Bbb Foods Inc (TBBB) 2024 Q3 法說會逐字稿

Good morning, everyone, and welcome. My name is Leonor and I will be your conference operator. Welcome to Tiendas Tres B third-quarter 2024 conference call. (Operator Instructions) Also, please note that this call is for investors and analysts only. Questions from the media will not be taken nor should the call be reported on.

大家早安，歡迎光臨。我的名字是 Leonor，我將擔任您的會議操作員。歡迎參加 Tiendas Tres B 2024 年第三季電話會議。（操作員說明）另請注意，本次電話會議僅針對投資者和分析師。我們不會接受媒體的提問，也不應報道這通通話。

Any forward-looking statements made during this conference call are based on information that is currently available to us.

本次電話會議期間所做的任何前瞻性陳述均基於我們目前掌握的資訊。

Today, we're joined by Tiendas Tres B's Chief Executive Officer, Anthony Hatoum; and Chief Financial Officer, Eduardo Pizzuto.

今天，Tiendas Tres B 的執行長 Anthony Hatoum 也加入了我們的行列。和財務長愛德華多·皮祖托。

I will now turn the call over to Anthony. Please go ahead.

我現在將把電話轉給安東尼。請繼續。

Good morning, everyone. And thank you for joining 3B's third-quarter 2024 earnings call. I will begin with a review of our operating results for the quarter. And Eduardo Pizzuto, our CFO, will follow me and will provide an overview of our financial performance. We will then open the floor for Q&A.

大家早安。感謝您參加 3B 2024 年第三季財報電話會議。我將首先回顧本季的營運表現。我們的財務長愛德華多·皮祖托 (Eduardo Pizzuto) 將跟隨我，並概述我們的財務表現。然後我們將開始問答環節。

I am pleased to report another strong quarter for 3B. This quarter, we opened 131 net new stores, bringing our total store count to 2,634 as of September 30. Same-store sales for the quarter grew by 11.6% year-on-year. While total revenues increased by 29.8% to reach MXN14.8 billion. Third quarter EBITDA reached MXN688 million, that is a 54% year-on-year increase. We prefer to measure cash flows on a cumulative year-to-year basis. Our quarterly numbers are available in our earnings report in the Appendix. You can expect that this number will be volatile on a quarterly basis.

我很高興地報告 3B 又一個強勁的季度。本季度，我們淨新開 131 家門市，截至 9 月 30 日，我們的門市總數達到 2,634 家。該季度同店銷售額較去年同期成長11.6%。總營收成長 29.8%，達到 148 億墨西哥比索。第三季 EBITDA 達到 6.88 億墨西哥比索，年增 54%。我們更喜歡逐年累積地衡量現金流量。我們的季度數據可在附錄中的收益報告中找到。您可以預期這個數字將按季度波動。

For the first nine months, net cash flows provided by operating activities reached approximately MXN2.3 billion or a 22.4% increase year-on-year. We ended the quarter with a net cash position of approximately MXN1.3 billion and an additional MXN2.9 billion in short-term US bank-denominated positions. In US dollar terms, our total cash position remains unchanged from the same period last year. Our rapid growth continues to be self-funded.

今年前九個月，經營活動產生的現金流量淨額達到約23億墨西哥比索，較去年同期成長22.4%。本季結束時，我們的淨現金部位約為 13 億墨西哥比索，另外還有 29 億墨西哥比索的短期美國銀行計價部位。以美元計算，我們的現金部位總額與去年同期相比保持不變。我們的快速成長繼續依靠自籌資金。

Turning to operational performance. Our store expansion is progressing strongly. As mentioned, we opened 131 net new stores in the third quarter of 2024. That makes 346 net new stores if we look at the first nine months of this year. Last year, for the same nine month period, we opened 243 stores. So this is a 42% increase versus last year. Regarding guidances that we shared on store openings in the range of 380 to 420, we will solidly meet them for 2024.

轉向營運績效。我們的商店擴張進展順利。如前所述，我們在 2024 年第三季淨開設了 131 家新店。如果我們看看今年的前 9 個月，這意味著淨新開 346 家商店。去年，在同一個 9 個月期間，我們開設了 243 家商店。因此，這比去年增加了 42%。關於我們分享的關於開設 380 至 420 家門市的指導意見，我們將在 2024 年堅定地實現這些目標。

Moving on to revenue and gross margins. Total revenue grew by 29.8% year-on-year for the quarter. This was driven by an increase in same-store sales of 11.6% and the contributions from new stores opened in the last 24 months. Our gross profit margins compared to the same quarter last year remained flat at 15.8%. Efficiencies from scaling up were passed to price to the benefit of our customers.

接下來是營收和毛利率。該季度總營收年增29.8%。這是由同店銷售額成長 11.6% 以及過去 24 個月新開店的貢獻所推動的。我們的毛利率與去年同期相比持平，為 15.8%。擴大規模的效率被傳遞到價格上，以造福我們的客戶。

3B continues to offer the market's best value for money in the products we sell. It's one of the key drivers of our success.

3B 繼續在我們銷售的產品中提供市場上最具性價比的產品。這是我們成功的關鍵驅動力之一。

I'll now pass the mic to Eduardo.

現在我將把麥克風傳給 Eduardo。

Thank you, Anthony. Good morning, everyone. Our SG&A as a percentage of total revenue decreased by 51 basis points year-over-year from 13.9% to 13.4%. Expenses as a percentage of revenue is an important metric for us. We look at it constantly to ensure a downward trend. This reflects our ongoing efforts to optimize expenses.

謝謝你，安東尼。大家早安。我們的 SG&A 佔總營收的百分比年減 51 個基點，從 13.9% 降至 13.4%。費用佔收入的百分比對我們來說是一個重要指標。我們不斷關注它以確保下降趨勢。這反映了我們不斷努力優化費用。

We have seen a notable increase in our EBITDA of 54% from MXN447 million to MXN688 million or an increase of 73 basis points. This increase was driven by our sales growth and our operational efficiency. I remind you that we do not manage our business with an EBITDA goal in mind. EBITDA for us is a consequence of meeting revenues, product contribution margin, and lower cost as a percentage of sales subjectives.

我們的 EBITDA 顯著成長了 54%，從 4.47 億墨西哥比索增加到 6.88 億墨西哥比索，即增加了 73 個基點。這一成長是由我們的銷售成長和營運效率所推動的。我提醒您，我們在管理業務時並未考慮 EBITDA 目標。對我們來說，EBITDA 是滿足收入、產品邊際貢獻和較低成本佔銷售主觀百分比的結果。

We continue to generate significant amount of cash from changes in negative working capital. In Q3 2024, our days in favor continue to be consistent with historical trends. As of September 30, 2024, adjusted negative working capital was 10.3% of total revenue, reflecting our operational efficiency and the strength of our business model.

我們繼續從負營運資本的變化中產生大量現金。2024 年第三季度，我們的有利日子繼續與歷史趨勢一致。截至2024年9月30日，調整後的負營運資本佔總營收的10.3%，反映了我們的營運效率和業務模式的優勢。

I'd like to remind, as Anthony mentioned at the beginning, we continue to be self-funded despite 42% increase in store openings versus last year and opening two distribution centers.

我想提醒一下，正如安東尼在開頭提到的那樣，儘管與去年相比，開店數量增加了 42%，並開設了兩個配送中心，但我們仍繼續自籌資金。

I will now turn the microphone back to Anthony for closing remarks.

現在我將把麥克風轉回給安東尼，讓他致閉幕詞。

Thank you, all, once again for joining us today. I'll leave you with the following thoughts.

再次感謝大家今天加入我們。我將留給您以下想法。

Very strong store openings in line with guidance. Very strong growth in sales. And very healthy same-store sales growth. Very healthy improvement in cost as a percentage of sales as planned. Cash generation allows us to continue to fully self-fund ourselves and our growth. We continue to do the same, just better and faster. And we are very excited for what's coming up next.

符合指導的非常強勁的商店開業。銷售成長非常強勁。同店銷售成長非常健康。按計劃，成本佔銷售額的百分比得到了非常健康的改善。現金產生使我們能夠繼續完全自籌資金並實現我們的發展。我們繼續做同樣的事情，只是更好更快。我們對接下來發生的事情感到非常興奮。

We'll now start the Q&A session. So please go ahead, operator.

我們現在開始問答環節。所以，請繼續，操作員。

Thank you. We will now conduct a Q&A session with Anthony Hatoum and Eduardo Pizzuto. (Operator Instructions)

謝謝。我們現在將與 Anthony Hatoum 和 Eduardo Pizzuto 進行問答環節。（操作員說明）

I just want to extend my gratitude to our investors and analysts for your continued support and confidence in our strategy. And if you have any further questions, please don't hesitate to reach out to us.

我只想向我們的投資者和分析師表示感謝，感謝你們對我們策略的持續支持和信心。如果您還有任何其他問題，請隨時與我們聯絡。

Bob Ford.

鮑伯福特。

Hi. It's Bob Ford at BAC, Bank of America Corp. Hi Anthony. Hi Eduardo. Congratulations on the quarter and thank you for taking my questions. There was a sequential gross margin decline and simultaneously, kind of a step-up in operating leverage that was bigger than trend, right? And I was curious, what was behind each of those numbers?

你好。我是美國銀行 BAC 的鮑伯福特。嗨，愛德華多。恭喜本季度，感謝您回答我的問題。毛利率持續下降，同時營運槓桿率的上升幅度大於趨勢，對吧？我很好奇，每個數字背後是什麼？

And then what proportion of the store base has a Neto in the trade area? And how has that Neto value proposition behaved over the last few months? And then lastly, Anthony, you made a couple of references to the pace of growth, right? You're annualizing nearly 500 units a year, and it appears you appear well above guidance. And I was wondering how we should think about the pace of new store openings for 2025. Thank you.

那麼貿易區內有內託的商店基地比例是多少呢？Neto 的價值主張在過去幾個月表現如何？最後，安東尼，你提到了一些成長速度，對吧？您每年的年產量接近 500 台，而且您的產量似乎遠高於指導值。我想知道我們應該如何考慮 2025 年新店開幕的速度。謝謝。

Bob, hi. Let's start with the question about gross margin changes. Last quarter, you'll recall that our gross margin was 16.7%, and somebody on that call asked me whether that's the trend.

鮑勃，嗨。讓我們從毛利率變動的問題開始。上個季度，您會記得我們的毛利率是 16.7%，電話會議上有人問我這是否是趨勢。

Yeah.

是的。

And I replied, this is a number that's a consequence of a lot of individual decisions that we make on pricing, and you shouldn't see much into it as a trend because this number is going to fluctuate quarter-to-quarter. And what we're seeing here is exactly that. Nothing has changed in our strategy. We continue to price product by product to maximize volumes and peso-operating profit. So what you see here is a consequence of what we did over the last two quarters.

我回答說，這個數字是我們在定價方面做出的許多個人決策的結果，你不應該將其視為一種趨勢，因為這個數字會按季度波動。我們在這裡看到的正是這樣的。我們的策略沒有任何改變。我們繼續對產品進行定價，以最大限度地提高產量和比索營業利潤。所以你在這裡看到的是我們過去兩個季度所做的事情的結果。

Today, on your question -- you asked several questions, but one of the questions was Neto and other competitors. And let me say that with regards to Neto, today, we have about 1,500 Netos next to our existing stores. And what you're seeing is exactly our current performance continues to be extremely strong. So we welcome all the competition and we're very confident that our value proposition is stronger than most. And what we're doing is the right thing in terms of offering the best value for money to our customers and therefore, attracting more customers, increasing the number of transactions, and increasing the amount of items that customers are buying from us over time.

今天，關於你的問題——你問了幾個問題，但其中一個問題是內托和其他競爭對手。我要說的是，關於 Neto，今天，我們現有的商店旁邊有大約 1,500 個 Netos。您所看到的正是我們當前的表現仍然非常強勁。因此，我們歡迎所有競爭，並且我們非常有信心我們的價值主張比大多數競爭者更強。我們正在做的事情是正確的，為我們的客戶提供最物有所值的服務，從而吸引更多的客戶，增加交易數量，並隨著時間的推移增加客戶從我們這裡購買的商品數量。

You asked a question about real estate too.

您也問了有關房地產的問題。

Bob, if I'm not mistaken, you asked about operating leverage. Is that right?

鮑勃，如果我沒記錯的話，您問的是經營槓桿。是這樣嗎？

Yes.

是的。

I'll take that one, Bob.

我要那個，鮑伯。

Thank you.

謝謝。

I mean, really, we've done nothing different from what we've done in the past. As you know, we continue to look at hours worked at the store level and our distribution center is really everywhere. And we'll look for ways to continue to make our operations more efficient. So that's the consequence of of those actions. So sales expenses were down versus last year. Admin expenses flat versus last year. And as you know, the explanation there is that we continue to make investments in talent, mainly, across the board. That also has to do with the additional number of distribution centers, the personnel on regional headquarters. And we also have public company expenses now. But that is what has been driving mostly our operating leverage.

我的意思是，實際上，我們所做的事情與過去沒有什麼不同。如您所知，我們繼續關注商店層面的工作時間，而我們的配送中心確實無處不在。我們將尋找繼續提高營運效率的方法。這就是這些行動的後果。因此，銷售費用比去年有所下降。管理費用與去年持平。如您所知，解釋是我們繼續對人才進行投資，主要是全面投資。這也與配送中心數量和地區總部人員數量的增加有關。我們現在也有上市公司的開銷。但這正是我們營運槓桿的主要動力。

Last question you asked, Bob, was about the pace of store openings. We can say that we're going to solidly meet guidance. And as we believe that this market can sustain up to 20,000 3B stores over time, it's natural to think that we will be focusing on increasing the pace of store openings over time. But for now, I'll say that we're very comfortable in meeting guidance.

鮑勃，你問的最後一個問題是關於開店的速度。我們可以說我們將堅決滿足指導意見。由於我們相信隨著時間的推移，這個市場可以維持多達 20,000 家 3B 商店，因此很自然地認為我們將專注於隨著時間的推移加快開店速度。但現在，我想說的是，我們對滿足指導意見感到非常滿意。

That makes perfect sense. And then Anthony, the question on Neto is really more about the reports of financial difficulty in the affiliates. There's some noise among suppliers that maybe they're having difficulty paying suppliers, and some suppliers are refusing to ship. And I was just curious if you're seeing that or any evidence of that at the point of sale in those 1,500 overlapping locations.

這是完全有道理的。然後安東尼，關於內託的問題實際上更多的是關於附屬公司財務困難的報告。供應商之間有一些聲音稱，他們可能難以向供應商付款，而且一些供應商拒絕發貨。我只是好奇您是否在這 1,500 個重疊地點的銷售點看到了這一點或任何相關證據。

It's very hard to tease out a Neto effect from what is a very strong trend in our same-store sales and the way a store performs in general. But I think, pragmatically, if you walk into a 3B and then you walk into a Neto, you can see for yourself where the customer will prefer to shop. And I'll leave it at that.

很難從同店銷售的強勁趨勢和商店的整體表現中找出內托效應。但我認為，務實地說，如果你走進 3B，然後走進 Neto，你可以親眼看到顧客更喜歡在哪裡購物。我就這樣吧。

Understood. Thank you so much. And again, congratulations on the quarter.

明白了。太感謝了。再次恭喜本季的業績。

Thank you, Bob.

謝謝你，鮑伯。

Thank you.

謝謝。

Alvaro Garcia.

阿爾瓦羅·加西亞.

Hi. Can you hear me?

你好。你聽得到我嗎？

Yes, Alvaro.

是的，阿爾瓦羅。

Perfect. Alvaro Garcia from BTG Pactual. Two questions. The first one on your cash balance. Even in a quarter with 130 store openings, you're not burning cash. And I know you're focused on growth. But I was wondering what the long-term outlook for dividends might be or if there's any sort of change in the speech on that front? That's my first question.

完美的。BTG Pactual 的阿爾瓦羅·加西亞。兩個問題。您現金餘額上的第一個。即使一個季度新開 130 家商店，您也不會燒錢。我知道你專注於成長。但我想知道股息的長期前景可能是什麼，或者這方面的演講是否有任何變化？這是我的第一個問題。

Okay. Alvaro, I think it's way too early to talk about dividends. But I think anybody who's modeled this business knows that eventually, there is a significant cash generated. And then the question would be what's the wise thing to do with this excess cash. And if it's dividends, so be it. But I'll leave it at that for now.

好的。阿爾瓦羅，我認為現在談論股息還為時過早。但我認為任何對這項業務進行過建模的人都知道，最終會產生大量現金。那麼問題是如何處理這些多餘的現金才是明智之舉。如果是股息，那就這樣吧。但我暫時就這樣吧。

Okay. And then my second question is on the spaghetti chart. You know, we haven't seen it in a couple of quarters, but I was just wondering if you can maybe give an update on the productivity of the newer stores. I know that they're maybe a bit larger in size, but any sort of color on productivity readings from stores open over the last 24 months would be very helpful.

好的。然後我的第二個問題是關於義大利麵圖表的。您知道，我們已經有幾個季度沒有看到這種情況了，但我只是想知道您是否可以提供有關新商店生產力的最新資訊。我知道它們的尺寸可能稍大一些，但過去 24 個月內開業的商店的生產力讀數的任何顏色都會非常有幫助。

You're right about the spaghetti chart in that we refresh it once a year. And we'll do so in Q4. But all I can leave you with is that all our vintages continue to perform very solidly. And the trend that we've seen with newer vintages doing strongly continues. So, nothing new to report on that front. It seems to be business as usual.

您對義大利麵圖表的看法是正確的，因為我們每年刷新一次。我們將在第四季這樣做。但我能告訴您的是，我們所有年份的葡萄酒都繼續表現強勁。我們所看到的新年份酒的強勁趨勢仍在繼續。因此，在這方面沒有什麼新的報道。一切似乎一切如常。

Okay. That's great to hear. I'll leave it there. Thank you very much, gentlemen. Congrats on the quarter.

好的。很高興聽到這個消息。我會把它留在那裡。非常感謝你們，先生們。恭喜本季。

Thank you, Alvaro.

謝謝你，阿爾瓦羅。

Joseph Giordano.

約瑟夫·佐丹奴.

Everyone, hello, Antony, Eduardo. This is Joe Giordano, JPMorgan. Thanks for taking my question. I'll put my question in a few pieces. So first, we did see the company accelerated while the market actually accelerated. So my question to you, maybe trying to resonate the spaghetti chart, but trying to look into the quarterly trends, trying to break down the same-store sales between ticket and traffic. Just to try to understand how more Mexicans are seeing higher value proposition into 3B stores.

大家好，安東尼，愛德華多。我是摩根大通的喬佐丹奴。感謝您提出我的問題。我將把我的問題分成幾個部分。首先，我們確實看到公司加速，而市場實際上也在加速。所以我問你的問題，也許是試圖引起義大利麵圖表的共鳴，但試圖研究季度趨勢，試圖分解門票和流量之間的同店銷售。只是想了解更多的墨西哥人如何在 3B 商店中看到更高的價值主張。

The second question, going back to the gross margin, and we understand that that fluctuates on a quarterly basis. It really depends on mix and commercial stance from both you and the competition. I just wanted to understand where we should be anchoring the normalized level when we look at a 12-month, 18-month basis. So if we could assume that the 2023 levels would be the levels, going forward, as the normalized basis.

第二個問題，回到毛利率，我們知道毛利率是按季度波動。這實際上取決於您和競爭對手的組合和商業立場。我只是想了解，當我們以 12 個月、18 個月為基礎時，我們應該將標準化水準錨定在哪裡。因此，如果我們可以假設 2023 年的水準將成為未來的標準化基礎。

Last but not least, looking at the expansion, as you flagged, you're comfortable into the guidance for this year. I think on seasonality, probably, it suggests that you could naturally beat the guidance this year. But looking into the quarter, what I wanted to understand is how can we reconcile this high SG&A leverage, right? So it was a quite important number for that. And the store openings throughout the quarter, just to understand how relevant those new stores were to revenues or if we could assume that eventually, it could have an even higher operating leverage if those stores were opened earlier into the quarter. Thank you very much.

最後但並非最不重要的一點是，正如您所指出的那樣，看看擴張，您對今年的指導感到滿意。我認為就季節性而言，這可能表明今年你自然可以超越指導。但展望本季度，我想了解的是我們如何調和如此高的 SG&A 槓桿，對嗎？所以這是一個非常重要的數字。整個季度的新店開業情況，只是為了了解這些新店與收入的相關性，或者我們是否可以假設，如果這些商店在本季早些時候開業，最終可能會獲得更高的營運槓桿。非常感謝。

Hey Joe. How are you? Let me start with the first question around what's happening with the tickets. And this is what I'd share with you. What we've seen over time is that the number of tickets, the number of transactions has increased notably. The average ticket size has increased healthily. And this despite having year-over-year prices that are completely flat in our case. And for me, that's a very good indication of very healthy and strong performance.

嘿喬。你好嗎？讓我從第一個問題開始，關於門票的情況。這就是我要與您分享的內容。隨著時間的推移，我們看到門票數量、交易數量顯著增加。平均門票金額健康成長。儘管在我們的情況下，同比價格完全持平。對我來說，這是非常健康和強勁表現的一個很好的跡象。

On the matter of gross margins and again, your question of what would be the trend over time. Here's the challenge that I pose to everybody. Yes, I can show, we can show a higher percentage gross margin. And then it might drop in another quarter. And the question is what happened to sales. As you know, we are constantly trading off price versus sales, versus peso margin gained. And we are always optimizing for this peso margin gains and for volumes. So believe me, if you see a decrease in gross margin, we've only done it because we believe we're better off on a volume basis and on a sales basis. Otherwise, it would not make sense to do it.

關於毛利率問題，你的問題是隨著時間的推移趨勢會是什麼。這是我向每個人提出的挑戰。是的，我可以展示，我們可以展示更高的毛利率百分比。然後它可能會在另一個季度下降。問題是銷售發生了什麼變化。如您所知，我們不斷地在價格與銷售額以及獲得的比索利潤之間進行權衡。我們一直在優化比索利潤和銷售。所以相信我，如果你看到毛利率下降，我們這樣做只是因為我們相信我們在數量和銷售額的基礎上都做得更好。否則，這樣做就沒有意義。

And I repeat, how we do it is, again, we don't have a gross margin target. We are basically looking at SKU by SKU. And optimizing pricing for that SKU to maximize what I just said which are unit volumes and peso margin. So modeling, of course, requires you to put a stake in the ground and say, what's the margin going to be over time. And you might recall from previous conversations, we've always said, in our models, we keep our gross margin flat forever. And so I'll leave you with that. At some point, one has to pick a number and model it forever, and that's what we've done internally.

我再說一遍，我們的做法是，我們沒有毛利率目標。我們基本上是按 SKU 來查看。並優化該 SKU 的定價，以最大限度地提高我剛才所說的單位銷售和比索利潤。因此，建模當然需要你在地上放一根木樁，然後說，隨著時間的推移，利潤會是多少。您可能還記得在先前的談話中，我們總是說，在我們的模型中，我們永遠保持毛利率不變。那我就把這個留給你了。在某些時候，人們必須選擇一個數字並對其進行永久建模，而這就是我們內部所做的。

There were two more questions on --

還有兩個問題--

You had one more question. If you don't mind repeating that last one in terms of guidance, in terms of expansion, store expansion?

你還有一個問題。如果您不介意在指導、擴張、商店擴張方面重複最後一項？

Just to try to understand how are the openings are spread out throughout the quarter. Just to try to reconcile this better-than-expected operating leverage versus the contribution of those stores. Because eventually, maybe some stores were really backloaded or had the expense but not the benefit of sales. So eventually, the operating leverage would be eventually higher than that. And Anthony, if you could kind of help us break down the same-store sales between traffic and ticket, it would be amazing. Thank you very much.

只是想了解職缺在整個季度的分佈。只是為了平衡好於預期的營運槓桿與這些商店的貢獻。因為最終，也許有些商店真的積壓了，或者有費用但沒有銷售的好處。因此，最終，營運槓桿最終會高於這個數字。安東尼，如果你能幫助我們細分客流量和門票之間的同店銷售額，那就太好了。非常感謝。

Let's answer real estate for a second. We would love that our real estate teams are producing stores on a very regular basis that are flat. And we'd rather not see any fluctuations in number of store openings month to month. But the reality is that this is a very dynamic market and things happen in some months faster than others. And you see higher numbers of stores in one month and lower in another. So for me to tell you with certainty what the number is going to be on a quarter-to-quarter basis is always a tough call. And we'd rather just stick to our numbers on an annual basis. Are you going to see a significant increase in the next quarter? I would say no. You will see a healthy increase, but nothing that is going to say, wow, everything has been bunched in the last quarter of the year. So I'm not sure if I answered your question. But this is how I'd look at things.

讓我們先回答一下房地產問題。我們希望我們的房地產團隊能夠定期建造平坦的商店。我們不希望看到每月開店數量有任何波動。但現實是，這是一個非常活躍的市場，有些事情發生的速度比其他月份要快。您會發現某個月的商店數量較多，而另一個月的商店數量較少。因此，對我來說，準確地告訴大家每季的數字始終是個艱難的決定。我們寧願堅持每年的數字。您會在下個季度看到大幅成長嗎？我會說不。你會看到健康的成長，但沒有什麼可以說的，哇，所有的東西都在今年最後一個季度集中了。所以我不確定我是否回答了你的問題。但這就是我看待事物的方式。

And with that same view, Joe, it would be tough to answer the question on operating leverage for Q4 specifically, as you're talking about. But overall, as you've seen on a yearly basis, we continue to strive for operating leverage, particularly on sales expenses.

喬，出於同樣的觀點，很難具體回答您所說的有關第四季度營運槓桿的問題。但總體而言，正如您每年所看到的那樣，我們繼續努力提高營運槓桿，特別是在銷售費用方面。

You had one more question about tickets and traffic, Joe?

喬，您還有一個關於門票和交通的問題嗎？

Yeah. Just if you could help us break down the contribution of ticket and traffic to same-store sales. I know you guys typically don't break that info, but that's a valuable information.

是的。如果您能幫助我們分解門票和流量對同店銷售的貢獻就好了。我知道你們通常不會破壞這些訊息，但這是一個有價值的訊息。

Yeah, I know it's valuable. But as you said, we don't go down into that level of details. But I will just repeat what I said before. I think the bulk is coming from a strong increase in transactions, then followed by a good increase in ticket size. And as I said, this is despite seeing no price increases quarter-to-quarter. When we look at our average item price last quarter from Q3 2023 versus Q3 2024, it's flattish.

是的，我知道它很有價值。但正如您所說，我們不會深入探討這一細節。但我會重複我之前說過的話。我認為大部分來自交易量的強勁增長，然後是門票規模的大幅增長。正如我所說，儘管價格沒有按季度上漲。當我們查看上季 2023 年第三季與 2024 年第三季的平均商品價格時，發現價格持平。

Perfect. Thank you.

完美的。謝謝。

Thank you, Joe.

謝謝你，喬。

Andrew Ruben.

安德魯魯本.

Hi. Andrew Ruben from Morgan Stanley. Thanks for the questions. I'd like to dig in a bit on the comments around elasticity. So you mentioned the reinvestments in price. And I'm curious, when you make those changes at a product level, do you tend to see the uplift immediately or is it something that takes consumers time to see? And do you tend to see the benefit of higher sales at the product level over a period of weeks or months? I think that would be helpful to understand.

你好。摩根士丹利的安德魯魯本。感謝您的提問。我想深入探討一下有關彈性的評論。所以你提到了價格的再投資。我很好奇，當你在產品層面做出這些改變時，你會立即看到提升，還是需要消費者花一些時間才能看到？您是否傾向於在幾週或幾個月內看到產品層面更高銷售額的好處？我認為這將有助於理解。

And then second, we've seen industry sales decelerate and in difficult economic times, maybe you see trade down to Tiendas Tres B, but trying to understand the cadence with which that happens. Over the short term, do you see yourself more leveraged to decelerating industry trends? Or at what point do you start to see an uplift from trade down into the channel? Any color on those points would be very helpful.

其次，我們看到行業銷售減速，在經濟困難時期，也許您會看到 Tiendas Tres B 的貿易下降，但試圖了解這種情況發生的節奏。從短期來看，您是否認為自己能夠更好地應對產業趨勢放緩的情況？或者什麼時候你開始看到交易上升進入通道？這些點上的任何顏色都會非常有幫助。

Sure thing. I'm very glad you asked the question about the lag in terms of when you change a price, when do you see the effect of it. And I'm going to tell you, it's all over the place. Some categories respond immediately and some categories respond literally over three quarters. And we'll see the impact just continuing to develop over a much longer period of time.

當然可以。我很高興您提出了有關延遲的問題，即當您更改價格時，何時會看到其效果。我要告訴你，到處都有。有些類別會立即做出反應，而有些類別的反應實際上會超過四分之三。我們將看到其影響在更長的時間內持續發展。

So sometimes, it's a little bit tricky when you're looking at things quarter-to-quarter where you see, for example, an impact on gross margin. And then you basically look at your dollar contribution in terms of margins, and you don't immediately see within the quarter an impact. That is mostly what will happen when you're doing price changes on categories which have that lag I'm talking about.

因此，有時，當您逐季度查看情況時，例如對毛利率的影響，會有點棘手。然後，您基本上會根據利潤率來查看您的美元貢獻，並且您不會立即在本季度內看到影響。當您對具有我所說的滯後的類別進行價格變化時，主要會發生這種情況。

More so highlighted if you're doing it in the third month of the quarter and then basically, it spills over into the next quarter. So don't be surprised if you see some of that happening.

更重要的是，如果你在本季的第三個月這樣做，然後基本上，它會蔓延到下一個季度。因此，如果您看到其中一些情況發生，請不要感到驚訝。

In terms of your second question on what's happening in the market. Yes, we've heard that the consumer might be feeling some tightness in terms of their wallet. We haven't seen any of this in 3B. We continue to perform very strongly. And if you've seen the trends versus (inaudible) in terms of same-store sales, we seem to be rebuffing the tendency.

關於你的第二個問題，市場正在發生什麼事。是的，我們聽說消費者可能會覺得錢包有些緊張。我們在 3B 中沒有看到這些。我們持續表現強勁。如果您已經看到了同店銷售方面的趨勢與（聽不清楚），我們似乎正在拒絕這種趨勢。

And so do you see that people are switching over to Tres B, it's probably happening. We have no way of measuring exactly how much and how fast. But all we can see is the number of transactions going up. And we have to guess some of that is taking place plus you add to that that our value proposition is continuously improving. So that has another effect. And there's a ton of effects that explain the continued strength of Tres B and this is probably one of them. But what we found in the past is that once you become a Tres B customer, you're very sticky. And so when things get better, if that's the case, that things have gotten worse, then we're very unlikely to lose that customer.

所以你看到人們正在轉向 Tres B，這可能正在發生。我們無法準確測量數量和速度。但我們所能看到的只是交易數量的上升。我們必須猜測其中一些正在發生，再加上我們的價值主張正在不斷改進。所以這還有另一個效果。有許多效應可以解釋 Tres B 的持續強度，這可能是其中之一。但我們過去發現，一旦你成為 Tres B 客戶，你的黏性就非常大。因此，當情況變得更好時，如果情況確實如此，情況變得更糟，那麼我們就不太可能失去該客戶。

Great. That's helpful color. Thanks, Anthony.

偉大的。這是有用的顏色。謝謝，安東尼。

Sure thing.

當然可以。

Thanks, Andrew.

謝謝，安德魯。

Hector Maya.

赫克托·瑪雅.

Hector, are you there?

赫克托，你在嗎？

Operator, if Hector is not connecting, let's leave until the next slot.

接線員，如果赫克托沒有接通，我們就離開，直到下一個時段。

Daniela Bretthauer.

丹妮拉·布雷托爾。

Daniela, we heard you a little bit and then you cut up.

丹妮拉，我們聽了你一會兒，然後你就掛斷了。

Sorry. Can you hear me now?

對不起。現在你能聽到我說話嗎？

Perfect.

完美的。

Yeah. Thank you so much for taking my question. Daniela with HSBC. Question for Eduardo. Can you just help us understand? I saw that your cash position in US dollar-denominated was MXN2,964 million. So almost 7% higher sequentially. But the FX gain was lower like MXN300 million versus MXN210 million. So I was wondering if there was any change in the FX instrument or where you're -- the level that you are at. Because I actually calculated that you should have had a bigger gain in Q3. And how should we think about this FX gain for Q4? So that's my first question.

是的。非常感謝您回答我的問題。匯豐銀行的丹妮拉。問愛德華多的問題。你能幫我們理解一下嗎？我看到你們的美元現金部位為 29.64 億墨西哥比索。因此比上一季成長了近 7%。但外匯收益較低，為 3 億墨西哥比索，而為 2.1 億墨西哥比索。所以我想知道外匯工具或你所處的水平是否有任何變化。因為我實際上計算過，你在第三季應該有更大的收益。我們該如何看待第四季的外匯收益？這是我的第一個問題。

Hi Daniela. Yeah, thank you. I'll make it more simple, if we look at it in US dollars. So what we have, the IPO proceeds after paying off the promissory notes, etcetera, the balance was $170 million. We have, in those short-term deposits, around $150 million, and the balances -- our daily balance in that US account that we have. Nothing has changed really. It's been increasing with interest. But that's it. We have not transferred any of that cash to the operation in Mexico.

嗨丹妮拉。是的，謝謝。如果我們以美元來衡量的話，我會讓事情變得更簡單。所以我們所得到的，在還清期票等後，IPO 的資金餘額為 1.7 億美元。在這些短期存款中，我們有大約 1.5 億美元，還有餘額——我們在美國帳戶中的每日餘額。一切都沒有真正改變。它隨著興趣的增加而增加。但僅此而已。我們尚未將任何現金轉移到墨西哥的業務。

Okay. Thanks.

好的。謝謝。

For Q4, just to your second question, for Q4, assume the same thing. We continue to be self-funded and we will not be making transfer to the operation.

對於 Q4，就你的第二個問題而言，對於 Q4，假設同樣的事情。我們將繼續自籌資金，不會將資金轉移到營運中。

Okay. So the same amount and then --

好的。所以同樣的數量然後--

Correct.

正確的。

Use whatever FX we have. Okay, thanks. And then I just want to follow up and I know this has been asked multiple times today, but maybe just ask it in a different way. Have you seen the need to reinvest more in prices to drive sales, less bonus from suppliers, or any specific change? Because we are still trying to understand how the margin went from record high to flat and whether the accumulated margin, which is 16.3%, maybe that's like the level that we should use in our forecast. So maybe help us guide as to what level should we use in our forecast.

使用我們擁有的任何外匯。好的，謝謝。然後我只想跟進，我知道今天已經多次詢問這個問題，但也許只是以不同的方式詢問。您是否看到需要在價格上進行更多再投資以推動銷售、減少供應商的獎金或任何具體的變化？因為我們仍在試圖了解利潤率是如何從歷史高點變為持平的，以及累積利潤率（16.3%）是否是我們在預測中應該使用的水平。因此，也許可以幫助我們指導我們在預測中應該使用什麼水平。

Okay. Again, back to the very tricky question of reality versus modeling. Where in reality, we've explained how we price on -- I'm going to say on a continuous basis because this is not an exercise, a one-time exercise. But it's something that, in the company, we are continuously elasticity-testing our products and we're continuously optimizing price levels and continuously making decisions if the leverage we're getting from scale and the efficiencies we've been getting from scale by just becoming bigger together with our suppliers, whether it gets translated into a gross margin number that, as we've all seen, fluctuates or whether it goes into price. And then as Andrew correctly pointed out, it's a reaction in terms of sales, whether it's immediate or with a lag.

好的。再次回到現實與建模這個非常棘手的問題。實際上，我們已經解釋了我們如何定價——我要說的是持續的定價，因為這不是一項練習，一次一次性的練習。但在公司裡，我們不斷地對我們的產品進行彈性測試，我們不斷地優化價格水平，並不斷地做出決策，如果我們從規模中獲得的槓桿作用以及我們從規模中獲得的效率只是通過與我們的供應商一起變得更大，無論是轉化為我們都看到的波動的毛利率數字，還是價格。然後，正如安德魯正確指出的那樣，這是銷售方面的反應，無論是立即的還是滯後的。

And that's the reality. And we only do that because we believe that this is the right thing to do, and it's driving our value proposition improvements over time. And that in turn is driving same-store sales that continue to be very healthy. And in terms of that scale, so it's this virtual cycle that makes us extremely competitive in the market.

這就是現實。我們這樣做只是因為我們相信這是正確的做法，隨著時間的推移，它正在推動我們的價值主張改進。這反過來又推動了同店銷售的持續健康發展。就規模而言，正是這種虛擬循環使我們在市場上極具競爭力。

And now we flip to how do we model this, which is very dynamic and would be highly complex to put in an Excel spreadsheet. And the way we've handled it internally is very simply. We've made an assumption on what a typical sales curve for our store is, and when a new store opens. And you've seen the improvements in store, every vintage is getting stronger and better in terms of where they start and how their sales curve performs. Steeper, therefore, breaks even faster.

現在我們轉向如何對此進行建模，這是非常動態的，並且放入 Excel 電子表格會非常複雜。我們內部處理這個問題的方式非常簡單。我們對我們商店的典型銷售曲線以及新店開業時間做出了假設。您已經看到了商店的改進，每個年份的葡萄酒在起點和銷售曲線表現方面都變得越來越強勁和更好。因此，越陡，斷裂得越快。

And we've assumed the sales curve for a given gross margin. And so you cannot unlink one from the other. At least, when we look at it, we don't. So if you put a lower gross margin, then you must change your sales curve and make it a steeper and higher sales curve. One goes in hand with the other.

我們假設了給定毛利率的銷售曲線。因此您無法取消其中一個與另一個的連結。至少，當我們看到它時，我們不這麼認為。因此，如果你設定較低的毛利率，那麼你必須改變你的銷售曲線，使其成為更陡峭、更高的銷售曲線。一者齊頭並進。

Unfortunately, I'm not going to put a number on the table. But all I'm going to say is whatever number you pick in terms of your model of gross margin, just make sure that the sales curve that you put for each store that opens makes sense at that level. And you can look at historic trends and basically say, this makes sense and you can assume that this improve over time. And that would be my recommendation in terms of how to look at it.

不幸的是，我不會透露具體數字。但我要說的是，無論您在毛利率模型中選擇什麼數字，只要確保您為每家新開店設定的銷售曲線在該水平上有意義即可。你可以查看歷史趨勢，基本上會說，這是有道理的，你可以假設這種情況會隨著時間的推移而改善。這就是我關於如何看待它的建議。

Thank you. That's very helpful and detailed.

謝謝。這是非常有幫助和詳細的。

Hector Maya. Hector, I think we can't hear you.

赫克托·瑪雅.赫克托，我想我們聽不到你的聲音。

Hector, if you want to send your questions in writing, we'll try to answer them.

Hector，如果您想以書面形式發送問題，我們會盡力回答。

[Luis Martinez]

[路易斯·馬丁內斯]

Luis, you're on mute.

路易斯，你處於靜音狀態。

Yeah. It was a mistake. I'm sorry. It was a mistake.

是的。這是一個錯誤。對不起。這是一個錯誤。

Please go ahead.

請繼續。

No, I don't have any question. It was a mistake for me.

不，我沒有任何問題。這對我來說是一個錯誤。

Okay. No problem.

好的。沒問題。

Santiago Alvarez Bringas.

聖地亞哥·阿爾瓦雷斯·布林加斯。

Hello. This is Santiago Alvarez Bringas with Summit Management. Congratulations on the outstanding growth on store openings and strong same-store sales growth. We can see the strong ramp-up in CapEx to sustain the new store growth. Can you help us understand more about the unit economics around the cost of a new store? And any color on the timing about its representation on the financial statements? And going forward, is there any sweet spot in defining the size of CapEx as a percentage of cash flow or any other metric? Thanks.

你好。我是 Summit Management 的 Santiago Alvarez Bringas。恭喜新店開張率的優異成長和同店銷售的強勁成長。我們可以看到資本支出的強勁成長以維持新店的成長。您能幫助我們更了解新店成本的單位經濟效益嗎？其在財務報表中的表達時間有何不同嗎？展望未來，將資本支出規模定義為現金流量或任何其他指標的百分比是否有任何最佳點？謝謝。

Santiago, hi. Thank you for your question. First off, in unit economics, there's a fairly detailed slide on our perspective that talks about our target unit economics. It describes what happens in the first three years of a store. And we also talk about the target CapEx which is MXN3.9 million per store. And we also talk about the cash-on-cash. So I would encourage you to look at that slide and that's the target and that's where we continue to be at today. That was your first question.

聖地亞哥，嗨。謝謝你的提問。首先，在單位經濟學方面，有一張相當詳細的投影片從我們的角度討論了我們的目標單位經濟學。它描述了商店前三年發生的情況。我們也討論了目標資本支出，每家商店 390 萬墨西哥比索。我們也討論了現金支付。因此，我鼓勵您看一下這張投影片，這就是我們的目標，也是我們今天繼續努力的方向。這是你的第一個問題。

And your second question was about, if I understood correctly, is there a sweet spot in terms of CapEx as a percentage of sales? Was that correct?

你的第二個問題是，如果我理解正確的話，資本支出佔銷售額的百分比是否有最佳點？這是正確的嗎？

That's what I heard.

這就是我聽到的。

Okay.

好的。

Yeah, as a percentage of sales for cash flow.

是的，現金流量佔銷售額的百分比。

We don't really look at CapEx as a percentage of sales or by that metric. For us, really, it's a consequence. What I can tell you is that we, and as you've seen our track record, we reinvest everything back into growth. Meaning that this year, as you've seen, our guidance is 380 to 420 new stores. So we want to open as many stores as possible. So we reinvest everything back into it. So there's really no guidance today or a sweet spot, as you call it, in terms of CapEx as a percentage of sales or as a percentage of cash flows. So that's pretty much our view.

我們並不真正將資本支出視為銷售額的百分比或該指標。對我們來說，這確實是一個結果。我可以告訴你的是，正如你所看到的，我們將一切重新投入成長。這意味著，正如您所看到的，今年我們的目標是開設 380 至 420 家新店。所以我們想開盡可能多的商店。因此，我們將所有資金重新投入其中。因此，就資本支出佔銷售額的百分比或現金流量的百分比而言，目前確實沒有指導或最佳點（如您所說）。這就是我們的觀點。

Thank you very much.

非常感謝。

(inaudible)

（聽不清楚）

Yes. Hi. (inaudible) Gentlemen, could you please take some time and talk more broadly about your relationship with the suppliers? Just sort of with a long-term perspective. There's the price aspect, the non-price aspect, right? As you gain scale, you are negotiating with them. Just longer term, how do you think about that relationship? They are not necessarily exclusive with you guys, right? Are they selling online these days? Just generally how you think about that relationship from a long-term perspective?

是的。你好。（聽不清楚）先生們，您能花點時間更廣泛地談談您與供應商的關係嗎？只是有點長遠的眼光。有價格方面，也有非價格方面，對嗎？當你擴大規模時，你正在與他們談判。從長遠來看，您如何看待這種關係？他們不一定是你們獨有的，對吧？現在他們在網路上銷售嗎？您一般如何從長遠角度看待這段關係？

Hi [Jin]. I'm going to start with a very high level answer to your question. There is absolutely no doubt that as you get bigger and you scale, your relationship with the suppliers of any kind gets better. And you can get better terms on everything that you're buying. And then you need to break it down into two groups. One are the traditional FMCG companies with whom we have an excellent relationship. Our relationships and what we do with them has been improving continuously over time in terms of what we offer our customers coming out of these traditional FMCG companies; and the value proposition that, through their products, we're able to offer to our customers.

你好[斤]。我將從一個非常高水平的答案開始回答你的問題。毫無疑問，隨著您的規模不斷擴大，您與任何類型供應商的關係都會變得更好。而且您購買的所有商品都可以獲得更好的條款。然後你需要將其分成兩組。其中之一是與我們有著良好關係的傳統快速消費品公司。隨著時間的推移，我們的關係以及我們與他們的合作一直在不斷改善，為這些傳統快速消費品公司的客戶提供服務；以及我們能夠透過他們的產品向客戶提供的價值主張。

And then the second group are our suppliers who supply our private label products. And these all started as small- and medium-sized companies. And over the course of the last 15 years, have grown at the same pace that we've grown at. And today, they're not so small and not so medium anymore.

第二組是我們的供應商，他們提供我們的自有品牌產品。這些都是中小型公司起家的。在過去 15 年裡，我們的成長速度與我們相同。如今，它們不再那麼小，也不再那麼中等。

And with them, the relationship, let's say, is deeper. With them, we do significant planning ahead of time. We work very closely with one very clear objective in mind, which is to bring our products with the best value proposition to our customers. And again, scale plays a huge role in being able to achieve these efficiencies for both. So, again, this is all planned way ahead of time. We work very closely with all our suppliers. And the objective is super clear, just make sure that every year you have the supply and what you're supplying is the best possible product for the price.

可以說，與他們的關係更加深厚。與他們一起，我們提前做了重要的規劃。我們密切合作，牢記一個非常明確的目標，即為客戶提供具有最佳價值主張的產品。同樣，規模對於實現雙方的效率發揮巨大作用。所以，這一切都是事先規劃好的。我們與所有供應商密切合作。目標非常明確，只需確保每年都有供應，並且您提供的產品是價格上最好的產品。

Got it. Thank you.

知道了。謝謝。

Alvaro Garcia.

阿爾瓦羅·加西亞.

There you go. Thanks for the follow-up. I really appreciate it. Alvaro Garcia from BTG Pactual. Just two follow-ups. One, sort of housekeeping on the diluted share count which you provided, which is great to see. Eduardo, if you can maybe give some color on what's in that and what's not in that. I'm assuming sort of the non-vested shares are not in there. But any color there would be greatly appreciated.

就這樣吧。感謝您的跟進。我真的很感激。來自 BTG Pactual 的阿爾瓦羅·加西亞。只有兩個後續。一，對您提供的稀釋後股份數量進行整理，這很高興看到。Eduardo，您能否對其中包含哪些內容以及不包含哪些內容提供一些說明。我假設其中不存在某種非歸屬股份。但任何顏色都會受到極大的讚賞。

And then the second question sort of more on top line dynamics. In 3Q specifically, there was a lot of rain, right, there was a lot of rain. And we've seen a lot of commentary on a big shift towards the traditional channel. But I'm curious as to how the rain impacted demand for you. Because technically, you're in a walking distance and I'm not sure if the rain was a good thing or a bad thing for Tres B. So any comments there would be helpful. Thank you.

第二個問題更多的是關於營收動態。具體到第三季度，雨很大，對，雨很大。我們看到了很多關於向傳統管道的重大轉變的評論。但我很好奇這場雨對你們的需求有何影響。因為從技術上講，您就在步行距離之內，而且我不確定下雨對 Tres B 來說是好事還是壞事。謝謝。

Hi Alvaro. So on the share count, what's included this quarter, we included the options that could potentially be converted. These have to do with those options that are both in the money and vested. And this has to do with our accounting team utilizing IAS 33. So going back to the norm -- just not to get into a lot of details right now, it's based on IAS 33, but it's basically the options that are vested and the money. That was your first question.

嗨阿爾瓦羅。因此，在本季的股票計數中，我們包括了可能轉換的選擇權。這些都與那些既是金錢又是既得利益的選擇權有關。這與我們的會計團隊使用 IAS 33 有關。所以回到常態——只是現在不討論很多細節，它是基於 IAS 33，但基本上是既定的選擇權和資金。這是你的第一個問題。

And then your second question was on the effect of rain during the quarter, and was that good or bad?

那麼你的第二個問題是關於本季降雨的影響，是好是壞？

Tough question to answer. Rain does have an impact. People have a tendency not to go shopping when it's raining here. But net-net, no, we haven't seen any significant impact of that.

很難回答的問題。下雨確實有影響。這裡下雨時人們傾向於不去購物。但是，網絡，不，我們還沒有看到任何重大影響。

Great. Thank you.

偉大的。謝謝。

We will pause for further questions.

我們將暫停進一步提問。

Did we receive Hector Maya's questions?

我們收到赫克托·瑪雅的問題了嗎？

Yeah. Hector, we have questions from you.

是的。赫克托，我們有你的問題。

Let me start off. You're asking on gross margin -- we'll start off with the second one. Just wanted to understand if something there can also be related to higher prices from suppliers with a weaker peso. Also to see how you're thinking on the pricing strategy of a weak peso creates certain pressure on how gradually would you pass this to the consumers. And if you could roughly share the percentage of cost of goods directly or indirectly in dollars through suppliers or imports, that would be great.

讓我開始吧。你問的是毛利率——我們將從第二個開始。只是想了解是否也與比索疲軟的供應商的更高價格有關。另外，看看您如何考慮弱勢比索的定價策略，這會對您如何逐漸將其傳遞給消費者產生一定的壓力。如果您可以透過供應商或進口直接或間接以美元大致分攤商品成本的百分比，那就太好了。

Let me answer this, Hector. This is not the first time we've gone through a peso weakness period. And you're absolutely right to say that behind the scenes, if you go a couple of layers in terms of looking at manufacturing costs, a lot of items are dollarized. So you will eventually see the impact of a weaker peso and increasing peso costs.

讓我來回答這個問題，赫克托。這並不是我們第一次經歷比索疲軟時期。你說的是絕對正確的，在幕後，如果你從製造成本的角度進行幾層考察，你會發現很多物品都是美元化的。因此，您最終會看到比索貶值和比索成本增加的影響。

And then comes the million-dollar question of how fast do these increases get passed on to the consumer. And if I just look at history, what I've seen is that phenomenon takes anywhere between 8 and 18 months to happen. And once it's been passed on, you basically are back to where you were before with -- you know, as if it never happened, the trends continue and you catch up to what the trend was. That's been our experience in terms of seeing peso weakness.

接下來的一個價值數百萬美元的問題是，這些成長以多快的速度傳遞給消費者。如果我回顧一下歷史，我發現這種現象需要 8 到 18 個月的時間才會發生。一旦它被傳承下去，你基本上就會回到之前的狀態——你知道，就好像它從未發生過一樣，趨勢仍在繼續，你趕上了趨勢。這是我們看到比索疲軟的經驗。

Second questions? No, that's it. That was the only question.

第二個問題？不，就是這樣。這是唯一的問題。

We will pause for any further questions.

我們將暫停回答任何進一步的問題。

Operator, do we have any more questions from anybody?

接線員，還有其他問題嗎？

Okay. Well, again, thank you to our investors and to the analysts that are covering us. And as always, we're very happy to answer all your questions. Please feel free to reach out to us at any time. Thank you again very much.

好的。再次感謝我們的投資者和關注我們的分析師。一如既往，我們非常樂意回答您的所有問題。請隨時與我們聯繫。再次非常感謝您。

That concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。