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:
- Brazil division;
- 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
- 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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005260/en/
Contacts
Investor Relations Contact
Dan Schleiniger
VP of Investor Relations
Arcos Dorados
daniel.schleiniger@ar.mcd.com
Media Contact
David Grinberg
VP of Corporate Communications
Arcos Dorados
david.grinberg@mcd.com.uy
