Segment and geographic information (Tables)

12 Months Ended

Dec. 31, 2023

Profit or loss and assets for reportable segment

The following table presents information about profit or loss and assets for each reportable segment:


	For the fiscal years ended December 31,
	2023		2022		2021
Revenues:
Brazil	$	1,701,547	$	1,429,105	$	1,002,781

NOLAD	1,132,912		920,189		780,866
SLAD	1,497,419		1,269,608		876,294
Total revenues	$	4,331,878	$	3,618,902	$	2,659,941

Adjusted EBITDA:
Brazil	$	300,177	$	242,346	$	175,603
NOLAD	115,364		95,290		85,323
SLAD	160,380		134,253		77,573
Total reportable segments	575,921		471,889		338,499
Corporate and others (i)	(103,617)		(85,325)		(66,741)
Total adjusted EBITDA	$	472,304	$	386,564	$	271,758


	For the fiscal years ended December 31,
	2023		2022		2021
Adjusted EBITDA reconciliation:

Total Adjusted EBITDA	$	472,304	$	386,564	$	271,758

(Less) Plus items excluded from computation that affect operating income:
Depreciation and amortization	(149,268)		(119,777)		(120,394)
Gains from sale, insurance recovery and contribution in equity method investment of property and equipment	2,030		1,949		4,876
Write-offs of long-lived assets	(8,401)		(3,143)		(3,094)
Impairment of long-lived assets	(2,626)		(1,171)		(1,573)


Reorganization and optimization plan expenses	—		—		(12,054)

Operating income	314,039		264,422		139,519
(Less) Plus:
Net interest expense and other financing results	(32,275)		(43,750)		(49,546)
Loss from derivative instruments	(13,183)		(10,490)		(5,183)

Foreign currency exchange results	10,774		16,501		(9,189)
Other non-operating (expenses) income, net	(1,238)		(287)		2,185
Income tax expense, net	(95,702)		(85,476)		(31,933)
Net income attributable to non-controlling interests	(1,141)		(577)		(367)
Net income attributable to Arcos Dorados Holdings Inc.	$	181,274	$	140,343	$	45,486


	For the fiscal years ended December 31,
	2023		2022		2021
Depreciation and amortization:
Brazil	$	68,249	$	55,003	$	54,883
NOLAD	41,195		32,377		34,810
SLAD	32,302		25,932		26,188
Total reportable segments	141,746		113,312		115,881
Corporate and others (i)	8,178		7,134		5,372
Purchase price allocation (ii)	(656)		(669)		(859)
Total depreciation and amortization	$	149,268	$	119,777	$	120,394

Property and equipment expenditures:
Brazil	$	121,913	$	68,661	$	50,217
NOLAD	113,823		69,966		23,800
SLAD	122,616		78,162		40,640
Others	1,745		326		342
Total property and equipment expenditures	$	360,097	$	217,115	$	114,999


	As of December 31,
	2023		2022
Total assets:
Brazil	$	1,304,759	$	1,161,940
NOLAD	900,429		753,453
SLAD	748,073		647,852
Total reportable segments	2,953,261		2,563,245
Corporate and others (i)	171,255		174,486
Purchase price allocation (ii)	(105,278)		(101,101)
Total assets	$	3,019,238	$	2,636,630

(i)Primarily relates to corporate general and administrative expenses, corporate supply chain operations in Uruguay, and related assets. Corporate general and administrative expenses consist of corporate office support costs in areas such as facilities, finance, human resources, information technology, legal, marketing, restaurant operations, supply chain and training. As of December 31, 2023, corporate assets primarily include cash and cash equivalents and short-term investments. As of December 31, 2022, corporate assets primarily include cash and cash equivalents, short-term investments and derivatives.

(ii)Relates to the purchase price allocation adjustment made at corporate level, which reduces the accounting value of our long-lived assets (excluding Lease right of use) and goodwill, considering the corresponding depreciation and amortization. As of December 31, 2023 and 2022, primarily related with the reduction of goodwill.