Good morning, everyone, and thanks for joining again to our First Quarter 2022 Conference Call. With us we'll be presenting our CEO, Fernando González, and our CFO, Rafael Contreras. Now I will leave you with Fernando, sorry. Please go ahead. Thank you very much, Salvador. Good morning, everyone. Thank you to share with us, to join with us this First Quarter 2022 Earnings Calls. We will introduce you this quarter impressive results, very good performance in the company by region, by brands, and of course, the taking on forward the strategy in the company. Finally, Rafael will walk you through the financial company statements. Okay. Firstly, I'm very pleased to introduce you that this is the fifth quarter with sustainable growth in term of company. That finally validate in this complicated situation in the last two years, the strategy in the company in order to keep the solid result that we will introduce you. Sales growth at 49% during this first quarter compared with 2021. This allows to let our EBITDA margin to achieve a very solid percentage of 22.7%, growing more than 69% in term of EBITDA versus previous year. That means we present MXN 1.4 billion versus this quarter. Okay? In term of same-store sales, solid and strong performance of more than 47% versus 2021. That something that is crucial for us, growing 17.5% versus the same pre-pandemic period in 2019. Based on the solid and continuous target to improve our cost performance, company efficiency that allow to us to achieve operational cash situation of MXN 5.1 billion that represent and maintain the strategy and the performance that we introduce all of you during 2021, during the last quarter of 2021. In terms of perimeter, in terms of our footprint, comparing with the first quarter 2021, we opened 114 more restaurants across all our geographies and all our brands that keep enhancing our presence in the key markets with the opening the key brands and the popular brands in all the geographies across the preference of our consumers. As I mentioned it before, if you can pass the slide. Sorry. As I mentioned it before, sales were up versus the previous year- over- year, over every year, across achieving the 15.2 billion sales in terms of pesos. That represents 49% growing versus 2021, and more than 11% versus pre-pandemic period in 2019. As you know, the strategy of delivery is crucial in our business model achieving a percentage over 20% that represents that we are keeping this shift in the strategies and the preference of our consumers. And more than 11 million orders during this first quarter that represent not just the shifting that we are, all of us in our geographies, we are perceiving and our customers is demanding to us, including the strategy in the company in order to guarantee the preference of our customers and this changing in the behaviors of our customers. Something that is crucial for us, I'm very pleased, I'm very happy to introduce that we achieve close to 1 million active users in Wow+ in Mexico. When we are talking about active users, we are talking about the users that are using the systems in the last six month. We're relatively prudent and consistent in terms of maintaining this target that for us is crucial and is a base of our strategy in these years and the following years. In terms of EBITDA, and of course, this is EBITDA pre-IFRS 16, as you know very well, Rafael can introduce you all the data in terms of IFRS 16. But our EBITDA achieve more than MXN 1.8 billion with an impressive growing in terms of first quarter 2021. That is more or less 3 times the EBITDA that we achieve in this period. With a sustainable and consistent growing versus 2019, pre-pandemic, we are growing more than 21% in terms of EBITDA. Mainly based on the strategy that we are implementing in the company. Of course, despite the difficulties that we suffers in the last two years, the strategy in terms of cost efficiency and leverage efficiency in terms of company, in terms of operation. On the right side, you can see the evolution of our cost. The cost of the product sold that we're improving 80 basis points versus the same period in the previous year and including 40 points versus 2019, achieving the 31.8% of our sales in terms of cost. Mainly based on the strategy that we are following with our partners, with our suppliers, with our alliance, in order to try to compensate the evolution in terms of inflation in food and in energy that in all the geographies and probably all the companies who are suffering worldwide. That's mean that the priority for us is always the collaborator and it's always the customer expectation. Talking about the geographies that we are implementing today our activities, and try not to repeat all the data that you can see on the table. This growing that we explained before is consistent in all the geographies where we are working. In Mexico, in South America, and in Europe, our growth in terms of sales is close to 50% or including over 50% of our growth. In terms of Mexico, in terms of Europe, and in terms of South America, this growth in terms of Adjusted EBITDA is including higher than the growth that we are performing in terms of sales. Thanks to the strategies that probably in the Alsea Day, if you remember, we introduced to all of you. Additionally to this, the big efforts and the learnings that in the company we get during this pandemic situation in terms of cost efficiency and in terms of operational efficiency. Excuse me. In terms of same-store sales, to give an overview about our main achievements for the main brands or the core brands of the company. In terms of our main brands, as Starbucks, Domino's, and Burger King grew in all our key markets year-over-year. Starbucks in Spain and Mexico present impressive results in terms of growing with growth of sales of 54% and 41% respectively. Domino's in Mexico had a 17% same-store sales growth, and Burger King has increased in Mexico, Chile, and Spain 14%, 40%, and 33% respectively. Finally, talking about Vips Mexico, as you remember in the presentation in the Alsea Day about our turnaround plan, we are very pleased and very happy with the same-store sales result positive by this brand in Mexico, achieving a 82% increase versus the same period in 2021. Of course, this is a period of pandemic and mobility restriction, but this data represent the consistent expansion and strategy activities that we are doing in the brands. Sorry. First, about sustainability plan that we would like is to introduce the performance and the achievements that we did in this first quarter. That I would like is to share with you that we are proud to announce that we were awarded the Socially Responsible Company distinction for the eleventh straight year. Also, Alsea was included in the S&P Global's Sustainability Yearbook 2022. This sustainable policy confirming our commitment with all the society, all the communities where we are working today. Okay. Moving to the energy consumption, just to reflect to you that today 42% of our consumption in energy comes from clean energy. 33% for renewable energies that represent more or less that the 75% of our energy consumption in Mexico belongs to clean energies. This is a clean target for us, of course, due to the evolution of the energy worldwide, but much more than this, for the commitment of the company to the sustainable plan that we introduced all of you during Alsea Day and in the previous quarter. Finally, that we would like to review very fast is our activities in terms of the movement, Va Por Mi Cuenta. Today, more than 4,000 people with situation of food poverty are benefiting to receive this help from Alsea. Of course, close to 100,000 people benefit through donation of more than 20 tons of food during this quarter. Okay. Finally, I would like now to leave you with Rafael who will walk you through the financial statements of this impressive quarter. Thank you very much, Rafael. Thank you, Fernando. Thank you all to join us. To begin, as we did in the previous quarter, in order to present a comparable analysis versus the financials of the previous year, all the explanations and notes reported in our earnings release include the effect from the statement related to the hyperinflation in Argentina as well as IFRS 16. Our weekly sales trends as the quarter progressed were encouraging, a good omen for the rest of the year. In-store sales also gathered momentum as customers are returning to restaurants in person after off-and-on lockdowns for the best part of two years. It's important to notice that during the first quarter and also in the first weeks of April, we have already achieved similar weekly sales levels to the one reported in the best weeks of December 2021. As Fernando mentioned, delivery share was 20.2% with Domino's Pizza, and without Domino's Pizza, 10%. Weekly delivery sales showed a steady upward trend. Last three quarters, MXN 1.2 billion per quarter without Domino's Pizza, while in-store also keeps growing. Our pre-IFRS 16 EBITDA was up 20.5% when compared to the first quarter of 2019, and this is significantly higher than 2020 and 2021 first quarters. At a regional level, as also Fernando mentioned, all three regions have posted impressive growth. As you can see, Mexico more than 83%, Europe more than 100%, and South America close to 80%, while in-store also keeps growing. In January, we issue a EUR 300 bond with a 5-year non-call 2 and a rate of 5.5%. Regarding our waiver covenants, we were comfortably compliant during the quarter. In terms of gross debt to EBITDA and EBITDA to interest paid ratios, at the end of the quarter, we reported at 3.8 times and 3.3 times respectively, and both much better than the bank covenants that we have. Our prudent approach to CapEx without sacrificing needed investment led to MXN 700 million being spent during the first quarter of 2022, in which 49% was allocated to maintenance, 36% to Alsea store openings and remodeling, and 15% to other projects. The debt structure at the end of the quarter was 97% long-term, with 62% in Mexican pesos, 32% in EUR, and 0.3% in CLP. In March, we prepaid a Mexican bond of MXN 1.1 billion. We prepaid it. The amortization was in September, and we prepaid it in March. We expect to deleverage going forward and meet all of our debt covenants thanks to our healthy and ongoing EBITDA and cash and cash generation. Thank you, and we can go to Q&A. Yes, finally. Okay. We will now start the Q&A session. If you have a question, please press the question button in the browser. If you would like to ask a question, please press the question button in the browser. Yes, sir. Yes. Thank you. Morning. Oi, can you hear me? Yeah, sorry. Yeah. Thank you. I'm pretty sure there are a lot of questions. Just a bit difficult to find the button here. One question for you, Fernando. Just curious on your thoughts on Domino's Pizza's trends. I mean, we have seen the results in the U.S. There are some concerns of a potential deceleration in the second half. We have seen the headwinds in terms of labor. I mean, just curious on what's your thought for Mexico and Europe. Why is or why these markets different relative to the U.S. that is allowing you to operate well, to report better trends than in the U.S.? Essentially, your thoughts on this, on the difference among markets. That would be my question for you, Fernando. Okay. Thank you very much for your question. Sorry again for the technical problems. About Domino's Pizza, firstly, every geography is fully different. Okay? As you know. In terms of Mexico, in order to start one by one, we consider that the operational part, the operational performance of Domino's is crucial, and we are very proud about the effort of the team, about the value proposition. We continue to continuously evolve in terms of value proposition, including migration of our digital systems in order to have a proposal that was very attractive for the customers. Today, the brand recognition in Mexico is amazing. The targeting and the effort of the teams is amazing. The motivation of the team is incredible and the innovation in terms of products, in terms of performance and in terms of the efficiency, in terms of due time that we needed to deliver one pizza, in this case, to any kind of products to your home. We are one of the leaders worldwide in terms of this. In Mexico, we are a very good performance and we are confident that our efforts in terms of cost evolution and efficiency evolution has means that we are really believing that we can keep this growing and including try to fight about and to try to work on this situation that the world in terms of inflation and in terms of energy is affecting to all of us. In terms of Europe, in terms of competition, in terms of value proposition, we consider that we have a very proud and very consistent and solid position. In terms of performance, in terms of habit of purchase, in terms of value proposition to the customers in terms of time and in terms of adjustment of the customers' behaviors and the customer preference. Of course, the food is different every geography, but that we try to adapt this proposal to the gastronomy and the culinary habits of our customers. We consider that the situation, unfortunately, is not the same in every geography. As you can see now in our data is very solid in all the geographies in terms of Domino's, of course, and in terms of evolution in Mexico, where our same-store sales, despite that, of course, Domino's is a value proposition that is relatively below the seasonality. In terms of mobility restriction, that of course a company where the 60% of the sales or the 40% of the sales in restaurant is not delivery, but is against this seasonality and restriction that we suffer. We are growing 17% in terms of same-store sales. Our growth is solid. It's solid every month, not just every quarter. Including this month, the performance is quite good. Of course, we cannot communicate this data, but it's quite good. That means the team and all Alsea is doing something very well and understanding the preference of our customers. It's currently the same situation in Europe. It's true that of course, Europe, the first quarter was relatively most difficult, despite the very good performance and very good effort versus other geographies due to this mobility restriction that all of you probably know very well in Europe. We consider that our evolution in our geographies, in LatAm, in Europe, and in Mexico is very solid, and we are confident that we can keep this performance during the next period, the next quarters. Rodrigo, I will say that in terms of labor, we don't have the problems that they have in the U.S., no? We have our crew almost close to 100% covered in all of our stores in South America and also in Mexico and in Europe. We don't have that kind of problems here, not just in Domino, no, in all of our- In our brands. in all of our brands. Exactly. No, yeah. Yeah, that's great. Actually my other question was for you, Rafa. I mean, we have seen other industries, retailers, adjusting salaries and band salaries following the increase of minimum wage. I'm just curious, for the case of Alsea, have we already seen that flowing through the P&L or perhaps we may see, you know, step up on labor expenses in the third quarter? How should we think about that? Also if you can give us an update on the hedging strategies that you have. I mean, the same old in terms of, you know, covering your U.S. needs, mozzarella cheese. Any update that you can give us on the hedging will be helpful as well. Thank you, Rafa. Yeah. Well, in terms of increasing of minimum wage in Mexico, we already have the 22% since the first day of January. It is in our results in the first quarter, and it's gonna be for the next three quarters, and we already have it also in our projection for the full year. The other thing that it's in our results is the amount that we have to pay in terms of the profit sharing that we have to pay in Mexico. It is already also in the numbers in each brand. Here in Mexico, it is in Europe the increase in minimum wages. It's around 1.5%-2%, and it's already also in our numbers and the same in South America. Yes. That's already in our numbers in the first quarter. In terms of the hedge strategy, we increased the number of months that we cover. In our policy, it was the next 12 months' needs. Mm-hmm It's around $10 million per month. We increased that for 1.5 years because we have the opportunity to hedge with a pretty, I would say, low FX effect. We have covered the next 15-18 months. As you know, our policy that we can cover between 50%-75%, and right now we are close to 60% cover the next 15 months and with an FX average of MXN 20 or MXN 20.2. Yes. Yeah. That's a good move. Yeah. Yeah. Yeah. Yeah. Something about the labor. Not just talking about Domino's, despite that, as explained Rafael, everything is already included in our P&L. In your data, there is no surprises or we don't have to have big surprises or surprises in the next month. The target of the company is to be the best payer and the best employer in the industry. We are working every day, including sustainable plans, in order to improve this compensation and benefits condition for our colleagues or all our collaborators. That we try is to be very efficient in the performance of sales and the performance in cost in order to remunerate every day a bit better all the efforts of our colleagues and the motivation of them. Today, the situation is relatively very solid, including that we try to work in advance of the minimum wage salary increase that implement in every geography so many times due to the government's principles that of course we respect. Yeah, no, that's great to hear, Fernando. Thank you very much and good move there with the hedging policies, Rafa. Thank you. Yep, thank you. Thank you very much for your question. Our next question is from Alan Alanis from Santander. Please go ahead. Thank you. First of all, congratulations for the results and congratulations for this format. We couldn't find the button there on top, but I think that, you're first world. Finally, there's a company in first world instead of just the old call where we have to dial with the operator. The first time is tough, but I hope you keep it this way. Much better. Thank you. Three questions, one of them around food inflation, another one around elasticity, and the third one around guidance. The price of wheat, price of cheese, all of these prices are going up. I mean, you spoke about the hedges already, but those were the hedges around the effects. Could you speak a little bit about the food inflation in your raw materials, and how much are you passing to the consumer? Number two, what elasticity are you expecting on that? Because with this inflation, I mean, your products are a little bit more discretionary than basic, although I have a lot of debates with my team that are big fans of Starbucks and Domino's. What elasticity do you expect? With such an impressive results on the first quarter, any change on the guidance? That will be it. Do you want to answer? Up to you. Yes, yes. Thank you very much for your question, Alan, and sorry for the technical problems again. In terms of food inflation, firstly, the company from the previous year, we have a specific plan in order to manage this international situation in terms of food and in terms of energy. When we're talking about food, something validates our strategy when you can reflect or we can reflect in the P&L that this evolution is not affecting us as we were expecting, despite that the plans in the companies including working with this worse situation or worse scenario. What we are doing in terms of food or in terms of food inflation, despite the comment from Rafael, that we are working very closely with our partners in order to advance the pricing to try to reflect as low as is possible and including, in some cases, below the cost inflation in terms of price inflation. Finally, in all the brands and all of them, they are doing a very good job in order to work in terms of mix and in terms of innovation, in order to try to increase the value proposition and to try not to reflect as probably the conditions demand to us this inflation. Of course, there is inflation in the market. See, this is something that is not possible to avoid. Of course, the strategy in terms of prices in the first quarter was very good. The price increase was very low versus the cost inflation worldwide due to several things. One, the purchasing power of Alsea in order to increase the pre-purchases or increase the stocks. Of course, in terms of innovation, in terms of mix that allows us to, for all the brands to play this game that today we have to play. Of course, working with the scenarios in terms of cost efficiency or operational efficiency that allows us this elasticity if we need to invest in terms of margin, in order to use this leverage, that we can compensate with the efficiency in terms of operation, not to damage the result that all of you expect. Of course, in order to try to help in this inflation that we have worldwide, that we consider that all the brands and all the companies will have to try to do an effort in order to benefit our customers and the consumption and the people in general. Till now, the evolution, as you can reflect in the result, is quite nice, is quite good. Of course, our team is fully focused just on this. Finally, in term of company, we are working in all the scenarios. In term of the elasticity, the elasticity today is very tough to manage. Why? Because finally, the inflation is not just a company's, it's the world, unfortunately. Something that is important, not just the food inflation, but of course, the increase in worldwide is we are suffering and despite all the compensation that we try to do it, in term of energy inflation that is affecting due to the worldwide situation to all of us. For this, our main effort is not just in order to reduce the cost of the kilowatt, it's in order to reduce the consumption of kilowatts. This is something that I apologize because today, we are not reflecting this data, sometimes it's not relevant for everybody. This is the strategy in the company. It's not just to consume less price, to consume less kilowatts in order to help the final food inflation or food price representation that we are doing in our menu. I don't know if you want to add anything. Oh, in terms of guidance. Yep Alan, that you mentioned, no? We have different scenarios because in our projection, we thought that the inflation is going to be around 8%, no? In different scenarios that we have right now, the worst scenario that the inflation can be for the full year is around 7 points more than or double the inflation that we project. We try to mitigate this inflation with price strategy and all the things that Fernando mentioned. For the worst scenario, it can impact us between 0.4-0.5% for the total EBITDA for the year, for the guidance that we mention in the Alsea Day. That's the worst scenario, no? That we couldn't increase prices in the same trend that the inflation increase. Got it. Just to be clear, I mean, right now, food inflation is already at that worst case scenario right? I mean, general inflation is at 8%, but food inflation in, at least speaking about Mexico, is easily above 15%. I mean, and Yes. At this point in time, just to be clear, with the information that you have, you feel comfortable to maintain the guidance that you did in the Investor Day a few days ago? Yes. Exactly. Yeah. Okay. Cool. Well, best of luck, and again, congratulations for the results and, I know that the first time it's kind of weird to do this, but I think it works much better to see each other and go. Thank you so much for taking the questions. Thank you very much, Alan. Thank you, Alan. Thank you, guys. Thank you very much for your question. Our next question is from Sergio Matsumoto from Citi. Please go ahead. Morning. Good morning. Hi. Hi, Rafael and Fernando. Thanks for taking my question. Before the pandemic, I recall there was an emphasis by management to increase traffic in Mexico in the stores. Obviously, that might have changed, you know, through the pandemic, but I'm wondering if you're still at some point will go back to those initiatives such as, you know, making certain appropriate menu changes and increasing service levels and perhaps increasing the store manager compensation. Any plans to kind of, you know, go back to that priority or, you know, if you could update us on that. Thanks. Okay. In terms of traffic, in terms of orders, that is one of the main topics in the company. Despite the evolution of the sales, we are working deeply by brands. Of course, brands are Starbucks. We have increased in the orders per store, in the same-store sales, but orders per store. Including in the last quarter, in all the brands, basically we are growing in orders versus 2021. We are trying to recover because we have in a situation relatively flat, slightly below 2019 in the month of March. We are working deeply in order to recover these orders. Of course, there is a balance between order and ticket and the average value of the ticket. This is typical worldwide. We are working in order to try to recover the situation. In the first quarter was really affected by the mobility restriction in Mexico. In March, the data is relatively much more amazing, and we are recovering the situation, including in April. We are working in term of value proposition, in term of communication, in term of marketing, and in term of emotional link with our customers in order to recover in all the brands. Probably a step, as I said, in term of Starbucks, that today the situation and the performance is relatively good. It's very really good. And including much better than 2019, in term of frequency, in term of orders. Okay. Yeah. I would say that in Mexico the number that we have in March versus 2019 it's -6%. No. I think it's a number that affects the delivery part because in terms of delivery you have a higher ticket but less orders. No? As you know without Domino's Pizza 10% now of our sales is on delivery. We are working in terms of the orders to increase orders in the restaurant. No. Okay, understood. Second question, if I may. In Europe, I just recall a slide that you showed a few moments ago, that the EBITDA was slightly below pre-pandemic. You know, what does it take to get that EBITDA up to pre-pandemic levels? Just considering that the other geographies appear to have done that or gotten beyond it. What does it take in Europe to do that? Well, in terms of sales, Europe in March, it's already in the numbers of 2019 in terms of same-store sales. In March, we are already the first quarter of this year, the Omicron hit us, no, in terms of sales. In March, we are already recovered the number, and we are flat versus 2019 in terms of same-store sales in Europe. Mm-hmm. Okay, great. Thanks. Thank you very much, Sergio. Thank you very much for your question. Our next question is from Ulises Argote from JP Morgan. Please go ahead. Hey, guys. I think the technical issues are now on my side, and I cannot get my camera to work, but maybe that's not such a bad thing. Can you hear me well? Yeah. Thank you. Perfect. A couple of questions on my side. One kind of following up on the raw materials, but maybe now on the supply chain side of the question also. Are you facing any disruptions there? And if you can give us any color on how you're managing to keep the availability of your key products? Okay. Thank you very much for your question, Ulises. In terms of supply chain, in Mexico and in the rest of the geographies, till this moment, we are not suffering big impact in terms of stock-outs. This is something, a principle that we are following every day in all the geographies. In this moment, it's true that there is more complication in terms of supply chain worldwide. The potential of the company to buy in advance to play with this kind of supply chain products, food and non-food equipments, in order to deliver equipments between geographies, allow to us to not to suffer much more troubles. Of course, that we are working in the companies in order to prepare a potential full disruption in order to guarantee this availability of the products in all the restaurants and including the communication between supply chain and the capability to react to this current situation. Till this moment, Ulises, despite the problems that all the companies will have today, we are not suffering much more in terms of stockouts, including in countries as Mexico, the stockouts keep in a very low level in terms of no availability of products for our restaurants. Very low level, quite similar to the previous years, to 2021. Despite that, the data is not complicated. We are working in a worse scenario in terms of communication, in terms of purchases, communication with our partnerships in order to guarantee this delivery to the restaurants. I don't know, Rafael, if you want to add anything. No, thank you. That is very clear. Then the second one, maybe this is one for you, Fernando, but obviously you've been involved with the company for some quarters now, and this was your first one fully there with the CEO hat on. So I wanted to ask, you know, what are the main topics that you're currently focusing on? What are you spending your day-to-day on? If you've come across any positive or negative surprises, anything that you can share with us, that would be super interesting. Thank you so much. Thank you very much, Ulises. Probably some of the words that I'm going to say is to listen in during that survey. That is true that we are quite focused in the profitability and the performance during this year, as we explained in that survey. It's true that the main part of my time and all the company is fully focused in this situation of inflation, mobility restriction, cancellation that belong to all the countries, to recover the normality and of course, in our case, the performance of our customers, and focused in the digital transformation in the company. This is no different than the targets that we explained that survey, but probably today is the main target in the company, how we are trying to adapt and to manage a probably situation that is not as stable as in other moments, but is something that disturb us or we dedicate much more time to be focused in this planning in order to guarantee something that for us is the criteria, is the values of the company and is the value for all of us, that is the customer. We have to be quite focused on the customers and in our collaborators and our colleagues. This in this four month has been fully the focus despite to try to be very dynamic in the company, to keep the digital transformation in the company and the focus in this managing of a situation that probably for all of us is relatively not clear or probably there is some situation due to the worldwide events that happen in the world that is disturbing a bit the normal evolution of the business. The most important for us is this. It's not different that we explained. We continue with the organic growth, with the development of our core brands and the casual dining that for us is critical in order to keep an evolution in our formats and to adapt to this shifting of the customer behaviors that of course we're sure that after the pandemic, all the companies were going to reflect. This is my main topics. Probably I don't try to explain so many topics. I prefer. I consider that in the companies in order to keep this evolution in the profitability and on the sales that we are showing to you in this quarter, this is the main priority in the company due to the current situation and focus on the digital transformation that allow to us to keep this performance in terms of cost, in terms of efficiency, and in terms of management of the food cost inflation that we try to be finally represent today. I don't know if with this I answer all your expectation. If there's any question specific that you want my answer, don't hesitate to tell me. No, no. Thank you. I think it was more of a broader sense in kind of picking your brain, given the opportunity. Thank you very much for sharing your thoughts and congratulations again for the strong start of the year, guys. Thank you. Thank you very much for your question. Our next question is from Antonio Hernandez from Barclays. Please go ahead. Hi. Good morning. Thanks for taking my question and congrats on your results. My question is regarding, I mean, we've clearly seen the recovery across all geographies and congrats on that. Just wanted to get a little more light on your April numbers on how was this performance compared to March across these different geographies and how does that compare to your expectations previously incorporated in your guidance? Thanks. Of course, Antonio, as you know, we cannot transmit much more data about April performance. It's true that in order not to give a specific data, our performance in April is quite good. We are very happy, and we are very confident in the strategy and the evolution of the markets. We consider our budget is every time much more demanding. This is fully true, and our target is to achieve the commitment that we have with all of you in terms of sales, in terms of EBITDA, in terms of efficiency, in terms of growing, in terms of expansion, in terms of development. We keep very confident on this data, including the evolution in March is not bad. We're really confident about this performance in terms of same-store sales and in terms of order evolution. That is true despite the different seasonality that we have today in terms of holidays, in terms of course, the typical period that we have versus 2018 and 2021. Till this moment, our data are quite good. We are very good in terms of performance of sales. In terms of April, of course, we don't have yet a performance in terms of EBITDA, but we are not expecting big disruption in terms of the strategy that we have till this moment. In one of the charts, you can see the sales evolution. There is three weeks of April, no? In that three weeks of April, we have MXN 1.2 billion, MXN 1.3 billion, MXN 1.2 billion. The MXN 1.3 billion is one of the best weeks that we have in the year, and also is the amount of one of the best weeks that we have in December. April looks pretty good. We have this weekend here in Mexico, the Children's Day, but it's pretty good also day for sales. We expect to have better sales than in 2019, no? For just one example, the Semana Santa here in Mexico, that week, it was 20% higher in terms of sales than the Semana Santa that we had in 2019. Of course, this is April. It's true that the Easter. This does not. is not in every month. But it's true that in terms of performance, as I explained, we are very satisfied and very confident for April. The most important for us is the commitment for the next quarter, step by step. We are not expecting in this moment not to achieve the target that all of you you know before in order to our budget. Perfect. Thanks a lot. I appreciate your call and have a nice day. Thanks. Thank you very much, Antonio. Thank you. Thank you very much for your question. As a reminder, if you have a question, please press the question button in the browser. Our next question is from Marisol Andrade from Credit Suisse. Please go ahead. Hi, Fernando. Hi, Rafa. Congrats on the results, and thank you for taking my question. I was just wondering, regarding home delivery growth during the quarter, which was a very impressive growth. Can you give us any color on which brands are driving this growth and how much of the growth can be attributed to the Domino's app and website? Yes. Finally, now Rafael is trying to give you exact data brand by brand. It's true that the evolution in the delivery, mainly the delivery, in order to grow like this, is in all the brands. It's true that there is some brands that the performance is very satisfactory, Starbucks and Domino's of course, but including in the casual, the evolution is quite good. Now, if you want, we can give some data. We can give you for the first quarter, for example, Starbucks growth versus previous year, 9.5%. Domino's Pizza, 67%. Burger King, 27%. In terms of casual, P.F. Chang's, Italianni's around 30%. Those are the main ones. Okay. Perfect. How much of this is driven by Domino's specific app and website? Is it more than Wow+? Yeah. Of course. The Domino's app that we mentioned, Olo, it's around 25% of the total sales just in Domino's, no? Wow+, we start with Wow+, the delivery app at the end of last year. Right now, represents of the total home delivery because the aggregators maybe is 90% of the home delivery and 10% right now it's with Wow+. Okay. Perfect. That was super clear. Okay. Thank you. I had another question regarding the impact from the distribution of profits to employees. Just to understand if we saw that last quarter and we're seeing that this quarter, and just to see if this is an impact that we're gonna see throughout the year. Mm. Oh, yes. This is a provision that we are doing brand by brand, no? Because the profit sharing depends on each operating fiscal profit. We have a provision every quarter. The total amount for the year that we are projecting is close to MXN 200 million for the whole year. It's different brand by brand, no? Yes. The total Mexico, it's around MXN 200. We have a provision of the amount of one quarter. Exactly. 25. It's fully reflected in the financial statements that you see. Of course, the PTU that we are demanding for 2022. Of course, now that we have to do it, is to pay 2021. That, of course, is we have a provision, so there is not any impact in terms of financial statements. Okay, perfect. Every quarter, it's gonna be around MXN 50 million. Yeah. Okay. Thank you. Thank you. Thank you very much for your question. Our next question is from Álvaro García from BTG Pactual. Please go ahead. Hey, gentlemen. Thanks for the call. Two quick ones for Rafa. One, I was wondering if you could talk to us about the growth ex Argentina in South America. Mm-hmm. I feel like Argentina might be distorting that sales growth a bit. My second question's on dividends. When do you think is a realistic time, given how strong results have been, to potentially see a dividend? Do you think 2023 is in the cards or is that something that is probably more likely a 2024 event? Thank you. Yeah. Well, in terms of same-store sales growth versus 2019, ex Chile grew 14% versus 2021 grew 50%. Colombia versus 2019, 44%, and versus 2021, 16%. Mm-hmm. This is without Argentina, no, because Argentina, it's 200% and 114%. So that's in terms of same-store sales. Sure. In terms of dividend, we have a restriction with banks that we have to be lower than 3.5 times total debt EBITDA. In our projections, we are planning to be close at that number at the end of 2023. We are gonna be able to pay dividend in 2024. Wonderful. Thank you very much. Thank you. Thank you very much for your question. Our next question is from Paulina Moreira from Compass Group. Please go ahead. Hi. First of all, congrats on the results. They're really great. My question is more on Europe. I understand that this is the first quarter without any help from Starbucks, from the government and all after the pandemic. Margins are around 250 basis points below 2019, if I'm correct. You are. Is 26% the new margins that we should be expecting in Europe? Or- Another one. When all the crises have passed, margins are going to increase to pre-pandemic levels? Can you give us some color on this? Okay. Well, in the only region that we are with an EBITDA margin lower versus prior, it's in Europe. The effect is because of IFRS 16, because we have last year closures and also we have some discounts in terms of rents. No? That impacted last year IFRS 16 amount that we have in that quarter. That's why it looks like a better margin last year than the one that we have this year. We don't have any more these benefits in terms of rents in this first quarter. Also in the last quarter last year, we didn't have that. Right now the margin that we have has the normal percentage in terms of sales or in terms of rents. That's why, no? Okay. We should expect like, Europe margins to be around 26% from now on? Yeah. Okay. We are projecting that it's gonna be better for 2023 and 2024, no? We mentioned that pre IFRS 16, we expect that for 2024, we're gonna be close in terms of 14% EBITDA margin. Okay. Thank you so much, and congrats again on the results. Thank you very much for your question. As a reminder, if you have a question, please press the question button in the browser. That was the last question. I will now hand over to Mr. Fernando González for final comments. Firstly, thank you very much for all your time during this period. Don't hesitate if there is any question, we are fully all the teams to answer to all of you. As I explained, we are very satisfied in terms of company about this first quarter. We have big challenge in front of us, but we consider that we have in the company the basis to guarantee all the targets that we communicate to all of you. Till now, the performance, despite the international situation, we are managing in the correct way. All the efforts and the learning in the company during the last two years is reflected in the P&L that you are showing today. The dynamic and the trend of the company allow us to try to be very comfortable about the performance for the next quarter that we hope was as exciting and impressive as we have in this period. Finally, thank you very much for your time, for all your questions. Sorry for the technical problems that probably we had. This managing of these meetings is not the same as when it's in presence or whereas through digital way. We hope and we want to tell you that we try not to have any kind of problems in the next period. Thank you very much for your time. Thank you very much for all the team and the team that helped to us to have this streaming with all of you. Thank you. Grupo Alsea would like to thank you for your participation in today's web conference. Thank you.