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Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of short-term debt

Short-term debt consists of the following at year-end:

						2024						2023
Bank overdrafts						$	686					$	31
Short-term bank loans						55,065						29,502
Revolving Credit Facility						4,500						—
Total						$	60,251					$	29,533

The following table presents additional information related to short-term bank debt:

												Principal as of
Territories			Entity			Currency			Annual interest rate			December 31, 2024			December 31, 2023			Maturity
Panama			Citibank N.A.			USD			SOFR + 2.10%			$	5,000		$	—		February, 2025
Puerto Rico			Citibank N.A.			USD			SOFR + 2.10%			14,000			—			February, 2025
Chile			Banco de Chile			CLP			8.88%			—			9,821			December, 2024
			Banco Itaú Chile						8.28%			—			19,681
			Banco de Chile			CLP			6.84%			8,677			—			March, 2025
			Banco Itaú Chile						7.53%			17,388			—			June, 2025
Uruguay			Banco Itaú Uruguay S.A.			USD			5.74%			8,000			—			May, 2025
			Banco Bilbao Vizcaya Argentaria Uruguay S.A.						5.55%			2,000			—
Total												$	55,065		$	29,502

Schedule of revolving credit facilities

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

X

- References

No definition available.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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