Arcos Dorados Holdings Inc (ARCO) 2022 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining our fourth quarter and full year 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 on the Investors section of our website, www.arcosdorados.com/ir.

大家早上好，感謝您參加我們的第四季度和 2022 年全年收益網絡廣播。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。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，也可在我們網站 www.arcosdorados.com/ir 的投資者部分獲得。

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.

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。

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 audited financial statements filed today with the SEC on Form 6-K.

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，這些結果可以在今天向美國證券交易委員會提交的 Form 6-K 新聞稿和經審計的財務報表中找到。

Our discussion today excludes the results of the Venezuelan operation, both at the consolidated level as well as for this Lab division. For your reference, we include a full income statement, excluding Venezuela, with today's earnings release. Marcelo, over to you.

我們今天的討論不包括委內瑞拉運營的結果，無論是在合併層面還是該實驗室部門。供您參考，我們在今天的收益發布中包含了完整的損益表，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 today. Today, we will take you through the best results in Arcos Dorados history and remind you of the reasons we feel confident we can continue improving on these results in 2023 and beyond. Let's start with the key highlights of the fourth quarter and full year 2022.

謝謝你，丹。大家早上好，感謝您今天加入我們。今天，我們將帶您了解 Arcos Dorados 歷史上的最佳成績，並提醒您我們有信心在 2023 年及以後繼續改進這些成績的原因。讓我們從第四季度和 2022 年全年的主要亮點開始。

Fourth quarter revenue and adjusted EBITDA were the highest ever for a single quarter. Net income in the quarter was second only to the fourth quarter of 2017, which included significant nonoperating income from our redevelopment program. More importantly, full year adjusted EBITDA and net income reached new records in 2022, including our best-ever EBITDA margin for the full year.

第四季度收入和調整後的 EBITDA 是有史以來單季度最高的。本季度的淨收入僅次於 2017 年第四季度，其中包括來自我們重建計劃的大量非營業收入。更重要的是，全年調整後的 EBITDA 和淨收入在 2022 年創下新紀錄，包括我們有史以來最好的全年 EBITDA 利潤率。

As you saw during the investor update event 6 weeks ago, system-wide comparable sales growth was very strong throughout 2022 and across all divisions. Restaurant volumes continued normalizing with all sales channels performing well. And our market share gains showed McDonald's brand sales delivered the strongest growth in the industry last year by far. The 3D strategy set records with our highest ever sales in digital, delivery and drive-through with much more growth still to come.

正如您在 6 週前的投資者更新活動中看到的那樣，整個 2022 年和所有部門的全系統可比銷售額增長都非常強勁。餐廳銷量繼續正常化，所有銷售渠道均表現良好。我們的市場份額增長表明，麥當勞品牌銷售額在去年實現了業內最強勁的增長。 3D 戰略創下了我們在數字、交付和免下車服務方面的最高銷售額記錄，未來還會有更多增長。

We also delivered on our promised unit growth for the year with 66 restaurants opened, including 40 in Brazil, 90% freestanding units. We have the largest freestanding restaurant portfolio in the Latin America and QSR industry by a wide margin. We leveraged this structural competitive advantage with the industry's most robust digital platform, taking an omnichannel approach to meet our guests' needs and preferences. This is why the McDonald's brand is as strong as ever in our region, and we were able to gain so much market share in all our main markets. I fully expect these trends to continue for the foreseeable future. Luis, let's take a look at sales performance at the divisional level.

我們還實現了今年承諾的單位增長，開設了 66 家餐廳，其中 40 家在巴西，90% 是獨立餐廳。我們擁有拉丁美洲和 QSR 行業最大的獨立餐廳組合，遙遙領先。我們通過行業最強大的數字平台利用這種結構性競爭優勢，採用全渠道方式來滿足客人的需求和偏好。這就是為什麼麥當勞品牌在我們地區一如既往地強大，我們能夠在所有主要市場獲得如此大的市場份額。我完全希望這些趨勢在可預見的未來繼續下去。路易斯，讓我們來看看部門層面的銷售業績。

Thanks, Marcelo, and hello, again, everyone. Systemwide comparable sales grew 1.9x blended inflation in the fourth quarter of 2022 and 2.4x blended inflation for the full year. In Brazil, comparable sales were up 3.6x inflation in the fourth quarter with 52% coming from digital sales channels. This included 41% growth in the market's own channels of MOP and mac delivery.

謝謝，馬塞洛，大家好。 2022 年第四季度，全系統可比銷售額增長了 1.9 倍的混合通貨膨脹率，全年增長了 2.4 倍的混合通貨膨脹率。在巴西，第四季度可比銷售額增長了 3.6 倍，其中 52% 來自數字銷售渠道。這包括市場自身的 MOP 和 mac 交付渠道增長 41%。

As an example of the traction we are gaining in digital on Black Friday in Brazil, we achieved a record for digital sales in a single day with the McDonald's app being the second most downloaded of all apps in the country, not just in the restaurant industry. Campaigns designed around McDonald's global sponsorship of the FIFA World Cup leveraged (inaudible) and partnered with local celebrities and sports personalities to drive sales in the quarter as well.

舉個例子，我們在巴西的黑色星期五獲得了數字化的吸引力，我們創造了單日數字銷售記錄，麥當勞應用程序是該國所有應用程序中下載次數第二多的應用程序，而不僅僅是在餐飲業.圍繞麥當勞對 FIFA 世界杯的全球贊助而設計的活動利用（聽不清）並與當地名人和體育名人合作，也推動了本季度的銷售。

In NOLAD, comparable sales grew at a rate of 3.1x blended inflation in the quarter. Menu innovation have drive sales across the region with the launch of World Cup, FIM sandwiches in Mexico, Panama and Costa Rica. In Mexico, the #McDonaldsMéxicoMeEncant brand-building campaign, partnered with Sergio Checo Perez, the popular Mexican Formula 1 driver with special activations during Mexico's Grand Prix in October. And Costa Rica strengthened the Beef segment with the implementation of Best Burger with sales growing 21% year-over-year, achieving the market's highest sales for a single quarter.

在 NOLAD，本季度可比銷售額以 3.1 倍的混合通脹率增長。隨著世界杯、FIM 三明治在墨西哥、巴拿馬和哥斯達黎加的推出，菜單創新推動了整個地區的銷售。在墨西哥，#McDonaldsMéxicoMeEncant 品牌建設活動與 Sergio Checo Perez 合作，Sergio Checo Perez 是廣受歡迎的墨西哥一級方程式車手，在 10 月的墨西哥大獎賽期間進行了特別活動。哥斯達黎加通過實施 Best Burger 加強了牛肉業務，銷售額同比增長 21%，實現了市場單季度最高銷售額。

In SLAD, comparable sales rose 1.6x blended inflation in the quarter and most markets achieved their best scores ever for brand Love and Affinity. Digital sales grew an outstanding 55% versus the prior year period and achieved the highest digital penetration to date. Beef and Chicken campaigns reinforced the value for money proposition as well as quality and taste perception. This including the launch of the Macro Chicken sand, which is in Colombia and Chile and the FIFA World Cup sandwiches, Selection and McDonald's in several SLAD markets.

在 SLAD 中，本季度可比銷售額增長了 1.6 倍的混合通貨膨脹率，大多數市場的品牌 Love 和 Affinity 都取得了有史以來的最高分。與去年同期相比，數字銷售額增長了 55%，達到了迄今為止最高的數字滲透率。牛肉和雞肉宣傳活動強化了物有所值的主張以及對質量和口味的認知。這包括在哥倫比亞和智利推出的 Macro Chicken sand 以及在多個 SLAD 市場推出的 FIFA 世界杯三明治、Selection 和麥當勞。

We also run a special campaign for the World Cup Champions in Argentina, where we are official digital sponsors of the country's national team. The sales trends from the fourth quarter have carried into the first quarter of 2023 as well. In fact, January and February comparable sales were very strong, growing a combined 1.9x inflation with solid growth across all divisions.

我們還為阿根廷世界杯冠軍舉辦了一場特別活動，我們是該國國家隊的官方數字贊助商。第四季度的銷售趨勢也延續到了 2023 年第一季度。事實上，1 月和 2 月的可比銷售額非常強勁，通貨膨脹率合計增長 1.9 倍，所有部門均實現穩健增長。

As we have seen for the last 2 years, off-prem channels growth remains very strong, especially delivery. And we are very happy with the acceleration of growth in on-premise channels, which is now ahead of our expectations. This speaks to the essence of the McDonald's brand in Latin America and the Caribbean. We remain very much a family restaurant experience and guests still love coming into a restaurant for a visit. This is just one more growth lever we expect to help drive sales growth this year.

正如我們在過去 2 年所看到的那樣，場外渠道的增長仍然非常強勁，尤其是交付。我們對本地渠道的加速增長感到非常高興，這現在超出了我們的預期。這道出了麥當勞品牌在拉丁美洲和加勒比地區的精髓。我們在很大程度上仍然是一種家庭餐廳體驗，客人仍然喜歡光顧餐廳。這只是我們預計有助於推動今年銷售增長的又一個增長槓桿。

Mariano will now show you how the strong top line growth generated significant profitability growth in each division as well.

馬里亞諾現在將向您展示強勁的收入增長如何在每個部門也帶來顯著的盈利增長。

Thanks, Luis, and good morning, everyone. The Arcos Dorados operation generated adjusted EBITDA growth of 21.3% in the fourth quarter on an apples-to-apples basis versus last year. For the year, adjusted EBITDA growth was very strong, rising 41.8% in U.S. dollars and almost 48% in constant currency compared with 2021. This is a testament to our strategic approach to generating top line designed to drive sales through volume growth.

謝謝，路易斯，大家早上好。與去年同期相比，Arcos Dorados 業務第四季度調整後的 EBITDA 增長了 21.3%。今年，調整後的 EBITDA 增長非常強勁，與 2021 年相比，以美元計算增長了 41.8%，以固定匯率計算增長了近 48%。這證明了我們旨在通過銷量增長來推動銷售額的戰略方針。

As a result, we captured market share and maximizeD cash flow growth even as we faced our toughest ever comparisons in the second half of 2022. As expected, gross margin remained relatively flat for the full year with some food and paper cost pressure in the second half of the year. Payroll increased slightly versus the prior year, mainly due to the discontinuation of government subsidies in 2021, but payroll should remain close to today's very productive levels. Additionally, this year, we had the final step-up in our royalty rate, which took effect on August 3.

因此，即使我們在 2022 年下半年面臨有史以來最艱難的比較，我們仍獲得了市場份額並實現了現金流量增長的最大化。正如預期的那樣，全年毛利率保持相對平穩，第二年存在一些食品和紙張成本壓力半年。薪資與上一年相比略有增加，這主要是由於政府補貼在 2021 年停止，但薪資應該會保持在今天非常高產的水平附近。此外，今年我們最後一次提高了專利費率，並於 8 月 3 日生效。

The good news is that our sales growth far outpaced inflation, which helped generate significant operating leverage in our fixed costs, both in the occupancy and other operating line as well as in our G&A. As a result, we more than offset expense headwinds and reached our highest ever full year adjusted EBITDA margin. Looking ahead, we are focused on continuing to deliver strong adjusted EBITDA growth while maintaining healthy margins.

好消息是我們的銷售增長遠遠超過通貨膨脹，這有助於在我們的固定成本中產生顯著的運營槓桿，包括入住率和其他運營線以及我們的 G&A。因此，我們不僅抵消了費用逆風，還達到了有史以來最高的全年調整後 EBITDA 利潤率。展望未來，我們專注於繼續實現強勁的調整後 EBITDA 增長，同時保持健康的利潤率。

Profitability growth was strong across all divisions. Brazil's adjusted EBITDA grew more than 19% on an apples-to-apples basis. NOLAD's EBITDA grew almost 24% also on a comparable basis. And SLAD's EBITDA was up double digits when we exclude the royalty rate step up from the fourth quarter 2022 result.

所有部門的盈利能力增長強勁。巴西的調整後 EBITDA 同比增長超過 19%。 NOLAD 的 EBITDA 在可比基礎上也增長了近 24%。當我們排除從 2022 年第四季度結果中提高的特許權使用費率時，SLAD 的 EBITDA 增長了兩位數。

As Luis just mentioned, 2023 is off to a strong start, and we are confident that our plans for the rest of the year will continue to unlock value in our business. Luis, back to you for the main highlights of our investor update.

正如路易斯剛才提到的，2023 年開局良好，我們相信今年剩餘時間的計劃將繼續釋放我們業務的價值。路易斯，回到你身邊，了解我們投資者更新的主要亮點。

The recording and presentation from our investor update are available for download from our website. I would like to take you through one slide for each of the D's we covered during the event, digital, delivery, drive-thru and development. By now, it should be clear that Arcos Dorados has developed the most robust digital platform in the Latin America QSR industry. Digital sales grew 55% in the fourth quarter versus the prior year period, reaching record penetration as a percentage of total sales. We also made significant progress last year with identified sales.

我們投資者更新的錄音和演示文稿可從我們的網站下載。我想帶您通過一張幻燈片了解我們在活動期間涵蓋的每個 D，數字、交付、得來速和開發。到目前為止，Arcos Dorados 已經開發出拉丁美洲 QSR 行業最強大的數字平台，這一點應該很清楚了。與去年同期相比，第四季度數字銷售額增長了 55%，佔總銷售額的百分比達到了創紀錄的水平。去年，我們在確定的銷售方面也取得了重大進展。

During the fourth quarter, 17% of sales were identified, meaning guests have shared their data and importantly, giving us permission to use their data. And the results are very compelling. When we are able to identify a sale, we use personalized insights and communication to drive higher average revenue per user by increasing both frequency and average check with those guests.

在第四季度，17% 的銷售額被確定，這意味著客人分享了他們的數據，重要的是，允許我們使用他們的數據。結果非常引人注目。當我們能夠確定銷售時，我們會使用個性化的見解和溝通，通過增加與這些客人的頻率和平均檢查來提高每個用戶的平均收入。

Sales in the second D delivery have more than tripled since 2019. Even as on-premise sales channels normalized in 2022, delivery growth remained incredibly strong. In fact, we had the highest ever delivery sales total in the fourth quarter, which was up an impressive 52% versus the prior year quarter. While most of the QSR industry has seen delivery sales remain relatively flat, the McDonald's brand has captured nearly all the growth in the sales channel, which led to significant market share gains relative to our main competitors in the region.

自 2019 年以來，第二次 D 交付的銷售額增長了兩倍多。即使內部銷售渠道在 2022 年正常化，交付增長仍然非常強勁。事實上，我們在第四季度實現了有史以來最高的交付銷售總額，與去年同期相比增長了 52%，令人印象深刻。雖然大多數快餐行業的外賣銷售保持相對平穩，但麥當勞品牌幾乎佔據了銷售渠道的所有增長，這導致相對於我們在該地區的主要競爭對手顯著增加市場份額。

Trends in drive-thru, the third D reflect the structural competitive advantage of our freestanding restaurant portfolio. Sales in this channel are up about 50% since 2019, even though on-premise volume is now accelerating, but it's not just a sheer number of restaurants. Guest experience is the main driver of frequency and sales growth.

得來速的趨勢，第三個 D 反映了我們獨立餐廳組合的結構性競爭優勢。自 2019 年以來，該渠道的銷售額增長了約 50%，儘管現在店內銷售量正在加速增長，但這不僅僅是餐廳數量之多。客戶體驗是頻率和銷售增長的主要驅動力。

We've made operational improvements over the last several years to speed up total experience times and reducing accuracy that took customer satisfaction to all-time highs. It's no surprise to see we have dominant drive-through market share where the McDonald's brand now accounts for more than half the entire drive-thru market in our region.

在過去幾年中，我們對運營進行了改進，以加快總體體驗時間並降低準確性，從而使客戶滿意度達到歷史最高水平。毫不奇怪，我們擁有主導的得來速市場份額，麥當勞品牌現在占我們地區整個得來速市場的一半以上。

We mentioned one more D in our presentation development. The strong results of the last 2 years have also benefited from having best-in-class tools, processes and teams managing our expansion. No other operator in the region has our knowledge and track record to investigate, acquire, develop and support new restaurant builds.

我們在演示文稿開發中又提到了一個 D。過去 2 年的強勁業績也得益於一流的工具、流程和團隊管理我們的擴張。該地區沒有其他運營商擁有我們的知識和記錄來調查、收購、開發和支持新餐廳的建設。

Freestanding restaurant sales are up 16% per unit in U.S. dollars since 2019, and the return on investment from openings over the last 3 years is higher than ever. We operate in a highly underpenetrated region where consumer habits have changed and companies with multiple sales channels will benefit the most from this new normal. This is why we are so confident in the long-term potential of the McDonald's brand in our region. Back to Mariano to tell you about how we are positioned to capture this potential.

自 2019 年以來，以美元計算的獨立餐廳銷售額增長了 16%，過去 3 年開業的投資回報率比以往任何時候都高。我們在一個高度滲透不足的地區開展業務，那裡的消費者習慣已經改變，擁有多個銷售渠道的公司將從這一新常態中受益最多。這就是為什麼我們對麥當勞品牌在我們地區的長期潛力充滿信心。回到馬里亞諾，告訴您我們如何定位以抓住這一潛力。

Strong EBITDA growth last year translated into robust cash flow from operations as well. This will be the primary source of funding for our expansion and investment plans in the coming years. In addition, we have a very strong cash position to support expansion, so we do not expect to increase gross debt in the near future. The net leverage ratio may increase modestly as we deploy some of the excess cash, but we expect it to remain well below our comfort range.

去年強勁的 EBITDA 增長也轉化為強勁的運營現金流。這將是我們未來幾年擴張和投資計劃的主要資金來源。此外，我們擁有非常強勁的現金狀況來支持擴張，因此我們預計近期不會增加總債務。隨著我們部署一些過剩現金，淨槓桿率可能會適度增加，但我們預計它仍將遠低於我們的舒適範圍。

A couple of weeks ago, we received the good news that Fitch upgraded our debt rating to BB+ with a stable outlook, one notch below investment grade. As the basis for the upgrade, Fitch noted our strong operating performance and healthy debt profile. Importantly, they also mentioned our increased cash flow currency diversification and positive free cash flow outlook. In other words, Arcos Dorados is well positioned to navigate the challenging macroeconomic environment that Fitch recently noted, is impacting other Latin American corporates.

幾週前，我們收到了一個好消息，惠譽將我們的債務評級上調至 BB+，前景穩定，比投資級別低一級。作為上調的基礎，惠譽注意到我們強勁的經營業績和健康的債務狀況。重要的是，他們還提到了我們增加的現金流貨幣多元化和積極的自由現金流前景。換句話說，Arcos Dorados 處於有利地位，可以應對惠譽最近指出的具有挑戰性的宏觀經濟環境，該環境正在影響其他拉丁美洲企業。

We are moving quickly with disciplined capital deployment to capture profitable growth. Last year's openings exceeded guidance, and we also accelerated the modernization of the existing portfolio with more than 110 experience of the future remodels in 2022. For 2023, total capital expenditures should be about $350 million, about 75% to 80% will go to development CapEx directly related to our restaurants. The other 20% to 25% will be for nondevelopment CapEx, mostly IT and digital.

我們正在迅速採取有紀律的資本部署，以實現盈利增長。去年的開張數超過了預期，我們還加快了現有投資組合的現代化，在 2022 年擁有超過 110 項未來改造經驗。到 2023 年，總資本支出應約為 3.5 億美元，其中約 75% 至 80% 將用於開發資本支出與我們的餐廳直接相關。另外 20% 到 25% 將用於非開發資本支出，主要是 IT 和數字。

On the development side, we expect to open 75 to 80 restaurants, again, more than 90% freestanding. We will modernize at least 250 existing restaurants to the EOTF format with plans to exceed 90% of the portfolio by the end of 2027. We will also make the required maintenance CapEx investments in our base. Nondevelopment CapEx will help us introduce new digital platforms and capabilities. Some of these will be customer-facing. We will also invest in upgrading existing digital, technological and other infrastructure in restaurants and offices.

在開發方面，我們預計將開設 75 至 80 家餐廳，其中 90% 以上是獨立餐廳。我們將對至少 250 家現有餐廳進行現代化改造，使其採用 EOTF 格式，併計劃到 2027 年底超過投資組合的 90%。我們還將在我們的基地進行必要的維護資本支出投資。非開發資本支出將幫助我們引入新的數字平台和功能。其中一些將面向客戶。我們還將投資升級餐廳和辦公室現有的數字、技術和其他基礎設施。

Finally, as part of its ongoing commitment to provide shareholders with multiple sources of return, Arcos Dorados Board of Directors has approved a cash dividend of $0.19 per share to be paid in 4 installments at the end of each calendar quarter. The first 3 payments in March, June and September will be $0.05 per share and the final payment in December will be $0.04 per share. Marcelo, back to you.

最後，作為其為股東提供多種回報來源的持續承諾的一部分，Arcos Dorados 董事會已批准每股 0.19 美元的現金股息，將在每個日曆季度末分 4 期支付。 3 月、6 月和 9 月的前 3 筆付款為每股 0.05 美元，12 月的最後一筆付款為每股 0.04 美元。馬塞洛，回到你身邊。

Over the last few years, you have heard us talk a lot about our industry-leading ESG platform, recipe for the future, and it's 6 pillars. We reviewed the platform 6 weeks ago during our investor update, and I invite you to learn more about the program by visiting their recipe for the future website. By the time we meet again in the middle of May for our first quarter 2023 earnings webcast, we will have published our 2022 social commitment and sustainable development report. Once again, it will contain content audited by EY, and we'll update you on our progress with the impactful programs and initiatives in the recipe for the future platform.

在過去的幾年裡，您已經聽到我們談論了很多關於我們行業領先的 ESG 平台、未來的秘訣，以及它的 6 大支柱。我們在 6 週前的投資者更新期間審查了該平台，我邀請您通過訪問他們的未來網站秘訣來了解有關該計劃的更多信息。到 5 月中旬再次召開 2023 年第一季度收益網絡直播時，我們將發布 2022 年社會承諾和可持續發展報告。再次，它將包含由安永審計的內容，我們將通過未來平台配方中有影響力的計劃和舉措向您通報我們的進展情況。

I will wrap up with a few final thoughts on 2022 and our outlook for 2023. Last year was a historic year for Arcos Dorados with outstanding financial results supported by sustainable long-term business trends. And 2023, is off to a very strong start as well. Guest habits have changed over the last 2 years and certain Paradies have shifted. I believe the competitive advantages we enjoy today will last for many years to come, including the largest freestanding restaurant portfolio in the industry, the best digital platform in Latin America's USR segment and the operational excellence of the world's favorite QSR brand.

我將總結一些關於 2022 年的想法和我們對 2023 年的展望。去年對於 Arcos Dorados 來說是具有歷史意義的一年，在可持續的長期業務趨勢的支持下取得了出色的財務業績。 2023 年也有一個非常強勁的開端。客人的習慣在過去 2 年發生了變化，某些 Paradies 也發生了變化。我相信我們今天享有的競爭優勢將持續多年，包括業內最大的獨立餐廳組合、拉丁美洲 USR 細分市場中最好的數字平台以及全球最受歡迎的 QSR 品牌的卓越運營。

Guests reinforce these perceptions by choosing to visit us more often in 2022 as well. Last year, we gained market share across all main markets with an average increase of more than 4 percentage points versus 2021. The McDonald's brand has never been stronger in Latin America. In fact, last year, we improved on 24 of the 25 brand attributes we track. We are capturing today's potential with our 3D strategy. While we seek to always be a destination for our guests, we have also adapted the business to meet guests on their own terms. The omnichannel approach has strengthened our competitive position by allowing guests to choose what, when, how and where to enjoy their McDonald's experience. This has allowed us to capture today's market potential like never before. We will cease tomorrow's potential with the industry's best-in-class development tools, processes and team.

客人也通過選擇在 2022 年更頻繁地訪問我們來強化這些看法。去年，我們在所有主要市場的市場份額比 2021 年平均增長了 4 個百分點以上。麥當勞品牌在拉丁美洲從未如此強大。事實上，去年，我們改進了我們追踪的 25 個品牌屬性中的 24 個。我們正在通過我們的 3D 戰略捕捉當今的潛力。在我們力求始終成為客人的目的地的同時，我們還調整了業務以滿足客人自己的條件。全渠道方式讓客人可以選擇享受麥當勞體驗的內容、時間、方式和地點，從而加強了我們的競爭地位。這使我們能夠以前所未有的方式抓住當今的市場潛力。我們將利用業界一流的開發工具、流程和團隊來挖掘明天的潛力。

Latin America remains one of the most underpenetrated regions in the world for the QSR industry. And we firmly believe there is no other QSR company or brand positioned to grow as fast or as profitably in our region as Arcos and McDonald's for the foreseeable future. Thank you for your ongoing support. Dan over to you to start the Q&A session.

拉丁美洲仍然是世界上 QSR 行業滲透率最低的地區之一。我們堅信，在可預見的未來，沒有其他 QSR 公司或品牌能夠像 Arcos 和麥當勞一樣在我們地區實現快速增長或盈利。感謝您一直以來的支持。 Dan 請你開始問答環節。

Thanks, Marcelo. (Operator Instructions) Our first question today comes from Melissa Byun of Bank of America.

謝謝，馬塞洛。 （操作員說明）我們今天的第一個問題來自美國銀行的 Melissa Byun。

A 2-part question. The first part is for Marcelo. How are sales performing in the first quarter to date across the markets? And are you seeing any change in underlying trends considering Omacron and Carnival impacts?

一個由兩部分組成的問題。第一部分是給馬塞洛的。迄今為止，第一季度各市場的銷售情況如何？考慮到 Omacron 和狂歡節的影響，您是否看到潛在趨勢有任何變化？

Okay. Good morning, everyone. Comparable sales growth in the first 2 months of this year of 2023 remained very strong. They grew almost 2x blended inflation for the company. And it's important to notice that the growth remains strong across all 3 divisions as it was the case in 2022. So based on our aggressive marketing plans and these recent trends, we are confident that we can deliver another year of comparable sales growth, well above inflation in our markets, which will then generate the expected operational leverage.

好的。大家，早安。 2023 年前 2 個月的可比銷售額增長仍然非常強勁。他們為公司帶來了近 2 倍的混合通脹。值得注意的是，與 2022 年一樣，所有 3 個部門的增長仍然強勁。因此，根據我們積極的營銷計劃和這些近期趨勢，我們有信心我們可以實現另一年的可比銷售增長，遠高於我們市場的通貨膨脹，然後將產生預期的運營槓桿。

And the second part of Melissa's question has to do with our loyalty program. This one is for you Luis. Are there any initial indications or learnings from the Mine McDonald's Rewards pilot that we can share? And what's the time line for the broader rollout of the program.

Melissa 問題的第二部分與我們的忠誠度計劃有關。這是給你的，路易斯。我們可以分享 Mine McDonald's Rewards 試點的任何初步跡像或教訓嗎？更廣泛地推出該計劃的時間表是什麼時候？

All right, thanks for the question. Yes, we are running today the pilot in Ribera Preto in Brazil. The objective is to validate our assumptions and to get feedback from customers and operations. And what I can share is that even without the massive media launch customers who are joining the program that is surpassing our expectations, and we are increasing our identified sales. And as we introduce those new customers to the program, we see an increase in visit frequency because they are exposed to now new functionalities. And as we said in the investor update, once we learn from this experience, we're going to be able to start the rollout.

好的，謝謝提問。是的，我們今天在巴西的里貝拉普雷圖進行試點。目的是驗證我們的假設並從客戶和運營中獲得反饋。我可以分享的是，即使沒有大量媒體發布客戶加入該計劃，這也超出了我們的預期，我們正在增加我們確定的銷售額。當我們將這些新客戶介紹給該計劃時，我們發現訪問頻率有所增加，因為他們接觸到了現在的新功能。正如我們在投資者更新中所說，一旦我們從這次經驗中吸取教訓，我們將能夠開始推出。

Actually, I think that was the only question we've received so far and another one is coming in now, (Operator Instructions). Okay. It looks like we're not getting any additional questions here in the chat function. It's a busy day in the markets, obviously. I just jump on in from, Jeronime De Guzman from INCA Investments.

實際上，我認為這是迄今為止我們收到的唯一問題，現在又收到了另一個問題（操作員說明）。好的。看起來我們在聊天功能中沒有收到任何其他問題。顯然，這是市場繁忙的一天。我剛從 INCA Investments 的 Jeronime De Guzman 跳進來。

We mentioned food and paper costs in the second half of 2022. How are we seeing these pressures going into 2023. And considering this in the benefit we mentioned from operational leverage, what's our expectation for margin expansion or contraction in 2023? That one is for you Mariano.

我們提到了 2022 年下半年的食品和紙張成本。我們如何看待這些壓力進入 2023 年。考慮到我們從運營槓桿中提到的好處，我們對 2023 年利潤率擴張或收縮的預期是什麼？那個是給你的馬里亞諾。

Thank you, Dan, and thank you, Jeronimo for the question. For the start of 2023, we are seeing a better input cost environment, and we believe we can capture other efficiencies as well in the business to maintain healthy margins. And the idea and our plan in this respect is very clear. We remain focused on driving top line with sustainable volume growth. That's what we have done in 2022 and the plan to continue in 2023. We already started with a very healthy sales trend, as we mentioned in the first 2 months in all channels, and we are committed to deliver U.S. dollar absolute EBITDA growth as we have done in 2022 as well with a healthy margin profile and, of course, maintaining a disciplined cost and expense control.

謝謝 Dan，也謝謝 Jeronimo 提出的問題。 2023 年初，我們看到了更好的投入成本環境，我們相信我們可以在業務中獲得其他效率，以保持健康的利潤率。我們在這方面的思路和計劃是非常明確的。我們仍然專注於通過可持續的銷量增長來推動收入增長。這就是我們在 2022 年所做的，併計劃在 2023 年繼續。正如我們在前兩個月在所有渠道中提到的那樣，我們已經開始了非常健康的銷售趨勢，我們致力於實現美元絕對 EBITDA 增長，因為我們在 2022 年也取得了良好的利潤率，當然，還保持了嚴格的成本和費用控制。

The next question is actually John Deter, by the way, from First New York guys a similar question. Do you have any forecast for margins in '23, and I think we just answered that. And we have a question from Martin so from Fundomental Capital ask how does growth look for 2023? And is the main driver store openings. And I think that's back to you, Marcelo.

下一個問題實際上是來自 First New York 的 John Deter 提出的類似問題。您對 23 年的利潤率有任何預測嗎，我想我們剛剛回答了這個問題。馬丁提出了一個問題，所以 Fundamental Capital 問 2023 年的增長情況如何？並且是開店的主要驅動力。我認為這是對你的回應，馬塞洛。

Okay. Yes. As it was the case in 2022, our plan is to continue building revenue through volume growth in the existing restaurant base, surpassing with our system-wide comparable sales, not only inflation, but our competitors in the different markets, and that has been the case in 2022, and that's the base and the focus of our plan for this year 2023 based on the first couple of months of the year, we are doing well against that plan. And on top of that, we accelerated our peso investments both in terms of expansion. Last year, we opened 66 new restaurants, 90% of them freestanding units for this year 2023, we are planning to open 75 to 80 new restaurants. So we are accelerating our peso of growth. And on top of that, we are accelerating our modernization program, converting approximately 250 restaurants to the experience of the future format. So we are gaining traction, both from the existing restaurant base and on top of that, with the new restaurant openings that we accelerated last year, and the same will be the case for this year.

好的。是的。與 2022 年的情況一樣，我們的計劃是通過現有餐廳基礎的銷量增長繼續增加收入，超過我們全系統的可比銷售額，不僅是通貨膨脹，而且是我們在不同市場的競爭對手，這一直是2022 年的情況，這是我們基於今年前幾個月制定的 2023 年計劃的基礎和重點，我們按照該計劃做得很好。最重要的是，我們在擴張方面加快了我們的比索投資。去年，我們新開了 66 家餐廳，其中 90% 是獨立餐廳，今年 2023 年，我們計劃新開 75 到 80 家餐廳。因此，我們正在加速我們的比索增長。最重要的是，我們正在加快我們的現代化計劃，將大約 250 家餐廳轉變為未來格式的體驗。因此，我們正在獲得牽引力，無論是從現有的餐廳基地還是除此之外，我們去年加速開設的新餐廳，今年也是如此。

And I think the next one is for you as well, from Antonio Hernandez of Barclays.

我認為下一個也適合您，來自巴克萊銀行的安東尼奧·埃爾南德斯 (Antonio Hernandez)。

He says, we, and where do we expect a tougher competition environment throughout the year?

他說，我們，我們在哪裡預計全年競爭環境會更嚴峻？

Well, we expect the same kind of environment we faced during 2022, particularly in the second half when we didn't face any restrictions related with the pandemic. So based on our research and some public information, QSR industry growth basically has been driven by McDonald's brand sales so the QSR sector, in general, is keeping the gains in both during the pandemic. In our case, we'll continue to grow our market share. And it's important to mention that these improvements in terms of market share have been in all 3 divisions and within NOLAD and SLAD in all main markets. So our strategy continues to be built a good value proposition all across our menu. That's why our pricing increases have been very prudent. And I think that maximizes the addressable market and the brand experience and the brand preference that has been the case in 2022, we plan to sustain these efforts during 2023.

好吧，我們預計 2022 年將面臨同樣的環境，尤其是在下半年我們沒有面臨任何與大流行相關的限制。因此，根據我們的研究和一些公開信息，QSR 行業的增長基本上是由麥當勞品牌銷售推動的，因此 QSR 行業總體上在大流行期間保持了兩者的收益。就我們而言，我們將繼續擴大市場份額。值得一提的是，所有 3 個部門以及所有主要市場的 NOLAD 和 SLAD 都在市場份額方面取得了這些改進。因此，我們的戰略繼續在我們的整個菜單中建立良好的價值主張。這就是為什麼我們的價格上漲非常謹慎。我認為，為了最大限度地提高可尋址市場、品牌體驗和品牌偏好，我們計劃在 2023 年維持這些努力。

The next question comes from (inaudible) from rack Rasin.

下一個問題來自 rack Rasin（聽不清）。

And he ask a follow-up on new store openings. What's the typical payback period? And that was for you, Mariano.

他詢問新店開張的後續情況。典型的投資回收期是多少？那是給你的，馬里亞諾。

Perfect. Thank you, for the question. Typically, payback period is between 3 to 5 years. What we can mention as well is that the return -- the ROI on openings is right now at all time highs even all the channels and the sales that are related to the on-premise but also to the off-premise sales and channels that we are improving. So we are very happy with the returns we are seeing for the openings.

完美的。感謝你的提問。通常，投資回收期為 3 至 5 年。我們還可以提到的是回報 - 開放的投資回報率現在處於歷史最高水平，甚至是與內部部署相關的所有渠道和銷售，也與我們的外部銷售和渠道相關正在改善。因此，我們對所看到的空缺回報感到非常滿意。

And a follow-up from Jeronimo de Guzman from INCA Investments.

以及來自 INCA Investments 的 Jeronimo de Guzman 的跟進。

Yes, if we can update us on the sales improvement we're seeing from restaurants that are -- after they've been modernized. So I'll give this one to you, Luis.

是的，如果我們可以更新我們從餐廳看到的銷售改善情況——在他們已經現代化之後。所以我會把這個給你，路易斯。

Yes. Okay. The sales lift of these modernizations are above the normal growth of the rest of the restaurants. The main impact here is that the front counter includes self-order kiosks and 60 to -- what we're seeing today that 60% to 90% of that volume is coming through the kiosks that generate higher average check. So we're seeing not only better sales but better profitability as well. Just as a reminder, today, by the end of 2022, 45% of our footprint was EOTF.

是的。好的。這些現代化改造的銷售增長高於其他餐廳的正常增長。這裡的主要影響是前台包括自助訂購亭和 60 到——我們今天看到的是，60% 到 90% 的交易量來自產生更高平均支票的亭。因此，我們不僅看到了更好的銷售，而且也看到了更好的盈利能力。提醒一下，今天，到 2022 年底，我們 45% 的足跡是 EOTF。

Yes. Most of the restaurants have a mid-single to high single-digit sales lift after the modernization. So based mainly in the increasing frequency and as Luis mentioned before, the improvement in the average check when the orders are made through the digital kiosks.

是的。現代化改造後，大多數餐廳的銷售額都有中個位數到高個位數的提升。因此，主要基於頻率的增加，正如 Luis 之前提到的，通過數字亭下訂單時平均檢查的改進。

Great. Our next question comes from Gabriel Axel from Athena Capital.

偉大的。我們的下一個問題來自 Athena Capital 的 Gabriel Axel。

Congratulations for the great year, and thank you for the presentation. I'd like to know what drove the net interest to a stronger result than last year and what our expectations are.

祝賀偉大的一年，感謝您的介紹。我想知道是什麼促使淨利息比去年更高，以及我們的預期是什麼。

That one for you Mariano.

那個給你的馬里亞諾。

Perfect. Thanks, Gabriel, for the question. This year, in 2022, we benefited from a high cash balance that you can see in the balance sheet at the 31st December, but we have seen those figures throughout 2022 and favorable interest rate environment that drove interest income much higher than we were used to. We also did the liability management on our debt. And for 2023, we expect to continue investing our excess cash. But as we deploy cash in our investments, we should see that interest income decreasing as we invest in our CapEx initiatives that we already mentioned.

完美的。謝謝，加布里埃爾，提出這個問題。今年，也就是 2022 年，我們受益於 12 月 31 日資產負債表中的高現金餘額，但我們在整個 2022 年都看到了這些數字，有利的利率環境推動利息收入遠高於我們過去的水平.我們還對債務進行了負債管理。到 2023 年，我們預計將繼續投資多餘的現金。但是，當我們在投資中部署現金時，我們應該看到利息收入隨著我們投資於我們已經提到的資本支出計劃而減少。

Excellent. Thanks, Mariano. That actually brings us to the end of the Q&A session for today. Thanks, everyone, again, for the interest and for joining us today. We look forward to speaking with you again in the middle of May on our first quarter 2023 earnings webcast. And until then, stay safe, and have a great day.

出色的。謝謝，馬里亞諾。這實際上讓我們結束了今天的問答環節。再次感謝大家的興趣和今天加入我們。我們期待在 5 月中旬的 2023 年第一季度收益網絡廣播中再次與您交談。在那之前，請注意安全，祝你有美好的一天。