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Commitments and contingencies (Tables)

12 Months Ended

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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