Arcos Dorados Reports Strong Fourth Quarter and Full Year 2023 Financial Results
-
Total revenues reached
$1.2 billion in the fourth quarter and$4.3 billion for the full year 2023, the Company’s strongest US dollar results for both periods - Systemwide comparable sales1 grew 32.4% in the fourth quarter and 34.6% in the full year 2023, up 1.1x and 1.3x blended inflation, respectively
- Digital channel sales (Mobile App, Delivery and Self-order Kiosks) contributed 53% of the fourth quarter’s systemwide sales, including 21% identified sales
-
Consolidated Adjusted EBITDA1 in the fourth quarter and full year were
$132.6 million and$472.3 million , respectively, also the Company’s strongest US dollar results for each period -
Net Income in the fourth quarter was
$55.8 million , or$0.26 per share, and$181.3 million for the full year, or$0.86 per share, the Company’s highest earnings per share for a full year - Net Debt to Adjusted EBITDA ratio remained at a healthy 1.0x at year-end 2023
-
The Board of Directors declared a cash dividend of
$0.24 per share for 2024
Fourth Quarter 2023 Highlights
-
Consolidated revenues totaled
$1.2 billion , rising 15.4% in US dollars versus the prior year period. - Systemwide comparable sales1 increased 32.4%, with higher guest traffic and average check driving at or above-inflation growth in all divisions.
-
Consolidated Adjusted EBITDA1 reached
$132.6 million , the Company’s highest quarterly result, rising 16.3% in US dollars. - Consolidated Adjusted EBITDA margin was 11.3%, rising 10 basis points versus the fourth quarter of 2022.
-
Net income was
$ 55.8 million in the quarter, or$0.26 per share. -
The Company opened 36 restaurants in the quarter, including 31 free-standings locations and 18 new restaurants in
Brazil .
Full Year 2023 Highlights
-
Consolidated revenues totaled
$4.3 billion , rising 19.7% in US dollars versus 2022. - Systemwide comparable sales1 increased 34.6%, with above-inflation growth throughout the year and across all divisions, rising 1.3x the period’s blended inflation rate.
-
Consolidated Adjusted EBITDA reached
$472.3 million in 2023, up 22.2% in US dollars versus the prior year, establishing a new high for a full year. - Consolidated Adjusted EBITDA margin rose to 10.9% for the year, improving 20 basis points versus the prior year, or 60 basis points, excluding the increase in the effective royalty rate.
-
Net income of
$181.3 million , or$0.86 per share, was the highest earnings per share in the Company’s history and compared with$0.67 per share for the full year 2022. -
Restaurant openings reached 81 new units in 2023, including 72 free-standing locations and 50 openings in
Brazil .
Message from
We are very pleased to report that we had a solid finish to a very strong year in 2023. Our Three D’s Strategy of Digital, Delivery and Drive-thru continues to evolve while leveraging the industry’s largest free-standing restaurant portfolio.
The penetration of Digital channels is expanding throughout our footprint thanks to (i) a mobile app that works as an e-commerce platform to offer incentives and convenience to increase guest loyalty and visit frequency, (ii) a Delivery sales channel that continues to grow strongly in a segment where we are clearly the industry leaders, and (iii) self-order kiosks capturing an increasing share of on-premise orders, with about 60% of Arcos Dorados’ restaurants already modernized to the Experience of the Future (EOTF) format.
We have adapted to changes in consumer preferences over the last several years to provide the most compelling value, experience and convenience proposition in the region’s quick service restaurant (QSR) industry. Results in 2023 reflect how this led to increased visit frequency and market share gains across our markets. And we feel like we are just getting started with the Three D’s strategy driving sustainable sales growth, supported by restaurant volume and average check. Our objective is to deliver above inflation growth in systemwide comparable sales to then drive operating leverage and profitability growth over time.
Our balance sheet is very strong, and we are accelerating the pace of restaurant openings, which will allow us to capture significant growth opportunities for years to come, all while operating responsibly and supporting the communities we serve. I am certain we have the best Brand in the industry, along with the right strategy and team to generate even more shareholder value in 2024. Thank you for your continued support of
1 For definitions, please refer to pages 16 and 17 of this document |
1 Consolidated Results
Consolidated Results |
||||||
Figure 1. AD Holdings Inc Consolidated: Key Financial Results
(In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported |
% Constant Currency |
|
|
2,312 |
2,361 |
||||
Sales by |
972.3 |
(236.2) |
385.4 |
1,121.5 |
15.3% |
39.6% |
Revenues from franchised restaurants |
46.4 |
(5.9) |
13.5 |
54.0 |
16.5% |
29.1% |
Total Revenues |
1,018.6 |
(242.0) |
398.9 |
1,175.5 |
15.4% |
39.2% |
Systemwide Comparable Sales |
32.4% |
|||||
Adjusted EBITDA |
114.1 |
(19.4) |
38.0 |
132.6 |
16.3% |
33.3% |
Adjusted EBITDA Margin |
11.2% |
11.3% |
0.1 p.p. | |||
Net income attributable to AD |
54.5 |
(40.6) |
41.9 |
55.8 |
2.4% |
78.5% |
No. of shares outstanding (thousands) |
210,595 |
210,655 |
||||
EPS (US$/Share) |
0.26 |
0.26 |
Arcos Dorados’ total revenues reached
The Company’s structural competitive advantages and consistent execution of the Three-D’s strategy, together with the strength of the McDonald’s Brand, continued driving sales growth and market share gains. By the end of 2023,
On-premise sales (front counter, dessert centers and McCafé) grew 14% in US dollars versus the prior year, generating 58% of systemwide sales in the fourth quarter. Off-premise channels (Delivery and Drive-thru) grew 16% in US dollar sales versus the prior year, benefitting from continued popularity among guests.
Digital channels also contributed to the strong topline performance. Digital sales surpassed
Adjusted EBITDA
4Q23
Fourth quarter consolidated Adjusted EBITDA reached
Margin performance reflects better Food and Paper (F&P) costs and general and administrative expenses (G&A), partially offset by moderately higher Occupancy & Other Operating expenses as a percentage of revenue compared with the prior year. Payroll expenses were flat as a percentage of revenue compared with the prior year quarter.
Notable items in the Adjusted EBITDA reconciliation
Included in Adjusted EBITDA: There were no notable items included in Adjusted EBITDA in either the fourth quarter of 2023 or the fourth quarter of 2022.
Excluded from Adjusted EBITDA: In the fourth quarter of 2023, other operating income/(expense) included a total of
Non-operating Results
Arcos Dorados’ non-operating results for the fourth quarter included a net interest expense of
Fourth quarter net income attributable to the Company totaled
Total weighted average shares for the fourth quarter of 2023 amounted to 210,654,969 compared to 210,594,545 in the prior year’s quarter.
For reference: |
||||||
Figure 2. AD Holdings Inc Consolidated - Excluding Venezuela: Key Financial Results (In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported | % Constant Currency | |
|
2,214 |
2,278 |
||||
Sales by |
967.0 |
(212.5) |
357.0 |
1,111.4 |
14.9% |
36.9% |
Revenues from franchised restaurants |
45.8 |
(3.8) |
11.1 |
53.1 |
16.0% |
24.3% |
Total Revenues |
1,012.8 |
(216.3) |
368.1 |
1,164.5 |
15.0% |
36.3% |
Systemwide Comparable Sales |
29.2% |
|||||
Adjusted EBITDA |
115.1 |
(20.3) |
38.8 |
133.6 |
16.1% |
33.7% |
Adjusted EBITDA Margin |
11.4% |
11.5% |
0.1 p.p. | |||
Net income attributable to AD |
55.7 |
(41.0) |
42.8 |
57.4 |
3.2% |
78.4% |
No. of shares outstanding (thousands) |
210,595 |
210,655 |
||||
EPS (US$/Share) |
0.26 |
0.27 |
2 Divisional Results
Brazil Division
Figure 3. Brazil Division: Key Financial Results (In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported |
% Constant Currency |
|
|
1,084 |
1,130 |
||||
Total Revenues |
406.3 |
28.8 |
47.8 |
482.9 |
18.9% |
11.8% |
Systemwide Comparable Sales |
6.2% |
|||||
Adjusted EBITDA |
81.2 |
5.7 |
6.8 |
93.7 |
15.4% |
8.3% |
Adjusted EBITDA Margin |
20.0% |
19.4% |
-0.6 p.p. |
Brazil’s revenues reached
Sales and traffic growth in
Sales through the Mobile App reached a new quarterly record after the nationwide launch of the Loyalty Program “Meu Méqui” in
Marketing initiatives in the quarter included the introduction of the “McCrispy Chicken Elite” in October to continue building the chicken category. The sandwich is a new approach to one of the Company’s best-selling sandwiches, combining its crispy and juicy breaded chicken with the new Honey & Fire sauce. In November of 2023, the Company reinforced its beef platform by bringing back the famous Big Mac jingle to launch two limited timed offers: the “Double Big Mac” and the “Big Mac Bacon”.
As reported Adjusted EBITDA in the division reached
North Latin American Division (NOLAD)
Figure 4. NOLAD Division: Key Financial Results (In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported |
% Constant Currency |
|
|
638 |
647 |
||||
Total Revenues |
260.8 |
20.1 |
19.5 |
300.4 |
15.2% |
7.5% |
Systemwide Comparable Sales |
5.4% |
|||||
Adjusted EBITDA |
27.9 |
2.3 |
1.0 |
31.1 |
11.7% |
3.6% |
Adjusted EBITDA Margin |
10.7% |
10.4% |
-0.3 p.p. |
As reported revenues were
Digital sales penetration expanded significantly in the fourth quarter, reaching 34% of systemwide sales, compared with just 22% in the prior year quarter. The Company continued investing in the modernization of its restaurants and in the development of its digital capabilities in the division.
NOLAD reinforced its market leadership in the fourth quarter, achieving its highest level of visit share while growing key brand attributes such as “Top of Mind”, “Favorite Brand” and “High-Quality Food”.
Marketing activities were key to support the division’s strong sales momentum. In
As reported Adjusted EBITDA in the division reached
South Latin American Division (SLAD)
Figure 5. SLAD Division: Key Financial Results (In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported |
% Constant Currency |
|
|
590 |
584 |
||||
Total Revenues |
351.6 |
(291.0) |
331.5 |
392.1 |
11.5% |
94.3% |
Systemwide Comparable Sales |
94.7% |
|||||
Adjusted EBITDA |
31.3 |
(47.0) |
56.6 |
41.0 |
31.0% |
180.9% |
Adjusted EBITDA Margin |
8.9% |
10.5% |
1.6 p.p. |
As reported revenues in SLAD reached
Digital sales, which accounted for 51% of systemwide sales in SLAD, benefited from strong Delivery sales growth, with consistent increases in Own Delivery sales helping to drive identified sales growth across the division. According to Company research, SLAD’s markets captured additional market share in the quarter, reflecting the Brand’s strength in the region.
Marketing initiatives included the launch of brand affinity campaigns, such as “Pasan Cosas Lindas” in
As reported Adjusted EBITDA reached
For reference: |
||||||
Figure 6. SLAD Division - Excluding Venezuela: Key Financial Results (In millions of |
||||||
4Q22 (a) |
Currency Translation (b) |
Constant Currency Growth (c) |
4Q23 (a+b+c) |
% As Reported |
% Constant Currency |
|
|
492 |
501 |
||||
Total Revenues |
345.8 |
(265.3) |
300.7 |
381.2 |
10.2% |
87.0% |
Systemwide Comparable Sales |
85.3% |
|||||
Adjusted EBITDA |
32.3 |
(47.8) |
57.5 |
42.0 |
29.9% |
177.7% |
Adjusted EBITDA Margin |
9.3% |
11.0% |
1.7 p.p. |
Figure 7. |
|||||
December 2023 |
September 2023 |
June 2023 |
March 2023 |
December 2022 |
|
|
1,130 |
1,113 |
1,098 |
1,091 |
1,084 |
NOLAD |
647 |
638 |
639 |
639 |
638 |
SLAD |
584 |
588 |
580 |
582 |
590 |
TOTAL |
2,361 |
2,339 |
2,317 |
2,312 |
2,312 |
* |
Figure 8. Footprint as of |
||||||||
Store Type* | Total Restaurants |
Ownership | McCafes | Dessert Centers |
||||
FS |
|
MS & FC | Company Operated | Franchised | ||||
|
579 |
91 |
460 |
1,130 |
689 |
441 |
97 |
2,002 |
NOLAD |
404 |
50 |
193 |
647 |
494 |
153 |
19 |
520 |
SLAD |
240 |
125 |
219 |
584 |
495 |
89 |
192 |
707 |
TOTAL |
1,223 |
266 |
872 |
2,361 |
1,678 |
683 |
308 |
3,229 |
* FS: Free-Standing; |
During the fourth quarter of 2023,
The Company has the region’s largest free-standing restaurant portfolio by a wide margin, with more than half its footprint made up of free-standing units. This provides a structural competitive advantage in nearly all main markets given the versatility of this restaurant format and the incrementality of Drive-thru and Delivery sales.
As of the end of
Balance Sheet & Cash Flow Highlights
Figure 9. Consolidated Debt and Financial Ratios (In thousands of |
||
|
|
|
2023 |
2022 |
|
Total Cash & Cash equivalents (i) |
246,767 |
304,396 |
Total Financial Debt (ii) |
728,093 |
674,401 |
Net Financial Debt (iii) |
481,326 |
370,005 |
LTM Adjusted EBITDA |
472,304 |
386,564 |
Total Financial Debt / LTM Adjusted EBITDA ratio |
1.5 |
1.7 |
Net Financial Debt / LTM Adjusted EBITDA ratio |
1.0 |
1.0 |
(i) Total cash & cash equivalents includes 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
Net debt (total financial debt minus total cash and cash equivalents) was
Net cash generated from operating activities for the full year 2023, totaled
3 Recent Developments
2024 Guidance
As announced in the press release issued by the Company on
2024 Dividend
On
2024 Annual General Shareholders Meeting (AGM)
On
Fourth Quarter 2023 Earnings Webcast
A webcast to discuss the information contained in this press release will be held today,
A replay of the webcast will be available later today in the investor section of the Company’s website: www.arcosdorados.com/ir.
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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 10 of this earnings release includes a reconciliation for Adjusted EBITDA. For more information, please see Adjusted EBITDA reconciliation in Note 21 – Segment and geographic information – of our financial statements (6-K Form) filed today with the
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 calculate 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
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 and its outlook and guidance for 2024. These statements are subject to the general risks inherent in
Fourth Quarter and Full Year 2023 Consolidated Results
Figure 10. Fourth Quarter and Full Year 2023 Consolidated Results (In thousands of |
|||||
For Three-Months ended | For Twelve-Months ended | ||||
|
|
||||
2023 |
2022 |
2023 |
2022 |
||
REVENUES | |||||
Sales by Company-operated restaurants |
1,121,463 |
972,261 |
4,137,675 |
3,457,491 |
|
Revenues from franchised restaurants |
53,992 |
46,362 |
194,203 |
161,411 |
|
Total Revenues |
1,175,455 |
1,018,623 |
4,331,878 |
3,618,902 |
|
OPERATING COSTS AND EXPENSES | |||||
Company-operated restaurant expenses: | |||||
Food and paper |
(396,086) |
(346,489) |
(1,457,720) |
(1,227,293) |
|
Payroll and employee benefits |
(209,756) |
(181,733) |
(790,042) |
(668,764) |
|
Occupancy and other operating expenses |
(311,158) |
(259,608) |
(1,154,334) |
(967,690) |
|
Royalty fees |
(68,961) |
(60,769) |
(249,278) |
(194,522) |
|
Franchised restaurants - occupancy expenses |
(23,306) |
(17,984) |
(83,359) |
(68,028) |
|
General and administrative expenses |
(82,076) |
(70,091) |
(285,000) |
(239,263) |
|
Other operating (expense) / income, net |
(2,325) |
(434) |
1,894 |
11,080 |
|
Total operating costs and expenses |
(1,093,668) |
(937,108) |
(4,017,839) |
(3,354,480) |
|
Operating income |
81,787 |
81,515 |
314,039 |
264,422 |
|
Net interest expense and other financing results |
(5,315) |
(1,010) |
(32,275) |
(43,750) |
|
Gain / (Loss) from derivative instruments |
37 |
(5,232) |
(13,183) |
(10,490) |
|
Foreign currency exchange results |
(11,457) |
(297) |
10,774 |
16,501 |
|
Other non-operating expenses, net |
(1,138) |
(238) |
(1,238) |
(287) |
|
Income before income taxes |
63,914 |
74,738 |
278,117 |
226,396 |
|
Income tax expense, net |
(7,780) |
(20,065) |
(95,702) |
(85,476) |
|
Net income |
56,134 |
54,673 |
182,415 |
140,920 |
|
Net income attributable to non-controlling interests |
(356) |
(181) |
(1,141) |
(577) |
|
Net income attributable to |
55,778 |
54,492 |
181,274 |
140,343 |
|
Earnings per share information ($ per share): | |||||
Basic net income per common share |
|
|
|
|
|
Weighted-average number of common shares outstanding-Basic |
210,654,969 |
210,594,545 |
210,632,812 |
210,552,173 |
|
Adjusted EBITDA Reconciliation | |||||
Operating income |
81,787 |
81,515 |
314,039 |
264,422 |
|
Depreciation and amortization |
43,462 |
30,843 |
149,268 |
119,777 |
|
Operating charges excluded from EBITDA computation |
7,375 |
1,697 |
8,997 |
2,365 |
|
Adjusted EBITDA |
132,624 |
114,055 |
472,304 |
386,564 |
|
Adjusted EBITDA Margin as % of total revenues |
11.3 % |
11.2 % |
10.9 % |
10.7 % |
Fourth Quarter and Full Year 2023 Results by Division
Figure 11. Fourth Quarter and Full Year 2023 Consolidated Results by Division (In thousands of |
|||||||||
For Three-Months ended |
as reported |
Constant Currency | For Twelve-Months ended |
as reported |
Constant Currency | ||||
|
|
||||||||
2023 |
2022 |
Incr/(Decr)% | Incr/(Decr)% |
2023 |
2022 |
Incr/(Decr)% | Incr/(Decr)% | ||
Revenues | |||||||||
|
482,937 |
406,259 |
18.9 % |
11.8% |
1,701,547 |
1,429,105 |
19.1% |
14.9% |
|
NOLAD |
300,415 |
260,759 |
15.2 % |
7.5% |
1,132,912 |
920,189 |
23.1% |
14.4% |
|
SLAD |
392,103 |
351,605 |
11.5 % |
94.3% |
1,497,419 |
1,269,608 |
17.9% |
88.0% |
|
SLAD - Excl. |
381,191 |
345,766 |
10.2 % |
87.0% |
1,465,489 |
1,251,007 |
17.1% |
79.4% |
|
TOTAL |
1,175,455 |
1,018,623 |
15.4 % |
39.2% |
4,331,878 |
3,618,902 |
19.7% |
40.4% |
|
TOTAL - Excl. |
1,164,543 |
1,012,784 |
15.0 % |
36.3% |
4,299,948 |
3,600,301 |
19.4% |
37.2% |
|
Operating Income (loss) | |||||||||
|
73,648 |
67,319 |
9.4 % |
2.7% |
230,024 |
186,862 |
23.1% |
18.3% |
|
NOLAD |
19,101 |
19,126 |
-0.1% |
-7.7% |
73,237 |
61,832 |
18.4% |
9.0% |
|
SLAD |
24,582 |
23,379 |
5.1 % |
220.7% |
121,683 |
107,520 |
13.2% |
135.8% |
|
SLAD - Excl. |
26,358 |
24,946 |
5.7 % |
209.0% |
127,722 |
112,488 |
13.5% |
136.9% |
|
Corporate and Other |
(35,544) |
(28,309) |
-25.6% |
-96.5% |
(110,905) |
(91,792) |
-20.8% |
-73.9% |
|
TOTAL |
81,787 |
81,515 |
0.3 % |
30.2% |
314,039 |
264,422 |
18.8% |
44.6% |
|
TOTAL - Excl. |
83,563 |
83,082 |
0.6 % |
30.3% |
320,078 |
269,390 |
18.8% |
46.7% |
|
Adjusted EBITDA | |||||||||
|
93,727 |
81,238 |
15.4 % |
8.3% |
300,177 |
242,346 |
23.9% |
19.2% |
|
NOLAD |
31,146 |
27,882 |
11.7 % |
3.6% |
115,364 |
95,290 |
21.1% |
11.9% |
|
SLAD |
41,010 |
31,317 |
31.0 % |
180.9% |
160,380 |
134,253 |
19.5% |
113.3% |
|
SLAD - Excl. |
41,996 |
32,328 |
29.9 % |
177.7% |
164,651 |
137,793 |
19.5% |
116.2% |
|
Corporate and Other |
(33,259) |
(26,382) |
-26.1% |
-100.0% |
(103,617) |
(85,325) |
-21.4% |
-76.0% |
|
TOTAL |
132,624 |
114,055 |
16.3 % |
33.3% |
472,304 |
386,564 |
22.2% |
37.5% |
|
TOTAL - Excl. |
133,610 |
115,066 |
16.1 % |
33.7% |
476,575 |
390,104 |
22.2% |
39.2% |
Figure 12. Average Exchange Rate per Quarter* | |||
|
|
|
|
4Q23 |
4.95 |
17.54 |
445.71 |
4Q22 |
5.26 |
19.67 |
162.20 |
* Local $ per |
Summarized Consolidated Balance Sheet
Figure 13. Summarized Consolidated Balance Sheet
(In thousands of |
|||
|
|
||
2023 |
2022 |
||
ASSETS | |||
Current assets | |||
Cash and cash equivalents |
196,661 |
266,937 |
|
Short-term investments |
50,106 |
37,459 |
|
Accounts and notes receivable, net |
147,980 |
124,273 |
|
Other current assets (1) |
210,531 |
196,873 |
|
Derivative instruments |
— |
58,821 |
|
Total current assets |
605,278 |
684,363 |
|
Non-current assets | |||
Property and equipment, net |
1,119,885 |
856,085 |
|
Net intangible assets and goodwill |
70,026 |
54,569 |
|
Deferred income taxes |
98,163 |
87,972 |
|
Derivative instruments |
46,486 |
34,088 |
|
Equity method investments |
18,111 |
14,708 |
|
Lease right of use asset |
954,564 |
820,683 |
|
Other non-current assets (2) |
106,725 |
84,162 |
|
Total non-current assets |
2,413,960 |
1,952,267 |
|
Total assets |
3,019,238 |
2,636,630 |
|
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Accounts payable |
374,986 |
353,468 |
|
Taxes payable (3) |
163,143 |
146,682 |
|
Accrued payroll and other liabilities |
142,487 |
115,327 |
|
Royalties payable to McDonald’s Corporation |
21,292 |
21,280 |
|
Provision for contingencies |
1,447 |
2,272 |
|
Interest payable |
7,447 |
7,906 |
|
Financial debt (4) |
37,361 |
29,566 |
|
Operating lease liabilities |
93,507 |
82,911 |
|
Total current liabilities |
841,670 |
759,412 |
|
Non-current liabilities | |||
Accrued payroll and other liabilities |
27,513 |
28,781 |
|
Provision for contingencies |
49,172 |
42,567 |
|
Financial debt (5) |
729,771 |
729,838 |
|
Deferred income taxes |
1,166 |
3,931 |
|
Operating lease liabilities |
853,107 |
747,674 |
|
Total non-current liabilities |
1,660,729 |
1,552,791 |
|
Total liabilities |
2,502,399 |
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 |
566,188 |
424,936 |
|
Accumulated other comprehensive loss |
(563,081) |
(613,460) |
|
Common stock in treasury |
(19,367) |
(19,367) |
|
|
515,281 |
323,623 |
|
Non-controlling interest in subsidiaries |
1,558 |
804 |
|
Total equity |
516,839 |
324,427 |
|
Total liabilities and equity |
3,019,238 |
2,636,630 |
(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/20240313225693/en/
Investor Relations Contact
VP of Investor Relations
daniel.schleiniger@mcd.com.uy
Media Contact
VP of Corporate Communications
david.grinberg@mcd.com.uy
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