<SEC-DOCUMENT>0000950103-24-017746.txt : 20250122
<SEC-HEADER>0000950103-24-017746.hdr.sgml : 20250122
<ACCEPTANCE-DATETIME>20241213140004
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950103-24-017746
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20241213

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
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<TYPE>CORRESP
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    <TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold">draft</TD></TR>
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    <TD STYLE="font-size: 10pt; color: #140B7F">&nbsp;<IMG SRC="image_003.jpg" ALT=""></TD>
    <TD>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maurice Blanco</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+1-212-450-4086</P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">maurice.blanco@davispolk.com</P></TD>
    <TD>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></P>
    <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">450 Lexington Avenue<BR>
    New York, NY 10017</P></TD>
    <TD STYLE="text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt">December 13, 2024</TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="width: 3%; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 97%; font-size: 10pt"><B>Arcos Dorados Holdings Inc.<BR>
Form 20-F for Fiscal Year Ended December 31, 2023<BR>
Form 6-K Submitted November 13, 2024<BR>
File No. 001-35129</B></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Trade &amp; Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Attn:</TD><TD>Keira Nakada<BR>
Rufus Decker</TD>
</TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Dear Keira Nakada and Rufus Decker:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of our client, Arcos Dorados Holdings
Inc. (the &ldquo;<B>Company</B>&rdquo;), this letter sets forth the Company&rsquo;s responses to the comment letter of the staff (the
&ldquo;<B>Staff</B>&rdquo;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
dated December 3, 2024, relating to the Company&rsquo;s annual report on Form 20-F for the fiscal year ended December 31, 2023 (the &ldquo;<B>20-F</B>&rdquo;),
the Company&rsquo;s current report on Form 6-K submitted on November 13, 2024 (the &ldquo;<B>6-K</B>&rdquo;) and the Company&rsquo;s response
letter dated November 22, 2024 (the &ldquo;<B>Response Letter</B>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">For your convenience, we have reproduced the Staff&rsquo;s
comments preceding the Company&rsquo;s responses below. All capitalized terms used and not defined herein shall have the meaning given
to them in the 20-F. All references to page numbers in the Company&rsquo;s responses are to pages in the as-filed version of the 20-F.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Form 20-F for Fiscal Year Ended December 31, 2023 </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Item 5. Operating and Financial Review and Prospects </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>B. Liquidity and Capital Resources, page 86</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><I>We read your response to prior comment 4. Argentina and Venezuela appear to have different risks. Please present the quantified
disclosures for Argentina separately from Venezuela. If you believe Venezuela's operations are not material at this time, convey that
in lieu of providing quantified disclosures for Venezuela.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure under &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;B.
Liquidity and Capital Resources&rdquo; (presently contained on page 86 of the 20-F) in future filings of the Company&rsquo;s annual report
on Form 20-F as indicated below (with the underlined text marking new text and the strikethrough text marking deletions as compared to
the language provided in the Response Letter):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="width: 25%; font-size: 10pt; color: #140BE3">&nbsp;</TD><TD STYLE="width: 25%; font-size: 10pt; color: #140BE3">&nbsp;</TD><TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold"></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt; color: #140B7F">&nbsp;<IMG SRC="image_004.jpg" ALT=""></TD><TD> <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maurice Blanco</P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+1-212-450-4086</P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">maurice.blanco@davispolk.com</P></TD><TD> <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">450 Lexington Avenue<BR> New York, NY 10017</P></TD><TD STYLE="text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0.5in">&ldquo;As of December 31, 2023 our cash position
(cash and cash equivalents and short-term investments) in <U>Argentina and Venezuela, which are considered</U> highly inflationary markets<U>,</U>
<STRIKE>(Argentina and Venezuela)</STRIKE> represented <STRIKE>14%</STRIKE> <U>13.5% and 0.9%, respectively,</U> of our consolidated cash
position. Although these markets are subject to restrictions on cash remittances, these limitations did not materially affect our operations,
as both countries have in place alternative legal mechanisms to obtain U.S. dollars. See &ldquo;Item 3. Key Information&mdash;A. Selected
Financial Data&mdash;Exchange Rates and Exchange Controls&rdquo; for further information regarding exchange controls for Argentina. In
addition, over the years we have been able to mitigate cost increases tied to inflation in these markets through our revenue management
strategy. Moreover, in case we need to incur indebtedness in these markets, we also have available sufficient instruments to fund such
incurrence.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Consolidated Financial Statements<BR>
Note 3. Summary of Significant Accounting Policies<BR>
Accounts Payable Outsourcing, page F-17</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>We read your response to prior comment 6. Related to your accounts payable arrangements, please also disclose whether: </I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>&bull; your accounts payable payment
terms are consistent with industry standards and those used by peer companies, </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>&bull; different payment terms and/or
purchase prices exist when suppliers participate in the accounts payable services arrangements as compared to suppliers that do not participate,
</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>&bull; you are permitted to remit payment
to the financial institution or the supplier on a date later than the original due date of the invoice under any circumstances, </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>&bull; you ever receive a fee, commission,
refund or discount from the financial institution (not limited to persuading suppliers to participate) and </I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>&bull; you retain the right to all early
pay discounts offered by suppliers.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B>Response:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the Company will revise its disclosure under its &ldquo;Notes to the Consolidated Financial Statements&mdash;3.
Summary of significant accounting policies&mdash;Accounts payable outsourcing&rdquo; in future filings of the Company&rsquo;s annual report
on Form 20-F as indicated below (with the underlined text marking new text and the strikethrough text marking deletions as compared to
the language provided in the Response Letter):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0.5in"><U>&ldquo;In the ordinary course of business,
the Company looks to obtain extended payment terms during the negotiation process with suppliers, which payment terms can vary from 15
days to up to 180 days after the invoice date. In this context, </U>the Company offers its suppliers access to an accounts payable services
arrangement provided by third party financial institutions. Independent from the Company, the financial institutions <STRIKE>also allow</STRIKE>
<U>offer</U> suppliers to <U>voluntarily </U>sell their receivables to <STRIKE>the financial institutions</STRIKE> <U>them</U> in an arrangement
separately negotiated by the supplier and the financial institution. This service <U>also</U> allows the Company&rsquo;s suppliers to
view its scheduled payments online, enabling them to better manage their cash flow and reduce payment processing costs. <U>The Company&rsquo;s
responsibility is limited to making payment on the original due dates of the invoice negotiated with the supplier, regardless of whether
the supplier sells its </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0pt"><U>receivable. The Company is not permitted
to remit payment to the financial institution or the supplier on a date later than the original due date of the invoice under any circumstances.
The payment terms and purchase price of the original invoice do not change once the supplier elects to participate. Those payment terms
vary from 45 days to up to 180 days after the invoice date. </U>The Company has no economic interest in the sale of these receivables
and no direct relationship with the financial institutions concerning the sale of receivables. As a result, the Company does not pay any
fee to <U>the </U>financial institutions for purchasing the suppliers' receivables and it does not receive any <STRIKE>incentive</STRIKE>
<U>fee, commission, refund or discount </U>from the financial institutions <STRIKE>to persuade suppliers to participate in their programs.
All of the Company&rsquo;s obligations, including amounts due, remain to the Company&rsquo;s suppliers as stated in the supplier agreements
</STRIKE><U>for the accounts payable services arrangement. The Company retains the right to all early pay discounts offered by suppliers
if they do not sell their receivables.</U> <STRIKE>These obligations require payment in full within 180 days of the invoice date.</STRIKE>
As of December 31, 2023 and 2022, <U>the amounts under the accounts payable services arrangement and included in Accounts Payable in the
Balance Sheet are</U> $13,650 and $24,149, respectively<STRIKE>, of the Company&rsquo;s total accounts payable (included within &ldquo;Accounts
payable&rdquo; in the Balance Sheet) are available for this purpose</STRIKE>.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, the Company respectfully advises the
Staff that the Company does not have information regarding the accounts payable payment terms for its peer companies nor is it aware of
any industry standards with respect thereto. However, the Company notes that its accounts payable payment terms have been consistent and
have not changed over the past several years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Form 6-K Submitted November 13, 2024 </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>3Q 2024 Results </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Consolidated Results </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>Adjusted EBITDA Bridge, page 6</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>We read the disclosures you provided in response to prior comment 1. Please discuss the comparable GAAP measures when you discuss
adjusted EBITDA and adjusted EBITDA margin.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Response:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that it will revise its disclosure under &ldquo;Adjusted EBITDA Bridge&rdquo; in future filings of the Company&rsquo;s
current report on Form 6-K as indicated below (with the underlined text marking new text and the strikethrough text marking deletions):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&ldquo;Third quarter consolidated Adjusted EBITDA
reached $125.0 million, with strong local currency growth offset by an unfavorable exchange rate environment and the ongoing economic
adjustment in Argentina. This result included a $5.6 million positive impact from a recovery related to social security contributions
in Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C"><U>Net income attributable to the Company totaled
$35.2 million in the third quarter of 2024. In addition to the abovementioned impacts on Adjusted EBITDA, the result included a depreciation
and amortization expense of $45.4 million, a net interest expense of $8.5 million and a $2.8 million gain from non-cash foreign exchange
and derivative instruments. The Company also recorded an income tax expense of $39.6 million in the quarter.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 20%; font-size: 10pt; color: #140B7F">&nbsp;</TD><TD STYLE="width: 25%; font-size: 10pt; color: #140BE3">&nbsp;</TD><TD STYLE="width: 25%; font-size: 10pt; color: #140BE3">&nbsp;</TD><TD STYLE="width: 30%; text-align: right; font-size: 14pt; color: white; text-transform: uppercase; font-weight: bold"></TD></TR><TR STYLE="vertical-align: top"><TD STYLE="font-size: 10pt; color: #140B7F">&nbsp;<IMG SRC="image_004.jpg" ALT=""></TD><TD> <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maurice Blanco</P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">+1-212-450-4086</P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">maurice.blanco@davispolk.com</P></TD><TD> <P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Davis Polk &amp; Wardwell <FONT STYLE="font-variant: small-caps">llp</FONT></P><P STYLE="color: #140BE3; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">450 Lexington Avenue<BR> New York, NY 10017</P></TD><TD STYLE="text-align: right; font-size: 10pt; color: #140BE3; text-transform: uppercase">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">Consolidated Adjusted EBITDA margin was 11.0%. Food
and Paper (F&amp;P) costs remained relatively stable when compared to the previous year. Leverage in General and Administrative expenses
(G&amp;A) and a better result in the Other Operating Income line were more than offset by higher Payroll expenses and a deleveraging of
Occupancy &amp; Other Operating expenses as a percentage of revenue, compared with the prior year period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C"><U>Net income margin attributable to the Company
was 3.1%. In addition to the abovementioned variations impacting Adjusted EBITDA margin, there was a higher depreciation and amortization
expense and a higher income tax expense, as a percentage of revenue, compared with the prior year period.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C"><U>Earnings per share was $0.17 in the third quarter
of 2024.Total weighted average shares amounted to 210,663,057 in the third quarter compared to 210,654,969 in the prior year&rsquo;s quarter.</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49px; padding-left: 0.5in; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 31px; width: 102px"></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in; font-size: 10pt"><FONT STYLE="color: #2C2C2C"><B>Notable items in the Adjusted EBITDA reconciliation</B></FONT></TD>
    <TD STYLE="width: 94px; padding-left: 0.5in; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">Included in Adjusted EBITDA: The result for the
third quarter of 2024 included a $5.6 million positive impact from a recovery related to social security contributions in Brazil.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">Excluded from Adjusted EBITDA: There were no notable
items excluded from Adjusted EBITDA in either the third quarter of 2024 or the third quarter of 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49px; padding-left: 0.5in"><STRIKE><IMG SRC="image_001.jpg" ALT="" STYLE="height: 31px; width: 102px"></STRIKE></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 0.5in"><FONT STYLE="color: #2C2C2C"><B><STRIKE>Non-operating Results</STRIKE></B></FONT></TD>
    <TD STYLE="width: 94px; padding-left: 0.5in; text-align: right"><STRIKE>&nbsp;</STRIKE></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C"><STRIKE>Arcos Dorados&rsquo; non-operating results
for the third quarter included a net interest expense of $8.5 million and a $2.8 million gain from non-cash foreign exchange and derivative
instruments. The Company recorded an income tax expense of $39.6 million in the quarter.</STRIKE></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in; color: #2C2C2C"><STRIKE>Net income attributable to the Company totaled
$35.2 million, or $0.17 per share, in the third quarter of 2024. Total weighted average shares amounted to 210,663,057 in the third quarter
compared to 210,654,969 in the prior year&rsquo;s quarter.&rdquo;</STRIKE></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;*</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Please do not hesitate to contact me at (212) 450-4086
or <FONT STYLE="color: Blue"><U>maurice.blanco@davispolk.com</U></FONT> if you have any questions regarding the foregoing or if I can
provide any additional information.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><U>/s/ Maurice Blanco</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Maurice Blanco</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">cc: Mariano Tannenbaum, Chief Financial Officer</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Juan David Bastidas, General Counsel</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Hern&aacute;n Hlebowicz, Pistrelli, Henry Martin y Asociados S.A., member
Firm of Ernst &amp; Young Global Limited</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
</SEC-DOCUMENT>
