{"id":1020269,"date":"2026-11-12T09:16:19","date_gmt":"2026-11-12T14:16:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-third-quarter-2026-financial-results\/"},"modified":"2026-11-12T09:16:19","modified_gmt":"2026-11-12T14:16:19","slug":"arcos-dorados-reports-third-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-third-quarter-2026-financial-results\/","title":{"rendered":"Arcos Dorados Reports Third Quarter 2026 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadl10 { padding-left: 50px }\n.bwpadl2 { padding-left: 10px }\n.bwpadl4 { padding-left: 20px }\n.bwpadl6 { padding-left: 30px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth11 { width: 11% }\n.bwwidth14 { width: 14% }\n.bwwidth16 { width: 16% }\n.bwwidth17 { width: 17% }\n.bwwidth18 { width: 18% }\n.bwwidth20 { width: 20% }\n.bwwidth28 { width: 28% }\n.bwwidth35 { width: 35% }\n.bwwidth40 { width: 40% }\n.bwwidth60 { width: 60% }\n.bwwidth64 { width: 64% }\n.bwwidth9 { width: 9% }\n.bwwidth99 { width: 99% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Arcos Dorados Reports Third Quarter 2026 Financial Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Total revenues reached $1.3 billion, up 11.3% in US dollars versus the prior year.<\/i><\/li>\n<li><i>Systemwide comparable sales rose 15.5%,<\/i><i>with higher average check and positive guest traffic.<\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA<sup>1<\/sup> was $125.9 million, up 9.0% versus the prior year period when excluding the positive impact of the net federal tax credit recognized in Brazil in 2025.<\/i><\/li>\n<li><i>Consolidated Food &amp; Paper costs as a percentage of revenue improved 90 basis points year-over-year, marking the third consecutive quarter of improvement, with all three divisions contributing.<\/i><\/li>\n<li><i>Net Income was $31.2 million, or $0.15 per share, in the third quarter of 2026.<\/i><\/li>\n<li><i>Adjusted Free Cash Flow<sup>1<\/sup> over the last twelve months reached $156.3 million, compared with $52.6 million in the prior-year comparable period.<\/i><\/li>\n<li><i>The Board of Directors approved an open market share repurchase program of up to $25 million of the Company&#8217;s Class A shares, to be purchased and canceled over the next six months, reflecting its confidence in the Company\u2019s long-term value and a commitment to returning capital to shareholders.<\/i><\/li>\n<\/ul>\n<p><i><sup>1<\/sup> For definitions, please refer to pages 7 and 8 of this document.<\/i><\/p>\n<p>MONTEVIDEO, Uruguay&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nArcos Dorados Holdings Inc. (NYSE: ARCO) (\u201cArcos Dorados\u201d or the \u201cCompany\u201d), Latin America and the Caribbean\u2019s largest restaurant chain and the world\u2019s largest independent McDonald\u2019s franchisee, today reported unaudited results for the three and nine months ended September 30, 2026.<\/p>\n<p><b>Message from Luis Raganato, Chief Executive Officer<\/b><\/p>\n<p>\nWe had a solid third quarter, with total revenue up more than 11%. Growth was driven by average check and encouraging guest traffic trends. Consolidated Adjusted EBITDA rose 9%, excluding the net federal tax credit from last year\u2019s result.<\/p>\n<p>\nMarket share, which is the highest in the region, continued to expand in the quarter. Digital sales grew 22% year-over-year, representing around two-thirds of systemwide sales. We reached new highs within Digital, with 29% identified sales and a Loyalty Program membership that has grown by 60% in the last year, reaching almost 38 million members.<\/p>\n<p>\nAdjusted EBITDA reached $125.9 million, with a 9.5% margin. Food and paper declined as a percentage of revenues, and continued cost discipline drove G&amp;A (general and administrative) leverage. All three divisions delivered strong Adjusted EBITDA growth in US dollars.<\/p>\n<p>\nIn connection with the long-term objectives we communicated during our recent Investor Day, today we are also communicating our capital allocation framework: (i) high expected return capital expenditures to take advantage of the region\u2019s long-term growth opportunity, (ii) healthy balance sheet to support long-term growth, (iii) dividends to provide a direct return of capital to shareholders and (iv) share repurchases as an additional way to return capital to shareholders.<\/p>\n<p>\nWith the first three priorities already well-established, and reflecting its confidence in our long-term growth ambitions, the Board of Directors has approved a share repurchase program of up to $25 million of the Company\u2019s Class A shares over the course of the next six months.<\/p>\n<p>\nThrough the first nine months of 2026, we have delivered 13% total revenue and 17% Adjusted EBITDA growth in US dollars, excluding the net federal tax benefit in Brazil last year, despite navigating a period of challenging consumer dynamics. We are working hard to close the year with another solid quarter and start 2027 on the right foot.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"13\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>AD Holdings Inc. \u2013 Consolidated Key Financial Results<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 1.a<br \/>\n<br \/><i>(In millions of U.S. dollars, except as noted)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>3Q25<br \/>(a)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b><br \/>Currency<br \/>Translation<br \/>(b)<br \/><\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Constant<br \/>Currency<br \/>Growth (c)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>3Q26<br \/>(a+b+c)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>% As<br \/>Reported<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>% Constant<br \/>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Restaurants (Units)<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,479<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,582<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,139.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(69.0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n196.8<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,267.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.2<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.3<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\">Revenues from franchised Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53.5<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6.0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60.8<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.7<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24.9<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,192.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(74.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>210.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,328.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>11.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Systemwide Comparable Sales<\/i><\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>15.5<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(7.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(67.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>125.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-37.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-33.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Adjusted EBITDA Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>16.9<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.5<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwalignr bwvertalignb bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>-7.4 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrowaltcolor1 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Net income attributable to AD<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n150.4<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(16.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(102.6<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-79.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-68.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Net income attributable to AD Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>12.6<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.3<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwalignr bwvertalignb bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>-10.3 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrowaltcolor1 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">No. of shares outstanding (thousands)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>EPS (US$\/Share)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.71<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.15<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 1.b &#8211; AD Holdings Inc. \u2013 Consolidated Key Financial Results Excluding Net Federal Tax Credit<br \/>\n<br \/><i>(In millions of U.S. dollars, except as noted)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>3Q25<br \/>(a)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b><br \/>Currency<br \/>Translation<br \/>(b)<br \/><\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Constant<br \/>Currency<br \/>Growth (c)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>3Q26<br \/>(a+b+c)<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>% As<br \/>Reported<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>% Constant<br \/>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Restaurants (Units)<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,479<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,582<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,139.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(69.0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n196.8<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,267.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.2<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.3<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\">Revenues from franchised Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53.5<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6.0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60.8<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.7<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24.9<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,192.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(74.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>210.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,328.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>11.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Systemwide Comparable Sales<\/i><\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>15.5<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>115.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(7.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.7<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>125.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Adjusted EBITDA Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.7<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.5<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwalignr bwvertalignb bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>-0.2 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrowaltcolor1 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Net income attributable to AD<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25.2<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(16.7<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22.6<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.7<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n89.7<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Net income attributable to AD Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.1<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.3<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwalignr bwvertalignb bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>0.2 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrowaltcolor1 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">No. of shares outstanding (thousands)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>EPS (US$\/Share)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.12<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.15<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados\u2019 total revenues reached $1.3 billion, up 11.3% in US dollars versus the prior year quarter. The Company\u2019s systemwide comparable sales rose 15.5% in the quarter, driven by higher average check and positive guest traffic.<\/p>\n<p>\nDigital channel sales rose by about 22% in the period and represented more than 66% of the third quarter&#8217;s systemwide sales. Self-order kiosks continued to deliver solid growth, benefiting from the increasingly modernized restaurant base. Delivery, Mobile Order &amp; Pay, and Loyalty sales also remained strong, supported by increasing penetration and customer adoption across the region.<\/p>\n<p>\nMarketing campaigns included the launch of the Best Burger quality platform in several SLAD markets, with strong improvements in taste and quality perceptions. Value platforms continued to be important across several markets, especially in NOLAD, where consumers remain cautious with their spending. Brazil added menu innovation with a new premium burger while leveraging a local favorite with another limited-time-offer of the McFish sandwich. All three divisions ran campaigns based on cross-platform partnerships such as K-Pop Demon Hunters and Formula One. Finally, several markets also innovated with new flavors on the dessert platform, with positive results.<\/p>\n<p>\nAdjusted EBITDA declined in US dollars, mainly reflecting a high prior-year comparison base that included an $85.6 million positive impact from the net federal tax credit in Brazil. Excluding this effect, consolidated Adjusted EBITDA rose 9.0% and Adjusted EBITDA margin contracted by 20 basis points versus the prior-year period. This was driven by higher Payroll and Occupancy &amp; Other Operating expenses as a percentage of revenues, which were partially offset by lower Food &amp; Paper and G&amp;A expenses.<\/p>\n<p>\nNet income margin attributable to the Company was 2.3% in the third quarter of 2026, compared with 12.6% in the prior-year quarter, which included the full impact of the abovementioned net federal tax credit recognized in Brazil. Excluding this effect, net income margin expanded 20 basis points from 2.1% in the prior-year quarter.<\/p>\n<p>\nArcos Dorados recorded earnings of $0.15 per share in the third quarter of 2026. Total weighted average shares were 210,663,057 in both periods.<\/p>\n<p><b>Notable Items<\/b><\/p>\n<p><span class=\"bwuline\">Included in Adjusted EBITDA<\/span>: there were no notable items included in the Adjusted EBITDA in the third quarter of 2026. The third quarter of 2025 included $85.6 million related to a net federal tax credit in Brazil.<\/p>\n<p><span class=\"bwuline\">Excluded from Adjusted EBITDA<\/span>: there were no notable items excluded from the Adjusted EBITDA in either the third quarter of 2026 or the third quarter of 2025.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"6\" rowspan=\"1\"><b>New Unit Development: Total and by Format<sup>1<\/sup><\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" rowspan=\"1\">Figure 2.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwvertalignb bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>Sep. 30,<br \/>\n<br \/>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwvertalignb bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>Jun. 30,<br \/>\n<br \/>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwvertalignb bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>Mar. 31,<br \/>\n<br \/>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwvertalignb bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>Dec. 31,<br \/>\n<br \/>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwvertalignb bwpadr0 bwrowaltcolor1 bwwidth16 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>Sep. 30,<br \/>\n<br \/>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,272<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,250<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,241<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,230<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,202<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n678<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n669<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n666<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n632<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n628<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n625<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n621<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n611<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,582<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,548<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,536<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,520<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,479<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup><i>1<\/i><\/sup><i>end of period, including company operated and franchised restaurants<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" colspan=\"9\" rowspan=\"1\">Figure 3.<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth20\" colspan=\"1\">As of<br \/>Sep. 30, 2026<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Store Format*<\/b><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>Restaurants<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Ownership<\/b><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>McCafes<\/b><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Dessert<br \/>\n<br \/>Centers<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>FS<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>IS<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>MS &amp; FC<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Company<br \/>\n<br \/>Operated<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Franchised<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n710<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n90<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n472<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,272<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n790<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n482<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n242<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,015<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n431<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n198<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n678<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n542<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n136<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n506<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n291<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n217<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n632<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n519<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n113<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n253<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n740<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,432<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>263<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>887<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,582<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,851<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>731<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>521<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,261<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><i>* FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nArcos Dorados opened 35 restaurants in the third quarter of 2026, including 28 freestanding units. As of the end of September 2026, 78% of its systemwide restaurant portfolio offered the most modernized restaurant experience in the Latin American and Caribbean quick service restaurant industry.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>Consolidated Debt and Financial Ratios<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">Figure 4.<br \/><i>(In thousands of U.S. dollars, except ratios)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">Total Cash &amp; cash equivalents (i)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n292,328<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n422,347<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\">Total Financial Debt (ii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n976,093<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,101,739<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">Net Financial Debt (iii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n683,765<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n679,392<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\">LTM Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n543,426<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n575,209<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.8<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.3<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">LTM Net income attributable to AD<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n137,517<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n212,116<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.1<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.2<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(i)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Total cash &amp; cash equivalents include short-term investment.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(ii)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Total financial debt includes short-term debt, long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to $67.8 million and $78.7 million as a reduction of financial debt as of September 30, 2026 and December 31, 2025, respectively).<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0 bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(iii)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Net financial debt equals total financial debt less total cash &amp; cash equivalents.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe net debt to Adjusted EBITDA leverage ratio ended the third quarter of 2026 at 1.3x, compared with 1.2x at year-end 2025.<\/p>\n<p><b>Adjusted Free Cash Flow<\/b><\/p>\n<p>\nFor the last twelve months ended September 30, 2026, the Company generated Adjusted Free Cash Flow of $156.3 million, compared to $52.6 million in the prior comparable period.<\/p>\n<p><b>Recent Developments<\/b><\/p>\n<p><b>2026 Investor Day<\/b><\/p>\n<p>\nOn October 1, 2026, the Company hosted its 2026 Investor Day, where management presented its long-term growth strategy and financial framework. The Company provided long-term growth objectives of mid- to high-single-digit annual total revenue growth and high-single- to low-double-digit annual Adjusted EBITDA growth. From 2027 through 2030, the Company expects to open 550 to 600 restaurants and to invest $1.3 billion to $1.5 billion in capital expenditures.<\/p>\n<p><b>Share Repurchase Program<\/b><\/p>\n<p>\nThe Company&#8217;s Board of Directors approved the adoption of a share repurchase program, pursuant to which the Company may from time to time repurchase in the open market and cancel up to $25 million of its Class A shares, over the next six months.<\/p>\n<p><b>Third Quarter 2026 Earnings Webcast<\/b><\/p>\n<p>\nA webcast to discuss the information contained in this press release will be held today, November 12, 2026, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnam11.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fmzgroup.zoom.us%252Fwebinar%252Fregister%252FWN_PhhyvPy2SyigI3b1CG9KSA%2523%252Fregistration%26data%3D05%257C02%257Csantiago.taverna%2540ar.mcd.com%257Cfbf5c8f4a7804096af4b08df2b99e003%257Cc56a089c7ef04fcbb7eb3858330142ed%257C0%257C0%257C639277612021589882%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3D168VjaXZzAeaGiu7nflRcJrLHGYlSmuL8DwCPuw7vIQ%253D%26reserved%3D0&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=Arcos+Dorados+Third+Quarter+2026+Earnings+Webcast&amp;index=1&amp;md5=0c3904409672c80881d512d1ef4442c5\">Arcos Dorados Third Quarter 2026 Earnings Webcast<\/a>.<\/p>\n<p>\nA replay of the webcast will be available later today in the investor section of the Company\u2019s website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.arcosdorados.com%2F&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=2&amp;md5=63cea9d633d259e01613119c8222cd79\">https:\/\/ir.arcosdorados.com\/<\/a>.<\/p>\n<p><b>Definitions<\/b><\/p>\n<p>\nIn addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), management analyzes business trends using a variety of performance, financial and liquidity measures, which are considered non-GAAP. This press release and the accompanying tables use the following non-GAAP measures: Adjusted EBITDA, Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.<\/p>\n<p><b>Adjusted EBITDA: <\/b>Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period.<\/p>\n<p>\nAdjusted EBITDA is defined as the Company\u2019s operating income plus depreciation and amortization plus\/minus the following losses\/gains: gains from sale or insurance recovery of property and equipment, write-offs of long-lived assets, impairment of long-lived assets, and reorganization and optimization plan expenses.<\/p>\n<p>\nManagement believes Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 5 of this earnings release includes a reconciliation of Adjusted EBITDA to Net income attributable to Arcos Dorados. For more information, please see the Adjusted EBITDA reconciliation in Note 8 \u2013 Segment and geographic information \u2013 of our financial statements filed today with the Securities and Exchange Commission (the \u201cSEC\u201d) on Form 6-K.<\/p>\n<p><b>Adjusted net cash provided by operating activities and Adjusted Free Cash Flow: <\/b>Management uses Adjusted net cash provided by operating activities and Adjusted Free Cash Flow as supplemental measure to facilitate the analysis of the Company\u2019s cash generation performance and liquidity from period to period.<\/p>\n<p>\nAdjusted net cash provided by operating activities is defined as net cash provided by (used in) operating activities plus interest paid less interest collected. Adjusted Free Cash Flow is defined as Adjusted net cash provided by operating activities less property and equipment expenditures and purchases of restaurant businesses paid at acquisition date plus proceeds from sales of property and equipment, restaurant businesses and related advances.<\/p>\n<p>\nManagement believes Adjusted net cash provided by operating activities and Adjusted Free Cash Flow provide useful information to investors, when considered together with GAAP measures, in evaluating the Company\u2019s ability to generate cash to fund capital expenditures and financing activities. Management evaluates these measures prior to investing and financing decisions.<\/p>\n<p>\nAdjusted net cash provided by operating activities and Adjusted Free Cash Flow are non-GAAP financial measures and should not be considered as an alternative to net cash provided by operating activities or any other measure of financial performance or liquidity prepared in accordance with GAAP. These non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable to similarly titled measures used by other companies. A reconciliation of Adjusted Free Cash Flow to net cash provided by operating activities is included in Figure 11 of this earnings release.<\/p>\n<p><b>Constant Currency basis: <\/b>refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCurrency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which the Company conducts its business against the US dollar (the currency in which the Company\u2019s financial statements are prepared).<\/p>\n<\/li>\n<li>\nConstant currency growth reflects the underlying growth of the business excluding the effect from currency translation. The Company also calculates variations as a percentage in constant currency, which are also considered to be non-GAAP measures, to provide a more meaningful analysis of its business by identifying the underlying business trends, without distortion from the effect of foreign currency fluctuations.<\/p>\n<\/li>\n<\/ul>\n<p><b>Systemwide sales: <\/b>Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial health of its sub-franchisee base.<\/p>\n<p><b>Systemwide comparable sales growth:<\/b> this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year basis) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and is indicative of the success of the Company\u2019s initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company.<\/p>\n<p><b>About Arcos Dorados<\/b><\/p>\n<p>\nArcos Dorados is the world\u2019s largest independent McDonald\u2019s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald\u2019s restaurants in 21 Latin American and Caribbean countries and territories with more than 2,500 restaurants, operated by the Company or by its sub-franchisees, that together employ more than 100 thousand people (as of 09\/30\/2026). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.arcosdorados.com%2Fen%2Frecipeforthefuture%2F&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=Recipe+for+the+Future&amp;index=3&amp;md5=4f4d20c5ffe1c4e55bda0b0430800cf2\">Recipe for the Future<\/a> to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.arcosdorados.com%2F&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=4&amp;md5=7e2082a0a988a652a87dcedf950fdf7a\">https:\/\/ir.arcosdorados.com\/<\/a>.<\/p>\n<p><b>Cautionary Statement on Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company\u2019s business prospects, its ability to attract customers, its expectation for revenue generation and its outlook and guidance for 2026 and for the period 2027 to 2030. These statements are subject to the general risks inherent in Arcos Dorados&#8217; business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados&#8217; business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados&#8217; expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados&#8217; business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. Certain trademarks and characters referenced herein are the property of their respective owners and are used under license.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"14\" class=\"bwvertalignm bwpadl0\" rowspan=\"1\"><b>Third Quarter 2026 Consolidated Results<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">Figure 5.<br \/><i>(In thousands of U.S. dollars, except per share data)<\/i><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Three-Months ended<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Nine-Months ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignr bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">REVENUES<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,267,188<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,139,343<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,674,161<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,257,987<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Revenues from franchised restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60,836<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53,485<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n175,460<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n153,729<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,328,024<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,192,828<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,849,621<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,411,716<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">OPERATING COSTS AND EXPENSES<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Company-operated restaurant expenses:<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl4 bwwidth35\" rowspan=\"1\" colspan=\"1\">Food and paper<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(450,383<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(414,779<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,301,110<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,177,955<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl4 bwwidth35\" rowspan=\"1\" colspan=\"1\">Payroll and employee benefits<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(240,044<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(211,152<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(705,902<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(615,362<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl4 bwwidth35\" rowspan=\"1\" colspan=\"1\">Occupancy and other operating expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(376,761<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(333,317<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,097,249<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(961,128<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl4 bwwidth35\" rowspan=\"1\" colspan=\"1\">Royalty fees<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(77,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(69,069<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(223,950<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(198,935<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Franchised restaurants &#8211; occupancy expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(27,885<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(22,619<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(77,710<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(64,691<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">General and administrative expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(79,844<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(76,824<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(236,956<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(227,679<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Other operating (expense) income, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,119<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n82,115<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(417<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88,824<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Total operating costs and expenses<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,257,093<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,045,645<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(3,643,294<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(3,156,926<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Operating income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>70,931<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>147,183<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>206,327<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>254,790<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net interest (expense) income and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,338<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,071<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,179<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,004<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Gain (loss) from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n753<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(593<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,146<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n861<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(713<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,037<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,540<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,590<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Other non-operating income (expenses), net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n73<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(424<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(38<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,027<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Income before income taxes<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>46,706<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>176,274<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>177,796<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>244,030<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15,401<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,732<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(65,164<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(56,723<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>31,305<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>150,542<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>112,632<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>187,307<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(104<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(113<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(285<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(361<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc.<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>31,201<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>150,429<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>112,347<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>186,946<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>12.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>5.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Earnings per share information ($ per share):<\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Basic net income per common share<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.15<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.71<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.53<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.89<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Weighted-average number of common shares outstanding-Basic<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Reconciliation<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31,201<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n150,429<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n112,347<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n186,946<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n104<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n113<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n285<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n361<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,401<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,732<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65,164<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n56,723<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Other non-operating (income) expenses, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(73<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n424<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,027<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n713<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,037<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(11,540<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,590<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">(Gain) loss from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(753<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n593<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,146<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(861<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net interest expense (income) and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,338<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(27,071<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48,179<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,004<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,984<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n50,717<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n163,669<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n144,925<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Operating charges excluded from EBITDA computation<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(10<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,226<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n737<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,801<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>125,905<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,126<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>370,733<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>402,516<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>16.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>11.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"17\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>Third Quarter 2026 Results by Division and Average Exchange Rates per Quarter<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"17\" class=\"bwvertalignm bwpadl0\" rowspan=\"1\">Figure 6.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Three-Months ended<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>as<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Constant<\/b><\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Nine-Months ended<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>as<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Constant<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>reported<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Currency<\/b><\/p>\n<\/td>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>reported<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Currency<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwrightsingle\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwrightsingle\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwrightsingle\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwrightsingle\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Revenues<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n522,271<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n452,589<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,514,370<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,268,278<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n354,278<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n328,457<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,024,321<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n927,986<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n451,475<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n411,782<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n39.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,310,930<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,215,452<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40.0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,328,024<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,192,828<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>11.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>17.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,849,621<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,411,716<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>12.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>18.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Operating Income (loss)<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n46,221<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n127,325<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-63.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-65.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n138,285<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n194,421<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-28.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-35.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,605<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,394<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,231<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,822<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-15.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n35,603<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,140<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n98,471<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n82,563<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(27,498<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,676<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-11.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-14.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(79,660<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(77,016<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-3.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>70,931<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>147,183<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-51.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-46.7<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>206,327<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>254,790<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-19.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-14.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Adjusted EBITDA<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,076<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n147,438<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-53.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-56.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n203,861<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n249,961<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-18.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-25.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,877<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n29,950<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n98,273<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n97,428<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n0.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-5.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n50,768<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n46,695<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n143,387<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n126,288<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,816<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(22,957<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-12.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-16.0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(74,788<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(71,161<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-5.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-12.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>125,905<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,126<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-37.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-33.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>370,733<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>402,516<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-7.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-5.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignt bwpadl0\" rowspan=\"1\">Figure 7.<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64 bwtopsingle\" colspan=\"1\">Systemwide Comparable<br \/>Sales Growth<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Three-Months ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwrowaltcolor1 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwrowaltcolor1 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.5%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwrightsingle bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-0.4%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n45.8%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwrightsingle bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n39.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15.5%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.7%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"4\" rowspan=\"1\">Figure 8.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40 bwtopsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nPeriod average<br \/>\n<br \/>Local currency per US$<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth20 bwtopsingle\" rowspan=\"1\" colspan=\"1\"><b>Brazil<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth20 bwtopsingle\" rowspan=\"1\" colspan=\"1\"><b>Mexico<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth20 bwtopsingle\" rowspan=\"1\" colspan=\"1\"><b>Argentina<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n3Q26<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.14<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.26<\/p>\n<\/td>\n<td class=\"bwalignc bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,499.80<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignl bwwidth40\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n3Q25<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.45<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18.62<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,333.10<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>Summarized Consolidated Balance Sheet<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\">Figure 9.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">ASSETS<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Current assets<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n280,285<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,043<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48,909<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Accounts and notes receivable, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n156,363<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n164,482<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Other current assets (1)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n319,060<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,764<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,512<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,365<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total current assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>820,263<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>851,958<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Non-current assets<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,334,392<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,308,732<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Net intangible assets and goodwill<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n152,765<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n148,950<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n117,726<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n104,250<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,297<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,339<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Equity method investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,019<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,033<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Leases right of use asset<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,260,663<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,133,551<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Other non-current assets (2)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n259,452<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,031<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total non-current assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,155,314<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,033,886<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,975,577<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">LIABILITIES AND EQUITY<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n353,832<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n356,606<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Taxes payable (3)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124,978<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n143,922<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n219,478<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n145,460<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Royalties payable to McDonald\u2019s Corporation<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,077<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,099<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,429<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,455<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Interest payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,401<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Financial debt (4)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57,683<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21,442<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n120,558<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n106,836<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>923,436<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>828,735<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Non-current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60,609<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91,801<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57,202<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,399<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Financial debt (5)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n970,818<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,140,086<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,777<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,757<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,108,516<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,000,927<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total non-current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,200,922<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,284,970<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,124,358<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,113,705<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Equity<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Class A shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Class B shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Retained earnings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n879,307<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n825,946<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Accumulated other comprehensive loss<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(541,947<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(567,630<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Common stock in treasury<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total Arcos Dorados Holdings Inc shareholders\u2019 equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>849,534<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>770,490<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Non-controlling interest in subsidiaries<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,685<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,649<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>851,219<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>772,139<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities and equity<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,975,577<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(1)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Other receivables&#8221;, &#8220;Inventories&#8221; and &#8220;Prepaid expenses and other current assets\u201d.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(2)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Miscellaneous&#8221; and &#8220;Collateral deposits&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(3)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Income taxes payable&#8221; and &#8220;Other taxes payable&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(4)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes \u201cShort term debt\u201d, \u201cCurrent portion of long-term debt&#8221; and &#8220;Derivative instruments\u201d.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwpadb3 bwvertalignt bwalignl bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>(5)<\/i><\/p>\n<\/td>\n<td class=\"bwvertalignt bwpadl1 bwwidth99\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Long-term debt, excluding current portion&#8221; and &#8220;Derivative instruments&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\">Figure 10.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>For Nine-Months ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Operating activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n112,347<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n186,946<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Adjustments to reconcile net income attributable to Arcos Dorados Holdings Inc. to cash provided by operating activities:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl6 bwwidth64\" rowspan=\"1\" colspan=\"1\">Non-cash charges and credits:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl10 bwwidth64\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n163,669<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n144,925<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl10 bwwidth64\" rowspan=\"1\" colspan=\"1\">Gain on restaurant transactions<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,837<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,171<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl10 bwwidth64\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,324<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,550<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl10 bwwidth64\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,146<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(861<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl10 bwwidth64\" rowspan=\"1\" colspan=\"1\">Others, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,491<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,350<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl6 bwwidth64\" rowspan=\"1\" colspan=\"1\">Changes in assets and liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(59,633<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(169,821<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>230,567<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>163,918<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Property and equipment expenditures<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(156,301<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(179,921<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Purchases of restaurant businesses paid at acquisition date<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,500<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,057<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Proceeds from sales of property and equipment, restaurant businesses and related advances<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,425<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,106<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Proceeds from short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,415<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n44,300<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Acquisition of short and long term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,381<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(124,393<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Other investing activity<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,012<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,960<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net cash used in investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(117,354<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(266,925<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Financing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Issuance of 2032 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n597,498<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Proceeds from sale of 2029 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,156<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Repurchases and Redemption of 2027 and 2029 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(360,525<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(379,265<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Short and long term borrowings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n209,961<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,437<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Dividend payments to Arcos Dorados Holdings Inc.\u2019s shareholders<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(44,240<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(37,920<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Payment of short-term debt and other long term debt<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,325<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(54,132<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Payments for debt issue costs<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6,158<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Other financing activities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,690<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,667<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net cash (used in) provided by financing activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(200,819<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>158,949<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Effect of exchange rate changes on cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,547<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(8,209<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>(Decrease) increase in cash and cash equivalents<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(93,153<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>47,733<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl2 bwwidth64\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents at the beginning of the year<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135,064<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Cash and cash equivalents at the end of the period<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>280,285<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>182,797<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignl bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"5\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>Adjusted free cash flow<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Figure 11.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwalignl bwvertalignt bwrightsingle bwpadl0 bwwidth64\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>LTM ended<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Sep 30,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>362,993<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>270,971<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Interest paid<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n69,319<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n69,321<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">Interest collected<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(22,658<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(15,409<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>409,654<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>324,883<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">Property and equipment expenditures<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(257,730<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(268,388<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\">Purchases of restaurant business paid at acquisition date<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,500<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">Proceeds from sales of property and equipment, restaurant businesses and related advances<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,888<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,170<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Adjusted Free Cash Flow<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>156,312<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>52,608<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20261112644796r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20261112644796\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20261112644796\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations Contact<br \/>\n<\/b><br \/>Dan Schleiniger<br \/>\n<br \/>VP of Investor Relations<br \/>\n<br \/>Arcos Dorados<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:daniel.schleiniger@mcd.com.uy\">daniel.schleiniger@mcd.com.uy<\/a><\/p>\n<p><b>Media Contact<br \/>\n<\/b><br \/>David Grinberg<br \/>\n<br \/>VP of Corporate Communications<br \/>\n<br \/>Arcos Dorados<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:david.grinberg@mcd.com.uy\">david.grinberg@mcd.com.uy<\/a><\/p>\n<p>\nFollow us on:<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Farcosdorados%2F&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=4264f3c035ef1013ec7728574e7ee8ae\">LinkedIn<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Farcos.dorados&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=Instagram&amp;index=6&amp;md5=bb92d261d566deea1a81d09e9a50a4f2\">Instagram<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fx.com%2Farcosdorados&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=X&amp;index=7&amp;md5=d8a382d5c05baa4688392c80d3dc80ca\">X<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.youtube.com%2F%40ArcosDoradosOK&amp;esheet=54640061&amp;newsitemid=20261112644796&amp;lan=en-US&amp;anchor=YouTube&amp;index=8&amp;md5=1fafbc97ac85ccc63accf80b2510cb22\">YouTube<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York Latin America North America United States South America Uruguay<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Other Retail Food\/Beverage<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20261112644796\/en\/804994\/3\/AD_Logo_1235_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Arcos Dorados Reports Third Quarter 2026 Financial Results Total revenues reached $1.3 billion, up 11.3% in US dollars versus the prior year. Systemwide comparable sales rose 15.5%,with higher average check and positive guest traffic. Consolidated Adjusted EBITDA1 was $125.9 million, up 9.0% versus the prior year period when excluding the positive impact of the net federal tax credit recognized in Brazil in 2025. Consolidated Food &amp; Paper costs as a percentage of revenue improved 90 basis points year-over-year, marking the third consecutive quarter of improvement, with all three divisions contributing. Net Income was $31.2 million, or $0.15 per share, in the third quarter of 2026. Adjusted Free Cash Flow1 over the last twelve months reached $156.3 million, compared with $52.6 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-third-quarter-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Arcos Dorados Reports Third Quarter 2026 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1020269","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arcos Dorados Reports Third Quarter 2026 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-third-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arcos Dorados Reports Third Quarter 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Arcos Dorados Reports Third Quarter 2026 Financial Results Total revenues reached $1.3 billion, up 11.3% in US dollars versus the prior year. Systemwide comparable sales rose 15.5%,with higher average check and positive guest traffic. Consolidated Adjusted EBITDA1 was $125.9 million, up 9.0% versus the prior year period when excluding the positive impact of the net federal tax credit recognized in Brazil in 2025. Consolidated Food &amp; Paper costs as a percentage of revenue improved 90 basis points year-over-year, marking the third consecutive quarter of improvement, with all three divisions contributing. Net Income was $31.2 million, or $0.15 per share, in the third quarter of 2026. Adjusted Free Cash Flow1 over the last twelve months reached $156.3 million, compared with $52.6 &hellip; Continue reading &quot;Arcos Dorados Reports Third Quarter 2026 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-third-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-11-12T14:16:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20261112644796r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Arcos Dorados Reports Third Quarter 2026 Financial Results\",\"datePublished\":\"2026-11-12T14:16:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/\"},\"wordCount\":3578,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20261112644796r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-third-quarter-2026-financial-results\\\/\",\"name\":\"Arcos Dorados Reports Third Quarter 2026 Financial Results - 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Systemwide comparable sales rose 15.5%,with higher average check and positive guest traffic. Consolidated Adjusted EBITDA1 was $125.9 million, up 9.0% versus the prior year period when excluding the positive impact of the net federal tax credit recognized in Brazil in 2025. Consolidated Food &amp; Paper costs as a percentage of revenue improved 90 basis points year-over-year, marking the third consecutive quarter of improvement, with all three divisions contributing. Net Income was $31.2 million, or $0.15 per share, in the third quarter of 2026. 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