Arcos Dorados Holdings Inc (ARCO) 2025 Q1 法說會逐字稿

Good morning, everyone. Thank you for joining our first-quarter 2025 earnings webcast.

大家早安。感謝您收聽我們的 2025 年第一季財報網路廣播。

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 Marcelo Rabach、我們的營運長 Luis Raganato 和我們的財務長 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, ir.arcosdorados.com.

今天的線上直播正在錄製中，內容包括我們領導團隊的準備好的發言，並附有幻燈片演示；也可在我們網站 ir.arcosdorados.com 的投資者部分查看。

To better follow the presentation, please note that you can set your view to full screen on the webcast platform.

為了更好地跟進演示，請注意，您可以在網路廣播平台上將視圖設定為全螢幕。

(Operator Instructions) After we conclude our opening remarks, we will answer your questions.

（操作員指示）在我們結束開場白後，我們將回答您的問題。

Today's call will contain forward-looking statements. And I refer you to the Forward-Looking Statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

今天的電話會議將包含前瞻性陳述。請您參閱我們收益報告中的前瞻性陳述部分以及最近向美國證券交易委員會提交的文件。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 acceptable accounting principles, we report certain non-GAAP financial results. Investors are encouraged to review the reconciliation of these non-GAAP financial results, as compared with GAAP results, which can be found in today's earnings press release and conference call presentation, as well as the unaudited financial statements filed today with the SEC on Form 6-K.

除了依照公認會計原則報告財務結果外，我們還報告某些非公認會計準則財務結果。鼓勵投資者審查這些非 GAAP 財務結果與 GAAP 結果的對帳情況，這些對帳情況可在今天的收益新聞稿和電話會議介紹中找到，以及今天以 6-K 表格形式向美國證券交易委員會提交的未經審計的財務報表。

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. Good morning, everyone. Thank you for joining us.

謝謝你，丹。大家早安。感謝您加入我們。

On our last earnings call, we said we expected the first quarter of 2025 to be the low point of the year. That outlook still holds.

在我們上次的收益電話會議上，我們表示預計 2025 年第一季將是今年的最低點。這種觀點仍然成立。

Operating performance improved sequentially during the first quarter, with the best results coming in March. Importantly, the strongest month of the year, so far, has been April.

第一季經營業績環比改善，3月業績最佳。重要的是，到目前為止，今年最強勁的月份是四月。

We remain uniquely positioned within Latin America's QSR industry, given the strength of our brand, the success of our strategy, the geographic diversification of our operating footprint, and the numerous competitive advantages of our business model. These strengths are among the reasons we believe Arcos Dorados will best navigate the relatively volatile and challenging market conditions we have seen, so far, this year.

憑藉我們品牌的實力、我們策略的成功、我們經營範圍的地理多樣化以及我們商業模式的眾多競爭優勢，我們在拉丁美洲的 QSR 行業中仍然佔據著獨特的地位。這些優勢是我們相信 Arcos Dorados 能夠最好地應對今年迄今為止我們所看到的相對動盪和充滿挑戰的市場環境的原因之一。

Let's get into the details of our results and talk about the quarter's operating context.

讓我們深入了解我們的業績細節並討論本季的經營情況。

Total revenue reached $1.1 billion, about equal to last year. By focusing on the factors we control, we gained market share versus the prior year quarter. And we were able to offset three important headwinds: a lower QSR industry guest volumes in the period, a calendar comparisons with Leap Day and Holy Week in last year's results, and the strong depreciation of our three main currencies in the last 12 months. Importantly, constant currency revenue remained solid, built on 11.1% higher system-wide comparable sales, which was in line with blended inflation for the period.

總收入達11億美元，與去年大致持平。透過專注於我們控制的因素，我們比去年同期獲得了市場份額。我們能夠抵消三個重要的不利因素：該期間 QSR 行業客流量較低、與去年閏日和聖週的日曆比較、以及過去 12 個月我們三種主要貨幣的大幅貶值。重要的是，恆定貨幣收入保持穩健，這得益於全系統可比銷售額增長 11.1%，這與該時期的混合通膨率一致。

First-quarter consolidated adjusted EBITDA was $91.3 million, down versus last year, due mainly to weaker local currencies and margin pressure in Brazil. This was partially offset by stronger performance in SLAD, where Argentina and Chile drove better US-dollar results for the division.

第一季合併調整後 EBITDA 為 9,130​​ 萬美元，較去年同期下降，主要原因是巴西當地貨幣走弱以及利潤率面臨壓力。但這被 SLAD 部門更強勁的業績所部分抵消，阿根廷和智利為該部門帶來了更好的美元業績。

Our strategy is about providing guests with an omnichannel experience: allowing them to choose when, where, and how they enjoy their favorite McDonald's menu items. As a result, even as consumers pulled back on eating out of home during the quarter, off-premise channels remained resilient, generating about 43% of total system-wide sales in the quarter.

我們的策略是為客人提供全通路體驗：讓他們選擇何時、何地以及如何享用他們最喜歡的麥當勞菜單項目。因此，即使消費者在本季減少了外食，但場外通路仍保持彈性，在本季佔全系統總銷售額的約 43%。

Digital sales rose 6.3%, thanks to almost 19 million monthly average mobile app users. Digital channels accounted for almost 60% of system-wide sales in the first quarter, with notable sales strength in Loyalty, Mobile Order & Pay, Own Delivery, and Self-order Kiosks. The loyalty program had 18.8 million registered members and was available in five markets, as of the end of the first quarter.

由於每月平均有近 1,900 萬行動應用用戶，數位銷售額成長了 6.3%。第一季度，數位管道佔全系統銷售額的近 60%，其中忠誠度、行動訂購和支付、自有送貨和自助訂購亭的銷售表現尤為強勁。截至第一季末，該忠誠度計劃擁有 1,880 萬名註冊會員，並在五個市場推出。

Arcos Dorados offers the region's most diverse set of sales channels, a most modernized restaurant base with 68% of restaurants already converted to the EOTF format. This is why our results have continued to outshine the competition, no matter the operating context.

Arcos Dorados 擁有該地區最多樣化的銷售管道和最現代化的餐廳群，其中 68% 的餐廳已轉換為 EOTF 格式。這就是為什麼無論經營環境如何，我們的業績始終優於競爭對手。

I will now turn it over to Luis for a look at the first-quarter sales performance in each division.

現在我將把時間交給路易斯，讓他看一下每個部門第一季的銷售表現。

Thanks, Marcelo. Good morning, everyone.

謝謝，馬塞洛。大家早安。

Brazil's total revenue, in constant currency, grew 5.5% in the first quarter. In addition to a tough comparison, after several years of strong growth, Brazil's restaurant sector also faced a relatively soft operating environment, with a reduction of out-of-home dining.

以固定匯率計算，巴西第一季的總營收成長了 5.5%。除了難以比較之外，經過幾年的強勁成長，巴西餐飲業也面臨相對疲軟的經營環境，外食減少。

On the other hand, according to third-party research, McDonald's brand preference increased during the quarter and value share reached a new record for the trailing 12-month period through March, accounting for almost 47% of the country's QSR industry sales.

另一方面，根據第三方研究，麥當勞的品牌偏好度在本季有所提升，價值份額在截至 3 月的過去 12 個月中創下新高，佔該國 QSR 行業銷售額的近 47%。

Almost 70% of system-wide sales were generated by digital channels, supported by sponsorships of the Big Brother Brazil reality TV show and the Lollapalooza music festival. These marketing activities increased guest engagement with the brand and drove amplified awareness of the Meu Mequi loyalty program.

全系統近 70% 的銷售額來自數位管道，並獲得了巴西老大哥真人秀節目和 Lollapalooza 音樂節的贊助。這些行銷活動增加了客人與品牌的互動，並提高了人們對 Meu Mequi 忠誠度計畫的認知度。

Menu innovation in the quarter included new limited time only flavors of the McChicken sandwich, a [reheat] of the popular McFish sandwich, a promotional platform focused on weekdays and a few new dessert flavors to delight guests.

本季的菜單創新包括限時推出的麥香雞三明治新口味、廣受歡迎的麥魚三明治的[重新加熱]、專注於工作日的促銷平台以及一些新的甜點口味以取悅客人。

NOLAD's total revenue was flattish, in constant currency; but declined in US dollars, mainly due to the depreciation of the Mexican peso.

以固定匯率計算，NOLAD 的總收入持平；但以美元計算則有所下降，主要原因是墨西哥比索貶值。

Comparable sales were positive in Mexico, which is impressive considering the comparison with Leap Day and how impactful Holy Week is in that country. This was offset mainly by lower comparable sales in Panama and Costa Rica.

墨西哥的可比銷售額呈正增長，考慮到與閏日的比較以及聖週在該國的影響力，這一數字令人印象深刻。這主要被巴拿馬和哥斯大黎加的同店銷售下降所抵銷。

Guests in NOLAD adopted Mobile Order & Pay in increasing numbers and Own Delivery achieved remarkable growth in the first quarter.

NOLAD 的客人越來越多地採用行動訂購和支付，而 Own Delivery 在第一季實現了顯著成長。

Digital campaigns were key drivers of downloads and customer engagement. These included the AppNiversary campaign that celebrated the anniversary of our mobile app in the region.

數位行銷活動是下載量和客戶參與度的關鍵驅動因素。其中包括慶祝我們在該地區的行動應用程式週年紀念日的 AppNiversary 活動。

NOLAD's marketing activities aimed at staying close to the consumer in a challenging macroeconomic environment by focusing on value platforms across markets.

NOLAD 的行銷活動旨在透過專注於跨市場的價值平台，在充滿挑戰的宏觀經濟環境中貼近消費者。

Puerto Rico launched a bold breakfast campaign, Las Mananas son de McDonald's, that successfully showcased the brand's iconic breakfast menu.

波多黎各發起了一場大膽的早餐活動，名為“麥當勞的早餐”，成功展示了該品牌標誌​​性的早餐菜單。

NOLAD also brought food news through core extensions and several markets introduced new flavors to their dessert menus, as well.

NOLAD 還透過核心擴展帶來了食品新聞，並且一些市場還在其甜點菜單中引入了新口味。

SLAD's comp sales rose 38.7% in the first quarter, or more than 10% excluding Argentina. Argentina rebounded strongly versus last year results, which were significantly impacted by government measures to stabilize the economy.

SLAD 第一季同店銷售額成長 38.7%，除阿根廷外成長超過 10%。阿根廷經濟較去年同期強勁反彈，這主要得益於政府穩定經濟措施的顯著影響。

Uruguay, Venezuela, Aruba and Curacao also contributed strongly to comp sales performance in the quarter.

烏拉圭、委內瑞拉、阿魯巴和庫拉索也為本季的銷售額做出了巨大貢獻。

Digital channels in SLAD rose by about 33% in US dollars, which was the main driver for the growth we generated at the consolidated level. Digital sales penetration for the division was about 60% with Argentina and Uruguay, both reaching 70% digital sales penetration in the quarter.

SLAD 的數位頻道以美元運算成長了約 33%，這是我們合併後成長的主要動力。該部門的數位銷售滲透率約為 60%，其中阿根廷和烏拉圭在本季的數位銷售滲透率均達到了 70%。

Identified sales grew more than 50% year over year and now represents about 26% of SLAD's system-wide sales. We expect this to grow with the recent launch of loyalty in both Argentina and Colombia, which have seen promising early results.

已確認的銷售額年增超過 50%，目前約佔 SLAD 全系統銷售額的 26%。我們預計，隨著阿根廷和哥倫比亞近期推出的忠誠度計劃，這一數字還會增長，並且已經取得了可喜的早期成果。

Similar to Brazil and NOLAD, the AppNiversary campaign, and Lollapalooza sponsorship contributed to loyalty program adoption, as well as to growth of Own Delivery and Mobile Order & Pay on the company's mobile app.

與巴西和 NOLAD 類似，AppNiversary 活動和 Lollapalooza 贊助促進了忠誠度計劃的採用，並促進了公司行動應用程式上 Own Delivery 和 Mobile Order & Pay 的成長。

Most of SLAD celebrated core favorites with a Big Mac extension campaign to boost brand favoritism among guests. Additionally, several markets supported their premium burger and dessert segments with compelling new flavors.

大多數 SLAD 餐廳都透過巨無霸擴展活動來慶祝其核心美食，以提高客人對品牌的喜愛程度。此外，多個市場還透過引人注目的新口味來支持其高端漢堡和甜點市場。

Mariano, over to you.

馬裡亞諾，交給你了。

Thanks, Luis. Good morning, everyone.

謝謝，路易斯。大家早安。

The challenges that impacted revenue growth also led to lower profitability in the quarter. Fortunately, so far, operating conditions are getting better in the second quarter.

影響收入成長的挑戰也導致本季獲利能力下降。值得慶幸的是，目前來看，第二季的經營狀況正在改善。

Additionally, Brazil and Mexico's currencies have been stronger and Argentina's currency remains stronger than expected in real terms. This should help improve performance as the year progresses.

此外，巴西和墨西哥的貨幣走強，阿根廷的貨幣實際上仍強於預期。隨著時間的推移，這應該有助於提高業績。

The decline in first -quarter EBITDA margin came mainly due to higher food and paper, occupancy and other expenses, and G&A versus last year, as a percentage of revenue. As expected, the underlying payroll expense pressure of the last few quarters has subsided.

第一季 EBITDA 利潤率的下降主要是由於食品和紙張、入住率和其他費用以及一般及行政費用佔收入的百分比較去年同期有所增加。正如預期的那樣，過去幾季的潛在薪資支出壓力已經消退。

We still expect consolidated EBITDA margin to be about flat versus last year, adjusted for the payroll expense reversals and credits in Brazil.

我們仍然預計，經過巴西工資支出沖銷和貸記調整後，合併 EBITDA 利潤率將與去年持平。

Brazil's margin contraction was mainly due to higher food and paper costs from rising beef prices in the market. Over the course of the year, we will continue working to mitigate this increase with pricing, product mix, channel mix, supplier negotiations and all other tools at our disposal. Softer sales and the challenging comparison also led to fixed cost deleveraging.

巴西利潤率的下降主要是由於市場上牛肉價格上漲導致食品和紙張成本上升。在這一年中，我們將繼續努力透過定價、產品組合、通路組合、供應商談判以及我們掌握的所有其他工具來緩解這種成長。銷售疲軟和具有挑戰性的比較也導致固定成本去槓桿。

Finally, Brazil's margin throughout 2025 will include about 100 basis points higher royalty fee compared with last year since the new MFA eliminated the growth support incentive. However, since the royalty fee was reduced by 100 basis points in the contract, both NOLAD and SLAD will pay a lower percentage throughout 2025, resulting in a slightly lower consolidated royalty fee versus last year's effective rate.

最後，由於新 MFA 取消了成長支持激勵措施，巴西 2025 年全年的利潤將包括比去年高出約 100 個基點的特許權使用費。然而，由於合約中特許權使用費降低了 100 個基點，NOLAD 和 SLAD 在 2025 年全年支付的百分比都將較低，導致合併特許權使用費與去年的有效費率相比略有下降。

NOLAD's margin in the first quarter was flat versus the prior year period with lower food and paper costs and royalty fees, offset by higher occupancy and other operating expenses as a percentage of revenues.

NOLAD 第一季的利潤率與去年同期持平，原因是食品和紙張成本以及特許權使用費較低，但入住率和其他營運費用佔收入的百分比較高，抵消了這一影響。

We began to see the benefits of the new restaurant scheduling system with flattish payroll expenses in the division despite the continuation of minimum wage increases above inflation in both Mexico and Puerto Rico.

儘管墨西哥和波多黎各的最低工資漲幅持續高於通膨率，但我們開始看到新的餐廳排班系統帶來的好處，該部門的薪資支出保持穩定。

SLAD's strong margin expansion in the quarter included lower costs and expenses across nearly all line items, including notably better payroll productivity.

SLAD 本季利潤率強勁成長，幾乎所有項目的成本和費用均有所降低，其中工資生產力明顯提高。

Argentina's profitability rebounded from last year's difficult first quarter and was complemented by stronger year-over-year results in all the divisions' main markets.

阿根廷的獲利能力從去年第一季的困境中反彈，並且所有部門主要市場的業績都比去年同期強勁。

Back to you, Luis.

回到你身邊，路易斯。

Let's look at how Digital, Own Delivery, and Drive-Thru performed in the quarter.

讓我們看看本季數位、自有配送和免下車服務的表現。

Digital sales were up more than 6% in US dollars and more than 23% in constant currency, demonstrating the breadth and strength of the company's platform. Loyalty, self-order kiosks, Mobile Order & Pay, and Own Delivery were the standouts in the quarter, keeping sales penetration, identified sales and active users at very healthy levels.

數位銷售額以美元計算成長超過 6%，以固定匯率運算成長超過 23%，彰顯了該公司平台的廣度和實力。忠誠度、自助訂購亭、行動訂購和支付以及自有送貨是本季度的亮點，使銷售滲透率、已識別銷售額和活躍用戶保持在非常健康的水平。

Driven primarily by Own Delivery, total delivery sales grew by 21% in constant currency during the quarter, including 12.5% in Brazil and 50% in SLAD. And we are working to strengthen the own delivery service, which generated 13% of total delivery sales in the quarter, up from less than 10% in the prior year quarter.

主要受自有配送業務的推動，本季配送總銷售額按固定匯率計算增長了 21%，其中巴西增長了 12.5%，SLAD 增長了 50%。我們正在努力加強自己的送貨服務，該服務在本季佔送貨總銷售額的 13%，高於去年同期的不到 10%。

Drive-Thru has more overlap with the on-premise consumption equation. So performance in the quarter was impacted by the reduction in total QSR visits in Brazil and NOLAD during the quarter. Even so, it is evident that off-premise channels have made the business more resilient in periods of softer consumption.

免下車服務與店內消費模式有更多重疊。因此，本季業績受到巴西和新奧爾良地區 QSR 總訪問量減少的影響。即便如此，很明顯，在消費疲軟時期，場外管道已經使業務更具彈性。

We began the year with the loyalty program running in Brazil, Costa Rica and Uruguay, where members generated 19% of total sales in the first quarter.

今年年初，我們在巴西、哥斯達黎加和烏拉圭推行了忠誠度計劃，這些國家的會員在第一季創造了 19% 的總銷售額。

During the quarter, we introduced the MyMcDonald's program to Argentina and Colombia with very promising early results. As of the end of the quarter, we had 18.8 million members across the 5 countries.

本季度，我們向阿根廷和哥倫比亞推出了 MyMcDonald's 計劃，並取得了非常可喜的早期成果。截至本季末，我們在 5 個國家擁有 1,880 萬會員。

Since then, we have surpassed 20 million members, and we added another country to the program with the April launch of MyMcDonald's in Ecuador. We now have the loyalty program active in two-thirds of all restaurants in our footprint. And we remain focused on taking this frequency and value boosting program to all main markets by year-end 2025.

自那時起，我們的會員數量已超過 2000 萬，並且隨著 4 月在厄瓜多爾推出 MyMcDonald's，該計劃又增加了一個國家。目前，我們已在覆蓋範圍內的三分之二的餐廳中推行忠誠度計劃。我們仍致力於在 2025 年底前將此頻率和價值提升計劃推廣到所有主要市場。

The digitalization of Arcos Dorados is an ongoing process and some benefits are easily measurable. More recently, you can see it in the continued growth of the Own Delivery channel or better payroll expense management.

Arcos Dorados 的數位化是一個持續的過程，並且一些好處是很容易衡量的。最近，您可以看到自有配送管道的持續成長或更好的工資費用管理。

Over the last several years, operating performance improved, thanks to self-order kiosks, e -commerce on the mobile app, more efficient delivery execution and so many other parts of the operation. But when we look at few layers deeper, we also see improvements that will have longer-lasting impacts on the business.

過去幾年中，由於自助訂餐亭、行動應用程式上的電子商務、更有效率的配送執行以及營運的許多其他部分，營運績效有所提高。但當我們深入觀察時，我們也會看到對業務產生更持久影響的改善。

Operating metrics and brand attributes are stronger than ever. And it is worth remembering that all the growth metrics are calculated from a base that is already 2 times to 3 times higher than the closest competitor.

營運指標和品牌屬性比以往更加強勁。值得記住的是，所有成長指標都是基於比最接近的競爭對手高出 2 倍到 3 倍的基礎計算得出的。

So while we are prepared to navigate a short-term period of volatility, we are the best positioned restaurant operator to benefit from an improvement in operating and macroeconomic conditions.

因此，雖然我們已準備好應對短期波動，但我們是最有能力從營運和宏觀經濟狀況的改善中獲益的餐廳營運商。

Let's turn, now, to our capital structure and investments.

現在讓我們來談談我們的資本結構和投資。

Both total debt and cash ended the quarter higher due to the liability management transaction we initiated in January and completed in early April of this year. At the end of the second quarter, you should expect to see lower total debt made up primarily of the 2029 and 2032 notes.

由於我們在今年 1 月啟動並於 4 月初完成的負債管理交易，本季末的總債務和現金均有所增加。在第二季末，您應該會看到主要由 2029 年和 2032 年票據組成的總債務減少。

We will also have less cash on the balance sheet since we redeemed the remaining portion of the 2027 notes that did not participate in the January tender offer. With that said, we expect to maintain a net debt-to-adjusted EBITDA ratio of about 1.4 times throughout this year.

由於我們贖回了未參與 1 月要約收購的 2027 年票據的剩餘部分，我們資產負債表上的現金也將減少。話雖如此，我們預計今年全年淨債務與調整後 EBITDA 比率將維持在 1.4 倍左右。

It is worth repeating that we now have an investment-grade rating from Fitch and no material debt maturities until 2029. This allows us to focus on our strategy to generate long-term shareholder value. We added 12 new restaurants to the portfolio during the quarter, including 10 freestanding units.

值得重申的是，我們目前擁有惠譽的投資等級評級，並且在 2029 年之前沒有重大債務到期。這使我們能夠專注於我們的策略，創造長期股東價值。本季度，我們增加了 12 家新餐廳，其中包括 10 家獨立餐廳。

As the year progresses, the pace of openings will accelerate so that we can meet this year's new restaurants guidance. During the quarter, we invested $48.8 million in capital expenditures, including more than $21 million in growth CapEx.

隨著時間的推移，新餐廳開幕的速度將會加快，以便我們能夠滿足今年新餐廳數量的預期。本季度，我們投資了 4,880 萬美元的資本支出，其中包括超過 2,100 萬美元的成長資本支出。

We believe the growth opportunity is the best long-term investment of our free cash flow generation, which is why we are focused on capturing the McDonald's brand potential as quickly and profitably as possible for several years to come.

我們相信，成長機會是我們自由現金流產生的最佳長期投資，這就是為什麼我們專注於在未來幾年內盡快、盡可能有利可圖地挖掘麥當勞品牌的潛力。

Looking ahead, we expect sales performance to improve as the year progresses, based on a robust marketing plan for the remaining of the year. We also expect underlying margin performance to improve in the coming quarters, by continuing to take actions to mitigate or offset some of the margin pressures we faced in the first quarter.

展望未來，我們預計，基於今年剩餘時間的強勁行銷計劃，銷售業績將隨著時間的推移而改善。我們也預計，透過繼續採取行動來緩解或抵銷第一季面臨的部分利潤壓力，未來幾季的基礎利潤率表現將會改善。

We remain confident in our plan for the full-year 2025. More importantly, Arcos Dorados' positive long-term outlook is intact. We are focused on: investing in digitalization to improve guest experience and increase operating efficiency; operating existing restaurants better than any other competitor; and opening modern and appealing new restaurants to capture additional growth.

我們對 2025 年全年計劃仍然充滿信心。更重要的是，Arcos Dorados 的長期樂觀前景依然完好。我們專注於：投資數位化以改善客戶體驗並提高營運效率；比任何其他競爭對手更好地經營現有餐廳；開設現代化且具有吸引力的全新餐廳以獲取更多成長。

This approach, combined with a strong balance sheet, should allow us to generate comparable sales growth at or above inflation and incremental margin improvements through operating leverage, thus delivering solid free cash flow growth and long-term shareholder value creation.

這種方法，加上強勁的資產負債表，應該使我們能夠透過經營槓桿實現等於或高於通貨膨脹的可比銷售額成長和增量利潤率提高，從而實現穩健的自由現金流成長和長期股東價值創造。

Marcelo, back to you.

馬塞洛，回到你身邊。

Thanks, Mariano.

謝謝，馬裡亞諾。

In keeping with our commitment to have a positive impact on the environment and the communities we serve; soon, we will publish Arcos Dorados' 11th Annual Social Impact and Sustainable Development Report.

為了履行我們對環境和我們服務的社區產生積極影響的承諾，我們將很快發布 Arcos Dorados 第 11 份年度社會影響和永續發展報告。

The report will include an update on the progress we made in 2024 in each of the pillars of our Recipe for the Future program. You will be able to download the report from the IR section of our website or from recipeforthefuture.com.

該報告將包括我們在 2024 年「未來方案」計劃各個支柱方面取得的進展的最新情況。您可以從我們網站的 IR 部分或從recipeforthefuture.com 下載報告。

Sustainability is an important concept for Arcos Dorados, not just as it relates to the Recipe for the Future, but also for generating sustainable results in a relatively volatile region. It is an important filter that guides everything from the daily operation of our restaurants to the long-term capital allocation decisions we make.

永續性對 Arcos Dorados 來說是一個重要的概念，它不僅與未來的方案有關，而且還與在相對動盪的地區產生可持續的成果有關。它是一個重要的過濾器，指導我們一切事務，從餐廳的日常營運到我們所做的長期資本配置決策。

The first quarter of 2025 clearly faced some important headwinds with industry guest counts under pressure, challenging calendar comparisons with the prior year and weaker currencies in our three largest markets, among others.

2025 年第一季顯然面臨一些重大阻力，包括行業客人數量面臨壓力、與上一年日曆比較具有挑戰性以及我們三大市場的貨幣疲軟等等。

But the beauty of the Arcos Dorados business model is that we operate across a vast and diverse geographic footprint, where operating and macroeconomic conditions are already improving. And we are set up for long-term success by taking advantage of the best ever brand perception scores in our history, together with unmatched structural competitive advantages that have only strengthened in the last few years.

但 Arcos Dorados 商業模式的優點在於，我們的業務涵蓋廣闊而多樣的地理區域，這些區域的營運和宏觀經濟條件已經在改善。我們將利用公司歷史上最好的品牌認知度得分，以及過去幾年不斷增強的無與倫比的結構性競爭優勢，為長期成功做好準備。

Latin America and the Caribbean remain highly underpenetrated markets for the QSR industry, and we believe the McDonald's brand continues to have the highest and most profitable growth potential in the region.

拉丁美洲和加勒比地區仍然是快餐業滲透率很低的市場，我們相信麥當勞品牌在該地區仍然擁有最高和最有利可圖的成長潛力。

We nearly doubled US-dollar EBITDA generation from 2018 to 2024 and we are investing our free cash flow generation in the region's growth opportunity to continue generating shareholder value for years to come.

從 2018 年到 2024 年，我們的美元 EBITDA 幾乎翻了一番，並且我們將自由現金流投資於該地區的成長機會，以在未來幾年繼續為股東創造價值。

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

感謝您參加今天的電話會議。丹，回到你身邊。

Thanks, Marcelo. We will now begin the Q&A session. (Operator Instructions)

謝謝，馬塞洛。我們現在開始問答環節。（操作員指示）

Great. So we actually have quite a few questions here. And I'm going to combine a few as we go along.

偉大的。所以我們這裡其實有很多問題。隨著我們的進展，我將把其中的一些結合起來。

But we'll start with the first one, of a series of questions we received from Eric Huang of Santander. We have a few. Could you comment on sales trends in the early second quarter of 2025, especially in Brazil and NOLAD, under a more normalized quarter in terms of calendar effects?

但我們先從第一個問題開始，這是我們收到的來自桑坦德銀行的 Eric Huang 的一系列問題之一。我們有幾個。您能否評論一下 2025 年第二季初的銷售趨勢，尤其是巴西和新奧爾良地區的銷售趨勢，在日曆效應更正常的一個季度下？

And in both Brazil and NOLAD, how much of the weak comp sales in the first quarter of '25 is attributable to the negative calendar effects and how much would be attributed to the weaker consumption environment in each region?

在巴西和紐奧良，2025 年第一季的疲軟銷售額有多少是由於負面日曆效應，有多少是因為每個地區的消費環境較弱？

I'll start with you, Marcelo.

我先從你開始，馬塞洛。

Okay. Great. Thanks, Eric, for the questions.

好的。偉大的。謝謝 Eric 提出的問題。

I'll start with NOLAD and maybe Luis can later talk about Brazil. In the case of NOLAD and talking specifically about the first quarter, we saw reduced traffic in the QSR industry, particularly in Mexico, Panama and Costa Rica. So we faced some headwinds in that sense in those three markets, particularly.

我將從 NOLAD 開始，也許 Luis 稍後可以談論巴西。就 NOLAD 的情況而言，具體到第一季度，我們發現 QSR 行業的客流量有所減少，尤其是在墨西哥、巴拿馬和哥斯達黎加。因此，我們在上述三個市場尤其面臨一些阻力。

And I want to recall that, for Mexico, the effect of the calendar comparison, particularly talking about Holy Week is huge. So that was the main driver in the case of NOLAD of the slowing comp sales for the first quarter.

我想提醒大家的是，對墨西哥來說，日曆比較的影響，特別是聖週的影響是巨大的。因此，這是 NOLAD 第一季同店銷售額放緩的主要原因。

And we saw the reverse of that in April. In April, Mexico had an excellent month in terms of both comp sales and profitability. So -- in the case of NOLAD, we are very pleased with the trend that division had in recent quarters.

但我們在四月看到了相反的情況。四月份，墨西哥無論是在同店銷售額或獲利能力方面都表現優異。因此，就 NOLAD 而言，我們對該部門最近幾季的趨勢感到非常滿意。

We see this first quarter of 2025 as a point out of the curve. And, again, the good news is that the start of the second quarter was very strong for the division. I'm talking specifically about Mexico, which is -- more than 50% of the restaurants of NOLAD are in Mexico.

我們認為 2025 年第一季是曲線的一個突出點。再次，好消息是第二季該部門的開局非常強勁。我特別指的是墨西哥，NOLAD 超過 50% 的餐廳都在墨西哥。

Mexico has been the fastest-growing market in terms of sales for Arcos Dorados in recent years, and we continue to see a huge opportunity in this market to improve our results, to improve our penetration and bringing the McDonald's brand to an even more successful position than it has today.

近年來，墨西哥一直是 Arcos Dorados 銷售成長最快的市場，我們繼續看到這個市場存在巨大的機會，可以改善我們的業績，提高我們的滲透率，並使麥當勞品牌獲得比現在更成功的地位。

So we have a positive outlook for the NOLAD division in coming quarters.

因此，我們對 NOLAD 部門未來幾季的表現持樂觀態度。

And talking about Brazil, we clearly had an impact due to the calendar. But regarding the context, third-party estimates indicated that the QSR visits were down in the low-to-mid single digits in the quarter, and this was due to lower purchasing power among consumers.

說到巴西，我們顯然受到了日程的影響。但就背景而言，第三方估計表明，本季 QSR 訪問量下降了低至個位數，這是由於消費者的購買力下降造成的。

In that context, we chose to remain cautious with pricing, but we did make some adjustments to certain menu items.

在這種情況下，我們選擇對定價保持謹慎，但我們確實對某些菜單項目做了一些調整。

At the segment level or channels level, delivery was the strongest performer and continue to surpass our expectations. The volume growth was with high single digit. Front counter also remained resilient with mid-single-digit volume growth. And, unfortunately, drive-thru and dessert centers fell below our expectations in terms of volume sales performance.

在細分市場或通路層面，交付表現最為強勁，持續超越我們的預期。銷量成長均為高個位數。前台也保持了彈性，銷量實現了中等個位數的成長。不幸的是，免下車通道和甜點中心的銷售表現低於我們的預期。

But the good news is that our marketing plan includes solid activations across several product lines. This includes, for example, the Minecraft property in the Happy Meal that we just had and that you will hear more about on our next earnings call.

但好消息是，我們的行銷計劃包括跨多個產品線的穩固啟動。例如，其中包括我們剛推出的開心樂園餐中的 Minecraft 屬性，您將在下次收益電話會議上聽到更多相關資訊。

But we are also working with the Brazilian team to make other adjustments to generate the improved performance we expect for the rest of the year. And, fortunately, we're operating with our highest ever market share and we have the strongest ever brand metrics, which we are confident will lead us to better results as the year progresses.

但我們也正在與巴西隊合作做出其他調整，以期在今年剩餘時間內取得我們期望的更佳表現。幸運的是，我們的市場份額達到了歷史最高水平，品牌指標也達到了歷史最高水平，我們相信，隨著時間的推移，這些將使我們取得更好的業績。

Thanks, Luis. Eric's second question is similar to questions we received from Froy Mendez of JPMorgan, Alvaro Garcia of BTG Pactual, Bob Ford from BofA and from Marisa Hernandez from TimesSquare Capital. And it all relates starting with profitability.

謝謝，路易斯。Eric 的第二個問題與我們收到的來自摩根大通的 Froy Mendez、BTG Pactual 的 Alvaro Garcia、美國銀行的 Bob Ford 和 TimesSquare Capital 的 Marisa Hernandez 的問題類似。這一切都與獲利能力有關。

So I'm going to read through some of these. It's all going to go to Mariano, but bear with me here as I read some of these questions.

所以我要閱讀其中的一些內容。這一切都將交給馬裡亞諾，但請耐心聽我讀完其中的一些問題。

From Eric, on the food and paper side, this was the biggest defender in Brazil's margin. How does the company see competition passing the higher beef prices into prices? And when should we start seeing a recovery in EBITDA margins in the region?

從食物和紙張來看，埃里克是巴西隊最大的防守者。公司如何看待競爭將牛肉價格上漲轉化為價格上漲？我們什麼時候才能開始看到該地區 EBITDA 利潤率的復甦？

Similar question from Froy at JPMorgan. Can you give color on how the costs, mainly beef, impacted Brazil margin in the first quarter, and how are they behaving so far in the second quarter? What should we expect through the year?

摩根大通的弗羅伊也提出了類似的問題。您能否詳細說明成本（主要是牛肉成本）對巴西第一季的利潤率有何影響，以及第二季迄今的表現如何？我們對這一年該抱持怎樣的期待？

Alvaro's question, similar, Brazil beef, given expectations of continued high beef prices in Brazil into the second half of '25, have you considered changing your pricing strategy to pass a bit more pricing into the second half?

阿爾瓦羅的問題類似，巴西牛肉，鑑於預計到 25 年下半年巴西牛肉價格將持續高企，您是否考慮過改變定價策略，將更多的定價轉移到下半年？

Bob asks, how should we think about pricing across markets? So related to what we just heard.

鮑伯問道，我們該如何考慮跨市場定價？與我們剛才聽到的非常相關。

And Marisa, can you clarify your comments on the outlook for EBITDA margin for the rest of the year? Did you say that you expect consolidated EBITDA margin in full year '25 to be flat year-over-year? So, lots to think about there, Mariano, but I think just we can take it step by step.

瑪麗莎，您能否澄清一下對今年剩餘時間 EBITDA 利潤率前景的評論？您是否說過，您預計 25 年全年合併 EBITDA 利潤率將與去年同期持平？所以，馬裡亞諾，有很多事情需要考慮，但我認為我們可以一步一步來。

Okay. Well, thank you, everybody. Good morning, and I will try to answer all the questions.

好的。好的，謝謝大家。早上好，我會盡力回答所有問題。

First, regarding the margin outlook on what happened during the first quarter of 2025. Clearly, during this first quarter, we faced the increase in beef prices, as I mentioned in the opening remarks in Brazil, taking into consideration that gross margin was down in Brazil, but was up in NOLAD and SLAD.

首先，關於 2025 年第一季的利潤率前景。顯然，在第一季度，我們面臨牛肉價格上漲的問題，正如我在巴西的開幕致辭中提到的那樣，考慮到巴西的毛利率下降，但 NOLAD 和 SLAD 的毛利率上升。

So let me emphasize and I want to highlight the benefits of the regional footprint that Arcos Dorados has.

因此，我想強調 Arcos Dorados 的區域影響力帶來的優勢。

In terms of outlook, although the environment remains volatile, we are not expecting so far further gross margin deterioration in Brazil, and we are also expecting the positive trends that we are seeing in the other two divisions.

就前景而言，儘管環境依然動盪，但我們預計巴西的毛利率不會進一步惡化，我們也預計其他兩個部門將出現正面的趨勢。

We are seeing that as the year progresses and with the ability to increase prices in line with inflation, together with revenue management initiatives, negotiations with suppliers, we expect to stabilize our gross margin throughout the rest of -- over the next three quarters of the year.

我們看到，隨著時間的推移，隨著價格隨通貨膨脹而上漲，加上收入管理措施和與供應商的談判，我們預計在接下來的三個季度中，我們的毛利率將保持穩定。

So that's the expectation we have on the gross margin. You were also asking about general outlook and on margins, of course.

這就是我們對毛利率的預期。當然，您也詢問了整體前景和利潤率。

And regarding other lines in the P&L, please remember that the first quarter, and this one in particular, as Marcelo explained about what happened on the Leap Year and on the Holy Week is this, it's seasonally the lowest in terms of sales.

至於損益表中的其他項目，請記住，第一季度，特別是這個季度，正如馬塞洛解釋閏年和聖週發生的情況一樣，這是季節性的銷售額最低的季度。

So what we expect, and that happens every year for the next three quarters, is to have some dilution in fixed costs related to sales that could also help with the margins. We will continue working on the payroll line, and

因此，我們預計，與銷售相關的固定成本將會減少，這也有助於提高利潤率，這種情況在接下來的三個季度每年都會發生。我們將繼續努力提高工資水平，

I will go into the specifics for the question that you ask about payroll. But we are -- we'll continue working on the payroll line to maintain or even increase the efficiencies we gained so far on our scheduling system. And in addition, we could expect some tailwinds regarding FX for what we have seen so far in the quarter.

我將具體解釋您提出的有關工資的問題。但是我們——我們將繼續致力於工資線，以維持甚至提高我們迄今為止在調度系統上獲得的效率。此外，根據本季迄今所看到的情況，我們預計外匯市場將出現一些順風。

Remember that the year started with sharp devaluations on the currencies, and especially in the last month, we have seen some appreciation in the main currencies, and that could give us also some positive trends.

請記住，今年年初貨幣大幅貶值，特別是在上個月，我們看到主要貨幣有所升值，這也可能為我們帶來一些正面的趨勢。

So in summary, if I need -- if I summarize everything I just mentioned, in a very volatile environment, because this is what we are facing now, and with the information we are seeing and we have so far, we expect that margins for 2025 will be similar to 2024, excluding for the positive impact we had last year on the payroll expense reversals and credits in Brazil.

總而言之，如果我需要的話 - 如果我總結一下我剛才提到的一切，在一個非常動蕩的環境中，因為這就是我們現在面臨的情況，根據我們看到的和迄今為止掌握的信息，我們預計 2025 年的利潤率將與 2024 年相似，不包括去年我們對巴西工資支出逆轉和信貸產生的積極影響。

So that will be our margin outlook for 2025. I expect that I clarified it. Regarding the specific question on payroll.

這就是我們對 2025 年利潤率的展望。我希望我已經澄清了這一點。關於工資的具體問題。

Well, we are very pleased with the evolution on the payroll line and the scheduling system and also the benefits of the off-premise sales and digital sales that we are seeing in the last years. And that's why we are seeing a positive expansion on the payroll line of 30 bps that was in Brazil and SLAD.

嗯，我們對工資線和排班系統的演變以及過去幾年看到的場外銷售和數位銷售的好處感到非常滿意。這就是為什麼我們看到巴西和 SLAD 的薪資線出現了 30 個基點的正向擴張。

And in addition, in NOLAD, where we have seen a flattish payroll line, please take into consideration that we have seen wage increases above inflation and above our pricing. And even with that, we are seeing in NOLAD, flat payroll line.

此外，在新奧爾良，我們看到工資線持平，請考慮到我們已經看到工資漲幅高於通膨率和我們的定價。即便如此，我們仍然看到新奧爾良農業部 (NOLAD) 的工資線持平。

Overall, in the company, we are seeing a 30-bps gain in that line, which is, of course, very relevant in our P&L.

總體而言，在公司中，我們看到該線路獲得了 30 個基點的收益，這當然與我們的損益表非常相關。

Lastly, I think I have the question on pricing, what we are planning to do on pricing in Brazil for the second quarter. I think Eric asked that question.

最後，我想我有一個關於定價的問題，我們計劃在第二季對巴西的定價採取什麼措施。我認為埃里克問過這個問題。

And, in general, I think that, Bob asked about pricing -- and Alvaro, sorry. In this regard, we are very careful and we will continue increasing prices in line with inflation. We believe that protecting traffic is the best strategy for creating shareholder value. And we will keep to that strategy.

總的來說，我認為鮑伯詢問的是定價問題——阿爾瓦羅，抱歉。在這方面，我們非常謹慎，並將繼續根據通貨膨脹提高價格。我們相信保護流量是創造股東價值的最佳策略。我們將繼續堅持這項戰略。

But as the year progresses and we don't see more pressures on the cost side, that means that pricing will be catching up and we will see some margin improvements.

但隨著時間的推移，我們在成本方面不再面臨更多壓力，這意味著定價將會迎頭趕上，利潤率也將提高。

I think I answered all the questions. Please write or mention, if you have further ones regarding margins.

我想我回答了所有問題。如果您有關於利潤的更多問題，請寫信或提及。

Great. Thanks, Mariano, and very complete answer.

偉大的。謝謝，馬裡亞諾，答案非常完整。

Last one from Eric at Santander. On SLAD, we continue to see improving sales trends, especially on the back of Argentina's recovery. How is the company's perception on recent consumption trends? Or what is the company's perception in terms of recent consumption trends in Argentina? And how can we think about the region's outlook for 2025?

來自桑坦德銀行的 Eric 的最後一封郵件。在 SLAD 方面，我們繼續看到銷售趨勢的改善，尤其是在阿根廷經濟復甦的背景下。公司對於近期消費趨勢有何看法？或者該公司對阿根廷近期的消費趨勢有何看法？我們該如何展望該地區2025年的前景？

I'll pass that one over to you, Luis.

我會把這個傳給你，路易斯。

Okay. Thank you for the question. Yes, it is like that. SLAD's guest traffic rose and sales increased almost 38% and more than 10% if you exclude Argentina. So, in general, all markets had a very, very good start of the year and this is with operations and marketing indicators.

好的。謝謝你的提問。是的，是這樣的。SLAD 的客流量上升，銷售額成長了近 38%，如果不包括阿根廷，銷售額則成長了 10% 以上。因此，總體而言，所有市場今年都有非常非常好的開端，這是營運和行銷指標。

Of course, we had a very strong rebound in Argentina due to the depressed economic environment that we had in 2024. Our growth in the country is sustained and healthy in volumes, in sales and in margins.

當然，由於 2024 年經濟環境低迷，阿根廷的市場出現了非常強勁的反彈。我們在該國的銷售、銷售額和利潤率均保持持續、健康的成長。

We're being able to take advantage of a more stable economy and FX and the markets team is doing an excellent, excellent job. And we expect this to continue for the rest of the year in Argentina and in SLAD.

我們能夠利用更穩定的經濟和外匯，市場團隊做得非常出色。我們預計今年剩餘時間阿根廷和 SLAD 仍將持續這種趨勢。

Dan?

擔？

Thanks, Luis. The next question comes from Froy Mendez at JPMorgan. His second question of the day. Can you expand on why you only expect a 10-basis-points decline in the royalty expense on a consolidated basis? Shouldn't the balance of NOLAD and SLAD declining more than offset Brazil decline? And what does this mean for your mid-term view of consolidated EBITDA margin?

謝謝，路易斯。下一個問題來自摩根大通的弗羅伊·門德斯。這是他今天的第二個問題。您能否詳細說明為什麼您只預計合併後的特許權使用費支出將下降 10 個基點？NOLAD 和 SLAD 的餘額下降不應該超過巴西的下降嗎？這對您對合併 EBITDA 利潤率的中期看法意味著什麼？

I think this is one for you, Marcelo.

我覺得這個適合你，馬塞洛。

Okay. Thanks for the question. Yes, what we saw in the first quarter of 2025 is the same that we are expecting for the rest of the year, because as we announced when we signed the new MFA with McDonald's on December 30, 2024, the new MFA has a 6% --

好的。謝謝你的提問。是的，我們在 2025 年第一季看到的情況與我們對今年剩餘時間的預期相同，因為正如我們在 2024 年 12 月 30 日與麥當勞簽署新的 MFA 時宣布的那樣，新的 MFA 有 6%——

Contract royalty rate.

合約特許權使用費率。

Royalty rate, exactly, and eliminated the concept of the growth support. So, Brazil that was receiving during 2024, the growth support now is paying 6% of sales.

特許權使用費率，確切地說，消除了成長支持的概念。因此，巴西在 2024 年期間獲得的成長支持現在支付的是銷售額的 6%。

On the other hand, NOLAD and SLAD that used to pay 7% in 2024, they are paying 6% this year. So, the combined effect of those movements between divisions is that we should be seeing 10 basis points of reduction in the royalties that we are paying to McDonald's.

另一方面，NOLAD 和 SLAD 過去在 2024 年支付 7%，今年支付 6%。因此，部門之間這些變動的綜合效應是，我們支付給麥當勞的特許權使用費將減少 10 個基點。

So the same 10 basis points of leverage that we saw in the first quarter of this year, we should see the same the rest of the year and going forward. That's more or less our expectation.

因此，我們在今年第一季看到的 10 個基點的槓桿率，在今年剩餘時間和未來也應該會出現同樣的情況。這或多或少是我們的期望。

So there's a small positive impact in our EBITDA margin coming from royalties.

因此，特許權使用費對我們的 EBITDA 利潤率有輕微的正面影響。

Great. Thanks, Marcelo. We have a couple from Alvaro Garcia also. One is, I think we've already answered Argentina, any color on standalone same-store sales performance and traffic performance in Argentina, and to what degree you see a recovery in profitability in Argentina? I think Luis actually just covered that.

偉大的。謝謝，馬塞洛。我們還有來自 Alvaro Garcia 的幾位朋友。一是，我想我們已經回答了阿根廷的問題，阿根廷的獨立同店銷售業績和客流量表現如何，您認為阿根廷的盈利能力復甦到什麼程度？我認為路易斯實際上剛剛談到了這一點。

And so, I'll go to Alvaro's next question also for you, Luis. On promotions in Brazil and taking a longer-term view, to what degree are you reducing promotions in Brazil into 2025?

因此，路易斯，我也將回答阿爾瓦羅的下一個問題。關於巴西的促銷活動，從長遠來看，到 2025 年，您將在多大程度上減少巴西的促銷活動？

Okay, right. Thanks again, Alvaro. We are not going to be reducing the pressure on promotion. Of course, we will be very prudent and take any price opportunities that we might to try to protect our margins.

好的，對的。再次感謝你，阿爾瓦羅。我們不會減少推廣的壓力。當然，我們會非常謹慎，並抓住任何可能的價格機會來保護我們的利潤率。

Important to say that we measured, like I said, reduced guest traffic in Brazil. This was due to the deterioration of the purchasing power of the consumers. The reduced traffic was in -- specifically the QSR sector during the first quarter.

重要的是，正如我所說，我們測量了巴西的客流量減少情況。這是由於消費者購買力下降所造成的。第一季度，QSR 產業的客流量明顯減少。

And the competition remained rational, with an increase of promotional activities in some regions of the country. So that's why we remain focused and we're going to remain focused on offering a compelling value proposition with competitive pricing.

競爭保持理性，全國部分地區促銷活動增加。這就是為什麼我們保持專注，並將繼續專注於以有競爭力的價格提供引人注目的價值主張。

Our strategy is to be close to our customers and of course, trying to deliver the best experience in the restaurants.

我們的策略是貼近顧客，當然，也努力為顧客提供最好的餐廳體驗。

That is going to be our main competitive advantage. Dan?

這將是我們的主要競爭優勢。擔？

Thanks, Luis. Next one from Bob Ford, his second question. Are there any offsets to the FX impact on your central administrative expense? And I assume, Bob, that you're talking about our corporate expenses with the significantly -- or the significant exposure to the Argentine economy.

謝謝，路易斯。下一個問題來自鮑伯福特，這是他的第二個問題。是否有任何措施可以抵銷外匯對中央管理費用的影響？鮑勃，我想您談論的是我們公司的開支與阿根廷經濟有著顯著的關係。

So I'll turn that one over to you, Mariano?

那我將把這個問題交給你，馬裡亞諾？

Perfect. Thanks, Bob, for the second question. In fact, as you know, we have corporate expenses in Argentina, where right now, there is a real appreciation of the Argentine peso, which has negative impact on G&A expenses.

完美的。謝謝鮑伯提出的第二個問題。事實上，如您所知，我們在阿根廷有公司費用，目前阿根廷比索正在升值，這對一般及行政費用產生了負面影響。

At the same time, this is more than offset by the performance of the Argentine business that, as Marcelo and Luis explained, is doing really well. But on top of that, is having the positive impact of that real appreciation.

同時，正如馬塞洛和路易斯所解釋的那樣，阿根廷業務的表現確實很好，這足以抵消這一損失。但最重要的是，真正的升值正在產生正面的影響。

And the good news also in Argentina is that now we have a unified exchange rate. So it's easier to follow those figures with only one exchange rate.

對阿根廷來說，好消息是我們現在有了統一的匯率。因此，只採用一種匯率就更容易追蹤這些數據。

So, in that sense, yes, we see the offset on the overall, on the consolidated basis, is a positive impact for Arcos Dorados.

因此，從這個意義上來說，是的，我們看到整體上、在合併基礎上的抵消對 Arcos Dorados 產生了積極影響。

Thanks, Mariano. I've a couple more here. One from Marisa Hernandez from TimesSquare, where she asked that there's a clear -- talks about a clear deceleration in same-store sales in NOLAD and Brazil in the first quarter? And how are we expecting same-store sales to perform in the coming quarters after adjusting for the one-offs of Holy Week and Leap Year?

謝謝，馬裡亞諾。我這裡還有另外幾個。其中一篇來自 TimesSquare 的 Marisa Hernandez 提問，她問到第一季 NOLAD 和巴西的同店銷售額是否明顯下滑？在調整聖週和閏年的一次性影響後，我們預期未來幾季同店銷售額的表現會如何？

And also, is there an underlying consumption likely to continue to decelerate? Or do you see it turning around already? The same-store sales growth looks to be lower than inflation in both geographies. I think we've covered that.

此外，潛在消費是否可能繼續減速？或者您已經看到情況好轉了嗎？這兩個地區的同店銷售額成長似乎都低於通貨膨脹率。我想我們已經討論過了。

But you did have a second question, Marisa, can you talk about consumption in Brazil? And from your prior comments, it seems there's still no signs of improvement. Is that correct?

但你還有第二個問題，瑪麗莎，你能談談巴西的消費情況嗎？從您之前的評論來看，似乎仍然沒有改善的跡象。對嗎？

This is similar to a question we received from Julia Rizzo of Morgan Stanley. Can you be more specific on the calendar impact of the first quarter '25? And any estimate is helpful. And also, can you be more specific on the second quarter sales comps in Brazil so far? Lastly, why do we think that QSR segment underperformed other retail segments in the first quarter?

這與我們從摩根士丹利的 Julia Rizzo 那裡收到的問題類似。您能否更具體地說明 25 年第一季的日曆影響？任何估計都是有幫助的。另外，您能否更具體地介紹迄今為止巴西第二季的銷售情況？最後，為什麼我們認為 QSR 部門在第一季的表現不及其他零售部門？

So few moving parts there. We'll start with you, Marcelo.

那裡的活動部件很少。我們從你開始，馬塞洛。

Okay. Thanks for all the questions. In terms of specific impacts coming from calendar, well, the Leap Day had around 110 basis points of impact in terms of comp sales. So you should add 1.1 percentage points to the comparable sales that we reported just to see what could happen if this first quarter had the same amount of days that last year's first quarter had.

好的。感謝您提出的所有問題。就日曆帶來的具體影響而言，閏日對可比較銷售額的影響約為 110 個基點。因此，您應該在我們報告的可比銷售額上增加 1.1 個百分點，看看如果今年第一季的天數與去年第一季相同，會發生什麼情況。

So that's something that was very specific for the first quarter, and we will not see that headwind going forward. In the case of Holy Week, as I mentioned before, that impact is mostly concentrated in Mexico, and you will see the positive impact of that translation of the Holy Week to the second quarter when we announce results for the second quarter.

所以這是第一季非常具體的事情，我們不會在未來看到這種逆風。就聖週而言，正如我之前提到的，這種影響主要集中在墨西哥，當我們公佈第二季度的業績時，您會看到聖週對第二季度的正面影響。

But, again, the main impact will be in Mexico. So in NOLAD. Trends are getting better in all the geography. But we still see a volatile consumption environment.

但主要影響仍將在墨西哥發生。在 NOLAD 也是如此。各地區的趨勢都在好轉。但我們仍然看到消費環境不穩定。

And that's why, as Luis and Mariano mentioned before, we've been very prudent in terms of our pricing strategy. We've been as aggressive as possible in terms of promotions because to build a sustainable business for the long term: traffic is key.

正如 Luis 和 Mariano 之前提到的，這就是為什麼我們在定價策略方面非常謹慎。我們在促銷方面盡可能積極，因為要建立長期可持續發展的業務：流量是關鍵。

This is a business of volume. So we are very focused in keeping as many customers as possible visiting us instead of any other player in the region.

這是一項規模型業務。因此，我們非常注重讓盡可能多的客戶訪問我們，而不是該地區的任何其他參與者。

Part of the things that I think explain why the QSR industry could be more impacted than other industries in the region in this consumer environment is the seasonality of our business compared with other ones. But obviously, you can have different opinions related with this.

我認為，在這種消費環境下，快餐業比該地區其他行業受到的影響更大，部分原因在於我們的業務與其他行業相比具有季節性。但顯然，你可以對此有不同的看法。

The good thing for us is when we -- where we have information, public information, from some of our peers, we compare our results with them. And, for example, in the case of Mexico, we did much better than our competitors in that market.

對我們來說，好處是當我們從一些同行那裡獲得資訊、公開資訊時，我們會將我們的結果與他們進行比較。例如，在墨西哥，我們在該市場的表現比競爭對手好得多。

In the case of Brazil, we were close to them in terms of comparable sales, but we gained share because we are opening restaurants and some of our competitors are closing restaurants. So I think that we continue to believe that we have a position of strength to see our business evolving in coming quarters and coming years.

就巴西而言，我們在可比銷售額方面與他們接近，但我們獲得了市場份額，因為我們正在開設餐廳，而我們的一些競爭對手正在關閉餐廳。因此我認為，我們仍然相信我們有能力看到我們的業務在未來幾季和未來幾年內不斷發展。

Great. I think we've reached the end of the Q&A session, with no additional questions in the queue.

偉大的。我想我們已經到了問答環節的結束，沒有其他問題了。

Thanks to everyone for your interest in Arcos Dorados and for joining today's webcast. We look forward to speaking with you again in the middle of August on our second-quarter 2025 earnings webcast.

感謝大家對 Arcos Dorados 的關注以及參加今天的網路直播。我們期待在 8 月中旬的 2025 年第二季收益網路廣播中再次與您交談。

Until then, stay safe and have a great day.

在此之前，請保持安全並度過美好的一天。