Arcos Dorados Holdings Inc (ARCO) 2023 Q4 法說會逐字稿

Good morning, everyone, and thank you for joining our fourth quarter and full year 2023 earnings webcast.

大家早安，感謝您參加我們的 2023 年第四季和全年收益網路廣播。

With us today myself Marcelo Rabach, our Chief Executive Officer, Luis Raganato, our Chief Operating Officer, and Mariano Tannenbaum our Chief Financial Officer.

今天與我們一起出席的還有我們的執行長馬塞洛·拉巴赫(Marcelo Rabach)、我們的首席營運長路易斯·拉加納托(Luis Raganato) 和我們的財務長馬裡亞諾·坦南鮑姆(Mariano Tannenbaum)。

Today's webcast, which is being reported, 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.Arcos Dorados.com/IR.

正在報告的今天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，也可以在我們網站 www.Arcos Dorados.com/IR 的投資者部分中獲取。

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.

溫馨提示，為了更好地觀看網絡直播平台上的演示文稿，請滾動螢幕左上方部分，然後單擊箭頭以最大化幻燈片。

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.

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問題，您需要最小化幻燈片才能存取聊天功能。

Today's call will continue to contain forward-looking statements, and.

今天的電話會議將繼續包含前瞻性陳述，並且。

I refer you to the forward-looking Statements section of our earnings release and recent filings with the SEC.

我建議您參閱我們收益發布的前瞻性聲明部分以及最近向美國證券交易委員會提交的文件。

We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

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。

In addition to reporting financial results in accordance with generally accepted accounting principles, we report certain non-GAAP financial results and 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.

除了按照公認會計原則報告財務業績外，我們還報告某些非 GAAP 財務業績，並鼓勵投資者審查這些非 GAAP 財務業績與 GAAP 業績的對帳情況，這可以在媒體上找到今天以6-K 表格形式向SEC 提交了發布並經審計的財務報表。

Marcelo, over to you.

馬塞洛，交給你了。

Thank you, Danile.

謝謝你，丹尼爾。

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

大家早安，感謝您今天加入我們。

I am very pleased to confirm that we have a very strong year in 2023.

我很高興地確認 2023 年是我們非常強勁的一年。

Our 3D strategy of digital delivery and drive-thru continues to evolve by leveraging the industry's largest freestanding restaurant portfolio.

透過利用業界最大的獨立餐廳組合，我們的數位交付和得來速 3D 策略不斷發展。

Digital sales include mobile app delivery and self-order kiosk transactions.

數位銷售包括行動應用程式交付和自助終端交易。

The penetration of these channels is expanding throughout our footprint, thanks to a mobile app that has evolved into an e-commerce platform, offering incentives and convenience to increase guest loyalty and visit frequency delivery service channel, which continues to work strongly in a segment where we are the established industry leaders and self-order kiosks that are capturing an increasing share of off-premise orders with about 60% of our hotels restaurants already modernized to the Experience of the Future format.

這些管道的滲透率正在整個我們的足跡中不斷擴大，這要歸功於一款行動應用程序，該應用程式已發展成為一個電子商務平台，為提高客戶忠誠度和訪問頻率提供激勵和便利，交付服務通路繼續在以下細分市場中發揮強勁作用：我們是公認的行業領導者和自助點餐機，正在獲取越來越多的場外訂單份額，我們約60% 的酒店餐廳已經實現了現代化，採用了未來體驗模式。

Our 3D strategy continues to drive sustainable sales growth, supported by both restaurant volume and average check.

在餐廳數量和平均支票的支持下，我們的 3D 策略繼續推動可持續的銷售成長。

Importantly, we are implementing this strategy in a way we believe will deliver above inflation growth in systemwide comparable sales to then drive operating leverage and profitability growth.

重要的是，我們正在實施這項策略，我們相信這將在全系統可比銷售額中實現高於通膨的成長，從而推動營運槓桿和獲利能力成長。

Our balance sheet is very strong, which allows us to accelerate restaurant openings and capture significant growth opportunities for years to come.

我們的資產負債表非常強勁，這使我們能夠加快餐廳開業速度，並抓住未來幾年的重大成長機會。

All while operating responsibly and supporting the communities we serve.

同時負責任地運作並支持我們所服務的社區。

So let's turn to our consolidated results for the fourth quarter and full year 2023.

讓我們來看看第四季和 2023 年全年的綜合業績。

Total revenue surpassed $1.2 billion in the quarter and $4.3 billion for the full year, which was the highest USD total in our history for each period.

本季總收入超過 12 億美元，全年總收入超過 43 億美元，這是我們歷史上每個時期的最高美元總收入。

Given volumes were up mid-single digits in each division this year, helping to drive this 19.7% increase in USD revenue in 2023, in line with our strategic approach, adjusted EBITDA grew with revenue reaching almost $133 million in the quarter or more than $472 million for the full year.

鑑於今年每個部門的銷售量均實現中個位數成長，有助於推動 2023 年美元營收成長 19.7%，根據我們的策略方針，調整後 EBITDA 成長，本季營收達到近 1.33 億美元，超過 472 美元全年達萬元。

These results were also the highest USD total in our history for each period.

這些結果也是我們歷史上每個時期的最高美元總額。

USD adjusted EBITDA grew 16.3% in the fourth quarter and 22.2% for the full year.

美元調整後的 EBITDA 第四季成長 16.3%，全年成長 22.2%。

On top of the prior year's record results this included incremental margin improvements in both periods, thanks mainly to weather, food and paper costs and G&A expenses.

除了上一年創紀錄的業績外，這兩個時期的利潤率均有所提高，這主要歸功於天氣、食品和紙張成本以及一般管理費用。

Net income for the quarter was almost $56 million, about $0.26 per share.

該季度淨利潤近 5,600 萬美元，約合每股 0.26 美元。

We generated in the best ever full year net income of more than $181 million or $0.86 per share last year.

去年，我們創造了有史以來最好的全年淨利潤，超過 1.81 億美元，即每股 0.86 美元。

System-wide comparable sales grew 32.4% in the fourth quarter.

第四季全系統可比銷售額成長 32.4%。

Pricing with or above inflation in all divisions and above our 1.1 times the company's blended inflation demonstrating the strength of the 3D strategy.

所有部門的定價均等於或高於通膨率，並且高於公司混合通膨率的 1.1 倍，這證明了 3D 策略的優勢。

Our restaurant pipeline continues to demonstrate the growth opportunity that lies ahead of us.

我們的餐廳管道繼續展示我們面前的成長機會。

During the fourth quarter, we opened 36 restaurants, bringing the full-year total to 81 new restaurants across our footprint.

第四季度，我們新開了 36 家餐廳，使全年新餐廳總數達到 81 家。

This included the 72 new freestanding locations.

其中包括 72 個新的獨立地點。

In Brazil.

在巴西。

We opened 50 total restaurants last year, including 44 freestanding units importantly, first, the return on investment for the restaurants we opened in each of the last three years have been in the mid to high 20s, which supports our outlook for long-term unit growth potential.

去年我們總共開設了50 家餐廳，其中包括44 家獨立餐廳，重要的是，首先，我們過去三年每年開設的餐廳的投資回報率都在20 多歲左右，這支持了我們對長期餐廳的展望。發展潛能。

Our market share in all major markets is a testament to the strong brand positioning we have built and the significant consumer preference we enjoy versus our nearest competitors according to our research, we gained more market share on average than our main competitors in the fourth quarter, further strengthening our leadership position.

我們在所有主要市場的市場份額證明了我們建立的強大品牌定位，以及根據我們的研究，與最接近的競爭對手相比，我們享有顯著的消費者偏好，我們在第四季度平均獲得了比主要競爭對手較多的市場份額，進一步鞏固我們的領導地位。

Notably, these gains came in markets where McDonald's brand share is already two to almost four times that of our main competitors.

值得注意的是，這些收益來自於麥當勞品牌份額已經是我們主要競爭對手的兩到近四倍的市場。

Luis, over to you for the divisional sales performance.

路易斯，請您報告部門銷售業績。

Thanks, Marcelo, and Good morning, everyone.

謝謝馬塞洛，大家早安。

Brazil's comparable sales rose 6.2% in the quarter and 9.9% for the full year.

巴西季度可比銷售額成長 6.2%，全年成長 9.9%。

Comparable sales rose 1.3 times inflation in the quarter and 2.1 times inflation for the year, we have about equal contribution from guest volumes and average check over the course of full year 2023, about 63% of sales came through digital channels in Brazil with identified sales representing 26% of the total.

本季可比銷售額成長了 1.3 倍，全年成長了 2.1 倍，2023 年全年客人數量和平均支票的貢獻大致相同，約 63% 的銷售額來自巴西的數位管道，並確定了銷售額佔總數的26%。

The loyalty program we launched at the end of October helped improve performance on both fronts, especially after Black Friday, as Marcelo just showed you, McDonald's brand market share in Brazil remained at more than twice ahead of our nearest competitor.

我們在十月底推出的忠誠度計劃有助於提高兩方面的績效，特別是在黑色星期五之後，正如馬塞洛剛剛向您展示的那樣，麥當勞在巴西的品牌市場份額仍然比我們最接近的競爭對手領先兩倍以上。

The quarter included 12 of the top 20 strongest sales days of the year, driving market share gains in both guest visits and sales.

本季度包括了全年前 20 個最強勁銷售日中的 12 個，推動了訪客訪問和銷售方面的市場份額成長。

We introduced the Marquis beef chicken elite sandwich in October, combining recipe and juices, breaded chicken with a new Honey and Fire

我們在 10 月推出了侯爵牛肉雞肉精英三明治，結合了食譜和果汁、麵包屑雞肉以及新的蜂蜜和火

[souse].

[醃料]。

The sandwich is already one of the best centers in a country where we are committed to growing the chicken category.

在我們致力於發展雞肉類別的國家，三明治已經是最好的中心之一。

In November, we reinforced the beef platform, bringing back the famous big matching up with the launch of two limited time offers that doubled with Mac and the Big Mac bacon as of the end of 2023, we had more than 3 million registered members in the loyalty program across 100% of restaurants in Brazil, including also for Intesa's, the division's tradition of making Friday campaign in November helped generate record mobile app downloads and active users.

11月，我們強化了牛肉平台，帶回了著名的大對拼，推出了Mac和巨無霸培根兩款限時優惠，截至2023年底，我們在全球擁有超過300萬註冊會員。巴西100% 的餐廳（包括Intesa 的餐廳）都實施了忠誠度計劃，該部門在11 月開展週五活動的傳統幫助創造了創紀錄的行動應用程式下載量和活躍用戶。

Note as comparable sales grew 5.4% in the quarter and 10.6% for the full year, which was 2.1 times and 2.9 times the division's blended inflation, respectively.

請注意，本季可比銷售額成長 5.4%，全年可比銷售額成長 10.6%，分別是該部門混合通膨的 2.1 倍和 2.9 倍。

Volume growth accounted for about two thirds of comparable sales growth last year.

去年銷量成長約佔可比銷售額成長的三分之二。

The division reinforced its market leadership in the fourth quarter, achieving its highest level of basic share while growing key brand attributes such as top of mind, favorite brand and high-quality food, Mexico's sales momentum remained strong with mid 10s year-over-year growth in the quarter.

該部門在第四季度鞏固了其市場領導地位，實現了最高水平的基本份額，同時不斷增長關鍵品牌屬性，如最受關注的品牌、最受歡迎的品牌和高品質食品，墨西哥的銷售勢頭依然強勁，年成長10 多歲本季的成長。

Marketing activities were key to support this growth with the launch of grants, tasty and bacon, a new platform focused on large and indulgent burgers to engage guests.

行銷活動是支持這一成長的關鍵，推出了 grants、stylish and bacon，這是一個專注於大而美味的漢堡以吸引客人的新平台。

In Puerto Rico, we continued gaining market share, leading the island's highly competitive QSR industry.

在波多黎各，我們不斷擴大市場份額，引領島上競爭激烈的快餐產業。

The brand campaign Secca to Encanto supported brand low in that market.

從 Secca 到 Encanto 的品牌活動為該市場的品牌提供了支持。

Finally, we're making good progress with the digitalization of new that were at 34% of sales came from digital channels in the quarter, up from just 22% last year as less comparable sales grew in line with the division's blended inflation rate for the quarter and 1.2 times blended inflation for the year base volume growth in 2023 was in the mid to high single digit range, while comparable sales were impacted by inflation aided growth in Argentina, all year brand strength has been a consistent contributor to market share gains and sales growth for the entire company, including flat, where we added significant market share in the period.

最後，我們在新品數位化方面取得了良好進展，本季 34% 的銷售額來自數位管道，高於去年的 22%，因為可比銷售額的成長與該部門的混合通膨率一致。2023 年季度和年度混合通膨1.2 倍的基礎銷售成長處於中高個位數範圍內，而可比銷售額受到阿根廷通膨助推增長的影響，全年品牌實力一直是市場份額增長的持續貢獻者，整個公司的銷售增長，包括持平，我們在此期間增加了顯著的市場份額。

The fourth quarter included the launch of brand affinity campaigns such as bus and Costa, Linda in Argentina, and maybe you guys are seeing cheated.

第四季推出了巴士、Costa、阿根廷Linda等品牌親和力活動，或許你們看到被騙了。

The results were important sequential improvements in key brand attributes such as paper a brand and brand they trust in both markets.

結果是關鍵品牌屬性的重要連續改進，例如紙質品牌和他們在兩個市場上信任的品牌。

Relevant innovation included new large sandwiches such as the grand tasty space in Argentina and the Bacon Cheddar Mac melt in Chile and Colombia to boost the beef platform.

相關創新包括新的大型三明治，例如阿根廷的大型三明治，以及智利和哥倫比亞的培根切達通心粉，以推動牛肉平台的發展。

We also supported the dessert category, taking advantage of local flavors with (inaudible). in several slab markets after Mariano takes you through divisional profitability, I will come back to tell you about the performance of the three-3D strategy.

我們也支持甜點類別，利用當地風味（聽不清楚）。在Mariano帶大家了解了部門獲利能力之後，我會在幾個板坯市場上給大家介紹一下3-3D策略的表現。

Thanks, Luis.

謝謝，路易斯。

Good morning, everyone.

大家，早安。

We are very pleased to be reporting the strongest ever EBITDA results for our fourth quarter and full year in Arcos Dorados history.

我們非常高興地報告 Arcos Dorados 歷史上第四季度和全年最強勁的 EBITDA 業績。

Adjusted EBITDA grew 16.3% in USD, slightly above our total revenue growth in the quarter.

以美元計算的調整後 EBITDA 成長 16.3%，略高於本季總營收成長。

Similarly, full year.

同樣，全年。

EBITDA grew 22.2% in USD, leveraging 19.7% revenue growth in 2023.

以美元計價的 EBITDA 成長 22.2%，帶動 2023 年營收成長 19.7%。

Moving forward, we expect to continue generating profitability growth by offering value to our guests and by opening new restaurants to drive sales growth, we should also capture some operating leverage to support incremental margin improvements.

展望未來，我們預計透過為客人提供價值並開設新餐廳來推動銷售成長，從而繼續實現獲利成長，我們也應該利用一些營運槓桿來支持利潤率的增量提高。

Consolidated EBITDA margin rose by 10 basis points in the quarter and 20 basis points for the full year.

本季綜合 EBITDA 利潤率成長 10 個基點，全年成長 20 個基點。

Food and paper, payroll and G&A all contributed to margin expansion last year, helping offset the higher effective royalty rate in 2023.

食品和紙張、工資和一般管理費用都為去年的利潤成長做出了貢獻，有助於抵消 2023 年較高的有效特許權使用費率。

Excluding the impact of the royalty rate, our full year 2023 EBITDA margin rose 60 basis points over the prior year.

排除特許權使用費率的影響，我們 2023 年全年 EBITDA 利潤率比上年增長 60 個基點。

For the quarter, adjusted EBITDA grew strongly in all three divisions.

本季度，所有三個部門的調整後 EBITDA 均強勁成長。

In Brazil, EBITDA was up 15.4% in USD.

在巴西，以美元計算的 EBITDA 成長了 15.4%。

Lower food and paper and G&A expenses were offset mainly by higher payroll and occupancy and other operating expenses as a percentage of revenue.

食品和紙張以及一般管理費用的減少主要被工資和入住率以及其他營運費用佔收入百分比的增加所抵消。

For the full year, Brazil EBITDA grew 23.9% in USD, boosted by a 60-basis point increase in margin expansion for the full year, including better food and paper, payroll and G&A expenses, which were partially offset by small increases in occupancy and other operating expenses as well as royalties as a percentage of revenue, known as EBITDA, grew 11.7% in USD.

全年，巴西EBITDA 以美元計算成長23.9%，得益於全年利潤率擴張60 個基點，包括更好的食品和紙張、工資和一般及行政費用，但部分被入住率和入住率小幅增長所抵銷。其他營運費用以及特許權使用費佔收入的百分比（即 EBITDA）以美元計算成長了 11.7%。

Lower food and paper costs were offset mainly by higher payroll and occupancy and other operating expenses as a percentage of revenue.

食品和紙張成本的下降主要被工資和入住率以及其他營運費用佔收入百分比的上升所抵消。

Note that a full year EBITDA grew 21.1% in USD margin was down 20 basis points due mainly to the higher effective royalty versus 2022, which was partially offset by a net improvement in other cost and expense line items.

請注意，全年EBITDA 成長21.1%，美元利潤率下降20 個基點，主要是由於與2022 年相比，有效特許權使用費較高，但其他成本和費用項目的淨改善部分抵消了這一影響。

Flat adjusted EBITDA grew 31% in USD in the fourth quarter EBITDA margin improved by 160 basis points with lower payroll and occupancy and other operating expenses, partially offset by higher food and paper costs as a percentage of revenue for the full year 2023 slots EBITDA grew 19.5% in USD, including an incremental improvement of 10 basis points over the prior year's margin, with improvements in most cost and expense line items offsetting the higher effective royalty rate versus 2022.

第四季以美元計算的統一調整後EBITDA 成長了31% EBITDA 利潤率提高了160 個基點，工資、入住率和其他營運費用減少，部分被食品和紙張成本上升所抵消，2023 年全年EBITDA 佔收入的百分比有所增長以美元計算，增長了19.5%，其中利潤率比上一年增加了10 個基點，大多數成本和費用項目的改善抵消了與2022 年相比更高的有效特許權使用費率。

Luis, back to you, let's turn to the CBD strategy of digital delivery and drive-thru digital sales grew 39% in USD and contributed 53% of system-wide sales in the quarter.

Luis，回到您的主題，讓我們談談 CBD 的數位交付策略和得來速數位銷售額以美元計算成長了 39%，佔本季全系統銷售額的 53%。

We also identified [21%] of the quarter system-wide sales and this figure should continue to rise as we've rolled out the loyalty program to more markets.

我們也確定了本季全系統銷售額的 [21%]，隨著我們向更多市場推出忠誠度計劃，這個數字應該會繼續上升。

The goal is to identify 40% of sales by the end of 2025, keeping in mind our ability to positively impact the customer's average check and visit frequency.

我們的目標是到 2025 年底確定 40% 的銷售額，同時牢記我們有能力對客戶的平均檢查和訪問頻率產生積極影響。

We significantly increases the value of an identified customer.

我們顯著提高了已識別客戶的價值。

The mobile app downloads and monthly active users continued to grow during the quarter.

本季行動應用下載量和每月活躍用戶數持續成長。

We see the boost from the launch of the loyalty program in Brazil and white, as well as the increasing popularity of the Mobile Order & Pay functionality as we have said in the past, the omnichannel approach we are taking across geographies, restaurant formats and digital platforms is allowing us to serve more customers the way they want to be served.

我們看到了在巴西和白人推出忠誠度計劃的推動，以及行動訂單和支付功能的日益普及，正如我們過去所說，我們正在跨地域、餐廳業態和數位化方式採取全通路方法平台使我們能夠以更多客戶想要的方式為他們提供服務。

This is why it was so important to evolve the mobile app from a couponing tool, two, an e commerce platform with personalized offers multiple ways to place and receive orders and a loyalty program in addition to the mobile app and delivery, which I will tell you about on the next slide.

這就是為什麼將行動應用程式從優惠券工具發展為如此重要的原因，第二，一個電子商務平台，除了行動應用程式和交付之外，還提供個性化的多種下訂單和接收訂單方式以及忠誠度計劃，我將告訴您您將在下一張投影片上看到。

Let's not forget that digital sales also include the self-order kiosks in EOTF restaurants in some markets.

我們不要忘記，數位銷售還包括某些市場 EOTF 餐廳的自助點餐機。

Self-order kiosks are the number one sales channel, delivering higher average checks and operational efficiency, while capturing the lion's share of on-premises dining both delivery and drive-thru contributed to the strong sales growth in the quarter.

自助點餐機是第一大銷售管道，提供更高的平均結帳率和營運效率，同時佔據了店內餐飲的最大份額，外送和得來速都為本季的強勁銷售成長做出了貢獻。

We combined off-premise US dollar sales rising 16% versus the prior year, taking advantage of our free-standing restaurant portfolio deliver became almost a billion-dollar sales channel for us in 2023, growing from less than 5% of sales in 2019.

我們的場外美元銷售額與前一年相比成長了16%，利用我們的獨立餐廳組合，到2023 年，我們的銷售額將接近10 億美元，而2019 年銷售額的成長還不到5% 。

We have also developed plans in each of our markets to continue boosting drive-thru sales in 2024, which is a channel we already dominate across the region.

我們還在每個市場制定了計劃，以在 2024 年繼續提高得來速銷售，這是我們已經在該地區佔據主導地位的管道。

In late October of last year, we launched a new loyalty program in two of our market's Brazilian real way.

去年十月下旬，我們以巴西雷亞爾市場的兩個方式推出了新的忠誠度計畫。

At the end of February, the program had grown to more than $5 million members, adding $2 million members in just the last two months.

截至 2 月底，該計劃的會員規模已超過 500 萬美元，僅在過去兩個月內就增加了 200 萬美元的會員。

We monitor several important KPIs and compare them with benchmarks within both the McDonald's system as well as industry peers and similar programs in other industries.

我們監控幾個重要的 KPI，並將它們與麥當勞系統內的基準以及行業同行和其他行業的類似計劃進行比較。

So our we have very healthy results in terms of active customers, visit frequency and retention rate.

因此，我們在活躍客戶、訪問頻率和保留率方面取得了非常健康的結果。

We will soon roll out the loyalty program to additional markets in no LED and flat and expected to be fully implemented by the end of 2025.

我們很快將在無 LED 和平板的其他市場推出忠誠度計劃，預計將於 2025 年底全面實施。

Now that you have seen the strength of our operating results let's take a look at the balance sheet and cash flows that will support accelerated unit growth in the coming years.

現在您已經看到了我們經營業績的實力，讓我們來看看將支持未來幾年單位加速成長的資產負債表和現金流。

And then leverage at the end of 2023 was unchanged from the end of 2022.

然後2023年底的槓桿率與2022年底沒有變化。

Our Genesis one is, as has been the trend throughout the year.

我們的 Genesis 就是這樣，這也是全年的趨勢。

Total debt rose modestly versus the prior year end as we deployed cash to fund capital expenditures.

由於我們部署現金為資本支出提供資金，總債務較上年末小幅上升。

Additionally, the appreciation of the Brazilian real reduced the value of our derivative instruments.

此外，巴西雷亞爾升值降低了我們衍生性商品的價值。

The resulting increase in net debt was offset by the EBITDA growth.

由此產生的淨債務增加被 EBITDA 成長所抵銷。

We presented earlier, cash flow from operating activities grew 11% versus the prior year, allowing us to meet our ambitious capital expenditure plans for the year, while keeping net leverage unchanged as Marcelo already shared restaurant openings were just above the top end of our 75 to 80 openings guidance range for full year 2023, just above 90%. [Breef] being freestanding openings, increasing the structural competitive advantage across our markets.

我們早些時候提出，經營活動產生的現金流量比上一年增長了11%，使我們能夠滿足今年雄心勃勃的資本支出計劃，同時保持淨槓桿率不變，因為Marcelo 已經分享的餐廳開業數量略高於我們75 家餐廳的上限2023 年全年職缺指導範圍為 80 個，略高於 90%。 [Breef] 成為獨立的職缺，增強了我們整個市場的結構性競爭優勢。

Capital expenditures for the full year totaled $360 million, in line with our guidance.

全年資本支出總額為 3.6 億美元，與我們的指引一致。

With that, we met our openings guidance modernized another 10% of our existing restaurants for formal require maintenance on all other restaurants.

至此，我們達到了開幕指導方針，對現有餐廳的另外 10% 進行了現代化改造，以便對所有其他餐廳進行正式維護。

And it has helped our information technology, infrastructure and digital capabilities for returns on investment from both openings and modernizations remain well above historical averages.

它幫助我們的資訊技術、基礎設施和數位能力從開放和現代化中獲得的投資回報率仍然遠高於歷史平均水平。

And part of the CapEx at the end of 2023 was invested in openings planned for the first quarter of 2024.

2023 年底的部分資本支出投資於計劃於 2024 年第一季開業的項目。

In fact, we have already opened 18 restaurants so far this year.

事實上，今年到目前為止我們已經開設了 18 家餐廳。

For the full year 2024, we plan to open 80 to 90 EOTF restaurants, again, with about 90% of them being freestanding.

2024 年全年，我們計劃再次開設 80 至 90 家 EOTF 餐廳，其中約 90% 是獨立餐廳。

We expect to accomplish this plan with capital expenditures of $300 million to $350 million, which we plan to fund with cash on hand and cash from operations, about 60% of restaurants across the Arcos Dorados footprint.

我們預計透過 3 億至 3.5 億美元的資本支出來完成這項計劃，我們計劃用庫存現金和營運現金提供資金，涵蓋 Arcos Dorados 業務範圍內約 60% 的餐廳。

Our experience of the future locations will remain confident that we will surpass 90% of our footprint modernized to EOTF by the end of 2027, bringing all the benefits of performance and enhanced technology to improve guest experience while driving additional sales growth and operational efficiency.

我們對未來地點的經驗仍然充滿信心，到 2027 年底，我們將超過 90% 的足跡實現 EOTF 現代化，帶來性能和增強技術的所有優勢，以改善賓客體驗，同時推動額外的銷售成長和營運效率。

Finally, in addition to the value that business is generating and 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 $0.24 per share to be paid in four equal installments towards the end of each calendar quarter.

最後，除了業務產生的價值外，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 董事會還批准了每股 0.24 美元的現金股息，分四期等額支付每個日曆季度末。

Marcelo, back to you [friends Mariano] operating responsibly is an important principle for article hurdles, which is why we continue to develop and implement our recipe for a future ESG platform.

馬塞洛，回到你[朋友馬裡亞諾]，負責任地運作是文章障礙的重要原則，這就是為什麼我們繼續開發和實施未來 ESG 平台的秘訣。

In 2023, we continued moving forward with our commitment to source 100% fresh cage-free eggs.

2023 年，我們繼續履行採購 100% 新鮮放養雞蛋的承諾。

So far, we have increased our sourcing in Brazil, Colombia, Costa Rica, Puerto Rico and Peru.

到目前為止，我們增加了在巴西、哥倫比亞、哥斯達黎加、波多黎各和秘魯的採購。

We are already working out the details for our upcoming transition in several additional markets and expect to achieve our commitment to be 100% fresh cage free in all of our overall markets by the end of 2025.

我們已經在製定即將在其他幾個市場進行過渡的細節，並預計在 2025 年底實現我們所有市場 100% 新鮮非籠養的承諾。

Our sustainable construction program reached new cities in Latin America, arriving in Brazil, Chile, Peru, Argentina and Ecuador.

我們的永續建設計劃到達了拉丁美洲的新城市，包括巴西、智利、秘魯、阿根廷和厄瓜多爾。

These new or remodeled restaurants in tune up to 25 sustainability initiatives and come equipped with technology that minimizes the operations environmental impact that technologies included smart air conditioning systems, water collection times, solar panels and weight separation beans, among others.

這些新建或改造的餐廳實施了多達25 項永續發展舉措，並配備了可最大限度減少營運對環境影響的技術，這些技術包括智慧空調系統、集水時間、太陽能電池板和重量分離豆等。

In 2023, Arco would have sourced about 30% of its energy from renewable sources.

到 2023 年，Arco 約 30% 的能源將來自再生能源。

Last year, we also signed an agreement with Petro-Chemical promoter URW, a leading company in the Argentinean energy sector to source electricity from a new wind farm they built in the province of

去年，我們也與石化發起人 URW（阿根廷能源產業的領先公司）簽署了一項協議，從他們在阿根廷省建造的一個新風電場獲取電力。

[Buenos Aires].

[布宜諾斯艾利斯]。

We began sourcing electricity from these new farms last month and along with other projects in Brazil and Colombia.

上個月，我們開始從這些新農場以及巴西和哥倫比亞的其他項目購買電力。

We expect this to help us continue converting our energy metrics to more sustainable sources in 2024 before we open the call for questions and answers.

我們預計這將有助於我們在 2024 年開始徵集問答之前繼續將能源指標轉換為更永續的來源。

I would like to share a few final thoughts.

我想分享一些最後的想法。

We are very proud of the results we delivered in 2023 comparable sales growth.

我們對 2023 年可比銷售成長的成果感到非常自豪。

We are above inflation in all markets, driven by higher gas volumes and a competitive pricing strategy that offers the most compelling value proposition in the region.

在天然氣產量增加和具有競爭力的定價策略的推動下，我們在所有市場上都處於通膨之上，該策略提供了該地區最引人注目的價值主張。

Total revenue benefited from the strong [comp] sales performance as well as restaurant openings and in mostly neutral currency environment.

總收入受益於強勁的[comp]銷售業績以及餐廳開業以及基本中性的貨幣環境。

In 2023, profitability grew mainly as a result of topline growth as we used some of our margin opportunity to drive guest volume over time.

2023 年，獲利能力的成長主要是由於營收成長，因為我們利用了一些利潤機會來隨著時間的推移增加客人數量。

And this is more sustainable and reflects Harvey's formation among guests supporting increased frequency and lifetime value.

這更具可持續性，反映了哈維在客人中的形成，支持增加頻率和終身價值。

But it is worth repeating that excluding the impact of the higher royalty rate, full year 2023 EBITDA margin was 60 basis points higher than the prior year.

但值得重複的是，排除特許權使用費上漲的影響，2023 年全年 EBITDA 利潤率比上年高出 60 個基點。

This structure and competitive advantages we enjoy today are real and we have strengthened them in 2023.

我們今天享有的這種結構和競爭優勢是真實的，我們將在 2023 年加強它們。

Our freestanding restaurant portfolio grew larger, and we opened even more of a gap between us and our nearest competitors.

我們的獨立餐廳組合變得越來越大，我們與最接近的競爭對手之間的差距也越來越大。

And our digital platform is second to none.

我們的數位平台是首屈一指的。

With the industry's most downloads, active users, functionalities, sales, you name it.

擁有業界最多的下載量、活躍用戶、功能、銷售量，應有盡有。

Our plan is to continue leveraging these advantages while bringing them to more markets in the coming years.

我們的計劃是繼續利用這些優勢，同時在未來幾年將它們推向更多市場。

Finally, the restaurant openings pipeline is as strong as ever.

最後，餐廳開業管道一如既往地強勁。

We will maintain discipline around the processes and tools that hub generated the strong results of the last few years.

我們將維持圍繞流程和工具的紀律，這些流程和工具在過去幾年中產生了強勁的成果。

We also expect to increase the pace of openings in the next couple of years to take advantage of the opportunity to expand the McDonald's brand in a highly underpenetrated region of the world.

我們也預計在未來幾年內加快開幕步伐，並利用這一機會在全球滲透率極低的地區拓展麥當勞品牌。

We are now two and a half months into the first quarter of 2024, and we are pleased with the continued growth of our markets we set an ambitious internal goal for revenue and EBITDA growth this year with solid results so far.

現在距離 2024 年第一季還有兩個半月，我們對市場的持續成長感到高興，我們為今年的營收和 EBITDA 成長制定了雄心勃勃的內部目標，迄今為止取得了堅實的成果。

Needless to say, we are also keeping a close eye on developments in Argentina, and Ecuador at the beginning of 2024.

不用說，我們也在密切關注 2024 年初阿根廷和厄瓜多爾的事態發展。

But we feel confident we have the best brands along with the right strategy and team to continue generating significant value for our shareholders, people and communities.

但我們相信，我們擁有最好的品牌以及正確的策略和團隊，能夠繼續為我們的股東、員工和社區創造巨大的價值。

Thank you all for your continuing support.

感謝大家一直以來的支持。

Daniel over to you to start the Q&A session.

丹尼爾請您開始問答環節。

Thanks, Marcelo.

謝謝，馬塞洛。

In order to get started, please minimize the presentation slides so that you can access the chat function.

為了開始使用，請最小化簡報投影片，以便您可以存取聊天功能。

On the left-hand side of the webcast platform, please limit yourself to one or two questions so that I can read understand and convey them to our speakers.

在網路直播平台的左側，請只提出一兩個問題，以便我能夠閱讀理解並將其傳達給我們的演講者。

We will now pause briefly to compile your questions.

我們現在將暫停一下以整理您的問題。

Great.

偉大的。

So, our first question today comes from Melissa Byun of actually center.

所以，我們今天的第一個問題來自實際上中心的 Melissa Byun。

A couple of questions from Bank of America.

美國銀行的幾個問題。

So, we'll start with the first one.

那麼，我們將從第一個開始。

I think this one is for you.

我想這個適合你。

Mariano.

馬裡亞諾.

Can you please discuss the margin outlook for 2024, including expectations for food and paper costs, wages and other expenses?

您能否討論一下 2024 年的利潤率前景，包括對食品和紙張成本、工資和其他費用的預期？

And where do you see the potential for productivity gains and or other sources of savings?

您認為生產力提高和/或其他節省來源的潛力在哪裡？

I think Dan and thanks Melissa thanks for the question and good morning to everybody up for the margin at end of 2024.

我認為丹和梅麗莎感謝您提出的問題，並祝大家早安，爭取 2024 年底的利潤。

We are committed to continue with our successful strategy that we have consistently delivered in the past four years with our unmatched footprint of freestanding restaurants and the cities, we will focus on growing sales above inflation, increasing our EBITDA in dollars when obtaining margin expansion as we have done in the last few years.

我們致力於繼續實施我們在過去四年中一貫實施的成功策略，憑藉我們無與倫比的獨立餐廳和城市足跡，我們將專注於將銷售額增長到高於通貨膨脹的水平，在獲得利潤擴張時增加我們的EBITDA（以美元計）過去幾年所做的。

That's how we increased our EBITDA from $272 million in 2021 to $472 million in 2023.

這就是我們如何將 EBITDA 從 2021 年的 2.72 億美元增加到 2023 年的 4.72 億美元。

That's a 74% increase in USD and our EBITDA margin from 10.2% to almost 11% last year, despite the increase in the royalty rate.

儘管特許權使用費有所增加，但以美元計算，我們的 EBITDA 利潤率從去年的 10.2% 增加到近 11%，增長了 74%。

So, in 2023, specifically, our strategy generated an EBITDA growth of 16.3% in the fourth quarter and 22.2% for the full year in USD for 2024.

因此，具體而言，我們的策略在 2023 年第四季實現了 16.3% 的 EBITDA 成長，2024 年全年以美元計算 EBITDA 成長了 22.2%。

We expect to continue with this trend of growing sales at or above inflation with a more benign cost environment for food and paper that should translate in maintaining the healthy margin trends of the last years.

我們預計，這種銷售成長趨勢將繼續保持在通膨或高於通膨的水平，食品和紙張的成本環境更加良性，這將有助於維持過去幾年的健康利潤率趨勢。

But we do see some headwinds in margins in Brazil and not at the ones that we experienced in 20 in the last quarter of 2023 to translate into 2024.

但我們確實看到巴西的利潤率遇到了一些阻力，而不是我們在 2023 年最後一個季度 20 年經歷的那些阻力，這種阻力將轉化為 2024 年的情況。

So, in summary, the expectation for 2024 is to continue with the same trend that we had in 2023.

因此，總而言之，對 2024 年的預期將繼續與 2023 年相同的趨勢。

And if you let me add Mariano on to improve margins.

如果你讓我加入馬裡亞諾來提高利潤。

What we're doing in the region is focusing on the equalization of our execution and how we manage our P&L.

我們在該地區所做的重點是我們執行的均衡性以及我們如何管理損益。

What we do is we have been for a market like Brazil.

我們所做的是我們一直致力於巴西這樣的市場。

We think the best practices to impact or positively impact margins.

我們認為影響或正面影響利潤的最佳實踐。

They have a specific opportunity, and we have these kind of opportunities not only when you compare market to market, but within some markets and even at a store level.

他們有一個特定的機會，我們不僅在市場與市場之間進行比較時，而且在某些市場甚至商店層面上都擁有此類機會。

So, what we're doing today is leveraging from the diversity and scale that we have in the Company.

因此，我們今天所做的就是利用公司的多樣性和規模。

Great.

偉大的。

Thanks.

謝謝。

Thanks, guys.

多謝你們。

On Melissa's.

在梅麗莎的身上。

Second question, actually back to you is going to be the growth of the loyalty program has been very impressive.

第二個問題，實際上，忠誠度計劃的成長將非常令人印象深刻。

Can you share any metrics on the behavior of members versus non-members?

您能否分享會員與非會員行為的任何指標？

Thank you, sir.

謝謝你，先生。

Yeah, thank you for the question on when you said the main metric that we have today is the idea of registered members.

是的，謝謝您提出的問題，您說我們今天的主要指標是註冊會員的想法。

Okay.

好的。

And like you said, you said very positive number.

就像你說的，你說的是非常正面的數字。

We came from $3 million members in December to $5 million members by the end of February.

到 2 月底，我們的會員資格從 12 月的 300 萬美元增加到 500 萬美元。

And what we are expecting is to increase the value of identified sales.

我們期望的是增加已確定的銷售價值。

That's another metric debt we are starting to to see what we expect is that the loyalty program works as a booster of those identified sales.

這是我們開始看到的另一個衡量債務的指標，我們期望忠誠度計劃能夠促進這些已確定的銷售。

And what we are already seeing is an increase in visit frequency, but by today's very early to do to win in the early stages of the program.

我們已經看到訪問頻率增加，但到今天為止，我們還需要在計劃的早期階段取得勝利。

And what I can add is that we'll go into a rollout program in mid markets by the by the end of this year.

我可以補充的是，我們將在今年年底前在中階市場啟動推出計畫。

Then.

然後。

Great.

偉大的。

Thanks for Luis.

謝謝路易斯。

The next question is from Julia Rizzo from Morgan Stanley.

下一個問題來自摩根士丹利的茱莉亞·里佐。

Actually, she has about a three or four parter here.

事實上，她在這裡大約有三、四個夥伴。

So let's let's take this in pieces.

那麼讓我們把它分成幾個部分。

Versus at least comment on same-store sales trends, I think actually probably talking more about the beginning of '24 than they ended at '23 since we published those back in January, and we'll start with you myself.

相對於至少對同店銷售趨勢的評論，我認為實際上可能更多地談論 24 年初，而不是 23 年底，因為我們早在 1 月份就發布了這些趨勢，我們將從您本人開始。

Okay.

好的。

Thank you, Julia, and thank you for your questions.

謝謝你，茱莉亞，也謝謝你的提問。

Through February of this year of 2024, the cumulative sales trends are about in line with our expectations.

截至2024年今年2月，累計銷售趨勢與我們的預期基本一致。

Our strategy is to remain focused on offering value great value to our guests all across our menu, and we expect this to help deliver comparable sales growth up or above inflation in the full year 2024 in most of our markets.

我們的策略是繼續專注於為我們的所有客人提供超值的菜單，我們預計這將有助於在 2024 年全年在我們的大多數市場實現可比的銷售成長，甚至高於通貨膨脹。

And there are contributions in this sense coming from a very competitive pricing.

從這個意義上說，有一些貢獻來自於極具競爭力的定價。

We are pushing for categories of our product mix where we see the biggest opportunities.

我們正在推動我們看到最大機會的產品組合類別。

So we should have some contributions coming from our both need some.

因此，我們應該從我們雙方的需要中做出一些貢獻。

And finally, we continue to see a positive evolution in terms of gas volumes.

最後，我們繼續看到天然氣產量的正面發展。

That's that has been the case for the first two months of the year.

今年前兩個月的情況就是如此。

In terms of the contribution of the different markets, I would say that based on the first two months of the year, we faced some headwinds in the latter, particularly in Argentina and Ecuador.

就不同市場的貢獻而言，我想說，根據今年前兩個月的情況，我們在後者面臨一些阻力，特別是在阿根廷和厄瓜多爾。

But at the same time, we saw a very a very strong contributions coming from the other markets of Lat Am from the other two divisions.

但同時，我們看到來自拉丁美洲其他市場的其他兩個部門做出了非常非常強大的貢獻。

Brazil is doing extremely well and knowledge to So with this kind of performance in terms of sales, what we expect is an EBITDA growth at the consolidated level for the full year 2020 for us could be the case when we take a look at our results in the first two months of this year.

巴西的表現非常好，並且了解，因此，在銷售方面有這樣的表現，我們預計 2020 年全年的綜合水平 EBITDA 增長，當我們看看我們的業績時，情況可能會是這樣。今年前兩個月。

So we are pretty constructive in terms of the same-store sales trend, which allowed us to gain market share consistently across the region last year and we continue with that trend in the first two months of this year.

因此，我們對同店銷售趨勢非常有建設性，這使我們去年能夠在該地區持續獲得市場份額，並且我們在今年前兩個月繼續保持這一趨勢。

Great.

偉大的。

Thanks, Marcello.

謝謝，馬塞洛。

The next sort of three parts of Julia's question, I think are all for you by the end of the first ones, you asked about margins declining in Brazil.

朱莉婭問題的接下來的三個部分，我認為在第一個問題結束時都適合您，您詢問了巴西的利潤率下降的情況。

I know that.

我知道。

And if that's a one-off, I think you addressed that already basically saying that correct, that is more of a one-off, and that's something that we expect to continue into '24 on finance.

如果這是一次性的，我認為您基本上已經說是正確的，這更像是一次性的，我們預計這將持續到 24 年的金融領域。

Yes.

是的。

A couple of questions on some level related to Argentina.

有幾個問題在某種程度上與阿根廷有關。

She says also corporate expenses and others increased above expectations despite the exposure to a weaker Argentine peso.

她表示，儘管阿根廷比索走弱，但企業支出和其他支出的成長仍超乎預期。

And related to that, how much is Argentina now of total sales and EBITDA.

與此相關的是，阿根廷現在的總銷售額和 EBITDA 是多少。

So I'll give you those two, medium and heavy duty for the question.

所以我會給你這兩個，中等和重型的問題。

First of all, we continue to improve the SG&A as a percentage of revenues.

首先，我們持續提高SG&A佔營收的百分比。

In fact, 2023 has the lowest percentage of SG&A as percentage of revenue in the history of the Company, the positive impact that you should expect that you mentioned from the devaluation of Argentina we have an impact during 2020 for us.

事實上，2023 年的 SG&A 占公司收入的百分比是公司歷史上最低的，您應該預料到您提到的阿根廷貶值對我們在 2020 年產生的影響。

The devaluations happened only in the first in the last two weeks of last year.

貶值只發生在去年最後兩週的前兩週。

And the increase in absolute terms can also be explained by the investment in digital that the Company continues to have.

絕對值的成長也可以透過公司持續對數位化的投資來解釋。

Pandemic is driving sales and helping us to drive sales and above inflation.

大流行正在推動銷售，並幫助我們推動銷售並超越通貨膨脹。

And also due to the increase last year in the stock price that has an impact on the mark-to-market of the long-term management compensation plans that we already mentioned.

此外，由於去年股價的上漲，對我們已經提到的長期管理層薪酬計劃的按市值計價產生了影響。

Regarding the Lee, a second part of your question about how much is such an 18-month total sales and EBITDA remains the same as in 2022 in 2023, 16% approximately of total sales.

關於Lee，你的問題的第二部分是2023年18個月的總銷售額和EBITDA與2022年持平，約佔總銷售額的16%。

Great.

偉大的。

Thanks, Mariano.

謝謝，馬裡亞諾。

The next questions come from Thiago Bortoluci from Goldman Sachs.

接下來的問題來自高盛的蒂亞戈·博爾托魯奇。

Morning, Marcello and Arco's team.

早上，馬塞洛和阿科的團隊。

Congrats on the strong EPS.

祝賀強勁的每股盈餘。

Could you also please comment on sequential gross margin performance, i.e., versus the third quarter of '23 per division.

您能否評論一下連續毛利率表現，即與每個部門 23 年第三季的毛利率表現相比。

And that's the first part of that question.

這是該問題的第一部分。

And I guess we'll get that over to you myself.

我想我們會親自把這件事交給你。

Okay.

好的。

Yes, hi, Joe, and thanks for your question, what we saw in the second half, I would say, of 2023.

是的，嗨，喬，謝謝你的提問，我想說的是，我們在 2023 年下半年看到了什麼。

And that's the trend which we've which we started in 2024 is less pressure coming from food and paper costs.

這就是我們從 2024 年開始的趨勢，來自食品和紙張成本的壓力較小。

That's why our food and paper improve in the second half, but improved sequentially in the fourth quarter of this year when compared to the third quarter, and we are using strategically that room in our costs and our margins in order to invest in offering the most compelling value proposition in the market.

這就是為什麼我們的食品和紙張在下半年有所改善，但與第三季度相比在今年第四季度連續改善，我們正在策略性地利用我們的成本和利潤空間，以便投資提供最多的產品市場上引人注目的價值主張。

And that's why I think one of the main reasons I think we continue to gain market share and we continue to build this customer base, which will allow us to create and degenerate to capture shareholder value for the long term for the Company, we are experiencing a leadership position, which is pretty strong, and we are building on that leadership position you see in our favor are the less pressure that we are seeing in terms of our land bank, of course.

這就是為什麼我認為我們繼續獲得市場份額並且我們繼續建立這個客戶群的主要原因之一，這將使我們能夠創造和退化以獲取公司長期的股東價值，我們正在經歷領導地位相當強大，我們正在建立這種領導地位，你認為對我們有利的是，當然，我們在土地儲備方面看到的壓力較小。

Great.

偉大的。

Thanks, Marcello.

謝謝，馬塞洛。

And a second part of Joe's question, we'll come back to you Marianna, and he says, could you walk us through the impacts from Argentina on your P&L?

喬問題的第二部分，我們會回覆你，瑪麗安娜，他說，你能向我們介紹一下阿根廷對你的損益表的影響嗎？

Thanks.

謝謝。

Again, I'm assuming we're talking about the fourth quarter of '23.

我再次假設我們正在談論 23 年第四季。

Yes, perfect. the FX hit on the P&L is, as described in our press release, other operating income.

是的，完美。正如我們的新聞稿所述，外匯對損益表的影響是其他營業收入。

That includes a total of $7.4 million non-cash expense that's primarily related to higher impairments and write-off of long-lived assets versus the prior year within this number, about $3.5 million that is related to the devaluation in Argentina.

其中包括總計 740 萬美元的非現金支出，主要與前一年相比較高的長期資產減損和沖銷有關，其中約 350 萬美元與阿根廷的貨幣貶值有關。

In addition, in the fourth Q, there's an FX noncash remeasurement loss of $11.5 million.

此外，第四季的外匯非現金重新計量損失為 1,150 萬美元。

But keep in mind that for the full year 2023, the impact is positive in $5 million.

但請記住，對於 2023 年全年，影響為 500 萬美元。

So those are the main impacts that we have in the P&L.

這些是我們對損益表的主要影響。

On top of that, we have an improvement in our effective tax rate as well related to Argentina due to a generating non-taxable gain below also the operating line that actually is giving us or allowing us to have the effective tax rate below 35% that you can see in our results.

最重要的是，我們與阿根廷相關的有效稅率有所提高，因為產生的非應稅收益也低於實際給予我們或允許我們的有效稅率低於 35% 的營運線。你可以在我們的結果中看到。

Great.

偉大的。

Thanks, Mariana.

謝謝，瑪麗安娜。

And I actually don't see any more questions in the queue.

事實上，我在隊列中沒有看到更多問題。

So that brings us to the end of the Q&A session that you see and I remain available to any analyst or investor.

這樣，我們的問答環節就結束了，您可以看到，我仍然可以為任何分析師或投資者提供服務。

That has a question related to our results or our expectations for 2024.

這是一個與我們的業績或 2024 年的預期相關的問題。

Thanks again to everyone for your interest in Arcos and for joining the webcast today.

再次感謝大家對 Arcos 的關注並參加今天的網路廣播。

Look forward to speaking with you again sometime in the middle of May when we report our fourth, our first quarter 2024, our earnings results and until then, stay safe and have a great day.

期待在 5 月中旬的某個時候再次與您交談，屆時我們將報告第四季度（即 2024 年第一季度）的盈利結果，在此之前，請保持安全並度過愉快的一天。