ARCO - Earnings call transcript Q1 2021 | Arcos Dorados Holdings Inc.

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Operator

Good morning, everyone. Thank you for joining our first quarter 2021 earnings webcast. With us today are Marcelo Rabach, our Chief Executive Officer; Luis Raganato; our Chief Operating Officer; and Mariano Tannenbaum, our Chief Financial Officer. 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 on the Investors section of our website, www.arcosdorados.com/ir.

As a reminder, to better review the presentation on the webcast platform, we suggest you scroll over the upper left-hand part of the screen and click on the arrows to maximize the slides. screen. their can we function submit left-hand of conclude questions, answer on speakers side you which using the our opening will remarks, your the After the chat

I update with Before of release would to safe turning no our revise statement. will refer earnings and call the and forward-looking assume statements forward-looking Today's over obligation forward-looking you the to to harbor like make the SEC. the any call We to or reflect events following statements, I filings or new contain recent or Marcelo, statement section circumstances. to changed

In results Form certain accordance financial with non-GAAP as the results, which compared addition of found to generally report Investors results with SEC results. on reconciliation we encouraged with the unaudited are GAAP principles, to and reporting be press release financial review statements can financial financial accepted in today non-GAAP in filed X-K. the accounting these

the operation, excludes today to the discussion at division ongoing Caribbean for the Our as the country's due macroeconomic results Venezuelan well the volatility. as both consolidated of level

include reference, you. a income Venezuela, with statement, we our over earnings your For to excluding release. Marcelo, full

Marcelo Rabach

will capital sales the by quarter. growth on Luis and structure. and trends Then through for Dan, comment first profitability And review will to thanks you, take of divisional important us also dynamic the of all results will well how division our I recent operating to given Thank today's I on more quarter in as business. continue from Mariano the webcast. other investments start you you be, overview and an results. with as highlights joining our XXXX conditions the operating will

the XXXX, priorities rest of months implement quickly The were Through virus your and the we think have and other when lockdowns comparable understand will first impact did strong not we material last was began how the up review of to X XXXX. a for of XXXX. led it the the pandemic in Finally, until well. before the year To questions, first important profitability is region XX.X% remember curfews, in I middle quarter year, we to results the March take our as performance across February, our governments of restrictions. spreading our sales on

know, market you the April and of first we XXXX from action of successfully steady our business. a after As minimized our peaked pandemic We results, on decisive the in impact in last took the saw wave normalization that the proactive year.

time three. in first fourth down the XXXX a restrictions our the fact, take of since up results. at pandemic just In XXXX There the differences quarter were fourth capacity. and context year's throughout which the and restrictions Systemwide quarter ongoing Despite for operating of first quarter government-imposed first our were and this look between weeks to highlight ability of closer several by single With turned quarter are system-wide operate restaurants I comparable X.X% of let's saw our on digits performance, background, all our sales sales XXXX. included period. X year's year. positive full the that will which this impact comparable quarter last first at

X:XX all restaurants been segments. limited. the the at and targeted. around still operating are restaurants full important and the also room this X to is take least In of operating require cannot are able dayparts. our late all advantage we meaning restrictions XX% every Whereas to have way, forced night crisis. Most market, the of of all XX% year. close capacity segment currently nearly that were as last p.m. least more year, operating of as By to close sales restaurants restrictions XXX% we government at Still, rooms XX% at dining well operate as dining severely impose as peak X/X are of we First, markets dinner early

to we advantage We X a business pillars, Delivery that McDonald's adapted Second, of more have across each focused and on on core Ds competitive the enjoy guests the finding day. the Drive-thru, all significant has ways realities to the Digital. and X are with which menu ensured and ground enjoy passing

than significantly, extraordinary last and times. Our And Drive-thru improvements much customer the faster several and operational in have the adding reduced volume and platform months. and our marketing service satisfaction grown and sophistication sacrificing to are efforts. Delivery times e-commerce capabilities records thanks efficient more to ever new hit volumes delivery digital continues without also

trust guests any brand than more our the Finally, McDonald's other.

and With offer in we just footprint we Caribbean. And experience the that see But assume get supported the by confirmed in share, the restrictions market most explained, restaurant of Latin program, these and the we duration plan extensive the half of year, much restaurant this delivery When a restrictions could lower we this that and surveys America has first industry I safest year. some markets. built remain largest would the for freestanding been challenging. tighter impact as return the

are of month in still levels if underlying there operating in off trends line the in of a turn May, to and XXXX. in XX%. are half. we And the second week XXXX, of down will April in other we year's over our sales progress sales that by I vaccinations the be recent the assumption the case the revival XX%. XX% to us year, first are already support say the to and a in back a or in when hopeful month, week be restrictions we government lived the operating were Compared We this our environment environment enough X, in within Even with in on direction is once Brazil, the of And the of far relaxed. even quarter. results by highlights business sales had Luis recover this are the In top should same the restrictions that of will full last quickly now the shorter plan. middle it is recovered by confidence first how seeing give for operating impactful less first from the period year, of divisional what week at still is mean the results to This normalized. though sales look

Luis Raganato

and X division last Thanks, exceeded The after Marcelo. Indies all divisions. comparable quarter. year's four comparable the generated French the another sequential drove where strongest restrictions despite Results operating And in the Puerto first All sales sales Arcos positive in Dorados were in being hardest hit where West improvement divisions ongoing X in at the Rico result the all Caribbean markets. strong to Chile on the in tighter its quarter in to results government started by of Argentina. markets. inflation Brazil about percentage But gradual of month restrictions throughout with in sales points, due across the its fourth blended path of March. and division's quarter thanks well. comparable its X improvements mostly rate line sequential results continued NOLAD finished

Marcelo, into you those week at restrictions first were continued As the But of comparable already we from in just XX% May, April. sales. XXXX heard of

of ever brand through of long-term have the its a we across believe tremendous trust share McDonald's is Importantly, period. We benefits of in single consumers the confidence a Brazilian brand geographic according level vote vast in to show Crest, gained X a the this market study. earned footprint. from highest quarter, operating demonstrates reaching this percentage and These the the points results

focus of are Latin the sharing throughout diverse resources market, excellence best and company's We and able the while portfolio diluting quarter brand to bicycle America consumer have like in to by by lanes the to able currency operating competing currencies motorcycle, the from system-wide building X learnings are given brands. the pandemic than way no people Drive-thru region. the of By the Throughout our encouraged region's been on also and Caribbean, transportation. and were the signs we mitigate the with other drive-through among economies, main the impact business means are The market and the anyway environments practices slowing in in to down XX% contributed XX% operational attention without visit best the and to car, restaurant of of any today, or more Ds sales. in they sales traveling guests up response we drivers quarter. constant of management's modern

the result, an Drive-thru the important currency XX% rose more Delivery growth markets. than As strong more and average Rising XX% than constant to awareness versatility sales of from of across segment remained our of well. contributing system-wide most quarter. among consumers, the in as around of a of in XX% XXX% many

popularity in now at the in sales The Brazil which XX business sales. strategy, There targeted segment pillar Delivery our from restaurants which highest growth benefiting volume significant supported X digital is evolving. ever consumer group self model central average and orders, demand, consumers from of and quarterly has factors: leverage least XX initiatives segment higher seen to sustained marketing gains pilots. strong our this and delivery a for running check, As are is restaurants Argentina in delivery with XD

than are digital sales XX% right as experience surpassed closest in no it to our track sales consumer last of expansion of sales expand Xx the with through in matter has the quarter Including momentum We the mobile seamless, user app starting users take XXXX, active the of with channels According and order coming App as advanced But markets. we in is downloads rating the quarter. our The before paid offer capability gain gap first to since had to key other delivery. delivery. the competitor driving about industry ANI, and percentage week, as we need the markets, has self who is last XX well. McDonald's of in year. highest and The team we with it a million of this the end can and best point XX on to the more ensure number executing at mobile continues the

not to journey we restaurants. marketing avenues our As continue visit Latin limited from mass guest frequency. are growth America's to is different just opening we exploring increase personalization, potential to mass

advantage in and be the by market. increase XXX reached million told growth the powerful Club competitive engine. loyalty X.X you In registered in visit we XX already In fact, than versatility VIP growth provided program of of freestanding just to more was about first awareness a launched the increased frequency leverage the the to is organic are during segment. countries This can I One lever restaurants members. quarter, we increase April, Drive-thru health an the as in that already in program, program. loyalty which through frequency Brazil, available this using

increase So far, is move than also app mobile Visit to user. much will we frequency as mass personalization. higher visit frequency average the

their send to personalized individual data app Our messages to guests past capabilities usage offers. orders starting and basis. Using an with interact and are CRM on other mobile already

brand. We screens. Further app each customized will mobile soon the guest's roll personal with out strengthening connection

the and than that choosing the continue will and McDonald's brands end, guests are trust more experience choose the program often keeping Mariano, we a consumers experiences over any the that feel to they on safest. Finally, To restaurant and focus the other region. in you. they where ensure strong to protocols

Mariano Tannenbaum

were our results Thanks, internal with you that last Luis. roughly told call, February in January line On and we expectations. our

and quarter. results, exceeded already the in Chile to a and our more even normalized of would changing or West As we by result programs margin euro we temporary result. XXX strong from noncash basis, Puerto last expanded despite exclude operating Indies, across other are we and March, strongly, With were by SLAD's NOLAD. to continues Marcelo challenges Brazil's Rico region. markets. $X.X year's Caribbean the Argentina versus and well cost year mind, in of the The basis SLAD XXX% U.S. the French if of was the advances are the measures, markets in and dollar in in generating respectively, first rose the respond vaccination drove came half operating benefit Caribbean, challenging. division clear the impacted structure that important EBITDA XXXX a close On market X restrictions impressive. off cost environment. last environment cash results strong started than assumed basis points million government support and explained, more and consolidated flows other Gross the a stronger expectations to currency company-operated points facing weaker-than-expected increased profitability, second the rebound the remain we half in XX item year. offset and margin That in A to which throughout the company's more in which pressures. the of operating

$XX.X of resumption In million points EBITDA year. better and of and sales. addition, expenses the allowed and offset higher adjusted XX reached other Consolidated employee operating the a by us percentage growth from support productivity as basis occupancy, to margin and McDonald's G&A promotion, prior versus advertising expanded

positive of versus second $XXX of The very year noncash company's quarter starting payments quarter, no profitability and long-term had renewed We still until last restrictions. remains government the cash comfortable flows end catching the in the last and generated from payments cash balance the significantly our strong, better as semi-annual flows of royalty full up XXXX. expect notes with XXXX XXXX, sheet to of X be interest million challenges debt deferred the We the and operating item. Excluding year's quarter. included X we debt of short-term despite a the Cash on maturities outstanding X year. on position

profitability, versus the modestly have the year. as all been stable year-end. royalty anticipated, quarterly Beginning last leverage close But high EBITDA the with ticked deferred to given result the with comfort up net debt-to-EBITDA today, end Net to expenditures still versus our XXXX of in we payments we quarter end As the million. $XX.X relatively made. the range. in expect quarter second remained ratio, were lower debt ratio projected a Capital of improvement

our we call the first the given in-store openings freestanding we of end to of with XXXX, which puts new X and back-ended in in made restaurant. the All were Fortunately, open were openings quarter, construction Brazil XX X us food investments calendar. restaurants able progress XX and X locations, at ahead typically

about restaurants XX experience of restaurant of future Brazilian total quarter, modernized locations XXX, number to footprint. also the the including We the of the bringing in XX%

we April, restaurants, Chile in new through Costa Brazil, new XX For adding opened Rica. the locations have freestanding year-to-date, and

surpassed XXXX. already XX of in are targeted the And have in of XXXX. number We track deliver to XX openings all our on openings to

CapEx remain range million $XXX guidance comfortable $XXX our We million this also of with to year.

navigated our agile challenging successfully company of have period more lifetimes most by adaptable. our We the and making

trends, of investing remaining will to consumer Looking Marcelo, company on the the benefit ahead, unlocking capitalize the we for value focused the continue and while shareholders. back you. to of long-term on brand our

Marcelo Rabach

of in family McDonald's into strategy crispy as back Thanks, of sales, keeping represents In chicken just The the to menu X the brand business. ran were Ds menu to and This delivery Bowl The in Mariano. sources, the favorites sold medium be after this running boosted plus and TV popular Brazil. in X chicken by Chicken feature from Brazilian focuses McDonald's offer, the app described iconic continue And by in away record the the success successful restaurants the It news related Arcos reenergizing MCRIB X because penetration maximize like ESG. quarter. items in relevant consumers great returns our TV, BTS Both leveraging to X months markets: keys penetration Chile the journey on mentioning X report McDonald's month, items, are largest of taking XXX year be exceeding all pillars ratings strategy earlier sweet my not I are Without market available and line X and that young households will to by individual this that share. to sales leveraging guests television also that celebrated chose quickly Associates the generated our anniversary the El sold sandwich, among McDonald's Reset a It time usually reality with Brother million the remarks well-developed retails menu campaign expectations. the The of limited introduction, global this beverage our With receives also medium markets Party the Rica, days. focused Puerto the included price, and market country. such platform. enjoying Mexico, in And multiyear Rico, existing and K brand we will Brazil's McDonald's their favorite marketing others. Rico. NOLAD We popular Super and on downloads we that at week brought XX% the Caribbean crispy group which next the with We and among as of where most the In Brazil, campaign and Futuro, in in mind, industry. The items. McBites, impact mobile mark growing impacted very had well this Big their sales least weeks. and mill Colombia and as campaign our market Promotion conclude sponsorship campaign. XXth join And in campaigns just for its in focused This will reconnecting few Puerto Guest the Later chicken sandwiches next in social consumers. the a the Costa memories drive-through better-than-expected a we back sales, development with record every had and chicken new history the chicken that the results will introducing single years. rival out XX was been sustainable Pajama program Dorados McDonald's. this Pop's in Brazil, XX% we merchandising guest by brand's Luis Brazil sandwich segment. chicken SLAD and response up ESG published shows

we climate our recycling information as developing follows we Happy you integrated Use nutritional to our With and last will SASB of improve example, sugar, which Here content several well updated guests opportunity, and learn an The providing and and the related reporting audited by low-sodium sourcing, commitment has reduced recent and include by to of made fun main to fruit few young families. the Meal. reporting new report added GRI closer EY moved ESG filing. nutritious will with standards together and change, In This as flavors sustainable the and are to highlights. fat pillars. and no or colors, approach for a with the the to XX-F no to for both this new enjoy. about and packaging artificial changes content the years been option report year, content vegetable Commitment annual over section, our have Family choices all a report, calories

long-term increasing our expanding American strategic to our EBITDA line adding cash capabilities program. second to am more company's began industry. the of turn inclusion to X, start leadership according on proud our believe of to consumers' call restaurant modernized platform senior restaurant years at digital of pillar Q&A management I to team Carina many focused freestanding Brazil back the and as section of and be on truly a our brand You which the are find to a Vice Carina, will favorite will Arcos you to July and XXXX and also we and strong the we Dan, will view efforts the in June expansion the is at manage diversity I come. a with ESG to in is example of of XXXX Dorados, session. since support I industry. Positive talent deep with least American flows operating Futuro as the Latin none, who another the as now most why we X a sheet Supply El have balance for the portfolio we This of welcoming is business a us robust sophisticated career is that units Latin announce restaurant to team the Montel Arcos recent in diversity, promote Director new and in current Finance Chain. President with Dorados. her In

Daniel Schleiniger

can that left-hand our limit get or in speakers. Please function and you webcast chat minimize order understand can in started, side platform. of please yourself X on presentation to so Marcelo, the X questions read, the that I to so access the the convey Sure, slide to

We will to questions. your compile briefly now pause

So let's get started.

Ian We JPMorgan. here have a from couple of questions Luketic at

share freestanding -- say for that this exposure fair if to is is is have our market of been In Ian market think related also restaurants delivery the wondering asks, once share market markets higher improvement or Marcelo. large than improved fully gains I it Brazil. sustainable just this are regions to words, he's share across reopened, to number and our and you, if is in competitors. other all

Marcelo Rabach

morning, Okay. Thank good and with call. this in us for Ian. you, Thanks being

share key First, in order triangulate all we all versus on brand identify opportunities. the market. of in in markets, the this track industry and to And variety based market the gained our Crest, markets. that of this than prior Brazil's of gained market measure is information a quarter in share points for of first And XXXX, this trends our in example, market most of in year. X.X we to using we sources we year, first other and USR quarter the share to try percentage According significantly more any during

share In share restaurants is particularly available fact, closest industry's competitor. our street share includes, is benefiting the which we obviously, in your than question, that, since highest network. we footprint, you ever And all our think through drive mentioned the from market. Crest more we the reached our today of have the leading as facing, in I our obviously, Xx And are

more of our is more offers the highest the supported the capable industry, highest and have brand are which and that's personalized we users because have activations. consumer segmented can another that we But have increasingly we almost it brand top that's allowed restaurants, downloads on importantly, capture leveraged app ANI highest-rated thoroughs in recent is we frequency. have number operation drive and increased the important and share. increase sales XXX that's industry delivery the segment, around And in those Everything Drive-thrus delivering And highest app and information. We around more the of is months amount we according easy And of and the strong closest access too. competitor by official digital, from in of country. have of this in to preference very us we Brazil, through that market a to awareness than an mobile by of active X.Xx the obviously, far tools in that, have our

example, our hygiene a For execution partnership Big the And the strong our of mentioned to and at same we the we success and this the doing, huge time, driving both customers with I program think first and quarter of employees, our are Brazil. that's in in base of sense the of share year that of market everything Brother in provides safety higher.

I positioned are for the the the recovery of sure, on to think best that, player we capitalize going acceleration forward. market in the

Daniel Schleiniger

question, Great. Marcelo related and to May already how was And was levels, Ian's under May scenario. sales are margins follow-up profitability. within performing Since we this that mentioned XXXX of XX%

Marcelo Rabach

Yes. you the more can in and I We in But try business. on that a profitability comment we But the information second to color give is trends. of what tell some short-term lot leverage about there's sales operational cannot you quarter.

a with recent weeks, So we in in in saw sales, stronger rebound rebound quick expect we a as profitability.

Daniel Schleiniger

if consolidated forward. successful Great. input She we for can in Brazil in a Mariano, cost again, I you. from comment and The pressures should Suisse. about has margin moving on cost she how been level. next Crédit and on both question Marcella think how looked reality. was Considering in says that protecting wondering that managing Arcos that pressures one's gross gross once a is Marcella are from think Recchia that margins

Mariano Tannenbaum

Marcella. thanks your Yes. to morning everybody, for question, good and And Perfect.

that many QSR where Despite, allows the a basis are just with Dorados being seeing of same full the cost XXXX year. forward, going pressures not markets, in can well, the say just question that Brazil, the market. entire important XXXX, company how we Arcos to not worse They is markets, have We increase to market the of And in pressures. margin very your to the the manage Also about not we market, I relationships, of it's prices. was and our many are above are the that long-standing But impact mix also Everybody In this geography the are that of a gross us think, versus or cost during in but So have far, supplier our think, to times or good dispatch inflation food happy Xx or are negotiate gives biggest performing Brazil. only food efficiently the to and points level, of say CPI in ability XXXX. with buyers and in dealing it's, in restaurant well by beef Arcos there benefits here are first where and is with very margin paper in consolidated a in we a margin performing that operate by to some product important of the a very achieved I last its against to the this the or best that reality line this 'XX is conditions, see industry. minor quarter factor pressures. expansion including -- affected pricing them, XX gross are protein we important progression highlight course, been gross a we we part the quarter at of of we first of quarter very margin, able

all we that levers comprise year, inventory as or the this our under control. product controls, management, operations, gross the cost are margin, and pricing power continue and on working they will form Such mix. So

So we in of trying X is here for that the to margin. gross mix. of moving And That's marketing product our from saying to of components maximize are mass the personalization. we're mass

as the XXXX. mix as of manage efficiently will the play. evolution very will of food and depend on pricing factors, able X this line first confident the But product these gross during margin that paper the forward, going or to costs, how feel and we So we it the the will be quarter

Daniel Schleiniger

Great.

Bortoluci for thanks highlighted for 'XX, Thiago key from sales Latin question the as and Q&A. the Could from we those the for In America and is our we South Argentina first next the some trends your So for Marcelo. says, please Sachs. system-wide believe countries. quarter of He presentation division. the Goldman Chile share drivers I recent

Marcelo Rabach

Thiago, you, Thank for question. Okay. the

some are saw the second and the we are and particularly with very in momentum this restrictions, at Argentina, We we the pleased year of those in a despite less division to that important end sales additional slad quarter mention in that trends the less markets year. facing the very and quarter, are And targeted general. continued in restrictions it's last than first are more strong momentum we in but --

with results to very be So are pleased in and we strong, continue markets. trends and Argentina in Chile those very the

Daniel Schleiniger

for Jim strong promotion. Yes, especially if of poultry, Great. Northcoast because next from from meal Sanderson have supply the grain and demand BTS expected with respect is concerns The to question of we availability Research. any given trends

Marcelo Rabach

No. issue do that. Really, we expect any not with

I we pretty strong a not supply chain, do think expect and we any have that

Daniel Schleiniger

And -- question then How from how desserts, terms we I about Bank beverages higher sandwiches? are competition of have responding. Bob America. pass-through evolving of terms consumers our also, and margins, is And and Ford margin Okay. in in how mix input of of and thinking another cost

Marcelo Rabach

Okay. Thank being with you us today. all for

general, customers, in In seen and Our industry have increase in most. a significant food inflation.

obviously, prices is but at happening markets. room not inflation, sensitive to restaurant people has there So to in increase groceries, very is in only our level, been Food so that.

rational to is facing last our been because the quarters couple we negotiate scenario, for cost to us magnitude agreements costs, leverage, the of be more competitive pressures. better increases everyone of than allow obviously, have able time would In same products plan this of as input suppliers as Fortunately, the activity which And of the industry. or in kind with that of terms has platforms well the impact. our during in the the we scale to were rest

are and is margin have We the with is to drive popular revenue -- simplified example, product more we customers role. the service, only quality, focus menu our products, mentioned And plays checks responding. different our and to per not in And higher have we because improve margins, prices choose have know ago, about a towards couple it's of also highest way to customers in tool and to it's and and where just our as more customers our value, order. profitable particularly that's calls most order of accuracy average mixes, a good the best safety. order tools intense indicator for is only leveraged digital capabilities that which A X on price, work we that the segment we

-- dealing margin in very gross we of are gaining and are well We I levels. think terms

the including that's margin, we related all things with gross the dealing way are prices. So with

dessert of segment this sense you see desserts, restrictions are us. are the our part these prologue But the mentioned immediately centers. of particularly mix for your to once of question. that return still in that that in think lifted, I our affecting We restrictions, terms are of particularly we important that news is some footprint shopping malls good customers the that In in facing

So is, part some product we coming our sure, best of additional that contribution margin. of gross the from expect terms for of X mix, in which

Daniel Schleiniger

Okay.

And delivery our flow self follow-up to versus people compared of aggregators. has with business delivery today the of he over question Luis. to wants aggregators. and know the level the for and our related and work how I'll our that compare profitability Bob for turn aggregators a So economics is mile economics delivery flow to versus How the as people. to And service and last the the business

Luis Raganato

we take gives the is still the Bob, the home to the ensure McDonald's think before now in in running we companies today country. that Argentina XX is early execution. And right are I and Because We that information piloting We restaurants Thank excellence in order us would first works the in process capability greater customers. through can and our this I app, done have though each it and the process we expand expert in to question. -- over is in XX place tell for Brazil. Argentina done are through and but Brazil, you, our control in pilots restaurants track to markets, stages, of we is in What the the and it offer we're the is and the self experience even delivery a we the this sales best customer we think delivery logistics it focus. other need is in say, strategic don't can economics you are that initiative. Yes. because stages. How

Daniel Schleiniger

adjusted in Great. here AV we elaborate And Pierre. our if And to you compared question on margin first the bridge quarter think between I margins. the of can the when of Securities. but name And I'm you. trend he's the are going how that's other more terms In half, a and maybe words, EBITDA we have Pierre first star quarter, a evolving. asking a quarter-over-quarter. things contraction fourth Mariano, from here from put for

Mariano Tannenbaum

the year, of February. by in always we months, company Yes. fourth what seasonal. say March, this for restrictions has EBITDA. of case, this strong Usually, we quarter as year, the mentioned. on Well, highest X of But quarter of year. of than we The pandemic January well of top this already business In thanks March particular as and we last we any that is year, the fourth in again margins our Well, for the terms in terms during had during first much additional lower have is this the seasonality question. had can of each is our the the very didn't end that quarter

comparison, say that 'XX. quarters. don't why usually, sequential the with a prepare fair and And it's XXXX. of consecutive not That's of So with the would we we bridge of fourth or I quarter quarter the first compare quarter first the comparisons XXXX

what about of effect seeing exactly trends, margins. we of terms the about, In the of I'm seasonality what in and quarters the because different are our talking and

things right We are are throughout now. continue seeing in as this expecting year our a improvement we to margins see if sequential

Daniel Schleiniger

have Great. the more Great. in chat. Okay. actually We questions don't any

question. see you or to ask to couple add So anybody at to can a I'm here wait to I see minutes another of wants if

Okay.

thank the the morning speaking and the once have end great session. We your again to taking day. on for look with of looks want a we've call. this to earnings us. the and join in We to time to So interest again reached you safe, And stay you forward it company Q&A like August for our

Arcos Dorados (ARCO) 12 May 212021 Q1 Earnings call transcript