麥當勞 (MCD) 2021 Q4 法說會逐字稿

Hello, and welcome to McDonald's Fourth Quarter 2021 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation, there will be a question-and-answer session for investors. (Operator Instructions)

您好，歡迎來到麥當勞 2021 年第四季度投資者電話會議。應麥當勞公司的要求，本次會議正在錄製中。在今天的介紹之後，將會有投資者問答環節。 （操作員說明）

I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

我現在想將會議轉交給麥當勞公司的投資者關係官 Mike Cieplak 先生。 Cieplak 先生，您可以開始了。

Hello, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Kevin Ozan.

大家好，感謝您加入我們。今天與我通話的是總裁兼首席執行官 Chris Kempczinski；和首席財務官凱文·奧贊。

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures.

提醒一下，我們收益發布和 8-K 文件中的前瞻性陳述也適用於我們今天對電話會議的評論。這兩個文件都可以在我們的網站上找到，今天電話會議中提到的任何非 GAAP 財務措施的對賬，以及相應的 GAAP 措施也是如此。

Following prepared remarks this morning, we will take your questions. (Operator Instructions) Today's conference call is being webcast and is also being recorded for replay via our website.

在今天早上準備好的發言之後，我們將回答您的問題。 （操作員說明）今天的電話會議正在進行網絡直播，並通過我們的網站進行錄製以供重播。

And now I'll turn it over to Chris.

現在我將把它交給克里斯。

Thanks, Mike, and good morning, everyone. A little more than a year ago, I said that we were witnessing the beginning of the next great chapter at McDonald's, and it's clear that there has never been a better time to be part of brand McDonald's than right now.

謝謝，邁克，大家早上好。一年多前，我說我們正在見證麥當勞下一個偉大篇章的開始，很明顯，現在是成為麥當勞品牌一員的最佳時機。

The past 12 months continue to demonstrate what makes McDonald's different, the strength of our people, the might of our scale and supply chain, the agility of our system, the importance of local ownership operating in the communities we serve and the power of the McDonald's brand. Despite the many disruptions caused by COVID, it's clear from our performance that when the going gets tough, McDonald's gets going and our system's inherent strengths become even more apparent.

過去 12 個月繼續展示了麥當勞的與眾不同之處、我們員工的力量、我們的規模和供應鏈的力量、我們系統的敏捷性、我們所服務的社區中當地所有權的重要性以及麥當勞的力量品牌。儘管 COVID 造成了許多干擾，但從我們的表現中可以清楚地看出，當情況變得艱難時，麥當勞會繼續前進，我們系統的固有優勢會變得更加明顯。

2021 was a record-setting year for McDonald's on many dimensions, and we used this momentum to lean into our competitive strengths and build further advantage. Guided by our strategic plan, Accelerating the Arches, we made significant investments behind our brand purpose to feed and foster communities while envisioning new ways for us to serve our customers, leveraging our growing digital capabilities. As a system, we are laser-focused on our MCD growth pillars.

2021 年是麥當勞在許多方面都創紀錄的一年，我們利用這一勢頭來發揮我們的競爭優勢並進一步建立優勢。在我們的戰略計劃“加速拱門”的指導下，我們在品牌宗旨背後進行了大量投資，以養活和培育社區，同時利用我們不斷增長的數字能力為我們服務客戶設想新的方式。作為一個系統，我們專注於我們的 MCD 增長支柱。

In the first full year of the Accelerating the Arches strategy, we made great strides as we maximized our marketing, committed to our core menu, and doubled down on the 3Ds of digital, drive-thru and delivery to create seamless, memorable experiences for our customers. Our focus on the MCDs has driven broad-based growth in 2021. While we expect that 2022 will be a year of continued progress, we also anticipate that many of the challenges we experienced in 2021 will endure.

在 Accelerated the Arches 戰略的第一年，我們取得了長足的進步，我們最大限度地利用了我們的營銷，致力於我們的核心菜單，並在數字化、得來速和交付的 3D 上加倍努力，為我們創造無縫、難忘的體驗。顧客。我們對 MCD 的關注推動了 2021 年的廣泛增長。雖然我們預計 2022 年將是持續進步的一年，但我們也預計我們在 2021 年經歷的許多挑戰將持續下去。

A surge in COVID-19 cases and a return of restrictions in many of our markets are creating uncertainty around the world, exacerbating labor shortages and supply chain delays. Additionally, rising consumer inflation levels are putting pressure on restaurant economics. Focusing on our foundational operations, expanding our growing digital advantages and continuing to put the health and safety of our customers and crew first will remain critical to executing on Accelerating the Arches this year.

COVID-19 病例的激增和我們許多市場的限制措施的恢復正在全球範圍內造成不確定性，加劇勞動力短缺和供應鏈延遲。此外，不斷上升的消費者通脹水平正在給餐飲經濟帶來壓力。專注於我們的基礎運營、擴大我們不斷增長的數字優勢並繼續將我們的客戶和船員的健康和安全放在首位，對於今年執行 Accelerated the Arches 仍然至關重要。

And with strong average unit volumes and restaurant cash flows, the company and our franchisees are well positioned to withstand the pressures ahead. In fact, franchisee cash flows hit all-time highs in most of our top markets, including the U.S., U.K., Canada, Germany and Japan.

憑藉強勁的平均單位銷量和餐廳現金流，公司和我們的加盟商能夠很好地承受未來的壓力。事實上，特許經營商的現金流在我們的大部分主要市場都創下歷史新高，包括美國、英國、加拿大、德國和日本。

I've said it repeatedly over the past 2 years, and I'll say it again. I have never been more proud of the commitment and leadership of our restaurant managers and crews. Through even the most difficult moments, they have continued to be strong, keeping our restaurants running while providing hope and inspiration and extraordinary service to our customers and our communities every hour of every day.

在過去的 2 年裡，我反复說過，我會再說一遍。我對我們餐廳經理和工作人員的承諾和領導能力感到無比自豪。即使在最困難的時刻，他們仍然保持強大，讓我們的餐廳保持運轉，同時每天每時每刻為我們的客戶和我們的社區提供希望、靈感和非凡的服務。

Because of our unparalleled scale and dedication of our entire system, our employees, franchisees and suppliers, 2021 was a banner year for McDonald's despite the continued disruptions caused by COVID. In addition to the franchisee cash flow performance I mentioned, we hit all-time highs for global system-wide sales of $112 billion; comparable sales growth in the U.S. of 13.8%, which represents over $5 billion of system-wide sales growth; and operating income of more than $10 billion.

由於我們無與倫比的規模和對我們整個系統、我們的員工、特許經營商和供應商的奉獻精神，儘管 COVID 造成的持續中斷，2021 年對麥當勞來說是標誌性的一年。除了我提到的加盟商現金流表現外，我們的全球系統銷售額達到了 1120 億美元的歷史新高；美國的可比銷售額增長 13.8%，代表了超過 50 億美元的全系統銷售額增長；營業收入超過100億美元。

To expand on how Accelerating the Arches drove success, let me pass it over to Kevin.

為了擴展加速拱門如何推動成功，讓我把它交給凱文。

Thanks, Chris. As we've talked about before, the customer-focused actions we've taken over the past couple of years continue to drive strong top line momentum.

謝謝，克里斯。正如我們之前談到的，我們在過去幾年採取的以客戶為中心的行動繼續推動強勁的收入增長勢頭。

Our global comp sales were up over 12% in the fourth quarter or nearly 11% on a 2-year basis. As a result of these actions, we've gained QSR traffic share across most of our major markets since 2019. This is particularly evident within the International Operated Markets, where off-premise channels remain a significant competitive advantage in this fluid COVID environment.

我們的全球複合銷售額在第四季度增長了 12% 以上，或者在兩年的基礎上增長了近 11%。由於這些行動，自 2019 年以來，我們在大部分主要市場都獲得了 QSR 流量份額。這在國際運營市場中尤為明顯，在這種多變的 COVID 環境中，場外渠道仍然是顯著的競爭優勢。

Our IOM comp sales for the fourth quarter were nearly 17% or just over 8% on a 2-year basis, with strong 2-year double-digit growth in the U.K. and Canada and high single-digit growth in Australia.

我們第四季度的 IOM comp 銷售額在 2 年的基礎上接近 17% 或略高於 8%，英國和加拿大的 2 年強勁兩位數增長和澳大利亞的高個位數增長。

Later in the quarter, we had stops and starts in markets like Germany and France, where elevated COVID trends and heightened government restrictions interrupted recovery.

在本季度晚些時候，我們在德國和法國等市場停了下來，在這些市場中，COVID 趨勢的上升和政府限制的加強中斷了復甦。

Our U.K. performance was driven by continued growth in our delivery business and strong marketing featuring core menu items such as the Double Big Mac.

我們在英國的表現受到我們交付業務的持續增長和以雙巨無霸等核心菜單項目為特色的強大營銷的推動。

Canada also saw increased delivery momentum, with October being the strongest month of delivery sales to date. And a highly successful launch of MyMcDonald's Reward loyalty program drove significant digital engagement.

加拿大的交付勢頭也有所增加，10 月是迄今為止交付銷售最強勁的月份。 MyMcDonald 的 Reward 忠誠度計劃的成功推出推動了顯著的數字化參與。

Australian consumers began to emerge from stay-at-home restrictions throughout the quarter. Our 30 Days, 30 Deals value platform was a strong contributor to comp growth for the quarter and drove app usage as we prepare for our loyalty launch in the first half of this year.

整個季度，澳大利亞消費者開始擺脫居家限制。我們的 30 天，30 次交易價值平台是本季度業績增長的重要貢獻者，並在我們為今年上半年推出忠誠度計劃做準備時推動了應用程序的使用。

As I mentioned, there are still challenging operating conditions in Germany and France, but we remain confident about our market share opportunities. Germany continued to benefit from a strong third quarter rollout of loyalty as well as a digital advent calendar in December, accelerating both app adoption and digital sales in the market. And in France, we highlighted our core menu with the launch of our new premium chicken line, featuring wraps and the Chicken McBaguette.

正如我所提到的，德國和法國的經營環境仍然充滿挑戰，但我們對我們的市場份額機會仍然充滿信心。德國繼續受益於第三季度強勁的忠誠度推出以及 12 月的數字化日曆，加速了應用程序的採用和市場的數字化銷售。在法國，我們推出了新的優質雞肉系列，突出了我們的核心菜單，其中包括捲餅和雞肉麥麵包。

In the U.S., we finished the year strong with comp sales up 7.5% for the quarter and over 13% on a 2-year basis. We saw positive comps across all dayparts, which are still benefiting from average check growth, driven primarily by strategic menu price increases. Our MCD pillars continued to drive U.S. comps as strong marketing efforts behind McRib and the Crispy Chicken Sandwich were complemented with digital adoption by our customers.

在美國，我們以強勁的業績結束了這一年，本季度的複合銷售額增長了 7.5%，兩年內增長了 13% 以上。我們在所有時段都看到了積極的補償，這仍然受益於平均支票增長，主要受戰略菜單價格上漲的推動。我們的 MCD 支柱繼續推動美國市場的發展，因為 McRib 和 Crispy Chicken Sandwich 背後的強大營銷努力得到了客戶數字化採用的補充。

Digital growth remains a key driver of success in the U.S. Our loyalty program continues to build with digital sales growing month over month. Chris will share additional headlines on our digital strategy and success in a few minutes.

數字增長仍然是美國成功的關鍵驅動力。我們的忠誠度計劃繼續建立，數字銷售額逐月增長。克里斯將在幾分鐘內分享有關我們數字戰略和成功的更多頭條新聞。

All of this top line growth has also fueled franchisee cash flows to record highs in the U.S. with average growth in 2021 of around $125,000 per restaurant, putting our franchisees in a strong position to weather the inflationary pressures Chris talked about earlier.

所有這些收入增長也推動特許經營商現金流在美國創下歷史新高，到 2021 年，每家餐廳的平均增長率約為 125,000 美元，使我們的特許經營商處於有利地位，可以抵禦 Chris 早些時候談到的通脹壓力。

Turning to the International Developmental Licensed segment. Momentum accelerated in Q4 with comp sales up over 14% or 10% on a 2-year basis. Performance was largely driven by positive results in Japan and Latin America, partly offset by negative comps in China. Japan achieved its 25th consecutive quarter of comp sales growth with strength across our delivery and digital channels, while our dinner daypart benefited from compelling value programs and the introduction of new menu items. Recovery in China, however, continues to be impacted by COVID-related government restrictions, which significantly disrupted the restaurant industry in the fourth quarter.

轉向國際開發許可部分。第四季度增長勢頭加快，兩年內復合銷售額增長超過 14% 或 10%。業績主要是由日本和拉丁美洲的積極業績推動的，部分被中國的消極業績所抵消。日本通過我們的交付和數字渠道實現了連續第 25 個季度的銷售額增長，而我們的晚餐時段受益於引人注目的價值計劃和新菜單項目的推出。然而，中國的複蘇繼續受到與 COVID 相關的政府限制的影響，這在第四季度嚴重擾亂了餐飲業。

While comps were negative for the quarter, we expanded our digital presence with a successful year-end festival for app members, and we opened over 650 restaurants for the year.

雖然本季度的業績為負，但我們通過為應用程序會員舉辦的成功的年終節來擴大我們的數字影響力，並且全年開設了 650 多家餐廳。

Turning to the P&L. Company-operated margins, particularly in the U.S., were pressured for the quarter as a result of higher labor and commodity costs. G&A for the quarter increased 9% in constant currencies. As I've mentioned before, the increase was primarily driven by higher incentive-based compensation expense as a result of company performance significantly exceeding our plan for the year.

轉向損益表。由於勞動力和商品成本上升，本季度公司運營利潤率受到壓力，尤其是在美國。按固定匯率計算，本季度的 G&A 增長了 9%。正如我之前提到的，這一增長主要是由於公司業績大大超出了我們今年的計劃而導致的基於激勵的薪酬支出增加。

Foreign currency translation negatively impacted fourth quarter results by $0.03 per share. And after a tax rate of over 22%, which included some one-time items, adjusted earnings per share was $2.23 for the quarter.

外幣換算對第四季度業績產生了每股 0.03 美元的負面影響。在超過 22% 的稅率（包括一些一次性項目）之後，本季度調整後的每股收益為 2.23 美元。

For the full year, adjusted operating margin was 43.4%, reflecting higher restaurant margins across all segments and higher other operating income. Despite some of the P&L pressures I mentioned, top line results generated restaurant margins of over $12 billion for the year, an increase of over $2.5 billion.

全年調整後的營業利潤率為 43.4%，反映了所有部門的餐廳利潤率和其他營業收入的增加。儘管我提到了一些損益壓力，但全年的營收結果創造了超過 120 億美元的餐廳利潤，增加了超過 25 億美元。

Before I hand it back to Chris, I want to touch on CapEx and our free cash flow profile. Our overall capital spend for 2021 was a little over $2 billion, slightly lower than our original expectations, primarily due to the timing of projects.

在我把它交給克里斯之前，我想談談資本支出和我們的自由現金流概況。我們 2021 年的總資本支出略高於 20 億美元，略低於我們最初的預期，主要是由於項目的時間安排。

With the improvements we've made to our business model over the last several years and the consistent strength of our global business, our free cash flow grew to $7.1 billion in 2021, an increase of nearly 25% over 2019. And free cash flow conversion was 94% for the year.

隨著過去幾年我們對業務模式的改進以及我們全球業務的持續實力，我們的自由現金流在 2021 年增長到 71 億美元，比 2019 年增長了近 25%。自由現金流轉換全年為 94%。

With that, I'll pass it back to Chris.

有了這個，我會把它傳回給克里斯。

Thanks, Kevin. At McDonald's, we've long prided ourselves on the relationships we build with our customers. For decades, they relied on us to provide hot, delicious food with service that's fast, friendly and reliable. That promise is what keeps them coming back, and it's why we see every guest interaction as an opportunity to drive customer loyalty, whether through digital channels like our app, in-person at our restaurants and drive-thrus or off-premise through delivery.

謝謝，凱文。在麥當勞，我們一直以與客戶建立的關係而自豪。幾十年來，他們依靠我們提供熱騰騰、美味的食物以及快速、友好和可靠的服務。這一承諾是讓他們回頭客的原因，這也是為什麼我們將每次客人互動視為提高客戶忠誠度的機會，無論是通過我們的應用程序等數字渠道、在我們的餐廳和得來速或場外交付。

While each pillar of our Accelerating the Arches strategy is formidable on its own, the real power is when the M, C and D come together in combination with the customer at the center. That's what's enabling us to continue to make customer-recognized progress as we did once again this quarter.

雖然我們加速拱門戰略的每一個支柱本身都是強大的，但真正的力量是當 M、C 和 D 與以客戶為中心的客戶結合在一起時。這就是使我們能夠繼續取得客戶認可的進步的原因，就像我們本季度再次所做的那樣。

For starters, McDonald's continues to set a new standard for marketing in our industry. We're focused on taste, affordability, family and brand trust. And we've raised the bar on creative excellence with one of the most talented marketing teams in the world. Behind our marketing success is McDonald's iconic core menu. This quarter, we saw a strong performance that resulted in market share gains for both beef and chicken.

首先，麥當勞繼續為我們行業的營銷設定新標準。我們專注於品味、負擔能力、家庭和品牌信任。我們與世界上最有才華的營銷團隊之一一起提高了卓越創意的標準。我們營銷成功的背後是麥當勞標誌性的核心菜單。本季度，我們看到了強勁的表現，導致牛肉和雞肉的市場份額增加。

Our core classics aren't just the heart of our business. They're also a central part of our growth strategy. Iconic favorites like the Big Mac, Chicken McNuggets and our world famous french fries drive almost 60% of our total business and about 75% of our food business, and we continue to make them better.

我們的核心經典不僅僅是我們業務的核心。它們也是我們增長戰略的核心部分。巨無霸、麥樂雞塊和我們舉世聞名的炸薯條等標誌性美食推動了我們近 60% 的總業務和約 75% 的食品業務，我們將繼續讓它們變得更好。

We've implemented enhanced cooking procedures in new buns in over 20 markets, including Australia, Canada and Russia, that result in hotter, fresher-tasting burgers. Customers have told us that they've noticed improved taste and quality, and we're excited to deploy these standards in most markets across the globe over the next couple of years.

我們在包括澳大利亞、加拿大和俄羅斯在內的 20 多個市場的新麵包中實施了改進的烹飪程序，從而生產出更熱、更新鮮的漢堡。客戶告訴我們，他們注意到口味和質量有所提高，我們很高興在未來幾年內在全球大多數市場部署這些標準。

To complement our leadership in beef, we're also focusing on growing our market share in chicken by leaning into the strength of core equities like Chicken McNuggets as well as creating the core classics of tomorrow. We've begun to make progress with new chicken sandwiches in the U.S. and many of our international markets. We've gained IEO market share in chicken in every single 1 of our top 11 markets since 2019.

為了補充我們在牛肉領域的領先地位，我們還專注於通過利用麥樂雞等核心股票的實力以及創造未來的核心經典來增加我們在雞肉領域的市場份額。我們已經開始在美國和我們的許多國際市場推出新的雞肉三明治。自 2019 年以來，我們在前 11 個市場中的每一個都獲得了 IEO 雞肉市場份額。

And after a successful pilot of McPlant in 250 restaurants in the U.K., we're excited that McPlant is now available across all of our restaurants in the U.K. and Ireland.

在英國 250 家餐廳成功試用 McPlant 之後，我們很高興 McPlant 現在可以在我們在英國和愛爾蘭的所有餐廳使用。

Of course, being customer-driven is about more than just menu items. Our investments in technology and digital are paying off as our digital engine continues to make the customer experience more seamless and fuels growth in the process. Our top 6 markets saw more than 1/4 of their system-wide sales or $18 billion come from digital channels in 2021, a 60% increase over 2020.

當然，以客戶為導向不僅僅是菜單項。隨著我們的數字引擎繼續使客戶體驗更加無縫並推動該過程的增長，我們在技術和數字方面的投資正在獲得回報。到 2021 年，我們的前 6 個市場超過 1/4 的系統銷售額或 180 億美元來自數字渠道，比 2020 年增長 60%。

We now have loyalty programs in more than 40 markets, including the U.S., Germany and Canada, each of which launched in 2021. And in the first half of 2022, we're excited to bring MyMcDonald's Rewards to consumers in the U.K. and Australia. We're well on our way to building the world's largest loyalty program.

我們現在在 40 多個市場擁有忠誠度計劃，包括美國、德國和加拿大，每個市場都於 2021 年推出。我們很高興在 2022 年上半年將 MyMcDonald's Rewards 帶給英國和澳大利亞的消費者。我們正在建設世界上最大的忠誠度計劃。

Loyalty is the single biggest driver of digital adoption, and MyMcDonald's Rewards has exceeded expectations in terms of enrollment and participation. After just 6 months in the U.S., there are over 30 million loyalty members enrolled and 21 million active members earning rewards.

忠誠度是數字化採用的最大推動力，MyMcDonald's Rewards 在註冊和參與方面超出了預期。在美國僅僅 6 個月後，已有超過 3000 萬忠誠會員註冊，2100 萬活躍會員獲得獎勵。

I mentioned earlier the importance of customer relationships. With loyalty, we're building on a strong legacy of meaningful customer relationships and driving greater customer engagement and reengagement. And in the first few months of our loyalty launch, we're seeing an increase in digital customer frequency of over 10%.

我之前提到過客戶關係的重要性。憑藉忠誠度，我們正在建立有意義的客戶關係的強大傳統，並推動更大的客戶參與度和再參與度。在我們推出忠誠度計劃的頭幾個月，我們看到數字客戶頻率增加了 10% 以上。

Moreover, strategic partnerships have been fundamental to our digital growth strategy. Dynamic Yield has been instrumental in bringing our drive-thrus and self-order kiosks into a new era for customer engagement. Last month, we announced that Mastercard will acquire Dynamic Yield. As part of our broader strategy to better scale our assets, our collaboration with Mastercard will help us expedite and integrate capabilities across ordering channels and across the globe to continue providing an even more personalized customer experience.

此外，戰略合作夥伴關係一直是我們數字增長戰略的基礎。 Dynamic Yield 有助於將我們的得來速和自助服務亭帶入客戶參與的新時代。上個月，我們宣布萬事達卡將收購 Dynamic Yield。作為我們更好地擴展資產的更廣泛戰略的一部分，我們與萬事達卡的合作將幫助我們加快和整合跨訂購渠道和全球的能力，以繼續提供更加個性化的客戶體驗。

Delivery is a bet we made long before COVID and continues to be a staple for consumers. Our delivery footprint has expanded to more than 33,000 restaurants in 100 countries. And in the fourth quarter, our momentum continued with double-digit comps over strong growth in 2020. We've entered into new long-term strategic partnerships with 2 of our largest global delivery providers, Uber Eats and DoorDash. These multiyear deals are mutually beneficial and unlock tremendous value for our customers and franchisees, helping to ensure the long-term profitable growth of delivery. And as we integrate McDelivery into our app, we'll enable an even more seamless and personal customer experience.

交付是我們早在 COVID 之前就下的一個賭注，並且仍然是消費者的主食。我們的配送足跡已擴展到 100 個國家/地區的 33,000 多家餐廳。在第四季度，我們的勢頭繼續保持兩位數，超過了 2020 年的強勁增長。我們已經與我們最大的兩家全球交付提供商 Uber Eats 和 DoorDash 建立了新的長期戰略合作夥伴關係。這些多年期交易互惠互利，為我們的客戶和加盟商帶來巨大價值，有助於確保交付的長期盈利增長。隨著我們將 McDelivery 集成到我們的應用程序中，我們將實現更加無縫和個性化的客戶體驗。

Even as our digital and delivery engagement rises, the drive-thrus remain an essential channel, especially as customers seek safe, contactless access to McDonald's. We continue to see a higher percentage of sales in the drive-thru compared to pre-pandemic levels.

即使我們的數字和交付參與度提高，得來速仍然是一個重要的渠道，特別是當客戶尋求安全、非接觸式訪問麥當勞時。與大流行前的水平相比，我們繼續看到得來速銷售的百分比更高。

While average drive-thru service times have improved since 2019 across our top markets, service times slowed in 2021 in the U.S. and many markets compared to 2020. With industry-wide labor availability challenges, our market teams are focused on the foundational elements to maximize throughput, from staffing and positioning to new technology. Collectively, the investments we've made in our MCDs paid off in 2021, and we're confident they will drive even greater growth across the system in 2022 and beyond.

雖然自 2019 年以來，我們主要市場的平均得來速服務時間有所改善，但與 2020 年相比，美國和許多市場的服務時間在 2021 年有所放緩。面對全行業的勞動力供應挑戰，我們的市場團隊專注於基本要素，以最大限度地提高吞吐量，從人員配備和定位到新技術。總的來說，我們對 MCD 的投資在 2021 年得到了回報，我們相信它們將在 2022 年及以後推動整個系統的更大增長。

I'll turn it back over to Kevin to talk about our 2022 outlook. Kevin?

我將把它交給凱文來談談我們的 2022 年展望。凱文？

Thanks. Looking ahead this year, as Chris said, we're confident that our Accelerating the Arches strategy will continue to drive growth against an uncertain macro backdrop. We expect that our 2021 net new restaurant openings of about 2%, along with planned expansion in 2022, will contribute about 1.5% to our system-wide sales growth in constant currencies this year.

謝謝。正如克里斯所說，展望今年，我們相信我們的加速拱門戰略將在不確定的宏觀背景下繼續推動增長。我們預計，我們 2021 年約 2% 的淨新餐廳開業，以及 2022 年的計劃擴張，將為我們今年以固定匯率計算的全系統銷售增長貢獻約 1.5%。

We're focused on increasing our overall operating margin over the long term, as it serves as the most comprehensive gauge of operating performance. In 2022, we anticipate our operating margin percent will continue to be in the low to mid-40s range as strong top line momentum and minimal other operating income will be hampered by significant commodity and labor inflation in the near term.

我們專注於長期提高整體運營利潤率，因為它是衡量運營績效的最全面指標。到 2022 年，我們預計我們的營業利潤率百分比將繼續保持在 40 多歲的中低水平，因為強勁的營收勢頭和極少的其他營業收入將在短期內受到商品和勞動力大幅通脹的阻礙。

We've seen our digital and technology investments over the past few years drive top line growth. As we continue to strategically invest in digital and technology, we're also carefully managing our G&A. In 2022, we expect G&A to be about 2.2% to 2.3% of systemwide sales. Beyond 2022, we expect to gain leverage on both G&A and operating margin through continued sales growth.

我們已經看到我們在過去幾年中的數字和技術投資推動了收入增長。隨著我們繼續對數字和技術進行戰略性投資，我們也在謹慎管理我們的 G&A。到 2022 年，我們預計 G&A 將佔全系統銷售額的 2.2% 至 2.3%。到 2022 年之後，我們預計將通過持續的銷售增長獲得 G&A 和營業利潤率的影響力。

Based on current interest in foreign currency exchange rates, we're projecting interest expense this year to be relatively flat compared to 2021. And under current tax legislation, we expect our effective tax rate for the year to be between 20% and 22%.

根據當前的外幣匯率利率，我們預計今年的利息支出將與 2021 年相比相對持平。根據現行稅法，我們預計今年的有效稅率將在 20% 至 22% 之間。

Finally, based on current exchange rates, we anticipate currency translation will negatively impact EPS between $0.05 and $0.07 in the first quarter and between $0.18 and $0.20 for the full year. As usual, this is directional guidance only as rates will change as we move through the year.

最後，根據當前匯率，我們預計貨幣換算將對第一季度每股收益產生 0.05 美元至 0.07 美元和全年 0.18 美元至 0.20 美元的負面影響。像往常一樣，這只是方向性的指導，因為利率會隨著我們全年的變化而變化。

Transitioning to capital expenditures. We anticipate spending between $2.2 billion and $2.4 billion this year. About 40% of this will be allocated to our U.S. business, where we expect to have net restaurant unit growth for the first time in a few years. Most of the U.S. spend will go towards reinvestment, including the completion of our restaurant modernization efforts. About half of our total capital spend will be dedicated to new unit openings. Globally, we plan to open over 1,800 restaurants, with more than 500 of these openings in the U.S. and IOM segments. The remaining 1,300 new restaurants, including roughly 800 in China, will be across the IDL markets, where our strategic partners provide the capital for restaurant openings. We anticipate net new restaurant growth of about 3.5% for the year.

過渡到資本支出。我們預計今年的支出將在 22 億至 24 億美元之間。其中約 40% 將分配給我們的美國業務，我們預計該地區的餐廳單位將在幾年內首次實現淨增長。美國的大部分支出將用於再投資，包括完成我們的餐廳現代化工作。我們總資本支出的大約一半將用於開設新單位。在全球範圍內，我們計劃開設 1,800 多家餐廳，其中 500 多家在美國和 IOM 部門開設。剩下的 1,300 家新餐廳，包括大約 800 家在中國，將遍布 IDL 市場，我們的戰略合作夥伴為這些市場的開業提供資金。我們預計今年新餐廳的淨增長約為 3.5%。

We also expect our strong cash flow growth to continue in 2022. And after the CapEx spend I just talked about, we'll continue to convert more than 90% of our net income to free cash flow as we have the last few years.

我們還預計我們強勁的現金流增長將在 2022 年繼續。在我剛才談到的資本支出支出之後，我們將繼續像過去幾年一樣將超過 90% 的淨收入轉換為自由現金流。

Going forward, our capital allocation priorities remain unchanged: first, to invest in new units and opportunities to grow the business, along with reinvesting in existing restaurants; second, to continue growing our dividend; and third, to repurchase shares.

展望未來，我們的資本配置重點保持不變：首先，投資新單位和發展業務的機會，同時對現有餐廳進行再投資；第二，繼續增加我們的股息；三是回購股份。

It's during times like this that the strength of the McDonald's system and scale are more beneficial than ever. And I remain confident that our strategy will continue to deliver sustained long-term profitable growth for our system and shareholders.

正是在這樣的時期，麥當勞系統的力量和規模比以往任何時候都更加有利。我仍然相信，我們的戰略將繼續為我們的系統和股東帶來持續的長期盈利增長。

Now I'll turn it back to Chris to close.

現在我將把它轉回給克里斯關閉。

Ray Kroc built McDonald's as both the most independent and interdependent brand on the planet. From the beginning, Ray wanted the McDonald's franchise model to be a two-way street. In doing so, he unleashed the creative power of franchisees who had ownership in their businesses. Together, we have built a brand that is second to none. We see the power of that brand every single day. We see the power of the brand reflected as part of the cultural fabric and communities around the world. We see the power of the brand in the value of restaurant ownership and the strong cash flows that our franchisees are experiencing. Most of all, we see the power of the brand in the ways our thoughtful decisions and investments have resulted in our collective strength today. It enabled us to build an unrivaled customer experience where modern restaurants and innovative digital technologies serve more than 65 million customers every single day.

Ray Kroc 將麥當勞打造為地球上最獨立和相互依存的品牌。從一開始，雷就希望麥當勞的特許經營模式是雙向的。在這樣做的過程中，他釋放了擁有業務所有權的特許經營商的創造力。我們共同打造了一個首屈一指的品牌。我們每天都看到這個品牌的力量。我們將品牌的力量視為世界各地文化結構和社區的一部分。我們在餐廳所有權的價值和我們的加盟商正在經歷的強勁現金流中看到了品牌的力量。最重要的是，我們在深思熟慮的決策和投資中看到了品牌的力量，這些方式為我們帶來了今天的集體力量。它使我們能夠建立無與倫比的客戶體驗，現代餐廳和創新的數字技術每天為超過 6500 萬客戶提供服務。

Now as we prepare to come together with our franchisees in April for the first time in 4 years at our worldwide convention in Orlando, we will celebrate the McDonald's brand and talk about how this generation of system leaders will put their own shine on the Arches. The answer will certainly be rooted in how we create a more seamless customer experience that connects the physical restaurant to our digital channels. But it will also be based on one of our founding principles in the model: building a business that is representative of our customers and communities, where equity to opportunity is central to our business.

現在，當我們準備在 4 月與我們的特許經營商一起參加我們在奧蘭多舉行的全球大會時，這是 4 年來的第一次，我們將慶祝麥當勞品牌，並討論這一代系統領導者將如何在拱門上閃耀自己的光芒。答案肯定會植根於我們如何創造更無縫的客戶體驗，將實體餐廳與我們的數字渠道連接起來。但它也將基於我們在該模型中的一項創始原則：建立一個能夠代表我們的客戶和社區的業務，其中機會公平是我們業務的核心。

We cannot let economic or other barriers stand in the way of bringing the best talent into the system. As part of our brand's commitment to diversity, equity and inclusion, and we're demonstrating this commitment in various ways throughout our system, including a mutual DEI pledge for suppliers, incorporating human capital metrics into annual compensation for senior leaders and a commitment to equal pay for employees.

我們不能讓經濟或其他障礙阻礙將最優秀的人才帶入系統。作為我們品牌對多元化、公平和包容性承諾的一部分，我們正在整個系統中以各種方式展示這一承諾，包括對供應商的相互 DEI 承諾、將人力資本指標納入高級領導者的年度薪酬以及承諾平等為員工發工資。

Last month, we were proud to announce a franchisee recruitment initiative focused in 3 areas: recruitment, financing and ongoing learning and development. Our goal is to create opportunities and increase the number of new franchisees from all backgrounds, including women and historically underrepresented groups in McDonald's operated markets around the world.

上個月，我們自豪地宣布了一項特許經營商招聘計劃，重點關註三個領域：招聘、融資和持續學習與發展。我們的目標是創造機會並增加來自不同背景的新加盟商的數量，包括在全球麥當勞經營的市場中的女性和歷史上代表性不足的群體。

I'm excited and optimistic about the months and years to come. Together as a system, we will continue to bring Ray Kroc's vision for collaboration to life while providing customers the food they crave, the experience they treasure and the brand they love. It's this commitment that will accelerate the Arches while helping us feed and foster communities everywhere.

我對未來的幾個月和幾年感到興奮和樂觀。作為一個系統，我們將繼續將 Ray Kroc 的協作願景變為現實，同時為客戶提供他們渴望的食物、他們珍視的體驗和他們喜愛的品牌。正是這一承諾將加速拱門，同時幫助我們養活和培育各地的社區。

Thank you. And with that, we'll take questions.

謝謝你。有了這個，我們會回答問題。

(Operator Instructions)

（操作員說明）

Our first question is from Andrew Charles with Cowen.

我們的第一個問題來自 Andrew Charles 和 Cowen。

Great. Kevin, this quarter is a little different that the formal outlook in the 8-K did not provide a 2022 system sales outlook. And usually, you guys provide some commentary around the forward quarter and around how you see sales and margins progressing. And I recognize that media reports 2 weeks ago, around a 10% reduction in operating hours due to staffing challenges, is probably presenting some lack of visibility.

偉大的。凱文，這個季度有點不同，8-K 的正式展望沒有提供 2022 年的系統銷售展望。通常，你們會圍繞前一個季度以及您如何看待銷售和利潤率的進展提供一些評論。而且我認識到兩週前的媒體報導，由於人員配備方面的挑戰，營業時間減少了約 10%，這可能表明缺乏知名度。

But if you just help level set what are you seeing out there at the start of January, just given the staffing dynamic? And kind of how you see the potential for U.S. sales progressing over the course of 2022, just given the (inaudible) you saw last year as the strategy really is working.

但是，如果你只是幫助水平設置你在 1 月初看到的情況，只是考慮到人員配置動態？以及您如何看待 2022 年美國銷售的潛力，只是考慮到您去年看到的（聽不清）該策略確實有效。

Yes. Thanks, Andrew. Let me start with some of the sales commentary, and then I'll let Chris talk about the 10% labor thing that you were talking about because that came out of a discussion that Chris was having.

是的。謝謝，安德魯。讓我先從一些銷售評論開始，然後讓 Chris 談談你所說的 10% 勞動力問題，因為那是 Chris 正在討論的問題。

First, I guess, let me say that as things hopefully are starting to stabilize a little bit with some of the stops and starts, I think our thinking is to go back to some of our practices from pre-pandemic and not focus a lot of commentary guidance on current quarters. So we're going to try and go back and not give a lot kind of in current month.

首先，我想，讓我說，隨著一些停止和開始，希望事情開始有點穩定，我認為我們的想法是回到大流行前的一些做法，而不是關注很多對當前季度的評論指導。因此，我們將嘗試返回，並且在本月不提供太多幫助。

But what I would say is we're really pleased with our 2021 performance in the U.S. You heard, both in the prepared remarks as well as seeing in the release, the U.S. put up its highest annual comp basically in our history. We have really good momentum as we start going into 2022. Our franchisees are very strong financially. Their cash flow has grown over 50% over the last 3 years. So from a U.S. sales perspective, we feel really good.

但我想說的是，我們對 2021 年在美國的表現非常滿意。無論是在準備好的評論中還是在發布中看到的，美國基本上都創下了我們歷史上最高的年度業績。隨著我們開始進入 2022 年，我們的勢頭非常好。我們的加盟商在財務上非常強大。他們的現金流在過去 3 年中增長了 50% 以上。所以從美國銷售的角度來看，我們感覺非常好。

The focus in 2022 is going to be in a few specific areas. It's on chicken, where we want to continue our market share gains that we've been experiencing. It's on digital and loyalty. You've heard about kind of the beginning of the loyalty program, and we think that still has considerable runway to grow. And it's on operations execution in the restaurants, which is really about kind of our people practices as well as service.

2022 年的重點將集中在幾個特定領域。它在雞肉上，我們希望繼續我們一直在經歷的市場份額增長。這是關於數字和忠誠度的。您已經聽說過忠誠度計劃的開始，我們認為這仍有相當大的發展空間。它是關於餐廳的運營執行，這實際上與我們的員工實踐和服務有關。

So I think going into '22, we feel really bullish on kind of the U.S. momentum in the business where we are right now. Our franchisees are working hard. There are still some challenges from the labor perspective, but the restaurants are running pretty well, and we feel good about sales opportunities this year.

所以我認為進入 22 年，我們非常看好美國目前所處行業的發展勢頭。我們的加盟商正在努力工作。從勞動力的角度來看，仍然存在一些挑戰，但餐館經營得很好，我們對今年的銷售機會感到滿意。

Yes. And I would just add, our franchisees have done a phenomenal job working through what is a really challenging staffing environment. Omicron certainly didn't make that any easier. But as of this week, we are now down to only about 1% of our restaurants in the U.S. are operating with limited hours. So franchisees have been able to make significant progress in ensuring that they've got the staffing that they need. And we actually are exiting 2021 with our roster size, the average number of people that work in the restaurant. Our roster size at the end of '21 is greater than where we were entering into the beginning of the year. So franchisees, again, have done a nice job, but it certainly is challenging. I think we're in a good place, though, in terms of having the vast majority of our restaurants, 99% of them, operating now with normal hours.

是的。我只想補充一點，我們的特許經營商在非常具有挑戰性的人員配置環境中做了出色的工作。 Omicron 肯定不會讓這變得更容易。但截至本週，我們在美國的餐廳中只有約 1% 的營業時間有限。因此，特許經營商在確保他們擁有所需的人員方面取得了重大進展。實際上，我們將在 2021 年結束我們的花名冊規模，即在餐廳工作的平均人數。我們在 21 年底的名單規模大於我們進入年初的規模。因此，特許經營商再次做得很好，但這當然具有挑戰性。不過，我認為我們的情況很好，因為我們的絕大多數餐廳，其中 99% 的餐廳現在都在正常營業。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

A couple-part question here on the unit growth outlook. One, I just wanted to get more perspective from you on what's driving the big uptrend here in openings? And whether there's certain markets you'd call out as particularly strong in terms of the outlook?

這裡有幾個關於單位增長前景的問題。一，我只是想從你那裡得到更多關於是什麼推動了空位的大上升趨勢？就前景而言，您是否認為某些市場特別強勁？

And then secondly, Kevin, if you could just explain a little bit why a 3.5% unit growth number for this year would only translate to 1.5% of system sales. And I understand there's some mix impacts on that with respect to IDL, but was curious to sort of understand the dynamics there and what perhaps the run rate contribution to system sales would be from that type of growth?

其次，凱文，如果你能解釋一下為什麼今年 3.5% 的單位增長數字只會轉化為系統銷售額的 1.5%。我知道這對 IDL 有一些混合影響，但很想了解那裡的動態以及這種類型的增長對系統銷售的運行率貢獻可能是什麼？

Yes. I hope I caught all the parts. Let me try. So I think we've said, for 2022, our unit growth will be about 3.5%. And that -- it's really -- if you think about it, it's more -- the current year sales growth is really driven more by prior year unit growth than current year, but obviously, current year has some impact.

是的。我希望我抓住了所有的部分。讓我嘗試。所以我認為我們已經說過，到 2022 年，我們的單位增長率約為 3.5%。而且 - 它真的 - 如果你考慮一下，它更多 - 本年度的銷售增長實際上更多地是由上一年的單位增長推動的，而不是本年度，但顯然，本年度有一些影響。

So we've said last year is about 2% unit growth plus what we're opening this year will give us about 1.5% of sales growth. Part of that is -- most of that is mix.

所以我們去年說過大約 2% 的單位增長加上我們今年開放的將給我們帶來大約 1.5% 的銷售增長。其中一部分是——其中大部分是混合的。

I mean, if you think about where we're opening, we said about 800 of those openings are in China. Those are generally open up at a little lower volume certainly than either the U.S. or our European markets. And so that drives the difference between unit growth rate and the contribution of system-wide sales.

我的意思是，如果你想想我們在哪裡開業，我們說其中大約有 800 家在中國。與美國或我們的歐洲市場相比，這些市場的開盤量通常略低。因此，這推動了單位增長率與全系統銷售額貢獻之間的差異。

Going forward, post 2022, our expectation is of unit growth of about 3.5% to 4%. That will give about 2% contributions -- contribution to system-wide sales growth. And again, same dynamic where a chunk of those openings will be in China and a little bit lower volume.

展望未來，2022 年後，我們預計單位增長率約為 3.5% 至 4%。這將產生大約 2% 的貢獻——對全系統銷售增長的貢獻。再一次，同樣的動態，其中大部分空缺將在中國，而且數量略低。

I would say the other places where we are opening, besides accelerating China, are in most of our large markets. That's Canada, France, U.K., Australia and even the U.S. We believe there's still significant opportunity to grow units in our major markets, and we earn really good returns on those new openings. So from our perspective, it's a very good use of capital. And so that's what we'll see going forward.

我想說，除了加速中國之外，我們正在開放的其他地方都在我們的大部分大型市場中。那是加拿大、法國、英國、澳大利亞甚至美國。我們相信在我們的主要市場仍有很大的機會來增加單位，我們從這些新開業中獲得了非常好的回報。所以從我們的角度來看，這是對資本的一種很好的利用。這就是我們將看到的未來。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

I think you mentioned $125,000 increase in the store level cash flow in the U.S., which I think puts you around $500,000 per unit, if I'm not mistaken. So obviously, there's some overearning that occurred in the early part of the year, and 4Q's run rate was likely seasonally lower given the company on margin. So can you talk about how much of that you expect to hold on to in 2022? And what you're seeing right now in terms of commodity and labor inflation? And how pricing -- how much pricing is in the system?

我認為您提到美國商店級別的現金流增加了 125,000 美元，如果我沒記錯的話，我認為您每單位增加了 500,000 美元。很明顯，今年年初出現了一些超額收益，鑑於公司的利潤率，第四季度的運行率可能會季節性降低。那麼您能談談您希望在 2022 年堅持多少嗎？你現在在商品和勞動力通脹方面看到了什麼？以及如何定價——系統中有多少定價？

Okay. There's definitely a lot in there between cash flow and commodity and pricing. Let me try and hit a few things there. Let me start with the cash flow perspective because we did say our cash -- unit cash flow is up about $125,000 for the year. Again, looking over a 3-year period, it's up about 50%. It does get to over $500,000 on an individual restaurant basis.

好的。現金流、商品和定價之間肯定存在很多問題。讓我嘗試在那裡打一些東西。讓我從現金流的角度開始，因為我們確實說過我們的現金——單位現金流今年增加了約 125,000 美元。同樣，從 3 年的時間來看，它上漲了約 50%。在單個餐廳的基礎上，它確實超過了 500,000 美元。

It is fair to say, to your point that, there is commodity pressure going into 2022. Just to give a perspective, in 2021 in the U.S., our food and paper costs were up about 4% for the year. If we look forward to 2022, our expectation is that will be about double or in high single digits increases for 2022. Most of that pressure or more of that pressure will be in the first half of the year. And as the year progresses, we expect that to ease somewhat.

公平地說，就您而言，到 2022 年將面臨大宗商品壓力。只是從一個角度來看，2021 年在美國，我們的食品和紙張成本全年上漲了約 4%。如果我們展望 2022 年，我們的預期是 2022 年將出現大約兩倍或高個位數的增長。大部分壓力或更多壓力將在今年上半年。隨著時間的推移，我們預計這種情況會有所緩解。

On the international side, just to give a similar perspective, we saw about a 3% increase in food and paper costs in 2021, and that increase is supposed to be around double also in 2022, similarly more pressured early in the year.

在國際方面，為了給出類似的觀點，我們看到 2021 年食品和紙張成本增加了約 3%，而且預計到 2022 年這一增幅也將翻一番左右，同樣在年初壓力更大。

So there is some pressure, certainly, again, more early in the year, on margins and therefore, on cash flow also. We certainly don't expect it to wipe away what we gained either in 2021 or prior to that. But it certainly will pressure, again, both margins and cash flow.

因此，當然，在今年早些時候，利潤率和現金流也會面臨一些壓力。我們當然不希望它會抹去我們在 2021 年或之前獲得的收益。但這肯定會再次對利潤率和現金流造成壓力。

From a pricing perspective, our franchisees, I think you know they obviously decide pricing for their individual restaurants. They're advised by a third party, and the pricing mechanism or methodology that's used is a consumer-based research approach. We take into account market conditions, economic environment, competitive landscape, et cetera, generally try and take small increments of pricing at various times versus take a lot at one time.

從定價的角度來看，我們的加盟商，我想你知道他們顯然決定了各自餐廳的定價。他們由第三方提供建議，使用的定價機製或方法是基於消費者的研究方法。我們考慮到市場條件、經濟環境、競爭格局等，一般會嘗試在不同時間採取小幅度的定價增量，而不是一次採取很多措施。

And really, the most important thing that we're trying to balance is cost pressures with making sure that we provide good value to our customers and that our customer ratings on value remain high. We do keep a close eye on that. Our customer ratings have continued to score well on the idea of providing good value for money, and that's a really important metric for us because, obviously, a lot of our customers are looking to make sure that they're getting value as inflation rises. So that's some of the pricing dynamics that go on.

實際上，我們試圖平衡的最重要的事情是成本壓力，以確保我們為客戶提供良好的價值並且我們的客戶對價值的評價仍然很高。我們確實密切關注這一點。我們的客戶評級在提供物有所值的想法上繼續得分，這對我們來說是一個非常重要的指標，因為很明顯，我們的許多客戶都希望確保他們在通貨膨脹上升時獲得價值。這就是正在進行的一些定價動態。

Our next question is from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

I wondered just on loyalty, if you think about -- how you think about that impacts sales in the various markets in '22? Is there a way to quantify early on what you've seen in later stages of '21 in the U.S., for example, or earlier markets, like for example, France, where you've had loyalty for a number of years, maybe as a benchmark, how has that contributed to their sales growth as we think about how that may benefit the system in '22 and beyond?

我想知道忠誠度，如果您考慮一下 - 您如何看待這會影響 22 年各個市場的銷售？有沒有辦法在早期量化你在 21 世紀後期在美國看到的東西，或者更早的市場，比如法國，你已經忠誠了很多年，也許是一個基準，當我們思考這對 22 年及以後的系統有何好處時，這對他們的銷售增長有何貢獻？

Yes. Thanks, John, it's Chris. We're excited about what we're seeing with loyalty. I think two things for us get us excited about it. The first is we are seeing that our consumers who end up going into the loyalty program, their satisfaction with McDonald's is stronger. And so for us, that's important because what it says is we're providing something of value to them, not just any of the offers or rewards that they might be able to get, but they're also enjoying the personalization and the feeling that we are, through loyalty, able to deliver them a MyMcDonald's experience. So that's the first point.

是的。謝謝，約翰，我是克里斯。我們對我們所看到的忠誠感到興奮。我認為有兩件事讓我們對此感到興奮。首先是我們看到最終加入忠誠度計劃的消費者對麥當勞的滿意度更高。所以對我們來說，這很重要，因為它說的是我們為他們提供了一些有價值的東西，不僅僅是他們可能獲得的任何優惠或獎勵，而且他們還享受個性化和感覺通過忠誠，我們能夠為他們提供 MyMcDonald 的體驗。這是第一點。

The second point, and we've talked about this in the past, is that with a brand like ours where you have reach of, call it, 80% or so in our biggest markets, that the power of loyalty is about being able to drive frequency. And so for us, we are seeing nice frequency benefits as we are able to deploy loyalty about 10%, as I made in my comments. And so what that ends up doing in terms of contribution of comp is a function of just how quickly we can bring on active monthly users. And that's the focus, finding programs, finding ideas where we can get more of our customers coming into our restaurants engaged as active users in loyalty. And to the degree that we're successful in that, the contribution of comp will be bigger, but we're excited about what we're seeing.

第二點，我們過去曾討論過，對於像我們這樣的品牌，在我們最大的市場中，你可以稱其為 80% 左右，忠誠度的力量在於能夠驅動頻率。因此，對於我們來說，我們看到了不錯的頻率收益，因為我們能夠部署大約 10% 的忠誠度，正如我在評論中所說的那樣。因此，就補償的貢獻而言，最終的結果是我們能夠多快地吸引月度活躍用戶。這就是重點，尋找計劃，尋找想法，讓更多的顧客進入我們的餐廳，成為忠誠的活躍用戶。就我們在這方面取得成功的程度而言，comp 的貢獻會更大，但我們對我們所看到的感到興奮。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Chris, just a follow-up on the loyalty piece. And I guess thinking more broadly about digital within the U.S. this year in general. As far as sort of the digitization of the drive-thrus, some of the other digital focus that you mentioned earlier and where that can go this year and beyond. Is the general view that the contribution to sales and then, maybe even over time, to cost savings, managing margins, does that continue to increase to the gains that we saw in '21 get further even in '22, given your focus and given the investment in addition to, again, the loyalty answer that you kind of just addressed?

克里斯，只是對忠誠度的跟進。我猜想更廣泛地考慮今年美國的數字化。至於得來速的數字化，你之前提到的其他一些數字化焦點，以及今年及以後的發展方向。一般認為，考慮到您的關注和給定，對銷售的貢獻，甚至可能隨著時間的推移，對成本節約、管理利潤的貢獻，是否會繼續增加我們在 21 年看到的收益，即使在 22 年也會進一步增長除了你剛才提到的忠誠度答案之外的投資？

Sure. We definitely see digital more broadly as the long-term macro trend that's going to affect our business. We're now at about 25% of our business is through digital channels. I think that number is going to continue to grow. We have some markets where that number is north of 50% of the business, like in China, like in France, others are very close, like in the U.K. where it's right at about 50%. So digital for us is a long-term play.

當然。我們肯定會更廣泛地將數字視為影響我們業務的長期宏觀趨勢。我們現在大約 25% 的業務是通過數字渠道實現的。我認為這個數字將繼續增長。我們有一些市場，這個數字佔業務的 50% 以北，比如在中國，比如在法國，其他市場非常接近，比如在英國，它大約是 50%。所以數字化對我們來說是一個長期的遊戲。

It's part of why, as you know, earlier last year, we made a move to create the Global Chief Customer Officer, because I think our opportunity is to meld more seamlessly the physical experience with the digital experience. And I think that's a big part of what Manu and his organization is going to be able to do. So for us, we're excited about what digital can do.

如您所知，這也是去年早些時候我們採取行動創建全球首席客戶官的部分原因，因為我認為我們的機會是將物理體驗與數字體驗更加無縫地融合在一起。我認為這是馬努和他的組織能夠做到的重要部分。所以對我們來說，我們對數字技術的作用感到興奮。

And I do think that there's -- right now, there's a lot of focus on what it can do for the customer experience. But as you digitize more of your transactions, I do think it opens up opportunities on the operations side as well. And so for us, this is going to be something we'll be talking about for years to come.

而且我確實認為 - 現在，人們非常關注它可以為客戶體驗做些什麼。但隨著您將更多交易數字化，我確實認為這也為運營方面帶來了機會。所以對我們來說，這將是我們將在未來幾年談論的話題。

Our next question is from Jared Garber with Goldman Sachs. We're going to move on. Our next question will be from -- are you there, Jared?

我們的下一個問題來自高盛的 Jared Garber。我們要繼續前進。我們的下一個問題是——你在嗎，賈里德？

Yes. Sorry about that. I had a phone issue. I wanted to ask a question about unit growth. Obviously, the franchisee free cash flow seems really strong, so not a demand issue. But wanted to get a sense of what you're seeing in terms of maybe the construction environment with respect to labor and staffing or permitting or equipment availability and supply chain?

是的。對於那個很抱歉。我有電話問題。我想問一個關於單位增長的問題。顯然，加盟商的自由現金流似乎非常強勁，所以不是需求問題。但是想了解您所看到的關於勞動力和人員配備或許可或設備可用性和供應鏈的施工環境？

Yes. It's a fair comment. I think in my prepared remarks, I mentioned that our CapEx was a little -- for 2021 was a little bit lower than we originally had anticipated, and it was really just due to timing of projects more than anything.

是的。這是一個公平的評論。我想在我準備好的評論中，我提到我們的資本支出有點——2021 年比我們最初預期的要低一點，這實際上只是由於項目的時間安排而不是任何事情。

I think it is fair to say that everything is taking a little bit longer, I'd say, than how it used to. That's from permitting to getting supplies and construction materials to dealing with labor issues at construction firms, et cetera. And so we did see some of that in 2021.

我認為可以公平地說，一切都比以前花費了更長的時間。從許可到獲得供應和建築材料，再到處理建築公司的勞工問題等等。所以我們確實在 2021 年看到了其中的一些。

My sense is it's starting to get a little bit better, but there -- it's still not back to where things were pre-pandemic. So everything still is taking a little bit longer from permitting to construction to getting all of the equipment and technology that we need for opening and remodeling restaurants.

我的感覺是它開始好轉一些，但那裡 - 它仍然沒有回到大流行前的狀態。因此，從獲得許可到建設，再到獲得我們開設和改造餐廳所需的所有設備和技術，一切仍然需要更長的時間。

But the guidance we've provided related to both CapEx and openings, we feel pretty good about both of those, but we'll keep an eye on those as the year progresses to make sure that it's kind of advancing the way we expect right now from a supply chain perspective.

但是我們提供的與資本支出和空缺相關的指導，我們對這兩者都感覺很好，但隨著時間的推移，我們會密切關注這些，以確保它以我們現在期望的方式推進從供應鏈的角度來看。

Our next question is from Jeff Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeff Bernstein。

Just wanted to follow up on the inflation and pricing commentary, and I appreciate the color you gave on commodities. So just shifting a little bit more to labor. I think you mentioned you're now down maybe only 1% with stores reduced operating hours in the U.S. I know the comment a couple of weeks ago was 10%. So I'm just wondering if you can provide some color on that improvement and whether you still expect another year of maybe 10% inflation in '22, similar to '21.

只是想跟進通脹和定價評論，我很欣賞你對商品的看法。因此，只需將更多的精力轉移到勞動力上。我想你提到你現在可能只下降了 1%，因為美國商店的營業時間減少了。我知道幾週前的評論是 10%。因此，我只是想知道您是否可以為這種改進提供一些顏色，以及您是否仍預計 22 年的通貨膨脹率可能會再增加一年，類似於 21 年。

And as it relates to that, just the pricing, if there's any more color you can provide in terms of elasticity. I think you were running 6% price in '21, which I think would be above your historical comfort zone. So I'm just wondering what your thoughts are for '22, whether there's any concern about affordability on the lower end.

與此相關的是定價，如果您可以在彈性方面提供更多顏色的話。我認為您在 21 年的價格為 6%，我認為這將高於您的歷史舒適區。所以我只是想知道你對 22 年的想法是什麼，是否擔心低端的可負擔性。

Sure. I'll address a couple of those, and then I think Kevin will pick up on a couple as well.

當然。我將解決其中的幾個問題，然後我認為 Kevin 也會選擇其中的幾個。

So in terms of the progress that we've made, I would point out, the 10% number that I referenced was -- when I actually had that comment, that was middle of December. And we were in peak Omicron. I know the report on that came out later. But actually, the time I had that interview, that was mid-December. So we've had about 6 weeks or so, call it, 5 weeks of ability to continue to work away on the staffing side. And that's where, again, our franchisees have done, I think, just a terrific job of finding ways to get the talent that they need into the restaurants to keep the restaurants running. And so that is where we're now at, which is this 1% of restaurants with limited hours.

因此，就我們所取得的進展而言，我要指出，我提到的 10% 的數字是 -- 當我真正發表評論時，那是 12 月中旬。我們正處於 Omicron 的巔峰時期。我知道這方面的報導後來出來了。但實際上，我接受采訪的時間是 12 月中旬。因此，我們有大約 6 週左右的時間，稱之為 5 週的時間來繼續在人員配備方面工作。我認為，這就是我們的加盟商所做的一項了不起的工作，他們想方設法讓他們需要的人才進入餐廳，以保持餐廳的運轉。這就是我們現在所處的位置，即 1% 的營業時間有限的餐廳。

I think for us, part of what we've needed to do in 2021 to be able to leave the year with expanded roster size, as you've certainly seen that there has been labor inflation. And we announced, as you know, back in April of last year, a move from McOpCos, where we were going to take up the average wage in McOpCos, we are -- had about low teens, I'd say, increases at that point. We went up probably a tick higher as the year progressed on that in McOpCos. And our franchisees similarly saw inflation, call it, in the mid-teens from a labor standpoint.

我認為對我們來說，我們在 2021 年需要做的部分事情是能夠以擴大名冊規模離開這一年，因為你肯定已經看到勞動力通脹。如你所知，我們在去年 4 月宣布，從 McOpCos 搬遷，我們將在 McOpCos 中採用平均工資，我們現在 - 大約有低青少年，我會說，增加了觀點。隨著 McOpCos 一年的進展，我們可能會上漲一點點。從勞工的角度來看，我們的加盟商同樣看到了十幾歲的通貨膨脹。

One of the things that we also did though, and I think Joe and the U.S. team did a lot of good work with our franchisees on this, is talking about our employee value proposition, and beyond wages, other things that we can be doing to make sure that we've got the best proposition to get people in our restaurants. Things like paid time off, Archways and what we do around tuition reimbursement. And just a focus on making sure the reward and recognition is there. All of those things cumulatively, wages, focus on the employee value proposition and just engaging with the crew is what allowed us to make the progress.

我們也做過的一件事，我認為喬和美國團隊在這方面與我們的特許經營商做了很多很好的工作，就是談論我們的員工價值主張，除了工資之外，我們可以做的其他事情確保我們有最好的建議來吸引人們進入我們的餐廳。諸如帶薪休假、拱門以及我們圍繞學費報銷所做的事情。並且只專注於確保獎勵和認可就在那裡。所有這些累積起來，工資，關注員工價值主張以及與工作人員互動是我們取得進展的原因。

As you go into this year, we are expecting that there is going to continue to be pressure on wages. Certainly, as we're thinking about our pricing, we're thinking about how do we put pricing that can anticipate that, but I'll let Kevin tell you more on that.

隨著您進入今年，我們預計工資將繼續面臨壓力。當然，當我們考慮定價時，我們正在考慮如何制定可以預期的定價，但我會讓凱文告訴你更多關於這一點的信息。

Yes. So to Chris' point, we had kind of this onetime, if you will, adjustments or concerted effort to adjust people's wages. Right now, there isn't a specific plan to have a onetime event like that in 2022. But what we do need to do is continue to make sure that our folks are being paid at a similar level compared to industry, as the intent was last year. So that will continue to have some pressure, but we won't have kind of the onetime big bang, if you will.

是的。所以就克里斯而言，如果你願意，我們曾經有過類似的調整或齊心協力調整人們的工資。目前，還沒有具體的計劃在 2022 年舉辦這樣的一次性活動。但我們需要做的是繼續確保我們的員工獲得與行業相似的薪酬，因為我們的意圖是去年。所以這將繼續有一些壓力，但如果你願意的話，我們不會有那種一次性的大爆炸。

From a pricing perspective, in the U.S. in 2021, consistent with what I had been saying kind of for the first 9 months, we ended up with pricing for the year a little over 6% or so. Again, that was to deal with the 4% commodity price increases or food and paper increases we had as well as labor inflation and just the competitive environment. That was relatively similar to where food-away-from-home was for the year in 2021.

從定價的角度來看，在 2021 年的美國，與我前 9 個月所說的一致，我們最終將這一年的定價略高於 6% 左右。同樣，這是為了應對 4% 的商品價格上漲或食品和紙張上漲，以及勞動力通脹和競爭環境。這與 2021 年的外出食品情況相對相似。

And the positive from our perspective that we keep an eye on is do we see flow-through to sales in line with what we've historically seen? And we have continued to see kind of that flow-through of 70% to 80% of those price increases kind of taking hold. So that's where we keep a really close eye on as we take price increases. We look at 2 primary things: one, how customers are reacting both from customer research as far as how they view value as well as whether they're still coming from a transaction standpoint. And then two, just understanding where we are versus the competitive environment and cost pressures. And so that's the way we'll continue to look at it as we go into 2022.

從我們的角度來看，我們關注的積極因素是，我們是否看到了與我們歷史上看到的一致的流向銷售？我們繼續看到 70% 到 80% 的價格上漲正在形成。所以這就是我們在價格上漲時密切關注的地方。我們著眼於兩件主要的事情：第一，從客戶研究到他們如何看待價值以及他們是否仍然從交易的角度來看，客戶是如何反應的。然後是第二個，只是了解我們在競爭環境和成本壓力下所處的位置。這就是我們在進入 2022 年時將繼續看待它的方式。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

What percent of your purchases in the U.S. were loyalty users in the quarter? And just bigger picture, ultimately, what is your goal with your loyalty mix? What's going to get that active loyalty user rate to step change much higher? Is that customer ID at the drive-thru or other tools? And maybe give us a sense of the future of where you see loyalty going.

本季度您在美國的購買中有多少是忠誠用戶？最終，從更大的角度來看，您的忠誠度組合的目標是什麼？是什麼讓活躍的忠誠用戶率變得更高？該客戶 ID 是在得來速或其他工具上嗎？也許讓我們了解您看到忠誠度的未來。

Yes. So that's a good question. It's one I haven't gotten before in terms of the actual percent of consumers that were loyalty consumers. I think probably maybe a different way. I don't know precisely that number. But I would say, right now, when you look at app usage in the U.S., which probably for me is the best proxy that we have. Most of our app usage, I think we certainly see people opting in for the loyalty program when they do that. And so app usage is right now running in the mid-single digits on that number right now. So I think that's probably as good a proxy as I can give you for the percent. But certainly, that's something that Mike and the team on Investor Relations can follow up with as well.

是的。所以這是一個很好的問題。就忠誠度消費者的實際百分比而言，這是我以前從未得到過的。我想可能是另一種方式。我不知道確切的數字。但我想說，現在，當你查看美國的應用程序使用情況時，對我來說這可能是我們擁有的最好的代理。我們的大多數應用程序使用情況，我認為我們肯定會看到人們在這樣做時選擇加入忠誠度計劃。因此，應用程序的使用率現在以該號碼的中個位數運行。所以我認為這可能是我可以為您提供百分比的最佳代理。但可以肯定的是，邁克和投資者關係團隊也可以跟進這一點。

Our next question is from Sara Senatore with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的 Sara Senatore。

A question about margins and sort of related pricing. The couple of commentary you made about like G&A leverage and expecting to drive operating margins higher. So I guess, part one, is that an allusion to the idea that maybe the low to mid-40s is no longer the right range? And specifically in G&A, should it be lower than 2%, which I think was kind of your previous expectation. Are we -- or should we think about that range as still in place, but maybe towards the high end?

關於利潤和相關定價的問題。您發表的幾條評論類似於 G&A 槓桿並期望提高營業利潤率。所以我想，第一部分，這是否暗示了 40 多歲到 40 年代中期可能不再是正確的範圍？特別是在 G&A 中，它應該低於 2%，我認為這是你之前的預期。我們是否 - 或者我們應該認為該範圍仍然存在，但可能接近高端？

And the related question is, given how strong your cash -- your franchisee cash flows are, given how strong your performance is, is now the right time to instead of taking price to press that advantage? And I know you said that you're seeing what you expect in terms of elasticity, but is there any thought to kind of really, I guess, turning the screws on competitors with respect to your ability to price aggressively?

相關的問題是，考慮到你的現金有多強——你的加盟商現金流有多強，考慮到你的表現有多強，現在是不是利用價格來發揮這一優勢的合適時機？而且我知道你說過你在彈性方面看到了你所期望的，但我想，有沒有想過在你積極定價的能力方面對競爭對手施加壓力？

Let me start with the last one, and then I'll come back to the first part on the pricing.

讓我從最後一個開始，然後我會回到定價的第一部分。

So one of the things we do certainly keep an eye on is what we've been talking about and focused on here is kind of what the increase is. But we certainly look at kind of our absolute prices compared to competitors. And even with those price increases that I talked about in 2021, we are still pretty well positioned versus our competition when you look at it by competitor, by item, by every which way you would think about.

因此，我們肯定會關注的一件事是我們一直在談論和關注的內容，這就是增加的內容。但我們當然會考慮與競爭對手相比的絕對價格。即使有我在 2021 年談到的那些價格上漲，當你從競爭對手、項目、你會想到的每一個方面來看它時，與我們的競爭對手相比，我們仍然處於相當有利的位置。

And so again, what helps us from a research standpoint is the way consumers view value and the perspective of value. And I think in 2022, that will continue to be really important as inflation is hitting customers potentially harder than it's hit people in a long time. And so we're very cognizant of making sure that our value proposition continues to be strong. And so we do look at kind of absolute pricing compared to just increases also.

同樣，從研究的角度來看，幫助我們的是消費者看待價值的方式和價值的視角。而且我認為在 2022 年，這將繼續非常重要，因為長期以來通貨膨脹對客戶的打擊可能比對人們的打擊更大。因此，我們非常清楚確保我們的價值主張繼續保持強勁。因此，我們確實會考慮絕對定價，而不僅僅是增加。

Yes, I would just add, I talked about this on the last call. I mean, in the U.S., we've had several years where we have been outcomping the industry. And as we go into 2022, we are in a share-taking mentality. as you noted, we are in a very strong position. And so my message to the U.S. team is about continuing to find ways for us to create further separation between us and the competition, because I think we are relatively at an even better position on that.

是的，我想補充一下，我在上次通話中談到了這個。我的意思是，在美國，我們已經有好幾年的時間超過了這個行業。隨著我們進入 2022 年，我們處於分享心態。正如你所指出的，我們處於非常有利的地位。所以我給美國隊的信息是繼續尋找方法讓我們與競爭對手進一步分離，因為我認為我們在這方面相對處於更好的位置。

How they go about doing that? Value can be one component, but there are other things as well. But certainly, our aspiration and expectation in this year is we are going to continue to take share.

他們是怎麼做到的？價值可以是一個組成部分，但也有其他的東西。但可以肯定的是，我們今年的願望和期望是我們將繼續分享。

And on the operating margin and G&A point, I think in our investor meeting, fall of 2020, if I remember correctly, it was, it seems like ages ago at this point. We talked about operating margin in the mid-40s. Right now, we're -- low to mid-40s. Right now, that's where we've been both for '21 and the guidance we're giving for '22. '22 is being, I'll say, pressured a little bit from all of the inflationary pressures that we've just talked about. Once those, God willing, normalize, I think we expect to certainly continue to get leverage on that operating margin. Because while this is all going on, we certainly expect to continue increasing -- to increase sales.

關於營業利潤率和 G&A 點，我認為在 2020 年秋季的投資者會議上，如果我沒記錯的話，那似乎是很久以前的事了。我們談到了 40 年代中期的營業利潤率。現在，我們 - 低到 40 多歲。現在，這就是我們在 21 年和我們為 22 年提供的指導的地方。我會說，22 年正受到我們剛剛談到的所有通脹壓力的壓力。一旦那些，上帝保佑，正常化，我認為我們當然希望繼續利用該營業利潤率獲得槓桿作用。因為雖然這一切都在進行，但我們當然希望繼續增加——以增加銷售額。

So I think '22 is being held back a little bit by, look, unusually high inflation pressures, both on the commodity and labor side. And in our mind, to be able to still remaining at that mid -- low to mid-40s range during those, to us is a really good sign that we feel good about when we come out of that inflationary environment that we'll be able to certainly get leverage on that.

因此，我認為 22 年在商品和勞動力方面都受到了異常高的通脹壓力的阻礙。在我們看來，能夠在這期間仍然保持在 40 多歲到 40 多歲的中期，對我們來說是一個非常好的跡象，表明我們在擺脫通脹環境時感覺良好肯定能夠利用這一點。

Same with the G&A side. We -- the 2.4% that we were of sales in 2021 was driven by incentive compensation. We've been talking about 2.4% of sales for most of the year, which is where we came in. But then to continue getting leverage and go back to around 2% to 2.3% for this year and then continue to get leverage on that as we grow sales, in our mind, will also help the operating margin leverage.

與 G&A 方面相同。我們——2021 年銷售額的 2.4% 是由激勵性薪酬驅動的。今年大部分時間我們一直在談論 2.4% 的銷售額，這就是我們進來的地方。但隨後繼續獲得槓桿，今年回到 2% 到 2.3% 左右，然後繼續獲得槓桿在我們看來，隨著銷售額的增長，也將有助於提高營業利潤率。

Our next question is from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

So on menu innovation, you recently announced the menu hacks promotion, so innovation without adding anything new. Can you talk about your philosophy around innovation this year? How you're thinking about the frequency of new items given added SKUs and wanting to limit complexity?

所以關於菜單創新，你最近宣布了菜單黑客推廣，所以創新沒有添加任何新東西。您能談談您今年圍繞創新的理念嗎？您如何考慮添加 SKU 並希望限制複雜性的新商品的頻率？

And then somewhat related, how do you see value playing a role in '22? I know it's come up a bit. But what are you seeing in the overall competitive environment given the pullback in discounting we've seen over the past couple of years?

然後有點相關，您如何看待價值在 22 年發揮作用？我知道它已經出現了一點。但是，鑑於我們在過去幾年中看到的折扣回落，您在整體競爭環境中看到了什麼？

So for -- as we think about innovation, if you go back to kind of our Accelerating the Arches strategy, the C of the MCD is about core menu. And I think our focus needs to be on continuing to drive our global core because those are our most powerful equities. They're ones that we see a lot of consumer excitement about.

所以——當我們考慮創新時，如果你回到我們的加速拱門戰略，MCD 的 C 是關於核心菜單的。我認為我們的重點需要放在繼續推動我們的全球核心，因為這些是我們最強大的股票。我們看到很多消費者對此感到興奮。

An interesting thing that we've learned through the pandemic and just the latest on consumer sentiment, the vast majority of consumers, call it, still 80% or so of consumers in our top markets, are saying that they are still looking to buy products that they are familiar with. And so that consumer psyche, I think, plays well to our global core menu.

我們從大流行中了解到的一件有趣的事情是最新的消費者情緒，絕大多數消費者稱之為，在我們的主要市場中仍有 80% 左右的消費者表示他們仍在尋求購買產品他們熟悉的。因此，我認為，消費者心理非常適合我們的全球核心菜單。

What I love about the hacks, what I've loved about the Famous Orders, we're finding ways to create news without adding complexity into the restaurant. And so I think you're going to see us continuing to do that as kind of a primary focus area.

我喜歡黑客的什麼，我喜歡著名的訂單的什麼，我們正在尋找在不增加餐廳複雜性的情況下創建新聞的方法。因此，我認為您會看到我們繼續將其作為主要關注領域。

That doesn't mean that there aren't going to be innovations that we do with new menu items, limited time offers. Those are certainly part of what keep the consumer excited and can help drive frequency. But I think we need to stay focused on driving core menu and creative ideas like the hacks ideas, just one way to go about doing that.

這並不意味著我們不會對新菜單項和限時優惠進行創新。這些肯定是讓消費者興奮並有助於提高頻率的部分原因。但我認為我們需要繼續專注於推動核心菜單和創意，比如黑客創意，這只是實現這一目標的一種方式。

And then on the value side that you brought up, again, talking about the U.S. specifically. Right now, we still have D123 as our nationally advertised value platform in the U.S. but that's really complemented and carried a lot through local fields. There's a localized approach that allows the local co-ops to kind of determine the value proposition for their local field based on local preferences, et cetera. That's particularly important at the breakfast time. So you'll see a lot of local value being driven by the local co-ops.

然後在您提出的價值方面，再次具體談論美國。目前，我們仍然將 D123 作為我們在美國全國宣傳的價值平台，但這確實得到了補充，並在當地領域發揮了很多作用。有一種本地化方法，允許本地合作社根據本地偏好等確定其本地領域的價值主張。這在早餐時間尤為重要。因此，您會看到當地合作社推動了許多當地價值。

And then you will see -- on a national level, you'll still see a couple or a few times a year, nationally pulsed-in deals like we recently had 2 for $6. My hope is the environment, the competitive environment, remains where it's been, which has been relatively healthy from a value perspective, not crazy discounting, et cetera. We haven't seen any of that for a while. And so our intention is not to do anything dramatically different than what you would have seen in 2021.

然後你會看到 - 在全國范圍內，你仍然會看到一年幾次或幾次，全國性的交易，就像我們最近以 6 美元購買 2 次一樣。我希望環境，競爭環境保持原樣，從價值的角度來看，這是相對健康的，而不是瘋狂的折扣等等。我們已經有一段時間沒有看到這些了。因此，我們的意圖是不做任何與您在 2021 年看到的截然不同的事情。

Our next question is from Chris Carril with RBC.

我們的下一個問題來自 RBC 的 Chris Carril。

So can you expand a bit more on what you're seeing from a throughput perspective? I think you mentioned service times, while still better than 2019 levels, did slow in '21. And how do you think about balancing further menu innovation and other strategic initiatives with opportunities to improve service times from here?

那麼，您能否從吞吐量的角度進一步擴展您所看到的內容？我認為您提到的服務時間雖然仍優於 2019 年的水平，但在 21 年確實有所放緩。您如何看待進一步的菜單創新和其他戰略舉措與從這裡改善服務時間的機會？

Sure. We did see a little bit of a step back in service times because of the -- I think, the operating environment, that the challenges of just making sure that we have the staffing that we need. And as we head into this year, I think every market -- we've had conversations in the last several weeks, every market is laser-focused on opportunities that we can have to get back to sort of continuing to make progress on reducing service times.

當然。我們確實看到了服務時間的一點點倒退，因為我認為運營環境是確保我們擁有所需人員的挑戰。隨著我們進入今年，我認為每個市場——我們在過去幾週進行了對話，每個市場都專注於我們必須重新開始在減少服務方面繼續取得進展的機會次。

The reason that that's so important is when we reduce service times, we see customer satisfaction go up. And so that is something that we're all focused on.

這很重要的原因是當我們減少服務時間時，我們會看到客戶滿意度上升。所以這是我們都關注的事情。

I think the other thing is, as we're able to open more service channels, and I'll use the dining room as an example, that takes pressure off of channels like the drive-thru. We put extraordinary pressure on the drive-thru as we had some dining rooms closed in 2021. Right now, in the U.S., about 80% of our restaurants have the dining room open. Expectation is that more of those will continue to open.

我認為另一件事是，由於我們能夠打開更多的服務渠道，我將以餐廳為例，這可以減輕得來速等渠道的壓力。我們對得來速餐廳施加了巨大的壓力，因為我們在 2021 年關閉了一些餐廳。目前，在美國，我們大約 80% 的餐廳都開放了餐廳。期望更多的這些將繼續開放。

As we're able to do those things, as we're able to make sure that we've got the staffing at the size that we need and with the predictability that we need, I think the expectation is we're going to see service times start to come back down. And again, we are -- versus 2019, we're better off than where we started in 2019, but we think there's opportunity for us to continue to be showing progress on that.

由於我們能夠做這些事情，因為我們能夠確保我們的人員配備符合我們需要的規模並具有我們需要的可預測性，我認為期望是我們將看到服務時間開始回落。再一次，我們 - 與 2019 年相比，我們比 2019 年開始時的情況要好，但我們認為我們有機會繼續在這方面取得進展。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Bittner。

My question relates to the IOM segment. And obviously, there's a lot of several important large markets that make up this segment. But can you update us on how much market share, you believe, you've taken in the overall IOM segment since the beginning of COVID? And what's been the primary drivers of these share gains? And how does it frame how you think about the potential strength of the IOM business in a post-COVID world?

我的問題與 IOM 部分有關。顯然，有很多重要的大型市場構成了這一細分市場。但是，您能否向我們介紹一下自 COVID 開始以來您在整個 IOM 細分市場中佔據了多少市場份額？這些股票收益的主要驅動力是什麼？它如何構建您如何看待 IOM 業務在後 COVID 世界中的潛在實力？

I'll take it, and then Kevin can fill in.

我會接受，然后凱文可以填寫。

But I think as you mentioned, there's a lot of different markets in IOM, and it's always a little bit of a challenge to talk about them in the aggregate. But I think it's fair to say that we've taken significant share across those groups of markets. And we had a lot of momentum that was going into the pandemic in IOM. While certainly, these markets have been hit particularly hard through COVID, we're seeing that they're continuing to outperform by a pretty significant measure their competition.

但我認為正如你所提到的，國際移民組織有很多不同的市場，總的來說談論它們總是有點挑戰。但我認為公平地說，我們在這些市場組中佔據了相當大的份額。我們有很大的勢頭正在進入 IOM 的大流行。雖然可以肯定的是，這些市場受到 COVID 的打擊尤其嚴重，但我們看到它們的表現在相當大的程度上繼續超越競爭對手。

And so for us, as you think about then rolling out of things like shutdowns that we're dealing with in Australia, we've had to deal with some of those things in Canada. Germany has been impacted. As we start to move through those, I think the momentum and the health of our franchisees is going to allow us to continue to take share, and then it's going to be taking share off of a more normalized comp environment.

所以對我們來說，當你考慮推出我們在澳大利亞處理的停工之類的事情時，我們不得不在加拿大處理其中一些事情。德國受到影響。當我們開始經歷這些時，我認為我們特許經營商的勢頭和健康狀況將使我們能夠繼續分享份額，然後它將從更加規範的競爭環境中獲得份額。

Yes. The only thing I'd add is, I mean, to your point and to Chris' point, obviously, IOM is a conglomeration of several different markets. So the markets are in different places. Markets like U.K., Canada have been really strong even throughout the pandemic, whereas some markets like France and Germany are still more in recovery mode.

是的。我唯一要補充的是，我的意思是，就你和克里斯的觀點而言，顯然，IOM 是幾個不同市場的聯合體。所以市場在不同的地方。即使在整個大流行期間，英國、加拿大等市場也非常強勁，而法國和德國等一些市場仍處於復蘇模式。

I'd say we expect 2022 to -- again, I'm assuming no more stops and significant restrictions. But assuming that, that is the case, I think our expectation is that as we progress through the year, we will see the markets that needed to recover, recover nicely through the year, and the markets that have been doing well continue to be strong. And as Chris mentioned, most of the major markets have gained share throughout the pandemic. And so we, again, hopefully are coming out of the pandemic in a really strong place in substantially all of those markets.

我想說我們預計到 2022 年——我再次假設沒有更多的站點和重大限制。但假設情況確實如此，我認為我們的預期是，隨著我們在這一年中取得進展，我們將看到需要復甦的市場，全年恢復良好，而表現良好的市場將繼續強勁.正如克里斯所提到的，大多數主要市場在整個大流行期間都獲得了份額。因此，我們再次希望能夠在幾乎所有這些市場中以非常強大的位置擺脫大流行。

Okay. Thank you, everyone, for joining today. Thanks, Chris. Thanks, Kevin. Everyone, have a great day.

好的。謝謝大家今天的加入。謝謝，克里斯。謝謝，凱文。大家，有一個美好的一天。

This concludes McDonald's Corporation Investor Conference Call. You may now disconnect.

麥當勞公司投資者電話會議到此結束。您現在可以斷開連接。