Arcos Dorados Holdings Inc (ARCO) 2022 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining our second quarter 2022 earnings webcast. With us today are Marcelo Rabach, our Chief Executive Officer; Luis Raganato, our Chief Operating Officer; and Mariano Tannenbaum, our Chief Financial Officer.

大家早上好，感謝您參加我們的 2022 年第二季度收益網絡直播。今天和我們在一起的是我們的首席執行官 Marcelo Rabach；我們的首席運營官 Luis Raganato；和我們的首席財務官 Mariano Tannenbaum。

Today's webcast, which is being recorded, will consist of prepared remarks from our leadership team, which will be accompanied by a slide presentation, also available in the Investors section of our website, www.arcosdorados.com/ir.

正在錄製的今天的網絡廣播將包括我們領導團隊準備好的評論，並附有幻燈片演示，也可以在我們網站的投資者部分查看，www.arcosdorados.com/ir。

(Operator Instructions)

（操作員說明）

Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances. In addition to reporting financial results in accordance with generally accepted accounting principles, we report certain non-GAAP financial results.

今天的電話會議將包含前瞻性陳述，我建議您參閱我們收益發布的前瞻性陳述部分以及最近向美國證券交易委員會提交的文件。我們不承擔更新或修改任何前瞻性陳述以反映新的或變化的事件或情況的義務。除了根據公認會計原則報告財務結果外，我們還報告某些非公認會計原則財務結果。

Investors are encouraged to review the reconciliation of these non-GAAP financial results as compared with GAAP results, which can be found in the press release and unaudited financial statements filed today with the SEC on Form 6-K. Our discussion today excludes the results of the Venezuelan operation, both at the consolidated level as well as for the SLAD division. For your reference, we included a full income statement, excluding Venezuela with today's earnings release. Marcelo, over to you.

鼓勵投資者審查這些非 GAAP 財務結果與 GAAP 結果的對賬情況，這些結果可以在新聞稿和今天提交給 SEC 的 6-K 表格中的未經審計的財務報表中找到。我們今天的討論不包括委內瑞拉行動的結果，無論是在綜合層面還是在 SLAD 部門。供您參考，我們在今天的收益發布中包含了一份完整的損益表，不包括委內瑞拉。馬塞洛，交給你了。

Thank you, Dan. Good morning, everyone, and thank you for joining us again today. I am pleased to report a strong set of results for the second quarter of 2022.

謝謝你，丹。大家早上好，感謝您今天再次加入我們。我很高興地報告 2022 年第二季度的一系列強勁業績。

Today, Luis, Mariano and I will take you through the highlights of our consolidated and divisional results. Mariano will also cover our balance sheet and growth metrics, while Luis will provide an update on the 3D strategy of digital, Delivery and Drive-thru that has been driving performance.

今天，路易斯、馬里亞諾和我將帶您了解我們合併和部門結果的亮點。 Mariano 還將涵蓋我們的資產負債表和增長指標，而 Luis 將提供有關推動業績的數字化、交付和得來速的 3D 戰略的更新。

Before I turn to the highlights of the quarter, let's take a look back at how we build the foundation to deliver today's results and drive sustainable growth in the years to come. 15 years ago, last week, Arcos Dorados began operating with exclusive rights to run and sub-franchise McDonald's restaurants in 19 countries and territories across Latin America and the Caribbean. Shortly thereafter, we added a 20th country and began the transformation of the company's operations and restaurant portfolio with a long-term sustainable growth strategy.

在我轉向本季度的亮點之前，讓我們回顧一下我們如何建立基礎以實現今天的成果並推動未來幾年的可持續增長。 15 年前的上週，Arcos Dorados 開始在拉丁美洲和加勒比地區的 19 個國家和地區以獨家經營權經營和特許經營麥當勞餐廳。此後不久，我們又增加了第 20 個國家，並以長期可持續增長戰略開始了公司運營和餐廳組合的轉型。

Over that period, we expanded our footprint to almost 2,300 restaurants, including nearly 900 Experience of the Future locations. Freestanding units were the cornerstone of our unit growth and now represent 50% of total restaurants. We have also contributed to the economic and social fabric of the communities we serve by generating hundreds of thousands of first formal job opportunities for young people throughout our footprint. Disciplined execution over the last 15 years allowed us to generate consistent unit sales growth in local currency, navigate some very challenging economic periods and improved operating results even as competition intensified in the region's underpenetrated QSR industry.

在此期間，我們將足跡擴大到近 2,300 家餐廳，其中包括近 900 家未來體驗店。獨立式單位是我們單位增長的基石，現在佔餐廳總數的 50%。我們還為我們所服務的社區的經濟和社會結構做出了貢獻，在我們的足跡中為年輕人創造了數十萬個第一份正式工作機會。過去 15 年的嚴格執行使我們能夠以當地貨幣實現持續的單位銷售增長，在一些極具挑戰性的經濟時期度過難關，並改善了經營業績，即使該地區未充分滲透的 QSR 行業競爭加劇。

We carried significant operating momentum into 2020 by reaccelerating unit growth, reinvigorating the restaurant experience and recapturing the magic of the McDonald's brand. When 2020 begun, we were just beginning the company's digital transformation focused on developing mobile app capabilities, deploying self-order kiosks and growing our delivery sales.

通過重新加速單位增長、重振餐廳體驗和重拾麥當勞品牌的魔力，我們將顯著的經營勢頭帶到了 2020 年。 2020 年開始時，我們剛剛開始公司的數字化轉型，重點是開發移動應用程序功能、部署自助售貨亭和增加我們的交付銷售額。

Today, we have the industry's leading digital platform with the most downloaded and used mobile app, highest self-order kiosk penetration and still growing delivery channel despite the ongoing normalization of the on-premise business. Sales growth focused on higher restaurant volumes helped offset the cost pressures we have faced over the last few years. And the McDonald's brand is as strong as it has ever been in our region. This includes Brazil, where sales growth has been very strong, and we have expanded the favorable gaps in both the favorite brand and top of mind index versus our main competitor. There were no shortcuts along the way, but the hard work is now paying off, and we have the structural competitive advantages to keep this momentum going.

今天，我們擁有業界領先的數字平台，擁有最多下載和使用的移動應用程序、最高的自助服務亭滲透率以及仍在增長的交付渠道，儘管本地業務持續正常化。專注於增加餐廳數量的銷售增長有助於抵消我們過去幾年面臨的成本壓力。麥當勞品牌在我們地區的影響力前所未有。這包括巴西，那裡的銷售增長非常強勁，我們擴大了最喜歡的品牌和最受關注的指數與我們的主要競爭對手的有利差距。一路走來，沒有捷徑可走，但現在的努力正在得到回報，我們擁有結構性競爭優勢來保持這種勢頭。

Let's turn to the key highlights from the second quarter. Total revenue surpassed $880 million, and comparable sales grew about 48% versus the prior year. Most of that growth came from higher restaurant volumes rather than aggressive price increases. We have avoided contributing to the problem of high consumer inflation in our region. Instead, we are offering our guests a good value to build long-term loyalty to a responsible menu pricing architecture and the best restaurant experience in the industry. Top line grew well above inflation across our markets, driven by the 3 strategy and the largest freestanding restaurant footprint in the region.

讓我們看看第二季度的主要亮點。總收入超過 8.8 億美元，可比銷售額較上年增長約 48%。大部分增長來自餐廳數量的增加，而不是激進的價格上漲。我們避免加劇本地區的高消費通脹問題。相反，我們為我們的客人提供了良好的價值，以建立對負責任的菜單定價架構和業內最佳餐廳體驗的長期忠誠度。在 3 戰略和該地區最大的獨立餐廳足蹟的推動下，收入增長遠高於我們市場的通貨膨脹率。

This, combined with effective cost and expense management led to significant operating leverage and a 230 basis points EBITDA margin expansion. Excluding the Brazilian tax credit from last year's result, EBITDA margin expanded by 430 basis points and total EBITDA almost tripled versus last year. Net income was $15.6 million or $0.07 per share, up from $0.03 per share in the second quarter last year. Finally, with 30 restaurants opened so far this year, including 26 freestanding units, we are on pace to exceed the growth guidance we provided for 2022.

這與有效的成本和費用管理相結合，導致顯著的經營槓桿和 230 個基點的 EBITDA 利潤率擴張。不計去年業績中的巴西稅收抵免，EBITDA 利潤率擴大了 430 個基點，EBITDA 總額幾乎比去年增加了兩倍。淨收入為 1560 萬美元或每股 0.07 美元，高於去年第二季度的每股 0.03 美元。最後，今年迄今已有 30 家餐廳開業，其中包括 26 家獨立式餐廳，我們有望超過我們為 2022 年提供的增長指導。

Luis, over to you for a closer look at our sales results.

路易斯，請您仔細看看我們的銷售業績。

Thanks, Marcelo. All divisions grew comparable sales by at least 3x inflation in the second quarter. This is a testament to the experience we are delivering in our restaurants. The Cooltura de Servicio mindset, we began implementing in 2016 is now an important competitive advantage. offering value to restaurant guests is about much more than pricing or affordability platforms. It's about the experience we deliver and the service we provide, no matter how guests choose to interact with the McDonald's brand. That is what makes it real in the restaurants.

謝謝，馬塞洛。在第二季度，所有部門的可比銷售額至少增長了 3 倍。這證明了我們在餐廳提供的體驗。我們於 2016 年開始實施的 Cooltura de Servicio 思維方式現在是一項重要的競爭優勢。為餐廳客人提供價值不僅僅是定價或負擔能力平台。這關乎我們提供的體驗和我們提供的服務，無論客人選擇如何與麥當勞品牌互動。這就是它在餐廳中的真實性。

In Brazil, digital channels generated 52% of systemwide sales, higher gas volume across nearly all channels and responsible menu pricing architecture drove sales growth. We strengthened McDonald's brand equity in the country with the Mequizice campaign, where some of Brazil's most popular celebrities and influencers described their favorite orders.

在巴西，數字渠道產生了 52% 的全系統銷售額，幾乎所有渠道的天然氣量增加以及負責任的菜單定價架構推動了銷售增長。我們通過 Mequizice 活動加強了麥當勞在該國的品牌資產，巴西一些最受歡迎的名人和影響者在該活動中描述了他們最喜歡的訂單。

We also launched the McCrispy Chicken line-up with a very encouraging result. Brazil enjoys one of our highest levels of digital channel penetration and guests are loving the flexibility on the weekend offer. In fact, the McDonald's brand preference index was 2x that of our closest competitor in the market during the second quarter. Mexico, Costa Rica and the French West Indies markets were the strongest contributors to NOLAD's comparable sales growth. It is worth mentioning that the U.S. dollar markets of Panama and Puerto Rico also grew comparable sales at or near double digits.

我們還推出了 McCrispy Chicken 系列，結果非常令人鼓舞。巴西是我們數字渠道滲透率最高的國家之一，客人喜歡週末優惠的靈活性。事實上，第二季度麥當勞的品牌偏好指數是我們在市場上最接近的競爭對手的兩倍。墨西哥、哥斯達黎加和法屬西印度群島市場是 NOLAD 可比銷售額增長的最大貢獻者。值得一提的是，巴拿馬和波多黎各的美元市場的可比銷售額也增長了兩位數或接近兩位數。

We run the Mas sabor, mas diversion campaign in Mexico, leveraging the iconic Big Mac, while in Costa Rica, we launched the McCrispy Chicken platform. The family business continues to benefit from our exclusive rights to Disney properties with Happy Meal sales in NOLAD and the entire company registering a very solid quarter. Finally, we took another step toward increasing digital channel penetration in the division by rolling out the order ahead functionality across NOLAD's markets.

我們利用標誌性的巨無霸在墨西哥開展了 Mas sabor，mas 轉移活動，而在哥斯達黎加，我們推出了 McCrispy Chicken 平台。家族企業繼續受益於我們對迪士尼財產的獨家權利，在 NOLAD 的 Happy Meal 銷售以及整個公司的季度業績都非常穩健。最後，我們通過在 NOLAD 的市場推出提前訂購功能，朝著增加該部門的數字渠道滲透率又邁出了一步。

SLAD's comparable sales growth benefited from important contributions from Argentina, Colombia and Chile. Marketing activities were a key factor in building sales and traffic growth momentum in the quarter. Guests enjoyed innovation in the premium menu lines with new sandwiches in Argentina, Chile and Uruguay. We also boosted our chicken credentials in Colombia, Ecuador and Peru with the launch of the delicious craveable and juicy Spicy McNuggets. Underlying this strong sales performance has been the success of the 3D strategy.

SLAD 的可比銷售額增長得益於阿根廷、哥倫比亞和智利的重要貢獻。營銷活動是本季度建立銷售和流量增長勢頭的關鍵因素。客人在阿根廷、智利和烏拉圭享受了高級菜單系列的創新和新的三明治。我們還在哥倫比亞、厄瓜多爾和秘魯推出了美味多汁的 Spicy McNuggets，從而提升了我們在哥倫比亞、厄瓜多爾和秘魯的雞肉信譽。這種強勁銷售業績的背後是 3D 戰略的成功。

Digital channels generated 41% of sales in the quarter and Drive-through has remained sticky as well. In the coming quarters and years, we will roll out new technologies and capabilities in restaurants, the mobile app and the back end to support future sales growth. I will be back later to talk about the 3Ds in more detail. But first, I will turn it over to Mariano for a look at our divisional profitability, capital structure and restaurant growth.

數字渠道在本季度產生了 41% 的銷售額，而得來速也保持粘性。在接下來的幾個季度和幾年中，我們將在餐廳、移動應用程序和後端推出新技術和功能，以支持未來的銷售增長。我稍後會回來更詳細地討論 3D。但首先，我將把它交給馬里亞諾，看看我們的部門盈利能力、資本結構和餐廳增長情況。

Thanks, Luis. The second quarter adjusted EBITDA we are reporting today is the highest ever U.S. dollar total for a second quarter in our history. Importantly, all 3 divisions contributed strongly to the result. Brazil's EBITDA more than doubled versus the second quarter of 2021 when we exclude the tax credit from last year's results. All restaurant operating expenses plus G&A declined as a percentage of revenue in the division. NOLA sustained its double-digit EBITDA margin, demonstrating that it is operating at a higher level than before the pandemic.

謝謝，路易斯。我們今天報告的第二季度調整後 EBITDA 是我們歷史上第二季度的最高美元總額。重要的是，所有 3 個部門都對結果做出了重大貢獻。當我們從去年的業績中排除稅收抵免時，巴西的 EBITDA 與 2021 年第二季度相比翻了一番多。所有餐廳運營費用加上 G&A 佔該部門收入的百分比下降。 NOLA 保持了兩位數的 EBITDA 利潤率，表明它的運營水平高於大流行之前。

Slab nearly tripled its U.S. dollar EBITDA from the prior year and is also sustaining a double-digit margin. The EBITDA margin improvement versus the prior year quarter reflects significant operating leverage coming from strong revenue growth across the business. Food and paper costs, occupancy and other operating expenses and G&A were all lower as a percentage of revenue. Thanks to our diversified geographic presence, Brazil's improved gross margin more than offset modest pressures in NOLAD and SLAD.

Slab 的美元 EBITDA 比去年增加了近三倍，並且還保持了兩位數的利潤率。與去年同期相比，EBITDA 利潤率的提高反映了整個業務強勁的收入增長帶來的顯著運營槓桿。食品和紙張成本、佔用和其他運營費用以及 G&A 佔收入的百分比均較低。由於我們多元化的地理分佈，巴西毛利率的提高足以抵消 NOLAD 和 SLAD 的適度壓力。

Payroll expenses reflect excellent productivity. In fact, excluding last year's number that benefited from nonrecurring government support, we have not seen lease productivity levels since 2011. Revenue growth, together with the effective management of rent expense and delivery take rates helped us leverage occupancy and other operating expenses. Finally, G&A expenses grew well below the benchmark inflation rate and were further diluted by top line growth.

工資支出反映了出色的生產力。事實上，不包括去年受益於非經常性政府支持的數字，我們自 2011 年以來沒有看到租賃生產率水平。收入增長，加上對租金費用和交付率的有效管理，幫助我們利用了入住率和其他運營費用。最後，G&A 費用增長遠低於基准通脹率，並被收入增長進一步稀釋。

With these results, our operating cash flow and financial leverage position us to continue capturing the growth opportunity for the McDonald's brand in all 20 markets where we operate. Cash generated from operations reached almost $122 million in the first half of this year, which is about 3.5x as much as the same period last year. Our highest ever trailing 12-month EBITDA and a strong cash position helped keep net leverage at a healthy 1.1x as of June 30, 2022.

憑藉這些結果，我們的經營現金流和財務槓桿使我們能夠繼續在我們經營的所有 20 個市場中抓住麥當勞品牌的增長機會。今年上半年，運營產生的現金達到近 1.22 億美元，約為去年同期的 3.5 倍。截至 2022 年 6 月 30 日，我們有史以來最高的 12 個月 EBITDA 和強勁的現金頭寸幫助將淨槓桿率保持在健康的 1.1 倍。

We expect this cash on hand and future cash from operations to fund accelerated restaurant openings in the coming years. In fact, we still expect to exceed this year's growth guidance by about 10 units. During the quarter, we opened 14 restaurants, including 9 in Brazil. And of the 12 freestanding openings in the period, 8 were in Brazil. As Marcelo already mentioned, this brings the company's first half total to 30 restaurant openings with 21 opened so far in Brazil. I should also note that we are very pleased with how revenue growth and disciplined operational execution have improved recent returns on investment, which are now above our historical average for restaurant openings.

我們預計這些手頭現金和未來的運營現金將為未來幾年加速餐廳開業提供資金。事實上，我們仍預計將超過今年的增長指導約 10 個單位。本季度，我們開設了 14 家餐廳，其中 9 家位於巴西。在此期間的 12 個獨立職位中，有 8 個在巴西。正如 Marcelo 已經提到的，這使該公司上半年的餐廳總數達到 30 家，其中 21 家在巴西開業。我還應該指出，我們對收入增長和嚴格的運營執行如何提高最近的投資回報感到非常滿意，這現在高於我們餐廳開業的歷史平均水平。

Looking ahead, we expect second half profitability to be very strong. Keep in mind that we have a difficult comparison with the second half of 2021. Additionally, we are facing tough operating and macroeconomic environments with several factors outside our control and beginning August 3, our effective royalty rate went up by about 1 percentage point versus the prior year. Our plan is to focus on capturing additional operating leverage through revenue growth. We expect to get there with the strength of the 3D strategy and the structural competitive advantages offered by our freestanding restaurant portfolio. Luis, back to you.

展望未來，我們預計下半年盈利能力將非常強勁。請記住，我們很難與 2021 年下半年進行比較。此外，我們面臨著艱難的經營和宏觀經濟環境，有幾個因素超出了我們的控制範圍，從 8 月 3 日開始，我們的有效特許權使用費率比去年同期上漲了約 1 個百分點。去年。我們的計劃是專注於通過收入增長來獲取額外的運營槓桿。我們希望憑藉 3D 戰略的優勢和我們獨立餐廳組合提供的結構性競爭優勢實現這一目標。路易斯，回到你身邊。

As you just heard Digital, Delivery and Drive-through remain the foundation of our strategy. The second quarter of 2022 set new records for digital sales, including delivery, self-order kiosk, order ahead and mobile app offers. Delivery sales grew 23% versus the prior year, with similar growth rates across all 3 divisions. Drive-thru rose 13%, with especially strong growth in NOLAD and SLAD despite improving on-premise channel sales. We have almost 900 experience of the future restaurants and depending on the market between 60% and 90% of on-premise volume in those restaurants now runs through self-order kiosks.

正如您剛剛聽到的，數字化、交付和免下車仍然是我們戰略的基礎。 2022 年第二季度創下了數字銷售的新記錄，包括交付、自助服務亭、提前訂購和移動應用程序優惠。交付銷售額與去年相比增長了 23%，所有 3 個部門的增長率相似。 Drive-thru 增長了 13%，儘管本地渠道銷售有所改善，但 NOLAD 和 SLAD 的增長尤其強勁。我們擁有近 900 家未來餐廳的經驗，並且根據市場情況，這些餐廳 60% 到 90% 的本地營業量現在通過自助服務亭運行。

As a result, the normalizing on-premise volume is contributing a higher average check compared with the pre-pandemic period, when less than 20% of that volume came to self-order kiosk. In other words, we are achieving unit level sales growth with increasing off-premise sales combined with more efficient and growing on-premise transactions. What makes this strategy sustainable over time is that it is based on maintaining the affordability of our menu board to drive gas volume to all sales segments.

結果，與大流行前時期相比，正常化的內部部署量貢獻了更高的平均檢查，當時只有不到 20% 的量來自自助服務亭。換句話說，我們正在通過增加場外銷售以及更高效和不斷增長的場內交易來實現單位級別的銷售增長。使這一策略隨著時間的推移可持續的原因在於，它基於保持我們菜單板的可負擔性，以推動所有銷售部門的天然氣量。

Beyond the strategy is the way we are working today. Through teamwork across borders and disciplines is leading to improved execution. We facilitated this teamwork by empowering local teams to be more agile in the day-to-day running of their businesses. The best measure of this execution is the strong sales growth and improved profitability we are delivering each quarter. In fact, I am happy to share an early indicator of the continued execution of this winning strategy.

除了戰略之外，還有我們今天的工作方式。通過跨界和跨學科的團隊合作，可以提高執行力。我們通過授權本地團隊在日常業務運營中更加敏捷來促進這種團隊合作。這種執行的最佳衡量標準是我們每個季度實現的強勁銷售增長和提高的盈利能力。事實上，我很高興與大家分享這一制勝策略持續執行的早期指標。

The second half of 2022 is off to a great start with July revenue exceeding our expectations despite the challenging operating environment. Guest volume growth validates our focus on offering a much value and we have a robust marketing plan to keep the momentum going in the second half of the year. McDonald's brand market share is increasing across the region, reflecting our strong sales trends.

儘管經營環境充滿挑戰，但 2022 年下半年開局良好，7 月份的收入超出了我們的預期。客人數量的增長證明了我們對提供巨大價值的關注，我們有一個強有力的營銷計劃來保持下半年的勢頭。麥當勞品牌在該地區的市場份額正在增加，反映了我們強勁的銷售趨勢。

We gained additional visit share compared with the first half of last year, while the 2 main competitor brands saw share declines. The same is true for brand preference based on our tracking McDonald's favorite brand index expanded and is now at least twice as high as the 2 main competitor brands across our entire footprint. While we should not minimize the headwinds we are facing, it is also true that we are managing through this period from a position of strength. And as a data-driven management team, we are focused on accelerating the momentum we began building in the second half of 2020.

與去年上半年相比，我們獲得了額外的訪問份額，而兩個主要競爭對手品牌的份額下降。基於我們跟踪的麥當勞最喜歡的品牌指數擴大，品牌偏好也是如此，現在至少是我們整個足跡中兩個主要競爭對手品牌的兩倍。雖然我們不應該將我們面臨的逆風降到最低，但我們確實是從實力的位置來度過這段時期的。作為一個數據驅動的管理團隊，我們專注於加速我們在 2020 年下半年開始建立的勢頭。

We are serious about Arcos Dorados' leadership role in Latin America and the Caribbean. This is why we developed the recipe for the future ESG platform to bring positive change to important, environmental and social issues. Marcelo has some news to share with you on this today. Marcelo?

我們認真對待 Arcos Dorados 在拉丁美洲和加勒比地區的領導作用。這就是為什麼我們開發了未來 ESG 平台的秘訣，為重要的環境和社會問題帶來積極的變化。馬塞洛今天有一些消息要與您分享。馬塞洛？

Thanks, Luis. On our last call, we took you through the details of the sustainability-linked bond we issued in the second quarter. One of the 2 sustainability performance targets associated with the SLB is the reduction of Scope 1 and 2 greenhouse gas emissions. Among the initiatives we are pursuing to achieve this SPT is a transition to renewable energy sources. The latest advancement on this front is a partnership we formed in Brazil with EDP, a leading global provider of energy from renewable sources.

謝謝，路易斯。在上次電話會議上，我們向您介紹了我們在第二季度發行的可持續發展相關債券的詳細信息。與 SLB 相關的 2 個可持續發展績效目標之一是減少範圍 1 和範圍 2 的溫室氣體排放。我們為實現這一 SPT 所採取的舉措之一是向可再生能源過渡。這方面的最新進展是我們在巴西與全球領先的可再生能源供應商 EDP 建立了合作夥伴關係。

EDP will be building 3 new solar power plants to supply 100% of the energy to a number of our restaurants in that country. We are also in talks with similar providers in Argentina, Colombia and Mexico to continue advancing on this journey. We have already made significant progress by tripping the usage of energy from renewable sources from 4% in 2020 to 12% in 2021. We are also progressing on the social side of our ESG platform. Arcos Dorados was recognized by the city of Buenos Aires with its seal of social inclusion for opening a new restaurant in the underprivileged (inaudible) neighborhood.

EDP 將建造 3 座新的太陽能發電廠，為我們在該國的多家餐廳提供 100% 的能源。我們還在與阿根廷、哥倫比亞和墨西哥的類似供應商進行談判，以繼續推進這一進程。我們已經取得了重大進展，將可再生能源的使用率從 2020 年的 4% 提高到 2021 年的 12%。我們還在 ESG 平台的社會方面取得了進展。 Arcos Dorados 因其在貧困（聽不清）社區開設新餐廳而獲得布宜諾斯艾利斯市的認可，其社會包容性印章。

This restaurant provided formal job opportunities to young people who live in one of the city's poorest communities, including the locations manager, Carmina, who received a business loan from Arco Dorados to become the owner operator of the restaurant. Diversity and inclusion is also about gender equality, and we were proud to be recognized during the quarter as the #1 great place to work for women in Ecuador and Uruguay.

這家餐廳為居住在該市最貧困社區之一的年輕人提供了正式的工作機會，包括地點經理 Carmina，他從 Arco Dorados 獲得了商業貸款，成為餐廳的所有者。多樣性和包容性也與性別平等有關，我們很自豪在本季度被公認為厄瓜多爾和烏拉圭女性工作的第一大好地方。

As we have mentioned many times before, ESG is part of our DNA, and we remain committed to supporting the communities we serve and having a positive impact in the environment through the recipe for the future platform. Before we open the call for Q&A, I want to make a few final comments. I am very pleased with our execution level and the results we are delivering, but I believe we have not reached our limit. We are operating in a challenging economic environment, which we cannot control, but we have many initiatives that we can't control and execute to improve operations.

正如我們之前多次提到的，ESG 是我們 DNA 的一部分，我們將繼續致力於支持我們所服務的社區，並通過未來平台的配方對環境產生積極影響。在我們打開問答電話之前，我想發表一些最後的評論。我對我們的執行水平和我們交付的結果感到非常滿意，但我相信我們還沒有達到我們的極限。我們在充滿挑戰的經濟環境中運營，這是我們無法控制的，但我們有許多無法控制和執行的舉措來改善運營。

Luis mentioned recent brand and market share gains since last year, showing the McDonald's brand experience is capturing the lion's share of guest volume in a consolidated industry. This experience is defined by great series, the flexibility and optionality of the 3Ds and the trust we are building by offering value through responsible menu pricing architecture. Cash flow from operations has been strong, and we expect it to be even stronger in the second half of 2022.

Luis 提到了自去年以來最近的品牌和市場份額增長，這表明麥當勞的品牌體驗在綜合行業中佔據了客人數量的最大份額。這種體驗是由偉大的系列、3D 的靈活性和可選性以及我們通過負責任的菜單定價架構提供價值而建立的信任來定義的。來自運營的現金流一直很強勁，我們預計它在 2022 年下半年會更加強勁。

The company's balance sheet has never been so solid with a very strong cash position that we will use in part to support additional growth. Earlier this year, we said we could open at least 1,000 restaurants across the Arcos Dorados footprint over the next 10 years. Today, you heard from Mariano that we are achieving above average ROIs from recent years' openings, and we are on pace to exceed this year's guidance for new unit growth.

公司的資產負債表從未如此穩固，現金狀況非常強勁，我們將部分用於支持額外增長。今年早些時候，我們曾表示，未來 10 年，我們可以在 Arcos Dorados 的足跡中開設至少 1,000 家餐廳。今天，您從 Mariano 那裡聽說，我們在最近幾年的開業中實現了高於平均水平的投資回報率，而且我們正朝著超過今年新單位增長的指導方針邁進。

The openings pipeline is growing and the digitalization of the operation is accelerating. We are no longer looking back at how the business was before the pandemic. Instead, we are imagining where the business will be in the coming 5, 10 and 15 years while delivering our best results ever in a new normal for the QSR industry. I am confident we have the right combination of strategy and execution with a data-driven leadership team to continue improving results and generate significant shareholder value for many years to come. Then over to you to start the Q&A session.

開業渠道正在增長，運營的數字化正在加速。我們不再回顧大流行之前的業務情況。相反，我們正在想像未來 5 年、10 年和 15 年的業務將在哪裡，同時在 QSR 行業的新常態中提供我們有史以來最好的結果。我相信我們將戰略和執行與數據驅動的領導團隊正確地結合起來，在未來的許多年裡繼續改善業績並為股東創造巨大的價值。然後交給你開始問答環節。

Thanks, Marcelo. (Operator Instructions) The first question came from Bob Ford of Bank of America. Congratulations on the quarter. He asked what would sales EBITDA and earnings be excluding Venezuela and Argentina? And with Venezuela, there seems to be an economic recovery underway and a greater dollarization of the economy. I said yes, if we can elaborate on the business trends there. And I guess we'll start with you, Marcelo.

謝謝，馬塞洛。 （操作員說明）第一個問題來自美國銀行的 Bob Ford。祝賀本季度。他詢問不包括委內瑞拉和阿根廷的銷售 EBITDA 和收益是多少？與委內瑞拉一起，經濟似乎正在復蘇，經濟的美元化程度更高。我說是的，如果我們能詳細說明那裡的商業趨勢。我想我們將從你開始，馬塞洛。

Okay. Bob. Thanks for the question. Well, in the case of Venezuela, you can see the numbers since we are reporting with and without Venezuela. And in the case of Argentina, maybe for your reference, what we can say is that Argentina is part of the flat division. And when we reported our last 20-F, we disclosed that Argentina contributed around 13% of sales in 2021. If you take a look at our numbers this year, that contribution coming from Argentina didn't change materially, and this contribution in terms of sales is a good indicator of the contribution in terms of results. So Argentina, it's worth to mention that it's doing extremely well.

好的。鮑勃。謝謝你的問題。好吧，就委內瑞拉而言，您可以看到我們在有委內瑞拉和沒有委內瑞拉的情況下報告的數字。就阿根廷而言，也許供您參考，我們可以說阿根廷是平分部的一部分。當我們報告上一個 20-F 時，我們披露阿根廷在 2021 年貢獻了約 13% 的銷售額。如果你看一下我們今年的數據，來自阿根廷的貢獻並沒有發生重大變化，而這一貢獻在銷售額是業績貢獻的一個很好的指標。所以阿根廷，值得一提的是它做得非常好。

We are very pleased with the performance of the business because the McDonald's brand that historically was a leader in the market has gained preference and market share in the last several quarters. Volume growth is the main explanation for that. And I think that that's thanks to the 3D strategy success. Initially, after a very tough 2020, the volume growth was very strong through both delivery and Drive-thru but more recently, on-premise volume also rebounded and is closing the gap significantly to pre-pandemic levels.

我們對業務的表現非常滿意，因為歷史上一直是市場領導者的麥當勞品牌在過去幾個季度中獲得了偏愛和市場份額。銷量增長是對此的主要解釋。我認為這要歸功於 3D 戰略的成功。最初，在經歷了非常艱難的 2020 年之後，交付和得來速的銷量增長非常強勁，但最近，本地銷量也出現反彈，並且正在顯著縮小與大流行前水平的差距。

Some additional advantage we have in Argentina is that digital channels generate a significant part of sales. So we can segment date and having personalization a lot in Argentina, and that obviously contributed to sales and at the same time to improve profitability as well. Maybe, Mariano, you can add something about Argentina and the business for us in general.

我們在阿根廷的一些額外優勢是數字渠道產生了很大一部分銷售額。因此，我們可以在阿根廷對日期進行大量細分並進行個性化，這顯然有助於銷售，同時也提高了盈利能力。也許，馬里亞諾，你可以為我們添加一些關於阿根廷和整個業務的信息。

Yes. Perfect. Bob, and thank you for the question. When analyzing also the Argentina business, we need to keep in mind that in Argentina, we cover the costs for nearly our entire corporate back office that includes the accounting, finance, treasury, all the shared services and also the costs for the advanced team that manages all our customer-facing digital capabilities, all the IT infrastructure and data analytics. These costs are accounted in our G&A and corporate expenses and provide a natural hedge for the Argentine business, of course, in case of a devaluation or depreciation of the currency, we have that natural hedge in place that is balancing our EBITDA generation in the country.

是的。完美的。鮑勃，謝謝你的問題。在分析阿根廷業務時，我們需要記住，在阿根廷，我們幾乎涵蓋了整個公司後台的成本，包括會計、財務、資金、所有共享服務以及高級團隊的成本管理我們所有面向客戶的數字功能、所有 IT 基礎設施和數據分析。這些成本計入我們的 G&A 和公司費用，並為阿根廷業務提供自然對沖，當然，如果貨幣貶值或貶值，我們有自然對沖來平衡我們在該國產生的 EBITDA .

Yes. And to add about Venezuela, it's right, Bob, as you mentioned, that market is showing some signs of recovery. particularly as a consequence of the remittances from outside the country that many Venezuelans that left the country are sending those remittances to her families and parents and friends in the market that's part of the explanation why there's some kind of dollarization in the market, but it's important to mention that we are coming off a very low base.

是的。並且補充一下委內瑞拉，這是正確的，鮑勃，正如你所提到的，市場正在顯示出一些復甦的跡象。特別是由於來自國外的匯款，許多離開該國的委內瑞拉人將這些匯款寄給了她在市場上的家人、父母和朋友，這是市場上出現某種美元化的部分原因，但這很重要提到我們的基數很低。

So there is some signs of recovery, but I think that we still have a loan growth ahead in order to see that market coming back to historical levels. Great. The second part of Bob's question is if we can comment on the traffic at our Brazilian dessert centers versus pre-pandemic figures? And how should we think about that going forward? And that's related to questions that we received also from Marcella Recchia at Credit Suisse who was asking how on-premise sales are how far or how behind on on-premise sales, are we from pre-pandemic levels in each region.

所以有一些復甦的跡象，但我認為我們仍有貸款增長，以便看到市場回到歷史水平。偉大的。 Bob 問題的第二部分是，我們是否可以評論巴西甜點中心的客流量與大流行前的數據？我們應該如何看待未來的發展？這與我們也從瑞士信貸的 Marcella Recchia 那裡收到的問題有關，他詢問本地銷售有多遠或落後於本地銷售多遠，我們是否處於每個地區的大流行前水平。

And Thiago Bortoluci from Goldman Sachs asked a similar question, wondering if we could provide an update on traffic versus pre-pandemic levels across geographies. So with all the sort of overlapping questions, I'll turn it over to you, Luis.

高盛的 Thiago Bortoluci 提出了類似的問題，想知道我們是否可以提供有關跨地區流量與大流行前水平的更新。因此，對於所有重疊的問題，我會把它交給你，路易斯。

All right. Thank you, Dan, and good morning Bob, Marcella and Thiago. Let me give you an overall picture of all the segments before we talk about these centers and how we think this is going to evolve. Delivery and Drive-thru as you know are clearly operating well above pre-pandemic volumes. And on-premise channels that, as you know, our food courts and these are centers are still down versus the second quarter of 2019, but they are growing steadily. And the main driver here is it has been the front corner. It's important to keep in mind that the front counter includes in EOTF restaurants, they include self-order kiosks. This means that as volume grows at the front counter, we're being able to capture 60% to 90% of that volume through those self-order kiosks that generate a higher average check.

好的。謝謝你，Dan，早上好 Bob、Marcella 和 Thiago。在我們討論這些中心以及我們認為這將如何發展之前，讓我給你一個所有部分的總體情況。如您所知，送貨和得來速顯然遠高於大流行前的銷量。如您所知，我們的美食廣場和這些中心的本地渠道與 2019 年第二季度相比仍然下降，但它們正在穩步增長。這裡的主要驅動力是它一直是前角。重要的是要記住，EOTF 餐廳的前台包括自助服務亭。這意味著隨著前台交易量的增長，我們能夠通過那些產生更高平均支票的自助服務亭獲得該交易量的 60% 到 90%。

So what we're seeing is that we're having better sales and profitability mix than we had pre-pandemic. And talking specifically about these centers, you know that historically represented a high percentage of our total transactions, and they are mostly based on malls. So they are the furthest away from 2019 volumes. And similar to the front counter, it might take a little while to reach pre-pandemic volumes. But the segment already has evolved and is today and is going to be much more than just a volume driver. Dan?

因此，我們看到的是，與大流行前相比，我們的銷售和盈利能力組合更好。具體來說，這些中心在歷史上占我們總交易的很大比例，而且它們大多以購物中心為基礎。所以它們離 2019 年的捲最遠。與前台類似，可能需要一段時間才能達到大流行前的數量。但是該細分市場已經發展到今天，並且將不僅僅是一個銷量驅動因素。擔？

Great. Thanks, Luis. And actually, you've answered Marcella's second question. Marcelo would thank us for us and congratulated us on the results. I had another question, which was owing to the harder comps against second half of '21, what can be shared in terms of expectations for second half of '22 in terms of EBITDA growth and margin dynamics? And so I'll turn it over to you, Mariano.

偉大的。謝謝，路易斯。實際上，您已經回答了 Marcella 的第二個問題。 Marcelo 會為我們感謝我們並祝賀我們取得的成果。我還有一個問題，這是由於對 21 年下半年的較難競爭，就 EBITDA 增長和利潤率動態而言，就 22 年下半年的預期而言，可以分享什麼？所以我會把它交給你，馬里亞諾。

Yes, maybe I can start, Mariano, his Marcella, because everything begins with the first line where income statement, which is sales. And it's important to mention, as we said some minutes ago, that the momentum we saw during the first half of 2022 have continued into the third quarter, particularly July was well above our expectations, both in terms of revenue and in terms of profitability. And it's important to mention that the whole business is performing well across our geographies. I think that the pandemic was a catalyst that permanently changed our channel mix and off-premise channels are still generating a significant portion of system oil sales.

是的，也許我可以開始，Mariano，他的 Marcella，因為一切都從損益表的第一行開始，即銷售額。正如我們幾分鐘前所說，重要的是要提到，我們在 2022 年上半年看到的勢頭一直持續到第三季度，尤其是 7 月，無論是在收入方面還是在盈利能力方面，都遠高於我們的預期。值得一提的是，整個業務在我們的地區表現良好。我認為大流行是永久改變我們渠道組合的催化劑，而場外渠道仍然在系統油銷售中產生很大一部分。

Guests have responded very well to the ease and convenience of Delivery and Drive-through. And that's why these 2 business their channels have been very sticky even as on-premise sales continue to recover. Part of the explanation is that digital tools are helping us to drive sales in general and with a much more profitable mix. It's worth mentioning that we are following a very responsible menu pricing architecture. The idea is to offer value to our guests and at the same time, without contributing to full inflation in the countries where we operate.

客人對送貨和免下車服務的便捷性反應非常好。這就是為什麼即使本地銷售繼續恢復，這兩個業務的渠道仍然非常具有粘性。部分解釋是，數字工具正在幫助我們推動整體銷售，並帶來更有利可圖的組合。值得一提的是，我們遵循非常負責任的菜單定價架構。我們的想法是為我們的客人提供價值，同時又不助長我們經營所在國家的全面通貨膨脹。

So we have been able to absorb higher costs with higher guest traffic with greater segmentations through our digital channels and a simplified menu, we implemented during the pandemic. And at the same time, we continue to have very effective supplier negotiations and not just price increases. Obviously, it's not only about paper and sales. So maybe, Mariano, you can elaborate a little bit more on top of this.

因此，通過我們在大流行期間實施的數字渠道和簡化菜單，我們能夠以更高的客流量和更大的細分來吸收更高的成本。同時，我們繼續進行非常有效的供應商談判，而不僅僅是價格上漲。顯然，這不僅僅是關於紙張和銷售。所以也許，Mariano，您可以在此基礎上再詳細說明一下。

Perfect and thanks Marcella for your question. In the second quarter of this year, we achieved $92 -- more than $92 million in EBITDA, which is an all-time record for a second quarter for Arcos Dorados. We are very pleased with the results so far. But of course, as I already mentioned, we expect some headwinds for the second half of the year, in terms of market conditions. And also keep in mind that as of August 3, we will experience a step up in royalty payments to McDonald's, that according to the MFA, they go up from 6% to 7%.

完美，感謝 Marcella 的提問。今年第二季度，我們實現了 92 美元——超過 9200 萬美元的 EBITDA，這是 Arcos Dorados 第二季度的歷史記錄。到目前為止，我們對結果感到非常滿意。但當然，正如我已經提到的，就市場狀況而言，我們預計下半年會遇到一些不利因素。還要記住，從 8 月 3 日起，我們將向麥當勞支付特許權使用費，根據外交部的說法，它們將從 6% 上升到 7%。

Having said that, and as Marcelo just mentioned, the dynamics that we are seeing in July and in months ahead, we are confident that it's going to be a very good second part of the year. In terms of margin dynamics, what we can tell you is that, in 2019, we achieved a 10% EBITDA margin, which was a record for the company. In 2021, we achieved 10.4% of EBITDA margin, which was, of course, the record at that time.

話雖如此，正如馬塞洛剛剛提到的那樣，我們在 7 月和未來幾個月看到的動態，我們相信這將是今年下半年的一個非常好的時期。在利潤率動態方面，我們可以告訴您的是，在 2019 年，我們實現了 10% 的 EBITDA 利潤率，這是該公司的記錄。 2021 年，我們實現了 10.4% 的 EBITDA 利潤率，這當然是當時的記錄。

And we are using those 2019 and 2021 as our benchmark and as our base margin expectations going forward. And, of course, as Marcelo mentioned, in terms of sales dynamic, as we see sales continue to grow, we will be able to leverage on all our fixed costs and we should be improving our margins moving forward.

我們將 2019 年和 2021 年作為我們的基準和我們未來的基本利潤率預期。當然，正如馬塞洛所提到的，就銷售動態而言，隨著我們看到銷售額持續增長，我們將能夠利用我們所有的固定成本，並且我們應該繼續提高我們的利潤率。

The next set of questions come from Rodrigo Almeida from Santander. He says, good morning, Arcos' team. Congratulations on another quarter of solid results, and thanks for taking the questions.

下一組問題來自桑坦德的 Rodrigo Almeida。他說，早上好，Arcos 的團隊。祝賀又取得了四分之一的可靠結果，並感謝您提出問題。

His first question has to do with same-store sales. Can we please help with a breakdown of same-store sales growth between pricing and volumes? He said that we mentioned very well in the press release that these were primarily driven by higher sales volumes. Do you think it would be helpful for us to better understand how pricing strategy drove top-line growth? So we'll start with you, Marcelo.

他的第一個問題與同店銷售有關。我們可以幫忙分析定價和銷量之間的同店銷售增長嗎？他說我們在新聞稿中很好地提到了這些主要是由更高的銷量推動的。您認為這對我們更好地了解定價策略如何推動收入增長有幫助嗎？所以我們從你開始，馬塞洛。

Yes, I mentioned it a couple of minutes ago, we've been very prudent in terms of price increases. We try to be in line or below, slightly below general inflation, despite we are facing some extra pressures in terms of food inflation. And I think that gave us an advantage with many other players in the market who have no other tool than pricing in order to deal with cost pressures.

是的，我在幾分鐘前提到過，我們在提價方面非常謹慎。儘管我們在食品通脹方面面臨一些額外壓力，但我們試圖保持一致或低於總體通脹水平。我認為這給了我們與市場上許多其他參與者的優勢，他們除了定價之外沒有其他工具來應對成本壓力。

That's why most of our system-wide comparable sales for this quarter, I would say for the whole first half of this year, came in the vast majority from volume. And most of that coming from the on-premise channels, which are normalizing month after month. So that's the split between the 2 components of same-store sales.

這就是為什麼我們本季度的大部分系統範圍內的可比銷售額，我想說的是今年上半年的大部分時間，絕大多數來自銷量。其中大部分來自內部部署渠道，這些渠道每月都在正常化。這就是同店銷售的兩個組成部分之間的分割。

Rodrigo's second question relates to market share dynamics. Will you please comment on the market share dynamics across the region, and especially in Brazil, given the strong same-store sales growth and volume growth that we seem to understand how they behaved in the competitive environment that's playing out today as well as our differentiated initiatives. And he talks about Loyalty mobile app and delivery.

羅德里戈的第二個問題與市場份額動態有關。請您評論一下整個地區的市場份額動態，尤其是在巴西，鑑於強勁的同店銷售增長和銷量增長，我們似乎了解他們在當今競爭環境中的表現以及我們的差異化倡議。他談到了忠誠度移動應用程序和交付。

We have a similar question related to market share from Ulises Argote Bolio from JPMorgan, who asks if we can give more details on the increase in market share. Is it more driven from formal to informal? Are we seeing anything particular changing with the way the competition is approaching the business? So again, back to you, Marcelo.

摩根大通的 Ulises Argote Bolio 提出了與市場份額相關的類似問題，他詢問我們是否可以提供有關市場份額增加的更多細節。是不是更容易從正式轉向非正式？我們是否看到隨著競爭接近業務的方式發生任何特別的變化？再次，回到你身邊，馬塞洛。

Okay. Let me start and maybe Luis can add some color. Yes, during the call, we have mentioned that we saw the expansion of the McDonald's brand market share across the region. And this is effectively true for all our major markets. In all of them, we have gained market share within a QSR industry, which is gaining market share. There's a consolidation in the market. QSR is gaining share within that broader market. And we are the main driver for that growth in the QSR segment.

好的。讓我開始吧，也許路易斯可以添加一些顏色。是的，在電話會議中，我們提到我們看到麥當勞品牌在整個地區的市場份額有所擴大。這實際上適用於我們所有的主要市場。在所有這些中，我們都在 QSR 行業中獲得了市場份額，該行業正在獲得市場份額。市場出現整合。 QSR 正在這個更廣闊的市場中獲得份額。我們是 QSR 領域增長的主要驅動力。

For example, in the case of the Brazilian market, we saw recently Top of Mind and Favorite Brand measurements showing double-digit increases in the gap to the nearest competitor. And that when compared with the first half and the first quarter of 2021, this brand preference obviously led to market share gains. And this is happening within a consolidating restaurant industry.

例如，以巴西市場為例，我們最近看到 Top of Mind 和 Favorite Brand 測量結果顯示與最接近的競爭對手的差距出現了兩位數的增長。而與2021年上半年和第一季度相比，這種品牌偏好明顯帶來了市場份額的增長。這正在整合的餐飲業中發生。

Importantly, our strong revenue growth was driven primarily by higher restaurant volume. In Brazil with modest price increases and the industry's best restaurant experience, for sure, where we are offering a very compelling value to our guests.

重要的是，我們強勁的收入增長主要是由更高的餐廳數量推動的。在巴西，價格適度上漲和業內最佳的餐廳體驗，當然，我們為我們的客人提供了極具吸引力的價值。

We believe this is a testament to our competitive advantages and particularly, our successful 3D's strategy. Our digital platform has contributed to this increase. And digital channels saw offset a new quarterly sales record, generating a 41% of system-wide sales in the second quarter of 2022 for the whole company. In the case of Brazil, that contribution is even higher.

我們相信這證明了我們的競爭優勢，尤其是我們成功的 3D 戰略。我們的數字平台促成了這一增長。數字渠道抵消了新的季度銷售記錄，在 2022 年第二季度為整個公司創造了 41% 的系統範圍銷售額。就巴西而言，這一貢獻甚至更高。

And in July, by the way, sales through digital channels reached a new monthly record. So we continue to build on the momentum we have in the business. I think that all these things are behind the excellent performance we saw in terms of market share so far this year, and in fact, for the last several quarters.

順便說一句，在 7 月，通過數字渠道的銷售額達到了新的月度記錄。因此，我們將繼續鞏固我們在業務中的勢頭。我認為所有這些都是我們今年迄今為止在市場份額方面所看到的出色表現的背後，事實上，在過去的幾個季度中也是如此。

Yes. And if you let me add, Marcelo, talking specifically about delivery, digital and the loyalty program. I would say that both delivery and drive-thru have remained sticky during the second quarter. They both generated 45% of sales in our total sales. And this has happened even -- as we just said on-premise channels continue to normalize. Delivery went up plus 23%.

是的。如果你讓我補充一下，Marcelo，具體談談交付、數字和忠誠度計劃。我想說的是，交付和得來速在第二季度都保持粘性。他們都創造了我們總銷售額的 45%。這甚至發生了——正如我們剛才所說的，本地渠道繼續正常化。交付量增加了 23%。

And what we think is that this segment is still evolving asset business in 2 terms, consumption habits and the operating model itself. So we believe we can sustain above-average growth for a while longer.

而我們認為，該細分市場仍在從消費習慣和運營模式本身兩個方面發展資產業務。因此，我們相信我們可以在一段時間內維持高於平均水平的增長。

Talking about digital, as you just heard in the opening comments, we have implemented several initiatives regarding product branches and marketing initiatives and digital, as Marcelo just said, has been very, very important, representing 41% of total sales. As we said, very few goals away, we are -- our clear goal is to strengthen our leadership in the QSR industry's digital race.

談到數字化，正如您剛剛在開場評論中聽到的那樣，我們已經實施了一些關於產品分支和營銷計劃的舉措，正如 Marcelo 剛才所說，數字化非常非常重要，佔總銷售額的 41%。正如我們所說，我們的目標非常少，我們的明確目標是加強我們在 QSR 行業數字競賽中的領導地位。

And if you let me give you some numbers, our mobile app today continues to consolidate its position as #1 in the industry. And we have already reached as of June 2022, 72 million, about 73 million downloads. And we have the highest number of active users in the industry. This is 2.2x the number of average monthly active users versus our nearest competitor.

如果您讓我給您一些數字，我們今天的移動應用程序將繼續鞏固其在行業中的第一地位。截至 2022 年 6 月，我們已經達到了 7200 萬次，大約 7300 萬次下載。我們擁有業內最多的活躍用戶。與我們最接近的競爭對手相比，這是平均每月活躍用戶數量的 2.2 倍。

And our mobile app today is a powerful communication tool that is in 8 markets already. And we are -- and is under implementation in another 3 markets, and has increased the sales more than 5x when you compare versus the second quarter of 2021.

我們今天的移動應用程序是一個強大的通信工具，已經在 8 個市場上銷售。我們正在 - 並且正在另外 3 個市場實施，與 2021 年第二季度相比，銷售額增長了 5 倍以上。

And talking about the loyalty program, as you know, we are in the first stage of that. We have the Club VIP AutoMac is exclusive to the Drive-thru channel. It has already 4.2 million identifiable members and thus generated, I would say, between 15% to 20% increase in frequency.

如您所知，談到忠誠度計劃，我們正處於第一階段。我們有 Club VIP AutoMac 是 Drive-thru 頻道獨有的。它已經有 420 萬可識別的成員，因此我想說，頻率增加了 15% 到 20%。

And today, we're working in a more comprehensive loyalty program. We are going to learn from this Club VIP AutoMac. And the best practices that we are receiving from food markets around the world that is another advantage that we have to learn from the system around the world because they are implementing MyMcDonald's Rewards Program. So with those 2 learnings, we're going to launch this new loyalty program. It's going to be later this year to continue leveraging on our digital platform.

今天，我們正在製定一個更全面的忠誠度計劃。我們將向這個 Club VIP AutoMac 學習。我們從世界各地的食品市場獲得的最佳實踐是我們必須向世界各地的系統學習的另一個優勢，因為他們正在實施 MyMcDonald 的獎勵計劃。因此，有了這兩個經驗，我們將啟動這個新的忠誠度計劃。今年晚些時候將繼續利用我們的數字平台。

The good news is that it's not going to be about points or discounts. It's also about -- it's going to be also about experience. So that's why we have worked so hard to ensure that our experience -- the McDonald's experience in our region is second to none.

好消息是它不會與積分或折扣有關。這也是關於 - 它也將是關於經驗。所以這就是為什麼我們如此努力地確保我們的經驗——麥當勞在我們地區的經驗是首屈一指的。

I mentioned that there are some overlap between among the questions. Rodrigo's final question, which has some overlap with what Barbara Halberstadt from JPMorgan has asked is if we can provide an updated view on restaurant openings, given the indication for openings communicated in the first quarter? And what we our pace of plant openings to be for this back half of this year? That's Rodrigo's question.

我提到問題之間存在一些重疊。 Rodrigo 的最後一個問題與摩根大通的 Barbara Halberstadt 提出的問題有些重疊，即鑑於第一季度傳達的開業跡象，我們是否可以提供有關餐廳開業的最新觀點？我們今年下半年的工廠開業速度是多少？這是羅德里戈的問題。

Barbara asks if we can provide an update on CapEx plans and how much will be invested in the second half of '22 and also in '23? And what kind of flexibility we have to work around that number? Marcelo, I guess we'll turn it to you.

芭芭拉問我們是否可以提供資本支出計劃的更新，以及在 22 年下半年和 23 年將投資多少？我們必須以什麼樣的靈活性來解決這個數字？馬塞洛，我想我們會把它交給你。

We gave guidance at the beginning of the year, saying that for the 3-year cycle, 2022, 2024, we were planning to open at least 200 restaurants with a total CapEx of around $650 million. That includes not only restaurant openings, but modernizations, maintenance and all the investments we are doing in terms of digital. So those numbers didn't change.

我們在年初給出了指導，稱在 2022 年和 2024 年的 3 年周期內，我們計劃開設至少 200 家餐廳，總資本支出約為 6.5 億美元。這不僅包括餐廳開業，還包括現代化、維護以及我們在數字方面所做的所有投資。所以這些數字沒有改變。

What we said at that time is that from those 200 new restaurant openings for the 3-year cycle, we were planning to do at least 55% this year. And given the fact that our results are better than expected, our cash generation, we have a very robust pipeline, particularly for new free-standing units. We are in a position where we can accelerate our pace this year. And we are planning to exceed those 55 new restaurant openings that we said at the beginning of the year.

我們當時說的是，從這 3 年周期的 200 家新餐廳開業中，我們計劃今年至少完成 55%。鑑於我們的結果好於預期，我們的現金產生，我們有一個非常強大的管道，特別是對於新的獨立單元。今年我們可以加快步伐。我們計劃超過年初所說的 55 家新餐廳開業。

And we are planning to exceed that number at about 10 additional restaurants. This didn't change our vision for the 3-year cycle, but it's a good indication that we are looking for additional opportunities and try to accelerate our base when it makes sense to do that.

我們計劃在大約 10 家額外的餐廳中超過這個數字。這並沒有改變我們對 3 年周期的願景，但這很好地表明我們正在尋找更多的機會，並在有意義的時候嘗試加速我們的基礎。

It is worth mentioning that we will always remain focused on our proven underwriting process to maximize ROI. And in fact, in most recent openings, we saw average ROIs above historical numbers. So I think that we are in a very good position in order to continue capturing the opportunities we still see in an underpenetrated QSR industry in most of our markets. So that's for 2022? We will give you, for sure, some indication in terms of 2023 and 2024. But so far, we didn't change our guidance for the 3-year cycle.

值得一提的是，我們將始終專注於我們經過驗證的承保流程，以最大限度地提高投資回報率。事實上，在最近的職位空缺中，我們看到平均投資回報率高於歷史數字。因此，我認為我們處於一個非常有利的位置，可以繼續抓住我們在大多數市場中尚未充分滲透的 QSR 行業中仍然看到的機會。那是2022年的嗎？我們肯定會給你一些關於 2023 年和 2024 年的指示。但到目前為止，我們沒有改變我們對 3 年周期的指導。

And in terms of CapEx for this year, for 2022, we have a range between $180 million and $200 million. We feel comfortable with that range at this time.

就今年的資本支出而言，到 2022 年，我們的範圍在 1.8 億美元到 2 億美元之間。我們目前對該範圍感到滿意。

The next question comes from Luis Delgado from Banco Finantia. He asked if we can specify gains in the first half of '22 related to our hedging policy. Actually it he has 3 questions. So let's start with that one, Mariano.

下一個問題來自 Banco Finantia 的 Luis Delgado。他問我們能否具體說明 22 年上半年與我們的對沖政策相關的收益。實際上他有3個問題。那麼讓我們從那個開始吧，馬里亞諾。

First, let me describe you our hedging policy, regarding our food and paper imports. Our policy is to hedge 50% of the projected food and paper exposure on a rolling basis. And we do that looking ahead 2 to 3 quarters in advance.

首先，讓我向您介紹一下我們在食品和紙張進口方面的對沖政策。我們的政策是滾動對沖 50% 的預計食品和紙張風險敞口。我們會提前 2 到 3 個季度進行預測。

These hedges, what they do is that they provide predictability and reduce the volatility of our input costs. And in that way, it facilitates our work and strategy in all our -- in the markets where we do these hedges. We do these hedges in -- nowadays, in 5 of our markets, Brazil, Colombia, Chile, Mexico and Uruguay. But it's important to note that the hedging policy is not about gains. It's about giving predictability to our business and to our markets to have an efficient strategy in terms of pricing and costs.

這些對沖，它們所做的是提供可預測性並降低我們投入成本的波動性。通過這種方式，它促進了我們在所有市場中的工作和戰略——在我們進行這些對沖的市場中。我們在巴西、哥倫比亞、智利、墨西哥和烏拉圭的 5 個市場進行這些對沖。但需要注意的是，對沖政策與收益無關。它是關於為我們的業務和我們的市場提供可預測性，以便在定價和成本方面製定有效的戰略。

In case of going to what happened in this first semester of 2022. And because we do the hedges well in advance, usually, when you have a depreciation of local currencies as was the case during this first half of the year. What happens is that you obtained a benefit that is reflected in our gross margin. So the currency -- we set up the hedges in advance at a certain FX value. Then if the currency depreciates, then we are having a benefit in our gross margin. When the currencies appreciate, we are having higher costs in our food and paper line.

以 2022 年上半年發生的情況為例。因為我們提前做好了對沖，通常情況下，噹噹地貨幣貶值時，就像今年上半年的情況一樣。發生的情況是您獲得了反映在我們的毛利率中的利益。所以貨幣——我們提前在一定的外匯價值上設置了對沖。然後，如果貨幣貶值，那麼我們的毛利率就會受益。當貨幣升值時，我們的食品和紙張生產線的成本會更高。

But again, this is about predictability, and not about speculative and trying to beat the FX because, of course, nobody knows what the effects will be in the future.

但同樣，這是關於可預測性，而不是關於投機和試圖擊敗外匯，因為當然，沒有人知道未來會產生什麼影響。

So a couple of quick ones from Luis. One is if we have any plans for dividend distribution in 2022?

路易斯的幾個快速的。一是我們是否有計劃在 2022 年進行股息分配？

Well, the company already announced a dividend distribution for 2022 of $0.15 per share that are going to be paid. Already 2 of them have been paid, $0.04 in March, $0.04 in June, $0.04 in September and $0.03 in December. That's already announced.

好吧，該公司已經宣布將在 2022 年派發每股 0.15 美元的股息。已經支付了其中的 2 個，3 月 0.04 美元，6 月 0.04 美元，9 月 0.04 美元和 12 月 0.03 美元。那已經宣布了。

And then you also ask if we have a target for maximum debt for the near future?

然後你還問我們是否有在不久的將來最大債務的目標？

No, we don't have a target for maximum debt. But we have just finished a liability management exercise where we didn't issue or we didn't look in the market for new money. We are comfortable with our cash position. And we think that the cash generated by the business will be sufficient to fund our CapEx expectations for the next years.

不，我們沒有最高債務的目標。但我們剛剛完成了一項負債管理工作，我們沒有發行或沒有在市場上尋找新資金。我們對我們的現金狀況感到滿意。我們認為該業務產生的現金將足以為我們對未來幾年的資本支出預期提供資金。

Of course, in case we need to, our net debt at this time is low, so we have that capacity, but we're not planning to issue new debt in the short term.

當然，萬一我們需要，我們此時的淨債務很低，所以我們有這個能力，但我們不打算在短期內發行新債。

Okay. And I mentioned earlier that Barbara Halberstadt from JPMorgan had asked about CapEx plans. You had another part for request which was inflation trends and initiatives related to cost cutting and how much space we have to reduce operating expenses do we see for continued pass-through in the second half of '22? So back to you Mariano.

好的。我之前提到摩根大通的 Barbara Halberstadt 曾詢問過資本支出計劃。您還有另一部分要求，即通脹趨勢和與削減成本相關的舉措，以及我們在 22 年下半年看到的繼續傳遞的運營費用有多少空間？所以回到你馬里亞諾。

Well, inflation has been high in LATAM during the first half of the year. And keep in mind that our performance in this environment high inflation was really good, as we just described our results.

好吧，今年上半年拉丁美洲的通貨膨脹率一直很高。請記住，正如我們剛剛描述的結果，我們在這種高通脹環境下的表現非常好。

Looking forward, well, this week, Brazil announced deflation for the month of July. U.S. CPI was announced today, below expectations. So we are not seeing these inflation pressures on the second half of the year, but we are going to monitor all the forecasts looking ahead.

展望未來，本週，巴西宣布了 7 月份的通貨緊縮。今天公佈的美國CPI低於預期。因此，我們不會在下半年看到這些通脹壓力，但我們將密切關注未來的所有預測。

Regarding cost cutting initiatives, we are continuing looking for opportunities to improve efficiencies all the time. This is a continuous effort. We are keeping the dynamics started during the pandemic, trying to maintain all the savings we obtained during those difficult months. But our focus now is on growth, and we are confident that with sales growth, we will continue to leverage on fixed costs, like we have been doing so far. As an example, look at the G&A over system-wide sales is really at a very efficient -- I think, at a very efficient point at this time. And we will continue to look for initiatives to improve all these numbers.

關於削減成本的舉措，我們一直在尋找提高效率的機會。這是一個持續的努力。我們正在保持大流行期間開始的動態，努力維持我們在那些困難的幾個月中獲得的所有節省。但我們現在的重點是增長，我們相信隨著銷售額的增長，我們將繼續利用固定成本，就像我們迄今為止所做的那樣。舉個例子，看看全系統銷售的 G&A 確實非常有效——我認為，此時此刻非常有效。我們將繼續尋找改善所有這些數字的舉措。

Our next question comes from Ulises Argote from JPMorgan. We already mentioned this market share question. So he asked us about innovation, if we can talk about our approach to menu innovation? We've seen some recent examples of some not so successful rollouts of products in the U.S. related to plant-based. So happy to hear anything we can share on our thought process around menu innovation? And Luis, that's for you.

我們的下一個問題來自摩根大通的 Ulises Argote。我們已經提到了這個市場份額問題。所以他問我們關於創新的問題，我們能否談談我們的菜單創新方法？我們最近看到了一些在美國推出的與植物相關的產品不太成功的例子。很高興聽到我們可以分享我們圍繞菜單創新的思考過程？路易斯，那是給你的。

During the pandemic, we have simplified our menu, and this had very positive impacts in the whole supply chain and margins. And today, we are being very prudent launching new products and have to -- we say, earn their way back to the menu or to be at least consider to innovate. Okay. So the approach of the team is smart innovation.

在大流行期間，我們簡化了菜單，這對整個供應鍊和利潤產生了非常積極的影響。而今天，我們非常謹慎地推出新產品，並且必須——我們說，重新回到菜單上，或者至少考慮創新。好的。所以團隊的方法是聰明的創新。

And regarding plant-based or similar products, we believe that consumer habits are trending in that direction, and that a plant-based burger is not a matter of if, but when, for us. The good news is that some regions of the world are further in terms of consumer habits and demand for this product. And this is going to give us the opportunity to learn from them.

對於植物性或類似產品，我們相信消費者的習慣正朝著這個方向發展，對我們來說，植物性漢堡不是是否的問題，而是何時的問題。好消息是，世界上一些地區在消費者習慣和對該產品的需求方面更進一步。這將使我們有機會向他們學習。

So you can assure that when -- you can be sure that when the time is right, and we believe that we can generate sufficient demand for the product, you will see it in our restaurants. But we're being very, very prudent and trying to be smart with this matter.

因此，您可以確保何時——您可以確定何時是正確的，並且我們相信我們可以對產品產生足夠的需求，您會在我們的餐廳看到它。但我們非常非常謹慎，並試圖在這件事上變得聰明。

We actually got a question from Joaquin Ley from Itau but I think we've covered your question, Joaquín, which was related to price increases in revenue management and our competitive position versus informal players we talked about market share and so on. But thanks for your question.

實際上，我們從 Itau 的 Joaquin Ley 那裡收到了一個問題，但我認為我們已經回答了您的問題，Joaquín，這與收入管理中的價格上漲以及我們與我們談論的市場份額等非正式參與者的競爭地位有關。但是謝謝你的問題。

And we have a question from Douglas Turnbull from Invesco. And he says, please, could you give us an idea of what the bond issue and repurchase of the -- some of the outstanding notes will do to borrowing costs moving forward, and also the impact of higher rates in Brazil? And what we should expect for the interest cost line, which showed a jump in the second quarter? And that's for you, Mariano.

我們有一個來自 Invesco 的 Douglas Turnbull 的問題。他說，請你告訴我們債券的發行和回購——一些未償還的票據將對未來的借貸成本產生什麼影響，以及巴西加息的影響？我們應該對第二季度出現跳躍的利息成本線有什麼期望？這是給你的，馬里亞諾。

Well, first of all, the bond issue actually was -- it was in U.S. dollars. So the new bond, the 2029 $350 million in U.S. dollar, we think this was a really good transaction with the perfect timing after we issued the markets for LatAm was practically closed. There has been almost no issuance after that. And interest rate forecasts are going up in U.S. dollars and in BRL.

嗯，首先，債券發行實際上是 - 它是美元。因此，新債券，即 2029 年 3.5 億美元的美元債券，我們認為這是一筆非常好的交易，在我們為拉美髮行市場幾乎關閉後，這是一個完美的時機。之後幾乎沒有發行過。以美元和巴西雷亞爾計算的利率預測正在上升。

So what we have done with the cash -- with the liability management exercise was to cancel the bond '23 almost entirely. And also we did liability management with the '27. In general, we think that the cost for our debt will be in line with what has been so far, maybe a bit lower because we are replacing the '23 that had a 6.625% interest rate with '29 with 6.125%.

因此，我們對現金所做的——通過負債管理活動幾乎完全取消了 23 年的債券。我們還使用 '27 進行了責任管理。總的來說，我們認為我們的債務成本將與迄今為止的水平一致，可能會更低一些，因為我們正在用 6.125% 的 29 年取代 23 年的 6.625% 利率。

The impact of higher rates in Brazil, you know that 50% of our debt is in U.S. dollar. We convert using derivatives to Brazilian real, our debt, in order to have a hedging in our interest and principal payment. Higher rates in Brazil, of course, they will have an impact in the new derivatives that we will take. But again, in overall, we think that the interest line will remain at the same level that it was before or lower than for example, last year.

巴西加息的影響，你知道我們 50% 的債務是美元。我們使用衍生品將我們的債務轉換為巴西雷亞爾，以便對我們的利息和本金支付進行對沖。當然，巴西較高的利率將對我們將採用的新衍生品產生影響。但同樣，總體而言，我們認為利率線將保持在與去年相同或低於去年的水平。

And regarding the jump in the second quarter, this is entirely due to the liability management transaction and the premiums we paid for taking out the '23 and the '27 bonds. But of course, this is a onetime and will not be a recurring event. Going forward, you should see all the benefits of these new issuance.

而關於第二季度的增長，這完全是由於負債管理交易以及我們為取出'23和'27債券支付的溢價。但當然，這是一次性的，不會重複發生。展望未來，您應該會看到這些新發行的所有好處。

And we're right on time. So this is the end of the Q&A session. I wanted to thank you once again for the interest in the company and taking the time today to join us. We look forward to speaking with you again on our November 2022 earnings webcast. Until then, stay safe, and have a great day, and happy to follow up with anyone on any pending questions over the course of the next several days. Have a great day, everybody. Thanks very much.

而且我們準時。問答環節到此結束。我想再次感謝您對公司的興趣並今天抽出時間加入我們。我們期待在 2022 年 11 月的收益網絡廣播中再次與您交談。在那之前，請保持安全，度過美好的一天，並樂於在接下來的幾天內就任何懸而未決的問題與任何人跟進。祝大家有美好的一天。非常感謝。