<p>阿科斯多拉多斯（Arcos Dorados）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
<p>阿科斯多拉多斯最新的财报电话会议气氛乐观，管理层详细介绍了强劲的收入增长、创纪录的第一季度盈利能力以及现金生成的显著好转。尽管承认巴西面临的销量压力、成本挑战和一些一次性利好，管理层强调在定价、成本和资本配置上的严格执行，认为结构性改善超过了短期挑战。</p>
<h2>顶线增长和创纪录的季度收入</h2>
<p>总收入同比增长约 13%，超过 12 亿美元，标志着阿科斯多拉多斯首次在第一季度突破这一门槛。管理层将这一增长归因于强劲的系统可比销售和有利的货币变动，强调尽管在关键拉美市场存在宏观不确定性，需求依然强劲。</p>
<h2>强劲的可比销售表现</h2>
<p>系统可比销售同比增长约 16%，主要得益于多个国家平均消费额的提高和客流量的改善。公司强调在价格、产品组合和顾客数量之间实现了平衡增长，表明其价值主张在消费者面临生活成本压力时依然具有吸引力。</p>
<h2>最高的第一季度调整后 EBITDA</h2>
<p>调整后 EBITDA 达到约 1.18 亿至 1.19 亿美元，为美元计价的第一季度最高水平，综合利润率扩大了 120 个基点。管理层强调，这一表现反映了商业实力和成本效率，使企业能够更好地应对未来的销量或输入成本波动。</p>
<h2>调整后自由现金流的好转</h2>
<p>截至 3 月 31 日的 12 个月内，调整后自由现金流从前期的负 300 万美元转为接近 1.1 亿美元。改善归因于更强的运营结果和更严格的资本管理，为公司提供了更多的投资和股东友好行动的灵活性。</p>
<h2>成本和一般管理费用的利润率改善</h2>
<p>综合利润率的扩大主要得益于食品和纸张成本改善约 60 个基点，以及一般管理费用占销售比例降低的另 60 个基点。管理层将这一增长归功于重组努力和严格的成本管理，同时指出，维持这些节省将是关键，因为工资和占用压力依然存在。</p>
<h2>区域部门的强劲表现 — SLAD 和巴西</h2>
<p>在 SLAD 部门，美元计价的结果显示出稳健的增长，EBITDA 利润率扩大约 120 个基点。巴西的调整后 EBITDA 在美元计价中增长超过 20%，利润率增加约 30 个基点，达到 12.7%，尽管近期销量疲软，但仍巩固了其作为公司主要利润引擎的角色。</p>
<h2>数字化和忠诚度的势头</h2>
<p>数字渠道，包括移动应用、外卖和自助点餐亭，增长约 21%，占系统销售的约 64%。忠诚会员激增 62%，达到约 3000 万用户，推动活跃会员的访问频率提升 20% 至 25%，加深了客户在网络中的参与度。</p>
<h2>严格的资本支出和门店增长效率</h2>
<p>资本支出从去年同期的 4880 万美元降至 3680 万美元，尽管公司新开了 19 家餐厅，包括 13 家独立单位。管理层强调，由于更高效的格式和执行，单店平均投资降低，反映出对回报的更严格关注，而非单纯的扩张。</p>
<h2>运营足迹和市场地位</h2>
<p>阿科斯多拉多斯新增 19 家餐厅，同时保持约 70% 的公司自营和 30% 的子特许经营比例不变。该集团报告称市场份额持续增长，品牌指标更强，指出巴西的访问份额达到了自 2022 年以来的最高水平，这是长期竞争力的关键指标。</p>
<h2>巴西短期销量压力</h2>
<p>尽管财务指标强劲，管理层指出，自 3 月中旬以来，巴西餐厅的销量显著放缓，行业客流量下降中到高个位数。可比销售在季度初仍面临压力，促使公司采取针对性措施以重新吸引客流，同时不影响品牌的盈利能力。</p>
<h2>NOLAD 利润率疲软</h2>
<p>NOLAD 部门面临利润率压缩，排除特定特许经营和餐厅交易的收入后，EBITDA 利润率下降约 40 个基点。管理层指出，工资和其他运营成本是暂时去杠杆的驱动因素，尽管他们将这些问题视为在更广泛的公司背景下可控。</p>
<h2>工资和占用成本压力</h2>
<p>在巴西和 NOLAD，工资支出占收入的比例上升，反映出区域内小时工资和最低工资的提高。占用和其他运营成本也有所上升，强调了在结构性成本通胀持续的情况下，继续提高生产力以保护利润率的必要性。</p>
<h2>一次性贡献掩盖基础结果</h2>
<p>第一季度调整后 EBITDA 包含约 580 万美元来自特许经营者和餐厅交易的收入，分布在 SLAD 和 NOLAD 之间。管理层承认，这些一次性项目提升了报告的利润率，可能不会重复，鼓励投资者在评估利润动能时关注基础趋势。</p>
<h2>食品成本动态和牛肉价格不确定性</h2>
<p>食品和纸张成本，尤其是在巴西，得到了改善，并成为近期利润率扩张的关键驱动因素，得益于更有利的牛肉趋势。然而，管理层表示，由于全球需求变化可能重新点燃牛肉价格波动，前景仍然谨慎乐观，这强调了有序的菜单定价和采购的重要性。</p>
<h2>货币和通胀的细微差别</h2>
<p>报告的美元收入受益于包括巴西雷亚尔和墨西哥比索在内的几种当地货币的升值。然而，阿根廷和委内瑞拉继续经历货币贬值和高通胀，造成了一个复杂的背景，使得表面数据可能掩盖当地货币表现的差异。</p>
<h2>行政和一般管理改善部分源于重组</h2>
<p>行政和一般管理费用占销售的比例降低，反映了去年重组和持续效率举措带来的节省。管理层指出，进一步的努力将是必要的，以维持这些收益，因为一次性遣散费和重组费用并非完全可重复，系统中仍然存在其他结构性成本压力。</p>
<h2>前瞻性指导和展望</h2>
<p>展望 2026 年，Arcos Dorados 旨在维持收入增长，同时提高盈利能力，并保持调整后的自由现金流为正，净杠杆大致稳定。管理层强调第二季度开局强劲，计划每年对约 10% 的门店进行现代化改造，以实现 90% 的未来体验渗透率，并继续关注有序定价、资本支出效率和谨慎管理食品成本。</p>
<p>Arcos Dorados 的财报电话会议描绘了一幅公司在强劲增长和利润提升与现实成本和销量阻力之间取得平衡的图景。随着第一季度创纪录的 EBITDA、显著的自由现金流反弹和加速的数字参与，管理层认为该特许经营在结构上更强大，投资者将关注巴西的趋势和成本通胀在今年剩余时间内是否保持可控。</p>

ARCO

<p>Arcos Dorados 报告了创纪录的第一季度业绩，收入超过 12 亿美元，同比增长 13%。调整后的 EBITDA 达到 1.18 亿至 1.19 亿美元，为第一季度的最高水平。尽管巴西面临销量压力，公司强调可比销售增长强劲，达 16%，现金流改善至近 1.1 亿美元。数字销售激增 21%，忠诚会员数量增加 62%。然而，管理层指出，3 月后巴西餐饮业的销量放缓，预示着未来的挑战</p>

<p>Arcos Dorados ((ARCO)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>阿科斯多拉多斯（Arcos Dorados）已召开其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Arcos Dorados’ latest earnings call struck an upbeat tone as management detailed robust revenue growth, record first‑quarter profitability and a sharp turnaround in cash generation. While acknowledging volume pressure in Brazil, cost headwinds and some one‑time tailwinds, executives emphasized disciplined execution on pricing, costs and capital allocation, arguing that structural improvements outweigh near‑term challenges.</p>
<div class="lb-trans"><p>阿科斯多拉多斯最新的财报电话会议气氛乐观，管理层详细介绍了强劲的收入增长、创纪录的第一季度盈利能力以及现金生成的显著好转。尽管承认巴西面临的销量压力、成本挑战和一些一次性利好，管理层强调在定价、成本和资本配置上的严格执行，认为结构性改善超过了短期挑战。</p>
</div><h2>Top-Line Growth and Record Quarterly Revenue</h2>
<div class="lb-trans"><h2>顶线增长和创纪录的季度收入</h2>
</div><p>Total revenue climbed about 13% year over year to more than $1.2 billion, marking the first time Arcos Dorados crossed that threshold in a first quarter. Management linked the gain to strong systemwide comparable sales and favorable currency moves, underscoring that demand held up despite macro uncertainty in key Latin American markets.</p>
<div class="lb-trans"><p>总收入同比增长约 13%，超过 12 亿美元，标志着阿科斯多拉多斯首次在第一季度突破这一门槛。管理层将这一增长归因于强劲的系统可比销售和有利的货币变动，强调尽管在关键拉美市场存在宏观不确定性，需求依然强劲。</p>
</div><h2>Strong Comparable Sales Performance</h2>
<div class="lb-trans"><h2>强劲的可比销售表现</h2>
</div><p>Systemwide comparable sales rose roughly 16% versus the prior year, powered primarily by higher average check with improving traffic trends in several countries. The company highlighted balanced growth between price, mix and guest counts, suggesting its value proposition remains compelling even as consumers face cost‑of‑living pressures.</p>
<div class="lb-trans"><p>系统可比销售同比增长约 16%，主要得益于多个国家平均消费额的提高和客流量的改善。公司强调在价格、产品组合和顾客数量之间实现了平衡增长，表明其价值主张在消费者面临生活成本压力时依然具有吸引力。</p>
</div><h2>Highest First-Quarter Adjusted EBITDA</h2>
<div class="lb-trans"><h2>最高的第一季度调整后 EBITDA</h2>
</div><p>Adjusted EBITDA reached about $118–$119 million, the highest first‑quarter level in U.S. dollars, and consolidated margin expanded by 120 basis points. Management stressed that this performance reflects both commercial strength and cost efficiencies, positioning the business to better absorb future volatility in volumes or input costs.</p>
<div class="lb-trans"><p>调整后 EBITDA 达到约 1.18 亿至 1.19 亿美元，为美元计价的第一季度最高水平，综合利润率扩大了 120 个基点。管理层强调，这一表现反映了商业实力和成本效率，使企业能够更好地应对未来的销量或输入成本波动。</p>
</div><h2>Adjusted Free Cash Flow Turnaround</h2>
<div class="lb-trans"><h2>调整后自由现金流的好转</h2>
</div><p>Over the 12 months ended March 31, adjusted free cash flow swung to nearly $110 million from a negative $3 million in the prior period. The improvement was attributed to stronger operating results and tighter capital discipline, giving the company more flexibility for investment and shareholder‑friendly actions.</p>
<div class="lb-trans"><p>截至 3 月 31 日的 12 个月内，调整后自由现金流从前期的负 300 万美元转为接近 1.1 亿美元。改善归因于更强的运营结果和更严格的资本管理，为公司提供了更多的投资和股东友好行动的灵活性。</p>
</div><h2>Margin Improvements from Cost and G&amp;A Actions</h2>
<div class="lb-trans"><h2>成本和一般管理费用的利润率改善</h2>
</div><p>Consolidated margin expansion was driven by roughly 60 basis points of improvement in food and paper costs and another 60 basis points from lower G&amp;A as a share of sales. Executives credited restructuring efforts and disciplined cost management for the gains, while noting that sustaining these savings will be critical as wage and occupancy pressures persist.</p>
<div class="lb-trans"><p>综合利润率的扩大主要得益于食品和纸张成本改善约 60 个基点，以及一般管理费用占销售比例降低的另 60 个基点。管理层将这一增长归功于重组努力和严格的成本管理，同时指出，维持这些节省将是关键，因为工资和占用压力依然存在。</p>
</div><h2>Regional Division Strength — SLAD and Brazil</h2>
<div class="lb-trans"><h2>区域部门的强劲表现 — SLAD 和巴西</h2>
</div><p>In the SLAD division, U.S.‑dollar results showed solid growth and EBITDA margins expanded by about 120 basis points. Brazil stood out with more than 20% adjusted EBITDA growth in U.S. dollars and a roughly 30‑basis‑point margin increase to 12.7%, reinforcing its role as the company’s key profit engine despite recent volume softness.</p>
<div class="lb-trans"><p>在 SLAD 部门，美元计价的结果显示出稳健的增长，EBITDA 利润率扩大约 120 个基点。巴西的调整后 EBITDA 在美元计价中增长超过 20%，利润率增加约 30 个基点，达到 12.7%，尽管近期销量疲软，但仍巩固了其作为公司主要利润引擎的角色。</p>
</div><h2>Digital and Loyalty Momentum</h2>
<div class="lb-trans"><h2>数字化和忠诚度的势头</h2>
</div><p>Digital channels, including the mobile app, delivery and self‑ordering kiosks, expanded around 21% and represented about 64% of systemwide sales. Loyalty membership surged 62% to roughly 30 million users, driving a 20–25% boost in visit frequency among active members and deepening customer engagement across the network.</p>
<div class="lb-trans"><p>数字渠道，包括移动应用、外卖和自助点餐亭，增长约 21%，占系统销售的约 64%。忠诚会员激增 62%，达到约 3000 万用户，推动活跃会员的访问频率提升 20% 至 25%，加深了客户在网络中的参与度。</p>
</div><h2>Disciplined CapEx and Store Growth Efficiency</h2>
<div class="lb-trans"><h2>严格的资本支出和门店增长效率</h2>
</div><p>Capital expenditures fell to $36.8 million from $48.8 million a year earlier, even as the company increased new openings to 19 restaurants, including 13 freestanding units. Management highlighted lower average investment per store thanks to more efficient formats and execution, reflecting a sharper focus on returns rather than sheer expansion.</p>
<div class="lb-trans"><p>资本支出从去年同期的 4880 万美元降至 3680 万美元，尽管公司新开了 19 家餐厅，包括 13 家独立单位。管理层强调，由于更高效的格式和执行，单店平均投资降低，反映出对回报的更严格关注，而非单纯的扩张。</p>
</div><h2>Operational Footprint and Market Position</h2>
<div class="lb-trans"><h2>运营足迹和市场地位</h2>
</div><p>Arcos Dorados added 19 restaurants while keeping its roughly 70% company‑operated and 30% sub‑franchised split intact. The group reported continued market‑share gains and stronger brand metrics, noting that visit share in Brazil reached its highest level since 2022, a key indicator for long‑term competitive strength.</p>
<div class="lb-trans"><p>阿科斯多拉多斯新增 19 家餐厅，同时保持约 70% 的公司自营和 30% 的子特许经营比例不变。该集团报告称市场份额持续增长，品牌指标更强，指出巴西的访问份额达到了自 2022 年以来的最高水平，这是长期竞争力的关键指标。</p>
</div><h2>Short-Term Volume Pressure in Brazil</h2>
<div class="lb-trans"><h2>巴西短期销量压力</h2>
</div><p>Despite strong financial metrics, management flagged a notable slowdown in Brazil’s restaurant volumes after mid‑March, with industry traffic down mid‑ to high‑single digits. Comparable sales remained under pressure early in the quarter, prompting targeted initiatives aimed at recapturing traffic without undermining the brand’s profitability focus.</p>
<div class="lb-trans"><p>尽管财务指标强劲，管理层指出，自 3 月中旬以来，巴西餐厅的销量显著放缓，行业客流量下降中到高个位数。可比销售在季度初仍面临压力，促使公司采取针对性措施以重新吸引客流，同时不影响品牌的盈利能力。</p>
</div><h2>NOLAD Margin Weakness</h2>
<div class="lb-trans"><h2>NOLAD 利润率疲软</h2>
</div><p>The NOLAD division faced margin compression, and excluding income from specific franchise and restaurant transactions, EBITDA margin declined by about 40 basis points. Executives cited payroll and other operating costs as drivers of temporary deleverage, though they characterized the issues as manageable within the broader company context.</p>
<div class="lb-trans"><p>NOLAD 部门面临利润率压缩，排除特定特许经营和餐厅交易的收入后，EBITDA 利润率下降约 40 个基点。管理层指出，工资和其他运营成本是暂时去杠杆的驱动因素，尽管他们将这些问题视为在更广泛的公司背景下可控。</p>
</div><h2>Payroll and Occupancy Cost Pressure</h2>
<div class="lb-trans"><h2>工资和占用成本压力</h2>
</div><p>Payroll expenses increased as a percentage of revenue in both Brazil and NOLAD, reflecting higher hourly wages and minimum‑wage hikes across the region. Occupancy and other operating costs also ticked higher, underscoring the need for continued productivity gains to protect margins as structural cost inflation persists.</p>
<div class="lb-trans"><p>在巴西和 NOLAD，工资支出占收入的比例上升，反映出区域内小时工资和最低工资的提高。占用和其他运营成本也有所上升，强调了在结构性成本通胀持续的情况下，继续提高生产力以保护利润率的必要性。</p>
</div><h2>One-Time Contributions Masking Underlying Results</h2>
<div class="lb-trans"><h2>一次性贡献掩盖基础结果</h2>
</div><p>First‑quarter adjusted EBITDA included about $5.8 million in income from franchisee and restaurant transactions, split between SLAD and NOLAD. Management acknowledged that these one‑off items boosted reported margins and may not repeat, encouraging investors to focus on underlying trends when assessing profit momentum.</p>
<div class="lb-trans"><p>第一季度调整后 EBITDA 包含约 580 万美元来自特许经营者和餐厅交易的收入，分布在 SLAD 和 NOLAD 之间。管理层承认，这些一次性项目提升了报告的利润率，可能不会重复，鼓励投资者在评估利润动能时关注基础趋势。</p>
</div><h2>Food Cost Dynamics and Beef Price Uncertainty</h2>
<div class="lb-trans"><h2>食品成本动态和牛肉价格不确定性</h2>
</div><p>Food and paper costs, especially in Brazil, improved and were a key driver of recent margin expansion, aided by more favorable beef trends. Still, management described the outlook as cautiously optimistic given the potential for global demand shifts to reignite beef price volatility, reinforcing the importance of disciplined menu pricing and procurement.</p>
<div class="lb-trans"><p>食品和纸张成本，尤其是在巴西，得到了改善，并成为近期利润率扩张的关键驱动因素，得益于更有利的牛肉趋势。然而，管理层表示，由于全球需求变化可能重新点燃牛肉价格波动，前景仍然谨慎乐观，这强调了有序的菜单定价和采购的重要性。</p>
</div><h2>Currency and Inflation Nuances</h2>
<div class="lb-trans"><h2>货币和通胀的细微差别</h2>
</div><p>Reported U.S.‑dollar revenue benefited from appreciation in several local currencies, including the Brazilian real and Mexican peso. However, Argentina and Venezuela continued to experience currency devaluation paired with high inflation, creating a complex backdrop where headline figures can mask divergent performance in local‑currency terms.</p>
<div class="lb-trans"><p>报告的美元收入受益于包括巴西雷亚尔和墨西哥比索在内的几种当地货币的升值。然而，阿根廷和委内瑞拉继续经历货币贬值和高通胀，造成了一个复杂的背景，使得表面数据可能掩盖当地货币表现的差异。</p>
</div><h2>G&amp;A Improvements Partly from Restructuring</h2>
<div class="lb-trans"><h2>行政和一般管理改善部分源于重组</h2>
</div><p>Lower G&amp;A as a share of sales reflected savings from last year’s restructuring and ongoing efficiency initiatives. Management noted that further efforts will be needed to sustain these gains, as one‑time severance and restructuring expenses are not fully recurrent and other structural cost pressures persist in the system.</p>
<div class="lb-trans"><p>行政和一般管理费用占销售的比例降低，反映了去年重组和持续效率举措带来的节省。管理层指出，进一步的努力将是必要的，以维持这些收益，因为一次性遣散费和重组费用并非完全可重复，系统中仍然存在其他结构性成本压力。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>Looking ahead to 2026, Arcos Dorados aims to sustain top‑line growth while enhancing profitability and keeping adjusted free cash flow positive, with net leverage roughly stable. Management highlighted a strong start to the second quarter, plans to modernize around 10% of the estate annually toward 90% Experience‑of‑the‑Future penetration, and a continued focus on disciplined pricing, capex efficiency and cautious management of food costs.</p>
<div class="lb-trans"><p>展望 2026 年，Arcos Dorados 旨在维持收入增长，同时提高盈利能力，并保持调整后的自由现金流为正，净杠杆大致稳定。管理层强调第二季度开局强劲，计划每年对约 10% 的门店进行现代化改造，以实现 90% 的未来体验渗透率，并继续关注有序定价、资本支出效率和谨慎管理食品成本。</p>
</div><p>Arcos Dorados’ earnings call painted a picture of a company balancing robust growth and margin gains with realistic acknowledgment of cost and volume headwinds. With record first‑quarter EBITDA, a notable free‑cash‑flow rebound and accelerating digital engagement, management argued that the franchise is structurally stronger, leaving investors to watch whether trends in Brazil and cost inflation stay manageable over the rest of the year.</p>
<div class="lb-trans"><p>Arcos Dorados 的财报电话会议描绘了一幅公司在强劲增长和利润提升与现实成本和销量阻力之间取得平衡的图景。随着第一季度创纪录的 EBITDA、显著的自由现金流反弹和加速的数字参与，管理层认为该特许经营在结构上更强大，投资者将关注巴西的趋势和成本通胀在今年剩余时间内是否保持可控。</p>
</div>

Arcos Dorados 在销量参差不齐的情况下实现了创纪录的第一季度业绩