<p>阿科斯多拉多斯（Arcos Dorados）已召開其第一季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領導者的投資組合，使用智能投資者精選</li>
</ul>
<p>阿科斯多拉多斯最新的財報電話會議氣氛樂觀，管理層詳細介紹了強勁的收入增長、創紀錄的第一季度盈利能力以及現金生成的顯著好轉。儘管承認巴西面臨的銷量壓力、成本挑戰和一些一次性利好，管理層強調在定價、成本和資本配置上的嚴格執行，認為結構性改善超過了短期挑戰。</p>
<h2>頂線增長和創紀錄的季度收入</h2>
<p>總收入同比增長約 13%，超過 12 億美元，標誌着阿科斯多拉多斯首次在第一季度突破這一門檻。管理層將這一增長歸因於強勁的系統可比銷售和有利的貨幣變動，強調儘管在關鍵拉美市場存在宏觀不確定性，需求依然強勁。</p>
<h2>強勁的可比銷售表現</h2>
<p>系統可比銷售同比增長約 16%，主要得益於多個國家平均消費額的提高和客流量的改善。公司強調在價格、產品組合和顧客數量之間實現了平衡增長，表明其價值主張在消費者面臨生活成本壓力時依然具有吸引力。</p>
<h2>最高的第一季度調整後 EBITDA</h2>
<p>調整後 EBITDA 達到約 1.18 億至 1.19 億美元，為美元計價的第一季度最高水平，綜合利潤率擴大了 120 個基點。管理層強調，這一表現反映了商業實力和成本效率，使企業能夠更好地應對未來的銷量或輸入成本波動。</p>
<h2>調整後自由現金流的好轉</h2>
<p>截至 3 月 31 日的 12 個月內，調整後自由現金流從前期的負 300 萬美元轉為接近 1.1 億美元。改善歸因於更強的運營結果和更嚴格的資本管理，為公司提供了更多的投資和股東友好行動的靈活性。</p>
<h2>成本和一般管理費用的利潤率改善</h2>
<p>綜合利潤率的擴大主要得益於食品和紙張成本改善約 60 個基點，以及一般管理費用佔銷售比例降低的另 60 個基點。管理層將這一增長歸功於重組努力和嚴格的成本管理，同時指出，維持這些節省將是關鍵，因為工資和佔用壓力依然存在。</p>
<h2>區域部門的強勁表現 — SLAD 和巴西</h2>
<p>在 SLAD 部門，美元計價的結果顯示出穩健的增長，EBITDA 利潤率擴大約 120 個基點。巴西的調整後 EBITDA 在美元計價中增長超過 20%，利潤率增加約 30 個基點，達到 12.7%，儘管近期銷量疲軟，但仍鞏固了其作為公司主要利潤引擎的角色。</p>
<h2>數字化和忠誠度的勢頭</h2>
<p>數字渠道，包括移動應用、外賣和自助點餐亭，增長約 21%，佔系統銷售的約 64%。忠誠會員激增 62%，達到約 3000 萬用户，推動活躍會員的訪問頻率提升 20% 至 25%，加深了客户在網絡中的參與度。</p>
<h2>嚴格的資本支出和門店增長效率</h2>
<p>資本支出從去年同期的 4880 萬美元降至 3680 萬美元，儘管公司新開了 19 家餐廳，包括 13 家獨立單位。管理層強調，由於更高效的格式和執行，單店平均投資降低，反映出對回報的更嚴格關注，而非單純的擴張。</p>
<h2>運營足跡和市場地位</h2>
<p>阿科斯多拉多斯新增 19 家餐廳，同時保持約 70% 的公司自營和 30% 的子特許經營比例不變。該集團報告稱市場份額持續增長，品牌指標更強，指出巴西的訪問份額達到了自 2022 年以來的最高水平，這是長期競爭力的關鍵指標。</p>
<h2>巴西短期銷量壓力</h2>
<p>儘管財務指標強勁，管理層指出，自 3 月中旬以來，巴西餐廳的銷量顯著放緩，行業客流量下降中到高個位數。可比銷售在季度初仍面臨壓力，促使公司採取針對性措施以重新吸引客流，同時不影響品牌的盈利能力。</p>
<h2>NOLAD 利潤率疲軟</h2>
<p>NOLAD 部門面臨利潤率壓縮，排除特定特許經營和餐廳交易的收入後，EBITDA 利潤率下降約 40 個基點。管理層指出，工資和其他運營成本是暫時去槓桿的驅動因素，儘管他們將這些問題視為在更廣泛的公司背景下可控。</p>
<h2>工資和佔用成本壓力</h2>
<p>在巴西和 NOLAD，工資支出佔收入的比例上升，反映出區域內小時工資和最低工資的提高。佔用和其他運營成本也有所上升，強調了在結構性成本通脹持續的情況下，繼續提高生產力以保護利潤率的必要性。</p>
<h2>一次性貢獻掩蓋基礎結果</h2>
<p>第一季度調整後 EBITDA 包含約 580 萬美元來自特許經營者和餐廳交易的收入，分佈在 SLAD 和 NOLAD 之間。管理層承認，這些一次性項目提升了報告的利潤率，可能不會重複，鼓勵投資者在評估利潤動能時關注基礎趨勢。</p>
<h2>食品成本動態和牛肉價格不確定性</h2>
<p>食品和紙張成本，尤其是在巴西，得到了改善，併成為近期利潤率擴張的關鍵驅動因素，得益於更有利的牛肉趨勢。然而，管理層表示，由於全球需求變化可能重新點燃牛肉價格波動，前景仍然謹慎樂觀，這強調了有序的菜單定價和採購的重要性。</p>
<h2>貨幣和通脹的細微差別</h2>
<p>報告的美元收入受益於包括巴西雷亞爾和墨西哥比索在內的幾種當地貨幣的升值。然而，阿根廷和委內瑞拉繼續經歷貨幣貶值和高通脹，造成了一個複雜的背景，使得表面數據可能掩蓋當地貨幣表現的差異。</p>
<h2>行政和一般管理改善部分源於重組</h2>
<p>行政和一般管理費用佔銷售的比例降低，反映了去年重組和持續效率舉措帶來的節省。管理層指出，進一步的努力將是必要的，以維持這些收益，因為一次性遣散費和重組費用並非完全可重複，系統中仍然存在其他結構性成本壓力。</p>
<h2>前瞻性指導和展望</h2>
<p>展望 2026 年，Arcos Dorados 旨在維持收入增長，同時提高盈利能力，並保持調整後的自由現金流為正，淨槓桿大致穩定。管理層強調第二季度開局強勁，計劃每年對約 10% 的門店進行現代化改造，以實現 90% 的未來體驗滲透率，並繼續關注有序定價、資本支出效率和謹慎管理食品成本。</p>
<p>Arcos Dorados 的財報電話會議描繪了一幅公司在強勁增長和利潤提升與現實成本和銷量阻力之間取得平衡的圖景。隨着第一季度創紀錄的 EBITDA、顯著的自由現金流反彈和加速的數字參與，管理層認為該特許經營在結構上更強大，投資者將關注巴西的趨勢和成本通脹在今年剩餘時間內是否保持可控。</p>

ARCO

<p>Arcos Dorados 報告了創紀錄的第一季度業績，收入超過 12 億美元，同比增長 13%。調整後的 EBITDA 達到 1.18 億至 1.19 億美元，為第一季度的最高水平。儘管巴西面臨銷量壓力，公司強調可比銷售增長強勁，達 16%，現金流改善至近 1.1 億美元。數字銷售激增 21%，忠誠會員數量增加 62%。然而，管理層指出，3 月後巴西餐飲業的銷量放緩，預示着未來的挑戰</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）已召開其第一季度財報電話會議。以下是會議的主要亮點。</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>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領導者的投資組合，使用智能投資者精選</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財報電話會議氣氛樂觀，管理層詳細介紹了強勁的收入增長、創紀錄的第一季度盈利能力以及現金生成的顯著好轉。儘管承認巴西面臨的銷量壓力、成本挑戰和一些一次性利好，管理層強調在定價、成本和資本配置上的嚴格執行，認為結構性改善超過了短期挑戰。</p>
</div><h2>Top-Line Growth and Record Quarterly Revenue</h2>
<div class="lb-trans"><h2>頂線增長和創紀錄的季度收入</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>總收入同比增長約 13%，超過 12 億美元，標誌着阿科斯多拉多斯首次在第一季度突破這一門檻。管理層將這一增長歸因於強勁的系統可比銷售和有利的貨幣變動，強調儘管在關鍵拉美市場存在宏觀不確定性，需求依然強勁。</p>
</div><h2>Strong Comparable Sales Performance</h2>
<div class="lb-trans"><h2>強勁的可比銷售表現</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>系統可比銷售同比增長約 16%，主要得益於多個國家平均消費額的提高和客流量的改善。公司強調在價格、產品組合和顧客數量之間實現了平衡增長，表明其價值主張在消費者面臨生活成本壓力時依然具有吸引力。</p>
</div><h2>Highest First-Quarter Adjusted EBITDA</h2>
<div class="lb-trans"><h2>最高的第一季度調整後 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>調整後 EBITDA 達到約 1.18 億至 1.19 億美元，為美元計價的第一季度最高水平，綜合利潤率擴大了 120 個基點。管理層強調，這一表現反映了商業實力和成本效率，使企業能夠更好地應對未來的銷量或輸入成本波動。</p>
</div><h2>Adjusted Free Cash Flow Turnaround</h2>
<div class="lb-trans"><h2>調整後自由現金流的好轉</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 個月內，調整後自由現金流從前期的負 300 萬美元轉為接近 1.1 億美元。改善歸因於更強的運營結果和更嚴格的資本管理，為公司提供了更多的投資和股東友好行動的靈活性。</p>
</div><h2>Margin Improvements from Cost and G&amp;A Actions</h2>
<div class="lb-trans"><h2>成本和一般管理費用的利潤率改善</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>綜合利潤率的擴大主要得益於食品和紙張成本改善約 60 個基點，以及一般管理費用佔銷售比例降低的另 60 個基點。管理層將這一增長歸功於重組努力和嚴格的成本管理，同時指出，維持這些節省將是關鍵，因為工資和佔用壓力依然存在。</p>
</div><h2>Regional Division Strength — SLAD and Brazil</h2>
<div class="lb-trans"><h2>區域部門的強勁表現 — 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 部門，美元計價的結果顯示出穩健的增長，EBITDA 利潤率擴大約 120 個基點。巴西的調整後 EBITDA 在美元計價中增長超過 20%，利潤率增加約 30 個基點，達到 12.7%，儘管近期銷量疲軟，但仍鞏固了其作為公司主要利潤引擎的角色。</p>
</div><h2>Digital and Loyalty Momentum</h2>
<div class="lb-trans"><h2>數字化和忠誠度的勢頭</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>數字渠道，包括移動應用、外賣和自助點餐亭，增長約 21%，佔系統銷售的約 64%。忠誠會員激增 62%，達到約 3000 萬用户，推動活躍會員的訪問頻率提升 20% 至 25%，加深了客户在網絡中的參與度。</p>
</div><h2>Disciplined CapEx and Store Growth Efficiency</h2>
<div class="lb-trans"><h2>嚴格的資本支出和門店增長效率</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>資本支出從去年同期的 4880 萬美元降至 3680 萬美元，儘管公司新開了 19 家餐廳，包括 13 家獨立單位。管理層強調，由於更高效的格式和執行，單店平均投資降低，反映出對回報的更嚴格關注，而非單純的擴張。</p>
</div><h2>Operational Footprint and Market Position</h2>
<div class="lb-trans"><h2>運營足跡和市場地位</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 家餐廳，同時保持約 70% 的公司自營和 30% 的子特許經營比例不變。該集團報告稱市場份額持續增長，品牌指標更強，指出巴西的訪問份額達到了自 2022 年以來的最高水平，這是長期競爭力的關鍵指標。</p>
</div><h2>Short-Term Volume Pressure in Brazil</h2>
<div class="lb-trans"><h2>巴西短期銷量壓力</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>儘管財務指標強勁，管理層指出，自 3 月中旬以來，巴西餐廳的銷量顯著放緩，行業客流量下降中到高個位數。可比銷售在季度初仍面臨壓力，促使公司採取針對性措施以重新吸引客流，同時不影響品牌的盈利能力。</p>
</div><h2>NOLAD Margin Weakness</h2>
<div class="lb-trans"><h2>NOLAD 利潤率疲軟</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 部門面臨利潤率壓縮，排除特定特許經營和餐廳交易的收入後，EBITDA 利潤率下降約 40 個基點。管理層指出，工資和其他運營成本是暫時去槓桿的驅動因素，儘管他們將這些問題視為在更廣泛的公司背景下可控。</p>
</div><h2>Payroll and Occupancy Cost Pressure</h2>
<div class="lb-trans"><h2>工資和佔用成本壓力</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，工資支出佔收入的比例上升，反映出區域內小時工資和最低工資的提高。佔用和其他運營成本也有所上升，強調了在結構性成本通脹持續的情況下，繼續提高生產力以保護利潤率的必要性。</p>
</div><h2>One-Time Contributions Masking Underlying Results</h2>
<div class="lb-trans"><h2>一次性貢獻掩蓋基礎結果</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>第一季度調整後 EBITDA 包含約 580 萬美元來自特許經營者和餐廳交易的收入，分佈在 SLAD 和 NOLAD 之間。管理層承認，這些一次性項目提升了報告的利潤率，可能不會重複，鼓勵投資者在評估利潤動能時關注基礎趨勢。</p>
</div><h2>Food Cost Dynamics and Beef Price Uncertainty</h2>
<div class="lb-trans"><h2>食品成本動態和牛肉價格不確定性</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>食品和紙張成本，尤其是在巴西，得到了改善，併成為近期利潤率擴張的關鍵驅動因素，得益於更有利的牛肉趨勢。然而，管理層表示，由於全球需求變化可能重新點燃牛肉價格波動，前景仍然謹慎樂觀，這強調了有序的菜單定價和採購的重要性。</p>
</div><h2>Currency and Inflation Nuances</h2>
<div class="lb-trans"><h2>貨幣和通脹的細微差別</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>報告的美元收入受益於包括巴西雷亞爾和墨西哥比索在內的幾種當地貨幣的升值。然而，阿根廷和委內瑞拉繼續經歷貨幣貶值和高通脹，造成了一個複雜的背景，使得表面數據可能掩蓋當地貨幣表現的差異。</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於重組</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>行政和一般管理費用佔銷售的比例降低，反映了去年重組和持續效率舉措帶來的節省。管理層指出，進一步的努力將是必要的，以維持這些收益，因為一次性遣散費和重組費用並非完全可重複，系統中仍然存在其他結構性成本壓力。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指導和展望</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 旨在維持收入增長，同時提高盈利能力，並保持調整後的自由現金流為正，淨槓桿大致穩定。管理層強調第二季度開局強勁，計劃每年對約 10% 的門店進行現代化改造，以實現 90% 的未來體驗滲透率，並繼續關注有序定價、資本支出效率和謹慎管理食品成本。</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 的財報電話會議描繪了一幅公司在強勁增長和利潤提升與現實成本和銷量阻力之間取得平衡的圖景。隨着第一季度創紀錄的 EBITDA、顯著的自由現金流反彈和加速的數字參與，管理層認為該特許經營在結構上更強大，投資者將關注巴西的趨勢和成本通脹在今年剩餘時間內是否保持可控。</p>
</div>

Arcos Dorados 在銷量參差不齊的情況下實現了創紀錄的第一季度業績