
(51,096) |
|
- |
| TOTAL | 74,219 |
74,892 |
- |
- |
141,770 |
141,177 |
0.4 % |
- |
| Adjusted EBITDA | ||||||||
86,168 |
69,129 |
24.6 % |
|
161,614 |
128,602 |
25.7 % |
|
|
| NOLAD | 26,161 |
28,210 |
- |
- |
54,763 |
51,910 |
5.5 % |
|
| SLAD | 30,571 |
36,874 |
- |
|
55,312 |
77,590 |
- |
|
| Corporate and Other | (24,118) |
(24,157) |
|
- |
(43,972) |
(47,542) |
|
- |
| TOTAL | 118,782 |
110,056 |
7.9 % |
|
227,717 |
210,560 |
8.1 % |
|
Figure 10. Average Exchange Rate per Quarter* |
|||
|
|
|
|
2Q24 |
5.22 |
17.26 |
885.90 |
2Q23 |
4.95 |
17.68 |
231.76 |
* Local $ per |
|||
Summarized Consolidated Balance Sheet
| Figure 11. Summarized Consolidated Balance Sheets (In thousands of |
||
June 30, |
December 31, |
|
2024 |
2023 |
|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 104,216 |
196,661 |
| Short-term investments | 35,140 |
50,106 |
| Accounts and notes receivable, net | 141,156 |
147,980 |
| Other current assets (1) | 232,257 |
210,531 |
| Derivative instruments | 364 |
— |
| Total current assets | 513,133 |
605,278 |
| Non-current assets | ||
| Property and equipment, net | 1,104,280 |
1,119,885 |
| Net intangible assets and goodwill | 66,930 |
70,026 |
| Deferred income taxes | 102,709 |
98,163 |
| Derivative instruments | 64,309 |
46,486 |
| Equity method investments | 17,483 |
18,111 |
| Leases right of use asset | 927,721 |
954,564 |
| Other non-current assets (2) | 99,458 |
106,725 |
| Total non-current assets | 2,382,890 |
2,413,960 |
| Total assets | 2,896,023 |
3,019,238 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable | 332,993 |
374,986 |
| Taxes payable (3) | 168,498 |
163,143 |
| Accrued payroll and other liabilities | 144,292 |
142,487 |
| Royalties payable to McDonald’s Corporation | 19,843 |
21,292 |
| Provision for contingencies | 1,360 |
1,447 |
| Interest payable | 8,048 |
7,447 |
| Financial debt (4) | 48,462 |
37,361 |
| Operating lease liabilities | 93,122 |
93,507 |
| Total current liabilities | 816,618 |
841,670 |
| Non-current liabilities | ||
| Accrued payroll and other liabilities | 20,686 |
27,513 |
| Provision for contingencies | 32,146 |
49,172 |
| Financial debt (5) | 724,597 |
729,771 |
| Deferred income taxes | 1,598 |
1,166 |
| Operating lease liabilities | 829,850 |
853,107 |
| Total non-current liabilities | 1,608,877 |
1,660,729 |
| Total liabilities | 2,425,495 |
2,502,399 |
| Equity | ||
| Class A shares of common stock | 389,967 |
389,907 |
| Class B shares of common stock | 132,915 |
132,915 |
| Additional paid-in capital | 8,659 |
8,719 |
| Retained earnings | 570,772 |
566,188 |
| Accumulated other comprehensive loss | (613,597) |
(563,081) |
| Common stock in treasury | (19,367) |
(19,367) |
| Total Arcos Dorados Holdings Inc shareholders’ equity | 469,349 |
515,281 |
| Non-controlling interest in subsidiaries | 1,179 |
1,558 |
| Total equity | 470,528 |
516,839 |
| Total liabilities and equity | 2,896,023 |
3,019,238 |
(1) |
Includes "Other receivables", "Inventories" and "Prepaid expenses and other current assets”. |
(2) |
Includes "Miscellaneous" and "Collateral deposits". |
(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/20240814590617/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.
