Arcos Dorados Holdings Inc (ARCO) 2022 Q3 法說會逐字稿

Good morning, everyone, and thank you for joining our third 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. 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. As a reminder, to better view the presentation on the webcast platform, please scroll over the upper left-hand part of the screen and click on the arrows to maximize the slides. After we conclude our opening remarks, we will answer your questions, which you can submit using the chat function on the left-hand side of the screen. You will need to minimize the slides to access the chat function. 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. 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 slide division. For your reference, we included a full income statement excluding Venezuela with today's earnings release. Marcelo, over to you.

大家早上好，感謝您參加我們的 2022 年第三季度收益網絡廣播。今天和我們在一起的是我們的首席執行官 Marcelo Rabach； Luis Raganato，我們的首席運營官；和我們的首席財務官 Mariano Tannenbaum。今天正在錄製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，也可在我們網站 www.arcosdorados.com/ir 的投資者部分獲得。提醒一下，為了更好地觀看網絡直播平台上的演示文稿，請滾動屏幕的左上角並單擊箭頭以最大化幻燈片。在結束我們的開場白之後，我們將回答您的問題，您可以使用屏幕左側的聊天功能提交這些問題。您需要最小化幻燈片才能訪問聊天功能。今天的電話會議將包含前瞻性陳述，請參閱我們的收益發布和最近向美國證券交易委員會提交的文件中的前瞻性陳述部分。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。除了根據公認的會計原則報告財務結果外，我們還報告某些非 GAAP 財務結果。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向美國證券交易委員會提交的 Form 6-K 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業務的結果，無論是在合併層面還是在幻燈片部門。供您參考，我們在今天的收益發布中包含了不包括委內瑞拉在內的完整損益表。馬塞洛，交給你了。

Thank you, Dan. Good morning, everyone, and thank you for joining us this morning. Today, Luis, Mariano and I will take you through the key highlights of our consolidated and divisional results for the third quarter of 2022. Mariano will also cover our balance sheet and growth metrics. Luis will provide an update on the 3D strategy, digital, delivery and drive-thru, that has been driving the strongest operating and financial results in our history. I will wrap up with the recipe for the future and some final thoughts on 2022 and beyond. In our discussion of third quarter results, you will see that we were able to maintain the strong trends of the last several quarters and built on what we told you was a better-than-expected month of July. This means business momentum was very strong as we headed into the year's most important quarter and that's why we finalized our plans for next year as well. Total revenue in the third quarter reached $916 million. Comparable sales grew more than 34% versus the prior year, boosted by higher guest volumes and market share gains throughout the Arcos Dorados footprint. We leveraged our structural competitive advantages with a continued focus on our winning 3D strategy. Digital sales contributed 42% of the quarter's system-wide sales, reaching almost $500 million. This new 3-month record included all-time highs in mobile app, self-order kiosk, and mobile order and pay sales. Delivery and drive-through sales grew 34% and 11% in constant currency, respectively. These increases came from gains in both guest volume and average check and far outperformed many other restaurant chains, even as some premises continued normalizing. We have been able to sustain growth on these channels, thanks to the structural competitive advantage offered by our freestanding restaurant portfolio and disciplined operational execution. Luis will take a closer look at these results in a few minutes. Although we were facing a comparison with last year's record third quarter results, adjusted EBITDA in U.S. dollars rose another 15% this year. By focusing on sustainable sales growth, we generated operating leverage to help offset some of the headwinds we knew we would face in the quarter. Last year's reported result was helped by a tax credit in Brazil as well as government payroll support programs in SLAD. This year, food and paper costs remain elevated, and we also have the final step-up in our royalty rate. Despite all these factors, EBITDA margin remains solidly in double digits and net income almost doubled versus last year. Now let's dig into the results by division, starting with Luis, who will run us through divisional sales performance.

謝謝你，丹。大家早上好，感謝您今天早上加入我們。今天，路易斯、馬里亞諾和我將帶您了解我們 2022 年第三季度合併和部門業績的主要亮點。馬里亞諾還將介紹我們的資產負債表和增長指標。 Luis 將提供有關 3D 戰略、數字化、交付和得來速的最新信息，這些戰略一直在推動我們歷史上最強勁的運營和財務業績。我將總結未來的秘訣以及對 2022 年及以後的一些最終想法。在我們對第三季度業績的討論中，您會看到我們能夠保持過去幾個季度的強勁趨勢，並建立在我們告訴您的 7 月份好於預期的基礎上。這意味著隨著我們進入今年最重要的季度，業務勢頭非常強勁，這也是我們最終確定明年計劃的原因。第三季度總收入達到9.16億美元。可比銷售額較上年增長超過 34%，這得益於 Arcos Dorados 足跡中更高的客流量和市場份額增長。我們利用我們的結構性競爭優勢，繼續專注於我們制勝的 3D 戰略。數字銷售額佔本季度全系統銷售額的 42%，達到近 5 億美元。這一新的 3 個月記錄包括移動應用程序、自助訂購亭以及移動訂購和支付銷售的歷史新高。按固定匯率計算，送貨和得來速銷售分別增長了 34% 和 11%。這些增長來自客人數量和平均支票的增長，並且遠遠超過許多其他連鎖餐廳，即使一些場所繼續正常化。由於我們的獨立餐廳組合和嚴格的運營執行所提供的結構性競爭優勢，我們能夠在這些渠道上保持增長。路易斯將在幾分鐘後仔細查看這些結果。儘管我們要與去年創紀錄的第三季度業績進行比較，但以美元計算的調整後 EBITDA 今年又增長了 15%。通過專注於可持續的銷售增長，我們產生了經營槓桿來幫助抵消我們知道我們將在本季度面臨的一些不利因素。去年報告的結果得益於巴西的稅收抵免以及 SLAD 的政府薪資支持計劃。今年，食品和紙張成本仍然居高不下，我們的特許權使用費率也有了最後的提升。儘管存在所有這些因素，EBITDA 利潤率仍穩穩地保持在兩位數，淨收入與去年相比幾乎翻了一番。現在讓我們按部門深入研究結果，從 Luis 開始，他將指導我們了解部門的銷售業績。

Thanks, Marcelo. Comparable sales growth remained strong in the third quarter, increasing at a rate of about 2x blended inflation for the period. This is about execution. Here, we say that it's not real unless it's real in the restaurants. We attract guests through marketing and digital initiatives, but guests keep coming back because they have a great experience each time they interact with the McDonald's brand. It doesn't matter if it's a physical visit or a digital interaction, their experience must be great. Brazil's comparable sales rose 21.8% in the quarter, about 2.5x inflation in the period. Digital sales penetration rate in Brazil is the highest of all Arcos markets, generating 52% of systemwide sales in the quarter. As Marcelo already mentioned, off-premise sales growth was strong in the quarter, even as on-premise sales normalized. This sustained the recent trend of industry-leading market share gains as QSR took additional share from informal players in the country's restaurant industry. Brazil's marketing activities in the quarter focused on programs and investments designed to reinforce the brand's core strengths. For example, leveraging its cultural relevance by partnering with Thiaguinho, one of Brazil's hottest pop artist, for the latest installment of the successful famous orders campaign. To drive further digital adoption, we invested in a 360-degree campaign to promote the mobile order and pay feature of the app. This omnichannel approach to the digital strategy is strengthening brand perception related to convenience and generating significant sales growth in this channel. After the quarter ended, we shifted gears in Brazil to leverage the McDonald's global sponsorship of the FIFA World Cup. We introduced a highly anticipated lineup of 8 sandwiches. Each day of the week features a specific country themed sandwich, including Argentina, France, Germany and Mexico. The McBrazil, which was available every day, has already sold out. Clearly, the campaign has been a resounding success and we just had our best ever month of October in terms of sales. NOLAD's top line continued to be driven by Mexico, Costa Rica, and the French West Indies. Comparable sales grew at 2.6x the division's blended inflation rate in the quarter, leading to additional market share gains in all main markets. Marketing in NOLAD featured many innovations, such as the introduction of the Ultra Hyper Mega Tasty campaign, that leverages the signature beef and McCrispy chicken platforms in Mexico. Costa Rica became the first market in the Arcos Dorados footprint to launch Best Burger. This ambitious global project provides an enhanced flavor profile and improved quality perception among guests, which is already showing strong results. Digital sales in NOLAD grew around 200% versus the prior year quarter, aided by the continuous improvements in each market's mobile app functionality, including Mobile Order & Pay, as well as a greater marketing investments to promote the digital platform. NOLAD also launched localized World Cup sandwich campaigns in all markets within the last 3 to 4 weeks, with excellent results so far. SLAD's comparable sales growth reflected strong top line performance in all its main markets, rising at 1.8x blended inflation in the period. This sales growth helped McDonald's brand market share expand in the division, driven by higher guest traffic, both on enough premise. Digital sales penetration also rose in the period, with 43% of SLAD's third quarter sales coming from digital channels, all of which grew sequentially versus the prior quarter. Marketing in SLAD continued building brand love with Generation Z Guests, thanks to the famous orders campaign with the popular Latin artist Sebastian Yatra. During the quarter, we introduced the McCrispy chicken sandwich to the menu in Colombia and Chile, where it received strong guest response. We also had great news in the dessert business with the launch of the McFlurry Chocoramo in Colombia. This locally relevant product generated guest excitement and drove unit sales to the highest level ever in that country. As in Brazil and NOLAD, fourth quarter marketing SLAD is now focused on the FIFA World Cup. Linking one of the region's most cultural important sporting events with the McDonald's brand provides us with an exclusive opportunity to connect with guests and drive sales leading into the month-long tournament. Over to Mariano for a look at how strong revenue growth drove record profitability.

謝謝，馬塞洛。第三季度可比銷售額增長依然強勁，增長率約為同期混合通脹的 2 倍。這是關於執行。在這裡，我們說它不是真的，除非它在餐館裡是真的。我們通過營銷和數字舉措吸引客人，但客人不斷回頭，因為他們每次與麥當勞品牌互動時都會獲得很棒的體驗。不管是實體拜訪還是數字互動，他們的體驗一定很棒。巴西的可比銷售額在本季度增長了 21.8%，約為同期通貨膨脹率的 2.5 倍。巴西的數字銷售滲透率是所有 Arcos 市場中最高的，本季度產生了全系統銷售額的 52%。正如 Marcelo 已經提到的那樣，即使內部銷售正常化，本季度外部銷售增長強勁。這維持了最近行業領先的市場份額增長趨勢，因為 QSR 從該國餐飲業的非正式參與者那裡獲得了額外的份額。巴西本季度的營銷活動側重於旨在加強品牌核心優勢的計劃和投資。例如，通過與巴西最炙手可熱的流行藝術家之一 Thiaguinho 合作，利用其文化相關性，推出最新一期成功的著名訂單活動。為了推動進一步的數字化採用，我們投資了一個 360 度的活動來推廣該應用程序的移動訂單和支付功能。這種針對數字戰略的全渠道方法正在加強與便利相關的品牌認知度，並在該渠道中產生顯著的銷售增長。本季度結束後，我們在巴西改變了策略，利用麥當勞對 FIFA 世界杯的全球贊助。我們推出了備受期待的 8 種三明治陣容。一周中的每一天都有一個特定國家的主題三明治，包括阿根廷、法國、德國和墨西哥。每天都有貨的 McBrazil 已經售罄。顯然，該活動取得了巨大的成功，就銷售額而言，我們剛剛度過了有史以來最好的 10 月份。 NOLAD 的收入繼續受到墨西哥、哥斯達黎加和法屬西印度群島的推動。本季度可比銷售額增長是該部門混合通脹率的 2.6 倍，導致所有主要市場的市場份額增加。 NOLAD 的營銷有許多創新，例如推出 Ultra Hyper Mega Tasty 活動，該活動利用了墨西哥的招牌牛肉和 McCrispy 雞肉平台。哥斯達黎加成為 Arcos Dorados 足跡中第一個推出 Best Burger 的市場。這個雄心勃勃的全球項目在客人中提供了更好的風味和更高的質量感知，這已經顯示出強勁的成果。 NOLAD 的數字銷售額與去年同期相比增長了約 200%，這得益於每個市場移動應用程序功能的不斷改進，包括移動訂單和支付，以及為推廣數字平台而進行的更大營銷投資。 NOLAD 還在過去 3 到 4 週內在所有市場推出了本地化的世界杯三明治活動，迄今為止取得了很好的效果。 SLAD 的可比銷售額增長反映了其所有主要市場的強勁營收表現，同期混合通脹率增長了 1.8 倍。這種銷售增長幫助麥當勞品牌在該部門的市場份額擴大，受客流量增加的推動，兩者都是在足夠的前提下。在此期間，數字銷售滲透率也有所上升，SLAD 第三季度銷售額的 43% 來自數字渠道，所有這些都比上一季度環比增長。 SLAD 的營銷繼續建立品牌對 Z 世代客人的喜愛，這要歸功於與受歡迎的拉丁藝術家塞巴斯蒂安亞特拉的著名訂單活動。本季度，我們在哥倫比亞和智利的菜單中引入了 McCrispy 雞肉三明治，並獲得了強烈的客人反響。隨著在哥倫比亞推出 McFlurry Chocoramo，我們在甜點行業也迎來了好消息。這種與當地相關的產品引起了客人的興奮，並將單位銷售額推向了該國有史以來的最高水平。與在巴西和NOLAD 一樣，SLAD 第四季度的營銷現在主要集中在FIFA 世界杯上。將該地區最重要的文化體育賽事之一與麥當勞品牌聯繫起來，為我們提供了一個與客人建立聯繫並推動銷售的獨家機會，從而為為期一個月的錦標賽做準備。讓馬里亞諾看看強勁的收入增長是如何推動創紀錄的盈利能力的。

Thanks, Luis. As you have already heard, today, we are reporting another quarter of strong adjusted EBITDA growth, and the performance remains broad-based, with all 3 divisions generating solid profitability in the quarter. Starting with consolidated EBITDA margin, we improved occupancy and other operating expenses, thanks to well above inflation sales growth. Payroll expenses were only higher versus 2021 because of the government support programs that helped last year's results. Excluding the support from last year's number, payroll expenses were lower this year and are solid below 20% of company-operated sales. As we told you to expect on our last couple of calls, we experienced gross margin pressure in the third quarter. Brazil's gross margin improved, but this was offset by higher food and paper costs in the other 2 divisions, especially in NOLAD. We continue to expect full year 2022 food and paper costs to be about equal to full year 2021 as a percentage of sales. Finally, G&A expenses remained relatively flat in margin terms. Turning to the divisions and starting with Brazil. EBITDA grew more than 20% in constant currency, even though last year's results included a nonrecurring tax credit. Healthy revenue growth generated an improvement in gross margin and operating leverage in restaurant expenses that more than offset the final step-up in the royalty rate. In NOLAD, EBITDA margin remained at nearly double digits as strong revenue growth generated operating leverage to partially offset a tougher cost environment and the final step-up in the royalty rate. Results were also negatively impacted by Hurricane Fiona that hit Puerto Rico in September. Importantly, however, EBITDA in U.S. dollars still grew versus last year. SLAD's revenue growth successfully generated operating leverage in the quarter, offsetting some cost pressures to expand EBITDA margin and deliver strong U.S. dollar EBITDA growth. Our strategic focus remains squarely on long-term profitable growth. We expect to sustain comparable sales growth at or above inflation, which can generate additional operating efficiencies. With that outlook, we expect to accelerate restaurant openings moving forward. Cash generated from operations exceeded $235 million in the first 9 months of this year. With a stable numerator and improved denominator, net leverage was just 1x as of September 30, 2022. Additionally, the average maturity of our debt is now at around 6 years, 2 more than at the end of the first quarter of 2022. We are using this privileged financial position to our advantage today and will use it to support our future growth plans as well. Through the first 9 months of 2022, we opened 45 restaurants, including 40 freestanding units. In Brazil, we opened 30 new restaurants, of which 27 are freestanding units. We also continue strengthening the industry's best digital platform by investing in the development of new capabilities and rolling out existing features to additional markets. I am pleased to tell you that as of today, we have already opened the 55 restaurants we guided to for the full year, and we are on track to open another 10 additional restaurants before the end of the year. Around 90% of all openings continue to be freestanding locations, which are generating above average returns, thanks to high sales per unit and efficient operations. Looking ahead, we expect to accelerate our pace of growth. The development team has increased the size of the already robust pipeline for the next several years and recent openings are proving that there is still a lot of growth potential for the McDonald's brand in our region. It has become very clear that penetration generates demand, and we are working to ensure that we capture that demand with the best return possible for shareholders. We plan to tell you more about this in early February of 2023 when we expect to hold an in-person Investor Day in Sao Paulo, Brazil. As we have done for the last couple of years, we expect to provide you with a preview of fourth quarter 2022 results, as well as our growth outlook for 2023 and beyond. The IR team will be sending out a save the date in the coming days. Back to Luis for a closer look at the 3 Ds, digital, delivery and drive-thru.

謝謝，路易斯。正如您已經聽說的那樣，今天，我們報告了又一個季度的調整後 EBITDA 強勁增長，並且業績基礎廣泛，所有 3 個部門在本季度都產生了可觀的盈利能力。從綜合 EBITDA 利潤率開始，我們改善了入住率和其他運營費用，這要歸功於遠高於通脹的銷售增長。由於政府的支持計劃幫助了去年的業績，工資支出僅比 2021 年高。排除去年數據的支持，今年的工資支出較低，穩定在公司經營銷售額的 20% 以下。正如我們在最近幾次電話中告訴您的那樣，我們在第三季度經歷了毛利率壓力。巴西的毛利率有所提高，但這被其他 2 個部門（尤其是 NOLAD）較高的食品和紙張成本所抵消。我們繼續預計 2022 年全年的食品和紙張成本佔銷售額的百分比將與 2021 年全年持平。最後，G&A 費用的利潤率保持相對平穩。轉向部門並從巴西開始。按固定匯率計算，EBITDA 增長超過 20%，儘管去年的業績包括一次性稅收抵免。健康的收入增長帶來了毛利率和餐廳費用運營槓桿的改善，這足以抵消特許權使用費率的最終提升。在 NOLAD，EBITDA 利潤率保持在近兩位數，因為強勁的收入增長產生了經營槓桿，部分抵消了更嚴峻的成本環境和特許權使用費率的最終上升。 9 月份襲擊波多黎各的颶風菲奧娜也對業績產生了負面影響。然而，重要的是，以美元計算的 EBITDA 與去年相比仍有所增長。 SLAD 的收入增長在本季度成功產生了經營槓桿，抵消了擴大 EBITDA 利潤率和實現強勁的美元 EBITDA 增長的一些成本壓力。我們的戰略重點仍然完全放在長期盈利增長上。我們希望在通貨膨脹或高於通貨膨脹的情況下維持可比的銷售增長，這可以產生額外的運營效率。鑑於這一前景，我們預計將加快餐廳開業步伐。今年前 9 個月，運營產生的現金超過 2.35 億美元。憑藉穩定的分子和改進的分母，截至 2022 年 9 月 30 日，淨槓桿僅為 1 倍。此外，我們債務的平均期限現在約為 6 年，比 2022 年第一季度末多 2 年。我們是今天利用這一特殊的財務狀況為我們帶來優勢，並將利用它來支持我們未來的增長計劃。 2022 年前 9 個月，我們開設了 45 家餐廳，其中包括 40 家獨立餐廳。在巴西，我們新開了 30 家餐廳，其中 27 家是獨立餐廳。我們還通過投資開發新功能並將現有功能推廣到其他市場，繼續加強業界最佳的數字平台。我很高興地告訴您，截至今天，我們已經開設了全年指導的 55 家餐廳，並且我們有望在年底前再開設 10 家餐廳。大約 90% 的空缺職位仍然是獨立的地點，由於單位銷售額高和運營效率高，這些地點的回報率高於平均水平。展望未來，我們預計會加快增長步伐。開發團隊在未來幾年擴大了本已強大的管道規模，最近的開業證明麥當勞品牌在我們地區仍有很大的增長潛力。很明顯，滲透會產生需求，我們正在努力確保我們抓住這種需求，為股東帶來盡可能好的回報。我們計劃在 2023 年 2 月初告訴您更多相關信息，屆時我們預計將在巴西聖保羅舉辦面對面的投資者日活動。正如我們在過去幾年所做的那樣，我們希望為您提供 2022 年第四季度業績的預覽，以及我們 2023 年及以後的增長前景。 IR 團隊將在未來幾天發送保存日期。回到 Luis，仔細了解 3D、數字、送貨和得來速。

Digital now accounts for 42% of total sales and it's not just the delivery driving growth in digital. In the third quarter, we also set new records in self-order kiosk sales, which were available in more than 900 EOTF restaurants. Mobile Order and Pay sales supported by enhanced functionality and a rollout to a growing number of markets. Sales generated through the mobile app, which has been downloaded almost 80 million times and is the main digital communication platform with guests. In the third quarter, identified sales grew by 67% versus the prior year. As a result, 17% of total sales were identified, including 21% in Brazil. These are sales from guests who have opted in to allow their data to be used in our marketing activities, which enables us to enhance their McDonald's experience and maximize profitability. This is all part of the omnichannel approach we started telling you about in 2019. Guests today have never had so many choices in how they interact with us. Ease of use drives higher frequency, which explains the increasingly higher revenue per guest within the Arcos Dorados digital ecosystem. Among the newest functionalities is a WhatsApp bot that takes delivery orders in Colombia and Mexico. The bot is fully integrated with our kitchens, helping guarantee speed and accuracy. We plan to roll out to more markets in the coming months to capture the potential of a much larger, addressable market, since WhatsApp is widely used in Latin America. On the logistics side, home delivery is operating in almost 600 restaurants in 6 countries. Solutions include restaurant crew members delivering orders over various short distances and third-party last mile operators executing the delivery. This will help us further develop and monetize this new consumption indication in our markets. The unmatched physical presence of freestanding restaurants in the Arcos Dorados footprint has undoubtedly been the foundation of the last 5 consecutive record quarters, but it should also be a testament to the significant competitive advantage we have with our digital ecosystem. The junction of these 2 platforms into a seamless digital experience is fueling our market share leadership. Using Brazil as a proxy, there has been a permanent shift in guest value to off-premise channels. Meanwhile, on-premise traffic has improved steadily since 2020, which contributed to a moderation in drive-through traffic growth this year. Month delivery volume and total sales are both up this year, driving 29% sales growth in Brazil despite a relatively flat industry trend. Our strategy to drive revenue through volume growth is clearly reflected in the quarter's visit share metrics. Total visit share increased by 3.1 percentage points versus the prior year quarter, while delivery visit share rose by 4 percentage points. Even with the results we are generating, there are still so many opportunities to improve operational performance. That's why I am excited about what is yet to come. Marcelo, back to you.

數字現在佔總銷售額的 42%，這不僅僅是推動數字增長的交付。第三季度，我們還創造了自助點餐機銷售的新記錄，在 900 多家 EOTF 餐廳提供自助點餐服務。移動訂單和支付銷售得到增強功能的支持，並向越來越多的市場推出。通過移動應用程序產生的銷售額已被下載近 8000 萬次，是客人的主要數字交流平台。第三季度，確定的銷售額比上一年增長了 67%。結果，確定了總銷售額的 17%，其中 21% 在巴西。這些是來自客人的銷售，他們選擇允許他們的數據用於我們的營銷活動，這使我們能夠增強他們的麥當勞體驗並最大限度地提高盈利能力。這都是我們在 2019 年開始向您介紹的全渠道方法的一部分。今天的客人在與我們互動的方式上從未有過如此多的選擇。易用性推動更高的頻率，這解釋了 Arcos Dorados 數字生態系統中每位客人的收入越來越高。最新的功能之一是 WhatsApp 機器人，它可以在哥倫比亞和墨西哥接受送貨訂單。該機器人與我們的廚房完全集成，有助於保證速度和準確性。由於 WhatsApp 在拉丁美洲得到廣泛使用，我們計劃在未來幾個月內推廣到更多市場，以抓住更大的潛在市場的潛力。在物流方面，6 個國家的近 600 家餐廳提供送貨上門服務。解決方案包括餐廳工作人員在各種短距離內交付訂單，以及第三方最後一英里運營商執行交付。這將有助於我們在市場上進一步開發這一新的消費指標並將其貨幣化。獨立餐廳在 Arcos Dorados 足跡中無與倫比的實體存在無疑是過去 5 個連續創紀錄的季度的基礎，但這也應該證明我們在數字生態系統中擁有顯著的競爭優勢。將這兩個平台結合成無縫的數字體驗正在推動我們的市場份額領先地位。以巴西為代表，客人價值已經永久轉移到場外渠道。與此同時，自 2020 年以來，本地交通量穩步改善，這導致今年免下車交通量增長放緩。儘管行業趨勢相對平穩，但今年的月交付量和總銷售額均有所上升，推動巴西的銷售額增長了 29%。我們通過數量增長推動收入的戰略清楚地反映在本季度的訪問份額指標中。與去年同期相比，總訪問份額增加了 3.1 個百分點，而交付訪問份額增加了 4 個百分點。即使有了我們正在產生的結果，仍有很多機會可以提高運營績效。這就是為什麼我對即將到來的事情感到興奮。馬塞洛，回到你身邊。

As you know by now, we have a robust ESG platform we call, recipe for the future. This is such an important part of our overall strategy that 10% of the variable compensation for every bonus-eligible employee is tied to ESG metrics. Our financing strategy is also linked to certain ESG objectives. We are the only QSR operator in the world to publish an annual ESG report that includes audited content. We are on a journey to increase the use of renewable energy sources, which jumped from 4% in 2020 to 12% in 2021, and will be at least 50% by 2025. This year, we have signed new renewable energy deals, including with EDP in Brazil and Atia in Colombia. These agreements are expected to bring millions of dollars in renewable energy infrastructure investments by our partners. In addition to supporting the development of these critical alternatives to fossil fuels, the restaurants they supply will have reduced energy costs. The latest deal with Atia in Colombia involves installing solar panels on the roofs of several restaurants. They are also installing elevated solar panels in the parking lots that will generate energy for the restaurants while also providing shape for guest vehicles. Our commitments are not just about reducing carbon emissions, however. We are also leveraging the nature of our business to support useful opportunities in the region. The 65 restaurants we intend to open this year will generate 3,000 to 3,500 new formal job opportunities for young people. They will receive training and practical experience, with everything from food safety, teamwork and process to customer service, leadership skills and sustainability. Generating jobs is not good enough if the work environment is not attractive. This is why we are proud of how our workplace has been recognized by others throughout 2022. In the last few months, we were honored again with Great Place to Work ranking us 8th among 150 large companies in Brazil, and first in Ecuador as a great place to work for women. Among the benefits of our work environment is the training employees received at Hamburger University in Sao Paulo. Over the last 2 years, H.U has also developed a series of certificate level courses that are available for free to anyone who wants to enroll, not just employees. Finally, each year, we choose 1 day to raise donations through the sale of Big Mac's in several markets. Proceeds from these sales are then used to support local NGO partners associated with 2 important recipe for the future pillars, youth opportunity and commitment to families. Thanks to the generosity of our guests, I am proud to tell you that we run the most successful campaign in our history this year, raising record donations to support these worthy causes. Before we open the call for Q&A, I will wrap up with a few final thoughts on the third quarter and the record sequence of results we are delivering to create shareholder value. I have no doubt that execution at the restaurant level is the main reason McDonald's brand strength has never been higher in Latin America. This experience each and every day is key to driving long-term sustainable revenue growth that then generates opportunity to capture operational efficiencies and dilute fixed costs to enhance profitability. Prudent capital structure management and data-driven investment decisions complete the picture of profitable growth all the way down to the bottom line. Unlike the Big Mac special sauce, this recipe is not a secret, but to do it well requires an incredible amount of work, discipline and dedication from everyone involved. So I would like to take this moment to congratulate and thank all our employees, suppliers and franchisees for their contributions to our shared success in Latin America and the Caribbean. When the year began, we told you that we estimated growth potential of about 1,000 additional McDonald's restaurants over the next 10 years in our footprint. With higher sales per unit and above average ROI in recent openings, I now believe we may have underestimated that potential. The pipeline for the next few years is already clear to us, and we expect to accelerate unit growth moving forward. Looking ahead, we will also leverage our growth accelerators to consolidate our leadership position in an underpenetrated region that still presents significant untouched growth potential. Dan, over to you to start the Q&A session.

正如您現在所知，我們擁有一個強大的 ESG 平台，我們稱之為未來的秘訣。這是我們整體戰略的重要組成部分，每位符合獎金條件的員工的可變薪酬中有 10% 與 ESG 指標掛鉤。我們的融資策略也與某些 ESG 目標相關聯。我們是世界上唯一一家發布包含經審計內容的年度 ESG 報告的 QSR 運營商。我們正在增加可再生能源的使用，該比例從 2020 年的 4% 躍升至 2021 年的 12%，到 2025 年將至少達到 50%。今年，我們簽署了新的可再生能源交易，包括與巴西的 EDP 和哥倫比亞的 Atia。這些協議預計將為我們的合作夥伴帶來數百萬美元的可再生能源基礎設施投資。除了支持開發這些重要的化石燃料替代品外，它們供應的餐廳還將降低能源成本。與哥倫比亞 Atia 的最新交易涉及在幾家餐廳的屋頂上安裝太陽能電池板。他們還在停車場安裝高架太陽能電池板，為餐廳提供能源，同時也為客車提供形狀。然而，我們的承諾不僅僅是減少碳排放。我們還利用我們的業務性質來支持該地區的有用機會。今年我們打算開設的65家餐廳將為年輕人創造3,000至3,500個新的正式就業機會。他們將接受培訓和實踐經驗，涵蓋從食品安全、團隊合作和流程到客戶服務、領導技能和可持續性的方方面面。如果工作環境沒有吸引力，創造就業機會還不夠好。這就是為什麼我們為我們的工作場所在整個 2022 年如何得到其他人的認可而感到自豪。在過去的幾個月裡，我們再次榮幸地獲得了 Great Place to Work 在巴西 150 家大公司中排名第 8 位，在厄瓜多爾排名第一為女性工作的地方。我們工作環境的好處之一是在聖保羅的漢堡大學接受培訓的員工。在過去的 2 年裡，H.U 還開發了一系列證書級別的課程，免費提供給任何想註冊的人，而不僅僅是員工。最後，每年我們都會選擇 1 天通過在多個市場銷售巨無霸來籌集捐款。這些銷售的收益隨後用於支持與未來支柱、青年機會和對家庭的承諾這兩個重要秘訣相關的當地非政府組織合作夥伴。感謝我們客人的慷慨解囊，我很自豪地告訴你，我們今年舉辦了歷史上最成功的活動，籌集了創紀錄的捐款來支持這些有價值的事業。在我們開始問答之前，我將總結一下第三季度的一些最終想法，以及我們為創造股東價值而交付的創紀錄業績。我毫不懷疑，餐廳層面的執行力是麥當勞品牌實力在拉丁美洲從未如此高的主要原因。每一天的這種體驗都是推動長期可持續收入增長的關鍵，從而創造機會提高運營效率並稀釋固定成本以提高盈利能力。審慎的資本結構管理和數據驅動的投資決策使盈利增長一直到底線。與巨無霸特製醬汁不同，這個食譜並不是秘密，但要做好它需要所有相關人員付出難以置信的努力、紀律和奉獻精神。因此，我想藉此機會祝賀並感謝我們所有的員工、供應商和特許經營商為我們在拉丁美洲和加勒比地區的共同成功所做的貢獻。年初時，我們曾告訴過您，我們估計在未來 10 年內我們的足跡將增加約 1,000 家麥當勞餐廳。由於最近開業的單位銷售額和投資回報率高於平均水平，我現在認為我們可能低估了這種潛力。未來幾年的規劃對我們來說已經很清楚了，我們預計未來會加速單位增長。展望未來，我們還將利用我們的增長加速器來鞏固我們在滲透率低的地區的領導地位，該地區仍具有巨大的未開發增長潛力。丹，請你開始問答環節。

Thanks, Marcelo. In order to get started, please minimize the presentation slides so that you can access the chat function on the left-hand side of the Webcast platform. Please limit yourself to 1 or 2 questions so that I can read, understand and convey them to our speakers. We will now pause briefly to compile your questions Okay. Great. Our first question comes from Thiago Bortoluci from Goldman Sachs. He says, hi Marcelo and Arcos' team, congrats on the results. My first question is on underlying operating performance. How should we think about the net impact from the World Cup to volumes in Brazil? I'll start with you Marcelo.

謝謝，馬塞洛。為了開始，請最小化演示幻燈片，以便您可以訪問網絡廣播平台左側的聊天功能。請將您自己限制在 1 或 2 個問題，以便我可以閱讀、理解並將它們傳達給我們的演講者。我們現在將暫停一下以整理您的問題 好的。偉大的。我們的第一個問題來自高盛的 Thiago Bortoluci。他說，嗨 Marcelo 和 Arcos 的團隊，祝賀結果。我的第一個問題是關於基本的經營業績。我們應該如何看待世界杯對巴西銷量的淨影響？我將從馬塞洛開始。

Okay. Thank you. Thiago, we have taken steps to minimize as much as possible any sales impact during World Cup games. Most importantly, we have developed multiple initiatives to maximize sales leading up to the tournament. All of this will keep our fourth quarter performance very strong versus last year. In fact, we had the best ever month of October, both in terms of sales and profitability. Sales in the first half of November have also been very strong. So I've been around for more than 30 years in the business. So I know history demonstrates that our guests enjoy watching the games with family and friends at home. In many Latin American countries, all activity almost stops during a national team game. If you go to the details for this coming World Cup and we did that country by country to take the best decision and to have a specific plan for every day in every country. If you take a look, 75% of the games will happen in the first 2 weeks at the group stage part of the tournament. In those 2 weeks, there are only 2 markets, Arcos markets, which are Argentina and Mexico, that have games on weekends. That's very good news for us because most of the gains will be on weekdays. Since the last World Cup, we have made a lot of progress and improvements. We have developed new capabilities that for sure will enable us to capitalize on our sponsorship of the event. Four years ago, for example, delivery only accounted for 2% of sales, today it is 15% of sales. We have very strong partnerships with 3POs, which will allow us to capture business before, during and after the games through the delivery segment. Four years ago, on top of that, our digital platform and our digital penetration was much lower, it was less than 10%. Today, it's more than 40%. This platform will allow us to engage at scale with guests again before, during and especially after the matches when we expect to see a significant uptick in sales. You have to remember that unlike many other players who are over-indexed to malls, our large freestanding restaurant portfolio positions Arcos Dorados and the McDonald's brand to capitalize on post-match activities. So this will be key in these coming weeks. Overall, it will be a lot of teamwork between operations, marketing, digital, and all the team in the company that will be making the difference in a positive way during this global event. I think that all these efforts and all this work will allow us to have a very strong fourth quarter to close a record year in terms of sales and profitability and to close the year on a high note, building momentum on to the beginning of 2023.

好的。謝謝你。蒂亞戈，我們已採取措施盡可能減少世界杯比賽期間的任何銷售影響。最重要的是，我們制定了多項計劃來最大限度地提高錦標賽前的銷售額。所有這些將使我們第四季度的業績與去年相比非常強勁。事實上，無論是在銷售額還是盈利能力方面，10 月份都是有史以來最好的月份。 11 月上半月的銷售也非常強勁。所以我已經在這個行業工作了 30 多年。所以我知道歷史表明我們的客人喜歡在家裡與家人和朋友一起觀看比賽。在許多拉丁美洲國家，國家隊比賽期間幾乎所有活動都停止了。如果你了解即將到來的世界杯的細節，我們會逐個國家進行，以做出最佳決定，並為每個國家的每一天制定具體計劃。如果你看一下，75% 的比賽將發生在錦標賽小組賽階段的前兩週。在那兩周里，只有阿根廷和墨西哥這兩個市場在周末有比賽，Arcos 市場。這對我們來說是個好消息，因為大部分收益將出現在工作日。自從上屆世界杯以來，我們取得了很大的進步和進步。我們開發了新功能，這肯定會讓我們能夠利用我們對活動的讚助。例如，四年前，送貨只佔銷售額的 2%，今天是 15%。我們與 3PO 建立了非常牢固的合作夥伴關係，這將使我們能夠通過交付部門在賽前、賽中和賽后獲得業務。四年前，最重要的是，我們的數字平台和我們的數字滲透率要低得多，不到 10%。今天，它超過了 40%。該平台將使我們能夠在比賽前、比賽期間，尤其是在比賽結束後再次與客人進行大規模互動，屆時我們預計會看到銷售額顯著上升。您必須記住，與許多其他對購物中心過度索引的玩家不同，我們的大型獨立餐廳組合定位 Arcos Dorados 和麥當勞品牌以利用賽后活動。所以這將是未來幾週的關鍵。總的來說，這將是運營、營銷、數字和公司所有團隊之間的大量團隊合作，將在這次全球活動中以積極的方式發揮作用。我認為所有這些努力和所有這些工作將使我們有一個非常強勁的第四季度，在銷售和盈利方面結束創紀錄的一年，並以高調結束這一年，為 2023 年初積蓄勢頭。

Great. Thanks, Marcelo. Thiago has a follow-up, which is, and to the extent that we can comment, how are the discussions around the renewal of the MFA agreement with McDonald's evolving?

偉大的。謝謝，馬塞洛。蒂亞戈有一個後續行動，在我們可以評論的範圍內，圍繞與麥當勞續簽 MFA 協議的討論進展如何？

Okay. Well, let me begin remembering that the MFA is a 20-year contract that started on August 3, 2007 and goes through August 2, 2027, with a renewal option of 10 additional years. Pursuant to the MFA, we have already indicated to McDonald's that we would like to renew the agreement and McDonald's will determine whether to grant us the option to renew by August 2024. If McDonald's grants us the option, then we will amend the MFA to reflect any changes to the current terms of the agreement. We have already engaged in conversations with McDonald's related to this topic and the section of the MFA term. and expect to have the process concluded by August of 2024 as it is stipulated in the MFA. Any announcements related to this topic will be made as appropriate in coming months.

好的。好吧，讓我開始記住，MFA 是一份 20 年的合同，從 2007 年 8 月 3 日開始，到 2027 年 8 月 2 日結束，還有 10 年的續約選擇權。根據 MFA，我們已經向麥當勞表明我們願意續簽協議，麥當勞將決定是否授予我們在 2024 年 8 月之前續籤的選擇權。如果麥當勞授予我們選擇權，那麼我們將修改 MFA 以反映對協議當前條款的任何更改。我們已經與麥當勞就此主題和 MFA 術語部分進行了對話。並期望按照 MFA 的規定，在 2024 年 8 月之前完成該過程。與此主題相關的任何公告將在未來幾個月內酌情發布。

Okay. So let's move now to Marcella Recchia from Credit Suisse, who says, hi team, congratulations on the results, and thank you for taking my questions. She asked, what are the main regions in Brazil that management still sees opportunities for new openings? I'll turn it over to you, Luis.

好的。那麼讓我們現在轉到瑞士信貸的 Marcella Recchia，她說，嗨，團隊，祝賀結果，並感謝你回答我的問題。她問道，巴西哪些主要地區的管理層仍然認為有新的職位空缺機會？我會把它交給你，路易斯。

Okay. Thanks, Dan, and hello, Marcella, good morning. We still see opportunities of growth in all the Brazilian region. We have opened recently in Sao Paulo with excellent results, but we see great options of openings all across the country. Dan?

好的。謝謝，丹，你好，瑪塞拉，早上好。我們仍然看到整個巴西地區的增長機會。我們最近在聖保羅開業並取得了優異的成績，但我們看到全國各地都有很多開業的選擇。擔？

Great. Luis, Marcella has a follow-up for a second question. She asked if we could elaborate more about the market share gains across all divisions? Is it driven more by market consolidation? Or are we gaining market share from any specific player?

偉大的。 Luis，Marcella 有第二個問題的跟進。她問我們是否可以詳細說明所有部門的市場份額增長情況？它更多地是由市場整合驅動的嗎？還是我們正在從任何特定參與者那裡獲得市場份額？

All right. The QSR is expanding its share of the total informal in our industry. Within QSR, the McDonald's brand is gaining share in all 3 divisions, not just Brazil. Let me give you, please, numbers to a better understanding. Our visit share rose across the region in the third quarter, up 3.1 percentage points. In Brazil, according to our research, visit share increased by 1.8 percentage points with an increase in the gap to the nearest competitor. This gap rose from 16.8 to 20 percentage points. In SLAD, visit share gained 4.6 percentage points and almost double the gap versus the main competitor from 7 to 14.9 percentage points. In NOLAD, visit share increased 1.6 percentage points, increasing the GAAP versus the main competitor by 5 percentage points came from 2.5 to 7.5 percentage points. I would say that it's important to say that the revenue growth was driven mostly by higher restaurant volume with modest price increases and of course, with a restaurant experience that is valued by our guests. Dan?

好的。 QSR 正在擴大其在我們行業非正式總人數中的份額。在 QSR 中，麥當勞品牌在所有 3 個部門的份額都在增加，而不僅僅是巴西。請讓我給你一些數字，以便更好地理解。第三季度，我們在整個地區的訪問份額上升了 3.1 個百分點。根據我們的研究，在巴西，隨著與最接近的競爭對手的差距擴大，訪問份額增加了 1.8 個百分點。這一差距從 16.8 個百分點擴大到 20 個百分點。在 SLAD 中，訪問份額增加了 4.6 個百分點，與主要競爭對手的差距幾乎翻了一番，從 7 個百分點增加到 14.9 個百分點。在 NOLAD，訪問份額增加了 1.6 個百分點，將 GAAP 與主要競爭對手相比增加了 5 個百分點，從 2.5 個百分點增加到 7.5 個百分點。我要說的是，收入增長主要是由更高的餐廳數量和適度的價格上漲推動的，當然還有我們的客人看重的餐廳體驗。擔？

Thanks again, Luis. Our next question comes from Bob Ford and Bank of America. Ulises from JP Morgan has a similar question. Bob says, congratulations on the quarter. Can you comment on your food and paper costs and expectations going into next year? Similar to that, Ulises, who also say congrats on the amazing results, asked what is the cost outlook? I mean how should we think about sequential evolution of costs into the last part of the year and early 2023? So let's start with that one, Mariano.

再次感謝，路易斯。我們的下一個問題來自 Bob Ford 和美國銀行。摩根大通的 Ulises 也有類似的問題。鮑勃說，祝賀這個季度。您能否評論一下明年的食品和紙張成本以及預期？與此類似，同樣對驚人結果表示祝賀的 Ulises 問成本前景如何？我的意思是我們應該如何考慮成本在今年下半年和 2023 年初的連續演變？讓我們從那個開始吧，馬里亞諾。

Perfect. Thank you, Dan, and thank you, Bob, and Ulises for the questions. First, on the gross margin side, what we are seeing and we have been saying, is that this year, we are expecting gross margin on food and paper costs to be about the same as last year as a percentage of sales. Keep in mind that in terms of paying profit, our gross margin increased this year by $120 million compared with last year. So that's really relevant for us. In terms of expectations on gross margin for next year, what we are seeing is that we see an opportunity there. We are going to follow and continue with a prudent pricing architecture. We're not going to increase pricing well above inflation. We think that this strategy has yielded incredible results for us so far. We will continue with digital investments and trying to identify a higher portion of our sales, and we are convinced that, that will improve our product mix and improve in that way, the gross margin. Finally, we are also expecting a reduction in cost pressures. We are seeing in many of our markets at this acceleration of inflation pressures. There, we also see that we have an opportunity. So that's so far about gross margin this year and what we are expecting for next year. In terms of overall costs, and that was part of Ulises' question. We continue to expect full year EBITDA margin from 2019 that was, remember, around 10% and 2021, that was around 10.4%, to be the base off of which we will expand margins in the medium to long term. As we already mentioned, we think that continuing increasing sales above inflation will give us leverage on all fixed costs that we have at the restaurant level and also with our G&A structure. Payroll expenses, for example, are now well below 20%. We think this new model where we have delivery growing and drive-through also growing are giving us benefit on that line. Occupancy and other expenses that have a high portion of fixed costs also we are obtaining leverage there. We also expect to obtain leverage on the G&A and the fixed part of our G&A as we continue to focus on increasing sales. So that's the outlook for the overall cost and EBITDA margin for next year.

完美的。謝謝 Dan，也謝謝 Bob 和 Ulises 提出的問題。首先，在毛利率方面，我們所看到的和我們一直在說的是，今年我們預計食品和紙張成本的毛利率佔銷售額的百分比與去年大致相同。請記住，在支付利潤方面，我們今年的毛利率比去年增加了 1.2 億美元。所以這對我們來說真的很重要。就明年毛利率的預期而言，我們看到的是我們在那裡看到了機會。我們將遵循並繼續採用審慎的定價架構。我們不會將價格提高到遠高於通貨膨脹率的水平。我們認為，到目前為止，這一戰略為我們帶來了不可思議的成果。我們將繼續進行數字投資，並試圖確定我們銷售額的更高部分，我們相信，這將改善我們的產品組合併以這種方式提高毛利率。最後，我們還預計成本壓力會有所減輕。我們在我們的許多市場中都看到了通脹壓力的加速。在那裡，我們也看到我們有機會。所以到目前為止，這是關於今年的毛利率以及我們對明年的預期。就總成本而言，這是 Ulises 問題的一部分。我們繼續預計從 2019 年開始的全年 EBITDA 利潤率約為 10%，到 2021 年約為 10.4%，這是我們在中長期擴大利潤率的基礎。正如我們已經提到的，我們認為繼續增加高於通貨膨脹的銷售額將使我們能夠利用餐廳層面的所有固定成本以及我們的 G&A 結構。例如，工資支出現在遠低於 20%。我們認為，這種新模式讓我們的送貨量不斷增長，直通車也不斷增長，這讓我們在這條線上受益。佔固定成本很大一部分的入住和其他費用我們也在這方面獲得了影響力。隨著我們繼續專注於增加銷售額，我們還希望獲得 G&A 和 G&A 固定部分的影響力。這就是明年總體成本和 EBITDA 利潤率的前景。

Perfect. And let's stay with you, Mariano, and also stay with Bob and Ulises, who have a similar overlapping question. Bob asks and to be a couple of parts here. On the increase in the 10-year growth plan, which I think is more of a potential than a plan at this point, can you comment on CapEx and unit growth for 2023 and 2024 as well as future periods to whatever extent we have some definition, he asked what are we thinking about in terms of models, the split between corporate and franchisee and kind of the overall market holding capacity? Ulises has a similar question where he says in the release, we mentioned 1,000 restaurant opening opportunity, and we described it at the start of the year, and now it seems conservative. So can we elaborate more on the markets where we're seeing the larger opportunity? What could this imply in potential number of additional stores? So a lot of concepts there, but back to you Mariano.

完美的。讓我們繼續討論你，Mariano，還有 Bob 和 Ulises，他們有一個類似的重疊問題。鮑勃要求並成為這裡的幾個部分。關於 10 年增長計劃的增加，我認為這在這一點上比計劃更有潛力，你能否評論 2023 年和 2024 年以及未來時期的資本支出和單位增長，無論我們有什麼定義，他問我們在模式、公司和加盟商之間的劃分以及整體市場持有能力方面有什麼想法？ Ulises 有一個類似的問題，他在新聞稿中說，我們提到了 1,000 家餐廳開業機會，我們在年初就描述過，現在看來很保守。那麼我們能否詳細說明我們看到更大機會的市場？這對潛在的額外商店數量意味著什麼？那裡有很多概念，但回到馬里亞諾。

Okay. I will try to summarize all the questions in one answer. When we provided the guidance of the current 3-year growth cycle, we said we would open at least 200 restaurants in this period and that around 90% of those would be for standing units. We also mentioned that we will modernize at least 400 restaurants to the EOTF format. We are not planning to change or to revise that guidance at this point. We are going to have this Investor Day that I mentioned in the beginning of next year, and we will give more information there. Even though we are not planning to revise this guidance, we said at least for both items. Again, we will give you more information for this 3-year period cycle in the investor update that we will have in 2023. Now going to the outlook. Looking forward and to the 1,000 restaurants that we mentioned that we have the potential to open in the next 10 years. When we reorganized the company into 3 divisions instead of 4, that was in October of last year, we mentioned that we will reallocate our G&A to reinforce the team that will help drive future growth. There, we have advanced and all the digital capabilities, but also the development team. That's what we have been doing so far. This year, at the beginning of the late year, we gave guidance for 55 restaurants, we're going to open 65, about 65. With the modernization, it was the same case. We announced 75 modernizations and this year, we are going to end about 100 EOTF modernizations. We mentioned that the potential openings for McDonald's restaurants to be about 1,000 new locations over the next 10 years. Based on the performance that we have seen on the recent openings, more sales per unit, all the segments growing without compensation among them, higher than average ROI. We now believe that these 1,000 new restaurants are on the low end of that range. We're not going to revise at this point, again, this 1,000, but we think now that to be those 1,000 restaurants to be the base. Regarding both questions, how many units the market can sustain? Well, again, for us, it's now at least 1,000 McDonald's units. We think that the QSR segment is highly unpenetrated in Latin America. We believe that around 60% of those could be placed or opened in Brazil and that we have several opportunities in many of our other markets that also are showing very, very good results, such as Chile, Costa Rica, Panama, French West Indies, several others. Mexico as well. But being, of course, 90% of those freestanding units. I think I covered.

好的。我將嘗試在一個答案中總結所有問題。當我們提供當前 3 年增長周期的指導時，我們說我們將在此期間開設至少 200 家餐廳，其中約 90% 將用於常設餐廳。我們還提到，我們將至少對 400 家餐廳進行現代化改造，使其採用 EOTF 格式。我們目前不打算更改或修訂該指南。我們將在明年年初舉辦我提到的這個投資者日，我們將在那裡提供更多信息。儘管我們不打算修改本指南，但我們至少對這兩項都說過。同樣，我們將在 2023 年的投資者更新中為您提供有關這 3 年周期的更多信息。現在進入展望。期待我們提到的 1,000 家餐廳，我們有可能在未來 10 年內開業。去年 10 月，當我們將公司重組為 3 個部門而不是 4 個部門時，我們提到我們將重新分配 G&A 以加強有助於推動未來增長的團隊。在那裡，我們擁有先進的和所有的數字能力，還有開發團隊。這就是我們到目前為止一直在做的事情。今年年初，我們給了55家餐廳的指導，我們要開65家，大約65家。隨著現代化，情況也是一樣。我們宣布了 75 項現代化，今年，我們將結束大約 100 項 EOTF 現代化。我們提到，麥當勞餐廳在未來 10 年內可能開設約 1,000 個新地點。根據我們最近開業的表現，單位銷售額更高，所有細分市場都在無償增長，投資回報率高於平均水平。我們現在認為這 1,000 家新餐廳處於該範圍的低端。我們現在不打算再次修改這 1,000 家餐廳，但我們現在認為以這 1,000 家餐廳為基礎。關於這兩個問題，市場能支撐多少個單位？好吧，對我們來說，現在至少有 1,000 家麥當勞。我們認為 QSR 細分市場在拉丁美洲的滲透率很高。我們相信，其中大約 60% 可以在巴西放置或開設，我們在許多其他市場也有很多機會，這些市場也顯示出非常非常好的結果，例如智利、哥斯達黎加、巴拿馬、法屬西印度群島、其他幾個。墨西哥也一樣。但是，當然，90% 的獨立單元。我想我涵蓋了。

Yes, let me add just some color in terms of the mix between company-operated and sub-franchise restaurants, I do not see that mix changing materially going forward. So we should keep more or less the same mix that we have today. I think that with that, we cover all the different parts that the 2 questions have coming from Ulises and Bob.

是的，讓我就公司經營和子特許經營餐廳之間的組合添加一些顏色，我認為這種組合不會發生重大變化。因此，我們應該或多或少地保持與今天相同的組合。我認為這樣，我們就涵蓋了 Ulises 和 Bob 提出的兩個問題的所有不同部分。

Yes. Actually, Ulises has had one more, which is a levered different topic. Leverage is now at 1x. How does this fit in the strategy and what are our plans going forward? Can we expect, for example, a step-up in the dividend. So back to you, Mariano.

是的。實際上，Ulises 還有一個，這是一個有槓桿作用的不同主題。槓桿現在是 1 倍。這如何適應戰略以及我們未來的計劃是什麼？例如，我們可以期待股息增加嗎？回到你身邊，馬里亞諾。

Perfect. Thanks Ulises for the second part of the question. At this point, we feel very comfortable with our capital structure. We have high cash balance. We have lower leverage, and for us, it's a nice problem to have. Two years ago, we could not have imagined being in this position. The good news is that all options are on the table. I just walked you through the CapEx opportunities that we have and of course, that will mean a deployment of cash. Our priority is always investing in the business. which, of course, as I already mentioned, we have accelerated openings, adding 10 additional openings for 2022, and we will have the investor update for guidance of 2023 and 2024. We will continue with modernizations. We are planning to do all this without issuing new debt for next year. We will fund the investment plan using our own cash plus the operating cash flow that, of course, we are planning to generate during next year. Regarding dividends, in 2022, we resumed the cash dividend payment with a $0.15 per share dividend. We already paid 3 of them. We are going to pay the fourth installment at the end of December. Looking forward, we do not have a dividend policy, but our Board of Directors makes a decision on dividend distributions at the beginning of each year. So we will communicate their decision with respect to a 2023 dividend if and when it is approved by the Board. So I think that covers that last part of the question.

完美的。感謝 Ulises 提出問題的第二部分。在這一點上，我們對我們的資本結構感到非常滿意。我們有很高的現金餘額。我們的槓桿率較低，對我們來說，這是一個很好的問題。兩年前，我們無法想像處於這個位置。好消息是所有選項都擺在桌面上。我剛剛向您介紹了我們擁有的資本支出機會，當然，這將意味著部署現金。我們的首要任務始終是投資業務。當然，正如我已經提到的，我們已經加快了開放速度，在 2022 年增加了 10 個新開放，我們將獲得投資者更新以指導 2023 年和 2024 年。我們將繼續進行現代化改造。我們計劃在明年不發行新債的情況下完成所有這些工作。我們將使用我們自己的現金加上運營現金流為投資計劃提供資金，當然，我們計劃在明年產生這些現金流。分紅方面，2022年恢復現金分紅，每股分紅0.15元。我們已經支付了其中的 3 個。我們將在 12 月底支付第四期付款。展望未來，我們沒有股息政策，但我們的董事會會在每年年初就股息分配做出決定。因此，如果董事會批准，我們將傳達他們關於 2023 年股息的決定。所以我認為這涵蓋了問題的最後一部分。

Perfect. A couple of final questions here. One from Antonio Hernandez from Barclays. He says good morning, are we seeing any type of deceleration or underperformance in recent weeks in any of our different types of restaurants? So back to you, Marcelo.

完美的。這裡有幾個最後的問題。一位來自巴克萊銀行的安東尼奧·埃爾南德斯。他說早上好，最近幾週我們在不同類型的餐廳中是否看到任何類型的減速或表現不佳？回到你身邊，馬塞洛。

Okay. Thank you, Antonio, and thanks for the question. No, as I mentioned before, the fourth quarter started really very strong. It's important to note that we are the only player that have the exclusive rights to use the FIFA World Cup in our marketing activities, and that's thanks to McDonald's global sponsorship of the event. This is the most important sporting event in Latin America by far. Among many marketing activities will be designed related with World Cup, where the World Cup sandwiches that we introduced early in October. In all our markets, in the past, we executed with high success, this initiative is only in Brazil. This time, we brought this idea and this initiative to the whole company with incredible success. So, behind October and the first 2 weeks of November, sales results is the positive impact of this initiative. On top of that, we have also signed local sponsorships, very important ones. For example, we had Sissi, Brazil's head coach and with the federations of Argentina and Uruguay. So those agreements are bringing more and more activities that are being executed in the markets related with the World Cup and leveraging this asset in our restaurants. As we mentioned before, it's important to mention that all 3 divisions are performing extremely well. McDonalds brand preference has strengthened over the last few years, which demonstrates in our opinion, that visit McDonald's remains an aspirational experience for our guests. Our plan is to continue building revenue through volume growth in order to drive profitability by generating operating leverage.

好的。謝謝你，安東尼奧，謝謝你提出這個問題。不，正如我之前提到的，第四季度開始時非常強勁。值得注意的是，我們是唯一一家在營銷活動中擁有世界杯獨家使用權的球員，這要歸功於麥當勞對賽事的全球贊助。這是迄今為止拉丁美洲最重要的體育賽事。在眾多營銷活動中，都會設計與世界杯相關的內容，其中我們在十月初推出的世界杯三明治。在我們所有的市場中，過去我們都取得了巨大的成功，這一舉措僅在巴西。這一次，我們將這個想法和倡議帶到了整個公司，取得了令人難以置信的成功。因此，在 10 月之後和 11 月的前 2 週，銷售結果是該計劃的積極影響。最重要的是，我們還簽署了當地贊助商，非常重要的讚助商。例如，我們有巴西的主教練西西，還有阿根廷和烏拉圭的足協。因此，這些協議正在帶來越來越多的活動，這些活動正在與世界杯相關的市場中執行，並在我們的餐廳中利用這一資產。正如我們之前提到的，重要的是要提到所有 3 個部門都表現得非常好。麥當勞的品牌偏好在過去幾年有所增強，我們認為這表明，光顧麥當勞對我們的客人來說仍然是一種令人嚮往的體驗。我們的計劃是繼續通過銷量增長來增加收入，以通過產生經營槓桿來提高盈利能力。

Excellent. Last question in the queue here from Jon Andrego at Bradesco. He asked how is the smaller size footprint deployment going? How has it been performing with respect to the 3 D's? He congratulates us on the very strong results.

出色的。隊列中的最後一個問題來自 Bradesco 的 Jon Andrego。他問更小尺寸的部署進展如何？它在 3D 方面的表現如何？他祝賀我們取得了非常好的結果。

Okay. Thank you, Jon, for the question. We continue to look for lots for spaces where we can offer the full McDonald's experience. That's why our recent openings are around 90% freestanding units, and that's the preferred format going forward. In some cases, there are some constraints, especially in big cities like Sao Paulo, for example. Sometimes, the size of the lot is below the ideal that we need to build a full restaurant. So, in those cases, we introduced this optimized layout in order to be able to offer the best possible experience in a reduced space. For example, the restaurant that we opened with this format in Avenida Paulista in Sao Paulo is doing extremely well in sales, profitability, and it's operating in a very high note, the 2 off-premise segments drive-thru and delivery. So this is, again, an alternative that we can use when we have some constraints in terms of space, but we are still looking for the full restaurant, which is the best experience that we can offer to our customers.

好的。喬恩，謝謝你提出這個問題。我們繼續尋找可以提供完整麥當勞體驗的空間。這就是為什麼我們最近開放的項目中約有 90% 是獨立單元，這也是未來的首選形式。在某些情況下，會有一些限制，尤其是在聖保羅這樣的大城市。有時，地塊的大小低於我們建造一家完整餐廳所需的理想尺寸。因此，在這些情況下，我們引入了這種優化佈局，以便能夠在更小的空間內提供最佳體驗。例如，我們在聖保羅的 Avenida Paulista 以這種形式開設的餐廳在銷售、盈利能力方面表現非常出色，並且在非常高的音符下運營，即 2 個場外部分驅動器通過和交付。因此，這再次成為我們在空間方面有一些限制時可以使用的替代方案，但我們仍在尋找完整的餐廳，這是我們可以為客戶提供的最佳體驗。

Great. Marcelo, I know you have some final thoughts for us, but that's the end of the Q&A session. Once again, back to you, Marcelo.

偉大的。 Marcelo，我知道你對我們有一些最後的想法，但問答環節到此結束。再次回到你身邊，馬塞洛。

Okay. Thank you very much, Dan. Yes, before we end the communication, I would like to thank everyone for joining us in today's call. I think that it is worth putting this quarter's results into historical context. We have clearly turned the page with respect to the prepanemic performance since the industry itself has undergone structural changes in how we build revenue and how we drive profitability. As we have mentioned several times, we came out of the pandemic with some of our strongest ever brand metrics, with unstructured competitive advantages, and all of these have consolidated our leadership in the industry. A testament to this superior position are the results we generated in the third quarter of 2022 when compared with the third quarter of 2019. Revenues and EBITDA in the quarter are up 22% and 35% in U.S. dollars, respectively, despite the significant devaluation of several local currencies, such as the Brazilian real, the Colombian peso, the Chilean peso and even the euro. EBITDA margin is up 100 basis points for the same period, third quarter 2022 when compared with third quarter 2019, even with the impact of the final step-up of the effective royalty rate. So this performance is the result of disciplined execution of our strategy at the restaurant level. Let me be clear with this. There is still a lot of potential to unlock moving forward. We look forward to speaking with you in the coming weeks and months. Stay safe, and have a great day.

好的。非常感謝你，丹。是的，在我們結束溝通之前，我要感謝大家參加今天的電話會議。我認為值得將本季度的結果置於歷史背景下。由於行業本身在我們如何建立收入和如何推動盈利方面發生了結構性變化，我們已經清楚地翻過了大流行前的表現。正如我們多次提到的那樣，我們從大流行中走出來，擁有一些有史以來最強大的品牌指標，具有非結構化的競爭優勢，所有這些都鞏固了我們在行業中的領導地位。與 2019 年第三季度相比，我們在 2022 年第三季度取得的業績證明了這一優勢地位。儘管美元大幅貶值，但本季度的收入和 EBITDA 分別增長了 22% 和 35%（以美元計算）幾種當地貨幣，例如巴西雷亞爾、哥倫比亞比索、智利比索甚至歐元。與 2019 年第三季度相比，2022 年第三季度同期的 EBITDA 利潤率上升了 100 個基點，即使受到有效特許權使用費率最終提高的影響。因此，這一業績是我們在餐廳層面嚴格執行戰略的結果。讓我清楚這一點。未來仍有很大的潛力可以解鎖。我們期待在未來幾周和幾個月內與您交談。保持安全，祝你有美好的一天。