| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||
Net income (loss) attributable to Arcos Dorados Holdings Inc. | ||||||||
129,166 | 78,810 | -51,633 | -109,333 | 53,854 | 114,332 | 115,529 | 106,021 | 80,022 |
Adjustments to reconcile net income (loss) attributable to Arcos Dorados Holdings Inc. to cash provided by operations: | ||||||||
Non-cash charges and credits: | ||||||||
Depreciation and amortization | ||||||||
99,382 | 92,969 | 110,715 | 116,811 | 114,860 | 92,328 | 68,971 | 60,585 | 54,169 |
Loss from derivative instruments | ||||||||
7,065 | 3,065 | 2,894 | 685 | 4,141 | 891 | 9,237 | 32,809 | 39,935 |
Amortization of deferred financing costs | ||||||||
- | - | - | - | - | - | 3,316 | 979 | 11,285 |
Amortization and accrual of letter of credit fees and deferred financing costs | ||||||||
3,433 | 3,974 | 3,982 | 4,195 | 4,363 | 4,342 | 2,847 | 2,633 | 2,127 |
Gain of property and equipment sales | ||||||||
93,122 | 55,163 | 10,942 | 890 | 8,919 | - | - | - | - |
Deferred income taxes | ||||||||
1,731 | 5,499 | -9,057 | 7,419 | 9,113 | 14,228 | -2,882 | -61,101 | -49,830 |
Net income attributable to non-controlling interests | ||||||||
- | - | - | 305 | 18 | 256 | 271 | 271 | 332 |
Foreign currency exchange results | ||||||||
-20,366 | 33,348 | -23,239 | -55,894 | -23,350 | -13,788 | -16,209 | 1,072 | 24,501 |
Accrued net share-based compensation expense | ||||||||
4,216 | 3,558 | 4,082 | 9,252 | 7,027 | 1,265 | 29,712 | 36,551 | 5,247 |
Loss from purchase, exchange and call of 2019 Notes | ||||||||
- | - | - | - | 23,467 | 0 | - | - | - |
Impairment of long-lived assets and goodwill | ||||||||
17,764 | 12,742 | 13,022 | 52,915 | 2,958 | 2,665 | - | - | - |
Write-offs and related contingencies of property and equipment | ||||||||
8,528 | 5,776 | 6,038 | 7,111 | 6,489 | 4,259 | - | - | - |
Gain on Sales of restaurants businesses | ||||||||
14,742 | 16,549 | 3,390 | 1,079 | - | - | - | - | - |
Loss on amnesty program | ||||||||
- | - | - | - | - | - | - | -25,532 | - |
Others, net | ||||||||
-6,305 | -6,637 | -7,156 | -7,418 | -113 | 2,064 | -10,289 | -2,009 | -6,791 |
Changes in assets and liabilities: | ||||||||
Accounts payable | ||||||||
102,660 | 35,815 | 25,020 | -16,128 | 96,957 | 22,575 | 60,234 | 52,077 | 3,597 |
Accounts and notes receivable and other receivables | ||||||||
50,211 | 32,604 | -2,369 | 9,779 | 43,835 | 48,168 | 14,609 | 70,762 | 11,651 |
Inventories, prepaid and other assets | ||||||||
53,466 | -26,763 | 45,900 | -53,082 | 102,362 | -14,628 | 42,415 | 39,742 | -20,821 |
Income taxes payable | ||||||||
18,946 | 9,480 | 15,786 | 15,884 | 10,773 | -23,042 | 17,455 | 13,085 | -12,174 |
Other taxes payable | ||||||||
12,672 | 8,180 | -2,568 | -27 | 13,727 | 8,414 | 6,627 | 12,134 | -2,537 |
Interest payable | ||||||||
2,942 | -9,533 | -3,746 | -1,054 | 1,492 | 6,134 | 8,961 | 105 | 5,702 |
Accrued payroll and other liabilities and provision for contingencies | ||||||||
35,075 | 15,412 | 24,195 | -198 | -9,883 | -9,956 | -34,479 | 82,688 | 18,824 |
Others | ||||||||
-3,540 | 2,706 | 1,427 | 608 | 9,311 | 13,238 | 6,351 | 9,074 | -137 |
Net cash provided by operating activities | ||||||||
255,170 | 164,189 | 112,689 | 193,091 | 217,014 | 230,113 | 261,624 | 263,876 | 148,022 |
Investing activities | ||||||||
Property and equipment expenditures | ||||||||
174,766 | 92,282 | 90,964 | 169,813 | 313,462 | 294,478 | 319,859 | 175,669 | 90,105 |
Purchases of restaurant businesses paid at acquisition date | ||||||||
870 | 0 | 1,091 | 825 | 324 | 6,004 | 5,993 | 504 | 11,061 |
Proceeds from sale of property and equipment and related advances | ||||||||
61,983 | 88,380 | 19,738 | 3,237 | 7,751 | 6,643 | 9,778 | - | - |
Proceeds from sales of restaurant businesses and related advances | ||||||||
10,407 | 25,090 | 3,861 | 1,938 | 6,452 | 0 | 903 | 6,215 | 12,368 |
Acquisitions of short-term investments | ||||||||
19,588 | 0 | 0 | - | - | - | - | - | - |
Loans collected from related parties | ||||||||
0 | 1,800 | 9,702 | -2,500 | -2,000 | - | - | - | - |
Loans to related parties | ||||||||
- | - | - | - | - | 7,000 | - | - | - |
Other investing activity | ||||||||
1,646 | -30 | 1,361 | 1,001 | 9,072 | 5,582 | 4,961 | 8,266 | 7,572 |
Net cash (used in) provided by investing activities | ||||||||
-124,480 | 23,018 | -60,115 | -168,964 | -310,655 | -306,421 | -320,132 | -178,224 | -96,370 |
Financing activities | ||||||||
Issuance of 2027 Notes | ||||||||
265,000 | 0 | 0 | 33,267 | 8,483 | 3,073 | - | - | - |
(Repayment of) / proceeds from secured loan agreement | ||||||||
-169,511 | 167,262 | 0 | - | - | - | - | - | - |
Net payment of derivative instruments | ||||||||
- | - | - | - | - | 4,322 | 118,932 | 37,815 | 30,167 |
Collateral deposits | ||||||||
- | - | - | - | - | - | 15,000 | 25,000 | -25,000 |
Cash and cash equivalents of split-off Axis Business | ||||||||
- | - | - | - | - | - | 35,425 | - | - |
Purchase of 2023 Notes | ||||||||
48,885 | 80,800 | 0 | 0 | - | - | - | - | - |
Net (payment) collection of derivative instruments | ||||||||
40,822 | 6,268 | -19,817 | 0 | 9,975 | - | - | - | - |
Payment of deferred financing costs | ||||||||
- | - | - | - | - | - | - | - | 10,826 |
Issuance of class A shares in connection with the initial public offering | ||||||||
- | - | - | - | - | - | 152,281 | - | - |
Proceeds from secured loan agreement | ||||||||
- | - | - | 0 | - | - | - | - | - |
Dividend payments to Arcos Dorados Holdings Inc. shareholders | ||||||||
0 | 0 | 12,509 | 50,036 | 37,527 | 50,036 | 56,627 | 33,400 | - |
Purchase and repayment of 2016 Notes | ||||||||
0 | -181,156 | -11,710 | 0 | - | - | - | - | - |
Net short-term borrowings | ||||||||
0 | -2,488 | -29,043 | 26,296 | 8,743 | -157 | -10,871 | 3,805 | -2,539 |
Other financing activities | ||||||||
-9,135 | -9,545 | -8,818 | -8,343 | -8,825 | -7,570 | -12,850 | -8,877 | -3,208 |
Net cash used in financing activities | ||||||||
-3,353 | -112,995 | -42,263 | 1,184 | 102,302 | 90,646 | 35,673 | -51,287 | 24,372 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||
-13,649 | 8,072 | -36,822 | -61,929 | -17,864 | -5,788 | -8,963 | 5,759 | -14,031 |
Increase (decrease) in cash and cash equivalents | ||||||||
113,688 | 82,284 | -26,511 | -36,618 | -9,203 | 8,550 | -31,798 | 40,124 | 61,993 |
Supplemental cash flow information: | ||||||||
Interest | ||||||||
53,206 | 76,605 | 64,229 | 71,369 | 61,771 | 55,347 | 46,022 | 42,034 | 26,008 |
Income tax | ||||||||
24,112 | 39,135 | 11,191 | 13,139 | 25,422 | 30,700 | 50,952 | 40,391 | 63,699 |
Non-cash investing and financing activities: | ||||||||
Issuance of 2023 Notes as consideration for the exchange of 2019 Notes | ||||||||
- | - | - | - | 98,767 | 0 | - | - | - |
Dividend declared pending of payment | ||||||||
- | - | - | 12,509 | 12,509 | 0 | - | - | - |
Seller financing pending of payment and settlement of franchise receivables related to purchases of restaurant businesses | ||||||||
36 | 0 | 2,113 | 1,864 | 3,711 | 0 | - | 2,423 | 9,641 |
Exchange of assets | ||||||||
6,721 | 2,150 | 0 | 0 | - | - | - | - | - |
Split-off Axis Business - non-cash portion | ||||||||
- | - | - | - | - | - | 9,833 | - | - |