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v3.25.1

Commitments and contingencies (Tables) | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Summary of debt covenant ratios | The ratios for the periods mentioned, were as follows:
|  | Fixed Charge Coverage Ratio |  | Leverage Ratio
March 31, 2024 |  | 2.17 |  | 3.23
June 30, 2024 |  | 2.25 |  | 3.17
September 30, 2024 |  | 2.20 |  | 3.19
December 31, 2024 |  | 2.23 |  | 3.10
Schedule of Line of Credit Facilities [Table Text Block] | As of December 31, 2024, the Company maintained the followings revolving credit facilities:
Bank |  | Currency |  | Maturity |  | Interest rate |  | Amount
Itau Unibanco S.A. (i) |  | $ |  | April 14, 2025 |  | TERM SOFR + range between 2.65% to 4.85% |  | 25,000
J.P. Morgan |  | $ |  | February 17, 2026 |  | SOFR + 3.10% |  | 25,000
Banco Santander (Brasil) (ii) |  | $ |  | October 31, 2026 |  | TERM SOFR + range between 3.20% to 3.60% |  | 25,000
(i) Maintained by its wholly-owned subsidiary ADBV. (ii) Maintained by both, the Company and its wholly-owned subsidiary ADBV. As of December 31, 2024, these ratio were as follows:
Bank |  | Ratio |  | Required Maximum Ratio |  | As of December 31, 2024
J.P. Morgan |  | Net Indebtedness (including interest payable) to EBITDA |  | 3.00 |  | 1.14
Banco Santander (Brasil) S.A. |  | Net Indebtedness (not including interest payable) to EBITDA |  | 3.00 |  | 1.12
| Net Indebtedness (not including interest payable) to EBITDA (i) |  | 3.00 |  | 0.19
(i) Ratio maintained by its wholly-owned subsidiary ADBV. The following table presents information related to the standby letters of credit:
Bank |  | Currency |  | Amount
Itaú |  | $ |  | 15,000
Banco Bilbao Vizcaya Argentaria, S.A. |  | $ |  | 45,000
J.P. Morgan |  | $ |  | 20,000
These letters of credit contain a limited number of customary affirmative and negative covenants, including a maximum indebtedness to EBITDA ratio, as follows:
Bank |  | Ratio |  | Required Maximum Ratio |  | As of December 31, 2024
Itaú |  | Net indebtedness to EBITDA (not including interest payable) |  | 4.5 |  | 0.19
Banco Bilbao Vizcaya Argentaria, S.A. |  | Net indebtedness to EBITDA (including interest payable) |  | 4.0 |  | 0.15
J.P. Morgan |  | Indebtedness to EBITDA |  | 4.5 |  | 0.41
Schedule of provision for contingencies | The breakdown of the provision for contingencies is as follows:
Description |  | Balance at beginning of period |  | Accruals, net |  | Settlements |  | Reclassifications and increase of judicial deposits |  | Translation |  | Balance at end of period
Year ended December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Tax contingencies in Brazil (i) |  | $ | 40,583 |  |  | $ | (10,994) |  |  | $ | (363) |  |  | $ | — |  |  | $ | (7,113) |  |  | $ | 22,113 |
Labor contingencies in Brazil (ii) |  | 12,674 |  |  | 14,475 |  |  | (15,730) |  |  | — |  |  | (2,598) |  |  | 8,821 |
Other (iii) |  | 5,929 |  |  | 3,720 |  |  | (2,979) |  |  | — |  |  | (907) |  |  | 5,763 |
Subtotal |  | 59,186 |  |  | 7,201 |  |  | (19,072) |  |  | — |  |  | (10,618) |  |  | 36,697 |
Judicial deposits (iv) |  | (8,567) |  |  | — |  |  | — |  |  | 419 |  |  | 1,807 |  |  | (6,341) |
Provision for contingencies |  | $ | 50,619 |  |  | $ | 7,201 |  |  | $ | (19,072) |  |  | $ | 419 |  |  | $ | (8,811) |  |  | $ | 30,356 |
Year ended December 31, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Tax contingencies in Brazil (i) |  | $ | 28,505 |  |  | $ | 10,697 |  |  | $ | (151) |  |  | $ | — |  |  | $ | 1,532 |  |  | $ | 40,583 |
Labor contingencies in Brazil (ii) |  | 14,095 |  |  | 14,231 |  |  | (17,377) |  |  | 556 |  |  | 1,169 |  |  | 12,674 |
Other (iii) |  | 10,145 |  |  | (668) |  |  | (4,494) |  |  | (3) |  |  | 949 |  |  | 5,929 |
Subtotal |  | 52,745 |  |  | 24,260 |  |  | (22,022) |  |  | 553 |  |  | 3,650 |  |  | 59,186 |
Judicial deposits (iv) |  | (7,906) |  |  | — |  |  | — |  |  | 80 |  |  | (741) |  |  | (8,567) |
Provision for contingencies |  | $ | 44,839 |  |  | $ | 24,260 |  |  | $ | (22,022) |  |  | $ | 633 |  |  | $ | 2,909 |  |  | $ | 50,619 |
Year ended December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Tax contingencies in Brazil (i) |  | $ | 16,642 |  |  | $ | 11,166 |  |  | $ | (12) |  |  | $ | — |  |  | $ | 709 |  |  | $ | 28,505 |
Labor contingencies in Brazil (ii) |  | 13,270 |  |  | 12,426 |  |  | (13,449) |  |  | 1,094 |  |  | 754 |  |  | 14,095 |
Other (iii) |  | 10,766 |  |  | 3,449 |  |  | (2,763) |  |  | — |  |  | (1,307) |  |  | 10,145 |
Subtotal |  | 40,678 |  |  | 27,041 |  |  | (16,224) |  |  | 1,094 |  |  | 156 |  |  | 52,745 |
Judicial deposits (iv) |  | (6,592) |  |  | — |  |  | — |  |  | (953) |  |  | (361) |  |  | (7,906) |
Provision for contingencies |  | $ | 34,086 |  |  | $ | 27,041 |  |  | $ | (16,224) |  |  | $ | 141 |  |  | $ | (205) |  |  | $ | 44,839 |
(i)In 2024, 2023 and 2022, it includes mainly INSS (Instituto Nacional do Seguro Social) and CIDE (Contribuições de Intervenção no Domínio Econômico). (ii)It primarily relates to dismissals in the normal course of business. (iii)It relates to tax and labor contingencies in other countries and civil contingencies in all the countries. (iv)It primarily relates to judicial deposits the Company was required to make in connection with the proceedings in Brazil.

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