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，歡迎參加麥當勞2021財年第四季投資者電話會議。應麥當勞公司要求，本次會議將進行錄音。今天的報告結束後，將進行投資人問答環節。 （操作說明）

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.

現在我將會議交給麥當勞公司投資者關係負責人麥克·西普拉克先生。西普拉克先生，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，感謝各位參加本次電話會議。今天與我一同參加會議的有總裁兼執行長克里斯·肯普欽斯基和財務長凱文·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.

再次提醒，我們在獲利報告和8-K文件中所做的前瞻性陳述同樣適用於我們今天電話會議上的發言。這兩份文件以及今天電話會議上提及的所有非GAAP財務指標及其對應的GAAP指標的調節表均可在我們的網站上查閱。

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.

今天上午的發言結束後，我們將回答各位的問題。 （操作員提示）今天的電話會議正在進行網路直播，同時也會錄製下來，以便透過我們的網站回放。

And now I'll turn it over to Chris.

現在我把麥克風交給克里斯。

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.

謝謝麥克，大家早安。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，現在看來，加入麥當勞品牌的最佳時機莫過於此。

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個月持續展現了麥當勞的獨特之處：我們員工的實力、我們強大的規模和供應鏈、我們系統的靈活性、本地所有權在我們服務社區運營的重要性，以及麥當勞品牌的強大影響力。儘管新冠疫情帶來了許多挑戰，但我們的業績清楚地表明，在逆境中，麥當勞總能迎難而上，我們系統的固有優勢也更加凸顯。

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年對麥當勞而言是多方面都創下紀錄的一年，我們乘勢而上，充分發揮自身競爭優勢，進一步鞏固領先地位。在「加速拱門」策略規劃的指導下，我們大力投資於品牌宗旨——為社區提供美食和發展，同時不斷探索服務顧客的新途徑，並充分利用我們日益增強的數位化能力。作為一個整體，我們正全力聚焦於麥當勞的三大成長支柱。

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「加速拱門戰略」實施的第一年，我們取得了長足進步。我們最大限度地提升了行銷，堅持核心菜單，並加倍投入數位化、得來速和外賣這三大管道，為顧客打造無縫銜接、令人難忘的體驗。我們對麥當勞的重視推動了2021年的全面成長。我們預計2022年將繼續取得進展，但同時也預料2021年遇到的許多挑戰仍將持續存在。

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.

新冠肺炎病例激增以及許多市場重新實施限制措施，為全球帶來了不確定性，加劇了勞動力短缺和供應鏈延誤。此外，不斷上漲的消費者通膨水準也給餐飲業的經濟效益帶來了壓力。專注於基礎運營，擴大我們不斷增長的數位化優勢，並繼續將顧客和員工的健康安全放在首位，對於今年實現「加速發展」目標至關重要。

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.

憑藉強勁的平均單店銷售和餐廳現金流，公司和我們的加盟商已做好充分準備，以應對未來的挑戰。事實上，在我們大多數主要市場，包括美國、英國、加拿大、德國和日本，加盟商的現金流均創歷史新高。

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.

過去兩年我反覆強調，現在我還要再說一次：我從未像現在這樣為我們餐廳經理和員工的敬業精神和領導才能感到驕傲。即使在最艱難的時刻，他們也始終保持堅強，確保餐廳正常運營，並日復一日、時時刻刻為顧客和社區帶來希望、鼓舞和卓越的服務。

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.

憑藉我們無與倫比的規模以及整個系統、員工、加盟商和供應商的共同努力，儘管受到新冠疫情持續影響，2021年對麥當勞而言依然是輝煌的一年。除了我之前提到的加盟商現金流表現外，我們的全球系統銷售額也創下歷史新高，達到1120億美元；美國同店銷售額增長13.8%，相當於系統銷售額增長超過50億美元；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.

為了進一步闡述「加速拱門」計畫如何成功，讓我把麥克風交給凱文。

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。正如我們之前討論過的，過去幾年我們採取的以客戶為中心的措施繼續推動著強勁的營收成長勢頭。

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.

第四季度，我們的全球同店銷售額成長超過12%，兩年累計成長近11%。由於這些舉措，自2019年以來，我們在大多數主要市場都提升了速食店的客流量份額。這點在國際營運市場尤其明顯，在當前瞬息萬變的疫情環境下，外送通路仍是一項重要的競爭優勢。

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 同店銷售額增長了近 17%，或按兩年計算略高於 8%，其中英國和加拿大實現了強勁的兩年兩位數增長，澳大利亞實現了接近兩位數的增長。

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.

本季後期，我們在德國和法國等市場經歷了停滯和復甦，這些市場的新冠疫情形勢嚴峻，政府限制措施加強，阻礙了復甦進程。

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.

我們在英國的業績成長得益於外送業務的持續成長以及以雙層巨無霸等核心菜單產品為特色的強力行銷。

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.

加拿大地區的外送業務也呈現成長勢頭，10 月的外送銷售額創歷史新高。此外，麥當勞會員獎勵計劃 (MyMcDonald's Rewards) 的成功推出也顯著提升了用戶的線上參與度。

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.

澳洲消費者在本季開始逐步解除居家隔離限制。我們的「30天30個優惠」超值平台在本季同店銷售額成長方面發揮了重要作用，並推動了應用程式的使用，為今年上半年推出的會員忠誠度計畫做好了準備。

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.

正如我之前提到的，德國和法國的經營環境依然充滿挑戰，但我們對市場份額的成長前景依然充滿信心。德國市場繼續受益於第三季度強勁的會員忠誠度計劃推廣以及12月份推出的數位化聖誕倒數活動，這些舉措加速了應用程式的普及和線上銷售的成長。而在法國，我們則透過推出全新的高端雞肉系列產品，包括雞肉捲和雞肉法國棍，重點推介了我們的核心菜單。

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，季度同店銷售額成長7.5%，兩年累計成長超過13%。所有時段的同店銷售額均實現正成長，主要得益於平均客單價的提升，而平均客單價的提升又主要歸功於策略性的菜單價格上調。麥雞和香脆雞肉堡的強勢行銷，以及顧客對數位化管道的積極接受，持續推動美國同店銷售額的成長。

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.

在美國，數位化成長仍然是我們成功的關鍵驅動力。隨著數位化銷售額逐月成長，我們的會員忠誠度計畫也不斷進步。克里斯稍後將分享更多關於我們數位化策略和成功案例的重要資訊。

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.

所有這些營收成長也推動了美國加盟商現金流達到歷史新高，2021 年每家餐廳平均成長約 12.5 萬美元，使我們的加盟商處於有利地位，能夠抵禦 Chris 先前提到的通膨壓力。

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.

再來看國際特許經營業務板塊。第四季成長動能強勁，同店銷售額成長超過14%，兩年累計成長10%。業績成長主要得益於日本和拉丁美洲市場的正面表現，但部分被中國市場的下滑所抵銷。日本市場連續第25個季度實現同店銷售額成長，這主要得益於外帶和線上通路的強勁表現；晚餐時段的業績也受益於極具吸引力的優惠活動和新菜色的推出。然而，中國市場的復甦仍受到新冠疫情相關政府限制措施的影響，這些措施在第四季度對餐飲業造成了嚴重衝擊。

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.

雖然本季同店銷售額為負，但我們透過成功為應用程式會員舉辦年末節日活動擴大了我們的數位業務，並且我們全年開設了 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.

接下來來看損益表。由於勞動力成本和原材料成本上漲，公司營運利潤率，尤其是在美國，在本季度受到擠壓。以固定匯率計算，本季一般及行政費用增加了9%。正如我之前提到的，這一增長主要是由於公司業績大幅超出年度計劃，導致激勵性薪酬支出增加。

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.

外幣折算對第四季業績造成了每股0.03美元的負面影響。加上超過22%的稅率（其中包含一些一次性項目），調整後的每股盈餘為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.

全年調整後營業利潤率為43.4%，反映出所有業務部門的餐廳利潤率和其他營業收入均有所成長。儘管我之前提到了一些損益壓力，但全年餐廳利潤總額超過120億美元，較上年增長超過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.

在把發言權交還給克里斯之前，我想先談談資本支出和我們的自由現金流狀況。我們2021年的整體資本支出略高於20億美元，略低於我們最初的預期，這主要是由於專案時間表所致。

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.

憑藉著過去幾年我們對商業模式的改進以及全球業務的持續強勁增長，我們的自由現金流在 2021 年增長至 71 億美元，比 2019 年增長了近 25%。該年度的自由現金流轉換率為 94%。

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

這樣，我就把麥克風遞回給克里斯了。

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。麥當勞一直以來都以與顧客建立的良好關係而自豪。幾十年來，顧客們信賴我們，因為我們能提供熱騰騰、美味可口的食物，以及快速、友善、可靠的服務。正是這份承諾讓他們不斷光顧，也正因如此，我們視每一次與顧客的互動為提升顧客忠誠度的機會，無論是透過我們的應用程式等數位管道，還是在我們的餐廳和得來速窗口，亦或是外賣服務。

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「加速拱門策略」的每個支柱本身都十分強大，但真正的力量在於市場、客戶和發展三大支柱以客戶為中心協同運作。正是這一點使我們能夠像本季一樣，持續取得客戶認可的進步。

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，麥當勞持續為產業行銷樹立新標竿。我們專注於美味、實惠、家庭和品牌信任。我們擁有全球最優秀的行銷團隊之一，不斷提升創意卓越性。麥當勞的標誌性核心菜單是我們行銷成功的基石。本季度，牛肉和雞肉的市場份額均實現強勁增長。

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.

我們的核心經典產品不僅是我們業務的基石，也是我們成長策略的核心組成部分。像巨無霸、麥樂雞和我們享譽全球的薯條這樣的標誌性產品，貢獻了我們近60%的總業務量和約75%的食品業務量，而且我們還在不斷改進它們。

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.

我們在包括澳洲、加拿大和俄羅斯在內的20多個市場，採用改良的烹飪工藝製作新型麵包，打造出更熱、更新鮮的漢堡。顧客回饋說他們注意到漢堡的口味和品質都有所提升，我們很高興能在未來幾年內將這些標準推廣到全球大部分市場。

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.

為了鞏固我們在牛肉領域的領先地位，我們也正致力於提升雞肉市場份額，充分發揮麥樂雞等核心產品的優勢，並打造面向未來的經典產品。我們在美國和許多國際市場推出的新款雞肉三明治已初見成效。自2019年以來，我們在前11大市場中，所有市場的雞肉市佔率均已成長。

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 家餐廳成功試行 McPlant 之後，我們很高興 McPlant 現在已在英國和愛爾蘭的所有餐廳推出。

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，以客戶為中心不僅僅體現在菜單上。我們對科技和數位化領域的投資正在取得成效，我們的數位化引擎不斷提升客戶體驗，並在此過程中推動業務成長。 2021年，我們六大主要市場超過四分之一的系統銷售額（即180億美元）來自數位化通路，較2020年成長了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.

我們目前已在包括美國、德國和加拿大在內的40多個市場推出會員忠誠計劃，這些計劃均於2021年啟動。 2022年上半年，我們很高興將MyMcDonald's Rewards帶給英國和澳洲的消費者。我們正朝著打造全球最大會員忠誠計畫的目標穩步邁進。

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.

忠誠度是推動數位普及的最大動力，而MyMcDonald's Rewards在註冊和參與度方面都超越了預期。在美國推出僅6個月，已有超過3000萬會員註冊，其中2100萬活躍會員正在賺取獎勵。

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。透過忠誠度計劃，我們鞏固了與客戶建立的深厚關係基礎，並致力於提升客戶參與度和復購率。在忠誠度計畫推出的頭幾個月，我們看到線上客戶的造訪頻率提升了超過 10%。

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，策略合作夥伴關係對我們的數位成長策略至關重要。 Dynamic Yield 在推動我們的免下車點餐服務和自助點餐機邁入客戶互動新時代方面發揮了關鍵作用。上個月，我們宣布萬事達卡將收購 Dynamic Yield。作為我們擴大資產規模的整體策略的一部分，與萬事達卡的合作將幫助我們加速整合全球各訂購管道的功能，從而持續提供更個人化的客戶體驗。

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.

早在新冠疫情爆發之前，我們就已著手發展外送業務，而外送也一直是消費者不可或缺的一部分。我們的外送網路已覆蓋100個國家的33,000多家餐廳。第四季度，我們延續了強勁的成長勢頭，實現了兩位數的同店銷售成長，與2020年的強勁成長相比更是如此。我們與兩家全球最大的外送平台——Uber Eats和DoorDash——建立了新的長期策略合作夥伴關係。這些多年協議互惠互利，將為我們的客戶和加盟商帶來巨大的價值，並有助於確保外送業務的長期獲利成長。隨著我們將麥樂送整合到我們的應用程式中，我們將為顧客帶來更便利、個人化的體驗。

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.

即使我們的數位化和外送服務參與度不斷提高，得來速仍然是一個重要的管道，尤其是在顧客尋求安全、非接觸式的麥當勞用餐方式時。與疫情前相比，得來速的銷售額佔比仍然較高。

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.

自 2019 年以來，我們主要市場的平均免下車服務時間有所改善，但與 2020 年相比，2021 年美國和許多其他市場的免下車服務時間有所放緩。由於整個產業都面臨勞動力短缺的挑戰，我們的市場團隊正專注於從人員配備、職位安排到新技術應用等基礎要素，以最大限度地提高吞吐量。總的來說，我們對免下車服務中心 (MCD) 的投資在 2021 年取得了成效，我們相信這些投資將在 2022 年及以後推動整個系統實現更大的成長。

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

我將把發言權交還給凱文，讓他談談我們對2022年的展望。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。展望今年，正如克里斯所說，我們有信心，在宏觀經濟情勢不明朗的情況下，我們的「加速拱門擴張」策略將繼續推動成長。我們預計，2021年新增餐廳數量約為2%，加上2022年的擴張計劃，將為我們今年的系統銷售額成長（以固定匯率計算）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.

我們致力於長期提升整體營業利益率，因為它是衡量經營績效最全面的指標。 2022年，我們預計營業利潤率將繼續維持在40%左右，因為強勁的營收成長動能和微薄的其他營業收入將受到近期大宗商品和勞動成本大幅上漲的限制。

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.

過去幾年，我們在數位化和技術方面的投資推動了營收成長。在持續對數位化和技術進行策略性投資的同時，我們也謹慎地控制著一般及行政費用。我們預計2022年一般及行政費用將佔系統銷售額的2.2%至2.3%左右。 2022年後，我們預期透過持續的銷售成長，進一步降低一般及行政費用和營業利益率。

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%.

根據目前對外匯匯率的關注度，我們預計今年的利息支出與 2021 年相比將基本持平。根據現行稅法，我們預計今年的實際稅率將在 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，根據目前的匯率，我們預期匯率變動將對第一季每股收益產生0.05至0.07美元的負面影響，對全年每股收益產生0.18至0.20美元的負面影響。像往常一樣，這只是方向性預測，匯率會隨著時間的推移而變化。

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.

接下來談談資本支出。我們預計今年的支出將在22億至24億美元之間。其中約40%將用於美國業務，我們預計美國市場將實現幾年來餐廳數量的首次淨增長。美國市場的大部分支出將用於再投資，包括完成餐廳現代化改造。總資本支出的約一半將用於新店開幕。在全球範圍內，我們計劃開設超過1800家餐廳，其中超過500家位於美國和馬恩島。其餘1,300家新餐廳（包括約800家位於中國）將分佈在IDL市場，這些市場的餐廳開業資金由我們的策略合作夥伴提供。我們預計今年新餐廳數量的淨成長率約為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.

我們也預計強勁的現金流成長將在 2022 年繼續維持。在我剛才提到的資本支出之後，我們將繼續像過去幾年一樣，將超過 90% 的淨收入轉化為自由現金流。

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，投資於新的業務單元和發展機會，以及對現有餐廳進行再投資；其次，繼續提高股息；第三，回購股票。

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，麥當勞體系的強大實力和規模優勢才顯得格外重要。我仍然堅信，我們的策略將繼續為我們的體系和股東帶來持續的長期獲利成長。

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

現在我把鏡頭交還給克里斯來結束。

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.

雷·克羅克將麥當勞打造成為全球最獨立、最相互依存的品牌。從一開始，雷就希望麥當勞的特許經營模式是一種雙向互惠。透過這種方式，他釋放了加盟商的創造力，讓他們擁有自己企業的所有權。我們共同打造了一個首屈一指的品牌。我們每天都能感受到這個品牌的力量。我們看到，這個品牌的力量已融入世界各地的文化和社區。我們看到，餐廳所有權的價值以及加盟商所獲得的強勁現金流，都體現了品牌的力量。最重要的是，我們看到，我們深思熟慮的決策和投資，最終成就了我們今天的集體力量。正是這種力量，讓我們能夠打造無與倫比的顧客體驗，每天有超過6500萬顧客透過現代化的餐廳和創新的數位科技享受優質服務。

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，我們正準備在四月在奧蘭多舉辦全球大會，與加盟商們時隔四年再次相聚。屆時，我們將共同慶祝麥當勞品牌，並探討新一代系統領導者將如何為麥當勞注入新的活力。答案無疑在於如何打造更無縫的顧客體驗，將實體餐廳與我們的線上管道無縫連接。同時，它也將基於我們商業模式的創始原則：建立一個能夠代表顧客和社區的企業，並將機會均等視為我們業務的核心。

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.

我們絕不能讓經濟或其他障礙阻礙我們吸引最優秀的人才加入我們的團隊。作為我們品牌對多元化、公平性和包容性承諾的一部分，我們正在透過多種方式在整個體系內實踐這項承諾，包括供應商之間的相互多元化、公平性和包容性承諾、將人力資本指標納入高階主管年度薪資體係以及承諾員工同工同酬。

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，我們榮幸地宣布了一項加盟商招募計劃，重點關註三個方面：招募、融資以及持續學習和發展。我們的目標是為來自不同背景（包括女性和歷史上代表性不足的群體）的加盟商創造機會，並增加麥當勞在全球各地經營市場的新加盟商數量。

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充滿期待和樂觀。作為一個整體，我們將繼續實踐雷·克羅克關於合作的願景，同時為顧客提供他們渴望的美食、他們珍惜的體驗和他們喜愛的品牌。正是這份承諾將加速「拱門計畫」的發展，並幫助我們為世界各地的社區提供食物和支持。

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

謝謝。接下來，我們將接受提問。

(Operator Instructions)

（操作說明）

Our first question is from Andrew Charles with Cowen.

我們的第一個問題來自 Cowen 公司的 Andrew Charles。

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.

好的。凱文，本季的情況略有不同，因為8-K文件中並未提供2022年系統銷售展望。通常情況下，你們會對未來一個季度的銷售和利潤率走勢做一些評論。我也注意到，兩週前媒體報道稱，由於人員配備困難，營運時間將減少10%，這可能造成了一些資訊不透明的情況。

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.

但如果您只是想幫助我們了解1月初的情況，考慮到人員配置的動態，您認為市場現狀如何？鑑於去年策略的有效性，您認為2022年美國市場的銷售潛力如何？

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，謝謝你，安德魯。我先說說銷售方面的情況，然後讓克里斯談談你剛才提到的10%的人工費問題，因為那是克里斯之前討論過的一個話題。

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，我想說的是，隨著疫情期間的反覆波動逐漸趨於穩定，我們的想法是恢復一些疫情前的做法，不再過多關注當前季度的業績指引。因此，我們打算盡量避免在本月發布太多相關資訊。

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。正如您在事先準備好的演講稿和新聞稿中看到的，美國市場實現了我們歷史上最高的年度同店銷售。進入2022年，我們保持著良好的發展動能。我們的加盟商財務狀況非常穩健，過去三年他們的現金流成長超過50%。因此，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年的工作重點將集中在幾個特定領域。首先是雞肉業務，我們希望繼續保持目前市場份額的成長勢頭。其次是數位化和會員忠誠度計劃。您可能已經聽說過我們的會員忠誠度計劃，我們認為它仍有很大的發展空間。最後是餐廳營運執行，這實際上包括我們的人員管理以及服務水準。

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.

所以我覺得展望2022年，我們對目前在美國的業務發展動能非常樂觀。我們的加盟商都很努力。雖然勞動力方面仍然存在一些挑戰，但餐廳營運狀況良好，我們對今年的銷售機會充滿信心。

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。我還要補充一點，我們的加盟主在如此嚴峻的人員配備環境下表現出色。 Omicron 的舉措無疑增加了難度。但截至本週，我們在美國祇有大約 1% 的餐廳仍在縮短營業時間。因此，加盟商在確保員工配備方面取得了顯著進展。事實上，我們 2021 年底的員工人數（即餐廳平均員工人數）比年初時還要多。所以，再次強調，加盟商做得很好，但這確實充滿挑戰。不過，我認為我們目前的情況不錯，因為我們絕大多數餐廳（99%）都已恢復正常營業時間。

Our next question is from David Tarantino with Baird.

下一個問題來自 Baird 的 David Tarantino。

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?

關於單元成長前景，我有兩個問題。首先，我想了解是什麼因素推動了新店開幕數量的大幅成長？以及，您認為哪些市場前景特別強勁？

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，你能解釋為什麼今年3.5%的單位成長率只能轉換為系統銷售額的1.5%嗎？我知道IDL（整合數位學習）會對此產生一些影響，但我很好奇其中的動態，以及這種成長對系統銷售額的貢獻率是多少？

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。我希望我把所有部分都理解了。讓我試試。所以我們之前說過，2022 年我們的銷售成長率約為 3.5%。而且——如果你仔細想想，其實——今年的銷售成長更多是受上一年銷量成長的驅動，而不是今年的，但顯然，今年的銷量成長也會產生一定的影響。

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，門市數量增加了約2%，加上今年新開的門市，預計銷售額將成長約1.5%。其中一部分——大部分——是產品組合的變化。

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，想想我們新店的開設地點，我們說過大約有800家新店開在中國。這些新店的銷售通常比美國或歐洲市場低一些。因此，這就造成了單位成長率和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2022年以後，我們預期單位數將成長約3.5%至4%。這將為系統整體銷售成長貢獻約2%。同樣，新增門市中很大一部分將位於中國，且銷售量略低。

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.

除了加速拓展中國市場外，我們還在大多數主要市場開設新店，包括加拿大、法國、英國、澳大利亞，甚至美國。我們相信，在這些主要市場仍有巨大的成長空間，而且新店的開幕回報非常可觀。因此，從我們的角度來看，這是非常有效的資本利用方式。未來，我們將繼續保持這一發展勢頭。

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?

我記得您提到過美國門市層面的現金流增加了12.5萬美元，如果我沒記錯的話，這相當於每家門市大約50萬美元。顯然，年初時出現了一些超額盈利，而考慮到公司利潤率，第四季度的盈利水平可能受季節性因素影響而有所下降。那麼，您能否談談預計2022年能保留多少利潤？您目前觀察到的商品和勞動成本通膨情況如何？定價方面－目前市場定價機制中有多少因素在運作？

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、商品和定價之間確實有很多因素在起作用。我試著解釋一下。先從現金流的角度說起，因為我們之前提到過，今年的單位現金流增加了約12.5萬美元。再說一遍，從三年期來看，成長了約50%。單家餐廳的現金流甚至可以超過50萬美元。

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.

正如您所說，2022年大宗商品價格確實面臨壓力。舉例來說，2021年美國的食品和紙張價格全年上漲了約4%。展望2022年，我們預期漲幅將達到兩位數或接近兩位數。大部分壓力將集中在上半年。隨著時間的推移，我們預計這種壓力會有所緩解。

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.

從國際層面來看，為了提供類似的視角，我們看到 2021 年食品和紙張成本上漲了約 3%，預計 2022 年的漲幅也將翻一番，同樣，年初的壓力也會更大。

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，利潤率和現金流肯定會面臨一些壓力，尤其是在年初。我們當然不認為這會抹去我們在2021年或之前所取得的成果。但可以肯定的是，利潤率和現金流都會再次受到壓力。

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.

從定價角度來看，我們的加盟商，我想您也知道，他們當然會自行決定旗下餐廳的定價。他們會接受第三方機構的建議，而我們採用的定價機製或方法是基於消費者研究的。我們會考慮市場狀況、經濟環境、競爭格局等等，通常會採取小幅分階段調整價格的方式，而不是一次大幅調整。

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，我們努力平衡的最重要的事情是在成本壓力和確保為客戶提供物有所值之間取得平衡，並保持客戶對產品價值的高評價。我們對此密切關注。顧客對產品性價比的評價一直很高，這對我們來說是一個非常重要的指標，因為很明顯，隨著通貨膨脹的加劇，許多客戶都希望確保自己能獲得物有所值的產品和服務。這就是我們定價策略中需要考慮的一些因素。

Our next question is from John Glass with Morgan Stanley.

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?

我想問的是，就忠誠度而言，您認為它會如何影響2022年各個市場的銷售？有沒有辦法提前量化您在2021年後期在美國或其他更早的市場（例如法國）觀察到的情況？在法國，你們已經開展忠誠度計劃多年，或許可以將其作為基準，看看忠誠度計劃對他們的銷售增長有何貢獻，以及它如何幫助我們思考它在2022年及以後可能如何使整個系統受益？

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。我們對會員忠誠度計劃的進展感到非常興奮。我認為有兩點讓我們感到興奮。首先，我們發現加入會員計畫的顧客對麥當勞的滿意度更高。這對我們來說很重要，因為它表明我們為他們提供了有價值的東西，不僅僅是他們可能獲得的各種優惠或獎勵，他們還能享受到個性化服務，並感受到我們透過會員計畫為他們打造的「我的麥當勞」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，我們之前也討論過，對於像我們這樣在最大市場覆蓋率達到80%左右的品牌來說，忠誠度計畫的力量在於提升顧客的消費頻率。正如我剛才提到的，我們目前已經看到，當我們部署了大約10%的忠誠度計畫後，消費頻率的提升效果顯著。而最終，忠誠度計畫對同店銷售額的貢獻取決於我們能否快速吸引更多月活躍用戶。因此，我們工作的重點在於尋找合適的方案和方法，讓更多光顧我們餐廳的顧客成為忠誠度計畫的活躍用戶。如果我們在這方面做得更好，同店銷售額的貢獻就會更大，但我們對目前的成果感到非常興奮。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·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，關於會員忠誠度那部分，我還有後續問題。我想更廣泛地思考今年美國整體的數位發展。就你之前提到的免下車餐廳數位化、其他一些數位化重點以及它們今年和未來發展的方向而言，大家普遍認為，這些舉措對銷售額的貢獻，以及隨著時間的推移，對成本節約和利潤率管理的貢獻，是否會在2022年繼續增長，達到我們在2021年看到的水平，並且考慮到你的忠誠度和投資，以及你的重點忠誠度？

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。我們確實將數位化視為影響我們業務的長期宏觀趨勢。目前，我們約有25%的業務是透過數位管道實現的。我認為這個數字還會繼續成長。在某些市場，例如中國和法國，這個比例已經超過50%；其他一些市場也接近這個水平，例如英國，大約在50%左右。因此，對我們而言，數位化是一項長期策略。

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.

如你所知，這也是我們去年年初設立全球首席客戶長一職的部分原因，因為我認為我們的機會在於更無縫地整合實體體驗和數位體驗。而我認為，這正是Manu及其團隊即將著手實現的關鍵所在。因此，我們對數位化帶來的改變充滿期待。

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.

我確實認為，目前大家的關注點主要集中在數位化對顧客體驗的提升。但隨著交易數位化程度的提高，我認為它也會在營運方面帶來新的機會。因此，對我們來說，這將是未來幾年我們都會持續關注的議題。

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?

下一個問題來自高盛的賈里德·加伯。我們繼續。下一個問題來自——賈里德，你在嗎？

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，抱歉。我的手機出了點問題。我想問一下關於門市成長的問題。顯然，加盟商的自由現金流看起來非常強勁，所以應該不是需求問題。但我還是想了解一下，您認為在勞動力、人員配備、許可證辦理、設備供應和供應鏈等方面，建築環境的情況如何？

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，這個評論很中肯。我想我在事先準備好的發言稿中提到過，我們2021年的資本支出比我們最初預期的要低一些，這主要是由於專案時間安排的原因。

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，現在所有事情的進度都比以前慢了一些。從審批手續到採購物資和建築材料，再到處理建築公司的勞動問題等等，都是如此。我們在2021年確實看到了這些情況。

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.

我的感覺是情況開始好轉一些了，但還沒恢復到疫情前的水準。所以從審核、施工到採購餐廳開業和改造所需的設備和技術，所有環節仍然需要一些時間。

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，就資本支出和開業情況而言，我們提供的指導意見我們都比較樂觀，但隨著時間的推移，我們會密切關注這些方面，以確保從供應鏈的角度來看，它們能夠按照我們目前的預期發展。

Our next question is from Jeff Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑夫·伯恩斯坦。

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.

我想就通膨和物價的評論做個後續跟進，我很欣賞您對大宗商品的分析。現在我想稍微談談勞動市場。我記得您提到過，由於美國商店縮短了營業時間，勞動成本目前可能只下降了1%。我知道幾週前您提到過10%的通膨率。所以我想請您詳細解釋一下這項改善，以及您是否仍預期2022年的通膨率會像2021年一樣，達到10%左右。

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.

關於定價方面，您能否提供更多關於價格彈性的資訊？我記得您在2021年的價格漲幅是6%，這應該高於您以往的舒適區。所以我想了解一下您對2022年的價格預期，以及您是否擔心低端市場的可負擔性問題。

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

當然。我會先回答其中幾個問題，然後我想凱文也會注意到幾個。

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.

就我們所取得的進展而言，我想指出，我之前提到的10%這個數字──我當時發表那番言論的時候是12月中旬。那時正值Omicron計畫高峰期。我知道相關報告是後來才發布的。但實際上，我接受訪問的時候是12月中旬。所以我們大約有6週的時間，或者說5週左右，可以繼續在人員配備方面努力。我認為，我們的加盟商在這方面做得非常出色，他們想方設法為餐廳找到所需的人才，以維持餐廳的正常運作。所以，這就是我們目前的狀況，只有1%的餐廳營業時間有限。

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，為了在2021年底前擴大員工規模，我們需要做的其中一件事就是提高勞動成本，正如您所看到的，勞動成本一直在上漲。如您所知，我們在去年四月宣布了一項政策調整，將採用麥當勞營運公司（McOpCos）的平均薪資水準。當時我們的薪資漲幅大約在10%左右。隨著時間的推移，我們的薪資漲幅可能略高於麥當勞營運公司的平均水準。我們的加盟商也同樣經歷了勞動成本上漲，漲幅大約在15%左右。

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.

不過，我們還做了一件事，我認為喬和美國團隊在這方面與加盟商做了很多卓有成效的工作，那就是討論我們的員工價值主張。除了薪資之外，我們還可以做其他事情來確保我們能提供最佳的方案來吸引顧客。例如帶薪休假、員工發展計畫（Archways）以及學費報銷等。我們非常注重獎勵和認可。所有這些措施，包括薪資、對員工價值主張的重視以及與員工的互動，共同促成了我們的進步。

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.

展望今年，我們預期薪資壓力將持續存在。當然，在製定定價策略時，我們也在考慮如何應對這種情況，但關於這一點，我還是讓凱文來詳細解釋。

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。正如克里斯所說，我們之前確實進行過一次性的調整，或者說是集中精力調整員工薪資。目前，2022年並沒有類似的調整計畫。但我們需要做的是，繼續確保員工的薪酬水平與行業平均水平保持一致，就像我們去年的目標一樣。因此，這方面仍會存在一些壓力，但我們不會再出現那種一次性的「大衝擊」。

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.

從定價角度來看，2021年美國的價格漲幅與我前9個月的說法基本一致，最終全年漲幅略高於6%。這主要是為了因應4%的大宗商品價格上漲（包括食品和紙張價格上漲）、勞動成本上漲以及激烈的市場競爭。這與2021年外食的價格走勢大致相同。

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，我們密切關注的正面因素是：價格上漲是否能像以往一樣有效轉化為銷售額的成長？我們發現，70%到80%的價格上漲都能有效轉化為銷售額的成長。因此，我們在進行價格上漲時會格外注意這一點。我們主要關注兩方面：第一，客戶的反應，包括客戶研究中他們對產品價值的看法，以及他們是否仍然傾向於購買；第二，了解我們自身在競爭環境和成本壓力方面所處的位置。在2022年，我們將繼續沿用這種視角。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 公司的 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，您在美國市場的購買中，會員用戶佔比是多少？從更宏觀的角度來看，您最終對會員忠誠度組合的目標是什麼？如何才能大幅提升活躍會員用戶的比例？是透過得來速窗口的客戶識別，還是其他工具？能否談談您對會員忠誠度未來發展方向的看法？

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，這是一個很好的問題。關於忠誠客戶的實際佔比，我之前從未被問到過。我想或許可以用其他方式來衡量。我並不清楚確切的數字。但就目前而言，如果你觀察美國地區的應用程式使用情況，這或許是目前最好的參考指標。我們的應用程式用戶大部分在使用時都會選擇加入忠誠計畫。因此，目前應用程式的使用率在忠誠客戶佔比方面處於個位數中段。所以我認為這或許是我能給的最佳參考指標。當然，麥克和投資者關係團隊也可以跟進這個問題。

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

下一個問題來自美國銀行美林證券的薩拉·塞納托雷。

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?

關於利潤率和相關定價的問題。您之前提到管理費用槓桿以及預期會提高營業利潤率。所以，首先，您是不是暗示40%左右的營業利潤率區間可能不再適合了？特別是管理費用，是否應低於2%？我記得您之前好像是這麼認為的。我們是否應該繼續沿用這個區間，但可能要提升一些？

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，鑑於你們的現金流（加盟商的現金流）如此強勁，業績也如此出色，現在是否應該放棄價格戰，轉而利用這一優勢？我知道您說過，你們的價格彈性符合預期，但你們是否考慮過，在價格方面真正地給競爭對手施加壓力，削弱你們的競爭力？

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

讓我先從最後一個問題開始，然後再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，我們一直在關注的一個重點就是價格上漲幅度，這也是我們一直在討論和關注的。當然，我們也會將自身價格與競爭對手進行比較。即使考慮到我之前提到的2021年的價格上漲，無論從哪個角度來看，我們相對於競爭對手仍然具有相當的優勢。

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.

因此，從研究角度來看，消費者對價值的看法和觀點對我們至關重要。我認為在2022年，這一點仍然非常重要，因為通貨膨脹對消費者的影響可能比以往任何時候都更大。因此，我們非常重視確保我們的價值主張保持強勁。所以，我們也會關注絕對價格，而不僅僅是價格上漲。

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，我還要補充一點，我在上次電話會議上也談到了這一點。我的意思是，在美國，我們已經連續幾年在競爭中領先於行業平均。進入2022年，我們正處於搶佔市場份額的階段。正如您所指出的，我們目前處於非常有利的地位。因此，我對美國團隊的建議是，繼續尋找方法，進一步拉開我們與競爭對手之間的差距，因為我認為我們在這方面已經佔據了相對更有利的地位。

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.

他們是如何做到這一點的？價值固然是因素，但還有其他因素。不過可以肯定的是，我們今年的願景和期望是繼續擴大市場份額。

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.

關於營業利益率和一般及行政費用，我記得在2020年秋季的投資者會議上（現在想想好像是很久以前的事了），我們討論過營業利潤率在40%左右。目前，我們的營業利潤率約為40%。 2021年和2022年的業績指引都維持在這個水準。 2022年，正如我們剛才所提到的，會受到一些通膨壓力的影響。一旦這些通膨因素（但願如此）恢復正常，我們預期營業利潤率將繼續維持成長。因為在當前形勢下，我們預期銷售額將繼續成長。

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.

所以我認為，2022年的業績受到一定程度的拖累，主要是由於異常高的通膨壓力，包括大宗商品和勞動成本兩方面。在我們看來，能夠在這樣的環境下仍能維持在40%左右的水平，是一個非常好的跡象，讓我們對走出通膨環境後能夠利用這一優勢充滿信心。

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.

一般及行政費用方面也是如此。 2021年我們佔銷售額的2.4%主要來自激勵性薪酬。今年大部分時間我們都在討論2.4%的銷售佔比，這也是我們最初的目標。但我們認為，持續提高槓桿作用，使今年的佔比回到2%到2.3%左右，並在銷售額成長的同時繼續提高槓桿作用，也將有助於提升營業利潤率。

Our next question is from Lauren Silberman with Credit Suisse.

下一個問題來自瑞士信貸的勞倫·西爾伯曼。

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?

關於菜單創新，你們最近推出了「菜單妙招」促銷活動，也就是在不增加任何新菜色的情況下進行創新。能談談今年的創新理念嗎？考慮到新增的SKU以及希望降低複雜性，你們是如何考慮新品推出頻率的？

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?

另外，還有一個相關的問題，您認為價值在2022年會扮演怎樣的角色？我知道這個問題已經被提及過幾次了。但考慮到過去幾年折扣力度的收窄，您對整體競爭環境有何看法？

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，當我們思考創新時，回顧一下我們的“加速拱門戰略”，MCD中的“C”代表的是核心菜單。我認為我們應該繼續專注於推動全球核心業務的發展，因為這些是我們最強大的資產，也是消費者最感興趣的產品。

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.

我們從疫情期間以及最新的消費者情緒調查中了解到一件很有趣的事情：絕大多數消費者（在我們主要市場中，大約80%的消費者仍然表示他們傾向於購買自己熟悉的產品。我認為，這種消費者心理與我們全球核心產品線非常契合。

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.

我喜歡這些“妙招”，也喜歡“招牌菜”系列，因為我們找到了在不增加餐廳運營複雜性的前提下創造新聞的方法。所以我認為，我們會繼續把這當作我們的主要關注點之一。

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.

但這並不代表我們不會推出新菜色或限時特惠等創新措施。這些當然是維持消費者興趣、提升購買頻率的重要因素。但我認為我們更需要專注於核心菜單和創意菜餚，例如「妙招」之類的，這只是其中的一種方式。

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.

關於您提到的價值方面，特別是針對美國的情況。目前，我們在美國仍以D123作為全國推廣的價值平台，但實際上，它很大程度上得到了本地管道的補充和支持。我們採取了一種本地化的方法，允許本地合作社根據當地的偏好等因素來確定本地管道的價值主張。這一點在早餐時段尤其重要。因此，您會看到許多本地價值是由本地合作社推動的。

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——在全國範圍內，你仍然會看到一兩次全國性的促銷活動，就像我們最近推出的「兩件6美元」活動一樣。我希望市場環境，也就是競爭環境，能夠維持現狀，從價值角度來看，這種環境一直相對健康，沒有出現瘋狂的折扣等等。我們已經很久沒有看到這種情況了。因此，我們的計劃是不會做出任何與2021年截然不同的重大改變。

Our next question is from Chris Carril with RBC.

下一個問題來自加拿大皇家銀行的克里斯·卡里爾。

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再詳細談談您觀察到的情況？我記得您提到過，雖然服務時間仍然比 2019 年有所改善，但在 2021 年確實有所放緩。您認為應該如何平衡進一步的菜單創新和其他策略性舉措與提升服務時間的機會呢？

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。由於營運環境的原因，服務時間確實略有回落——我認為，這主要是因為確保我們擁有所需人員配備的挑戰。展望今年，我認為每個市場——在過去幾週我們進行了多次討論——都高度關注如何抓住機遇，並繼續縮短服務時間。

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.

之所以說這一點如此重要，是因為當我們縮短服務時間時，客戶滿意度就會提高。所以，這是我們所有人都在努力的方向。

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.

我認為另一點是，隨著我們能夠開放更多服務管道，例如堂食，就能減輕像得來速這樣的管道的壓力。 2021年，由於部分餐廳堂食關閉，得來速承受了巨大的壓力。目前，在美國，大約80%的餐廳已經開放堂食。預計未來將有更多餐廳開放堂食。

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.

當我們能夠做到這些，確保人員配備達到所需規模並具備所需的穩定性時，我認為服務時間將會開始縮短。而且，與2019年相比，我們目前的狀況比2019年初好，但我們認為我們仍有機會繼續進步。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩·比特納。

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業務板塊有關。顯然，這個板塊包含許多重要的大型市場。您能否告知我們，自新冠疫情爆發以來，您認為您在IOM業務板塊的整體市佔率增加了多少？推動這些市場佔有率成長的主要因素是什麼？這又如何反映您對後疫情時代IOM業務潛在實力的看法？

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

我來做，然後凱文可以頂替。

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.

但正如您所說，IOM市場包含許多不同的細分市場，因此很難將它們整體地進行討論。不過，我們可以肯定地說，我們在這些細分市場中都佔據了相當大的份額。在疫情爆發前，我們在IOM市場的發展勢頭強勁。雖然這些市場確實受到了新冠疫情的嚴重衝擊，但我們看到，它們的表現仍然顯著優於競爭對手。

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，考慮到我們在澳洲面臨的停業等問題，以及我們在加拿大也遇到的類似情況，德國也受到了影響。隨著我們逐步走出困境，我認為我們加盟商的良好勢頭和健康狀況將使我們能夠繼續擴大市場份額，而且我們將在一個更正常的競爭環境下繼續擴大市場份額。

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，正如你和克里斯所說，IOM顯然是由幾個不同的市場組成的。所以這些市場的位置各不相同。像英國、加拿大這樣的市場即使在疫情期間也表現得非常強勁，而像法國和德國這樣的市場仍在復甦階段。

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.

我認為我們預計2022年——當然，我假設不會再出現任何停擺和重大限制——會是這樣的：隨著時間的推移，那些需要復甦的市場將會在年內穩步復甦，而那些表現良好的市場也將繼續保持強勁勢頭。正如克里斯所提到的，大多數主要市場在疫情期間都獲得了市場份額的成長。因此，我們再次希望，疫情過後，絕大多數市場都能維持強勁的成長動能。

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

好的。謝謝大家今天參加。謝謝克里斯。謝謝凱文。祝大家今天過得愉快。

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。您可以斷開連線了。