Arcos Dorados Holdings Inc (ARCO) 2024 Q2 法說會逐字稿

Good morning, everyone, and thank you for joining our second quarter 2024 earnings webcast.

大家早安，感謝您參加我們的 2024 年第二季財報網路廣播。

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

今天與我們在一起的有我們的執行長馬塞洛·拉巴赫 (Marcelo Rabach)； Luis Raganato，我們的營運長；以及我們的財務長 Mariano Tannenbaum。

Today's webcast, which is being recorded, will consist of prepared remarks from our leadership team, which will be accompanied by a slide presentation, also available in the Investors section of our website, www.arcosdorados.com/ir.

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 的投資者部分中查看。

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.

提醒一下，為了更好地觀看網路直播平台上的演示文稿，請滾動螢幕左上方部分，然後點擊箭頭以最大化幻燈片。

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.

在我們結束開場白後，我們將回答您的問題，您可以使用螢幕左側的聊天功能提交這些問題。

You will need to minimize the slides to access the chat function.

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.

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。

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.

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。

Investors are encouraged to review the reconciliation of these non-GAAP financial results and unaudited financial statements filed today with the SEC on Form 6-K.

我們鼓勵投資者審查這些非 GAAP 財務表現和今天向 SEC 提交的 6-K 表中未經審計的財務報表的調節情況。

Marcelo, over to you.

馬塞洛，交給你了。

Thank you, Dan.

謝謝你，丹。

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

大家早安，感謝您加入我們。

Today, we will take you through our results for the second quarter, which we believe demonstrate how our business model has evolved to perform strongly in any operating context.

今天，我們將向您介紹第二季的業績，我們相信這些業績展示了我們的業務模式如何發展以在任何營運環境中表現強勁。

Sales and profitability growth through June have been consistent with our strategy, especially when you consider the tougher-than-expected macroeconomic and consumer environments we are facing this year.

截至 6 月的銷售額和獲利能力成長與我們的策略一致，特別是考慮到我們今年面臨的宏觀經濟和消費者環境比預期更嚴峻。

We are focused on the factors we can control to minimize short-term volatility and maximize long-term growth.

我們專注於我們可以控制的因素，以最大限度地減少短期波動並最大限度地提高長期成長。

Top-line growth in the second quarter was strong with comparable sales growing well above inflation in just about every market, leading to continued market share gains for the McDonald's brand in our footprint.

第二季的營收成長強勁，幾乎每個市場的可比銷售額成長均遠高於通貨膨脹，導致麥當勞品牌在我們的足跡中的市場份額持續成長。

Total revenue rose 6.8% in the second quarter, reaching the highest level ever for the second quarter in US dollars.

第二季總營收成長6.8%，達到第二季以美元計算的最高水準。

Guest traffic grew for the thirteenth consecutive quarter, continuing to support comparable sales growth, even as consumers have become more discerning with their discretionary spending.

儘管消費者對可自由支配的支出變得更加挑剔，但賓客流量連續第十三個季度增長，繼續支持可比銷售額增長。

This is where our omnichannel approach, strong value proposition, and operational excellence have established McDonald's as the region's favorite QSR plan.

我們的全通路方法、強大的價值主張和卓越的營運使麥當勞成為該地區最受歡迎的 QSR 計劃。

Systemwide comparable sales growth was 2.4 times the company's blended inflation, excluding Argentina.

全系統可比銷售額成長是公司綜合通膨率的 2.4 倍（不包括阿根廷）。

According to market sources, as well as our own research, market share expanded in our biggest markets, outpacing the main competitors in nearly every market.

根據市場消息以及我們自己的研究，我們最大市場的市場份額有所擴大，幾乎在每個市場都超過了主要競爭對手。

The Three D strategy of digital, delivery, and drive-thru has set a new standard of quality, service and value for the quick-service restaurant industry in Latin America and the Caribbean.

數位化、外賣和得來速的 3D 策略為拉丁美洲和加勒比地區的快餐業樹立了品質、服務和價值的新標準。

Today's guests expect their QSR experience to be convenient and versatile, with multiple alternatives to receive great service and high-quality food at a fair value.

如今的客人希望他們的 QSR 體驗既方便又多功能，並有多種選擇以合理的價格獲得優質的服務和高品質的食物。

And we are meeting their expectations with sophisticated digital capabilities, a dedication to operational excellence, convenient freestanding restaurant locations, and the best menu offerings in the QSR industry.

我們透過先進的數位功能、對卓越營運的奉獻精神、便利的獨立餐廳位置以及 QSR 行業中最好的菜單來滿足他們的期望。

No other restaurant brand in the region can match these structural competitive advantages.

該地區沒有其他餐廳品牌可以與這些結構性競爭優勢相提並論。

We remain on pace to extend this leadership position, with 37 EOTF restaurant openings in the first half of the year, including 34 freestanding locations.

我們將繼續擴大這一領先地位，今年上半年開設了 37 家 EOTF 餐廳，其中包括 34 家獨立餐廳。

In our biggest market, Brazil, we added 21 EOTF restaurants in the first half, including 20 new freestanding units.

在我們最大的市場巴西，我們上半年新增了 21 家 EOTF 餐廳，其中包括 20 家新的獨立餐廳。

Importantly, first year returns on investments for new restaurant openings remain strong and will support additional unit growth for many years to come.

重要的是，新餐廳開業第一年的投資回報仍然強勁，並將支持未來許多年的額外單位成長。

Luis will now take us through sales performance in each division.

路易斯現在將帶我們了解每個部門的銷售業績。

Thanks, Marcelo, and good morning, everyone.

謝謝馬塞洛，大家早安。

Long-term sustainable customer growth starts with sales.

長期可持續的客戶成長始於銷售。

So far this year, sales growth has been strong in US dollar terms.

今年到目前為止，以美元計算的銷售額成長強勁。

Brazil's comparable sales rose 10.2%, up 2.6 times inflation in the period with volume and average check contributing about equally to growth.

巴西的可比銷售額成長了 10.2%，是同期通膨率的 2.6 倍，銷量和平均支票對成長的貢獻大致相同。

Digital channels, that include the mobile app, delivery and self-order kiosks, generated almost 70% of total sales in Brazil, and identified sales now represent about 28% of the division sales.

包括行動應用程式、送貨和自助點餐機在內的數位管道創造了巴西總銷售額的近 70%，目前確定的銷售額約佔該部門銷售額的 28%。

Please keep in mind that for a sale to be identified, we need customers to explicitly authorize us to track and use their data.

請記住，為了識別銷售，我們需要客戶明確授權我們追蹤和使用他們的資料。

The Meu Méqui loyalty program that we launched in October of last year is performing very well in Brazil.

我們去年 10 月推出的 Meu Méqui 忠誠度計畫在巴西表現良好。

I will tell you more about the loyalty program in a few minutes.

幾分鐘後我將向您詳細介紹忠誠度計劃。

Brazil's marketing campaigns included strong Happy Meal properties, such as Disney's Inside Out 2, boosting the family business.

巴西的行銷活動包括強大的開心樂園餐產品，例如迪士尼的《腦筋急轉彎 2》，從而推動了家族業務的發展。

We also continued sponsoring Big Brother Brazil, the country's most popular reality TV program, using it to support the chicken category.

我們也繼續贊助全國最受歡迎的真人秀電視節目《老大哥巴西》，用它來支持雞肉類別。

We also run promotions and limited time offers to strengthen brand affinity with menu favorites, such as McFish, McFries, Tasty Sauce, and desserts.

我們也進行促銷活動和限時優惠，以增強品牌與菜單上最受歡迎的產品的親和力，例如 McFish、McFries、Tasty Sauce 和甜點。

NOLAD's comparable sales grew 2.5 times the division's blended inflation.

NOLAD 的可比銷售額增長了該部門混合通膨的 2.5 倍。

Higher guest volume accounted for most of the quarter's sales growth.

客流量增加是本季銷售成長的主要原因。

Mexico sales grew strongly despite a tough comparison with Holy Week in the prior year quarter.

儘管與去年同期的聖週相比，墨西哥的銷售額仍強勁成長。

Digital sales grew at least 70% in markets like Mexico, Puerto Rico, and French West Indies.

墨西哥、波多黎各和法屬西印度群島等市場的數位銷售額成長了至少 70%。

And for the entire division, digital sales grew more than 60% versus the prior year, leading to a significant jump in NOLAD's digital channel penetration.

對於整個部門來說，數位銷售額比前一年增長了 60% 以上，導致 NOLAD 數位通路滲透率大幅躍升。

NOLAD's marketing initiatives included the launch of Best Burger in Mexico, leading to around 50% higher comparable volume growth for the Big Mac, cheeseburger and the Quarter Pounder with Cheese in the country.

NOLAD 的行銷舉措包括在墨西哥推出 Best Burger，導致該國巨無霸、起司漢堡和 Quarter Pounder with Cheese 的可比銷量增長約 50%。

Strong properties supported Happy Meal sales in the quarter as well.

強勁的物業也支撐了本季開心樂園餐的銷售。

In addition, we leveraged the regional Formula One sponsorship with the indulgent Grands platform to drive growth in the Three D's.

此外，我們利用區域一級方程式贊助和寬容的 Grands 平台來推動 3D 的成長。

Finally, we introduced new menu offerings in the important chicken and dessert categories in several of the division's markets.

最後，我們在該部門的幾個市場的重要雞肉和甜點類別中推出了新的菜單產品。

Comparable sales grew 2 times SLAD's blended inflation, excluding Argentina.

可比銷售額成長是 SLAD 混合通膨（不包括阿根廷）的兩倍。

Guest volumes accounted for almost half this growth, with markets like Colombia, Chile and Venezuela delivering the best results.

客流量幾乎佔這一成長的一半，哥倫比亞、智利和委內瑞拉等市場的表現最好。

The digitalization of Arcos Dorados was also evident in SLAD, with digital channel sales growth between 25% and 50% in markets such as Chile, Colombia, Ecuador and Uruguay.

Arcos Dorados 的數位化在 SLAD 中也很明顯，在智利、哥倫比亞、厄瓜多和烏拉圭等市場的數位通路銷售額成長在 25% 至 50% 之間。

The division's digital sales grew more than 30% versus the prior year, excluding Argentina.

該部門的數位銷售額較上年增長超過 30%（不包括阿根廷）。

Guest volumes in Argentina outperformed the broader economy and improved slightly against the first quarter of 2024.

阿根廷的旅客量表現優於整體經濟，與 2024 年第一季相比略有改善。

The country's macroeconomic indicators in the first half of 2024 exceeded our low expectations, but the operating environment remains very challenging.

2024年上半年國家宏觀經濟指標超出了我們的低預期，但經營環境仍充滿挑戰。

Against this backdrop, we are capitalizing on the competitive advantages we built over the years in Argentina to gain market share and strengthen brand preference.

在此背景下，我們正在利用多年來在阿根廷建立的競爭優勢來獲得市場份額並加強品牌偏好。

We believe this will position us well to return to growth once economic and consumption conditions stabilize.

我們相信，一旦經濟和消費狀​​況穩定下來，這將使我們能夠恢復成長。

SLAD's marketing activities included attractive Happy Meal offerings across the division, chicken-focused promotions in Chile and innovations in the dessert category in Colombia.

SLAD 的行銷活動包括整個部門提供有吸引力的開心樂園餐、在智利以雞肉為主的促銷活動以及在哥倫比亞甜點類別的創新。

In addition, we dropped sales by focusing on the sports passion point during the Copa America tournament, with activations related to local football federation sponsorships.

此外，我們透過關注美洲杯期間的體育激情點，以及與當地足協贊助相關的活動，導致銷售額下降。

According to our proprietary research, the McDonald's brand gained nearly 3 points of market share during the first half of 2024, maintaining a 2 to 1 advantage against its nearest competitor on average.

根據我們的專有研究，麥當勞品牌在 2024 年上半年獲得了近 3 個百分點的市場份額，與最接近的競爭對手平均保持 2 比 1 的優勢。

We measured especially strong gains in Brazil, Chile, Colombia, Costa Rica, and Panama, to name a few.

我們測量到巴西、智利、哥倫比亞、哥斯達黎加和巴拿馬等國家的成長尤為強勁。

Visit share also improved almost 1 point versus the prior year, building on top of the sustained volume growth we generated over the last several years.

在過去幾年我們的訪問量持續成長的基礎上，訪問量份額也比前一年提高了近 1 個百分點。

We will talk more about delivery when I come back to tell you about the Three D's, but it is fair to say that this sales channel continues to exceed expectations.

等我回來向大家介紹 3D 時，我們會更多地討論交付問題，但可以公平地說，這個銷售管道繼續超出預期。

We are the clear leaders among all QSR brands.

我們是所有 QSR 品牌中無可爭議的領導者。

And during the first half of 2024, we added additional market share by continuing to deliver the best customer experience in this important segment.

2024 年上半年，我們透過繼續在這一重要細分市場提供最佳客戶體驗，增加了額外的市場份額。

According to our research, the biggest market share gains in the first half of the year came in Brazil, Costa Rica, Ecuador, Panama, and Puerto Rico.

根據我們的研究，上半年市佔率增幅最大的是巴西、哥斯大黎加、厄瓜多、巴拿馬和波多黎各。

Mariano, over to you.

馬裡亞諾，交給你了。

Thanks, Luis.

謝謝，路易斯。

Good morning, everyone.

大家早安。

Second quarter adjusted EBITDA grew about in line with revenue, with a relatively flat margin versus the prior year.

第二季調整後的 EBITDA 成長與營收基本一致，利潤率與前一年相比相對持平。

To be fair, this year's results included a $16 million reduction of labor contingencies due to a favorable judgment in Brazil.

公平地說，由於巴西的有利判決，今年的業績包括減少了 1,600 萬美元的意外勞工開支。

Excluding this positive impact, adjusted EBITDA was still the second highest US dollar result for a second quarter in Arcos Dorados' history.

排除這一正面影響，調整後的 EBITDA 仍然是 Arcos Dorados 史上第二季第二高的美元表現。

This, despite the significant negative impact on results from the Argentina business, a weaker currency in Brazil, and the less robust consumer environment across the region.

儘管阿根廷業務、巴西貨幣疲軟以及整個地區的消費環境不太強勁，對業績產生了重大負面影響。

In other words, to Marcelo's point earlier, Arcos Dorados results are better able to absorb these external pressures, given our geographic and cash flow diversity compared with years past.

換句話說，正如馬塞洛之前所說，考慮到我們的地理和現金流與過去幾年相比的多樣性，Arcos Dorados 的表現能夠更好地吸收這些外部壓力。

Food and paper, payroll, and G&A offset higher occupancy and other operating expenses as a percentage of revenue to keep the consolidated margin relatively flat versus the prior year.

食品和紙張、工資和一般行政費用抵消了較高的入住率和其他營運費用佔收入的百分比，以保持綜合利潤率與上一年相比相對持平。

Without the contingency reduction in Brazil, the payroll line was about flat versus last year.

如果沒有巴西的意外開支削減，薪資總額與去年持平。

Most of the margin pressure in the quarter came from a number of factors within occupancy and other operating expenses.

本季的大部分利潤壓力來自入住率和其他營運費用等多個因素。

These increases were mostly related to delivery fees, utilities, and information technology.

這些增長主要與送貨費、公用事業費和資訊科技有關。

As Luis mentioned, delivery sales continued to exceed expectations, as growth outpaced all other sales channels.

正如路易斯所提到的，送貨銷售繼續超出預期，成長速度超過了所有其他銷售管道。

As a result, fee payments to our delivery partners increased as a percentage of revenue.

因此，向我們的交付合作夥伴支付的費用佔收入的百分比增加。

Additionally, we have been investing in promotional activity that is successfully increasing the penetration of home delivery in the region.

此外，我們一直在投資促銷活動，成功提高了該地區送貨上門的滲透率。

Over time, we will shift the strategy to better monetize this segment of the delivery business.

隨著時間的推移，我們將轉變策略，以更好地利用這部分配送業務實現貨幣化。

In terms of utilities, we have seen unit cost increases that outpaced revenue growth in the quarter.

就公用事業而言，我們看到本季單位成本的成長超過了收入的成長。

In response, all markets are currently working to identify ways to reduce energy consumption in restaurants and offices.

為此，所有市場目前都在努力尋找減少餐廳和辦公室能源消耗的方法。

Finally, IT expenses are higher at the market level, largely because we're running far more systems and digital tools in restaurants than ever before.

最後，市場層面的 IT 支出更高，這主要是因為我們在餐廳運行的系統和數位工具比以往任何時候都多得多。

In order to help restaurant teams offer the best guest experience and run their businesses more efficiently, over the last few years, we have rolled out everything from the self-order kiosks in EOTF restaurants to employee scheduling and other restaurant level tools.

為了幫助餐廳團隊提供最佳的賓客體驗並更有效率地經營業務，在過去幾年中，我們推出了從 EOTF 餐廳的自助點餐機到員工調度和其他餐廳級工具的一切。

The operations team is working with each market to ensure these new tools are being leveraged in each and every restaurant to generate long-term efficiencies.

營運團隊正在與每個市場合作，以確保每家餐廳都利用這些新工具來產生長期效率。

Food and paper was lower as a percentage of revenue in Brazil and relatively flat in both NOLAD and SLAD.

巴西的食品和紙張佔收入的比例較低，而 NOLAD 和 SLAD 的收入相對持平。

Payroll was better than last year in Brazil, even excluding the contingency reduction, and flattish in SLAD, despite the challenging environment in Argentina.

儘管阿根廷的環境充滿挑戰，但巴西的薪資狀況仍好於去年，即使不包括意外開支的削減，SLAD 也持平。

NOLAD had slightly higher payroll expenses, mainly due to unit cost increases in Mexico.

NOLAD 的工資支出略有增加，主要是由於墨西哥的單位成本增加。

Occupancy and other operating expenses were higher in each division for the reasons I already explained.

由於我已經解釋過的原因，每個部門的入住率和其他營運費用都較高。

Our goal is to support long-term growth with sustainable cash flow generation, while managing through challenging macroeconomic conditions and consumption trends in the short term.

我們的目標是透過可持續的現金流產生來支持長期成長，同時應對短期宏觀經濟條件和消費趨勢的挑戰。

As of the end of June 2024, trailing 12-month US dollar EBITDA was the highest ever, and we expect to generate the best full year US dollar EBITDA in Arcos Dorados' history this year.

截至 2024 年 6 月底，過去 12 個月的美元 EBITDA 為有史以來最高，我們預計今年將產生 Arcos Dorados 歷史上最好的全年美元 EBITDA。

Earlier, I told you about the continued digitalization of Arcos Dorados.

早些時候，我向您介紹了 Arcos Dorados 的持續數位化。

Let's take a closer look.

讓我們仔細看看。

Digital sales grew 24% in US dollars versus the prior-year quarter, accounting for 57% of systemwide sales.

以美元計算的數位銷售額比去年同期成長了 24%，佔全系統銷售額的 57%。

With each new download and a growing number of active users, we are increasing identified sales penetration, which rose to 24% of sales in the period.

隨著每次新下載和活躍用戶數量的不斷增加，我們正在提高確定的銷售滲透率，該比例上升至同期銷售額的 24%。

Brazil is leading the digitalization of Arcos Dorados with digital sales penetration rising to 67% in the quarter, including 28% identified sales.

巴西在 Arcos Dorados 的數位化方面處於領先地位，本季數位銷售滲透率升至 67%，其中確定銷售佔 28%。

Sales in the off-premise channels of delivery and drive-thru grew a combined 11% in US dollars versus last year and accounted for 45% of system wide sales in the quarter.

以美元計算，場外配送和得來速通路的銷售額與去年相比成長了 11%，佔本季全系統銷售額的 45%。

Delivery sales in particular were very strong in the quarter, growing in the high-20s to mid-40s in markets such as Brazil, Colombia, Costa Rica, Mexico and Uruguay.

本季的送貨銷售尤其強勁，在巴西、哥倫比亞、哥斯達黎加、墨西哥和烏拉圭等市場增長了 20 多歲到 40 多歲。

In Brazil specifically, delivery sales were about 4.3 times compared with the nearest competitor.

特別是在巴西，與最接近的競爭對手相比，送貨銷售額約為 4.3 倍。

We have deployed the loyalty program in Brazil, Costa Rica and Uruguay, registering more than 11 million members as of July 31, 2024.

我們已在巴西、哥斯大黎加和烏拉圭部署了忠誠度計劃，截至 2024 年 7 月 31 日，註冊會員超過 1,100 萬。

We remain on track to deploy loyalty in all markets by year-end 2025.

我們仍有望在 2025 年底前在所有市場部署忠誠度。

Over time, loyalty will evolve as we bring innovations and incentives to convert non-digital and digital customers alike to active loyalty members.

隨著時間的推移，隨著我們透過創新和激勵措施將非數位和數位客戶轉變為活躍的忠誠會員，忠誠度將會不斷發展。

While we are still in early days, 90-day active customer levels are very healthy, and loyalty member visit frequency is 1.5 times to 2 times that of non-loyalty guests.

雖然我們仍處於早期階段，但 90 天的活躍客戶水平非常健康，忠誠會員的訪問頻率是非忠誠客戶的 1.5 倍至 2 倍。

Let's take a look at our capital structure and investments in growth.

讓我們來看看我們的資本結構和成長投資。

Trailing 12-month EBITDA is the highest it has ever been, and net debt is relatively stable, keeping net leverage at a very healthy 1.2 times at the end of the second quarter.

過去 12 個月 EBITDA 達到歷史最高水平，淨債務相對穩定，使第二季末的淨槓桿率保持在非常健康的 1.2 倍。

Notably, cash flow from operations in the second quarter normalized compared with the first quarter of this year, and we expect it to be relatively normal for the balance of the year.

值得注意的是，第二季的營運現金流與今年第一季相比趨於正常，我們預計今年剩餘時間將相對正常。

Typically, the second half of the year brings seasonally better cash flow from operations, with stronger EBITDA and working capital generation.

通常情況下，下半年營運現金流會出現季節性較好的變化，EBITDA 和營運資金的產生也會更加強勁。

While this has been a more challenging year than we expected from a macroeconomic standpoint, we believe cash flow conversion will remain close to historical level for the full year.

雖然從宏觀經濟角度來看，今年比我們預期的更具挑戰性，但我們相信全年現金流量轉換將保持接近歷史水準。

In the second quarter of 2024, we opened 15 restaurants.

2024年第二季度，我們開設了15家餐廳。

All openings were freestanding units with 10 in Brazil.

所有職缺均為獨立單位，其中 10 個位於巴西。

Capital expenditures in the quarter totaled $88 million with investments in the restaurant portfolio and to support our digital and IT structures.

本季的資本支出總計 8,800 萬美元，投資於餐廳投資組合以及支援我們的數位和 IT 結構。

Marcelo, back to you.

馬塞洛，回到你身邊。

Okay.

好的。

Let's talk about the MFA renewal process.

我們來談談MFA續簽流程。

First, let me remind you of the terms of the current master franchise agreement with respect to the renewal.

首先，讓我提醒您目前主特許經營協議中有關續約的條款。

McDonald's had until August 3, 2024 to provide us with a renewal notice to extend the MFA for an additional 10 years, beginning on August 3, 2027.

麥當勞必須在 2024 年 8 月 3 日之前向我們提供續約通知，將 MFA 期限再延長 10 年，從 2027 年 8 月 3 日開始。

Over the last 17 years, Arcos Dorados has been a successful operator in Latin America and in the McDonald's system.

在過去 17 年裡，Arcos Dorados 一直是拉丁美洲和麥當勞系統的成功營運商。

A laser focus on leveraging structural competitive advantages through the disciplined execution of the Three D strategy generated unprecedented brand strength and market share, as well as consistent growth in US dollar profitability.

透過嚴格執行 3D 策略，專注於利用結構性競爭優勢，產生了前所未有的品牌實力和市場份額，以及美元獲利能力的持續成長。

Given this track record of success, we received a renewal notice from McDonald's offering to replace the existing agreement with the new 20-year MFA beginning January 1, 2025.

鑑於這一成功記錄，我們收到了麥當勞的續約通知，提議從 2025 年 1 月 1 日開始用新的 20 年期 MFA 取代現有協議。

Both companies are aligned in the belief that there is significant growth potential for the McDonald's brand in Latin America and the Caribbean.

兩家公司一致認為，麥當勞品牌在拉丁美洲和加勒比海地區具有巨大的成長潛力。

And we are optimistic that we will reach an agreement to continue generating value for Arcos Dorados and all its shareholders.

我們樂觀地認為，我們將達成協議，繼續為 Arcos Dorados 及其所有股東創造價值。

We expect to keep the market informed of developments in this process, as appropriate, and in accordance with the requirements of the SEC.

我們希望根據 SEC 的要求，視情況向市場通報此過程的進展。

Before we open the call for Q&A, I would like to leave you with some final thoughts.

在我們開始問答之前，我想向您留下一些最後的想法。

The Three D's strategy has delivered consistent, resilient, sustainable, and long-term results.

3D 策略取得了一致、有彈性、可持續和長期的成果。

We have consistently delivered the best guest experience in the industry by focusing on execution and leveraging the convenience of our freestanding restaurant portfolio and digital platform.

透過專注於執行並利用我們獨立餐廳組合和數位平台的便利，我們始終如一地提供業界最佳的賓客體驗。

Our consistent value proposition has built brand trust with our guests, who know what to expect in terms of price, quality, service and cleanliness from their experience.

我們始終如一的價值主張贏得了客人的品牌信任，他們從自己的體驗中知道對價格、品質、服務和清潔度的期望。

Arcos Dorados business model has evolved over the years to a point where we delivered the second best EBITDA in US dollars for the second quarter, despite macroeconomic and currency headwinds in some of our most important markets.

多年來，Arcos Dorados 的業務模式不斷發展，儘管我們一些最重要的市場面臨宏觀經濟和貨幣不利因素，但我們第二季的美元 EBITDA 排名第二。

We believe we are positioned to generate sustainable US dollar cash flow growth by leveraging our structural competitive advantages.

我們相信，我們有能力利用我們的結構性競爭優勢，實現可持續的美元現金流成長。

And sustainability is about more than just financial results.

永續發展不僅僅關乎財務業績。

It is about making a positive impact on the communities we serve through our Recipe for the Future ESG platform, because it is the right thing to do and it is good for business.

這是為了透過「未來配方」ESG 平台對我們所服務的社區產生積極影響，因為這是正確的做法，而且對業務有利。

Finally, it is worth reminding you that we operate in a highly underpenetrated region for both, the QSR industry, as well as for the McDonald's brand.

最後，值得提醒您的是，我們所在的地區對於快餐業以及麥當勞品牌來說都是高度滲透不足的。

We see tremendous growth potential ahead, and we'll work to capture this potential as strategically and profitably as possible.

我們看到了未來巨大的成長潛力，我們將努力以策略性和盡可能有利的方式抓住這一潛力。

Dan, over to you to start the Q&A session.

丹，你開始問答環節。

Thanks, Marcelo.

謝謝，馬塞洛。

(Event Instructions)

（活動須知）

Okay.

好的。

We have several questions here from the analyst community and a few overlaps as well.

我們從分析師群收到了幾個問題，也有一些重疊的問題。

So what I'm going to try to do is consolidate the topics.

所以我要做的就是鞏固這些主題。

And the first topic that came up from Alejandro Fuchs from Itau, Thiago Bortoluci from Goldman Sachs, Eric Huang from Santander and Bob Ford from Bank of America relate to the master franchise agreement.

第一個主題是來自 Itau 的 Alejandro Fuchs、高盛的 Thiago Bortoluci、桑坦德銀行的 Eric Huang 和美國銀行的 Bob Ford 與主特許經營協議有關。

Alejandro, Hello, Marcelo, Mariano, Luis.

亞歷杭德羅，你好，馬塞洛，馬裡亞諾，路易斯。

Thank you for the space for questions.

感謝您提供提問的空間。

Congratulations on the results.

祝賀結果。

He asks, on the MFA, can we have somewhat more color on timing?

他問，在外交部，我們能在時間安排上有更多的色彩嗎？

When do you expect to release the new terms?

您預計什麼時候發布新條款？

Thiago asks, what do we have so far with respect to the MFA?

蒂亞戈問道，到目前為止，我們在外交部方面有什麼進展？

Has it been renewed or not?

是更新了還是沒更新？

And is there a date for us to know more details of things like royalties and growth commitment?

我們是否有一個日期可以了解特許權使用費和增長承諾等更多細節？

Eric asks, Regarding MFA, is there an expected timeline in terms of the announcement?

Eric詢問，關於MFA，是否有預計的發佈時間？

And Bob asks, How should we think about the significance of outstanding issues in your MFA renewal and the time to resolve those?

鮑伯問道，我們應該如何考慮 MFA 續約中未解決問題的重要性以及解決這些問題的時間？

And so, putting all those together, and one just came in also from Credicorp asking about more details of the MFA, and we'll start with that one with you, Marcelo.

因此，將所有這些放在一起，Credicorp 也剛剛過來詢問 MFA 的更多細節，我們將從你開始，馬塞洛。

Okay.

好的。

Thank you.

謝謝。

And thanks all for the questions and for joining us today.

感謝大家提出的問題以及今天加入我們。

We have disclosed that the renewal notice provided by McDonald's to Arcos Dorados, which was received on August 1, 2024, provides for a 20-year term for a new MFA commencing on January 1, 2025 under certain terms and conditions.

我們已揭露，麥當勞於 2024 年 8 月 1 日向 Arcos Dorados 提供的續約通知規定，根據某些條款和條件，新的 MFA 期限為 20 年，自 2025 年 1 月 1 日開始。

The renewal notice itself is a confidential document provided by McDonald's to Arcos Dorados as part of the renewal procedures laid out in the current master franchise agreement between the parties.

續約通知本身是麥當勞向 Arcos Dorados 提供的機密文件，作為雙方當前主特許經營協議中規定的續約程序的一部分。

As you know, the MFA is a complex document that includes a specific timeline for renewal and the process is being conducted within the limits of that timeline.

如您所知，MFA 是一份複雜的文件，其中包括具體的續簽時間表，並且該過程是在該時間表的範圍內進行的。

We will communicate additional information in accordance with the applicable legal and regulatory requirements, as appropriate.

我們將根據適用的法律和監管要求酌情傳達更多資訊。

Great.

偉大的。

Thank you, Marcelo.

謝謝你，馬塞洛。

Alejandro's other question relates to margin.

亞歷杭德羅的另一個問題與保證金有關。

So excluding the positive one-off in Brazil, we saw EBITDA margin contraction year-over-year despite solid top-line and gross margin dynamics.

因此，排除巴西的一次性正面影響，儘管營收和毛利率動態強勁，但我們看到 EBITDA 利潤率同比收縮。

Can you help us understand where the expense pressure is coming from?

您能幫我們了解一下費用壓力來自哪裡嗎？

And that one I guess is for you, Mariano.

我想那是給你的，馬裡亞諾。

Thank you, Dan, and thank you everybody for joining the call and Alejandro for the specific question.

謝謝丹，謝謝大家加入電話會議，也謝謝亞歷杭德羅提出的具體問題。

The main pressure we are seeing in our margins is coming from the line of occupancy and other operating expenses where we see a decrease of 100 bps.

我們的利潤率面臨的主要壓力來自入住率和其他營運費用，我們看到這些費用下降了 100 個基點。

That's mainly explained by delivery in the first place that, as we mentioned, is growing more than other channels.

這主要是因為交付首先比其他管道成長得更快。

That means that delivery, which is a segment with lower-margin profitability than the rest of the segments, but highly accretive to the business in terms of US dollars.

這意味著交付是一個利潤率低於其他部門的部門，但以美元計算對業務的增值卻很高。

So when delivery grows faster than the other segments, it's normal to see that, decrease in that line.

因此，當交付成長快於其他細分市場時，該行的下降是正常的。

On top of that, we're doing investments in our own delivery platform that will bring benefits in the future.

最重要的是，我們正在對自己的交付平台進行投資，這將在未來帶來好處。

And we are confident that this pressure that we are seeing now will be overturned in the coming quarters.

我們相信，我們現在看到的這種壓力將在未來幾季得到扭轉。

Then, in the same line, we are seeing some pressures in utilities in -- all across the board.

然後，同樣地，我們看到公用事業公司全面面臨一些壓力。

But we are looking in each market for efficiencies to offset these increases in costs.

但我們正在每個市場尋找效率來抵銷成本的增加。

And lastly, we are seeing in the same line an increase in the IT expenses, but these investments, looking forward, we are seeing that will allow and will bring productivity gains as they will help us to drive more digital sales and also to be more productive at the restaurant level, for example, with new scheduling systems for payroll that we are implementing in many markets.

最後，我們看到 IT 支出也在增加，但展望未來，我們看到這些投資將帶來生產力的提高，因為它們將幫助我們推動更多的數位銷售，並提高生產力。了新的薪資調度系統，從而提高了餐廳的生產力。

Great.

偉大的。

Thanks, Mariano.

謝謝，馬裡亞諾。

We have another -- now we're going to move over to Thiago Bortoluci from Goldman Sachs, who in addition to the MFA question had a few other questions.

我們還有另一個問題——現在我們將請高盛的蒂亞戈·博爾托魯奇 (Thiago Bortoluci) 發言，他除了 MFA 問題外還有其他一些問題。

One on demand around the world.

世界各地按需提供一份。

We're seeing a challenging momentum for QSR operators with companies focusing increasingly more on their value platforms.

我們看到快餐業者面臨充滿挑戰的勢頭，公司越來越關注其價值平台。

Where does Latin America stand in terms of demand elasticity?

拉丁美洲的需求彈性如何？

And is it different from the rest of the world and why?

它與世界其他地方有什麼不同嗎？

And also, if we can give a bit more color for -- on Brazil in terms of traffic, ticket, and gross margin.

另外，我們是否可以在流量、門票和毛利率方面對巴西進行更多描述。

So we'll start with those two with Marcelo and maybe -- I don't know, Marcelo, you want to first focus on the QSR, and then we can talk about Brazil specifically.

所以我們將從馬塞洛這兩個人開始，也許——我不知道，馬塞洛，你想首先關注 QSR，然後我們可以具體討論巴西。

Yeah, perfect.

是的，完美。

Yeah, I think that we are facing a more discerning consumer in the region like it is the case in most of the other markets around the world.

是的，我認為我們在該地區面臨著更挑剔的消費者，就像世界上大多數其他市場的情況一樣。

But that implies, obviously, that the industry and we as the leaders are the first one to do.

但這顯然意味著行業和我們作為領導者是第一個採取行動的人。

We are focusing offering great value all across our menu board.

我們致力於在整個菜單板上提供巨大的價值。

In our case, we have very strong value platforms and other promotional activity across the markets.

就我們而言，我們在整個市場上擁有非常強大的價值平台和其他促銷活動。

We are focused on offering a great and a compelling value proposition through competitive pricing, at the same time, offering an unmatched restaurant experience for our guests and through those two main levers, drive volume growth and leverage fixed costs.

我們專注於透過有競爭力的價格提供出色且引人注目的價值主張，同時為我們的客人提供無與倫比的餐廳體驗，並透過這兩個主要槓桿推動銷售成長並利用固定成本。

And as we saw in the second quarter, which is not different than what we have been seeing in previous quarters, we were able, in this more challenging environment, to grow sales well above inflation in most of our markets.

正如我們在第二季度所看到的那樣，這與我們在前幾季所看到的沒有什麼不同，在這個更具挑戰性的環境中，我們能夠在大多數市場上實現銷售額的成長，遠高於通貨膨脹。

In this year, in particular, we have a more favorable cost environment and the great job done by our supply chain team is helping us to keep gross margins in a very healthy position and to offer a very, very good offers and very good pricing points to our customers all across the region.

特別是今年，我們擁有更有利的成本環境，我們的供應鏈團隊所做的出色工作正在幫助我們將毛利率保持在非常健康的位置，並提供非常非常好的報價和非常好的定價點為我們整個地區的客戶提供服務。

So doing all of this, we were able to gain significant market share and outpace most of our peers across the region.

因此，透過完成所有這些工作，我們能夠獲得顯著的市場份額，並超越該地區的大多數同行。

In the second part, and talking specifically about Brazil, in the second quarter, results in terms of sales and volumes were great.

在第二部分中，具體討論巴西，第二季的銷售和銷售的表現都非常好。

And volumes, contributed almost half, and the other half came from average check to the systemwide comparable sales of the second quarter, which were well above inflation.

銷售量幾乎貢獻了一半，另一半來自第二季全系統可比較銷售額的平均支票，遠高於通貨膨脹。

Keep in mind that, specifically talking about average check, the improvement came not only from pricing, but on top of that, came from a better mix and the number of items per order.

請記住，特別是在平均檢查方面，改進不僅來自定價，更重要的是來自更好的組合和每個訂單的商品數量。

Importantly, according to CREST, in Brazil, we gained both visit or volume share and sales share over the trailing 12 months, with some of the smaller players in the industry losing share.

重要的是，根據 CREST 的數據，在過去 12 個月裡，我們在巴西的訪問量份額和銷售份額都獲得了增長，而行業中一些較小的參與者則失去了份額。

If you take a look to the midterm, in the last two years, Brazil second quarter comparable sales are up cumulatively or accumulated by 21% when you compare second quarter 2024 with second quarter 2022, with nearly even contributions coming from volume and average check growth.

如果你看中期，在過去的兩年中，當你將2024 年第二季度與2022 年第二季度進行比較時，巴西第二季度的可比銷售額累計增長了21%，其中來自數量和平均支票成長的貢獻幾乎持平。

So a very healthy way to grow the business and improve the results in Brazil and in the whole company.

這是一種非常健康的方式來發展業務並改善巴西和整個公司的表現。

And I guess related to that is the gross margin question also with Brazil and we'll turn it over to you, Mariano.

我想與此相關的是巴西的毛利率問題，我們將把它交給你，馬裡亞諾。

Perfect.

完美的。

Yeah, in terms of food and paper, we are happy to observe gain in the food and paper line in Brazil, a leverage of almost 1 percentage point that is coming mainly, as Marcelo mentioned in his answer, from better negotiations with suppliers than by our supply chain team.

是的，就食品和紙張而言，我們很高興看到巴西食品和紙張生產線的增長，槓桿率提高了近1 個百分點，正如馬塞洛在回答中提到的那樣，這主要來自於與供應商數更好的談判，而不是透過與供應商的談判。

And also by better mix and all the improvements we are doing in respect of pricing and revenue management.

此外，還透過更好的組合以及我們在定價和收入管理方面所做的所有改進。

So we are very pleased with the results we are seeing in the food and paper cost line in Brazil.

因此，我們對巴西食品和紙張成本線所看到的結果感到非常滿意。

Great.

偉大的。

Thanks, Mariano.

謝謝，馬裡亞諾。

And the last two questions from Thiago, I think, are going to be for you, Luis.

我想蒂亞戈的最後兩個問題是問你的，路易斯。

The first one, same store sales.

第一個，同店銷售。

Do you think it's possible to keep same store sales growing at x times inflation over the next several years?

您認為未來幾年有可能維持同店銷售額以通貨膨脹 x 倍的速度成長嗎？

Number one.

第一。

And then, Thiago asked a question on Mexico.

然後蒂亞戈問了一個關於墨西哥的問題。

We know there was negative calendar effect this quarter.

我們知道本季存在負面日曆效應。

Can you comment on how underlying demand is trending there?

您能評論一下那裡的潛在需求趨勢嗎？

All right.

好的。

Thank you very much, Thio.

非常感謝你，蒂奧。

How are you?

你好嗎？

Thank you for the question.

謝謝你的提問。

Talking about the comps, see if we can maintain the comps above blended inflation?

談到比較，看看我們是否可以將比較維持在混合通膨之上？

Yeah.

是的。

We think that it's going to be possible.

我們認為這是可能的。

It's one of our main objectives or main goals.

這是我們的主要目標之一。

What we're seeing well, we have, like, many engines of sales growth.

我們清楚地看到，我們擁有許多銷售成長的引擎。

One of them is that we still have opportunities in the execution of the Three D strategy.

其中之一就是我們在實施「3D」策略上還有機會。

I'll remind you that we use our delivery, drive-thru and digital.

我會提醒您，我們使用送貨、得來速和數位方式。

We're going to be having a positive impact on our investments.

我們將對我們的投資產生積極影響。

When we talk about comparable sales, I'm talking about investments in technology.

當我們談論可比銷售額時，我談論的是技術投資。

We have two important engines of growth that are going to be product categories like chicken and coffee.

我們有兩個重要的成長引擎，即雞肉和咖啡等產品類別。

And even though we have the best scores in some indicators of operations across the region, we still have opportunities and we're going to be focusing in those operational improvements that we need to maintain those sales.

儘管我們在整個地區的某些營運指標上得分最高，但我們仍然有機會，我們將專注於維持銷售所需的營運改善。

And regarding the second question, the underlying demand in Mexico.

關於第二個問題，墨西哥的潛在需求。

First, to give you a context, NOLAD that is directly related to Mexico, that they have similar performances, NOLAD increased 3.2 times the blended inflation for the division in the first quarter and 2.5 times in the second quarter.

首先，給你一個背景，NOLAD 與墨西哥直接相關，他們有類​​似的表現，NOLAD 第一季度該部門的混合通膨增加了 3.2 倍，第二季度增加了 2.5 倍。

So -- and as I said, Mexico is directly related to that.

正如我所說，墨西哥與此直接相關。

So yeah, we think that the underlying demand is still and is going to be very strong in the near future.

所以，是的，我們認為潛在需求仍然存在，並且在不久的將來將會非常強勁。

We do not do not expect any changes.

我們不期望任何改變。

Dan?

擔？

Thanks, Luis.

謝謝，路易斯。

And maybe a good segue to talking about top-line in Mexico/NOLAD are several questions that came related to Mexico and NOLAD margins, and these came from Julia Rizzo from Morgan Stanley, Eric Huang from Santander, and Bob Ford from Bank of America.

也許接下來討論墨西哥/NOLAD 的營收是幾個與墨西哥和 NOLAD 利潤相關的問題，這些問題來自摩根士丹利的 Julia Rizzo、桑坦德銀行的 Eric Huang 和美國銀行的 Bob Ford。

Julia asks -- and these, by the way, all will be for you Mariano.

茱莉亞問——順便說一句，這些都是給你的馬裡亞諾。

Julia asks, Margin pressure, especially in Mexico, surprise.

茱莉亞問道，利潤壓力，尤其是在墨西哥，令人驚訝。

Can you comment on your expectations for the region?

您能談談對該地區的期望嗎？

And how do you intend to offset that?

您打算如何抵銷這項影響？

How long will it take?

它需要多長時間？

Can you comment on delivery channel growth on impact on margins?

您能否評論一下交付管道的成長對利潤率的影響？

We'll come back to that one.

我們稍後再討論這一點。

And then, Eric asks about, Could you please explore the operating leverage opportunities among the different operating regions and comment about the increase in payroll expenses, especially in NOLAD?

然後，Eric 問道，您能否探討不同營運區域之間的營運槓桿機會，並對薪資支出的增加（尤其是 NOLAD）發表評論？

And then, he asks -- Bob Ford asks about the causes for the margin contraction in Mexico.

然後，他問——鮑伯·福特詢問墨西哥利潤率收縮的原因。

Again, I think we're talking about NOLAD and expectations for the balance of the year.

我想我們再次討論的是 NOLAD 以及今年剩餘時間的預期。

So we'll start with that, Mariano, and then I'll come back with a couple more.

所以我們就從這個開始，馬裡亞諾，然後我再講一些。

Perfect.

完美的。

Well, thanks for those questions, and I will focus on the concern about NOLAD and Mexico, specifically.

嗯，謝謝你提出這些問題，我將特別關注對 NOLAD 和墨西哥的擔憂。

As Luis explained, for NOLAD and specifically for Mexico, we need to analyze not the quarter itself, but it's -- I think it's better to explain it through the first half of the year due to the seasonality effect of the Easter holiday that last year was in the second quarter and this year in the first one.

正如 Luis 所解釋的那樣，對於 NOLAD，特別是墨西哥，我們需要分析的不是季度本身，而是——我認為由於去年復活節假期的季節性影響，最好在上半年進行解釋是第二季度，今年是第一季。

So if we consider the whole -- the first six months of the year, what we see is that NOLAD's margin is down by 70 basis points, from which 50 basis points are coming from payroll in Mexico.

因此，如果我們考慮整體——今年前六個月，我們會看到 NOLAD 的利潤率下降了 70 個基點，其中 50 個基點來自墨西哥的工資。

So I will focus on what's going on in payroll in Mexico.

因此，我將重點放在墨西哥的薪資狀況。

In Mexico, we have been observing wage increases well -- minimum wage increases well above inflation for the past years.

在墨西哥，我們一直觀察到薪資成長良好——過去幾年最低工資的成長遠高於通貨膨脹。

And that, of course, affecting the payroll line in particular.

當然，這尤其影響到薪資線。

But what we see is that in the medium or what we usually observe in our region is that when we see those salary or minimum salary increases is that, in the medium term, we see a benefit because there's more disposable income and that increases consumption.

但我們看到的是，在中期或我們在我們地區通常觀察到的是，當我們看到工資或最低工資上漲時，從中期來看，我們看到了好處，因為有更多的可支配收入並增加了消費。

So that's part of the explanation of how well we are doing in Mexico in terms of EBITDA.

這可以部分解釋我們在墨西哥的 EBITDA 表現如何。

So analyzing the first semester, what we see is that even though margin was down by 70 bps, EBITDA in US dollar terms was up by 5% in US dollars.

因此，分析第一季度，我們看到，儘管利潤率下降了 70 個基點，但以美元計算的 EBITDA 卻成長了 5%。

So we're pleased with the trends that we are seeing in Mexico, in particular, and in NOLAD.

因此，我們對在墨西哥尤其是 NOLAD 看到的趨勢感到滿意。

And we don't have a special concern with this line going forward.

我們對這條線的未來並不特別在意。

Great.

偉大的。

That's specifically about questions about Mexico and NOLAD.

具體是關於墨西哥和 NOLAD 的問題。

Okay.

好的。

So Julia's other question has to do with delivery.

所以朱莉婭的另一個問題與交付有關。

Can you comment on the delivery channel growth and impacts on margin?

您能否評論一下交付管道的成長及其對利潤率的影響？

How much of the pressure on margins maybe in the quarter came from delivery and what should we expect in this regard?

本季利潤率的壓力有多少可能來自交付，在這方面我們應該期待什麼？

Yeah.

是的。

As I explained in the first question that Alejandro made, we are seeing -- each time we are seeing an increase in delivery over the other channels, so faster than the other channels, we will see pressure on percentage terms on the occupancy and other line, another expenses line.

正如我在亞歷杭德羅提出的第一個問題中所解釋的那樣，我們看到- 每當我們看到其他管道的交付量增加時，比其他管道更快，我們就會看到佔用率和其他線路的百分比方面的壓力，另一條費用線。

But the growing delivery and that's -- we analyze that and we are very pleased with the results we are seeing in delivery.

但是不斷增長的交付量——我們對此進行了分析，我們對交付的結果感到非常滿意。

First, it's highly accretive to the business in US dollar terms.

首先，以美元計算，它對業務有很大的增值作用。

So a relevant portion of the EBITDA growth that we are seeing, we have been seeing in the last years, is coming from that segment.

因此，我們在過去幾年中看到的 EBITDA 成長的相關部分來自該細分市場。

That's really important.

這真的很重要。

And on top of that the growing delivery is helping to dilute fixed costs at the restaurant level because of also the time of the delivery is stronger at night where the on-premise sales are stronger usually at lunchtime.

最重要的是，不斷增長的送貨量有助於稀釋餐廳層面的固定成本，因為晚上的送貨時間更強，而午餐時間的現場銷售通常更強勁。

So it's helping dilute fixed costs at the restaurant level.

因此，它有助於稀釋餐廳層面的固定成本。

So in terms of delivery, we are very pleased with the gains we are seeing in market share and the benefits that delivery is bringing to our EBITDA.

因此，就交付而言，我們對市場份額的成長以及交付給我們的 EBITDA 帶來的好處感到非常滿意。

Great.

偉大的。

Thanks, Mariano.

謝謝，馬裡亞諾。

And a quick one, also on margin.

而且是快速的，也有保證金。

So back to you.

那麼回到你身上。

And this one came from Eric Huang from Santander.

這一位來自桑坦德銀行的埃里克·黃（Eric Huang）。

Additionally, in Brazil, how did payroll expenses evolve excluding the positive impact from the labor contingency reductions?

此外，在巴西，如果不考慮勞動力緊急費用減少的正面影響，薪資支出是如何演變的？

Yeah.

是的。

Excluding the effect that, of course, is almost entirely reflected on the payroll line, we are seeing gains in the payroll line in Brazil.

當然，排除幾乎完全反映在薪資線上的影響，我們看到巴西的薪資線有所成長。

So in that respect, as opposed as what we are seeing in NOLAD, we are seeing leverage in Brazil, given that sales are increasing above inflation and we are seeing leverage on the payroll line, even excluding the one off.

因此，在這方面，與我們在NOLAD 中看到的相反，我們在巴西看到了槓桿，因為銷售額的增長高於通貨膨脹，而且我們在工資線上看到了槓桿，甚至排除了一次性的槓桿。

Great.

偉大的。

Thanks.

謝謝。

And Eric had another one that has to do with the digitalization opportunities, and what benefits those might bring.

艾瑞克還有另一件事與數位化機會以及這些機會可能帶來的好處有關。

So I'll turn it over to you, Luis.

所以我會把它交給你，路易斯。

All right.

好的。

Thank you, Eric.

謝謝你，埃里克。

About the digital growth, we're very pleased with the results we achieved so far, and we are confident in our ability to maintain the growth trend.

關於數位成長，我們對迄今為止的成果感到非常滿意，並且對保持成長趨勢的能力充滿信心。

Digital sales growth are going to keep on being driven by three main factors.

數位銷售成長將繼續受到三個主要因素的推動。

The implementation of new functionalities to our app, like mobile order and pay, or MOP, like we call it, or on delivery, all right?

為我們的應用程式實施新功能，例如行動訂單和支付，或我們所說的 MOP，或送貨上門，好嗎？

The continued increase in the number of downloads is a second factor.

下載量的持續成長是第二個因素。

We have already achieved 130 million downloads, that's a record for us.

我們已經實現了 1.3 億次下載，這是我們的記錄。

And a great trend in active users.

活躍用戶的趨勢也很大。

We today have 21 million monthly active users, another record for us.

如今，我們的每月活躍用戶數達到 2,100 萬，這是我們的另一項記錄。

And a booster of our digital sales in the near future, and we are already seeing the results, is the loyalty program that is also contributing to -- for example, to have access to our customer data and identified sales.

在不久的將來，我們的數位銷售的推動者，我們已經看到了結果，是忠誠度計劃，它也有助於——例如，訪問我們的客戶數據和確定的銷售。

So that is going to allow us to offer a more personalized experience.

這將使我們能夠提供更個人化的體驗。

And we already have good results in three main performance indicators of the program, like number of members.

我們在該計劃的三個主要績效指標（例如會員數量）方面已經取得了良好的成果。

We have reached more than 11 million registered members in three markets that we have the loyalty program: Brazil, Uruguay and Costa Rica.

我們在擁有忠誠度計畫的三個市場中擁有超過 1,100 萬名註冊會員：巴西、烏拉圭和哥斯達黎加。

We are today, as we speak, piloting Puerto Rico, and we have the objective to fully implement the program in all of our markets by the end of 2025.

正如我們所說，我們今天正在波多黎各進行試點，我們的目標是到 2025 年底在我們所有的市場全面實施該計劃。

So one indicator of performance is the number of members.

因此，績效指標之一就是成員數。

The other one is average check.

另一種是平均支票。

We have a higher average check in loyalty customers, 20% higher than non-loyalty customers.

我們的忠誠客戶平均簽入率較高，比非忠誠客戶高 20%。

And the other one is frequency.

另一個是頻率。

We know that 90-day active customers, the levels of these 90-day active customers are very healthy, and we're seeing that the digit frequency is 1.5 times to 2 times that of non-loyalty customers.

我們知道90天活躍客戶，這些90天活躍客戶的水平非常健康，我們看到數位頻率是非忠誠客戶的1.5倍到2倍。

So we're going to keep on investing in the expansion of our digital platform, because it enhances the value and convenience, while drives guest frequency and optimizes the customer lifetime value.

因此，我們將繼續投資於數位平台的擴展，因為它可以提高價值和便利性，同時提高客人頻率並優化客戶終身價值。

Dan?

擔？

Thanks, Luis.

謝謝，路易斯。

I'm going to come back to Bob Ford.

我要回到鮑伯福特。

He had a sort of a little follow-up within his original question on margins, and that had to do with recent operating trends in July and August.

他對最初有關利潤率的問題進行了一些跟進，這與七月和八月的近期營運趨勢有關。

And I don't know, Marcelo, if you want to give us a little color there.

我不知道，馬塞洛，你是否想給我們一點顏色。

Yeah.

是的。

Bob, let me start with how are we doing and what we saw so far in the third quarter in terms of sales.

鮑勃，讓我先介紹一下我們的表現以及第三季迄今為止的銷售情況。

As I mentioned before, we are facing a more discerning consumer, but through remaining focus on delivering great value to our guests with different intensity depending on the market, we expect that comparable sales growth should remain at or above inflation for the full year 2024 in most of our markets.

正如我之前提到的，我們面臨著更加挑剔的消費者，但透過繼續專注於根據市場的不同程度以不同的強度為客人提供巨大價值，我們預計2024 年全年的可比銷售增長應保持在或高於通貨膨脹率我們的大部分市場。

And the beauty of the Arcos Dorados business today is that it is very diversified.

如今，Arcos Dorados 業務的美妙之處在於它非常多元化。

So this help us to mitigate the pressures we are managing in some of our markets, for example, Argentina, where the consumption environment is more challenging, but we are more than offsetting those challenges with great excellent results and excellent sales growth in markets like Mexico, for example, that was mentioned a couple of minutes ago.

因此，這有助於我們減輕我們在一些市場上面臨的壓力，例如阿根廷，那裡的消費環境更具挑戰性，但我們在墨西哥等市場以出色的業績和出色的銷售增長來抵消這些挑戰。例如，幾分鐘前提到的。

So good start to the third quarter in terms of sales.

就銷售而言，第三季的開局非常好。

And again, the outlook for the year continued to be that we will be able to grow our sales above inflation in most of our markets and on a consolidated basis.

同樣，今年的前景仍然是，我們將能夠在大多數市場上並在綜合基礎上將銷售額增長至高於通貨膨脹的水平。

Maybe we should talk a little bit more specifically on any market when we report Q3 results.

也許我們應該在報告第三季業績時更具體地討論任何市場。

Great.

偉大的。

And thanks, Marcelo.

謝謝，馬塞洛。

And another one for you actually, and this comes from Rodrigo.

實際上還有一份給你的，來自羅德里戈。

I assume he is a shareholder of the company.

我猜他是公司的股東。

What about the work that we're doing in remodeling in Mexico, and will this continue?

我們在墨西哥正在進行的改造工作怎麼樣？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

And yeah, for sure.

是的，當然。

We are, I would say, in the early stages in terms of modernization of our restaurants in Mexico.

我想說，就墨西哥餐廳的現代化而言，我們正處於早期階段。

At the end of June this year, we have about one-third of the restaurants converted to EOTF in Mexico.

截至今年 6 月底，我們在墨西哥已有約三分之一的餐廳轉為 EOTF。

So still a lot of job to do and a lot of results to get from those investments because we continue to see a significant sales lift in those restaurants that are transformed to EOTF.

因此，仍然有很多工作要做，並且可以從這些投資中獲得很多成果，因為我們繼續看到那些轉型為 EOTF 的餐廳的銷售額顯著提升。

And we firmly believe that digitalization of our operation in Mexico and in the company in general will be the next big step in our growth story.

我們堅信，我們在墨西哥和整個公司營運的數位化將是我們發展故事的下一個重要步驟。

So in fact, for example, in the case of Mexico, in 2023, our mobile app, the McDonald's mobile app in Mexico became the most popular in the market.

所以實際上比如說墨西哥的情況，2023年我們的行動應用，墨西哥的麥當勞行動應用程式成為市場上最受歡迎的。

And that's based on active users reported by third party.

這是基於第三方報告的活躍用戶。

So we think we are in the right track, in the right direction.

所以我們認為我們正走在正確的軌道、正確的方向。

And we still have a lot of work to do in Mexico, but with excellent results so far.

我們在墨西哥還有很多工作要做，但迄今為止取得了出色的成果。

Thanks, Marcelo.

謝謝，馬塞洛。

Now one for you Mariano from Froylan Mendez at JPMorgan.

現在為您介紹來自摩根大通弗羅伊蘭·門德斯 (Froylan Mendez) 的馬裡亞諾 (Mariano)。

Thanks for the question.

謝謝你的提問。

He asks, will the lower labor contingency burden in Brazil imply higher margins for Brazil on a consistent basis moving forward?

他問道，巴西較低的勞動力意外負擔是否意味著巴西未來的利潤率將持續提高？

Okay.

好的。

No.

不。

Actually, the lower-level contribution is no longer applicable.

事實上，較低階層的貢獻已經不再適用。

So future contributions will be made at the higher level.

因此，未來的貢獻將在更高層面上做出。

So we're not expecting any changes there.

所以我們預計不會有任何變化。

Okay.

好的。

By the way, we received a couple of follow-up questions on more details of the MFA, so I think Marcelo has already addressed that.

順便說一句，我們收到了一些有關外交部更多細節的後續問題，所以我認為馬塞洛已經解決了這個問題。

But if you have a specific question still pending, please feel free to reach out to me via email, and I'm happy to get back to you on that one.

但如果您還有待解決的具體問題，請隨時透過電子郵件與我聯繫，我很樂意就此問題與您聯繫。

Bob Ford has sent a follow-up.

鮑伯福特已發送後續郵件。

How should we think about your own delivery solution in terms of its initial expense pressure as well as the longer-term implications for lower cost and better service?

我們應該如何考慮您自己的交付解決方案的初始費用壓力以及對降低成本和提供更好服務的長期影響？

And I'll turn that over to you, Luis.

我會把它交給你，路易斯。

All right.

好的。

Thank you, Bob.

謝謝你，鮑伯。

Home delivery for us is strategic for those points.

送貨上門對我們來說具有戰略意義。

It has a lower cost and it allows us to deliver a better service.

它的成本較低，使我們能夠提供更好的服務。

Just to give you a little bit of context, we have the service in 1,500 restaurants in nine countries.

為了向您提供一些背景信息，我們在 9 個國家/地區的 1,500 家餐廳提供這項服務。

Still, it's very small. 12% of our total delivery sales come from this channel, is growing quarter by quarter.

儘管如此，它還是很小。我們的總配送銷售額的 12% 來自這個管道，並且逐季成長。

But we are still working on finding a scalable logistical model that has to meet our guest expectations.

但我們仍在努力尋找可擴展的物流模式，以滿足客人的期望。

For sure, and we're seeing that today, the solution is going to be different from market to market.

當然，我們今天看到，不同市場的解決方案將會有所不同。

And we expect to benefit from an increase in these sales over time.

隨著時間的推移，我們預計將從這些銷售額的成長中受益。

Like you said, it has slightly better economics, but the impact will be gradual and it is still too early to quantify the potential gains.

正如你所說，它的經濟效益稍好一些，但影響將是漸進的，現在量化潛在收益還為時過早。

Thanks, Luis.

謝謝，路易斯。

Also, a follow-up from Alejandro Fuchs at Itaú, and he says, Can I make a follow-up on Argentina?

另外，亞歷杭德羅·福克斯在義大利的後續行動，他說，我可以對阿根廷進行後續行動嗎？

How have you seen July in terms of volume?

您對 7 月的成交量有何看法？

And have we seen comments improve -- improving trends from other consumer companies with exposure to Argentina?

我們是否看到評論有所改善——其他涉足阿根廷的消費品公司的趨勢有所改善？

And I'll hand that one to you, Marcelo.

我會把那個交給你，馬塞洛。

Okay.

好的。

Thank you, Alejandro.

謝謝你，亞歷杭德羅。

Yeah, we saw an improvement in the trends of the business in Argentina.

是的，我們看到阿根廷的業務趨勢有所改善。

We continue to face a challenging consumption environment there.

我們持續面臨充滿挑戰的消費環境。

But I would say since the beginning of the year, we've been doing better than most of our peers in the market.

但我想說，自今年年初以來，我們的表現比市場上大多數同行都要好。

If you take a look to the first half of the year, consumption in general in Argentina declined around 25% and Arcos Dorados volumes remain resilient and declining at just about half of that rate.

如果你看看今年上半年，阿根廷的整體消費量下降了 25% 左右，而 Arcos Dorados 的銷量仍然保持彈性，下降幅度僅為該水準的一半左右。

I think that our local team has been doing a very good job remaining very close to the customers and offering the best value proposition in the QSR industry in Argentina.

我認為我們的本地團隊一直做得很好，與客戶保持密切聯繫，並提供阿根廷快餐行業的最佳價值主張。

As a result, we have gained significant market share this year and further strengthened our brand attributes, which have been already very high in Argentina for many years.

因此，我們今年獲得了顯著的市場份額，並進一步強化了我們多年來在阿根廷已經很高的品牌屬性。

I think that this work that we are doing in Argentina should position us in a very strong position for when the Argentine economy begins its expected recovery.

我認為，當阿根廷經濟開始預期復甦時，我們在阿根廷所做的工作應該會讓我們處於非常有利的地位。

Fortunately, inflation in the country has been declining since its December 2023 peak, but it is still too soon to know how all the macroeconomic factors will impact results for the full year 2024.

幸運的是，該國的通膨自 2023 年 12 月達到高峰以來一直在下降，但現在判斷所有宏觀經濟因素將如何影響 2024 年全年業績還為時過早。

But we are cautiously optimistic that the second half will be much better than the first half in Argentina based on the trends we already saw in July and August.

但根據我們在七月和八月已經看到的趨勢，我們謹慎樂觀地認為，阿根廷下半年將比上半年好得多。

Great.

偉大的。

Thanks, Marcelo.

謝謝，馬塞洛。

We have a question from Gian Pierre Aguilar from Credicorp.

我們有來自 Credicorp 的 Gian Pierre Aguilar 的問題。

And he asks, If we have any plans to refinance the international 2027 notes?

他問道，我們是否有計劃為國際 2027 年票據再融資？

And that was for you, Mariano.

那是給你的，馬裡亞諾。

Okay.

好的。

Thanks, Gian Pierre, for the question.

謝謝吉安·皮埃爾提出的問題。

We are three years ahead of maturity, so we don't have any plans to announce yet.

我們比成熟提前了三年，所以我們還沒有任何計劃要宣布。

Great.

偉大的。

And that actually was the last question that we received.

這實際上是我們收到的最後一個問題。

One thing I wanted to mention before we close is we're aware that, I think, there were some audio issues perhaps for some of you.

在結束之前我想提的一件事是，我們意識到，我認為，你們中的一些人可能存在一些音訊問題。

I apologize for that.

我對此表示歉意。

The audio for this call will be available for replay on our website today -- later today, and we'll also make the transcript available as soon as possible for any of you who might have missed part of the call.

本次通話的音訊將於今天稍晚在我們的網站上重播，我們也將盡快為可能錯過部分通話內容的人提供文字記錄。

We wanted to thank you for all of your interest in Arcos and for joining today's webcast.

我們感謝您對 Arcos 的關注並參加今天的網路廣播。

Look forward to speaking to you again in the middle of November on our third quarter earnings call.

期待在 11 月中旬的第三季財報電話會議上再次與您交談。

And until then, please stay safe and have a great day.

在那之前，請保持安全並祝您有美好的一天。