Arcos Dorados Holdings Inc (ARCO) 2024 Q3 法說會逐字稿

Good morning, everyone.

大家早安。

And thank you for joining our third-quarter 2024 earnings webcast.

感謝您參加我們的 2024 年第三季財報網路廣播。

With us today are Marcelo Rabach, our Chief Executive Officer; Luis Raganato, our Chief Operating Officer; and Marino 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；以及我們的財務長馬裡諾·坦南鮑姆 (Marino 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 的投資者部分中取得。

We've moved to a new webcast platform beginning with today's call.

從今天的電話會議開始，我們已轉向新的網路廣播平台。

(Event Instructions) 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.

（活動說明）今天的電話會議將包含前瞻性聲明，我建議您參閱我們收益發布的前瞻性聲明部分以及最近向 SEC 提交的文件。

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

我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的事件或情況的義務。

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

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 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.

我們鼓勵投資者審查這些非 GAAP 財務表現與 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。

I will now turn the call over to our CEO, Marcelo Rabach.

現在我將把電話轉給我們的執行長馬塞洛·拉巴赫 (Marcelo Rabach)。

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。

Third quarter 2024 results demonstrate the resilience of Arcos Dorados business model.

2024 年第三季的業績證明了 Arcos Dorados 業務模式的彈性。

Sales and profitability were strong while the strategy built around digital, delivery, and drive-thru remained a structural competitive advantage across all our markets.

銷售和獲利能力強勁，而圍繞數位、交付和得來速建立的策略仍然是我們所有市場的結構性競爭優勢。

Our balance sheet is as strong as ever which allows us to continue ramping up on the fourth day of our strategy development.

我們的資產負債表一如既往地強勁，這使我們能夠在策略制定的第四天繼續擴大規模。

In line with McDonald's global growth strategy, we expect our restaurant opening pipeline to unlock even more shareholder value as we capture the significant opportunity to expand our footprint over the next several years.

根據麥當勞的全球成長策略，我們預計，隨著我們抓住未來幾年擴大業務的重大機遇，我們的餐廳開業管道將釋放更多股東價值。

This is why moving forward, you will hear us talk about our -- for this strategy.

這就是為什麼展望未來，您會聽到我們談論我們的這項策略。

Let's get into the details of the quarter's results, starting with the key highlights.

讓我們從主要亮點開始詳細了解本季的業績。

US dollar revenue set a new high for the third quarter.

第三季美元營收創下新高。

Guest counts rose for the 14th consecutive quarter with broad based traffic increases in the region.

隨著該地區客流量的廣泛增長，賓客數量連續第 14 個季度增長。

This helped drive system by comp sales, up more than 32% in the quarter, despite a more challenging economic and consumer environment.

儘管經濟和消費者環境更具挑戰性，仍有助於推動系統銷售，本季成長超過 32%。

All three divisions contributed positively to the result.

所有三個部門都對結果做出了積極貢獻。

US dollar EBITDA was the second highest for the third quarter, with a 50 basis point margin contraction and devalued currencies impacting the result, especially in SLAD.

美元 EBITDA 為第三季第二高，利潤率收縮 50 個基點，貨幣貶值影響了業績，尤其是 SLAD。

The digital, delivery, and drive-thru platforms continued to be an unmatched competitive advantage.

數位、交付和得來速平台仍然是無與倫比的競爭優勢。

Total digital sales grew 16%, while guests count growth in both drive-thru and delivery helped these off premise channels generate 43% of systemwide sales.

總數位銷售額成長了 16%，而得來速和送貨的客人數量成長幫助這些場外管道創造了全系統銷售額的 43%。

For the year-to-date through September, we opened 56 experience of the future restaurants, including 32 openings in Brazil.

今年迄今，截至 9 月份，我們開設了 56 家未來餐廳體驗店，其中 32 家在巴西開幕。

And just a few weeks away from the end of the year, we are on track to deliver openings guidance for 2024.

距離年底僅有幾週時間，我們即將發布 2024 年職缺指引。

I will turn it over to Luis now for look at sales performance in each division.

我現在將其交給路易斯，查看每個部門的銷售業績。

Thanks Marcelo, and good morning everyone.

謝謝馬塞洛，大家早安。

Brazil's third quarter comp sales were up 6.8% on top of last year's double digit growth.

巴西第三季公司銷售額在去年兩位數成長的基礎上成長了 6.8%。

Not only for the last 24 months, Brazil's comp sales grew more than 18%, both (inaudible) income growth and a higher average (inaudible) drove the quarter's result.

不僅在過去 24 個月中，巴西的可比銷售額增長了 18% 以上，（聽不清楚）收入增長和更高的平均水平（聽不清楚）推動了本季度的業績。

US dollar sales were impacted by the devaluation of the Brazilian real versus the prior year.

美元銷售受到巴西雷亞爾較前一年貶值的影響。

Digital channels that include the mobile app delivery and self-order kiosks generated almost 70% of sales in Brazil, one of the region's most digitalized marketplaces.

巴西是該地區數位化程度最高的市場之一，其中包括行動應用程式交付和自助點餐機在內的數位管道創造了巴西近 70% 的銷售額。

Drive-thru sales growth was also strong in the third quarter, leveraging the largest freestanding restaurant portfolio in Brazil.

由於巴西最大的獨立餐廳組合，第三季得來速銷售成長也強勁。

Based on internal research, Brazil strengthened its brand attributes in the quarter, including its industry leading top of mind and favorite brand scores with marketing activities focused on brand with the Why I call Méqui, Méqui campaign, menu with the (inaudible) swimming pool, and Bravo's (inaudible) line campaigns, desserts with innovations in cones, sundaes, and milk shakes, and family with a successful Despicable Me 4 Happy Meal.

根據內部研究，巴西在本季度強化了其品牌屬性，包括其行業領先的心智和最喜愛的品牌得分，以及以「為什麼我稱之為Méqui」、Méqui 活動、菜單（聽不清楚）為重點的品牌行銷活動) 游泳池、Bravo 的（聽不清楚）系列活動、甜筒、聖代和奶昔方面的創新甜點，以及成功的《卑鄙的我 4》開心樂園餐。

NOLAD's comp sales grows 6.2% in the quarter, with higher guest counts responsible for most of the division's sales growth in the quarter.

NOLAD 的公司銷售額在本季度增長了 6.2%，客人數量的增加是該部門本季銷售額增長的主要原因。

The digitalization of NOLAD continued in the third quarter.

NOLAD 的數位化在第三季繼續進行。

Digital channels accounted for 40% of sales in the period, up from 30% last year.

數位管道佔該期間銷售額的 40%，高於去年的 30%。

The increased penetration of digital sales channels was helped by the continued modernization of the restaurant portfolio in Mexico which is ramping up in the market.

墨西哥餐廳組合的持續現代化推動了數位銷售管道滲透率的提高，而墨西哥餐廳組合在市場上的不斷發展。

NOLAD's marketing initiatives included campaigns focused on menu items designed for families, generating strong engagement with relevant Happy Meal licenses.

NOLAD 的行銷活動包括專注於為家庭設計的菜單項目的活動，從而與相關開心樂園餐許可證產生強烈的互動。

We also appeal to Gen Z guests with a special edition of Chicken McNuggets introducing Asian inspired sauces in collaboration with the popular K-Pop group BTS.

我們也與受歡迎的韓國流行樂團 BTS 合作，推出特別版的麥樂雞，吸引 Z 世代的客人，推出亞洲風味的醬汁。

Mexico continued benefiting from the launch of Best Burger with a campaign emphasizing the unique taste and high quality of our crown products.

墨西哥繼續受益於 Best Burger 的推出，該活動強調了我們皇冠產品的獨特口味和高品質。

In SLAD, comp sales growth of 90.4% includes the impact of Argentina's high inflation rate over the last 12 months.

在 SLAD 中，該公司銷售額成長了 90.4%，其中包括過去 12 個月阿根廷高通膨率的影響。

Comp sales excluding Argentina rose strongly with discounts and average check contributing about evenly to the result.

不包括阿根廷在內的比較銷售強勁成長，折扣和平均支票對結果的貢獻大致均勻。

Digital sales are strengthening the connection with guests in SLAD, and accounted for 57% of the division sales in the quarter.

數位銷售正在加強 SLAD 與客人的聯繫，佔本季該部門銷售額的 57%。

Inflation in Argentina remains high, but has declined steadily this year through September.

阿根廷的通貨膨脹率仍然很高，但今年到九月穩定下降。

The currency is weaker than last year, but it has been stronger than originally expected.

該貨幣比去年疲軟，但比最初預期的要強。

Against the backdrop, Arcos Dorados performance in Argentina has improved sequentially from quarter to quarter so far in 2024.

在此背景下，2024 年迄今為止，Arcos Dorados 在阿根廷的業績逐季較上季改善。

SLAD's marketing activities included a focus on improving value perception, building compelling entry level menu items with a strong guest response.

SLAD 的行銷活動包括專注於提升價值認知、打造具有強烈顧客反應的引人注目的入門級菜單項目。

We also build our chicken credentials through the BTS collaboration as well as variations on the popular McChicken sandwich.

我們還透過與 BTS 的合作以及流行的麥雞三明治的變體來建立我們的雞肉資格。

Finally, with the same Happy Meal licenses, I already mentioned, SLAD significantly improved its brand attributes related to families.

最後，憑藉我已經提到的相同的開心樂園餐許可，SLAD 顯著提高了與家庭相關的品牌屬性。

One of the keys to sustainable long term and profitable growth is maintaining healthy market share levels.

可持續長期和盈利增長的關鍵之一是保持健康的市場份額水平。

This is why this year's market share gains have been so important.

這就是為什麼今年的市佔率成長如此重要。

No matter what short term operating environment we are currently navigating, being the favorite QSR brand in the industry supports a more efficient operation, and continued expansion throughout the region in the long term.

無論我們目前所處的短期運營環境如何，作為業內最受歡迎的快餐品牌，都支持更有效率的運營，並從長遠來看在整個地區持續擴張。

With that in mind, we are capturing important market share gains based on proprietary research.

考慮到這一點，我們正在基於專有研究獲得重要的市場份額。

The McDonald's brand gained five points of value share across the company's footprint in the quarter, and 3.6 points of value share during the first nine months of the year.

本季度，麥當勞品牌在公司足跡的價值份額增加了 5 個百分點，今年前 9 個月的價值份額增加了 3.6 個百分點。

Importantly, we also gained the most market share this year in our biggest market, Brazil.

重要的是，今年我們還在最大的市場巴西獲得了最大的市場份額。

The QSR industry is growing faster than the broader restaurant segment in many markets.

在許多市場中，快餐業的成長速度比更廣泛的餐廳領域還要快。

And by providing the best value proposition and restaurant experience in the industry, we are consolidating our leaders position throughout the region.

透過提供業內最佳的價值主張和餐廳體驗，我們正在鞏固我們在整個地區的領導者地位。

Mariano?

馬裡亞諾？

Thanks Luis, and good morning, everyone.

謝謝路易斯，大家早安。

Profitability in the third quarter was strong despite currency devaluations and the ongoing economic adjustment in Argentina, that contributed to a small contraction in US dollar EBITDA.

儘管貨幣貶值和阿根廷正在進行的經濟調整導緻美元 EBITDA 小幅收縮，但第三季的獲利能力依然強勁。

Nonetheless, as Marcelo already mentioned, consolidated EBITDA was still the second highest for our third quarter in the company's history.

儘管如此，正如馬塞洛已經提到的，綜合 EBITDA 仍然是公司歷史上第三季的第二高。

Food and paper remained relatively steady compared with last year.

食品和紙張與去年相比保持相對穩定。

Margin pressure from payroll and occupancy and other operating expenses was partly offset by margin expansion in G&A and the other operating income line.

工資、入住率和其他營運支出帶來的利潤壓力被一般管理費用和其他營運收入項目的利潤擴張所部分抵消。

EBITDA margin expanded in Brazil, but this was offset by contractions in NOLAD and SLAD, that led to a 50 basis point, lower consolidated margin versus the prior year quarter.

巴西的 EBITDA 利潤率有所擴大，但這被 NOLAD 和 SLAD 的收縮所抵消，導致綜合利潤率比去年同期下降 50 個基點。

Although the macroeconomic and consumer environments remain challenging, we are focusing on the factors we control.

儘管宏觀經濟和消費者環境仍然充滿挑戰，但我們正在關注我們控制的因素。

Assuming there is no significant deterioration from current macroeconomic and operating conditions, we continue to expect full year 2024 EBITDA to beat last year's result in US dollar terms with a flattish margin.

假設當前宏觀經濟和經營狀況沒有顯著惡化，我們繼續預期 2024 年全年 EBITDA 將超過去年以美元計算的業績，利潤率持平。

Brazil's margin expanded by 60 basis points, helped by a $5.6 million positive impact from a recovery related to social security contributions.

由於社會安全繳款相關復甦帶來的 560 萬美元的正面影響，巴西的利潤率擴大了 60 個基點。

Excluding this recovery, Brazil's margin contracted 70 basis points, mainly due to higher food and paper costs and royalty expense as a percentage of revenue.

排除這一復甦，巴西的利潤率收縮了 70 個基點，主要是由於食品和紙張成本以及特許權使用費佔收入的百分比上升。

Both NLAD and SLAD's margins were pressured mainly by increases in payroll and occupancy and other operating expenses as a percentage of revenue.

NLAD 和 SLAD 的利潤率均受到薪資和入住率以及其他營運費用佔收入百分比增加的壓力。

Operating expenses also rose as a percentage of revenue in SLAD due to lower guest counts in Argentina, which further pressured the division's margin in the quarter.

由於阿根廷客人數量減少，SLAD 的營運費用佔收入的比例也有所上升，這進一步對該部門的利潤率造成壓力。

We believe we are operating at a healthy margin level but we also see opportunities for incremental improvements in all three divisions.

我們相信我們的營運利潤率處於健康水平，但我們也看到了所有三個部門逐步改進的機會。

Looking ahead, we expect to gain efficiencies through the ongoing digitalization of the business.

展望未來，我們期望透過持續的業務數位化來提高效率。

This together with the equalization of operations from market to market can lead to better profitability margins over time.

隨著時間的推移，這與市場之間業務的均衡化一起可以帶來更好的利潤率。

We also expect to capitalize on the market share advantage we built in recent years.

我們也希望利用近年來建立的市場份額優勢。

The digital tools we have today and the new tools we are developing will ensure we deliver the best value in the industry which in turn will further monetize guest traffic and sustain sales growth for many more years to come.

我們今天擁有的數位工具和我們正在開發的新工具將確保我們提供該行業中的最佳價值，從而進一步將客流量貨幣化並在未來許多年維持銷售成長。

We are proud of all the progress we have achieved so far with the digitalization of Arcos Dorados, but we are even more excited about the potential and opportunity we see ahead.

我們對迄今為止在 Arcos Dorados 數位化方面取得的所有進展感到自豪，但我們對未來看到的潛力和機會更加興奮。

With that in mind, let's talk about how digital, delivery, and drive-thru continue to be the primary sources of organic sales growth for Arcos Dorados.

考慮到這一點，讓我們來談談數位化、送貨和得來速如何繼續成為 Arcos Dorados 有機銷售成長的主要來源。

No other QSR brand in the region can match our digital platform or modernized restaurant portfolio which we believe will provide us with structural competitive advantages for many years to come.

該地區沒有其他快餐品牌可以與我們的數位平台或現代化餐廳組合相媲美，我們相信這將為我們在未來許多年提供結構性競爭優勢。

Digital sales were up about 16% in US dollars, generating 58% of systemwide sales in the quarter.

以美元計算，數位銷售額成長約 16%，佔本季全系統銷售額的 58%。

The McDonald's app has been downloaded about 140 million times in the Arcos Dorados footprint since it was launched.

自推出以來，麥當勞應用程式在 Arcos Dorados 的足跡中已被下載約 1.4 億次。

And we have a database of more than 94 million unique registered users that we are constantly analyzing to generate insights and bring innovation to guests.

我們擁有超過 9,400 萬個唯一註冊用戶的資料庫，我們不斷分析這些用戶，以產生見解並為客人帶來創新。

Downloads of the McDonald's app have consistently and significantly outpaced the competition throughout the region for many years.

多年來，麥當勞應用程式的下載量一直顯著超過整個地區的競爭對手。

And thanks to the popularity of our menu, combined with the convenience of our multipurpose app downloads of the McDonald's app rivals that of the main delivery aggregators in many of our markets.

由於我們的菜單很受歡迎，再加上我們的多功能應用程式下載的便利性，麥當勞應用程式可以與我們許多市場中的主要配送聚合商相媲美。

Delivery and drive-thru have been long term growth driver for systemwide sales since we exited the pandemic.

自疫情結束以來，送貨和得來速一直是全系統銷售的長期成長動力。

In fact, year-to-date sales in these two off premise channels have grown 43% in US dollars when compared to the first nine months of 2021.

事實上，與 2021 年前 9 個月相比，這兩個場外管道的年初至今銷售額（以美元計算）增長了 43%。

This growth has been largely incremental to total sales, especially for delivery, which is now $1 billion business for Arcos Dorados, accounting for almost 20% of sales so far this year compared with 2019 when it was barely 4% of total sales.

這一成長在很大程度上是總銷售額的增量，尤其是配送業務，Arcos Dorados 的配送業務現已達到10 億美元，佔今年迄今銷售額的近20%，而2019 年僅佔總銷售額的4%。

The loyalty program has been implemented in Brazil, Costa Rica, and Uruguay.

該忠誠度計畫已在巴西、哥斯達黎加和烏拉圭實施。

Membership growth has been robust this year, and so far has reached about 14 million registered members across all three markets.

今年會員成長強勁，迄今為止，三個市場的註冊會員已達到約 1,400 萬人。

We continue to see high 90 day active user numbers and healthy redemption rates among members.

我們繼續看到較高的 90 天活躍用戶數量和健康的會員兌換率。

Frequency is on the rise among active members, and we have been able to reengage with guests who have not visited us for a while.

活躍會員的頻率正在上升，我們已經能夠與一段時間沒有訪問過我們的客人重新互動。

Importantly, the program's appeal has helped boost identified sales penetration to between 30% and 40% in all three markets.

重要的是，該計劃的吸引力已幫助將所有三個市場的已確定銷售滲透率提高到 30% 至 40%。

Over the course of next year, we plan to roll out the loyalty program to the remaining Arcos Dorados markets, and we are confident this will help drive additional guest engagement and sales growth.

明年，我們計劃向其餘的 Arcos Dorados 市場推出忠誠度計劃，我們相信這將有助於推動更多的賓客參與度和銷售成長。

Let's turn to the company's capital structure and the fourth D of our strategy, development.

讓我們來看看公司的資本結構和我們策略的第四個D：發展。

Net debt rose this year as we deployed the excess cash on the balance sheet.

由於我們在資產負債表上部署了多餘的現金，今年淨債務增加。

This was offset by a higher EBITDA where the trading 12 months as we opened new restaurants and modernized existing locations with strong returns on those investments.

這被更高的 EBITDA 所抵消，我們在 12 個月內開設了新餐廳並對現有餐廳進行了現代化改造，這些投資獲得了豐厚的回報。

As a result, the net debt to adjusted EBITDA ratio held steady at 1.2 times for the first nine months of the year.

因此，今年前 9 個月淨債務與調整後 EBITDA 的比率穩定在 1.2 倍。

Last month, we received the good news that Moody's upgraded Arcos Dorados debt rating to Ba 1 with a stable outlook.

上個月，我們收到好消息，穆迪將 Arcos Dorados 債務評級上調至 Ba 1，展望穩定。

They highlighted the company's strong operating performance and geographic diversification to support the upgrade.

他們強調了該公司強勁的經營業績和地域多元化來支持升級。

This rating is now in line with the BB+ plus rating we received from Fitch a few months ago.

該評級目前與我們幾個月前從惠譽收到的 BB++ 評級一致。

Both ratings are now just one notch below investment grade, and in line with Brazil's sovereign debt rating.

目前，這兩個評級僅比投資等級低一級，並且與巴西的主權債務評級一致。

Cash flow from operating activities in the third quarter was about $96 million.

第三季經營活動現金流量約9,600萬美元。

We expect the seasonal strength of cash from operations to continue in the fourth quarter.

我們預計第四季度營運現金的季節性強勁勢頭將持續。

The QSR industry is capital intensive, which is why it is so important to have a healthy cash generation, a strong balance sheet, and a disciplined development process.

速食業是資本密集產業，這就是為什麼擁有健康的現金產生、強大的資產負債表和嚴格的開發流程如此重要。

The fourth D of our strategy is development, and we opened 19 EOTF restaurants in the quarter, including 11 locations in Brazil.

我們策略的第四個 D 是發展，我們在本季開設了 19 家 EOTF 餐廳，其中 11 家位於巴西。

Additionally, we are on track to meet this year's guidance for capital expenditures, developing a pipeline of profitable restaurant opening takes time and resources.

此外，我們預計將達到今年的資本支出指導，開發獲利餐廳開幕管道需要時間和資源。

For the last several years, we have been increasing this pipeline by investing in the process and the people we need to identify, develop, build, and run new restaurants across the Arcos Dorados footprint.

在過去的幾年裡，我們一直在透過投資流程和人員來增加這條管道，以識別、開發、建造和營運整個 Arcos Dorados 足跡中的新餐廳。

This has kept returns on investment at or above the historical average as the number of openings increased in each of the last three years.

隨著過去三年職缺數量的增加，投資報酬率保持在或高於歷史平均。

We firmly believe the region remains vastly under penetrated, and we see a significant growth opportunity for many years to come, but we will not cut corners to accelerate growth at the expense of shareholder returns.

我們堅信，該地區的滲透率仍然嚴重不足，我們看到了未來許多年的重大成長機會，但我們不會以犧牲股東回報為代價而走捷徑來加速成長。

The underwriting process will be disciplined, and our focus will remain on running great restaurants while we capture the growth opportunity for the company, and generate significant social and economic benefits for the communities we serve.

承保過程將受到嚴格約束，我們的重點將仍然是經營優質餐廳，同時抓住公司的成長機會，並為我們所服務的社區產生顯著的社會和經濟效益。

Marcelo back to you.

馬塞洛回到你身邊。

Before we open the call for Q&A, I will wrap up the presentation with some final thoughts.

在我們開始問答之前，我將用一些最後的想法來結束演示。

In recent interactions with the market, we have been asked what we think investors are missing about Arcos Dorados.

在最近與市場的互動中，有人問我們認為投資者對 Arcos Dorados 缺少什麼。

I believe there are so many reasons to be excited about the future of the company and its shareholders.

我相信有很多理由對公司及其股東的未來感到興奮。

Let me share a few.

讓我分享一些。

First, we operate the world's most QSR brand, with the largest market share in the region by far.

首先，我們經營著全球最多的快餐品牌，迄今為止在該地區擁有最大的市場份額。

Our restaurants receive at least twice as many guests and generate at least 2 times the sales as our nearest competitors.

我們的餐廳接待的客人數量至少是最接近的競爭對手的兩倍，銷售額也至少是最接近的競爭對手的兩倍。

Additionally, we operate the region's most modernized restaurant portfolio with the highest number of freestanding locations that we continue to be a structural competitive advantage for the foreseeable future.

此外，我們經營著該地區最現代化的餐廳組合，獨立餐廳數量最多，在可預見的未來，我們將繼續保持結構性競爭優勢。

Second, we have the right strategy.

其次，我們有正確的戰略。

For these include best in class digital, delivery, and drive-thru, and a sophisticated development process to ensure we capture profitable long term growth.

這些包括一流的數位、交付和得來速，以及複雜的開發流程，以確保我們獲得盈利的長期成長。

Third, we believe we are operating in the world's best (inaudible) Latin America has one of the globe's most under penetrated QSR industries.

第三，我們相信我們正在世界上最好的（聽不清楚）拉丁美洲開展業務，拉丁美洲是全球快餐業滲透率最低的行業之一。

On this true, we have political and economic cycles, we are the least impacted emerging market when it comes to the serious geopolitical issues in other parts of the world.

確實如此，我們有政治和經濟週期，當談到世界其他地區的嚴重地緣政治問題時，我們是受影響最小的新興市場。

And the consumer class continues to grow in Latin America's biggest markets, which will generate growing demand for the world's most popular QSR brand.

拉丁美洲最大市場的消費者階層持續成長，這將為全球最受歡迎的速食品牌帶來不斷增長的需求。

Finally, our balance sheet is as strong as ever.

最後，我們的資產負債表一如既往地強勁。

We have low financial leverage, which provides us with plenty of flexibility when it comes to capital allocation, the strength and diversification of the business, together with improved debt ratings from Fitch and Moody's also provide us with efficient access to capital markets to support future growth.

我們的財務槓桿率較低，這為我們在資本配置、業務實力和多元化方面提供了足夠的靈活性，再加上惠譽和穆迪提高的債務評級，也為我們提供了有效進入資本市場的管道，以支持未來的成長。

It will be our job to capitalize on these opportunities in the years to come.

在未來幾年裡，我們的工作就是要利用這些機會。

Thank you for joining today's call Dan back to you.

感謝您參加今天丹回電給您的電話。

Thanks Marcelo.

謝謝馬塞洛。

We will now begin the Q&A section.

我們現在開始問答部分。

(Event Instructions)

（活動須知）

Great.

偉大的。

So we have a few questions already here in the Q&A chat.

我們在問答聊天中已經提出了一些問題。

The first comes from Jean Paulo [Andrade] from Bradesco.

第一個來自布拉德斯科的珍‧保羅[安德拉德]。

Paulo says congratulations for the results.

保羅對結果表示祝賀。

And how does the competitive environment look like in terms of promotional activity this quarter, especially in Brazil?

本季促銷活動的競爭環境如何，尤其是在巴西？

And we'll start with you Marcelo, I think on that one.

我們將從你開始，馬塞洛，我想就這一點。

Excellent.

出色的。

Thank you Jean Paulo for the question.

謝謝讓·保羅提出問題。

I would say that in general, what we saw is more or less the same competitive landscape that we have been facing all through the year.

我想說，總的來說，我們看到的競爭格局與我們全年面臨的競爭格局大致相同。

Important to mention that we gained significant market share across our footprint in the third quarter.

值得一提的是，我們在第三季的業務範圍內獲得了顯著的市場份額。

Not only based on our internal research, but for example, in the case of Brazil, based on (inaudible) information.

不僅基於我們的內部研究，而且例如，就巴西而言，基於（聽不清楚）資訊。

In most of the markets, there has been a great focus on value platforms and a different kind of promotional activities across the industry.

在大多數市場中，整個產業都非常注重價值平台和不同類型的促銷活動。

That's more or less the general rule.

這或多或少是一般規則。

In this scenario, we are focused on offering a compelling value proposition with not only competitive pricing but on top of that, and what I think is an unmatched restaurant experience for our guests in order to drive volume growth and leverage our fixed costs.

在這種情況下，我們專注於提供令人信服的價值主張，不僅具有有競爭力的價格，而且最重要的是，我認為為我們的客人提供無與倫比的餐廳體驗，以推動銷量增長並利用我們的固定成本。

So the McDonald's brand comp sales over the last two or three years has been stronger than any of our main competitors including in Brazil.

因此，過去兩三年麥當勞品牌的銷售量比我們包括巴西在內的任何主要競爭對手都要強。

And importantly, this growth of comp sales is of a much higher average unit volume base.

重要的是，複合銷售的成長是基於更高的平均單位銷售基礎。

And as a result, our favorable GAAP in sales and profitability continues to expand in absolute terms.

因此，我們在銷售額和獲利能力方面的良好 GAAP 的絕對值繼續擴大。

Great.

偉大的。

And Jean Paulo has a second question which I think is also for you, Marcelo.

讓保羅還有第二個問題，我認為這也適合你，馬塞洛。

How did post-election macroenvironment in Mexico will impact overall consumer environment in that country, especially in the QSR segment?

墨西哥大選後的宏觀環境將如何影響該國的整體消費環境，特別是速食領域？

Okay.

好的。

Well, Mexico, we are very pleased, absolutely pleased with the trends we are seeing in Mexico for the last many years.

嗯，墨西哥，我們對過去多年來在墨西哥看到的趨勢感到非常高興，絕對滿意。

Mexico has been the fastest growing history in Arcos Dorados, and the McDonald's brand performance has been among the strongest in the Mexican QSR industry.

墨西哥Arcos Dorados歷史上發展最快，麥當勞的品牌表現在墨西哥QSR產業中一直名列前茅。

Our guests have responded positively to our main architecture, our competing value, and it's important to mention and our improved execution.

我們的客人對我們的主要架構、我們的競爭價值做出了積極的回應，值得一提的是我們改進的執行力。

And we are in fact, for example, in terms of the digitalization of the business in Mexico in the early stages.

事實上，例如，就墨西哥業務的數位化而言，我們處於早期階段。

For example, in terms of the modernization of the restaurants in order to offer the EOTF package, we have less than 40% of the residents in Mexico are modernized to the EOTF format.

例如，在為了提供 EOTF 套餐而對餐廳進行現代化改造方面，墨西哥只有不到 40% 的居民實現了 EOTF 格式的現代化改造。

So still a lot of work to do there.

所以那裡還有很多工作要做。

But we believe that this digitalization of our operation in Mexico will be the next big step in our growth story in the market.

但我們相信，我們在墨西哥業務的數位化將成為我們市場成長故事的下一個重要步驟。

And in fact, just as an example of the digital ramp up in Mexico last year, our mobile app became the most popular in the market based on active users, which is huge in a market -- in a very competitive market.

事實上，正如去年墨西哥數位化發展的一個例子，我們的行動應用程式根據活躍用戶數量成為市場上最受歡迎的應用程序，這在一個競爭非常激烈的市場中是巨大的。

Great.

偉大的。

We'll now move to Eric Huang from Santander who sent four questions, and we're going to work through each one of these.

現在我們邀請來自桑坦德銀行的 Eric Huang，他提出了四個問題，我們將逐一解決。

The first one I think is for you Mariano, and I'm going to read Eric's, and then we have a similar question from Froylan Mendez from JP Morgan.

我認為第一個問題是給你的，馬裡亞諾，我將閱讀埃里克的問題，然後摩根大通的弗羅伊蘭門德斯也提出了類似的問題。

I'll read both of them for you.

我將兩篇文章都唸給你聽。

Regarding the food and paper pressure we saw in Brazil, could you elaborate if these were more related to protein prices or paper?

關於我們在巴西看到的食品和紙張壓力，您能否詳細說明這些壓力是否與蛋白質價格或紙張更相關？

And how are the recent price increases in proteins going to affect the company's margins in the short term, that from Eric of Santander.

桑坦德銀行的艾瑞克表示，近期蛋白質價格上漲將如何影響公司的短期利潤率。

Froylan Mendez from JPMorgan, a similar question, we're seeing higher food inflation in Brazil with beef having a strong momentum.

摩根大通的 Froylan Mendez 提出了類似的問題，我們看到巴西食品通膨率上升，牛肉勢頭強勁。

How confident are you that you'll be able to pass through to consumers given considering what seems to be a second half deceleration in consumption in Brazil?

考慮到下半年巴西消費似乎在減速，您對能夠向消費者傳達訊息有多大信心？

Perfect.

完美的。

Thanks Dan, and thanks Eric and Froylan for the questions, and hi to everybody.

謝謝丹，謝謝艾瑞克和弗羅伊蘭提出的問題，大家好。

First of all, regarding what we have seen during this third quarter, the increase we have seen, the modest increase we have seen in food and paper in Brazil was not related to specific protein price increases, but other general increases that were basically some cost increases that we have been delaying from the beginning of the year as you have seen that the food and paper line actually was positive with some gains, the gross margin was better in the first half of this year.

首先，關於我們在第三季度所看到的情況，我們所看到的增長，我們所看到的巴西食品和紙張的小幅增長與特定蛋白質價格上漲無關，而是其他總體上漲，基本上是一些成本我們從年初開始就一直推遲的增長，因為您已經看到食品和紙張產品線實際上是積極的，並取得了一些收益，今年上半年的毛利率更好。

Regarding specifically about protein price increases and beef, in particular, the way our pricing protocol works, we are not expecting this to have an impact on 2024, but of course, at the end of the day, for next year, we will see some pressure building up in beef costs, not for Arcos, but for the industry in general.

特別是關於蛋白質價格上漲和牛肉，特別是我們的定價協議的運作方式，我們預計這不會對 2024 年產生影響，但當然，到了明年，我們會看到一些牛肉成本壓力不斷增大，這不是對阿科斯而言，而是對整個產業而言。

And of course, we will try to mitigate these effects by managing pricing and mix in a way to have a lower impact, of course, in our cost structure.

當然，我們將嘗試透過管理定價和組合來減輕這些影響，以降低對我們成本結構的影響。

But also we feel confident that this impact will as I mentioned, will affect the whole industry.

但我們也有信心，正如我所提到的，這種影響將影響整個產業。

So some of the prices will -- we will be able to pass as well to consumers.

因此，我們也將能夠將一些價格傳遞給消費者。

Great.

偉大的。

Eric's second question.

埃里克的第二個問題。

As for the ongoing labor and other cost pressures and NOLAD, what are management's expectations regarding the easing of such pressures?

至於持續的勞動力和其他成本壓力以及 NOLAD，管理層對緩解此類壓力有何期望？

Yes, we effectively have seen some increases in minimum salaries in NOLAD, particularly in Mexico and Puerto Rico.

是的，我們實際上已經看到 NOLAD 的最低工資有所增加，特別是在墨西哥和波多黎各。

And of course, it's difficult to predict what will happen next year, but we do not expect this to continue at the same pace during 2025.

當然，很難預測明年會發生什麼，但我們預計這種情況在 2025 年不會以同樣的速度持續下去。

On top of that, we have deployed digital tools to generate sales more efficiently, and also to manage restaurant staffing in a better way.

最重要的是，我們部署了數位工具來更有效地產生銷售，並以更好的方式管理餐廳人員配置。

Perfect.

完美的。

Thanks Mariano.

謝謝馬裡亞諾。

The next question from Eric is, and I think this one is for you Luis, regarding digital and especially delivery.

艾瑞克的下一個問題是，我想這個問題是問路易斯的，關於數位化，特別是交付。

Could you provide us with an update in terms of own delivery penetration and current levels of investments as well as the impact in profitability from such investments?

您能否向我們提供有關自營配送滲透率和當前投資水平以及此類投資對盈利能力的影響的最新資訊？

All right, thank you, Dan.

好的，謝謝你，丹。

Hello, Eric.

你好，埃里克。

These sales were up 16% in the quarter and represented 58% of total sales.

本季這些銷售額成長了 16%，佔總銷售額的 58%。

And specifically delivery grew 14% in US dollars.

具體而言，以美元計算的交付量增加了 14%。

On delivery, we represent 12% of total delivery sales.

在交付方面，我們佔交付總銷售額的 12%。

And the marginal contribution is positive.

且邊際貢獻為正。

And in the channel, the returns are positive, and is accreted to our results, mainly because it allows us to leverage fixed costs.

在通路中，回報是正的，並且增加了我們的業績，主要是因為它允許我們利用固定成本。

And regarding on delivery, we continue working on finding a scalable logistic model.

在交付方面，我們繼續致力於尋找可擴展的物流模型。

It has to meet our guest expectations and this solution will for sure be different from market to market.

它必須滿足我們客人的期望，而解決方案肯定會因市場而異。

Dan?

擔？

Thanks Luis.

謝謝路易斯。

And then the fourth and final question from Eric of Santander.

然後是桑坦德銀行埃里克提出的第四個問題，也是最後一個問題。

This one is going to come back to you Mariano, and a similar question came in from Thiago Bortoluci of Goldman.

馬裡亞諾（Mariano）將回答這個問題，高盛的蒂亞戈·博爾托魯奇（Thiago Bortoluci）也提出了類似的問題。

So I'll read both of those questions, and then I'll turn it over to you.

因此，我將閱讀這兩個問題，然後將其交給您。

First from Eric, on the potential end of the six by one labor regime in Brazil, how's the company's initial assessments about the potential negative impacts on labor costs?

首先Eric問，關於巴西六合一勞動制度可能結束的問題，公司對勞動成本潛在負面影響的初步評估如何？

And Thiago asked from Goldman asked, what are your early view on the potential approvement of the six by one labor reform in Brazil?

蒂亞戈問高盛，您對巴西六合一勞工改革的潛在批准有何初步看法？

Perfect Dan.

完美的丹。

And thanks Thiago for the question.

感謝蒂亞戈的提問。

We still don't have all the details on the reform, so we will give you more information in the coming calls once we know all the details.

我們仍然不掌握改革的所有細節，因此一旦我們了解所有細節，我們將在接下來的電話中向您提供更多資訊。

Great.

偉大的。

Thanks Mariano.

謝謝馬裡亞諾。

From Melissa Byun of Bank of America.

來自美國銀行的 Melissa Byun。

And apologies, Melissa, I know that you asked a couple of questions related to what we've already answered.

抱歉，梅麗莎，我知道您提出了一些與我們已經回答的問題相關的問題。

I'll read your full questions.

我將閱讀您的完整問題。

And then we'll start with Marcelo on the first one, and I think some of this has already been answered, Marcelo you can address the rest

然後我們將從馬塞洛開始討論第一個問題，我認為其中一些問題已經得到解答，馬塞洛，你可以解決其餘的問題

Can you please provide an update on consumption and sales trends and EOTF role in Mexico?

您能否提供有關墨西哥消費和銷售趨勢以及 EOTF 角色的最新資訊？

And what are your expectations for labor costs next year?

您對明年的勞動成本有何預期？

And what opportunities do you have to offset?

您必須抵消哪些機會？

In the second part, I think Mariano has answered the first part.

在第二部分中，我認為馬裡亞諾已經回答了第一部分。

I'll give it to you.

我把它給你。

Yeah, as I mentioned before, Mexico is doing extremely well.

是的，正如我之前提到的，墨西哥做得非常好。

Comparable sales are multiple times inflation of the market where we are seeing an improvement in volumes per restaurant, which has been very significant, not only this year, but this is the fourth year in a row that we see Mexico growing volumes and (inaudible) check.

可比銷售額是市場通膨的數倍，我們看到每家餐廳的銷量都有所改善，這不僅在今年非常顯著，而且這是我們看到墨西哥的銷量連續第四年增長並且（聽不清）查看。

So as a result, growing very strongly comparable sales.

因此，可比銷售額成長非常強勁。

As I mentioned before, we are in the early stages in terms of the EOTF deployment in the market, less than 40% of the restaurants.

正如我之前提到的，就市場上的 EOTF 部署而言，我們還處於早期階段，不到 40% 的餐廳。

But we are accelerating that process this year and in coming years.

但我們今年和未來幾年將加快這一進程。

And at the same time, looking for opportunities to grow the base of rest with new restaurant openings.

同時，尋找機會透過開設新餐廳來擴大休息基礎。

And this growth in sales is part of the answer to the pressure, the part of the question related to the pressure in labor costs because sales are growing so fast in Mexico that even though we have some pressures in terms of labor costs, we are we are experiencing leveraging in many coastlines, post lines of the P&L and G&A, and bottom line margin in Mexico is growing.

銷售的成長是對壓力的部分回答，部分問題與勞動力成本的壓力有關，因為墨西哥的銷售成長如此之快，即使我們在勞動力成本方面有一些壓力，我們還是許多海岸線、損益表和一般會計科目都在經歷槓桿作用，墨西哥的利潤率正在成長。

So we are extremely pleased with what is going on in Mexico.

因此，我們對墨西哥正在發生的事情感到非常滿意。

And for sure, there are a lot of opportunities for Arcos Dorados on the McDonald's brand in this market in

可以肯定的是，Arcos Dorados 在這個市場上的麥當勞品牌上有很多機會

(inaudible)

（聽不清楚）

Perfect.

完美的。

Thank you.

謝謝。

And Melissa's second question again, the first part, I think Mariano you've already answered.

梅莉莎又問了第二個問題，第一部分，我想馬裡亞諾你已經回答了。

And the second part is I think, well, I'll turn over to you, but yes, what's the outlook for food and paper costs especially or specifically in Brazil?

第二部分是我想，好吧，我會交給你，但是，是的，食物和紙張成本的前景如何，特別是在巴西？

And can you provide an update on your FX hedges in Brazil and in other markets?

您能否提供巴西和其他市場外匯對沖的最新資訊？

Perfect.

完美的。

And thanks Melissa.

謝謝梅麗莎。

Yes, the first part I already answered regarding food and paper costs in Brazil.

是的，我已經回答了有關巴西食品和紙張成本的第一部分。

Regarding the hedges, our policy in in terms of food and paper hedges is to hedge 50% of the projected food and paper exposure.

關於對沖，我們在食品和紙張對沖方面的政策是對沖 50% 的預期食品和紙張風險。

We do this sorry on a rolling basis, looking out from two to three quarters in advance.

我們會滾動地這樣做，提前兩到三個季度進行觀察。

This is done to reduce volatility of our input costs.

這樣做是為了減少我們投入成本的波動。

These are not meant to be speculative hedges, and we have them in five markets in Brazil, Colombia, Chile, Mexico, and Uruguay.

這些不是投機性對沖，我們在巴西、哥倫比亞、智利、墨西哥和烏拉圭的五個市場都有它們。

So we are currently hedged according to our policy in the main markets through the first quarter of 2025.

因此，我們目前根據主要市場的政策進行對沖直至 2025 年第一季。

And we are implementing hedges as appropriate now for the second and third quarter of next year.

我們現在正在酌情為明年第二和第三季實施對沖。

So we are going according to policy and this is how we manage the FX exposure related to food and paper costs.

因此，我們將按照政策行事，這就是我們管理與食品和紙張成本相關的外匯風險的方式。

Great.

偉大的。

Thanks Mariano.

謝謝馬裡亞諾。

The next question from Matias Galarce from Black Creek.

下一個問題來自 Black Creek 的 Matias Galarce。

Venezuela used to be a significant contributor to the business, and so was Argentina.

委內瑞拉曾經是這項業務的重要貢獻者，阿根廷也是如此。

What are the prospects for these two countries to again become significant contributors for the business?

這兩個國家再次成為業務重要貢獻者的前景如何？

And how do you manage the business in these two countries until that happens?

在此之前，您如何管理這兩個國家的業務？

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

我會把那個給你，馬塞洛。

Okay.

好的。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

I think that these are two different stories these days for the company, these two markets.

我認為對於公司和這兩個市場來說，這是兩個不同的故事。

In the case of Venezuela, even though the McDonald's brand strength remains very high in this country, Venezuela does not have a material impact on our current financial results.

就委內瑞拉而言，儘管麥當勞的品牌強度在該國仍然非常高，但委內瑞拉並沒有對我們當前的財務表現產生實質影響。

It's a small business in these days.

如今，這是一個小企業。

So we are also not expecting a significant change in this scenario in the short term.

因此，我們預期這種情況短期內不會發生重大變化。

So we continue to invest in the basic of the business keeping -- running great restaurants, taking care of our people.

因此，我們繼續投資於維持業務的基礎——經營一流的餐廳，照顧我們的員工。

And once the Venezuelan economy begin to grow, for sure, we are well positioned in order to capture a big part of that growth.

毫無疑問，一旦委內瑞拉經濟開始成長，我們就處於有利地位，可以抓住這一成長的很大一部分。

But as of today, it's not material in terms of our financial results.

但截至今天，這對我們的財務表現來說並不重要。

On the other hand, Argentina, it is important for us.

另一方面，阿根廷，這對我們來說很重要。

And despite consumption in Argentina remains negative, Arcos Dorados volumes have been resilient all year and declined at about half the broader rate in the market.

儘管阿根廷的消費量仍然為負，但 Arcos Dorados 的銷量全年一直保持彈性，下降幅度約為市場整體下降幅度的一半。

So we remain close to consumers by offering a great value proposition.

因此，我們透過提供卓越的價值主張來保持與消費者的緊密聯繫。

And as a result, we have gained market share significantly, and further strengthen our brand attributes in Argentina.

結果，我們顯著獲得了市場份額，並進一步強化了我們在阿根廷的品牌屬性。

We should have us in a very well positioned for when the Argentine economy begins its expected recovery as soon as first quarter next year.

當阿根廷經濟最早在明年第一季開始預期復甦時，我們應該處於非常有利的位置。

But based on the market consensus and in fact, this year, we have seen sequential improvements in our results in each quarter in Argentina.

但根據市場共識，事實上，今年我們在阿根廷每季的業績都取得了連續改善。

So we are very, very positive in terms of the trend of Argentina.

所以我們對阿根廷的趨勢非常非常樂觀。

It's a market that continues to be a big contributor to our results, and for sure, we continue to do that in the short and long term.

這個市場仍然是我們業績的重要貢獻者，當然，我們將在短期和長期內繼續這樣做。

Perfect.

完美的。

Thanks Marcelo.

謝謝馬塞洛。

Let's move now back to Thiago Bortoluci, Goldman, who had sent the question earlier about labor reform in Brazil, but he had two other questions as well.

現在讓我們回到高盛的蒂亞戈·博爾托魯奇（Thiago Bortoluci），他早些時候提出了有關巴西勞動力改革的問題，但他還有另外兩個問題。

First, let's go with could you elaborate more on Brazil growth?

首先，能否詳細介紹一下巴西的成長情況？

How much of the comp sales or the same store sales was traffic versus ticket?

比較銷售額或同店銷售額中有多少是流量與門票？

And how was your growth in delivery and drive-thru separately?

你們的送貨和得來速業務的成長情況如何？

And we'll start with you, Luis.

我們將從你開始，路易斯。

All right.

好的。

Hello Thiago.

你好蒂亞戈。

Comp sales was mostly driven by average check this third quarter, even though volume was positive.

儘管銷量為正，但同類產品的銷售主要是由第三季的平均支票推動的。

In drive-thru, drive-thru continues to perform well and represents about 20% of total sales.

在得來速方面，得來速持續表現良好，約佔總銷售額的 20%。

And delivery is growing at a faster pace and in line with the growth of the company.

並且交付量正在以更快的速度成長，並且與公司的成長保持一致。

Dan?

擔？

Great.

偉大的。

Thanks.

謝謝。

And then the third question from Thiago here is I think for you Marcelo.

蒂亞戈的第三個問題是我想問你的，馬塞洛。

Any early comments on the next three year plan?

對未來三年計畫有何早期評論？

And can you walk us through how you're seeing ROICs within each cohort of stores?

您能否向我們介紹一下您如何看待每組商店的投資報酬率？

Okay.

好的。

Thanks Thiago for the question.

感謝蒂亞戈的提問。

What I can share with you is basically we -- what we already said about 2025 where we expect to open something between 90 and 100 restaurants.

我可以與您分享的基本上是我們已經說過的關於 2025 年的計劃，我們預計將開設 90 到 100 家餐廳。

This is consistent with what we have said about a gradual increase each year in the pace of openings, in order to ensure acceptable ROIs.

這與我們所說的每年逐步增加開業速度以確保可接受的投資回報率是一致的。

In fact, ROIs in these recent years remain at or above historical average on openings, and the same applies to more modernizations.

事實上，近年來空缺職位的投資回報率保持在或高於歷史平均水平，這同樣適用於更多的現代化建設。

Good news is that both Arcos Dorados and McDonald's, we are aligning that there's a huge opportunity for the McDonald's brand and for our business in a very underpenetrated region like Latin America is so.

好消息是，Arcos Dorados 和麥當勞都在協調一致，麥當勞品牌和我們在拉丁美洲等滲透率非常低的地區的業務都有巨大的機會。

For sure, we want to capture that big potential in the region.

當然，我們希望抓住該地區的巨大潛力。

And we have a very robust pipeline for continued growth throughout the region.

我們擁有非常強大的管道，可以在整個地區實現持續成長。

So moving forward, we will continue to be focused on the freestanding restaurants which have an extremely strong return on investment, because we can operate in the best way all business segments, drive-thru, delivery, those two off premise segments that have become so relevant after the pandemic.

因此，展望未來，我們將繼續專注於具有極強投資回報的獨立餐廳，因為我們可以以最佳方式經營所有業務部門，得來速、送貨，這兩個已變得如此重要的場外部門疫情過後相關。

But at the same time, there are new developments in Latin America.

但同時，拉美地區也出現了新的發展。

Some shopping malls developers have resumed growth.

一些購物中心開發商已恢復成長。

So at the same time, we are looking for opportunistic and specific opportunities in order to open restaurants in malls, mall stores or food courts, typically with an excellent return on investment since the investment in those formats is lower than in the freestanding units.

因此，同時，我們正在尋找機會主義和特定的機會，以便在購物中心、購物中心商店或美食廣場開設餐廳，通常會獲得良好的投資回報，因為這些業態的投資低於獨立單位。

So I think this is very exciting looking Arcos Dorados for the long term, the opportunity we have to grow the business.

因此，我認為從長遠來看，Arcos Dorados 是非常令人興奮的，這是我們發展業務的機會。

Great, thanks Marcelo.

太好了，謝謝馬塞洛。

And we have a couple of questions, a couple of additional questions from Froylan Mendez of JPMorgan.

我們還有幾個問題，摩根大通的弗羅伊蘭·門德斯 (Froylan Mendez) 提出了幾個附加問題。

I think they're both for you, Luis, but I'll actually there's a multipart questions, but I'll start with you.

我認為它們都適合你，路易斯，但實際上我會提出一個由多個部分組成的問題，但我將從你開始。

You mentioned that identified sales of 20% to 30% in all markets, can you elaborate on what are the tangible effects of this type of sale in terms of top line or margin acceleration?

您提到在所有市場中確定的銷售額為 20% 到 30%，您能否詳細說明這種類型的銷售在收入或利潤加速方面有哪些實際影響？

And are there examples elsewhere in the McDonald's system that can help illustrate what we could expect from this?

麥當勞系統中的其他例子是否可以幫助說明我們對此的期望？

Yeah.

是的。

Hello, Froylan.

你好，弗羅伊蘭。

First, identified sales for the company were 25% of total sales.

首先，公司確定的銷售額佔總銷售額的25%。

We have markets like Brazil that are in a 28%.

我們有像巴西這樣的市場，這一比例為 28%。

We have some markets that are above that around 30%, but most of them are around that 25% that I just mentioned.

我們有一些市場的比例高於 30% 左右，但大多數市場都在我剛才提到的 25% 左右。

And of course, we're learning from the global system.

當然，我們正在向全球體系學習。

But we let me tell you, we are a little bit ahead in this matter.

但我可以告訴你，我們在這件事上有點領先。

We have three main new functionalities that boost identified sales.

我們擁有三項主要的新功能，可以促進已確定的銷售。

One is on delivery, the other one is MOP or mobile order and pay, and the last one is the loyalty program.

一種是送貨上門，另一種是MOP或行動訂單和支付，最後一種是忠誠度計畫。

What thus is it allows us to increase the personalization of our guest experience, and it allows us to be more efficient with our marketing efforts.

因此，它使我們能夠提高客戶體驗的個人化程度，並使我們的行銷工作更有效率。

But what we can expect from this is that we're going to have an increase in frequency.

但我們可以預期的是，我們的頻率將會增加。

When you see loyalty members frequency is 1.5 to 2 times higher than non-loyalty or non-identified customers.

當您看到忠誠會員的頻率比非忠誠或未識別客戶高 1.5 至 2 倍。

And it improves margins too because you have those transactions are new or they have additional products and the average check is higher.

它也提高了利潤，因為你的交易是新的，或者他們有額外的產品，平均支票更高。

So what we can expect is to be more personalized in that experience and to increase our margins and topline.

因此，我們可以期待的是這種體驗更加個人化，並增加我們的利潤和營收。

Great Luis.

偉大的路易斯。

And then the final question which is also from Froylan Mendez of JPMorgan.

最後一個問題也來自摩根大通的 Froylan Mendez。

What in your view is the main reason behind the large same store sales deceleration in Brazil?

您認為巴西同店銷售大幅下滑的主因是什麼？

And what's your view for 2025 consumption in Brazil?

您對巴西 2025 年的消費有何看法？

Again, back to you Luis.

再次回到你，路易斯。

All right.

好的。

Thanks again for the question.

再次感謝您的提問。

What we are seeing is a continued growth.

我們看到的是持續成長。

And I would say strong growth in comparable sales in in Brazil.

我想說巴西的可比銷售額成長強勁。

In this third quarter, we had positive volume and positive average check growth that combined, allowed us to grow 1.6 times inflation.

在第三季度，我們的交易量和平均支票成長都為正，這使得我們的成長率達到了通貨膨脹率的 1.6 倍。

And we were able to do this on top of a very strong quarter in 2023, that was 10.8%.

我們之所以能夠做到這一點，是因為 2023 年季度成長率非常強勁，即 10.8%。

So in 24 months, our growth in sales was 18%.

所以在 24 個月內，我們的銷售額成長了 18%。

And that for a fact is the highest growth in the sector.

事實上，這是該行業中成長最快的。

And this growth allowed us to keep gaining market share.

這種成長使我們能夠不斷獲得市場份額。

According to (inaudible) this growth was 1% -- plus 1 percentage point.

據（聽不清楚）這一增長為 1%，再加上 1 個百分點。

And we are outperforming the main competitor by 2 times.

我們的表現比主要競爭對手高出兩倍。

So our focus for the future will continue to be in offering a compelling value proposition across the entire menu.

因此，我們未來的重點將繼續是在整個菜單中提供引人注目的價值主張。

This will allow us to -- we're going to focus in to improve our operations, to deliver the best experience to our customers, and to leverage the strength of (inaudible) for this strategy.

這將使我們能夠——我們將專注於改善我們的運營，為我們的客戶提供最佳體驗，並利用（聽不清楚）這項策略的優勢。

This is going to allow us to be and to keep the leadership in the sector.

這將使我們能夠成為並保持該行業的領導地位。

Dan?

擔？

Thanks Luis.

謝謝路易斯。

Actually, we have another question from [Oliver Mihalovic] who asks when we deploy capital, do we think about ROI relative to FX assumptions, or do we simply assume that FX stays stable or do we allow for local currency depreciation?

實際上，[Oliver Mihalovic]向我們提出了另一個問題，他問當我們部署資本時，我們是否考慮相對於外匯假設的投資回報率，或者我們只是假設外匯保持穩定還是我們允許本幣貶值？

And then he makes a comment about historically, how that impacts the assumptions.

然後他從歷史角度對這如何影響假設進行了評論。

So Marcelo I think you might want to address that.

馬塞洛，我想你可能想解決這個問題。

Dan, thank you.

丹，謝謝你。

Yes, and thanks Oliver.

是的，謝謝奧利佛。

Obviously, we cannot control FX.

顯然，我們無法控制外匯。

But first, we measure ROIs cash on cash in dollar terms historically.

但首先，我們先從歷史上以美元計算現金對現金的投資報酬率。

And we make decisions based on the potential we see for the McDonald's brand in each market.

我們根據麥當勞品牌在每個市場的潛力做出決策。

And we have obviously different expectations in terms of returns related with risk in different markets and based on the success or not that the different markets of Arcos Dorados have in terms of returns on investment.

而且，根據 Arcos Dorados 的不同市場在投資回報方面的成功與否，我們對不同市場中與風險相關的回報有著明顯不同的期望。

So we cannot control FX.

所以我們無法控制外匯。

But at the same time, we take in account that FX exists, and we sell in local currencies and our shareholders, and many of the companies stakeholders expect returns on investment in US dollars.

但同時，我們考慮到外匯的存在，我們以當地貨幣進行銷售，我們的股東和許多公司利害關係人期望以美元獲得投資回報。

So we take in account that, and we are very serious in terms of analyzing each opportunity and how to capture them.

因此，我們考慮到這一點，並且非常認真地分析每個機會以及如何抓住它們。

Great.

偉大的。

Thanks Marcelo.

謝謝馬塞洛。

And that actually was the last question in the queue.

這實際上是隊列中的最後一個問題。

So we've reached the end of the Q&A session.

我們的問答環節已經結束了。

Thank you all once again for joining the call and for your interest in Arcos Dorados.

再次感謝大家加入此次電話會議以及對 Arcos Dorados 的興趣。

We look forward to speaking with you again in the middle of March on our fourth quarter earnings webcast.

我們期待在三月中旬的第四季度收益網絡廣播中再次與您交談。

Until then, have a safe end of the year and have a great day.

在那之前，祝您度過一個安全的年終，度過美好的一天。