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Arcos Dorados Reports Supplemental Historical Information

Arcos Dorados Holdings, Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America’s largest restaurant chain and the world’s largest independent McDonald’s franchisee, is providing restated quarterly financial information for the years 2019, 2020 and 2021, reflecting the Company’s recently-announced divisional reorganization, in order to facilitate the historical analysis of its performance:

Divisional Reorganization

Effective October 1, 2021, the Company made certain changes in its internal management structure, in order to gain operational agility, leading the Company to reorganize its operation into three geographic divisions, as follows:

  1. Brazil division;
  2. North Latin American division, or “NOLAD,” which is now comprised of Mexico, Puerto Rico, Costa Rica, Panama, Martinique, Guadeloupe, French Guiana, St. Croix and St. Thomas; and
  3. South Latin American division, or “SLAD,” which is now comprised of Argentina, Chile, Colombia, Ecuador, Peru, Uruguay, Venezuela, Aruba, Curaçao and Trinidad & Tobago.

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2021 Key Metrics by Division

(In thousands of U.S. dollars, except percentages)

 
 

1Q21

 

2Q21

 

3Q21

 

4Q21

 

2021

Systemwide comparable sales growth
Brazil

-10.0

%

65.6

%

36.2

%

18.3

%

20.4

%

NOLAD

6.7

%

84.5

%

38.7

%

23.6

%

33.2

%

SLAD

51.8

%

292.1

%

161.8

%

91.1

%

117.1

%

SLAD - Excl. Venezuela

24.9

%

229.4

%

121.2

%

75.1

%

86.8

%

TOTAL - Excl. Venezuela

2.1

%

98.7

%

56.6

%

33.6

%

38.8

%

 
Total Revenues
Brazil

203,251

 

225,740

 

275,229

 

298,561

 

1,002,781

 

NOLAD

173,754

 

193,271

 

204,670

 

209,171

 

780,866

 

SLAD

184,111

 

173,685

 

245,938

 

272,560

 

876,294

 

SLAD - Excl. Venezuela

182,831

 

172,266

 

243,462

 

269,398

 

867,957

 

TOTAL

561,116

 

592,696

 

725,837

 

780,292

 

2,659,941

 

TOTAL - Excl. Venezuela

559,836

 

591,277

 

723,361

 

777,130

 

2,651,604

 

 
Operating Income (loss)
Brazil

180

 

19,995

 

36,925

 

60,787

 

117,887

 

NOLAD

5,141

 

8,916

 

12,487

 

22,241

 

48,785

 

SLAD

1,852

 

5,631

 

18,718

 

22,413

 

48,614

 

SLAD - Excl. Venezuela

3,727

 

6,129

 

19,093

 

23,905

 

52,853

 

Corporate and Other

(13,981

)

(16,724

)

(17,389

)

(27,673

)

(75,767

)

TOTAL

(6,808

)

17,818

 

50,741

 

77,768

 

139,519

 

TOTAL - Excl. Venezuela

(4,933

)

18,316

 

51,116

 

79,260

 

143,758

 

 
Adjusted EBITDA (1)
Brazil

13,540

 

33,819

 

52,188

 

76,056

 

175,603

 

NOLAD

13,836

 

19,039

 

22,273

 

30,175

 

85,323

 

SLAD

9,604

 

11,083

 

26,409

 

30,477

 

77,573

 

SLAD - Excl. Venezuela

10,418

 

12,231

 

26,691

 

31,516

 

80,856

 

Corporate and Other

(13,050

)

(16,785

)

(11,583

)

(25,323

)

(66,741

)

TOTAL

23,930

 

47,156

 

89,287

 

111,385

 

271,758

 

TOTAL - Excl. Venezuela

24,744

 

48,304

 

89,569

 

112,424

 

275,041

 

 
Adjusted EBITDA Margin (2)
Brazil

6.7

%

15.0

%

19.0

%

25.5

%

17.5

%

NOLAD

8.0

%

9.9

%

10.9

%

14.4

%

10.9

%

SLAD

5.2

%

6.4

%

10.7

%

11.2

%

8.9

%

SLAD - Excl. Venezuela

5.7

%

7.1

%

11.0

%

11.7

%

9.3

%

TOTAL

4.3

%

8.0

%

12.3

%

14.3

%

10.2

%

TOTAL - Excl. Venezuela

4.4

%

8.2

%

12.4

%

14.5

%

10.4

%

 
Restaurant Footprint as of December 31, 2021
 
Ownership Total

Restaurants
Company

Operated
Franchised
Brazil

631

420

1,051

NOLAD

453

172

625

SLAD

495

90

585

TOTAL

1,579

682

2,261

 

(1)

Adjusted EBITDA is a measure of our performance that is reviewed by our management. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. Total Adjusted EBITDA is a non-GAAP measure. For our definition of Adjusted EBITDA, see “Item 5. Operating and Financial Review and Prospects - A. Operating Results - Key Business Measures.”

 

(2)

Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenues, expressed as a percentage.

 

2020 Key Metrics by Division

(In thousands of U.S. dollars, except percentages)

 
 

1Q20

 

2Q20

 

3Q20

 

4Q20

 

2020

Systemwide comparable sales growth
Brazil

-6.0

%

-46.3

%

-26.2

%

-10.6

%

-21.8

%

NOLAD

-6.7

%

-43.7

%

-21.2

%

-7.8

%

-19.8

%

SLAD

31.0

%

-60.1

%

-22.1

%

28.8

%

-6.0

%

SLAD - Excl. Venezuela

0.6

%

-67.0

%

-34.6

%

-1.0

%

-25.8

%

TOTAL - Excl. Venezuela

-4.5

%

-51.0

%

-27.2

%

-7.9

%

-22.3

%

 
Total Revenues
Brazil

284,382

 

132,234

 

192,402

 

253,730

 

862,748

 

NOLAD

155,531

 

102,226

 

149,279

 

177,610

 

584,646

 

SLAD

177,591

 

58,064

 

125,118

 

176,052

 

536,825

 

SLAD - Excl. Venezuela

175,994

 

57,739

 

124,225

 

174,373

 

532,330

 

TOTAL

617,504

 

292,524

 

466,799

 

607,392

 

1,984,219

 

TOTAL - Excl. Venezuela

615,907

 

292,199

 

465,906

 

605,713

 

1,979,725

 

 
Operating Income (loss)
Brazil

11,088

 

(21,135

)

7,676

 

18,492

 

16,121

 

NOLAD

2,653

 

(9,510

)

972

 

5,915

 

30

 

SLAD

(7,382

)

(34,784

)

(777

)

14,101

 

(28,842

)

SLAD - Excl. Venezuela

(5,539

)

(32,388

)

774

 

16,023

 

(21,130

)

Corporate and Other

(13,494

)

(11,849

)

(11,932

)

(16,788

)

(54,063

)

TOTAL

(7,135

)

(77,278

)

(4,061

)

21,720

 

(66,754

)

TOTAL - Excl. Venezuela

(5,292

)

(74,882

)

(2,510

)

23,642

 

(59,042

)

 
Adjusted EBITDA (1)
Brazil

29,171

 

(7,099

)

21,507

 

32,576

 

76,155

 

NOLAD

13,415

 

(2,214

)

10,874

 

19,421

 

41,496

 

SLAD

(1,822

)

(22,687

)

3,572

 

21,767

 

830

 

SLAD - Excl. Venezuela

(332

)

(21,460

)

4,355

 

22,682

 

5,245

 

Corporate and Other

(12,241

)

(10,907

)

(10,919

)

(16,303

)

(50,370

)

TOTAL

28,523

 

(42,907

)

25,034

 

57,461

 

68,111

 

TOTAL - Excl. Venezuela

30,013

 

(41,680

)

25,817

 

58,376

 

72,526

 

 
Adjusted EBITDA Margin (2)
Brazil

10.3

%

-5.4

%

11.2

%

12.8

%

8.8

%

NOLAD

8.6

%

-2.2

%

7.3

%

10.9

%

7.1

%

SLAD

-1.0

%

-39.1

%

2.9

%

12.4

%

0.2

%

SLAD - Excl. Venezuela

-0.2

%

-37.2

%

3.5

%

13.0

%

1.0

%

TOTAL

4.6

%

-14.7

%

5.4

%

9.5

%

3.4

%

TOTAL - Excl. Venezuela

4.9

%

-14.3

%

5.5

%

9.6

%

3.7

%

Restaurant Footprint as of December 31, 2020
 
Ownership Total

Restaurants
Company

Operated
Franchised
Brazil

610

410

1,020

NOLAD

475

154

629

SLAD

491

96

587

TOTAL

1,576

660

2,236

 

(1)

Adjusted EBITDA is a measure of our performance that is reviewed by our management. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. Total Adjusted EBITDA is a non-GAAP measure. For our definition of Adjusted EBITDA, see “Item 5. Operating and Financial Review and Prospects - A. Operating Results - Key Business Measures”.

 

(2)

Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenues, expressed as a percentage.

2019 Key Metrics by Division

(In thousands of U.S. dollars, except percentages)

 
 

1Q19

 

2Q19

 

3Q19

 

4Q19

 

2019

 

Systemwide comparable sales growth
Brazil

6.8

%

12.1

%

10.8

%

9.5

%

9.7

%

NOLAD

1.7

%

5.1

%

2.8

%

4.9

%

3.7

%

SLAD

31537.2

%

7543.8

%

485.1

%

374.6

%

11963.2

%

SLAD - Excl. Venezuela

20.8

%

24.3

%

23.8

%

16.9

%

21.5

%

TOTAL - Excl. Venezuela

10.0

%

14.2

%

12.7

%

10.4

%

11.8

%

 
Total Revenues
Brazil

340,764

 

329,298

 

346,201

 

369,302

 

1,385,566

 

NOLAD

157,939

 

169,158

 

172,048

 

177,237

 

676,382

 

SLAD

232,296

 

225,288

 

231,719

 

207,827

 

897,129

 

SLAD - Excl. Venezuela

229,240

 

222,569

 

229,349

 

205,788

 

886,947

 

TOTAL

730,999

 

723,744

 

749,968

 

754,366

 

2,959,077

 

TOTAL - Excl. Venezuela

727,943

 

721,025

 

747,598

 

752,327

 

2,948,895

 

 
Operating Income (loss)
Brazil

32,093

 

28,486

 

41,633

 

62,131

 

164,342

 

NOLAD

2,542

 

5,130

 

7,275

 

15,008

 

29,955

 

SLAD

9,434

 

7,556

 

8,882

 

2,024

 

27,894

 

SLAD - Excl. Venezuela

11,094

 

8,680

 

10,464

 

5,897

 

36,137

 

Corporate and Other

(12,745

)

(15,428

)

(15,543

)

(18,538

)

(62,255

)

TOTAL

31,324

 

25,744

 

42,247

 

60,625

 

159,937

 

TOTAL - Excl. Venezuela

32,984

 

26,868

 

43,829

 

64,498

 

168,180

 

 
Adjusted EBITDA (1)
Brazil

46,904

 

44,198

 

57,481

 

79,262

 

227,844

 

NOLAD

10,546

 

12,825

 

14,912

 

25,775

 

64,059

 

SLAD

16,207

 

14,578

 

18,477

 

13,781

 

63,043

 

SLAD - Excl. Venezuela

17,343

 

15,364

 

19,639

 

15,154

 

67,500

 

Corporate and Other

(13,038

)

(15,785

)

(15,905

)

(18,442

)

(63,171

)

TOTAL

60,619

 

55,816

 

74,965

 

100,376

 

291,775

 

TOTAL - Excl. Venezuela

61,755

 

56,602

 

76,127

 

101,749

 

296,232

 

 
Adjusted EBITDA Margin (2)
Brazil

13.8

%

13.4

%

16.6

%

21.5

%

16.4

%

NOLAD

6.7

%

7.6

%

8.7

%

14.5

%

9.5

%

SLAD

7.0

%

6.5

%

8.0

%

6.6

%

7.0

%

SLAD - Excl. Venezuela

7.6

%

6.9

%

8.6

%

7.4

%

7.6

%

TOTAL

8.3

%

7.7

%

10.0

%

13.3

%

9.9

%

TOTAL - Excl. Venezuela

8.5

%

7.9

%

10.2

%

13.5

%

10.0

%

 
Restaurant Footprint as of December 31, 2019
 
Ownership Total

Restaurants
Company

Operated
Franchised
Brazil

612

411

1,023

NOLAD

456

199

655

SLAD

512

103

615

TOTAL

1,580

713

2,293

 

(1)

Adjusted EBITDA is a measure of our performance that is reviewed by our management. Adjusted EBITDA does not have a standardized meaning and, accordingly, our definition of Adjusted EBITDA may not be comparable to Adjusted EBITDA as used by other companies. Total Adjusted EBITDA is a non-GAAP measure. For our definition of Adjusted EBITDA, see “Item 5. Operating and Financial Review and Prospects - A. Operating Results - Key Business Measures”.

 

(2)

Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenues, expressed as a percentage.

 

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