Arcos Dorados Holdings Inc (ARCO) 2023 Q3 法說會逐字稿

Good morning, everyone, and thank you for joining our Third Quarter 2023 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.

大家早安，感謝您參加我們的 2023 年第三季財報網路廣播。今天與我們在一起的有我們的執行長馬塞洛·拉巴赫 (Marcelo Rabach)； Luis Raganato，我們的營運長；以及我們的財務長 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. 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 that chat function.

今天正在錄製的網路廣播將包括我們領導團隊準備好的言論，並附有幻燈片演示，也可在我們網站 www.arcosdorados.com/ir 的投資者部分中取得。提醒一下，為了更好地觀看網路直播平台上的演示文稿，請滾動螢幕左上方部分，然後點擊箭頭以最大化幻燈片。在我們結束開場白後，我們將回答您的問題，您可以使用螢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存取該聊天功能。

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

今天的電話會議將包含前瞻性聲明，我建議您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聲明部分。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。除了根據公認會計原則報告財務績效外，我們還報告某些非公認會計準則財務表現。我們鼓勵投資者審查這些非 GAAP 財務業績與 GAAP 業績的對比情況，這可以在今天向 SEC 提交的新聞稿和未經審計的財務報表（表格 6-K）中找到。

Marcelo, over to you.

馬塞洛，交給你了。

Thank you, Dan. Good morning, everyone, and thank you for joining us today.

謝謝你，丹。大家早安，感謝您今天加入我們。

We are very pleased to report strong results for the third quarter 2023. McDonald's Brand strength, structural competitive advantages and unparalleled execution continued to drive sales growth and market share gains across the Arcos Dorados footprint. We have articulated and are executing a clear strategy, decide to drive sustainable sales growth supported by both restaurant volume and average check to generate operating leverage and long-term profitability growth. Among the most important elements of this strategy is value. Guests measure value based on more than price. Their value perception includes quality, service, convenience and optionality as well. This is where the region's largest freestanding restaurant portfolio and our 3D's strategy of Digital, Delivery and Drive-thru boost guests' value perceptions. Perhaps the best indicator the strategy is working is that comparable sales continued growing well above inflation across our business with strong guest volume growth in nearly all main markets. Even as consumption moderated in the region, sales growth remained strong, delivering cost and expense leverage to generate improved profitability. We are reinvesting our cash generation to expand the restaurant footprint in a highly underpenetrated industry. First year returns on investment for new restaurants remain well above historical average, proving that penetration continues to generate demand in our region. New restaurants also bring significant economic benefit to the communities we serve, especially through the creation of first-time jobs and long-term career opportunities for young people.

我們非常高興地報告 2023 年第三季的強勁業績。麥當勞的品牌實力、結構性競爭優勢和無與倫比的執行力繼續推動整個 Arcos Dorados 業務的銷售成長和市場份額的成長。我們已經制定並正在執行明確的策略，決定在餐廳數量和平均支票的支持下推動可持續的銷售成長，以產生營運槓桿和長期獲利成長。該戰略最重要的要素之一是價值。客人衡量價值的標準不僅僅是價格。他們的價值觀念也包括品質、服務、便利性和選擇性。這裡擁有該地區最大的獨立餐廳組合以及我們的 3D 數位化、送餐和得來速策略，提升了客人的價值認知。也許該策略發揮作用的最佳指標是，我們整個業務的可比銷售額持續成長，遠高於通貨膨脹，幾乎所有主要市場的客流量成長強勁。即使該地區消費放緩，銷售成長仍然強勁，提供成本和費用槓桿以提高獲利能力。我們正在對現金產生進行再投資，以擴大餐廳在這個高度滲透的行業中的足跡。新餐廳的第一年投資回報率仍遠高於歷史平均水平，證明滲透率繼續在我們地區產生需求。新餐廳也為我們服務的社區帶來顯著的經濟效益，特別是透過為年輕人創造首次就業機會和長期職業機會。

Let's take a look at consolidated results for the third quarter of 2023. Total revenue surpassed $1.1 billion, pricing 22.1% in U.S. dollars versus the prior year period. Guest traffic grew in the mid to high single digits in most markets, in line with our sales growth strategy. Adjusted EBITDA rose with revenue growth, reaching $129.1 million. U.S. dollar EBITDA growth was driven mainly by higher sales, but we also managed to expand margins, thanks to better food and paper costs and some fixed cost leverage in the quarter. Net income of $59.7 million or $0.28 per share rose 27.4% over last year's strong results. System-wide comparable sales grew 37.3% or about 1.4x blended inflation across the company. All markets outgrew inflation, and they got business share between the McDonald's brand and our nearest competitor expanded in our main markets as well.

讓我們來看看 2023 年第三季的合併業績。總營收超過 11 億美元，以美元計算比去年同期成長 22.1%。大多數市場的訪客流量均以中高個位數成長，這符合我們的銷售成長策略。調整後 EBITDA 隨著營收成長而上升，達到 1.291 億美元。美元 EBITDA 成長主要由銷售額成長推動，但由於食品和紙張成本改善以及本季的一些固定成本槓桿，我們也成功擴大了利潤率。淨利潤為 5,970 萬美元，即每股 0.28 美元，比去年的強勁業績增長 27.4%。全系統可比銷售額成長 37.3%，約為公司綜合通膨率的 1.4 倍。所有市場的成長都超過了通貨膨脹，麥當勞品牌和我們最接近的競爭對手之間的業務份額也在我們的主要市場上擴大了。

Among the markets with the strongest business share performance were Brazil, Chile, Costa Rica and Mexico. Digital sales accounted for 50% of system-wide sales with 20% identified sales across the business. A few weeks ago, we launched our loyalty program, which will help us reach the goal of 40% identified sales by the end of 2025. Luis will touch on that later. Delivery has proved to be a remarkably consistent sales channel with a 48% increase in local currency sales over the prior year. And drive-thru sales rose 17% in local currency, complementing the strong reval in on-premise sales channels. For the year-to-date through September, we opened 45 restaurants, including 41 freestanding units. Growth accelerated in the third quarter with 27 restaurant openings, and we fully expect to meet openings guidance for the full year 2023. In fact, as of today, we have opened 60 restaurants in our footprint since the beginning of the year.

業務份額表現最強勁的市場包括巴西、智利、哥斯大黎加和墨西哥。數位銷售佔全系統銷售額的 50%，整個企業的實體銷售額佔 20%。幾週前，我們啟動了忠誠度計劃，這將幫助我們實現到 2025 年底實現 40% 確定銷售額的目標。路易斯將在稍後談到這一點。事實證明，交付是一個非常穩定的銷售管道，以本幣計算的銷售額比上一年增長了 48%。以當地貨幣計算，得來速銷售額成長了 17%，與本地銷售管道的強勁復甦相得益彰。今年迄今截至 9 月份，我們開設了 45 家餐廳，其中包括 41 家獨立餐廳。第三季成長加速，開設了 27 家餐廳，我們完全期望能夠達到 2023 年全年的開業指引。事實上，截至今天，自年初以來我們已經開設了 60 家餐廳。

Let's go to Luis for an overview of sales performance in each division.

我們去路易斯那裡了解一下每個部門的銷售績效概況。

Thanks, Marcelo, and good morning, everyone.

謝謝馬塞洛，大家早安。

Brazil's comparable sales rose 10.8% or 2.3x inflation in the quarter. Remarkably, guest volume rose mid-single digits, building on last year's strong results despite a more challenging consumption environment. Our value and convenience offerings are resonating with guests in Brazil. About 61% of sales came through digital channels in the country where we were able to identify 25% of sales to drive increased guest frequency and average revenue per user. Delivery sales also remained strong in the Brazilian market, rising 32% versus last year in local currency. The McDonald's brand consolidated its market share leadership in the country with more than twice the market share of our nearest competitor. Marketing initiatives in the quarter included strong brand experience campaigns focused on important passion points for younger guests. The highlight was the sponsorship of "The Town", the biggest music festival in Brazil this year.

本季巴西的可比銷售額成長 10.8%，即通貨膨脹率的 2.3 倍。值得注意的是，儘管消費環境更具挑戰性，但在去年強勁業績的基礎上，客流量仍實現中個位數成長。我們的超值和便利服務引起了巴西客人的共鳴。該國約 61% 的銷售額來自數位管道，我們能夠確定其中 25% 的銷售額用於提高賓客頻率和每位用戶的平均收入。巴西市場的送貨銷售也保持強勁，以當地貨幣計算比去年增長了 32%。麥當勞品牌鞏固了在該國市場份額的領先地位，其市場份額是我們最接近的競爭對手的兩倍多。本季的行銷活動包括針對年輕客人的重要熱情點的強有力的品牌體驗活動。其中的亮點是贊助今年巴西最大的音樂節「The Town」。

We built Latin America's largest McDonald's restaurant to serve festival goers and launched a limited edition "McMelt The Town" sandwich in all restaurants to bring a taste of the festival to the entire country. We also maintained the brand's connection to sports with the sponsorship of the FIFA Women's World Cup online broadcasts on "Caze TV" Brazil's biggest streaming channel. Finally, the launches of "McFlurry Ovomaltine Mesclado" and "McFlurry Kit Kat" boosted traffic by bringing innovation to the desert category.

我們建造了拉丁美洲最大的麥當勞餐廳來服務節日觀眾，並在所有餐廳推出限量版“McMelt The Town”三明治，讓全國都嚐到節日的味道。我們也透過贊助巴西最大的串流頻道「Caze TV」在線上播放 FIFA 女足世界杯，保持了品牌與運動的聯繫。最後，「McFlurry Ovomaltine Mesclado」和「McFlurry Kit Kat」的推出透過為甜點類別帶來創新來增加流量。

NOLAD's comparable sales grew 11.5%, which was 4x the division's blended inflation in the quarter. Volume growth accounted for about 2/3 of comp sales growth with all markets outgrowing inflation by 2.5x to 8.5x inflation in the period. The NOLAD division reached some of its highest ever market share levels backed by positive brand attribute trends. Marketing activities featured many innovations across the region, including the launch of "GRANDS" sandwiches, an indulgent and tasty platform. In Mexico, the #McDonaldsMexicoMeEncanta brand campaign was endorsed by Sergio "Checo" Perez, the popular Mexican Formula 1 driver and included the "Menu Checo" famous order campaign. And in Puerto Rico, we launched the "Saca tu Encanto" brand-building campaign partnered with Tommy Torres, a popular local musical artist.

NOLAD 的可比銷售額成長了 11.5%，是該部門本季綜合通膨率的 4 倍。銷售成長約占公司銷售成長的 2/3，同期所有市場的成長速度都超過了通貨膨脹率的 2.5 倍至 8.5 倍。在積極的品牌屬性趨勢的支持下，NOLAD 部門達到了有史以來最高的市場份額水平。該地區的行銷活動體現了許多創新，包括推出「GRANDS」三明治，這是一個令人縱情享受的美味平台。在墨西哥，#McDonaldsMexicoMeEncanta 品牌活動得到了受歡迎的墨西哥一級方程式賽車手 Sergio“Checo”Perez 的認可，並包括“Menu Checo”著名的訂單活動。在波多黎各，我們與當地受歡迎的音樂藝術家 Tommy Torres 合作發起了「Saca tu Encanto」品牌建立活動。

SLAD's comparable sales grew 1.3x the division's blended inflation rate. Inflation aided growth in Argentina was complemented by mid-teens [constant] growth in both Chile and Uruguay. As in Brazil and NOLAD, we generated strong guest value in nearly all SLAD markets in the quarter. SLAD's markets captured additional market share with improved scores in brand attributes, reinforcing McDonald's brand preference across the division. To continue strengthening our leadership in the beef segment, we launched the "Bacon Cheddar McMelt" sandwich and the "Pileta de Cheddar" in Argentina, Chile, Colombia and Ecuador with strong sales results in all 4 countries. We also continued the rollout of Best Burger, extending the platform to Aruba, Curacao and Trinidad. The dessert platform produced excellent results with the launch of McFlurry products with locally relevant brands in markets like Chile, Colombia, Peru and Uruguay. And the good news is that we're generating positive sales trends halfway through the fourth quarter as well. Guest volume growth remains solid in most markets as we head into the end of the year.

SLAD 的可比銷售額成長是該部門綜合通貨膨脹率的 1.3 倍。阿根廷的通貨膨脹推動了成長，智利和烏拉圭的成長也維持在十幾歲左右。與巴西和 NOLAD 一樣，本季我們在幾乎所有 SLAD 市場都創造了強勁的賓客價值。 SLAD 的市場憑藉品牌屬性得分的提高獲得了額外的市場份額，增強了麥當勞在整個部門的品牌偏好。為了繼續加強我們在牛肉領域的領導地位，我們在阿根廷、智利、哥倫比亞和厄瓜多爾推出了“Bacon Cheddar McMelt”三明治和“Pileta de Cheddar”，在這四個國家都取得了強勁的銷售業績。我們也繼續推出 Best Burger，將平台擴展到阿魯巴島、庫拉索島和特立尼達島。該甜點平台在智利、哥倫比亞、秘魯和烏拉圭等市場推出了與當地相關品牌合作的 McFlurry 產品，並取得了優異的成績。好消息是，我們在第四季中期也出現了正面的銷售趨勢。接近年底，大多數市場的客流量成長依然強勁。

Over to you, Mariano.

交給你了，馬裡亞諾。

Thanks, Luis. Good morning, everyone.

謝謝，路易斯。大家，早安。

The quarter's adjusted EBITDA growth of 25.8% in U.S. dollars was driven by both increased sales and margin expansion. Consolidated EBITDA margin improved by 40 basis points. While we continued offering value to our guests with competitive pricing at the best restaurant experience in the industry, a lower commodity cost environment flow through to our gross margin. These, combined with G&A expense leverage, drove the quarter's margin improvement. Food and paper costs declined by 90 basis points as a percentage of revenue, with gross margin expansion in all 3 divisions. G&A improved by 40 basis points due to sales growth and the devaluation of the Argentine peso, which represents an important part of our corporate G&A. Most other expense line items were relatively flat versus the prior year, except for other operating expenses, which had a negative variance due to several puts and takes primarily in SLAD.

該季度調整後 EBITDA（以美元計算）成長 25.8%，這主要得益於銷售額的成長和利潤率的擴張。綜合 EBITDA 利潤率提高了 40 個基點。雖然我們繼續以具有競爭力的價格和業內最佳的餐廳體驗為客人提供價值，但較低的商品成本環境影響了我們的毛利率。這些因素與一般及行政費用槓桿相結合，推動了本季利潤率的改善。食品和紙張成本佔收入的百分比下降了 90 個基點，所有 3 個部門的毛利率均有所增加。由於銷售成長和阿根廷比索貶值，G&A 提高了 40 個基點，阿根廷比索是我們企業 G&A 的重要組成部分。大多數其他費用項目與上一年相比相對持平，但其他營運費用除外，由於主要在 SLAD 中的幾項看跌期權和索取費用而出現負差異。

Third quarter adjusted EBITDA grew strongly in all 3 divisions with double-digit growth in Brazil and NOLAD, where top line growth drove operational leverage. Brazil's EBITDA grew 24.8% in U.S. dollars, which was in line with top line growth in the division. EBITDA margin was flat with lower food and paper, payroll and G&A, offset mainly by higher occupancy and other operating expenses. NOLAD's EBITDA grew 42% in U.S. dollars, including 110 basis points of margin expansion in the quarter. Food and paper together with occupancy and other operating expenses, drove the margin improvement. SLAD's underlying operating results were very strong in the quarter. Restaurant margins improved with lower food and paper, payroll and occupancy and other operating expenses. Royalties were higher due to the final step-up in our royalty rate. Additionally, a combination of items in other operating expenses this year compared to other operating income last year, generated a negative variance in SLAD's EBITDA margin.

第三季調整後的 EBITDA 在所有 3 個部門均強勁成長，其中巴西和 NOLAD 實現兩位數成長，這兩個部門的營收成長推動了營運槓桿。巴西的 EBITDA 以美元計算成長了 24.8%，與該部門的收入成長一致。 EBITDA 利潤率持平，原因是食品和紙張、工資和一般行政費用減少，但主要被入住率和其他營運費用增加所抵消。 NOLAD 的 EBITDA 以美元計算成長了 42%，其中本季利潤率擴大了 110 個基點。食品和紙張以及入住率和其他營運費用推動了利潤率的提高。 SLAD 本季的基本營運業績非常強勁。由於食品和紙張、工資、入住率以及其他營運費用的減少，餐廳利潤率有所提高。由於我們的特許權使用費率最終提高，特許權使用費較高。此外，與去年其他營業收入相比，今年其他營業費用的多個項目組合導致 SLAD 的 EBITDA 利潤率出現負差異。

Let's turn to the 3D strategy of Digital, Delivery and Drive-thru. Digital sales grew 47% year-over-year, with sales from delivery, the mobile app and self-order kiosks providing half of system-wide sales in our geography. Identified sales improved from 16% last year to 20% in the most recent quarter. We now have over 75 million unique registered users in our database and more than 17 million average monthly users of the mobile app. Its ease of use and multitude of functionalities, make it by far the most popular app in Latin America's QSR industry. Even in Mexico, where we're working hard to increase digital sales penetration, and we have the third largest QSR restaurant portfolio, our mobile app is by far the most popular in the country's QSR industry as measured by active users.

讓我們轉向數位化、交付和得來速的 3D 策略。數位銷售額年增 47%，其中送貨、行動應用程式和自助點餐機的銷售額占我們所在地區全系統銷售額的一半。確定的銷售額從去年的 16% 上升到最近一個季度的 20%。現在，我們的資料庫中有超過 7500 萬的獨立註冊用戶，行動應用程式的平均每月用戶超過 1700 萬。其易用性和豐富的功能使其成為迄今為止拉丁美洲 QSR 行業最受歡迎的應用程式。即使在墨西哥，我們正在努力提高數位銷售滲透率，並且我們擁有第三大 QSR 餐廳組合，但根據活躍用戶衡量，我們的行動應用程式迄今為止也是該國 QSR 行業中最受歡迎的應用程式。

Delivery and Drive-thru sales rose by 48% and 17% in constant currency during the third quarter. Delivery accounted for 17% of system-wide sales with several markets generating a much higher contribution to sales. Home delivery continued to expand, and we are still learning from the process. So far, the evolution is encouraging. Drive-thru sales rose 17%, accounting for 25% of system-wide sales in the period. We have been very pleased with the sales growth in both off-premise channels, in addition to the strong results we have seen in on-premise channels for the last several quarters. Importantly, the mobile order and pay functionality on the app is growing exponentially and supporting all sales channels, especially in SLAD. MOP has the second highest customer satisfaction scores across all those channels, which is helping increase overall customer satisfaction scores.

以固定匯率計算，第三季送貨和得來速銷售額分別成長了 48% 和 17%。交付佔全系統銷售額的 17%，其中幾個市場對銷售額的貢獻要高得多。送貨上門的規模不斷擴大，我們仍在從中學習。到目前為止，這項進展令人鼓舞。得來速銷售額成長 17%，占同期全系統銷售額的 25%。除了過去幾季我們在內部通路中看到的強勁業績之外，我們對兩個外部通路的銷售成長感到非常滿意。重要的是，應用程式上的行動訂單和支付功能正在呈指數級增長，並支援所有銷售管道，尤其是 SLAD。 MOP 在所有這些管道中擁有第二高的客戶滿意度得分，這有助於提高整體客戶滿意度得分。

As part of our successful digital strategy last month, we executed the nationwide launch of our new loyalty program to all restaurants in both Brazil and Uruguay. We are encouraged by guest response so far, and we have already reached 1.8 million members. We built on learnings from My McDonald's Rewards around the world as well as insights generated through local pilots and a drive-thru-based loyalty platform. Our plan is to roll out the loyalty program to several additional markets by the end of next year. Loyalty boosts the power of the mobile app by driving visit frequency while increasing the percentage of identified sales to provide a more personalized guest experience. We look forward to sharing progress on future calls.

作為上個月我們成功的數位策略的一部分，我們在全國範圍內向巴西和烏拉圭的所有餐廳推出了新的忠誠度計劃。到目前為止，我們對客人的反應感到鼓舞，我們的會員數量已經達到 180 萬。我們借鑒了世界各地「我的麥當勞獎勵」的經驗教訓，以及透過當地試點和基於得來速的忠誠度平台所產生的見解。我們的計劃是在明年底之前將忠誠度計劃推廣到其他幾個市場。忠誠度透過提高訪問頻率來增強行動應用程式的力量，同時增加已識別銷售的百分比，從而提供更個人化的賓客體驗。我們期待在未來的電話會議上分享進展。

With above average returns on investment, we are accelerating opening some modernizations into the end of 2023, supported by stronger cash from operations and a healthy balance sheet. EBITDA growth continues to offset the planned deployment of balance sheet cash to fund restaurant openings and modernizations this year. As a result, the net leverage ratio at the end of September was a very healthy 1x and remained flat versus the end of last year. Total debt rose modestly versus year-end 2022 due to the appreciation of the Brazilian real, which reduced the value of our derivative instruments. Also, as expected, cash flow from operations improved sequentially in the third quarter with seasonally higher EBITDA and an improvement in working capital performance. We expect to see similar or stronger cash flow from operations during the fourth quarter.

憑藉高於平均的投資回報，在營運現金流強勁和健康的資產負債表的支持下，我們將在 2023 年底之前加速實施一些現代化改造。 EBITDA 成長繼續抵消了計劃部署資產負債表現金以資助今年餐廳開業和現代化的資金。因此，9 月底的淨槓桿率為非常健康的 1 倍，與去年年底持平。由於巴西雷亞爾升值，導致我們衍生性商品的價值下降，總債務較 2022 年底小幅上升。此外，正如預期的那樣，第三季營運現金流量連續改善，EBITDA 季節性上升，營運資本績效改善。我們預計第四季度的營運現金流將類似或更強。

Marcelo told you about our pace of openings so far this year and our confidence in meeting this year's guidance. I wanted to add that 30 of the 45 restaurants we opened in the first 9 months of 2023, used the modular and highly efficient restaurant 2.0 design, we told you about during our Investor Day at the beginning of this year. We also opened a flagship sustainable restaurant in Sao Paulo, Brazil with multiple sustainability initiatives, including 20 that have already been rolled out to all restaurants in the country. It is worth repeating that the above-average ROI from both restaurant openings and modernizations provides compelling evidence that we still have significant room to grow for many years to come. These higher returns are expected to support continued growth and long-term free cash flow generation.

馬塞洛向您介紹了我們今年迄今為止的開幕步伐以及我們對實現今年指導目標的信心。我想補充一點，我們在今年年初的投資者日期間告訴過您，我們在 2023 年前 9 個月開設的 45 家餐廳中，有 30 家使用了模組化和高效的餐廳 2.0 設計。我們還在巴西聖保羅開設了一家旗艦永續餐廳，實施多項永續發展舉措，其中 20 項舉措已推廣到該國所有餐廳。值得重複的是，餐廳開業和現代化改造所帶來的高於平均水平的投資回報率提供了令人信服的證據，表明我們在未來許多年仍然有巨大的成長空間。這些較高的回報預計將支持持續成長和長期自由現金流的產生。

More than half of all restaurants now have the experience of the future format. And we are very encouraged by the results from restaurant modernizations, which are generating at least high single-digit sales lifts and mid-teens returns on investment. We do not take these achievements for granted. Above average ROIs are the result of a very disciplined and careful approach to restaurant development that has also benefited from favorable shifts in consumer behavior. Once restaurants are open, operational execution becomes the key to success, and we have decades of experience on both fronts. Capital expenditures in the third quarter were $105 million, bringing the 9-month total to $228 million. We expect to accelerate growth over the coming years while retaining discipline with the development processes and return expectations and the healthy balance sheet that delivered outperformance over the last several years. There is still so much room to grow, and we intend to capture the growth potential in the most sustainable and profitable manner possible. Marcelo, up to you.

目前，超過一半的餐廳都擁有未來業態的體驗。我們對餐廳現代化的成果感到非常鼓舞，這些現代化至少帶來了高個位數的銷售成長和十幾歲左右的投資回報。我們並不認為這些成就是理所當然的。高於平均的投資報酬率是非常嚴格和謹慎的餐廳開發方法的結果，這也得益於消費者行為的有利轉變。餐廳開業後，營運執行就成為成功的關鍵，我們在這兩方面都擁有數十年的經驗。第三季的資本支出為 1.05 億美元，使 9 個月的資本支出總額達到 2.28 億美元。我們預計未來幾年將加速成長，同時保持開發流程和回報預期的紀律以及過去幾年表現出色的健康資產負債表。仍有很大的成長空間，我們打算以最永續、最有利可圖的方式抓住成長潛力。馬塞洛，由你決定。

Thanks, Mariano.

謝謝，馬裡亞諾。

During the third quarter, we received recognition for the commitments we have made to benefit the communities we serve and to provide the best work environment in the QSR industry. Three of the 6 pillars of our recipe for the future, our youth opportunity, commitment to families and diversity and inclusion. We received recognition related to the 3 pillars and across all 3 divisions from prestigious organizations like Great Place to Work (inaudible). We are making progress with the other 3 pillars as well: sustainable sourcing, circular economy and climate change. So far, 4 countries have transitioned to 100% (inaudible) and we remain aligned with the U.S. market's commitment to being 100% (inaudible) in all countries by 2025. In Mexico, we received a (inaudible), recognizing our cooking oil recycling program has been among the best sustainability practices in the country's food and beverage industry. And we recently signed new agreements to increase the amount of renewable energy sources we use in our operation, which we will tell you more about on our next call. To learn more about the Recipe for the Future ESG platform, you can visit our website and download the audited ESG report for 2022.

在第三季度，我們為造福我們所服務的社區以及提供快餐行業最佳工作環境而做出的承諾得到了認可。我們未來的六大支柱中的三項是：我們的青年機會、對家庭的承諾、多元包容。我們獲得了來自 Great Place to Work（聽不清楚）等知名組織的與三大支柱和所有 3 個部門相關的認可。我們在其他三大支柱方面也取得了進展：永續採購、循環經濟和氣候變遷。到目前為止，4 個國家已過渡到100%（聽不清楚），我們仍然與美國市場的承諾保持一致，即到2025 年在所有國家/地區實現100%（聽不清楚）。在墨西哥，我們收到了（聽不清楚），認可我們的食用油回收該計劃已成為該國食品和飲料行業最佳可持續發展實踐之一。我們最近簽署了新協議，以增加我們在營運中使用的可再生能源數量，我們將在下次電話會議上向您介紹更多相關資訊。要了解有關未來 ESG 平台的更多信息，您可以訪問我們的網站並下載 2022 年經審計的 ESG 報告。

To wrap up our prepared remarks, I would like to share a few final thoughts with you. The strong results we reported today demonstrate the importance of a consistent long-term strategic approach to delivering value and convenience to restaurant customers. As you have heard many times, our objective is clear, to drive sustainable top line growth over the long term and as top line growth, social profitability. As we open even more freestanding units, modernize even more existing restaurants and develop even more digital capabilities, we are strengthening and expanding the structural competitive advantages that make McDonald's by far the preferred brand in the Latin American QSR industry. There is still so much work to be done to normalize our operations across the region. And there is still so much growth potential ahead of us. But thanks to the consistency of our strategy and execution, we are capturing our opportunities and tackling our challenges from a position of strength. We expect to have a solid final quarter to a very strong 2023, and we will provide you with our 2024 guidance for restaurant openings and capital expenditures early next year. Thank you all for your continuing support. Dan, over to you to start the Q&A session.

作為我們準備好的發言的總結，我想與大家分享一些最後的想法。我們今天報告的強勁業績證明了一致的長期策略方法對於為餐廳顧客提供價值和便利的重要性。正如您多次聽說的那樣，我們的目標很明確，即推動長期可持續的營收成長，並推動社會獲利能力的成長。隨著我們開設更多獨立單位、對更多現有餐廳進行現代化改造並開發更多數位化能力，我們正在加強和擴大結構性競爭優勢，使麥當勞成為迄今為止拉丁美洲 QSR 行業的首選品牌。要使我們在該地區的運作正常化，還有很多工作要做。我們面前仍然有巨大的成長潛力。但由於我們策略和執行的一致性，我們正在抓住機遇，以優勢應對挑戰。我們預計 2023 年最後一個季度將表現強勁，我們將在明年初向您提供 2024 年餐廳開業和資本支出指南。感謝大家一直以來的支持。丹，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. Well, actually, we have quite a few questions today, and we're going to try to get to as many of them as we possibly can. Thanks, everybody, for your participation.

謝謝，馬塞洛。首先，請最小化簡報投影片，以便您可以存取網路直播平台左側的聊天功能。請限制自己提出 1 或 2 個問題，以便我能夠閱讀、理解並將其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。嗯，實際上，我們今天有很多問題，我們將盡力回答盡可能多的問題。謝謝大家的參與。

And we'll get started today with Thiago Bortoluci from Goldman Sachs, who says, "Hi Arcos team, congrats on another solid quarter, and thanks for taking questions." Thiago has a multipart question or set of questions that I want to split among our speakers here. The first for you, Marcelo. Thiago says, "repeating my question from the second quarter, once again, you outperformed the industry by far. While your competitors continue to note a weak consumption backdrop, not just in burger but across multiple QSR categories. How are you seeing demand going forward? Do you think this trend is exclusive for McDonald's or broad market based?"

今天我們將從高盛 (Goldman Sachs) 的蒂亞戈·博爾托魯奇 (Thiago Bortoluci) 開始，他說：“Arcos 團隊大家好，祝賀又一個穩定的季度，感謝您提出問題。”蒂亞戈有一個或一組由多個部分組成的問題，我想在這裡向我們的演講者分開。第一個給你的，馬塞洛。蒂亞戈說：「再次重複我第二季度的問題，你們的表現遠遠超出了行業。而你們的競爭對手繼續注意到消費背景疲軟，不僅是漢堡，而且在多個快餐類別中。你們如何看待未來的需求？您認為這種趨勢是麥當勞獨有的還是基於廣泛的市場？

For sure, we are very pleased with the results we published today in terms of sales growth, particularly. And it's important to mention that we expect to have a solid fourth quarter too and in that sense, to close a very, very strong 2023. The momentum we captured at the beginning of the year in the first half continued throughout the third quarter. And comparable sales growth well above inflation was driven by several things, and most of them, I would say, that are long-term things or fundamentals of the business. Beginning with the structural advantage that we have in terms of our footprint, the freestanding restaurants, the amount of freestanding restaurant that we have is a huge advantage. And this is getting bigger since we are accelerating our expansion and 90% or more of the new restaurant units are freestanding. Then we have the consistent execution of our 3D's strategy. our robust digital platform. And finally, I think that it is important to mention that we are executing a pricing strategy based on offering compelling value across the entire menu board, it has a huge impact in terms of the value perception of the customers. That's why not only comparable sales results are very strong, but the McDonald's brand strength is at an all-time high in the region. So our plan is clear, is to continue to drive sustainable sales growth and in that way, generate operating leverage and improve long-term profitability, and we are pretty confident in our ability to continue capturing opportunities to sustain strong operating results since none of the current growth drivers are short term.

當然，我們對今天發布的業績非常滿意，尤其是在銷售成長方面。值得一提的是，我們預計第四季度也將表現強勁，從這個意義上說，我們將在 2023 年結束時非常非常強勁。我們在上半年取得的勢頭在整個第三季度都得到了延續。可比銷售成長遠高於通膨是由多種因素推動的，我想說，其中大多數因素是長期因素或業務基本面。從我們在佔地面積、獨立餐廳、獨立餐廳的數量方面所擁有的結構優勢開始，我們擁有的獨立餐廳的數量是一個巨大的優勢。由於我們正在加速擴張，而且 90% 或更多的新餐廳單位都是獨立式的，因此這個數字還在變得更大。然後我們就能一致地執行我們的 3D 策略。我們強大的數位平台。最後，我認為值得一提的是，我們正在執行基於在整個菜單板上提供引人注目的價值的定價策略，它對客戶的價值感知產生巨大影響。這就是為什麼不僅可比銷售業績非常強勁，而且麥當勞的品牌實力在該地區也處於歷史最高水平。因此，我們的計劃很明確，就是繼續推動可持續的銷售成長，從而產生營運槓桿並提高長期盈利能力，並且我們對繼續抓住機會維持強勁運營業績的能力非常有信心，因為沒有一個當前的增長動力是短期的。

Great. And then Thiago has a sequence of questions that I think are most appropriate for you, Luis. First is, we're seeing your closest competitor being selectively more aggressive on pricing. I believe he's talking about Brazil here. What is your strategy to fight this? And what were the implications in terms of traffic and tickets in same-store sales in the third quarter of '23?

偉大的。然後蒂亞戈提出了一系列我認為最適合你的問題，路易斯。首先，我們看到最接近的競爭對手在定價上有選擇地更加激進。我相信他在這裡談論的是巴西。你的因應策略是什麼？ 23 年第三季的客流量和門票對同店銷售有何影響？

Yes. Okay. Between going to the part of the question that is talking about the traffic and the ticket, they are evenly split, okay, as we've already mentioned. And the second part of the question, the answer is that we're going to sustain the growth, like Marcelo already remarked, primarily focusing on improving first, our operations that today, operational excellence, we believe, is an important competitive advantage and strategic [peanut] for us. We will keep on offering good value for our guests through every channel, digital, delivery, drive-thru from counter and, of course, these are centers, and we're very confident that we have a very solid strategy for the near future.

是的。好的。在討論交通和門票的問題部分之間，它們是平分的，好吧，正如我們已經提到的。問題的第二部分，答案是我們將維持成長，就像馬塞洛已經說過的那樣，首先主要關注改進我們的運營，我們相信，今天的卓越運營是重要的競爭優勢和戰略優勢。[花生]對我們來說。我們將繼續透過各種管道為客人提供良好的價值，包括數位管道、送貨管道、櫃檯得來速服務，當然還有這些中心，我們非常有信心在不久的將來擁有非常可靠的策略。

Great. Thiago also asks, you apparently gained significant market share in delivery in Brazil this quarter. Could you please share more color on the performance within the on-premise channel for both freestanding and food courts?

偉大的。蒂亞戈還問，您顯然在本季度在巴西的交付方面獲得了顯著的市場份額。您能否分享更多有關獨立頻道和美食廣場的本地頻道性能的資訊？

Yes, we had a very expressive increase in our delivery, not only sales, volumes and market share. And we did this despite a very important recuperation in front counter and dessert centers in both restaurant formats, freestanding and front counters, and food courts. This recuperation in the sales in front counter and desserts were aided by a very effective, affordable platform and a special focus, like I said, on operational excellence.

是的，我們的交付量顯著增加，不僅是銷售額、銷量和市場份額。儘管前台和甜點中心的餐廳、獨立式和前台以及美食廣場都進行了非常重要的恢復，但我們還是做到了這一點。前台和甜點銷售的復甦得益於一個非常有效、價格實惠的平台，以及正如我所說的對卓越運營的特別關注。

Great. And then finally, for you, Luis, NOLAD posted a nice sequential acceleration in growth, and Thiago asks, what drove this?

偉大的。最後，路易斯，NOLAD 公佈了連續的成長加速，蒂亞戈問，是什麼推動了這一成長？

Okay. NOLAD's evolution, the explanation is not one single bullet. We have a very solid plan in the division. It includes a product mix strategy. And when I said product mix, I'm talking about the cores, the premiums, desserts, chicken, a very aggressive set of actions in delivery, drive-thru and digital. And in many markets, several brand-building campaigns, okay? So very solid and aggressive plan. But the beauty is that most of the divisions country are contributing to this result and mostly in hard or very consistent currencies.

好的。 NOLAD 的演變，解釋不是一蹴可幾的。我們在該部門有一個非常堅實的計劃。它包括產品組合策略。當我說到產品組合時，我指的是核心、溢價、甜點、雞肉，以及在送貨、得來速和數字方面的一系列非常積極的行動。在許多市場，進行一些品牌建立活動，好嗎？這是一個非常紮實和積極的計劃。但美妙之處在於，大多數分裂國家都為這一結果做出了貢獻，而且大多是硬通貨或非常一致的貨幣。

Great. Thanks, Luis. The next one also from Thiago for you, Mariano. You mentioned some pressure on rents in Brazil despite the negative IGPM index. How should we add this up and how much of a tailwind could this be to margins going forward?

偉大的。謝謝，路易斯。下一篇也是蒂亞戈為你準備的，馬裡亞諾。您提到儘管 IGPM 指數為負，但巴西的租金仍面臨一些壓力。我們應該如何將其加起來？這對未來的利潤率有多大的推動作用？

Actually, it's not ranked itself. The line with some modest pressure is occupancy and other operating expenses, which consists of many items with different trends, and we are not seeing a specific pressure in rent in particular, in Brazil. Having said that, we are, of course, very pleased with the 25% growth in EBITDA in the quarter.

事實上，它本身並沒有排名。壓力不大的領域是入住率和其他營運費用，其中包括許多具有不同趨勢的項目，我們沒有看到特別是在巴西的租金方面的具體壓力。話雖如此，我們當然對本季 EBITDA 25% 的成長感到非常高興。

And actually, back to Luis, last one from Thiago, can you share more about your apps Net Promoter Score and potential areas for improvement in Brazil?

實際上，回到路易斯，蒂亞戈的最後一篇，您能否分享更多有關您的應用程式淨推薦值以及在巴西需要改進的潛在領域的資訊？

Yes. The app has the greatest rating in the country, and we will continue to invest to maintain the connection. And I would say, Thiago, of favoritism that it has with our customers, okay? So we're going to keep on investing on features or new functionalities.

是的。該應用程式在該國擁有最高的評級，我們將繼續投資以維持連接。我想說，蒂亞戈，它對我們的客戶有偏袒，好嗎？因此，我們將繼續對特性或新功能進行投資。

Perfect. Let's move now to Bob Ford from Bank of America. Congratulations on the quarter. Bob also with a multipart question, he starts with, "how do you expect results like this to influence your MFA renewal? Does McDonald's appreciate the high cost of capital and volatility in the region? What are your early thoughts on the new MFA in terms of royalty rates and capital investment commitments?" And I'll give that one to you, Marcelo.

完美的。現在讓我們請來美國銀行的鮑伯‧福特。恭喜本季。鮑伯也提出了一個多部分的問題，他首先問道：「您預計這樣的結果會如何影響您的MFA 續約？麥當勞是否意識到該地區的高資本成本和波動性？您對新MFA 的早期想法是什麼？”特許權使用費率和資本投資承諾？”我會把那個給你，馬塞洛。

I think that this renewal process is taking place in a very favorable time for the McDonald's system in general and for Arcos Dorados. The McDonald's brand attributes are at the strongest they have ever been in the region in almost all countries in Latin America and the Carribean. Both companies have been generating strong financial results. which is very important. Arcos Dorados is consolidating its leadership position with historically high market share, including, in some cases, 2x or 3x as much market share as our nearest competitor in main markets in very important markets. And Arcos is also generating returns on investment for both openings and modernizations well above our historical average and maybe a very important point. I think that both companies see significant growth potential in the region for many years to come. So that's why I say that this renewal process is taking place in a favorable time.

我認為，對於整個麥當勞系統和 Arcos Dorados 來說，這個更新過程是在非常有利的時機進行的。在拉丁美洲和加勒比地區的幾乎所有國家，麥當勞的品牌屬性都是該地區有史以來最強的。兩家公司都取得了強勁的財務表現。這非常重要。 Arcos Dorados 正在鞏固其領導地位，其市場份額處於歷史最高水平，在某些情況下，在非常重要的市場中，其市場份額是我們最接近的競爭對手的 2 倍或 3 倍。 Arcos 的開幕和現代化改造的投資回報率也遠高於我們的歷史平均水平，這也許是非常重要的一點。我認為兩家公司都看到了該地區未來許多年的巨大成長潛力。所以這就是為什麼我說這個更新過程發生在一個有利的時機。

With all that said, we do not expect to have news and details with respect to the MFA renewal until next year. So stay in touch, and we will share as soon as possible any news around this process.

話雖如此，我們預計要到明年才會有有關 MFA 續簽的消息和細節。因此，請保持聯繫，我們將盡快分享有關此過程的任何訊息。

Great. Thanks. Bob's next question is also, "how are you thinking about labor reform risks in Mexico and the step-up in wages for 2024? Where do you perceive opportunities to mitigate?" And I'll give that one to you, Mariano.

偉大的。謝謝。鮑勃的下一個問題也是，“您如何看待墨西哥的勞動力改革風險以及 2024 年工資上漲？您認為緩解風險的機會在哪裡？”我會把那個給你，馬裡亞諾。

In Mexico, in the last 3 years, in fact, we have seen payroll pressures having salaries growing well above inflation. And we have been able to mitigate this impact by improving productivity in our restaurants. And in fact, we have been doing that extremely well. But most important, I would remark that the increase of disposable income in consumers' pockets doubled, of course, with the right strategy to attract these customers to our stores resulted in sales increases in Mexico, well above inflation. And I think that they help to explain the great growth story we are seeing in that market.

事實上，在墨西哥，過去三年我們已經看到薪資壓力，薪資成長遠高於通膨。我們已經能夠透過提高餐廳的生產力來減輕這種影響。事實上，我們在這方面做得非常好。但最重要的是，我要指出的是，消費者口袋裡的可支配收入增加了一倍，當然，如果採取正確的策略吸引這些顧客到我們的商店，墨西哥的銷售額就會增長，遠遠高於通貨膨脹。我認為它們有助於解釋我們在該市場看到的巨大成長故事。

Great. Thanks Mariano. And then last one from Bob that actually is also related to a question that we received from Ulises of JPMorgan. So I'll read it from Bob first. Lastly, can you comment on your loyalty program so far in terms of adoption, costs and returns and also our frequency and average ticket actually changing? Or is there a selection bias? And then Ulises asks a similar question or a related question to loyalty, Ulises Argote from JPMorgan. With the broader rollout of the loyalty program, can you comment on the engagement you're seeing both for in-store and digital channel dynamics? So all sort of loyalty related, and I'll give those to you, Luis.

偉大的。謝謝馬裡亞諾。 Bob 的最後一個問題實際上也與我們從摩根大通的 Ulises 收到的一個問題有關。所以我先從鮑伯那裡讀一下。最後，您能否評論一下您迄今為止的忠誠度計劃在採用、成本和回報方面以及我們的頻率和平均門票實際變化方面的情況？還是存在選擇偏差？然後，來自摩根大通的尤里塞斯·阿爾戈特（Ulises Argote）向忠誠度提出了類似的問題或相關問題。隨著忠誠度計畫的更廣泛推廣，您能否評論一下您所看到的店內和數位管道動態的參與度？所有與忠誠有關的東西，我都會給你，路易斯。

All right. Hello Bob and Ulises, good morning. As we've mentioned, we're very happy, in October, we've launched our loyalty program in all restaurants in Brazil, and we were able to accelerate the process and add Uruguay too. We have already reached 1.8 million members, and we expect to increase the volume of identified sales as the program grows. This is important because loyalty, what it does is boosts the power of the mobile app, okay? And that's this increasing or driving more frequency, okay? It drives visit frequency, while it increases the percentage of identified sales. And that combination gives us or allows us to provide a more personalized guest experience. And this new or more personalized guest experience allows us to increase our ticket that every ticket, every transaction can be more profitable. And of course, what it does is (technical difficulty) our marketing efforts, with our marketing investments. So that would be the impact, and we tend to roll out the program to most markets by the end of next year.

好的。你好，鮑勃和尤里塞斯，早安。正如我們所提到的，我們非常高興，十月份，我們在巴西的所有餐廳推出了忠誠度計劃，並且我們能夠加快這一進程，並將烏拉圭也納入其中。我們已經擁有 180 萬會員，並且預計隨著該計劃的發展，確定的銷售量也會增加。這很重要，因為忠誠度，它的作用是增強行動應用程式的力量，好嗎？這就是頻率的增加或驅動，好嗎？它提高了訪問頻率，同時增加了已確定銷售的百分比。這種結合為我們提供或允許我們提供更個人化的賓客體驗。而這種新的或更個人化的賓客體驗使我們能夠增加我們的門票，使每張門票、每筆交易都能獲得更多利潤。當然，它所做的是（技術難度）我們的行銷努力和行銷投資。這就是影響，我們傾向於在明年年底之前向大多數市場推出該計劃。

Great. Thanks, Luis. Next couple of questions from Julia Rizzo of Morgan Stanley. She starts with, "could you please break down same-store sales growth in Brazil by freestanding stores and malls, and also mentions that the impressive same-store sale year-to-date despite macro headwinds. I understand comps are harder in the fourth quarter of '23. So what should we expect for same-store sales? So what should we expect and how are same-store sales doing now?" Let's start with those 2 Marcelo.

偉大的。謝謝，路易斯。接下來是摩根士丹利的朱莉婭·里佐 (Julia Rizzo) 提出的幾個問題。她首先說：「您能否按獨立商店和購物中心詳細分析巴西的同店銷售成長情況，並提到儘管存在宏觀阻力，但今年迄今為止的同店銷售仍令人印象深刻。我知道第四季度的比較更加困難“23 年第四季。那麼我們對同店銷售有何預期？那麼我們對同店銷售有何預期以及現在的同店銷售情況如何？”讓我們從那兩個馬塞洛開始。

In terms of restaurant formats, we did extremely well in Brazil and in the whole company in all different formats. Obviously, in the case of freestanding units, it's a competitive advantage. The fact that you can operate drive-thru in that format, which is still contributing to our sales and delivery is much easier to be operated from those formats from the freestanding units. But we did well even in shopping malls, particularly in July, the traffic generated by Cinemas was pretty impressive, and we did well in shopping malls, too. And in the second part of the question, as I mentioned, I think in the first question that came from Thiago, we are very pleased with the trends and the momentum we are experiencing in terms of sales. The base of comparison is getting harder and harder to beat because we are in a run of several quarters of expressive and material comparable sales growth well above inflation. But again, there are many drivers, many venues of bringing even more sales to our restaurants, and we continue to execute our strategy with a very disciplined approach, and there are still opportunities to improve our results. So we are pretty convinced that we will do well for the rest of the year and next year, too.

就餐廳業態而言，我們在巴西以及整個公司的所有不同業態都做得非常好。顯然，對於獨立式單元來說，這是一個競爭優勢。事實上，您可以以這種形式經營得來速，這仍然有助於我們的銷售和交付，而從獨立單元的這些形式中進行操作要容易得多。但我們在購物中心也做得很好，特別是在7月份，電影院帶來的客流量是相當可觀的，我們在購物中心也做得很好。在問題的第二部分，正如我所提到的，我認為在蒂亞戈提出的第一個問題中，我們對銷售方面的趨勢和勢頭感到非常滿意。比較的基礎變得越來越難以超越，因為我們已經連續幾個季度表現性和實質的可比銷售成長遠高於通膨。但同樣，有很多驅動因素、許多場所可以為我們的餐廳帶來更多銷售額，我們繼續以非常嚴格的方法執行我們的策略，並且仍然有機會改善我們的業績。因此，我們非常確信我們在今年剩餘時間和明年都會做得很好。

Okay. And then Julia's last question, a little bit different topic, but we'll stay with you, Marcelo. Can you remind me how is the evolution of new openings in terms of sales and margins for year 1, year 2 and maturity?

好的。然後是茱莉亞的最後一個問題，話題有點不同，但我們會繼續關注你，馬塞洛。您能否提醒我，新開業的第一年、第二年和到期日的銷售額和利潤率的演變情況如何？

Okay. In terms of the maturity of the restaurants, typically, in the past, we talked about 3 to 4 years for the restaurants to get to the mature level of sales, I would say that after the dynamic, we are talking more about 3 years than 4. I think that the curve of maturity got shorter. But that's something that we continue to look at and to get information from the recent investments. And in terms of returns, what we expect at least is a 20% return cash on cash for the first year. So obviously, that number gets better from year 2 and so on. And in the last 2 or 3 years, the returns were above that 20% that it's the minimum we ask for the openings. So we are very pleased with the kind of results that our new restaurants are generating from day 1.

好的。就餐廳的成熟度而言，通常，在過去，我們談論餐廳要達到成熟的銷售水平需要3到4年，我想說的是，在動態之後，我們談論的更多是3年而不是3年。4. 我認為成熟度曲線變短了。但我們會繼續關注這一點，並從最近的投資中獲取資訊。就回報而言，我們預計第一年至少能獲得 20% 的現金回報。顯然，這個數字從第二年開始變得更好，依此類推。在過去的兩三年裡，回報率高於我們要求的最低空缺職位 20%。因此，我們對新餐廳從第一天起所取得的成果感到非常滿意。

Great. Thanks, Marcelo. Next, from Felipe Cassimiro from Bradesco. He actually asked a couple of questions that we've, I think, already answered. Could you break down Brazil same-store sales between average check growth and guest volume. I think Luis touched on that about evenly split. And going forward, how can you sustain the same-store sales growth in Brazil and NOLAD, I think also Luis touched on sustaining sales. So I'll go to question number two, if anybody has something to add to question one, we can come back to it. But question number two, which I believe is for you, Mariano,how should we think about gross margin expansion, sustainability, considering beef prices are likely to increase in the next 12 months?

偉大的。謝謝，馬塞洛。接下來是來自布拉德斯科的費利佩·卡西米羅 (Felipe Cassimiro)。他實際上問了幾個問題，我認為我們已經回答了。您能否將巴西同店銷售額的平均支票成長率和客人數量進行細分？我認為路易斯談到了這一點，雙方的觀點是平分秋色的。展望未來，如何維持巴西和 NOLAD 的同店銷售成長，我認為路易斯也談到了維持銷售。因此，我將討論第二個問題，如果有人對第一個問題有什麼補充，我們可以回來討論。但第二個問題，我相信是針對你的，馬裡亞諾，考慮到牛肉價格可能在未來 12 個月內上漲，我們應該如何考慮毛利率擴張和可持續性？

Yes. The outlook we have for margins we have seen actually in this quarter an improvement in food and paper costs of 90 basis points and for the rest of 2023, we are also seeing that food and paper costs will remain higher than what it was in 2022. So that's the main trend that we are seeing now in terms of gross margin for 2023. And the expectation, of course, is to continue negotiating with our main suppliers taking advantage of all the large scale and the volumes that we have that actually are unique in the industry.

是的。我們對利潤率的展望實際上已經看到，本季度食品和紙張成本改善了 90 個基點，而在 2023 年剩餘時間內，我們還看到食品和紙張成本仍將高於 2022 年。這就是我們現在看到的2023 年毛利率的主要趨勢。當然，我們的期望是繼續與我們的主要供應商進行談判，利用我們擁有的所有規模和數量，這些實際上是獨一無二的在行業中。

Okay. Let's stick with you, Mariano. And this is Felipe's last multipart question. Could you please explore a bit more the SLAD EBITDA margin drop due to higher other operating expenses and higher G&A? What are the main drivers of higher expenses? And should we expect continuous deterioration of expenses in SLAD?

好的。讓我們堅持你，馬裡亞諾。這是費利佩最後一個由多個部分組成的問題。您能否進一步探討一下因其他營運費用和一般管理費用較高而導致的 SLAD EBITDA 利潤率下降情況？費用增加的主要驅動因素是什麼？我們是否應該預期 SLAD 費用會持續惡化？

Yes. Well, first, don't take SLAD's Q3 as a trend. And also keep in mind that in SLAD at the restaurant level, which includes food and paper, payroll, other operating expenses and royalties, we are seeing an expansion in margins of 120 basis points during the quarter. In terms of G&A and other operating income, there are several positives and negatives that applied during the quarter that should not be taken as a trend going forward. I think that answers the question for EBITDA.

是的。嗯，首先，不要把SLAD的Q3當成趨勢。另請記住，餐廳層級的 SLAD（包括食品和紙張、工資、其他營運費用和特許權使用費）中，我們看到本季利潤率擴大了 120 個基點。就一般管理費用和其他營業收入而言，本季存在一些正面和負面的因素，不應將其視為未來的趨勢。我認為這回答了 EBITDA 的問題。

Great. Thanks, Mariano. Next, [Laura Hirata] from Santander. "Good morning, everyone. Congratulations for these results. Regarding same-store sales growth, could you please share with us how much the digital sales have contributed for this strong increase in this quarter? And what can we expect of digital sales as a percentage of total sales going forward?" And so over to you, Luis.

偉大的。謝謝，馬裡亞諾。接下來是來自桑坦德銀行的[Laura Hirata]。 「大家早安。恭喜取得這些成績。關於同店銷售成長，您能否與我們分享數位銷售對本季的強勁成長貢獻了多少？以及我們對數位銷售的預期百分比是多少？未來總銷售額的百分比？”那就交給你了，路易斯。

Digital sales this last quarter were up 47% and reached more than $731 million, that this is a new quarterly record, these digital sales accounted for 50% of our system-wide sales, and we have an opportunity to equalize, I would say, the performance in many markets because we have big variations when we compare market to market. So there, we have an opportunity. Our top in not only digital sales, but in identified sales is Brazil. The digital sales for the country accounts for 60% and identified sales for 25%. So what we can see, but what you can see in the near future is that we're going to keep on investing on developing this and developing this tool, this channel because for us, it's going to be really, really important in the future.

上個季度的數位銷售額成長了47%，達到了超過7.31 億美元，這是一個新的季度記錄，這些數位銷售額占我們系統範圍銷售額的50%，我們有機會追平，我想說，許多市場的表現，因為當我們比較市場與市場時，我們有很大的差異。所以，我們有機會。我們不僅在數位銷售額上領先，而且在實體銷售額上也領先的是巴西。該國的數位銷售佔60%，實體銷售佔25%。所以我們可以看到，但在不久的將來你可以看到的是，我們將繼續投資開發這個工具、這個管道，因為對我們來說，它在未來將非常非常重要。

Great. And earlier, I mentioned that Ulises Argote from JPMorgan had a couple of questions. we answered one already. The other one, where he says, "Team, congrats on the strong results. You mentioned higher ROI on new restaurants. Can you comment on return metrics and sales list for the stores you're remodeling?" And I'll give that one to you, Marcelo.

偉大的。早些時候，我提到摩根大通的 Ulises Argote 有幾個問題。我們已經回答了一個。在另一篇文章中，他說：「團隊，祝賀取得了強勁的業績。您提到新餐廳的投資回報率更高。您能否對您正在改造的商店的退貨指標和銷售清單發表評論？ 」我會把那個給你，馬塞洛。

As we (technical difficulty) that we are experiencing in those restaurants that are modernized and converted into the EOTF platform, typically is in the high single digits when compared to the (technical difficulty), that brings a pretty solid, pretty healthy return on that investment. And that's why we are experiencing the kind of comparable sales growth well above inflation, well above the rest of the market, our peers in markets where we are deploying EOTF, which is almost in every single market of the company. And that's why in markets where we started with the process later, for example, in the North part of Mexico, where we only have 20% of the restaurants converted to EOTF. That's one of the growth drivers, which are for the long term that I mentioned at the beginning. So we will continue to see this kind of positive impact in our comparable sales coming from all the investments we are making in the EOTF format.

正如我們在那些進行現代化改造並轉變為 EOTF 平台的餐廳所遇到的（技術難度），與（技術難度）相比，通常處於高個位數，這帶來了相當堅實、相當健康的回報投資。這就是為什麼我們正在經歷遠高於通膨的可比銷售成長，遠高於我們部署 EOTF 的市場中的其他市場和同行，而 EOTF 幾乎遍及公司的每個市場。這就是為什麼在我們後來才開始這個過程的市場中，例如，在墨西哥北部，我們只有 20% 的餐廳轉換為 EOTF。這是我在開頭提到的長期成長動力之一。因此，我們將繼續看到我們以 EOTF 格式進行的所有投資對可比較銷售額的正面影響。

Great. Thanks, Marcelo. We actually have a follow-up question from Julia Rizzo of Morgan Stanley. I think maybe I just didn't hear the numbers. So, sorry, a follow-up here. Sales in year 1 is how much of a mature store. And I believe Marcelo said in the 75% to 80% range for year 1. So that just so everybody has that number as well. And it looks like we actually don't have any additional questions. So we've reached the end of the Q&A session for today's call. Thanks again, everyone, for your interest in Arcos Dorados and for joining today's webcast. Look forward to speaking with you again in the middle of March on our fourth quarter call. Until then, have a great day, stay safe and happy Thanksgiving to those who celebrate.

偉大的。謝謝，馬塞洛。實際上，摩根士丹利的朱莉婭·里佐向我們提出了後續問題。我想也許我只是沒有聽到數字。所以，抱歉，這裡是後續行動。成熟店第1年的銷售額是多少。我相信馬塞洛所說的第一年在 75% 到 80% 的範圍內。所以每個人也都有這個數字。看起來我們實際上沒有任何其他問題。今天的電話問答環節到此結束。再次感謝大家對 Arcos Dorados 的關注並參加今天的網路廣播。期待在三月中旬的第四季電話會議上再次與您交談。在那之前，祝那些慶祝的人度過美好的一天，保持安全並祝感恩節快樂。