Arcos Dorados Holdings Inc (ARCO) 2024 Q1 法說會逐字稿

Good morning, everyone, and thank you for joining our first quarter 2024 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 2024 年第一季財報網路廣播。今天與我們在一起的有我們的執行長馬塞洛·拉巴赫 (Marcelo Rabach)；路易斯‧拉加納托 (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.

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，也可以在我們網站 www.arcosdorados.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 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.

溫馨提示，為了更好地在網絡直播平台上觀看演示文稿，請在我們結束開場白後，滾動屏幕左上方部分，然後單擊箭頭以最大化幻燈片，我們將回答您的問題，您可以通過以下方式回答您的問題：可以使用螢幕左側的聊天功能提交。您需要最小化幻燈片才能存取聊天功能。

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.

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。

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.

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, Danile, and good morning, everyone, and thank you for joining us the strength of the results we reported this morning demonstrate how far we've come as a company over the last decade.

謝謝丹尼爾，大家早上好，感謝您加入我們今天早上報告的結果，這證明了我們作為一家公司在過去十年中取得了多大的進步。

They also reinforce the strength of the Arcos Dorados business model with solid US, dollar growth to start 2024, even in the face of a very challenging economic environment in one of our main markets this is a testament to the importance of operating responsibly and managing the business with a long-term mindset.

它們也增強了Arcos Dorados 商業模式的實力，從2024 年開始，美元將實現穩健成長，即使我們的主要市場之一面臨著非常具有挑戰性的經濟環境，這也證明了負責任營運和管理的重要性以長遠的心態開展業務。

In the last 10 years we diversified the business, reducing the weight of any single country while Brazil remains our biggest market, [NOLAD] now contributes a growing share of sales and EBITDA, much of it in hard or very stable currencies and within slab markets like Chile, Colombia and Uruguay have also increased their contributions to consolidated results.

在過去10 年中，我們實現了業務多元化，減輕了任何單一國家的權重，而巴西仍然是我們最大的市場，[NOLAD] 現在貢獻的銷售額和EBITDA 份額不斷增長，其中大部分以硬通貨或非常穩定的貨幣計價，並且在板材市場內智利、哥倫比亞和烏拉圭等國也增加了對綜合成果的貢獻。

Our objective is to generate sustainable profitability growth over the long-term to this end, the business model and the 3D strategy are working well together everything starts with sales, and our balanced approach to managing pricing, product mix and guest volumes is driving above inflation compatible sales growth.

我們的目標是實現長期可持續的獲利成長，商業模式和 3D 策略完美結合，一切從銷售開始，我們平衡管理定價、產品組合和客流量的方法正在推動通膨之上相容的銷售成長。

The most critical driver of sustainable sales growth is guest volume and the McDonald's brand continues to capture the highest volume per restaurant in our region by far the region's growth potential is huge and we are still accelerating restaurant openings.

永續銷售成長的最關鍵驅動力是客流量，麥當勞品牌繼續佔據我們地區每家餐廳客流量最高的位置，到目前為止，該地區的成長潛力巨大，我們仍在加快餐廳開業速度。

In fact, we plan to invest in the McDonald's brand for many years to come and our investments will foster a virtuous cycle of growth in our communities and local economies. In turn, this will support our long-term expansion plans, while insulating the business from short term volatility.

事實上，我們計劃在未來很多年投資麥當勞品牌，我們的投資將促進我們社區和當地經濟成長的良性循環。反過來，這將支持我們的長期擴張計劃，同時使業務免受短期波動的影響。

Before getting into the specifics of first quarter results I want to take a moment to express how saddened we are by the severe flooding in Brazil's southernmost state, Rio Grande do Sul, fortunately, all our employees in the state survived the flooding. In the short term, we are focused on supporting our employees and their families, including with basic necessities and by guaranteeing their job security until the situation improves. We have also begun distributing food within the communities we serve, as well as to first responders.

在詳細介紹第一季業績之前，我想花點時間表達我們對巴西最南端的南里奧格蘭德州發生嚴重洪水的悲痛，幸運的是，我們在該州的所有員工都在洪水中倖存下來。短期內，我們的重點是支持員工及其家人，包括提供基本必需品並保證他們的工作保障，直到情況好轉。我們也開始在我們服務的社區內以及急救人員分發食物。

Moving forward we will be working on several initiatives in coordination with local governments and NGOs to continue supporting our people and do it in reconstruction finally, I should also note that our business exposure to the state is relatively limited and so far, Brazil's second quarter trends have not been materially impacted by this situation.

展望未來，我們將與地方政府和非政府組織協調開展多項舉措，以繼續支持我們的人民並最終在重建中做到這一點，我還應該指出，我們在該州的業務相對有限，到目前為止，巴西第二季的趨勢並沒有受到這種情況的重大影響。

Turning now to the first quarter, performance in Brazil and NOLAD more than offset the impact of the devaluation of Argentine peso on concentrated results. Total revenue rose 9.1% in the first quarter, supported by the 12th consecutive quarter of positive compatible guest traffic at the consolidated level.

現在轉向第一季度，巴西和 NOLAD 的業績足以抵消阿根廷比索貶值對集中業績的影響。第一季總營收成長 9.1%，這得益於綜合層級連續 12 季的正相容客流量。

System wide comparable sales rose above inflation in nearly all markets as well and were up 2.2 times blended inflation for the entire company, excluding Argentina.

幾乎所有市場的全系統可比銷售額均高於通貨膨脹，並且是整個公司（不包括阿根廷）混合通貨膨脹的 2.2 倍。

Antonas brand visit and spend shares remain more than two times our nearest competitors and the brand attributes we track are at or near all-time highs across the region the digitalization of the Arcos Dorados business also remain on track in the quarter with digital channels generating 55% of system wide sales.

Antonas 品牌訪問量和支出份額仍然是我們最接近競爭對手的兩倍以上，我們追蹤的品牌屬性在整個地區處於或接近歷史最高水平Arcos Dorados 業務的數位化在本季度也保持在正軌上，數位管道產生了55佔全系統銷售額的百分比。

Total digital sales growth of 30% in US, dollars was driven by delivery, self-order kiosks and mobile order and paid sales. Notably this quarter, we signed an agreement to become a regional sponsor of formula one in Latin America. Over the years, this global sport has become popular among families within the region, reaching all demographic, gender and socioeconomic groups.

美國數位銷售總額增加了 30%，主要由送貨、自助點餐機、行動訂單和付費銷售推動。值得注意的是，本季我們簽署了一項協議，成為拉丁美洲一級方程式的區域贊助商。多年來，這項全球運動已在該地區的家庭中流行起來，涵蓋所有人口、性別和社會經濟群體。

In addition to providing a significant boost to our brand presence in the region, this sponsorship will focus on further leveraging the successful 3D strategy, including the synergy with the precision, teamwork and speed of service of our industry leading drive through business.

除了顯著提升我們在該地區的品牌影響力外，此次贊助還將專注於進一步利用成功的 3D 策略，包括與我們行業領先的 Drive Through 業務的精度、團隊合作和服務速度的協同作用。

Finally, restaurant openings continue to accelerate we added 22 EOTF restaurants, 19 of them free standing. Brazil opened 11 restaurants, including 10 new free standing units. Luis will now take us through an overview of sales performance in each division

最後，餐廳開幕持續加速，我們新增了 22 家 EOTF 餐廳，其中 19 家是獨立餐廳。巴西開設了 11 家餐廳，其中包括 10 家新的獨立餐廳。路易斯現在將帶我們回顧每個部門的銷售業績

Thanks Marcelo, and good morning, everyone as Marcelo just mentioned, we believe sales growth above inflation is the most sustainable way to increase profitability. Brazil's comparable sales rose 9.4% on top of 13.8% in the first quarter last year. This year's growth was 2.2 times inflation in the period, with higher volume and average check contributing to the result.

謝謝馬塞洛，大家早安，正如馬塞洛剛才提到的，我們相信銷售增長高於通膨是提高盈利能力的最可持續的方式。巴西可比銷售額較去年第一季的 13.8% 成長 9.4%。今年的成長是同期通貨膨脹的 2.2 倍，成長的原因是交易量和平均支票量增加。

Digital sales grew 38% and accounted for 65% of total sales in Brazil. Importantly, 26% of sales were identified as a reminder, these are transactions where we not only have customer data, but where customers have explicitly authorized us to track and use their data.

數位銷售額成長 38%，佔巴西總銷售額的 65%。重要的是，26% 的銷售額被確定為提醒，在這些交易中，我們不僅擁有客戶數據，而且客戶明確授權我們追蹤和使用他們的數據。

Additionally, the Meu Mequi loyalty program continued to gain traction in the market in the quarter. Brazil's marketing plans and campaigns became the talk of the town during the first quarter, with the continuation of the successful Mequi MePega campaign and the launch of the Big Tasty Turbo Cheese. We engaged with Gen Z customers by once again, sponsoring the Lollapalooza music festival in Sao Paulo, as well as the country's most popular primetime TV show, Big Brother Brazil.

此外，Meu Mequi 忠誠度計劃本季繼續在市場上獲得關注。隨著成功的 Mequi MePega 活動的繼續和 Big Tasty Turbo Cheese 的推出，巴西的營銷計劃和活動成為第一季的熱門話題。我們再次與 Z 世代客戶互動，贊助聖保羅 Lollapalooza 音樂節以及全國最受歡迎的黃金時段電視節目《老大哥巴西》。

We also drove brand excitement and customer engagement across all sales channels by bringing back the McFish sandwich as a limited time offer, selling out in a very short time finally, the dessert category included the introduction of the McFlurry Chocrocante with an iconic Brazilian chocolate Diamante Negro .

我們還透過限時優惠重新推出 McFish 三明治，最終在很短的時間內售罄，從而提高了所有銷售管道的品牌興奮度和客戶參與度，甜點類別包括推出帶有標誌性巴西巧克力 Diamante Negro 的 McFlurry Chocrocante 。

NOLAD’s comparable sales grew more than three times blended inflation in the quarter, with guest volumes driving almost the entire result. Every single marketing NOLAD grew comparable sales above inflation in the quarter, with strong volume growth as the main driver.

本季度，NOLAD 的可比銷售額增長了混合通貨膨脹率的三倍多，而賓客數量幾乎推動了全部業績。每個行銷 NOLAD 在本季的可比銷售額成長均高於通貨膨脹，強勁的銷售成長是主要驅動力。

Performance was particularly impressive in Mexico, with comparable sales up in the teens driven primarily by guest volume growth. I should note that the quarters result also benefited from the extra trading day due to leap year, as well as from Holy Week, particularly in Mexico.

墨西哥的業績尤其令人印象深刻，可比銷售額增長了十幾歲，這主要是由於客人數量的增長。我應該指出，季度業績也受益於閏年以及聖週（特別是在墨西哥）造成的額外交易日。

Key marketing activities in Mexico included the launch of the new value platform, Elige tu Fav , which allows guests to choose between delicious beef or chicken combos at an attractive. Notably, digital channel sales in Mexico doubled versus last year, and the McDonald's app is now the most downloaded and used app across the country's QSR industry.

墨西哥的主要行銷活動包括推出新的價值平台 Elige tu Fav ，該平台允許客人以有吸引力的價格在美味的牛肉或雞肉組合之間進行選擇。值得注意的是，墨西哥的數位通路銷售額比去年翻了一番，麥當勞應用程式現在是該國 QSR 行業下載和使用最多的應用程式。

Panama implemented a strong value platform, coupled with one of the biggest brand equity scores in the region, to accelerate the business in that country. In [Puerto Rico] we gained significant visit share as the new brand campaign Saca tu Encanto resonated well with guests.

巴拿馬實施了強大的價值平台，加上該地區最大的品牌資產得分之一，以加速該國的業務發展。在[波多黎各]，我們獲得了顯著的訪問份額，因為新的品牌活動 Saca tu Encanto 與客人產生了良好的共鳴。

Finally, as Marcelo mentioned, we signed a regional sponsorship of Formula One that resonates across our footprint, with special meaning in NOLAD, given the popularity of Mexican driver, Checo Perez.

最後，正如馬塞洛所提到的，我們簽署了一級方程式的區域贊助協議，這在我們的足跡中引起了共鳴，鑑於墨西哥車手切科·佩雷斯的受歡迎程度，在NOLAD 中具有特殊意義。

Comparable sales grew below blended inflation and slag due to the significant economic slowdown in Argentina in the quarter however, except for Argentina and Ecuador, the other large markets in the division generated comparable sales growth well above local inflation.

由於本季度阿根廷經濟大幅放緩，可比銷售額成長低於混合通膨和礦渣，但除阿根廷和厄瓜多爾外，該部門其他大型市場的可比銷售額增長遠高於當地通膨。

This included Chile, Colombia, and Uruguay, where guest-valued growth was robust comparable sales were at 1.8 times blended inflation and slag, excluding Argentina the silver lining in Argentina was that, while consumption was down 20% to 30% in the country Arcos Dorados, volumes declined at about half that rate in the period. The local team delivered this impressive result by continuing to offer consumers the best value proposition in the market's QSR industry.

其中包括智利、哥倫比亞和烏拉圭，這些國家的賓客價值成長強勁，可比銷售額為通貨膨脹和爐渣混合價格的1.8 倍（不包括阿根廷），阿根廷的一線希望是，而該國的消費量下降了20 % 至30% Arcos多拉多斯，同期銷量下降了約一半。當地團隊透過繼續為消費者提供快餐業市場上的最佳價值主張，取得了令人印象深刻的成果。

These led to significant market share gains against our main competitors and improvements in our brand equity scores, which should position us for a strong rebound once the economy stabilizes similar to Brazil, the SLAD division strengthened brand affinity and excitement among younger consumers by sponsoring the most relevant music festivals in the region, including Lollapalooza in Argentina and Chile, as well as Estereo Picnic in Colombia.

這些導致我們相對於主要競爭對手獲得了顯著的市場份額增長，並提高了我們的品牌資產得分，這將使我們能夠在經濟穩定後強勁反彈（類似於巴西），SLAD 部門通過贊助最年輕的消費者來增強品牌親和力和興奮度。

We brought many innovations to SLAD's markets with the launch of the, Quarter Pounder Western BBQ, in Chile and Uruguay, Quarter Pounder Cheesy Jalapeno in Ecuador and the, Grand Tasty Spicy, in Argentina. These new product launches were all met with strongest responses, helping drive restaurant traffic and average growth.

我們為 SLAD 市場帶來了許多創新，在智利和烏拉圭推出了 Quarter Pounder Western BBQ，在厄瓜多爾推出了 Quarter Pounder Cheesy Jalapeno，在阿根廷推出了 Grand Tasty Spicy。這些新產品的推出都引起了最強烈的反響，有助於推動餐廳客流量和平均成長。

SLAD also continued making inroads in the chicken category with the launch of the McCrispy Chicken platform in Uruguay and the McCrispy chicken legend in Colombia, which is quickly becoming a guest favorite.

SLAD 也繼續進軍雞肉類別，在烏拉圭推出了 McCrispy Chicken 平台，並在哥倫比亞推出了 McCrispy Chicken 傳奇產品，迅速成為賓客的最愛。

All the marketing efforts related to many favorites, music and sports are generating tangible results. Market share performance in the quarter was strong throughout the Arcos Dorados, footprint in both visit and sale share. We also measured 2.5 times top of mind and 1.5 times favorite brand scores against our main competitors on average across the geography. This was supported by all the markets we track with quarterly data, in NOLAD and SLAD, which gained important market share in the period.

所有與許多最愛、音樂和運動相關的行銷努力正在產生實際的成果。本季整個 Arcos Dorados 的市佔率表現強勁，無論是訪問量還是銷售份額。我們還測量了與整個地區的主要競爭對手相比，最受關注品牌的平均得分為 2.5 倍，最受喜愛的品牌得分為 1.5 倍。我們透過季度數據追蹤的所有市場（NOLAD 和 SLAD）都支持了這一點，這兩個市場在此期間獲得了重要的市場份額。

In Brazil, where we continue to strengthen the brand's leadership position, we achieved an all-time high visit share score over the training 12 months according to our research, Brazil reached record high scores in brand equity, including top of mind, while remaining the country's favorite QSR brand by a wide margin. Notably, we measured favorable gaps against our main competitor in all the brand attributes we track, covering experience, taste, community impact, family environment and affordability, among others.

在巴西，我們繼續加強品牌的領導地位，根據我們的研究，在為期12 個月的培訓中，我們取得了歷史最高的訪問份額得分，巴西在品牌資產（包括首要關注度）方面取得了創紀錄的高分，同時保持了成為全國最受歡迎的 QSR 品牌。值得注意的是，我們在追蹤的所有品牌屬性上衡量了與主要競爭對手的有利差距，包括體驗、品味、社群影響、家庭環境和承受能力等。

Over to Mariano for a closer look at consolidated and divisional profitability in the quarter.

請馬裡亞諾仔細研究本季的合併和部門獲利能力。

Thanks, Luis. Good morning, everyone. First quarter adjusted EBITDA growth was in line with revenue growth in the period, highlighting the diversity of our operation and the resilience of the cost structure, even following the significant evaluation of the Argentine peso.

謝謝，路易斯。大家，早安。第一季調整後 EBITDA 成長與同期營收成長一致，凸顯了我們業務的多樣性和成本結構的彈性，即使在阿根廷比索受到重大評估之後也是如此。

As we mentioned on our last call, we expect to generate EBITDA growth primarily through revenue growth, while capturing efficiencies and margin opportunities over the long run the consolidated EBITDA margin was flat with lower Food and Paper and G&A offset primarily by a higher occupancy and other operating expenses as a percentage of revenue.

正如我們在上次電話會議中提到的，我們預計主要透過收入成長來實現EBITDA 成長，同時抓住效率和利潤機會。的下降主要被入住率的提高和其他因素所抵消。

A consistent value proposition and a lower cost environment led to the improvement in Food and Paper and significant revenue growth leveraged G&A. Meanwhile, below inflation growth in Argentina was the main cost of lost operating leverage in fixed expenses.

一致的價值主張和較低的成本環境導致食品和造紙業務的改善以及一般管理費用槓桿收入的顯著增長。同時，阿根廷低於通膨的成長是固定支出中營運槓桿損失的主要成本。

For full year 2024, we expect the favorable cost environment to continue and will focus on gaining efficiencies in other line items. Divisional results reflect this dynamic, with Brazil extracting almost 27% higher US, dollar EBITDA and 90 basis points of margin expansion from its strong top line growth.

對於 2024 年全年，我們預計有利的成本環境將持續，並將重點放在提高其他項目的效率上。分部業績反映了這一動態，巴西的美元 EBITDA 成長了近 27%，利潤率因強勁的營收成長而成長了 90 個基點。

Importantly, Brazil's solid margin expansion included lower Food and Paper, Payroll and G&A expenses. NOLAD also turned its impressive sales growth into almost 21% US, dollar profitability growth and 30 basis points of margin expansion. SLADs US, dollar EBITDA decline in the period was driven almost exclusively by the reduced consumption in Argentina and the translation impact from the Argentine pesos significant evaluation at the end of 2023.

重要的是，巴西利潤率的穩健擴張包括食品和紙張、工資和一般行政費用的降低。 NOLAD 也將其令人印象深刻的銷售成長轉化為近 21% 的美元獲利成長和 30 個基點的利潤率擴張。 SLAD 在此期間的美元 EBITDA 下降幾乎完全是由於阿根廷消費減少以及 2023 年底阿根廷比索重大評估的換算影響。

The resulting volume reduction in division's largest market caused sales and operating leverage to decline which reduced margins as well to a lesser degree, SLADs results were also negatively impacted by the effect of the unrest in Ecuador.

由此導致該部門最大市場的銷量減少，導致銷售和營運槓桿下降，從而降低了利潤率，並且在較小程度上減少了 SLAD 的業績，厄瓜多爾的騷亂也對 SLAD 的業績產生了負面影響。

Looking ahead, the macroeconomic environment continues to be challenging to predict in the short term, but we remain focused on generating the strongest possible full year results in each of our markets, leveraging the diversity of our operating footprint to drive consolidated US, dollar profitability higher than last year.

展望未來，宏觀經濟環境在短期內仍然難以預測，但我們仍然專注於在每個市場創造盡可能強勁的全年業績，利用我們運營足蹟的多樣性來推動美元綜合盈利能力的提高比去年。

The driving force by behind our results for the last three years was the 3D strategy of Digital, Delivery and Drive-thru the work to digitalize the business is far from over and the results of the first quarter demonstrate how this strategy still has plenty of room to drive performance across the entire Arcos Dorados’ footprint.

過去三年業績背後的推動力是數位化、配送和得來速的3D策略，業務數位化的工作遠未結束，第一季的業績顯示該策略仍有很大的空間提高整個 Arcos Dorados 足蹟的效能。

Digital, which includes sales from the mobile app, delivery and self-ordered kiosks grew 30% in US, dollars versus the prior year quarter these channels accounted for 55% of system wide sales and allowed us to identify 22% of sales in the quarter as well.

數位化（包括來自行動應用程式、送貨和自助訂購亭的銷售額）在美國成長了30%，與去年同期相比，這些通路佔系統範圍銷售額的55%，使我們能夠確定本季銷售額的22%以及。

In Brazil, digital channels generated 65% of sales, including 26% identified sales with actual customer data. Delivery and Drive-thru sales combined were up 14% year-over-year in US, dollars. These two channels that make up off-premise sales and heavily leverage the companies free standing restaurant footprint accounted for about 44% of system wide sales in the quarter.

在巴西，數位通路產生了 65% 的銷售額，其中 26% 是透過實際客戶資料確定的銷售額。以美元計算，送貨和得來速銷售額合計年增 14%。這兩個管道構成了場外銷售並嚴重利用了該公司獨立餐廳的足跡，約佔本季全系統銷售額的 44%。

Brazil's delivery sales grew by more than 44% in US, dollars and was more than four times the nearest competitors delivery sales in local currency terms, according to publicly available information. NOLADs results also benefited from strong digital sales, particularly in delivery and self-ordered kiosks as we continue the digitalization of this markets.

根據公開消息，巴西的配送銷售額以美元計算增長了 44% 以上，是最接近的競爭對手以當地貨幣計算的配送銷售額的四倍多。 NOLAD 的業績也受惠於強勁的數位銷售，尤其是在我們繼續推動該市場數位化的交付和自助訂購亭方面。

The loyalty program we launched in Brazil and Uruguay so far has grown to more than eight million registered members as of the end of April 2024 up from 3.2 million at the end of last year we should have loyalty in two more markets by the next earnings call and we expect to be fully implemented by the end of 2025.

截至 2024 年 4 月，我們在巴西和烏拉圭推出的忠誠度計畫已從去年年底的 320 萬人增長到超過 800 萬名註冊會員，到下一次財報電話會議時，我們應該會在另外兩個市場擁有忠誠度我們預計在2025 年底前全面實施。

Loyalty boosts the power of the mobile app by taking customer data from identified sales to offer an increasingly personalized guest experience. We have been very encouraged by the accelerating growth in registered members and a very positive trend in 90-day active customers.

忠誠度透過從已確定的銷售中獲取客戶數據來提供日益個人化的客戶體驗，從而增強了行動應用程式的功能。註冊會員的加速成長以及 90 天活躍客戶的正面趨勢令我們深受鼓舞。

Together, this drive frequency significantly higher than non-loyalty customers, which also increases the customers lifetime value we are already seeing this in both Brazil and Uruguay and the rollout of loyalty in each new market will benefit from the learnings we are gaining in existing loyalty markets. Mariano.

總而言之，這種驅動頻率明顯高於非忠誠客戶，這也增加了客戶的終身價值，我們已經在巴西和烏拉圭看到了這一點，並且在每個新市場中推出忠誠度將受益於我們在現有忠誠度中所獲得的經驗市場。馬裡亞諾.

Let's take a look at our capital structure and investments in growth our net leverage ratio remained at a very healthy 1.2 times at the end of the first quarter. I'm also pleased to report that a couple of weeks ago Moody's upgraded Arcos Dorados corporate and senior debt rating outlook from stable to positive. We affirming the Ba2 rating based on our liquidity condition and latest operating performance.

讓我們看看我們的資本結構和成長投資，我們的淨槓桿率在第一季末保持在非常健康的1.2倍。我還很高興地報告，幾週前穆迪將 Arcos Dorados 的企業和高級債務評級前景從穩定升級為正面。根據我們的流動性狀況和最新經營業績，我們確認 Ba2 評級。

Over the last 12 months, cash from operations remained in line with the prior period. We have been deploying excess cash primarily to support restaurant growth and modernizations, as well as expanding digital capabilities. We continue to expect to fund this year's CapEx plan with cash on hand and cash from operations.

過去 12 個月，營運現金與上期持平。我們一直在部署多餘的現金，主要用於支持餐廳的成長和現代化，以及擴大數位化能力。我們繼續預計用手頭現金和營運現金為今年的資本支出計畫提供資金。

In the first quarter, we opened 22 restaurants, which is on pace to meet full year guidance, and we deployed about $61 million for capital expenditures for restaurant openings, modernizations and maintenance, as well as for digital and IT enhancements. Marcelo, back to you.

第一季度，我們開設了 22 家餐廳，預計將達到全年指引，並部署了約 6,100 萬美元的資本支出，用於餐廳開業、現代化和維護以及數位和 IT 增強。馬塞洛，回到你身邊。

In the next few days, we expect to publish our 2023 social impact and sustainable development report. You will be able to download the report by visiting the recipe for the future website. Let me give you a preview. This will be our 10th annual ESG report, which is also the industry's only report to include audited content. The latest edition will showcase all the progress we made last year across the six pillars of our recipe for the future.

在接下來的幾天裡，我們預計將發布 2023 年社會影響力和永續發展報告。您將能夠透過造訪未來網站的食譜來下載該報告。讓我給你預覽一下。這將是我們的第10份年度ESG報告，也是業界唯一包含經審計內容的報告。最新版本將展示我們去年在未來配方的六大支柱方面取得的所有進展。

Among the highlights were the hundreds of thousands of training and job opportunities we offered to the region's young people. This is one of our most important contributions to the economic development of the communities we serve, even that almost two-thirds of our employees are younger than 24 years old.

其中的亮點是我們為該地區的年輕人提供了數十萬個培訓和就業機會。這是我們對所服務社區的經濟發展最重要的貢獻之一，儘管我們近三分之二的員工年齡都在 24 歲以下。

We are also proud of the diverse and inclusive workplace we offer, having received more than 40 awards and other forms of recognition just last year from a variety of governments and NGOs.

我們也為我們提供的多元化和包容性工作場所感到自豪，光是去年就獲得了來自各個政府和非政府組織的 40 多個獎項和其他形式的認可。

On the environmental side, more than 30% of the energy Arco Dorados uses now comes from renewable sources. And this number continues to rise as we sign more agreements for this type of energy, providing an incentive for these energy producers to continue investing in the countries where we operate. These are just a few examples of the important work we are doing for the benefit of our communities and the environment.

在環境方面，Arco Dorados 目前使用的能源 30% 以上來自再生能源。隨著我們簽署更多此類能源協議，這一數字還在繼續上升，從而激勵這些能源生產商繼續在我們開展業務的國家進行投資。這些只是我們為社區和環境的利益所做的重要工作的幾個例子。

I opened today's call by saying that first quarter results demonstrate how far we've come over the last decade before we move to Q&A, I would like to leave you with some final thoughts the strength of the Arco Dorados business model is evident in the first quarter’s results. We operate across a diversified geographic footprint, generating a growing amount of cash flow from stronger and more stable currencies and markets than ever before.

我在今天的電話會議開始時說，第一季的業績展示了我們在過去十年中取得的進步，然後我們進行問答，我想給您留下一些最後的想法，Arco Dorados 商業模式的優勢在第一季就很明顯季度業績。我們的業務遍及多元化的地域，透過比以往更強勁、更穩定的貨幣和市場產生越來越多的現金流。

Sales growth remains solidly above inflation, supported by positive guest volumes at the consolidated level. This is driving profitability growth in a way we believe is sustainable over time and we are capturing incremental operating efficiencies as well.

在綜合層面的正向客流量的支撐下，銷售成長仍遠高於通膨。這正在以我們認為隨著時間的推移可持續的方式推動獲利能力成長，並且我們也在提高營運效率。

Most importantly, all the levers we have pulled to generate these results are far from over the brand continues to capture significant market share. Our menu is constantly evolving to meet customer preferences. The digitalization of all markets is and will always be an ongoing process.

最重要的是，我們為取得這些成果所採取的所有手段還遠遠沒有超過該品牌繼續佔領重要市場份額的程度。我們的菜單不斷發展以滿足客戶的喜好。所有市場的數位化現在並將永遠是一個持續的過程。

Our pricing tools are increasingly sophisticated, further balancing sales growth and margins. The operation is already the industry standard and it's getting better. And we still have a huge opportunity to accelerate restaurant growth across the entire region. These are among the many reasons we are confident in our ability to continue generating significant shareholder value in the years to come.

我們的定價工具越來越複雜，進一步平衡銷售成長和利潤。該操作已經是行業標準，並且正在變得越來越好。我們仍然有巨大的機會來加速整個地區的餐廳成長。這些是我們對未來幾年繼續創造顯著股東價值的能力充滿信心的眾多原因之一。

Thank you once again for your interest in Arcos Dorados and ongoing support of our business. Dan, over to you to start the Q&A session.

再次感謝您對 Arcos Dorados 的關注以及對我們業務的持續支持。丹，你開始問答環節。

Thanks, Marcello. 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 one or two questions so that I can really understand and convey them to our speakers. We will now pause briefly to compile your questions.

謝謝，馬塞洛。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。在網路直播平台的左側，請限制自己提出一兩個問題，以便我能夠真正理解並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。

Great. Okay.

偉大的。好的。

So we have actually already several questions in the chat room. Lots of multi-part questions. So we'll take them one by one and we'll get started with Chavo Boccalucci at Goldman Sachs, who says sorry for the long list. Good morning, Arcos's team. Chavo's first question is in Brazil, if we can provide a breakdown between ticket and traffic that drove the comparable sales growth in the country? So that's for you, Marcelo

所以我們其實已經在聊天室裡提出了幾個問題。很多由多部分組成的問題。因此，我們將一一介紹它們，然後我們將從高盛的 Chavo Boccalucci 開始，他對長名單表示抱歉。早安，Arcos 的團隊。 Chavo 的第一個問題是在巴西，我們是否可以提供推動全國可比銷售成長的門票和流量之間的詳細資訊？所以這就是給你的，馬塞洛

Okay, thank you, Dan, Good morning, Chavo. Thank you, for joining us today. Look, we had an excellent first quarter in Brazil. And as you know, comparable sales are a function of guest volume, pricing and product mix. And we have a positive contribution of each of these drivers. In terms of guest volumes, they rose low single digits in the first quarter of 2024.

好的，謝謝你，丹，早安，Chavo。謝謝您今天加入我們。看，我們在巴西的第一季表現非常出色。如您所知，可比銷售額是客流量、定價和產品組合的函數。這些驅動因素都為我們做出了積極貢獻。就客流量而言，2024 年第一季客流量僅出現低個位數成長。

So, they were positive again in Brazil in the first quarter pricing was basically in line with headline inflation and product mix improved thanks to the higher participation of digital and loyalty sales versus the prior year. So the three components of the comparable sales had contributions to the figures we saw in Brazil in the first quarter.

因此，第一季巴西市場再次表現積極，定價基本上與整體通膨一致，由於數位和忠誠度銷售的參與度較上年提高，產品組合有所改善。因此，可比較銷售額的三個組成部分對我們在巴西第一季看到的數據做出了貢獻。

Importantly, according to Chris, we gain both PC share and sales share in the first quarter and over the trade in 12 months with some of the smaller players in the industry losing share. In fact, over the last two years, if you take a look to Brazil's numbers, first quarter comparable sales have grown more than 24% in the cumulative two years.

克里斯表示，重要的是，我們在第一季和 12 個月的交易中獲得了 PC 份額和銷售份額，而行業中一些較小的參與者正在失去份額。事實上，在過去兩年中，如果你看一下巴西的數據，第一季的可比銷售額在兩年內累積增加了 24% 以上。

And of those increases, 40% around 40% came from volume and 60% or less came from. So, we are in the strongest position in Brazil to capture additional growth in coming years. And these will generate for sure significant shareholder value thanks to our very strong position

在這些增長中，40% 左右的增長來自數量，60% 或更少來自數量。因此，我們在巴西處於最有利的地位，可以在未來幾年內進一步成長。由於我們非常強大的地位，這些肯定會產生巨大的股東價值

Thanks, Marcello. Along the same lines of Brazil, Thiago says with channels, the delivery sales channels growing at 44% year over year. It seems that this was the main driver of same-store sales growth. Well, on-premise performance was lower in the quarter. Can you share comps by channel in Brazil and that on I for Luis.

謝謝，馬塞洛。蒂亞戈表示，與巴西一樣，在通路方面，配送銷售管道年增 44%。這似乎是同店銷售成長的主要動力。嗯，本季的內部部署效能較低。您能否分享巴西頻道的比較以及 I for Luis 的比較。

Of course, delivery keeps on surpassing our expectations with an impressive growth of 44%. But having said that, we had a very good sales quarter in Brazil with all channels growing positively in the [mid-10s].

當然，交付量繼續超出我們的預期，成長了 44%，令人印象深刻。但話雖如此，我們在巴西的銷售季度非常好，所有通路在[10年代中期]都在積極成長。

Specifically in delivery, we are leveraging from our freestanding restaurant portfolio strength in operations and marketing execution fit a lot of relationship that we have with Three D's and the recent launch of our loyalty program. Dan?

特別是在配送方面，我們正在利用我們獨立餐廳組合在營運和行銷執行方面的優勢，這與我們與 3D 的良好關係以及最近推出的忠誠度計劃相契合。擔？

Thanks, Luis. And then in continuation, again, with the Brazil sort of channel dynamics job within US and what was the contribution of the channel mix to our gross and EBITDA margins in the quarter? And I'll turn it over to Mariano.

謝謝，路易斯。然後，再次，巴西在美國的通路動態工作以及通路組合對我們本季毛利率和 EBITDA 利潤率的貢獻是什麼？我會把它交給馬裡亞諾。

Thanks, Thiago, for the question, and hi, everybody. Of course, the contribution was very positive on the first quarter of this year. EBITDA grew almost 27% from $15.5 million from the first quarter of '23, just $75.4 million in the first quarter of this year. And margin was up -- EBITDA margin was up 90 basis points from a 15.9% to 16.8%.

謝謝蒂亞戈的提問，大家好。當然，今年第一季的貢獻是非常正面的。 EBITDA 比 2023 年第一季的 1,550 萬美元成長了近 27%，而今年第一季僅為 7,540 萬美元。利潤率也有所上升—— EBITDA 利潤率上升了 90 個基點，從 15.9% 上升至 16.8%。

And it's extremely -- we are extremely happy to see that this increase in margin was reflected in several lines, mainly in food and paper. So we are improving gross margin in [variable], which is improving as well as in G&A, which are the three main cost lines in our income state.

我們非常高興地看到利潤率的增加反映在多個產品線中，主要是食品和紙張。因此，我們正在提高[變數]的毛利率，該毛利率以及一般行政費用（我們收入狀況中的三個主要成本線）都在改善。

Great. Thanks, Mariano, and let's stick with you because Thiago's next question relates to food and paper. Can you comment on how beef and potato are trending and how this would impact gross margin?

偉大的。謝謝，馬裡亞諾，讓我們繼續聽你說，因為蒂亞戈的下一個問題與食物和紙張有關。您能否評論一下牛肉和馬鈴薯的趨勢以及這將如何影響毛利率？

Okay. We see a benign food cost environment, and we are optimistic with the outlook for 2024. In particular, we see a better outlook on beef with reduction in costs. We see some pressures on potato, but overall, there is a positive trend and we are expecting, you know, everything else equal, a better gross margin than what we had last year. So and that's outlook that we have for 2024.

好的。我們看到良好的食品成本環境，並對 2024 年的前景感到樂觀。我們看到馬鈴薯面臨一些壓力，但總的來說，有一個積極的趨勢，我們預計，在其他條件相同的情況下，毛利率會比去年更好。這就是我們對 2024 年的展望。

Okay. I think we're getting almost to the end of Thiago's list of questions. We have one related to Argentina. Any comments on the traffic in the region and how it's been evolving throughout the quarters.

好的。我想蒂亞戈的問題清單已經快要結束了。我們有一篇與阿根廷有關的文章。關於該地區流量及其整個季度的變化情況的任何評論。

And we also received a similar question from the [Renault Right from Lukor] asking what our expectations are for the rest of the year in Argentina. And I'll turn that one over to you, Marcelo.

我們也收到了 [Renault Right from Lukor] 的類似問題，詢問我們對阿根廷今年剩餘時間的期望是什麼。我會把這個交給你，馬塞洛。

Okay. Thank you. Yes. Consumption in Argentina declined between 20% and 30% in the first quarter. But as we mentioned during the opening remarks Arcos Dorados volumes declined at only about [0.5%] that rate. These volumes have been evolving modestly in a positive way sequentially since then.

好的。謝謝。是的。第一季阿根廷的消費量下降了 20% 至 30%。但正如我們在開場白中提到的，Arcos Dorados 的交易量僅以大約 [0.5%] 的速度下降。從那時起，這些卷一直以積極的方式適度發展。

I would tell you that our local team has been doing an excellent job in terms of remaining close to consumers, offering them the best value proposition in the country's QSR industry by far. And as a result of that, therefore, we have gained significant market share and further strengthen our brand attributes.

我想告訴您，我們的本地團隊在與消費者保持密切聯繫方面做得非常出色，為他們提供了迄今為止全國 QSR 行業中最佳的價值主張。因此，我們獲得了顯著的市場份額，並進一步強化了我們的品牌屬性。

And this should put us in a very well position for when the Argentine economy begins its expected recovery. It is still too soon to know how it will be macroeconomic factors will evolve during the year, but we are working very hard in order to navigate the current situation as well as possible and always with a long-term mindset.

這將使我們在阿根廷經濟開始預期復甦時處於有利地位。現在判斷宏觀經濟因素在這一年中將如何演變還為時過早，但我們正在非常努力地工作，以便盡可能地應對當前形勢，並始終以長遠的心態。

So challenging context in Argentina. But remember that Arcos Dorados, the beauty of Arcos Dorados is that we operate in 20 different markets. So we have another 19 markets, and our business today is very diversified with significant contributions coming from Brazil, from Northland, from other markets of this division. So we are very confident that this diversification will continue driving consolidated profitability growth in full year 2024 and in (inaudible).

阿根廷的環境充滿挑戰。但請記住，Arcos Dorados，Arcos Dorados 的美妙之處在於我們在 20 個不同的市場開展業務。因此，我們還有另外 19 個市場，今天我們的業務非常多元化，巴西、北部地區以及該部門的其他市場做出了重大貢獻。因此，我們非常有信心，這種多元化將繼續推動 2024 年全年及（聽不清楚）的綜合獲利能力成長。

Perfect. And final question channel question from Thiago related to expansion. How does the scenario may be higher for longer interest rates impact our near-term plans around expansion, and I'll turn it back to you, Mariano.

完美的。最後一個問題是蒂亞戈提出的與擴張有關的問題。長期利率上升的情況會如何影響我們圍繞擴張的近期計劃？

Perfect. Well, in this case, we have a long-term plan of investments openings, maybe freestanding units in many of our markets in LatAm. We have the plan long content also to note that modernize our existing stores with EOTF. We are also deploying investments in non-development mainly in technology to continue improving our digital platforms.

完美的。好吧，在這種情況下，我們有一個長期的投資計劃，也許是在拉丁美洲的許多市場上的獨立單位。我們有一個長內容的計劃，還需要注意的是，透過 EOTF 對我們現有的商店進行現代化改造。我們也主要在技術方面進行非開發投資，以繼續改進我們的數位平台。

And this will not change. We are seeing above-average returns in general, mainly in our freestanding units, well above our cost of capital, and this is will not change. So we will remain with our investments, and we are very pleased with the results we are seeing so far.

這不會改變。我們看到整體回報高於平均水平，主要是在我們的獨立單位中，遠高於我們的資本成本，這一點不會改變。因此，我們將繼續投資，我們對迄今為止所看到的結果感到非常滿意。

Our next set of questions from Felipe Cassimiro from Bradesco. His first question, could you shed more light on the evolution of the competitive landscape in Brazil and Mexico with heated competition from other listed players? And how are we adapting to fiercer competition in the QSR segment? Back to you, Marcelo.

我們的下一組問題來自布拉德斯科的 Felipe Cassimiro。他的第一個問題是，您能否進一步闡述巴西和墨西哥競爭格局的演變以及其他上市公司的激烈競爭？我們如何適應速食領域更激烈的競爭？回到你身邊，馬塞洛。

Okay. Thank you. Well, we gain more than 1 percentage point in [51.1 percentage points] of market share across our main markets in the first quarter of 2024 according to our research. And I would say that the competition has been mostly rational, although as you mentioned, we have seen increased promotional activity in some markets, particularly in Brazil.

好的。謝謝。根據我們的研究，2024 年第一季我們主要市場的市佔率增加了超過 1 個百分點 [51.1 個百分點]。我想說，競爭基本上是理性的，儘管正如您所提到的，我們已經看到一些市場的促銷活動增加，特別是在巴西。

But we are focused on offering a very compelling value proposition we have competitive pricing and most importantly, an unmatched breadth of restaurant experience. So this is driving volume growth in recent quarters and the scale of us to leverage our fixed costs infrastructure.

但我們專注於提供非常引人注目的價值主張，我們擁有有競爭力的價格，最重要的是，我們擁有無與倫比的廣泛的餐廳體驗。因此，這推動了最近幾季的銷售成長以及我們利用固定成本基礎設施的規模。

So this year for example, we have a more favorable cost environment that should help us to continue improving our margins while we respond and we react to competitive pressures as needed, given the fact that we are the leaders in all of these markets, particularly in Brazil.

例如，今年，我們有一個更有利的成本環境，這應該有助於我們繼續提高利潤率，同時我們根據需求對競爭壓力做出反應，因為我們是所有這些市場的領導者，特別是在巴西。

And we have the ability to react and to put pressure in some competitors if we feel that that's the correct answer that we need to give them. So very well position and gaining share in most markets.

如果我們認為這是我們需要給某些競爭對手的正確答案，我們就有能力做出反應並向他們施加壓力。因此，在大多數市場中處於非常有利的地位並贏得了份額。

Right on to that to give us and also a multi-partner. So I'm going to take a little bit out of order, but if you allow me. Tax rate was substantially higher than our estimate. Could you elaborate the main reasons of the effective tax rate around 40%? And how should we think about this over the course of 2024? Over to Mariano.

接下來就是給我們以及一個多合作夥伴。所以，如果你允許的話，我會做一些不按順序進行的事情。稅率遠高於我們的估計。能否詳細說明實際稅率在40%左右的主要原因？ 2024 年我們該如何思考這個問題？交給馬裡亞諾。

Perfect. Thanks for the question. On a quarterly basis, the effective tax rate can be volatile and even the various levels of earning the calculation of this liability in each of our markets. Remember, we operate in 20 different markets, plus our holding company as well as within our overall structure.

完美的。謝謝你的提問。以季度計算，有效稅率可能會波動，甚至我們每個市場中這種負債的計算的不同收入水平也會波動。請記住，我們在 20 個不同的市場中開展業務，加上我們的控股公司以及我們的整體結構。

So for the first quarter of 2024, we had an effective tax rate of 39.7%. This compares with 35.8% in the first quarter of '23. So looking ahead for the full year, even if it is difficult to predict. We believe that a consolidated ETR between 35% and 40% is a reasonable level to expect for the full year.

因此，2024 年第一季度，我們的有效稅率為 39.7%。相較之下，2023 年第一季的比例為 35.8%。因此，展望全年，即使很難預測。我們認為，全年綜合 ETR 介於 35% 至 40% 之間是合理的預期水準。

Next question is how should we think about the evolution of the royalty rates in Brazil? And should we still see a growth support offsetting this line in 2024? And I'll get back to you, Marcelo.

下一個問題是我們應該如何考慮巴西特許權使用費率的演變？ 2024 年我們是否仍會看到成長支撐抵銷這條線？我會回覆你的，馬塞洛。

Okay. Thank you, Felipe. We have in place an agreement with McDonald's. They afforded a global support incentive that goes to the end of this year. So we expect royalty rates on consolidated levels to stay in the same range than they were in this first quarter, around 6.3% of sales.

好的。謝謝你，費利佩。我們與麥當勞簽訂了協議。他們提供了持續到今年年底的全球支持激勵措施。因此，我們預計綜合特許權使用費率將保持在與第一季相同的範圍內，約佔銷售額的 6.3%。

Given the fact that we already agreed with McDonald's with the support for the full year. We do not expect this number changing materially during the year. it's fair to say that it's a fixed amount of gross support and sales have been above expectations. So it's a little bit less of a impact upfront.

鑑於我們已經與麥當勞達成了全年支持的協議。我們預計這一數字年內不會發生重大變化。可以公平地說，這是一個固定的總支援金額，而且銷售額已經超出了預期。所以前期的影響要小一些。

And then very last question and (technical difficulty) the supplier days dropped 5 days to 80 days in the first quarter of '24, which is back in line with 2018 and '19 levels. Could you elaborate on the reasons behind the reduction and how should we think about supplier relationships and potential benefits with lower costs on a move-forward basis? One more time back to you Mariano.

然後是最後一個問題（技術難度），24 年第一季供應商周轉天數下降了 5 天至 80 天，與 2018 年和 19 年的水準保持一致。您能否詳細說明減少成本背後的原因，以及我們應該如何考慮供應商關係以及未來降低成本的潛在好處？再次回到你身邊，馬裡亞諾。

Perfect. Well, traditionally, you know, the first quarter is the worst quarter in terms of working capital for the company due to seasonality. Remember that in this particular quarter, we also accelerating the openings. Remember this year we had 22 openings compared with eight openings last year. And this is what we are trying to do in terms of avoiding having all our CapEx.

完美的。嗯，傳統上，您知道，由於季節性原因，第一季是公司營運資金最差的季度。請記住，在這個特定的季度，我們還加快了開業速度。請記住，今年我們有 22 個職缺，而去年有 8 個職缺。這就是我們正在努力避免擁有所有資本支出的原因。

But indeed, that would have had an impact on our accounts payables because usually development suppliers have shorter terms than other suppliers. So I wouldn't expect a change in our account payable terms in the short or in the medium term, and if so it wouldn't be for the better and not for the worse. That means, if anything, we will expand payment terms and not reduce.

但事實上，這會對我們的應付帳款產生影響，因為通常開發供應商的期限比其他供應商短。因此，我預計我們的應付帳款條款在短期或中期不會發生變化，如果是這樣，也不會變得更好，也不會變得更糟。這意味著，如果有的話，我們將擴大而不是減少付款條件。

In some cases, of course, there are opportunities to have reduction costs by changing the outstanding days. But those are very specific things and negotiations, and we can not expand that to the whole bucket of our suppliers.

當然，在某些情況下，有機會透過更改未償還天數來降低成本。但這些都是非常具體的事情和談判，我們不能將其擴展到我們的整個供應商範圍。

Great. Thanks, Mariano. That we're going to move over to Julia Rizzo from Morgan Stanley. And also three questions here from Julia. The first one is, can you give us an update on sales trends in the key markets for the second quarter to date and over to you Marcelo.

偉大的。謝謝，馬裡亞諾。我們將由摩根士丹利的朱莉婭·里佐 (Julia Rizzo) 接任。茱莉亞也提出了三個問題。第一個問題是，您能否向我們介紹第二季迄今為止主要市場銷售趨勢的最新情況，請交給您，馬塞洛。

About the second quarter being --

關於第二季是——

The key countries.

重點國家。

Okay. I would say that as I mentioned before talking about Argentina, the figures that we are seeing in the second quarter are in line with what we saw in the first quarter. Remember that Q1 was very strong. It was, in fact, our 12th consecutive quarter of a comparable count volume growth.

好的。我想說，正如我在談論阿根廷之前提到的那樣，我們在第二季度看到的數據與我們在第一季看到的數據一致。請記住，Q1 非常強勁。事實上，這是我們連續第 12 季可比數量成長。

So community sales trends are about in line with these numbers in the second quarter. Although we will not benefit this quarter from an extra trading day, and we will compare a weak holiday week that last year was in the second quarter.

因此，社群銷售趨勢與第二季的這些數字大致一致。儘管本季我們不會從額外的交易日中受益，但我們將與去年第二季的疲軟假期週進行比較。

We remain focused on delivering great value targets and all across our menu. And we expect these to help us deliver a comparable sales growth at or above inflation in the full year 2024 in most of our markets with a balanced contribution from a pricing, product mix and guest volume, as has been the case so far, we see. So that's what we are seeing today in terms of bottoms.

我們仍然專注於在我們的菜單中實現巨大的價值目標。我們預計這些將有助於我們在 2024 年全年在大多數市場實現相當於或高於通貨膨脹的可比銷售成長，同時定價、產品組合和客流量的平衡貢獻，正如迄今為止的情況一樣，我們看到。這就是我們今天看到的底部。

Perfect. Julia's next question relates to -- asks if we can give more color on delivery performance, how much the delivery representative sales in Brazil? And that question is for you, Luis.

完美的。茱莉亞的下一個問題涉及——詢問我們是否可以對交付表現給予更多的描述，交付代表在​​巴西的銷售額是多少？這個問題是問你的，路易斯。

All right. Thank you, Julia. In Brazil delivered represents around 20% of system-wide sales and about the delivery performance, we operate delivery in more than 80% of our restaurants in about 14 -- in 14 different markets. Delivery sales rose 27% in US dollars, represented 18% of system-wide sales and about the evolution delivery has surpassed our expectations so far.

好的。謝謝你，茱莉亞。在巴西，外送服務約佔全系統銷售額的 20%，就外送績效而言，我們在 14 個不同市場的約 14 個餐廳中超過 80% 的餐廳提供外送服務。以美元計算的送貨銷售額成長了 27%，佔全系統銷售額的 18%，到目前為止，送貨的發展超出了我們的預期。

We believe that there are still good opportunities to keep on capturing market share because even with the best course in speed and accuracy, we still have a big room to improve our operations, and we believe that a tenant has not reached full maturity yet. And because of this, we believe that our strategies and our operating models will continue to evolve.

我們相信，仍然有很好的機會繼續佔領市場份額，因為即使在速度和準確性方面擁有最好的路線，我們仍然有很大的空間來改進我們的運營，我們認為租戶尚未完全成熟。正因為如此，我們相信我們的策略和營運模式將繼續發展。

Our strategy will keep on focusing on the strong operational execution. We're going to keep on working in innovations in digital capabilities and targeted marketing campaigns specific to the channel to strengthen -- to keep on strengthening the strategic partnership with (inaudible) and on delivery. That represents today about 10% of our total delivery sales. Dan?

我們的策略將繼續專注於強大的營運執行力。我們將繼續致力於數位能力的創新和針對要加強的管道的有針對性的行銷活動——繼續加強與（聽不清楚）和交付的策略夥伴關係。目前，這約占我們送貨總銷售額的 10%。擔？

Thanks, Mariano -- thanks, Luis. Okay. And then Julia's final question also relates to the delivery was set after growing so much in achieving significant sales representative, next how to use this channel profitability versus consolidated figures in Brazil. And so we'll give it to you, Mariano.

謝謝，馬裡亞諾——謝謝，路易斯。好的。然後，朱莉婭的最後一個問題也與在實現重要銷售代表方面增長如此之多後確定的交付有關，接下來如何利用該渠道的盈利能力與巴西的綜合數據進行比較。所以我們會把它給你，馬裡亞諾。

Thanks, Julia, for the question. In fact, all our channels are accretive to the business as they are generating good returns and contribution to EBITDA. You can see that delivery has grown a lot the last several years, representing now a relevant part of our business.

謝謝朱莉婭提出的問題。事實上，我們所有的管道都對業務有增值作用，因為它們產生了良好的回報並為 EBITDA 做出了貢獻。您可以看到，過去幾年交付量成長了很多，現在已成為我們業務的相關部分。

And so the margins continued to increase overall as well. So that means that delivery, even though there's a delivery fee that the company pays to the [3PLs]. There are many other impacts in our cost like that benefit margins overall are helping to improve the overall margins of the company. Remember last year, we had a record EBITDA margin and in this quarter, as you can see that margins are improving as well.

因此，整體利潤率也持續增加。因此，這意味著交付，即使公司向 [3PL] 支付交付費用。我們的成本還有許多其他影響，例如整體利潤率有助於提高公司的整體利潤率。請記住，去年我們的 EBITDA 利潤率創歷史新高，而在本季度，您可以看到利潤率也在改善。

Great. I'm going to move back to where Julia asked the question earlier about Argentina. She also asked just a good morning. Congrats on the strong performance. Can you comment on the cash burn during the quarter, which is still very healthy, but below [$200 million] versus usually having a above that figure. So back to you, Mariano.

偉大的。我要回到茱莉亞之前提出的有關阿根廷的問題。她還只問了一個早安。恭喜您的強勁表現。您能否評論一下本季的現金消耗情況，該現金消耗仍然非常健康，但低於[2億美元]，而通常情況下會高於該數字。回到你身上，馬裡亞諾。

Perfect. Thanks, Julia, for the question. I already answered a part of the question about working capital seasonality being the first quarter, the worst of the four quarters we have and this is due because in January, usually we pay all invoices related to the end of the previous year and be in December, our highest month in terms of sales and CapEx development. In January, there's an impact on our working capital.

完美的。謝謝朱莉婭提出的問題。我已經回答了關於營運資金季節性的問題的一部分，第一季是我們四個季度中最糟糕的一個季度，這是因為在一月份，通常我們會在十二月支付與上一年年底相關的所有發票是我們銷售額和資本支出發展最高的月份。一月份，我們的營運資金受到影響。

On top of that this year, in particular, the quarter ended on Easter Sunday, which is a four day holiday weekend in many of our LatAm countries, that resulted in a temporary increase in the accounts receivables that were automatically collected on the next business day, Monday. That's a Monday of the second quarter.

除此之外，特別是今年，該季度在復活節星期日結束，這是我們許多拉丁美洲國家的四天假期週末，這導致應收帳款暫時增加，並在下一個工作日自動收取， 週一。那是第二季的星期一。

So these two effects of course, have an impact on the cash flow dynamics of the first quarter. On top of that, I already mentioned as well in a previous question that this year we accelerated CapEx in the first quarter having opened 22 new restaurants compared with eight new restaurants of the previous year.

因此，這兩種影響當然會對第一季的現金流動態產生影響。除此之外，我在先前的問題中也提到過，今年我們在第一季加快了資本支出，新開了 22 家餐廳，而去年則有 8 家新餐廳。

So these dynamics that are impacting the cash flow generation in the first quarter. But if you look at the trailing 12 months, excluding seasonality, the operating cash generation remained in line with the prior period, and we expect a cash conversion similar to last year.

這些動態正在影響第一季的現金流產生。但如果你看看過去 12 個月，排除季節性因素，營運現金產生量與上一期保持一致，我們預期現金轉換與去年類似。

Thanks, Mariano. So now, Lucas Briggs from JP Morgan asks how have restaurant operational KPIs have been involving in Brazil such as turnover, drive-thru speed, et cetera. So I'll turn it over to you Luis for an overview.

謝謝，馬裡亞諾。現在，摩根大通的盧卡斯·布里格斯 (Lucas Briggs) 詢問巴西餐廳經營 KPI 的情況如何，例如營業額、得來速速度等。因此，我將把它交給路易斯，讓您進行概述。

All right. Hello, Lucas. Thank you for the question. The evolution on operational KPI in Brazil, specifically have been very positive. We've focused with the last two years, for example, turnover -- 90 days turnover, we focused on people, people is the base of our operations plan and specifically in that KPI, we have seen a reduction of our turnover in about 20%. So that is very positive.

好的。你好，盧卡斯。感謝你的提問。具體而言，巴西營運 KPI 的發展非常積極。例如，過去兩年我們專注於營業額——90 天營業額，我們專注於人，人是我們營運計畫的基礎，特別是在 KPI 中，我們發現我們的營業額減少了約 20 %。所以這是非常積極的。

And our crew, our managers are the base of our operations. And we rely on that to have an excellent execution. And talking about speed and accuracy in the rest of the channels and talking about delivery, even from counter, the improvements have been very significant.

我們的員工、經理是我們營運的基礎。我們依靠這一點來實現出色的執行。談論其他管道的速度和準確性，以及談論交付，甚至從櫃檯來看，改進都是非常顯著的。

But having said that, we still have a huge room to keep on improving. I would say that the main focus is to equalize operations, try to work -- and equalization means that we tried to work with no performance stores and markets, even we benchmark and leverage the best practices that we have in those that are high performance stores end markets, and that's the beauty of having 20 markets, the geographic diversity that we have.

但話雖如此，我們還有巨大的持續改進空間。我想說，主要重點是均衡運營，努力工作——均衡意味著我們嘗試與沒有績效的商店和市場合作，即使我們基準測試並利用我們在高性能商店中擁有的最佳實踐終端市場，這就是擁有20 個市場的美妙之處，以及我們擁有的地理多樣性。

So in summary, we're pleased with the results, with evolution of these KPIs, but we are obsessively focused in the continuous improvement. Dan?

總而言之，我們對結果以及這些 KPI 的演變感到滿意，但我們專注於持續改進。擔？

Thanks, Luis. And now over to Bob Ford from Bank of America, which says good morning, everyone.

謝謝，路易斯。現在請美國銀行的鮑伯福特向大家問好。

Good morning. Bob, can you discuss some of the systems more successful CRM strategies in terms of activation and transaction sizes and some examples of our early successes. So come back to you Luis. I think this is also somewhat related to loyalty.

早安. Bob，您能否討論一些在啟動和交易規模方面更成功的 CRM 系統策略以及我們早期成功的一些範例。所以回到你身邊路易斯。我想這也跟忠誠度有一定關係。

Yeah, of course. Thank you, Bob, for the question first. Yes, and going a little bit deeper into digital. You know that we have pleased with the evolution of digital sales, about the performance. We have rose 30% in US dollars accounted, as we said, for the penetration is 55% of our total system-wide sales. And this includes 22% of identifying sales. We're very pleased with the performance, and we are very confident that we're going to be able to maintain our growth trend.

嗯，當然咯。鮑勃，首先謝謝你提出問題。是的，並且更深入地了解數位化。您知道，我們對數位銷售的發展及其表現感到滿意。正如我們所說，我們的美元銷售額成長了 30%，滲透率占我們全系統總銷售額的 55%。其中包括 22% 的確定銷售額。我們對業績非常滿意，並且非常有信心能夠保持成長趨勢。

Digital sales, the growth of the channel was driven by three main factors, implementation of new functionalities to our app, the expansion of our customer base and a great trend in active users and loyalty was a booster of the sales because I mean, we use the customer data and identify sales to try to offer a more personalized experience.

數位銷售，該通路的成長由三個主要因素推動，我們的應用程式新功能的實施、客戶群的擴大以及活躍用戶和忠誠度的大趨勢是銷售的助推器，因為我的意思是，我們使用客戶資料並確定銷售情況，以嘗試提供更個人化的體驗。

So we have three main KPI to -- they evaluate the program at a specific frequency average check and 90 days active user. And what we are seeing is an acceleration growth in registered members like I said before, we had -- I mean, we launched the program in Uruguay and Brazil in October 2023.

因此，我們有三個主要 KPI——他們以特定頻率平均檢查和 90 天活躍用戶來評估該計劃。我們看到的是註冊會員的加速成長，就像我之前所說的那樣，我們 - 我的意思是，我們於 2023 年 10 月在烏拉圭和巴西啟動了該計劃。

By the end of December of last year, we had 3.2 million registered members. And by the end of April, we had 8 million registered member. That is a significant growth were seen that in today in the last weeks, that is still going on.

截至去年12月底，我們已有320萬名註冊會員。截至4月底，我們擁有800萬名註冊會員。在過去幾週的今天，這種情況仍在持續，這是一個顯著的增長。

So we do not only see that growth in terms of members, but positive trend in active customers. And this steady increase reflects the growing engagement and interest that our guests have with it. And talking about redemptions and the margin that we can see in the future of this program is that we see a positive impact since we think products have on average a higher margin because these transactions are incremental.

因此，我們不僅看到會員數量的成長，而且還看到活躍客戶的正面趨勢。這種穩定的成長反映了我們的客人對此的參與度和興趣的不斷增長。談到贖回和我們在該計劃的未來可以看到的利潤，我們看到了積極的影響，因為我們認為產品平均具有更高的利潤，因為這些交易是增量的。

For example, a dessert after lunch or associated with a new sales. So -- and you know that another advantage that the program has is that enables us to analyze customer behavior, as average check and number of visits. When I talk about that the average number of visits to manage the customer lifetime value.

例如，午餐後的甜點或與新銷售相關的甜點。因此，您知道該計劃的另一個優勢是使我們能夠分析客戶行為，例如平均檢查和訪問次數。當我談到平均造訪次數來管理客戶終身價值。

So we're going to keep on investing that. We are encouraged about the early results and we're going to implement two more markets by next earnings call, by August. And we intend to cover the whole region by 2025. Dan?

所以我們將繼續投資。我們對早期結果感到鼓舞，我們將在八月的下一次財報電話會議上再實施兩個市場。我們打算在 2025 年覆蓋整個地區。

Thanks, Luis. And Bob's last point second question and final question is why will Arcos proved to be more or less digital versus other global markets? Thank you. So Marcelo, I guess we can wrap it up.

謝謝，路易斯。 Bob 的最後一點第二個問題和最後一個問題是，為什麼 Arcos 與其他全球市場相比或多或少是數位化的？謝謝。馬塞洛，我想我們可以結束了。

Thanks, Bob, for the question. I think you referred to other McDonald's global markets. I would say that the digitalization of the Arcos Dorados business is strategic for us. It has been that way for many, many years now. That's why 55% of our sales during the first quarter were a digital.

謝謝鮑伯提出的問題。我想你提到了麥當勞的其他全球市場。我想說，Arcos Dorados 業務的數位化對我們來說具有戰略意義。多年來一直如此。這就是為什麼我們第一季 55% 的銷售額來自數位化。

And the investments that Luis was mentioning, they have had great returns. All of them have got great returns in positive impact on our sales, a positive impact in terms of average check. And finally, a positive impact in terms of margin.

路易斯提到的投資獲得了豐厚的回報。他們都獲得了巨大的回報，對我們的銷售產生了積極的影響，就平均支票而言，產生了積極的影響。最後，對利潤率產生正面影響。

So we continue to benchmarking against the best markets within the McDonald's system. For example, China is one of the leaders in terms of digital within the McDonald's system. We continue to benchmarking with them and trying to get the best practices and the newest tools that they are using in order to leverage all the efforts that we already have done in terms of digital within our Arcos Dorados. So we continue to be a focus for us in coming years.

因此，我們繼續以麥當勞系統內的最佳市場為基準。例如，中國是麥當勞系統內數位化的領導者之一。我們繼續與他們進行基準測試，並嘗試獲取他們正在使用的最佳實踐和最新工具，以便充分利用我們在 Arcos Dorados 中已經在數位化方面所做的所有努力。因此，我們將繼續成為未來幾年的重點。

Great. Thanks, Marcelo, and that was actually the last question we've received from the investment and analyst community. So that's the end of the Q&A session. Thanks again for all your interest in Arcos Dorados and joining us for today's webcast. We look forward to speaking with you again in the middle of August on our second quarter 2024 earnings webcast and until then stay safe and have a great day.

偉大的。謝謝馬塞洛，這實際上是我們從投資和分析師社群收到的最後一個問題。問答環節到此結束。再次感謝您對 Arcos Dorados 的關注並加入我們今天的網路廣播。我們期待在 8 月中旬在 2024 年第二季度收益網絡廣播中再次與您交談，在此之前請保持安全並祝您度過愉快的一天。