Dan Schleiniger: Great. Thanks, Marcelo. And I think the next one is for you as well from Antonio Hernandez of Barclays. He says, hello, and where do we expect a tougher competition environment throughout the year?
Marcelo Rabach: Well, we expect the same kind of environment we faced during 2022, particularly in the second half when we didn’t face any restrictions related with the pandemic. So, based on our research and some public information, QSR industry growth basically has been driven by McDonald’s brand sales. So, the QSR sector, in general, is keeping the gains equal during the pandemic. In our case, we continue to grow our market share. And it’s important to mention that this improvements in terms of market share have been in all three divisions and within in all main markets. So, our strategy continues to be built good value proposition all across our menu. That’s why our pricing increases have been very prudent. And I think that maximizes the addressable market and the brand experience and the brand preference that has been the case in 2022, and we plan to sustain these efforts during 2023.
Dan Schleiniger: Great. Thank you. The next question comes from . And he asks a follow-up on new store openings, what’s the typical payback period? And that was for you, Mariano.
Mariano Tannenbaum: Perfect. And thank you Jin for the question. Typically, payback period is between three to five years, what we can mention as well is that the return — the ROI on openings is right now at all-time highs, even all the channels and the sales that are related to the on-premise but also to the off-premise sales and channels that we are improving. So we are very happy with the returns we are seeing for the openings.
Dan Schleiniger: Thanks, Mariano. A follow-up from . Yes, if we can update us on the sales improvement we’re seeing from restaurants that are — after they’ve been modernized. So I’ll give this one to you, Luis.
Luis Raganato: Okay. Hello, . The sales lift of these modernizations are above the normal growth of the rest of the restaurants. The main impact here is that the front counter includes self-order kiosks and 60 to — what we’re seeing today that 60% to 90% of that volume is coming through the kiosks that generate higher average check, so we’re seeing not only better sales, but better profitability as well. Just as a reminder, today, by the end of 2022, 45% of our footprint OTF.
Marcelo Rabach: Yeah. Most of the restaurants have a mid-single to high single-digit sales lift after the modernization. So based mainly in increasing frequency. And as Luis mentioned before, the improvement in the average check when the orders are made through the digital yields.
Dan Schleiniger: Great. Our next question comes from Gabriel Axel from Athena Capital. Congratulations for the great year, and thank you for the presentation. I’d like to know what drove the net interest to a stronger result than last year and what our expectations are? Thank you. That one is for you Mariano.
Mariano Tannenbaum: Perfect. Thanks, Gabriel, for the question. This year, in 2022, we benefited from a high cash balance that you can see in the balance sheet at the 31st December, but we have seen those figures throughout 2022 and favorable interest rate environment that drove interest income much higher than we were used to. We also did the liability management on our debt. And for 2023, we expect to continue investing our excess cash, but as we deploy cash in our investments, we should see that interest income decreasing as we invest in our CapEx initiatives that we already mentioned.
Dan Schleiniger: Excellent. Thanks, Mariano. That actually brings us to the end of the Q&A session for today. Thanks, everyone, again, for the interest and for joining us today. We look forward to speaking with you again at the middle of May on our first quarter 2023 earnings webcast. Until then, stay safe, and have a great day.
