麥當勞 (MCD) 2021 Q2 法說會逐字稿

Hello, and welcome to McDonald's Second Quarter 2021 Investor Conference Call.

您好，歡迎來到麥當勞 2021 年第二季度投資者電話會議。

At the request of McDonald's Corporation, the conference is being recorded.

應麥當勞公司的要求，會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想把電話轉給麥當勞公司的投資者關係官 Mike Cieplak 先生。

Mr. Cieplak, you may begin.

Cieplak 先生，您可以開始了。

Good morning, everyone, and thank you for joining us.

大家早上好，感謝您加入我們。

With me on the call this morning are President and Chief Executive Officer; Chris Kempczinski; and Chief Financial Officer, Kevin Ozan.

今天早上與我通話的是總裁兼首席執行官；克里斯·肯普欽斯基；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.

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。

Both of those documents are available on our website, as are any reconciliations of any non-GAAP financial measures mentioned on today's call along with their corresponding GAAP measures.

這兩份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公認會計原則財務措施及其相應的公認會計原則措施的對賬也是如此。

Following prepared remarks this morning, we will take your questions.

在今天早上準備好的發言之後，我們將回答您的問題。

(Operator Instructions) Today's conference call is being webcast and is also being recorded for replay via our website.

（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.

謝謝，邁克，早上好。

At the heart of McDonald's is the experience we offer.

麥當勞的核心是我們提供的體驗。

And for 65 years, we've created iconic experiences for billions of people around the world.

65 年來，我們為全球數十億人創造了標誌性的體驗。

Along the way, we've always focused on following our customers' needs, finding the most convenient and engaging ways for them to enjoy McDonald's.

在此過程中，我們始終專注於滿足客戶的需求，為他們尋找最方便、最吸引人的方式來享受麥當勞。

At our founding, the restaurant experience was relatively simple: Customers would walk up to the front counter, place their orders and get hot, delicious fresh food served to them quickly.

在我們成立之初，餐廳的體驗相對簡單：顧客會走到前台，下訂單，然後很快就能得到熱騰騰、美味的新鮮食物。

In the early 1970s, McDonald's pioneered the drive-thru as a new service channel for customers.

在 1970 年代初期，麥當勞率先將得來速作為一種新的客戶服務渠道。

And in the last few years, we've added even more service channels with delivery, curbside pickup, kiosks and table service.

在過去的幾年裡，我們增加了更多的服務渠道，包括送貨、路邊取貨、售貨亭和餐桌服務。

At the heart of each of these innovations was our global mobile app, which has evolved our customer experience from the physical world to the digital world.

這些創新的核心是我們的全球移動應用程序，它將我們的客戶體驗從物理世界發展到數字世界。

As this evolution continues, our digital offerings will become even more important to serving, interacting with and delighting our customers around the world, and the insights generated from these platforms will help us further improve their experience.

隨著這種演變的繼續，我們的數字產品對於為全球客戶提供服務、互動和取悅客戶將變得更加重要，而這些平台產生的洞察力將幫助我們進一步改善他們的體驗。

Our marketing power and scale will continue to be critical throughout this journey, turning the various customer touch points into a holistic and compelling brand experience.

在整個旅程中，我們的營銷能力和規模將繼續發揮關鍵作用，將各種客戶接觸點轉變為整體且引人入勝的品牌體驗。

But our aspirations are even higher.

但我們的願望甚至更高。

And to reach these goals, we need to create a more frictionless customer experience across all our service channels.

為了實現這些目標，我們需要在我們所有的服務渠道中創造更加順暢的客戶體驗。

Our customers should be able to move seamlessly between the in-store, takeaway and delivery service channels so that we offer even more convenience and better personalization.

我們的客戶應該能夠在店內、外賣和送貨服務渠道之間無縫移動，以便我們提供更多便利和更好的個性化服務。

That's why we were excited to announce earlier this week the creation of a team that has oversight for the end-to-end customer experience under the leadership of our first Chief Customer Officer in McDonald's history, Manu Steijaert.

這就是為什麼我們很高興在本週早些時候宣布成立一個團隊，在麥當勞歷史上第一位首席客戶官 Manu Steijaert 的領導下，負責監督端到端的客戶體驗。

Manu will oversee everything from the physical restaurants that we design and build to the digital experiences that we embed along each step of the customer journey.

Manu 將監督從我們設計和建造的實體餐廳到我們在客戶旅程的每一步嵌入的數字體驗的一切。

As we finished the global rollout of EOTF, Manu and his team will now be focused on what's next to drive a new layer of sustained growth for our system that leverages the foundations that we've built.

隨著我們完成 EOTF 的全球推廣，Manu 和他的團隊現在將專注於下一步，以利用我們已經建立的基礎為我們的系統推動一個新的持續增長層。

For the past 18 months, our digital customer engagement, global marketing, data analytics and restaurant solutions teams have worked to standardize our infrastructure and align the system against some common frameworks.

在過去的 18 個月中，我們的數字客戶參與、全球營銷、數據分析和餐廳解決方案團隊一直致力於標準化我們的基礎設施，並使系統與一些通用框架保持一致。

These efforts ultimately paved the way for MyMcDonald's Rewards, our first global digital offering that we are now deploying across our largest markets.

這些努力最終為 MyMcDonald's Rewards 鋪平了道路，這是我們目前正在我們最大市場部署的第一個全球數字產品。

MyMcDonald's Rewards is just the first example of how we will lead as a digital innovator by leveraging our scale and engaging with our customers in a truly integrated way.

MyMcDonald's Rewards 只是我們如何通過利用我們的規模並以真正整合的方式與我們的客戶互動來領導數字創新者的第一個例子。

Manu is the ideal choice to integrate these teams and take their work to the next level, with an intense focus on driving incomparable customer-centric innovation.

Manu 是整合這些團隊並將他們的工作提升到一個新水平的理想選擇，它專注於推動無與倫比的以客戶為中心的創新。

He's been an important part of the McDonald's system for more than 20 years at every level.

20 多年來，他一直是麥當勞系統各個層面的重要組成部分。

Manu knows these teams well and has an incredibly deep understanding of the needs of our customers, one rooted in his early experience as a crew member in his parent's McDonald's franchise in his native Belgium.

Manu 非常了解這些團隊，並且對我們客戶的需求有著難以置信的深刻理解，這源於他作為一名工作人員的早期經驗，他曾在其父母在比利時的麥當勞特許經營店工作。

We believe that connecting these teams will enable us to deliver the seamless omnichannel experience that our customers want and only McDonald's can provide, transforming the way customers connect with, interact with and experience our brand.

我們相信，連接這些團隊將使我們能夠提供客戶想要的無縫全渠道體驗，並且只有麥當勞才能提供，從而改變客戶與我們品牌聯繫、互動和體驗的方式。

Further strengthening our ways of working to better serve our customers is one of many ways we're working to accelerate the Arches today.

進一步加強我們的工作方式以更好地為我們的客戶服務是我們今天正在努力加速拱門的眾多方式之一。

This complements the work underway to accelerate the Arches with investments in customer-centric creative marketing that only McDonald's can offer so fully.

這補充了正在進行的加速拱門的工作，投資於以客戶為中心的創意營銷，只有麥當勞才能提供如此全面的服務。

That marketing made a measurable impact in the second quarter with the global debut of our incredibly successful Famous Orders marketing platform.

隨著我們非常成功的 Famous Orders 營銷平台在全球首次亮相，該營銷在第二季度產生了可衡量的影響。

I'll have more to say about that a bit later.

稍後我將對此進行更多說明。

We're accelerating the Arches by committing to our core menu.

我們通過致力於我們的核心菜單來加速拱門。

We're tapping into customer demand for the familiar and making the chicken, burgers and coffee our customers love even more delicious.

我們正在利用客戶對熟悉的食物的需求，使我們客戶喜愛的雞肉、漢堡和咖啡更加美味。

We're borrowing from what has worked well in other markets like the growing success of the McSpicy Chicken Sandwich.

我們藉鑑了在其他市場上運行良好的產品，例如 McSpicy Chicken Sandwich 的日益成功。

McSpicy launched in China over 20 years ago, and customers can now enjoy this great-tasting sandwich in multiple markets around the world.

McSpicy 於 20 多年前在中國推出，客戶現在可以在全球多個市場享用這款美味的三明治。

Late last year, we launched McSpicy in Australia as part of their new chicken sandwich lineup.

去年年底，我們在澳大利亞推出了 McSpicy，作為他們新的雞肉三明治系列的一部分。

And earlier this month, it debuted in the U.K. to great fanfare.

本月早些時候，它在英國首次亮相，大張旗鼓。

We also continue to leverage our familiar favorites and create new ones to make our menu even more craveable.

我們還繼續利用我們熟悉的最愛並創造新的，使我們的菜單更加令人渴望。

In the U.S., the momentum from the successful launch of our Crispy Chicken Sandwich continued into the second quarter as we supported the platform with culturally relevant advertising, just one more way that our beloved core menu continues to drive growth while anchoring a customer experience that is second to none.

在美國，我們成功推出脆皮雞肉三明治的勢頭一直持續到第二季度，因為我們通過與文化相關的廣告支持該平台，這只是我們心愛的核心菜單繼續推動增長的另一種方式，同時鞏固了客戶體驗首屈一指。

We also know that the customer experience today reaches beyond the physical walls of our restaurants.

我們還知道，今天的客戶體驗已經超出了我們餐廳的實體牆。

And that's why we're accelerating the Arches to better serve our digitally connected customers.

這就是為什麼我們正在加速 Arches 以更好地服務於我們的數字連接客戶。

To give you a sense of the growing digital connection we have to our customers, we have the most downloaded QSR app in the United States.

為了讓您了解我們與客戶之間日益增長的數字聯繫，我們擁有美國下載次數最多的 QSR 應用程序。

And earlier this month, we were proud to launch our new loyalty program, MyMcDonald's Rewards, in the U.S.

本月早些時候，我們很自豪地在美國推出了新的忠誠度計劃 MyMcDonald's Rewards。

The loyalty of every McDonald's fans has been unmatched for 65 years.

65年來，每位麥當勞粉絲的忠誠度無人能及。

And with these new digital connections, we're able to do an even better job of rewarding them for it.

通過這些新的數字連接，我們能夠更好地獎勵他們。

We already have over 22 million active MyMcDonald's users in the U.S., with over 12 million enrolled in our new loyalty program, MyMcDonald's Rewards.

我們在美國已有超過 2200 萬活躍的 MyMcDonald 用戶，其中超過 1200 萬註冊了我們的新忠誠度計劃 MyMcDonald's Rewards。

And that's before national advertising for loyalty, which began earlier this week.

那是在本週早些時候開始的全國忠誠度廣告之前。

Well, it is a good example of how our core menu and personalized marketing come together through digital channels to build a stronger relationship with our customers.

嗯，這是一個很好的例子，說明我們的核心菜單和個性化營銷如何通過數字渠道結合在一起，與我們的客戶建立更牢固的關係。

Our digital system-wide sales across our top 6 markets were nearly $8 billion in the first half of 2021, a 70% increase versus last year.

2021 年上半年，我們在前 6 個市場的全數字系統銷售額接近 80 億美元，比去年增長 70%。

And that's why we're moving aggressively to bring MyMcDonald's Rewards to our top 6 markets.

這就是為什麼我們正在積極採取行動，將 MyMcDonald's Rewards 帶到我們的前 6 大市場。

We currently have loyalty programs in place in France and the U.S. Germany and Canada plan to launch MyMcDonald's Rewards before the end of this year, followed by the U.K. and Australia in 2022.

我們目前在法國和美國都有忠誠度計劃。德國和加拿大計劃在今年年底之前推出 MyMcDonald's Rewards，隨後在 2022 年在英國和澳大利亞推出。

We're just as excited about our drive-thrus through which much of our business has come from this year and about delivery.

我們對我們今年的大部分業務都來自於我們的得來速服務以及交付感到同樣興奮。

Over 80% of our restaurants across 100 markets globally now offer delivery.

現在，我們在全球 100 個市場中超過 80% 的餐廳提供外賣服務。

We're excited about our success with multiple 3PO partners.

我們對與多個 3PO 合作夥伴取得的成功感到興奮。

And as I said last quarter, we continue to innovate.

正如我上個季度所說，我們將繼續創新。

Overall, our recent successes show that our M, C and D growth pillars working in concert can deliver unmatchable experiences for our customers and drive growth unlike anything else in customer retail.

總體而言，我們最近的成功表明，我們的 M、C 和 D 增長支柱協同工作可以為我們的客戶提供無與倫比的體驗，並推動客戶零售業與眾不同的增長。

Of course, our work to accelerate the Arches is built on the foundation of the very core of McDonald's success: running great restaurants.

當然，我們加速拱門的工作是建立在麥當勞成功的核心基礎之上的：經營一流的餐廳。

As we open our dining rooms, return to regular hours and get back to full staffing, we know that world-class execution will be more important than ever.

隨著我們開放餐廳、恢復正常工作時間並恢復人員配備，我們知道世界級的執行將比以往任何時候都更加重要。

While the Delta variant has brought more stops and starts to the COVID story around the world, people are venturing out and establishing new routines.

雖然 Delta 變體為世界各地的 COVID 故事帶來了更多的停頓和開始，但人們正在冒險並建立新的慣例。

That includes a return to in-person dining.

這包括恢復面對面用餐。

Today, about 70% of our dining rooms in the U.S. are open.

今天，我們在美國大約 70% 的餐廳是開放的。

By Labor Day, barring resurgences, it will be nearly 100%.

到勞動節，除非複蘇，否則將接近 100%。

Internationally, the majority of our restaurants are now operating all channels, including dine-in, but many continue to operate with limited hours or restricted capacity.

在國際上，我們的大多數餐廳現在都在運營所有渠道，包括堂食，但許多餐廳繼續在有限的時間或有限的容量下營業。

We're working hard to get back to normal.

我們正在努力恢復正常。

When our customers are ready to come back to dining in our restaurants, we will be more than ready and eager to welcome them.

當我們的客戶準備好回到我們的餐廳用餐時，我們將做好充分準備並熱切歡迎他們。

Not only are we more resilient today than we were heading into the pandemic.

我們今天不僅比進入大流行病時更有彈性。

As Kevin will tell you, we are building from a position of strength.

正如凱文會告訴你的那樣，我們正在建立一個強大的位置。

Kevin?

凱文？

Thanks, Chris.

謝謝，克里斯。

I'm pleased to share that global comp sales were up 40% in the second quarter or 7% on a 2-year basis.

我很高興地與大家分享，第二季度全球複合銷售額增長了 40% 或 2 年增長 7%。

Our performance has continued demonstration of the broad-based strength and resiliency of our business.

我們的業績繼續證明了我們業務的廣泛實力和彈性。

We've surpassed 2019 sales levels for the second consecutive quarter and now at an accelerated rate.

我們已經連續第二個季度超過了 2019 年的銷售水平，現在正在加速。

Turning to the segment performance for the quarter.

轉向本季度的細分市場表現。

We grew comp sales across all segments versus 2019 levels as business recovery progresses at varying degrees around the world.

隨著全球業務復甦在不同程度上取得進展，與 2019 年的水平相比，我們在所有細分市場的銷售額都有所增長。

In the U.S. our momentum continued with Q2 comp sales up 26% or 15% on a 2-year basis, our strongest quarterly 2-year growth in over 15 years.

在美國，我們的勢頭繼續保持，第二季度的複合銷售額在 2 年的基礎上增長了 26% 或 15%，這是我們 15 年來最強勁的季度 2 年增長。

And we saw double-digit positive comps across all dayparts on a 2-year basis, while at the same time, franchisees continue to achieve record-high operating cash flow.

我們在 2 年的基礎上看到所有時段的兩位數正收益，同時，特許經營商繼續實現創紀錄的運營現金流量。

Our performance in the U.S. is the result of an accumulation of decisions that we've made over the last 18 months.

我們在美國的表現是我們在過去 18 個月中做出的一系列決定的結果。

This includes bold marketing initiatives, investing in the core menu and strengthening our digital offerings with an underlying focus on running great restaurants.

這包括大膽的營銷舉措、對核心菜單的投資以及加強我們的數字產品，並以經營一流餐廳為根本。

As customers in the U.S. began to venture out more during the second quarter, we continued to see strong average check growth driven by larger order sizes and menu price increases.

隨著美國客戶在第二季度開始更多地冒險，我們繼續看到由於更大的訂單規模和菜單價格上漲而推動的平均支票增長強勁。

That's been bolstered by growth in delivery and digital platforms as well as robust menu and marketing programs.

這得益於交付和數字平台的增長以及強大的菜單和營銷計劃。

This includes an advertising re-hit of our Crispy Chicken Sandwich, which continues to perform at an elevated level and the success of our BTS meal.

這包括我們的脆皮雞肉三明治的廣告重播，它繼續在更高的水平上表現以及我們的 BTS 餐的成功。

Both initiatives attracted customers and drove incremental sales in the quarter.

這兩項舉措都吸引了客戶並推動了本季度的銷售額增長。

In our International Operated Markets segment, which has been historically strong, recovery is taking hold.

在我們歷來強勁的國際運營市場部門，復甦正在站穩腳跟。

Comp sales were up 75% in the quarter or nearly 3% on a 2-year basis as we lapped the peak in 2020 restaurant closures.

由於我們超過了 2020 年餐廳關閉的高峰，本季度的 Comp 銷售額增長了 75%，或在 2 年的基礎上增長了近 3%。

Remember, in some cases, full country operations were shut down in Q2 last year due to the pandemic.

請記住，在某些情況下，由於大流行，去年第二季度全國范圍內的業務都被關閉了。

Although we're continuing to monitor recent resurgences of COVID in countries around the world, Western Europe began to reopen during the quarter, allowing us to bring back indoor dining, still with some restrictions in place.

儘管我們正在繼續監測世界各國最近 COVID 的死灰復燃，但西歐在本季度開始重新開放，使我們能夠恢復室內用餐，但仍有一些限制。

IOM segment comp sales began exceeding 2019 levels in May.

IOM 細分市場的銷售額在 5 月開始超過 2019 年的水平。

Strong performance continued in Australia.

澳大利亞繼續表現強勁。

The market benefited from continued growth in delivery and successful marketing and core menu news, including the BTS Famous Orders and 50th Birthday Big Mac promotion.

市場受益於交付的持續增長以及成功的營銷和核心菜單新聞，包括 BTS Famous Orders 和 50 歲生日巨無霸促銷活動。

While Australia produced strong results for the quarter, outbreaks of the COVID-19 Delta variant throughout the country have led to recent lockdowns and reduced customer mobility.

儘管澳大利亞在本季度取得了強勁的業績，但全國各地爆發的 COVID-19 Delta 變種導致最近的封鎖和客戶流動性降低。

Momentum accelerated in both the U.K. and Canada in Q2.

第二季度英國和加拿大的勢頭加速。

In the U.K., the national lockdown ended, and the market reopened dining rooms in mid-May.

在英國，全國封鎖結束，市場於 5 月中旬重新開放餐廳。

The market saw record digital engagement with a significant portion of sales coming through digital channels, where customers place delivery orders and used self-order kiosks as dining rooms reopened.

市場見證了創紀錄的數字化參與，其中很大一部分銷售來自數字渠道，當餐廳重新開放時，客戶下訂單並使用自助點餐亭。

Canada benefited from strong marketing activity featuring our core menu, including the BTS Famous Orders meal.

加拿大受益於以我們的核心菜單為特色的強大營銷活動，包括 BTS Famous Orders 餐。

In France and Germany, comp sales were still below 2019 levels for the quarter.

在法國和德國，本季度的複合銷售額仍低於 2019 年的水平。

While some restrictions are still in place, indoor dining reopened for both markets in June, and we've seen steady improvement since then.

雖然一些限制仍然存在，但兩個市場的室內餐飲於 6 月重新開放，自那時以來我們看到了穩步改善。

As we look ahead to Q3, we expect comps to surpass pre-pandemic levels across all of our big 5 international markets.

當我們展望第三季度時，我們預計所有 5 大國際市場的補償將超過大流行前的水平。

The past year has shown us that when markets reopen, customer demand for McDonald's returns quickly.

過去一年向我們表明，當市場重新開放時，顧客對麥當勞的需求會迅速恢復。

Comp sales in the International Developmental Licensed segment were up 32% for the quarter or relatively flat on a 2-year basis.

國際開發許可部門的 Comp 銷售額在本季度增長了 32%，或者在 2 年的基礎上相對持平。

Performance was largely driven by positive results in Brazil, Japan and China.

業績主要受到巴西、日本和中國的積極成果的推動。

Japan maintained momentum in Q2 with comps up nearly 10%, achieving an impressive 23 consecutive quarters of comp sales growth.

日本在第二季度保持了增長近 10% 的增長勢頭，實現了連續 23 個季度的可觀銷售額增長。

The market's performance was driven by strong menu and marketing promotions, delivery growth and our ability to continue serving customers their favorites safely and conveniently throughout state of emergency waves across the country.

市場表現受到強大的菜單和營銷促銷、交付增長以及我們在全國緊急情況下繼續安全、方便地為客戶提供最喜歡的服務的能力的推動。

In China, comps were strong for the quarter but have yet to return to 2019 levels due to COVID resurgences in Southern China, resulting in operating restrictions.

在中國，本季度的業績表現強勁，但由於華南地區 COVID 死灰復燃，導致運營受限，因此尚未恢復到 2019 年的水平。

The market continues to build its digital member base with a successful MyMcDonald's app launch and focused delivery expansion in the breakfast and evening dayparts.

隨著 MyMcDonald 應用程序的成功推出以及早餐和晚上時段的集中交付擴展，市場繼續建立其數字會員基礎。

In addition, China surpassed the 4,000-restaurant mark in June and is now on pace to open over 500 new restaurants this year.

此外，中國 6 月份的餐廳數量超過了 4,000 家，今年有望開設 500 多家新餐廳。

Given our slightly quicker recovery and continued momentum around the world, we now expect full year system-wide sales growth in the mid- to high teens in constant currencies.

鑑於我們在全球範圍內的複蘇略快和持續的勢頭，我們現在預計全年系統範圍內的銷售額將在中高位以固定匯率計算增長。

However, there's still some uncertainty as we continue to see pandemic-related stops and starts in markets around the world, especially now with the Delta variant.

但是，由於我們繼續看到與大流行相關的停止和開始在世界各地的市場上出現，仍然存在一些不確定性，尤其是現在使用 Delta 變體。

Now I'll turn it back to Chris.

現在我會把它轉回給克里斯。

Thanks, Kevin.

謝謝，凱文。

As we look ahead to the rest of 2021, we're finding ways to capitalize on our strengths.

展望 2021 年剩餘時間，我們正在尋找方法來利用我們的優勢。

As we've seen, the growth pillars of accelerating the Arches are deeply interconnected, reinforcing and bolstering one another.

正如我們所看到的，加速拱門的增長支柱是相互聯繫的，相互加強和支持。

It is at the intersection of our MCD that we continue to deepen our connection with customers and create a consistent and enjoyable experience, proving that the whole is greater than the sum of its parts, which brings us back to our Famous Orders platform.

正是在我們 MCD 的交匯處，我們不斷加深與客戶的聯繫，並創造一致而愉快的體驗，證明整體大於部分之和，這使我們回到了 Famous Orders 平台。

When it launched in the U.S. last year, our goal was to create an ambitious marketing campaign, one that would leverage our customers' favored core menu items, speak to a new generation in authentic ways and increase digital engagement without adding any restaurant complexity, all while positioning us for the longer term.

去年在美國推出時，我們的目標是開展一項雄心勃勃的營銷活動，利用我們客戶最喜歡的核心菜單項目，以真實的方式與新一代對話，並在不增加任何餐廳複雜性的情況下增加數字參與度，所有這些同時定位我們的長期。

The Famous Orders platform was based on a simple idea but unites all our customers, including famous celebrities, is everyone has their go-to McDonald's order.

Famous Orders 平台基於一個簡單的想法，但團結了我們所有的客戶，包括著名的名人，每個人都有自己的麥當勞訂單。

The Travis Scott then J Balvin Famous Orders broke records in the U.S. This quarter, the BTS Famous Order took that ambition global, connecting our marketing, core menu and digital strategies in 50 markets.

Travis Scott 然後 J Balvin Famous Orders 在美國打破了記錄。本季度，BTS Famous Order 將這一雄心壯志帶到了全球，將我們在 50 個市場的營銷、核心菜單和數字戰略聯繫起來。

And it was our first Famous Order with custom packaging and app-exclusive content.

這是我們第一個具有定制包裝和應用程序專有內容的 Famous Order。

It has been, to borrow a BTS lyric, Dynamite.

借用 BTS 的歌詞，Dynamite。

We saw significant lifts in McNuggets sales and record-breaking levels of social engagement.

我們看到 McNuggets 的銷售額和創紀錄的社交參與度顯著提升。

McDonald's customers and BTS fans all over the globe downloaded our app, ordered Chicken McNuggets with delicious sweet chili and cajun dipping sauces and posted about it on social media, leading McDonald's to trend #2 on Twitter globally and #1 in the U.S.

全球的麥當勞顧客和 BTS 粉絲下載了我們的應用程序，訂購了帶有美味甜辣椒和美國印第安人蘸醬的麥樂雞塊，並在社交媒體上發布了相關信息，這使麥當勞在全球 Twitter 上排名第二，在美國排名第一。

And then the BTS ARMY took it a step further and memorialized the partnership, creating shoes, accessories and frame memorabilia from our packaging.

然後 BTS ARMY 更進一步，紀念合作夥伴關係，用我們的包裝製作鞋子、配飾和框架紀念品。

They were so appreciative of the meal that the BTS ARMY went out of their way to prepare snacks for our crew and managers in Malaysia, the Philippines and Vietnam to support them on launch day.

他們對這頓飯非常感激，以至於 BTS ARMY 特意為我們在馬來西亞、菲律賓和越南的工作人員和經理準備了小吃，以在發射當天為他們提供支持。

The Famous Order platform is the M, C and D in action.

Famous Order 平台是行動中的 M、C 和 D。

Both Famous Orders and MyMcDonald's Rewards are also reminders of the unrivaled convening power of McDonald's.

Famous Orders 和 MyMcDonald's Rewards 也提醒人們麥當勞無與倫比的召集力。

And this is just the beginning of the digital customer journey at McDonald's.

而這僅僅是麥當勞數字客戶旅程的開始。

As we create more personal and seamless McDonald's experiences and make it easier for our crew to connect with our customers, we're giving customers multiple reasons to continue to come back to McDonald's.

隨著我們創造更多個性化和無縫的麥當勞體驗，並使我們的工作人員更容易與我們的客戶聯繫，我們為客戶提供了繼續回到麥當勞的多種理由。

By using digital, we'll also leverage our advantages in value and convenience, daypart and menu breadth and our biggest advantage, our size and scale.

通過使用數字化，我們還將利用我們在價值和便利性、時段和菜單廣度方面的優勢以及我們最大的優勢，即我們的規模和規模。

Now for more on the financial performance in Q2, I'll pass it back to Kevin.

現在有關第二季度財務業績的更多信息，我將把它傳回給凱文。

Thanks, Chris.

謝謝，克里斯。

Adjusted earnings per share in Q2 was $2.37, which excludes a gain on the further sale of some of our ownership in McDonald's Japan and a onetime income tax benefit in the U.K. In year-to-date, adjusted operating margin was 43%, reflecting improved sales performance across all segments and higher other operating income compared to last year.

第二季度調整後的每股收益為 2.37 美元，其中不包括進一步出售我們在日本麥當勞的部分所有權的收益以及在英國的一次性所得稅優惠 今年迄今為止，調整後的營業利潤率為 43%，反映了改善與去年相比，所有部門的銷售業績和其他營業收入均有所提高。

Total restaurant margin dollars grew $1.3 billion in constant currencies with improvement in both franchised and company-operated restaurant margins, mostly driven by higher comp sales as a result of COVID-19 impact last year.

餐廳總利潤以固定匯率計算增長了 13 億美元，特許經營和公司經營的餐廳利潤率均有所提高，這主要是由於去年 COVID-19 影響導致的複合銷售額增加。

Company operating margins in the U.S. were strong as we continue to see top line growth driven by higher average check.

美國公司的營業利潤率強勁，因為我們繼續看到更高的平均支票推動收入增長。

In the IOM segment, company operating margins improved significantly in Q2 as sales have recovered to pre-pandemic levels.

在 IOM 部門，隨著銷售額恢復到大流行前的水平，公司的營業利潤率在第二季度顯著提高。

G&A decreased 1% in constant currencies for the quarter, primarily due to lapping our $160 million incremental marketing investment last year, offset by higher incentive-based compensation and increased spend in restaurant technology.

本季度 G&A 以固定匯率計算下降 1%，主要是由於我們去年增加了 1.6 億美元的營銷投資，但被更高的基於激勵的薪酬和餐廳技術支出的增加所抵消。

Our adjusted effective tax rate was 21.7% for the quarter.

本季度調整後的有效稅率為 21.7%。

And we're projecting the tax rate for the back half of 2021 in the range of 21% to 23%.

我們預計 2021 年下半年的稅率在 21% 到 23% 之間。

And finally, foreign currency translation benefited Q2 results by $0.13 per share.

最後，外幣換算使第二季度業績每股收益 0.13 美元。

Based on current exchange rates, we expect FX to benefit EPS by about $0.03 to $0.05 for Q3, with an estimated full year tailwind of $0.20 to $0.22.

根據目前的匯率，我們預計第三季度外匯將使每股收益增加約 0.03 美元至 0.05 美元，預計全年順風為 0.20 美元至 0.22 美元。

As usual, this is directional guidance only as rates will likely change as we move through the year.

像往常一樣，這只是方向性指導，因為利率可能會隨著我們全年的變化而變化。

Now I'll turn it back to Chris.

現在我會把它轉回給克里斯。

Thanks, Kevin.

謝謝，凱文。

I'm proud of all that we've accomplished during the past 18 months.

我為我們在過去 18 個月中取得的所有成就感到自豪。

It's a remarkable testament to the resiliency of the McDonald's system.

這是對麥當勞系統彈性的非凡證明。

But as we turn our focus to the incredible opportunities that lie ahead of us, it's also reminded us of where we must go.

但是，當我們將注意力轉向擺在我們面前的難以置信的機會時，它也提醒我們必須去哪裡。

For 65 years, the one unassailable truth about McDonald's is that we get better together.

65 年來，關於麥當勞的一個不容置疑的事實是，我們一起變得更好。

There's a reason why it's one of our core values.

這是我們的核心價值觀之一，這是有原因的。

Continually finding ways to better ourselves and our system is how we keep our business relevant, not just for this generation but the next.

不斷尋找改進我們自己和我們的系統的方法是我們保持業務相關性的方式，不僅僅是為了這一代人，而是為了下一代。

How do we get better together today?

我們今天如何一起變得更好？

We get better together by focusing on our people.

通過專注於我們的員工，我們會變得更好。

In this highly competitive market for talent, successful employee recruitment and retention is fundamental to drive growth.

在這個競爭激烈的人才市場中，成功的員工招聘和保留是推動增長的基礎。

That's why in May, we announced a 10% increase in the average hourly wage at our company-owned restaurants in the U.S., with the goal to get to a $15 an hour wage by 2024.

這就是為什麼在 5 月，我們宣布將我們公司在美國的餐廳的平均小時工資提高 10%，目標是到 2024 年達到每小時 15 美元的工資。

We get better together through diversity, equity and inclusion.

我們通過多元化、公平和包容而變得更好。

Today, 23% of our U.S.-based suppliers come from diverse backgrounds, more than double the industry average.

如今，我們 23% 的美國供應商來自不同背景，是行業平均水平的兩倍多。

We have set a goal to increase purchases of goods and services from diverse-owned suppliers by 10% over the next 4 years.

我們設定了一個目標，即在未來 4 年內將來自多元化供應商的商品和服務採購量增加 10%。

That will put us in a position where 1/4 of our U.S. spend is with diverse-owned suppliers by 2025.

到 2025 年，這將使我們有 1/4 的美國支出用於不同擁有的供應商。

And we've committed to doubling our national advertising spend with diverse-owned media here in the United States between 2021 and 2024.

我們已承諾在 2021 年至 2024 年期間將我們在美國的各種擁有媒體的全國廣告支出翻一番。

We get better together by serving our customers but also serving a larger purpose in communities across the world.

通過為客戶提供服務，同時為全球社區的更大目標服務，我們一起變得更好。

As part of our ongoing efforts to support communities through the pandemic, we recently partnered with the Biden administration to make access to information on vaccines easier for the millions of customers who enjoy McDonald's in the U.S. Our part in the national We Can Do This campaign continues this month with McDonald's hot McCafé cups and McDelivery seal stickers, both of which lead customers to vaccines.gov.

作為我們在大流行期間支持社區的持續努力的一部分，我們最近與拜登政府合作，讓數百萬在美國享受麥當勞的顧客更容易獲得疫苗信息本月麥當勞熱賣的 McCafé 杯子和 McDelivery 密封貼紙，這兩種產品都將顧客帶到了疫苗網站。

In Canada, we're doing something similar around This Is Our Shot.

在加拿大，我們正在圍繞“這是我們的鏡頭”做類似的事情。

It's a national campaign through which McDonald's will supply information in restaurant and drive-thru orders, while supporting a digital campaign to replace vaccine hesitancy with confidence.

這是一項全國性的活動，麥當勞將通過該活動在餐廳和得來速訂單中提供信息，同時支持一項數字活動，以信心十足地取代疫苗猶豫。

Finally, we get better together through our commitment to our planet.

最後，通過我們對地球的承諾，我們一起變得更好。

In May of 2014, we were one of the first major corporations of our size to publicly commit to a sustainability framework.

2014 年 5 月，我們是同規模的首批公開承諾建立可持續發展框架的大公司之一。

We promised that we would report on our progress against our 2020 sustainability goals by the fall of this year.

我們承諾，我們將在今年秋季之前報告我們在實現 2020 年可持續發展目標方面取得的進展。

As we prepare to release our impact report, I've never been prouder of the difference we are making in the world.

當我們準備發布我們的影響報告時，我為我們在世界上所做的改變感到無比自豪。

We are working closely with partners across the globe today to source food locally and responsibly, to expand our use of sustainable packaging and to power our restaurants with renewable energy sources.

今天，我們正與全球合作夥伴密切合作，以負責任的方式在當地採購食物，擴大我們對可持續包裝的使用，並為我們的餐廳提供可再生能源。

It's the ultimate example of our 3-legged stool in action, where owner-operators, suppliers and employees each play a critical role in our efforts to protect the planet.

這是我們的 3 腿凳在行動中的終極示例，業主、運營商、供應商和員工在我們保護地球的努力中都發揮著關鍵作用。

We're working every day to set ambitious goals and to hold ourselves accountable, to be known not just for what we do as a company but how we do it.

我們每天都在努力設定雄心勃勃的目標並讓自己承擔責任，不僅要以我們作為一家公司的所作所為而為人所知，而且要以我們如何做到這一點而聞名。

It's part of our broader commitment to transparency and to following clear science-based guidelines from the experts.

這是我們對透明度和遵循專家明確的科學指導方針的更廣泛承諾的一部分。

We know we still have much work to do, but our internal strategy and the external landscape are converging to create a moment unlike any other.

我們知道我們還有很多工作要做，但我們的內部戰略和外部環境正在融合，創造一個與眾不同的時刻。

We are aware of our unique role in the world.

我們意識到我們在世界上的獨特作用。

We are inspired by all the opportunities that lie ahead.

我們受到未來所有機會的啟發。

Over the back half of this year, I'm looking forward to getting back into the restaurants around the world and spending more face time with our people.

今年下半年，我期待著重返世界各地的餐廳，與我們的員工有更多面對面的時間。

I'm amazed with everything that our system has accomplished over the past 18 months, and we can't wait to write the next great chapter of the McDonald's story together.

我對我們的系統在過去 18 個月中所完成的一切感到驚訝，我們迫不及待地想共同書寫麥當勞故事的下一個偉大篇章。

With that, we'll begin Q&A.

有了這個，我們將開始問答。

(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。

Chris, you talked about delivering a more frictionless experience.

克里斯，您談到了提供更順暢的體驗。

And just given the pledge to engage guests in new ways and in the backdrop of the challenging industry staffing situation in the U.S., is this prompting you to accelerate implementation of Apprente AI voice ordering drive-thru?

剛剛承諾以新的方式吸引客人，並且在美國充滿挑戰的行業人員配置情況下，這是否會促使您加快實施 Apprente AI 語音點餐得來速？

I was hoping you could provide an update on your ambitions for rollout of the drive-thru technology over both the near and the medium term.

我希望您能提供有關您在近期和中期推出得來速技術的雄心的最新信息。

Thanks, Andrew.

謝謝，安德魯。

When we announced earlier this week the creation of the Chief Customer Officer job, it was with the idea that as we are introducing more service channels, we have an opportunity to design in such a way that it feels like these things all happen at the same time as opposed to, in reality, how they happened, which was kind of one came after the other.

當我們本週早些時候宣佈設立首席客戶官職位時，我們的想法是，隨著我們引入更多服務渠道，我們有機會以一種感覺就像這些事情同時發生的方式進行設計時間而不是，實際上，它們是如何發生的，這是一種接二連三的發生。

So Manu's charter is about making this so that the customer feels that this is a completely seamless experience in the restaurant.

所以 Manu 的章程就是要讓顧客覺得這是在餐廳裡完全無縫的體驗。

I think the point that you're raising about Apprente is related to it, but it's not central to it.

我認為你提出的關於 Apprente 的觀點與它有關，但不是它的核心。

I think we announced, maybe it was about a month or 2 ago, that we were seeing good progress with Apprente.

我想我們宣布，也許是大約一個月或兩個月前，我們看到 Apprente 取得了良好的進展。

It's in 10 restaurants.

它在 10 家餐廳。

But that is going to be a significant effort that takes us a number of years before we're able to deploy that in the U.S. So I wouldn't read or interpret anything around Manu's announcement as related to accelerating Apprente.

但這將是一項重大的努力，我們需要幾年時間才能在美國部署它。所以我不會閱讀或解釋 Manu 宣布與加速 Apprente 相關的任何內容。

There is still a lot of heavy lifting associated with getting Apprente ready for deployment across the U.S. and eventually the globe.

讓 Apprente 做好在美國乃至全球部署的準備工作仍然有很多繁重的工作。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

Question is on labor.

問題是關於勞動的。

I was just wondering if you can comment on staffing levels now versus maybe earlier in the quarter and whether you've seen a material improvement across the system, particularly in some of those states that have ended the government benefits early.

我只是想知道您是否可以評論現在與本季度早些時候的人員配置水平，以及您是否已經看到整個系統的實質性改善，特別是在一些提前結束政府福利的州。

And then maybe if you can comment on some of the strategies the franchisees have used to successfully attract talent and how the recent labor shortage might have impacted driver speed and whether that's become a drag on sales.

然後也許你可以評論一下特許經營商用來成功吸引人才的一些策略，以及最近的勞動力短缺如何影響司機的速度，以及這是否會拖累銷售。

Thanks, Eric.

謝謝，埃里克。

It's certainly still a challenging staffing environment, not just in the U.S. We're also seeing in Europe where staffing is challenging, in part because of some of the limitations of movement of people across borders.

這當然仍然是一個充滿挑戰的人員配置環境，不僅在美國。我們在歐洲也看到人員配置面臨挑戰，部分原因是人員跨境流動的一些限制。

But if you focus on the U.S., while it is a challenge, it's getting better.

但如果你把注意力集中在美國，雖然這是一個挑戰，但它會變得更好。

I don't want to declare by any means that it's easy, but we're certainly seeing some improvement.

我不想以任何方式宣稱這很容易，但我們肯定看到了一些改進。

We're seeing applications have increased pretty significantly.

我們看到應用程序顯著增加。

Applications in states that have ended early, the federal stimulus, those have tended to do even better.

提前結束的州的申請，聯邦刺激，那些往往做得更好。

So I do think that there's evidence that as the federal stimulus rolls off, that you'll see an improvement in the application rate.

因此，我確實認為有證據表明，隨著聯邦刺激計劃的取消，您會看到申請率有所提高。

And I think you're seeing wages go up as well.

我認為你也看到工資上漲。

I mean we have made our announcement.

我的意思是我們已經宣布了。

I think broadly, we're seeing wages going up about 5% or so in our U.S. restaurants.

我認為從廣義上講，我們看到美國餐館的工資上漲了約 5% 左右。

And that is also helping improve the situation.

這也有助於改善這種情況。

I would just point out for us in our McOpCo restaurant, after we made our announcement back in April, we're getting close to full staffing levels or what we would deem to be kind of our full staffing levels in our McOpCo restaurant.

我只想在我們的 McOpCo 餐廳為我們指出，在我們 4 月份宣布後，我們正接近滿員水平，或者我們認為我們的 McOpCo 餐廳的滿員水平。

So it is possible the situation is improving.

因此，情況可能正在改善。

I think the tools and some of the ideas that you're seeing our franchisees out there deploying, whether it's things like free childcare, sign-on bonuses, et cetera, that's the power of the McDonald's system at work and the power of our sort of local franchisees innovating and coming up with ways to ensure that they can staff the restaurants.

我認為你看到我們的加盟商部署的工具和一些想法，無論是免費托兒服務、簽約獎金等等，這就是麥當勞系統的力量和我們的力量的當地特許經營商進行創新並想出方法來確保他們能夠為餐廳配備人員。

In the short term right now, there is -- there has been a negative impact on staffing and service times.

在目前的短期內，對人員配備和服務時間產生了負面影響。

As you may remember, we've improved service times over the last few years by about 30 seconds.

您可能還記得，我們在過去幾年中將服務時間縮短了大約 30 秒。

More recently, we've seen service times decrease about 3 seconds.

最近，我們發現服務時間減少了大約 3 秒。

So we don't love that.

所以我們不喜歡那個。

But a big part of it is certainly associated with the staffing challenges in the restaurant but also the demand that we're seeing in the restaurant.

但其中很大一部分肯定與餐廳的人員配備挑戰以及我們在餐廳看到的需求有關。

So I'm constructive and positive on the staffing outlook in the back half.

所以我對後半區的人員配置前景持建設性和積極的態度。

I think we're going to continue to make progress, but it certainly is a challenge.

我認為我們將繼續取得進展，但這無疑是一個挑戰。

Next question is from Dennis Geiger with UBS.

下一個問題來自瑞銀的丹尼斯蓋格。

Chris, you've got strong momentum in the U.S. and what sounds like a solid strategy and plans to enable continued growth over both the near and the longer term.

克里斯，你在美國的勢頭強勁，聽起來是一個可靠的戰略和計劃，可以在近期和長期內實現持續增長。

But it's more difficult compares approach.

但比較方法更困難。

How are you thinking about maintaining that underlying momentum going forward?

您如何看待保持這種潛在的發展勢頭？

And maybe if you could kind of help us frame up sort of existing and perhaps emerging drivers that help you to support further gains over the coming quarters in the U.S.

如果你能幫助我們建立一些現有的和新興的驅動因素，幫助你支持美國未來幾個季度的進一步增長。

Sure.

當然。

So I think the strategy that we've laid out, the Accelerating the Arches strategy, had 3 growth pillars that for us were going to be multiyear drivers of this.

所以我認為我們制定的戰略，加速拱門戰略，有 3 個增長支柱，對我們來說，這將是多年的驅動力。

It was going to be the M, which was marketing; the C, which was core menu; and the 3 Ds, digital, delivery and drive-thru.

它將是M，即營銷； C，核心菜單；以及 3D、數字、交付和得來速。

So I don't think you're going to see a deviation from those 3 pillars as being what drives sort of the next layers of growth.

所以我認為你不會認為偏離這三個支柱是推動下一層增長的動力。

I do expect what you will see is that we will see us continuing to find ways within those to move the business forward.

我確實希望您會看到我們將看到我們繼續在其中尋找方法來推動業務向前發展。

So starting with the M, Famous Orders has been a nice idea for us.

所以從 M 開始，Famous Orders 對我們來說是個好主意。

My challenge to our marketing team here at McDonald's is what's the next great idea.

我對麥當勞營銷團隊的挑戰是下一個好主意是什麼。

And we think there's certainly more we can do with Famous Orders, but we've got to keep coming up with new ideas from a marketing standpoint.

我們認為，Famous Orders 肯定可以做更多事情，但我們必須從營銷的角度不斷提出新的想法。

So I think that's going to be something that's on us to deliver.

所以我認為這將是我們要交付的東西。

With core menu, we are rolling out in a number of markets.

憑藉核心菜單，我們正在多個市場推出。

We've been rolling out a new way to cook our 10:1 patties.

我們一直在推出一種烹飪 10:1 肉餅的新方法。

That is delivering hotter and fresher burgers.

那就是提供更熱更新鮮的漢堡。

We're seeing nice lifts in Canada and Australia when we've done that.

當我們這樣做時，我們在加拿大和澳大利亞看到了不錯的升降機。

We call it rapid turnover.

我們稱之為快速周轉。

We're going to deploy that to the rest of the market as well.

我們也將把它部署到其他市場。

I think that's another thing for us.

我認為這對我們來說是另一回事。

And we're seeing in chicken, certainly, we've had a lot of success with the Chicken Sandwich in the U.S. so far.

我們在雞肉中看到了，當然，到目前為止，我們在美國的雞肉三明治上取得了很大的成功。

McSpicy, as I referenced in my opening remarks, that's something that we're taking out.

McSpicy，正如我在開場白中提到的那樣，這是我們正在採取的措施。

So moving there.

所以搬到那裡。

And then lastly, we're in the early, early stages on digital.

最後，我們正處於數字化的早期階段。

And I'm incredibly encouraged by what I'm seeing so far with the loyalty rollout.

到目前為止，我對忠誠度推出所看到的情況感到非常鼓舞。

We're seeing very good customer adoption for us to be at 12 million loyalty users before we've even turned on.

我們看到非常好的客戶採用率，我們甚至在我們開啟之前就擁有 1200 萬忠誠用戶。

The advertising is, I think, a great start there and just a testament to customers' sort of pent-up demand for this type of offering for us.

我認為，廣告是一個很好的開端，只是證明了客戶對我們這種類型的產品的一種被壓抑的需求。

So there's not any one thing that I would point to.

因此，我不會指出任何一件事。

The strategy is still very much intact, and we're going to execute.

該策略仍然非常完整，我們將執行。

And you're just going to see us continue to come out with ideas within that, that are going to continue the momentum.

你會看到我們繼續在其中提出想法，這將繼續保持勢頭。

Kevin, I don't know if you want to give any kind of outlook about sort of how we think about Q3 and beyond.

凱文，我不知道你是否想就我們對第三季度及以後的看法發表任何看法。

Well, just as we think about Q3, I guess, both for U.S. and IOM.

好吧，就像我們考慮第三季度一樣，我想，對於美國和國際移民組織都是如此。

U.S. as we've talked about, obviously, we had a great 2-year trend in the second quarter.

正如我們所談到的美國，顯然，我們在第二季度有一個很好的 2 年趨勢。

As we look a little bit ahead to the third quarter, I think we would think -- we would see it moderating a little bit in the U.S. on a 2-year basis but still being double-digit and certainly very strong.

當我們稍微展望第三季度時，我想我們會認為——我們會看到它在美國的情況在兩年內有所放緩，但仍然是兩位數，而且肯定非常強勁。

The IOM segment, on the other hand, will continue its -- continue accelerating its momentum.

另一方面，國際移民組織部分將繼續其 - 繼續加速其勢頭。

Several of the markets, as we mentioned, just opened and reopened in May and June.

正如我們所提到的，有幾個市場剛剛在 5 月和 6 月開放並重新開放。

And so we anticipate a strong momentum continuing in the IOM for the rest of the year.

因此，我們預計 IOM 在今年餘下時間將繼續保持強勁勢頭。

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。

I have a follow-up to that last comment about IOM.

我對關於 IOM 的最後一條評論進行了跟進。

I guess on the last call, you had expected IOM to your comps to stay negative in the second quarter.

我猜在上次電話會議上，您曾預計 IOM 對您的補償在第二季度保持負數。

And obviously, you did much better than that.

顯然，你做得比那好得多。

So I wanted to ask kind of what surprised you to the upside.

所以我想問一下有什麼讓你感到驚訝的事情。

And then secondarily, do you think as these markets reopen that you're picking up outsized share relative to your key competitors?

其次，您是否認為隨著這些市場的重新開放，您是否會獲得相對於主要競爭對手的巨大份額？

Yes.

是的。

Thanks, David.

謝謝，大衛。

So yes, last -- in the first quarter, I think I said that we expected not to get back to flat yet for the IOM on a 2-year basis.

所以是的，最後 - 在第一季度，我想我說過我們預計 IOM 不會在 2 年的基礎上恢復到持平。

And obviously, to your point, we did better than that.

顯然，就你而言，我們做得比這更好。

Certainly, at the time, one of the things that we were guessing -- or we're guessing is when each of the markets would reopen based on regulations going on at the time with no end dates or knowing exactly when they'd allow markets to reopen.

當然，當時我們猜測的一件事 - 或者我們正在猜測的是，每個市場何時會根據當時正在進行的法規重新開放，沒有結束日期或確切知道何時允許市場重新打開。

So some of the markets were able to reopen a little bit earlier than we had originally anticipated, whether that's certain channels or all channels.

因此，無論是某些渠道還是所有渠道，一些市場都能夠比我們最初預期的更早重新開放。

And the other thing that we are seeing is that when we do reopen, business comes back quickly.

我們看到的另一件事是，當我們重新開業時，業務會迅速恢復。

And so there's certainly a pent-up demand in some of those markets that had shutdowns again primarily in Europe.

因此，在一些主要在歐洲再次關閉的市場中，肯定存在被壓抑的需求。

And so we are seeing when those markets reopen, there's significant demand that's waiting to come back, whether that's through the drive-thru, whether that's in store.

因此，我們看到當這些市場重新開放時，有大量需求正在等待回來，無論是通過得來速，還是在商店裡。

And as you know, we have a higher percentage of in-restaurant or in-store business in Europe than we do in the U.S. So it was really important to get the dining rooms reopen throughout Europe.

如您所知，我們在歐洲的餐廳或店內業務比例高於美國。因此，讓整個歐洲的餐廳重新開放非常重要。

And so that demand and reopening plans, I'd say, have gone a little bit better than we were first anticipating in the first quarter.

因此，我想說，需求和重新開放計劃比我們在第一季度最初預期的要好一些。

And now our expectation is as long as we don't go backwards on lockdowns again, which obviously is still a little bit of a risk, but assuming that none of the markets go back through lockdowns, we feel good about continuing the momentum then in all of those markets.

現在我們的預期是，只要我們不再在鎖定方面倒退，這顯然仍然存在一點風險，但假設沒有一個市場通過鎖定恢復，我們對繼續保持這種勢頭感到滿意所有這些市場。

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。

Chris and Kevin, at your investor event in December, you laid out some targets for G&A and CapEx, and some of that was associated with some technology spending review and some asset upgrades.

克里斯和凱文，在 12 月的投資者活動中，你們為 G&A 和資本支出製定了一些目標，其中一些與一些技術支出審查和一些資產升級有關。

Has your thoughts evolved on how much you need to spend to achieve these goals?

你的想法是否已經改變了你需要花多少錢來實現這些目標？

I'm thinking about technology.

我在考慮技術。

Are you better off outsourcing some of this given how fast it moves versus in-sourcing, which has been a pressure on the G&A line?

考慮到它的發展速度與內包相比，你最好將其中的一些外包出去，這對 G&A 線來說是一個壓力？

Just some updated thoughts on that, particularly as your digital journey has gone 6 months further versus when you last talked about those targets.

只是一些更新的想法，特別是當你的數字之旅比你上次談論這些目標時多走了 6 個月。

Yes.

是的。

I'll start off, John, and then pass it to Kevin for any other thoughts.

我會開始，約翰，然後將它傳遞給凱文以供任何其他想法。

But I think if you go back to what we announced and -- certainly, we were anticipating in some of our guidance there how we expected the business to evolve over kind of the next 3 years or so.

但是我認為，如果您回到我們宣布的內容，並且-當然，我們在其中的一些指導中預計我們預計業務將如何在未來 3 年左右的時間內發展。

And so I think from a G&A standpoint, we're very much, I think, on track with G&A.

因此，我認為從 G&A 的角度來看，我認為，我們在 G&A 方面非常順利。

I do think that there is probably a balance toward maybe getting a little bit more that we outsource versus in-source on that.

我確實認為，我們可能會在外包與內源方面取得更多的平衡。

And it's about, for us, ultimately giving the best customer experience.

對我們來說，這最終是為了提供最好的客戶體驗。

So it's not, for us, driven by trying to hit a number per se, but it's about delivering the best customer experience.

因此，對我們來說，這並不是試圖達到一個數字本身，而是為了提供最佳的客戶體驗。

I think when you can pick best-of-breed suppliers from out there in the industry, our experience has been that, that does tend to work a little bit better.

我認為，當您可以從行業中挑選出同類最佳的供應商時，我們的經驗是，這確實會更好一些。

We referenced previously, we do think we'll probably be on the higher end of capital spend from the guidance standpoint just because of a unit growth opportunity out there.

我們之前提到過，我們確實認為，從指導的角度來看，我們可能會處於資本支出的高端，因為那裡存在單位增長機會。

And -- but I don't think you're going to see anything that's dramatically different from what we talked about last year.

而且——但我認為你不會看到任何與我們去年討論的內容有顯著不同的東西。

Kevin, I don't know if you have anything to add.

凱文，我不知道你有什麼要補充的。

No, I would just reiterate that what we talked about for 2022, we obviously haven't done our kind of detailed planning yet for 2022.

不，我只是重申一下，我們談到的 2022 年，顯然我們還沒有為 2022 年制定詳細的計劃。

But the initial guidance we gave both for G&A and capital, I think, still is pretty much intact, which is kind of the G&A as a percent of sales and the total capital envelope of around $2.3 billion or so.

但我認為，我們為 G&A 和資本提供的初步指導仍然基本完好，即 G&A 佔銷售額的百分比，總資本約為 23 億美元左右。

So none of that has changed really.

所以這一切都沒有真正改變。

And then I think as we talked about in the investor event, we would expect to get leverage certainly on G&A as a percent of sales longer term because what we're seeing on the technology spend is -- I don't think spend -- the actual spend levels will go down, but I don't expect it to go significantly up either.

然後我認為，正如我們在投資者活動中所討論的那樣，我們希望能夠在長期銷售中獲得 G&A 的影響，因為我們看到的技術支出是——我不認為支出——實際支出水平會下降，但我預計它也不會顯著上升。

So we -- as sales grow, certainly, we should get more leverage as a percent of sales.

所以我們——隨著銷售額的增長，當然，我們應該獲得更多的槓桿作為銷售額的百分比。

But I think the technology will require a significant amount of ongoing spend going forward, which is why we believe we've got an advantage just from the size and scale aspect.

但我認為這項技術將需要大量的持續支出，這就是為什麼我們認為我們在規模和規模方面具有優勢。

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。

I'm just getting back to the inflationary environment topic.

我剛剛回到通脹環境的話題。

Clearly, the franchise model helps to insulate corporate.

顯然，特許經營模式有助於隔離企業。

I'm just wondering how we think about your outlook for the system in terms of commodities and labor to go over the next 12-plus months.

我只是想知道我們如何看待您對未來 12 多個月的商品和勞動力方面的系統前景。

As a system of your size, I would think you'd be a pioneer that have pretty good visibility.

作為一個像你這樣規模的系統，我認為你會是一個具有相當好的知名度的先驅。

The pressures are outsized, which I would presume.

壓力太大了，我猜。

I'm just wondering how you -- how those conversations go with franchisees.

我只是想知道你如何 - 這些對話如何與特許經營商進行。

And then you mentioned that the cash flow or profitability that peaks.

然後你提到了現金流或盈利能力達到頂峰。

But do you think the message is that you prefer to maybe take a hit to the margin to sustain the strong sales momentum?

但您是否認為傳達的信息是您更願意通過打擊利潤來維持強勁的銷售勢頭？

Or are there incremental cost savings?

還是有增量成本節約？

Or do you consider incremental menu pricing?

或者您是否考慮增加菜單定價？

Just wondering how you think about that based on what your outlook is for commodities and labor over the next 12-plus months.

只是想知道根據您對未來 12 多個月的商品和勞動力前景的看法，您對此有何看法。

Yes, sure.

是的，當然。

Well, in 2021, we're seeing pretty muted inflation.

好吧，在 2021 年，我們看到的通脹相當溫和。

It's, call it, 1% to 2%.

這是，稱之為，1％到2％。

Now we're hedged in a lot of our categories there.

現在，我們在那裡的許多類別中都受到了對沖。

So we're benefiting from that.

所以我們從中受益。

It's probably a little too early for us to give an outlook to what 2022 looks like.

我們現在對 2022 年的情況做出展望可能還為時過早。

We typically have that number that we start talking about with franchisees in October.

我們通常會在 10 月份開始與特許經營商討論這個數字。

And we certainly hear and recognize some of the challenges that are out there from an inflation standpoint.

我們當然聽到並認識到從通貨膨脹的角度來看存在的一些挑戰。

But we also have, as you mentioned in your question, things to our advantage around our size and some of the relationships that we have with our suppliers that we think that there are going to be ways that we can perhaps offset some of that.

但是，正如您在問題中提到的那樣，我們也有一些對我們有利的東西，比如我們的規模以及我們與供應商的一些關係，我們認為我們可能會通過一些方法來抵消其中的一些。

So I think it's right now a little bit premature to say necessarily that we're going to be in a significant inflationary environment next year.

因此，我認為現在肯定地說明年我們將處於嚴重的通貨膨脹環境中還為時過早。

I'm hopeful that we're going to be able to manage that to something that is a little bit more in line with kind of our historical range that we've seen on that.

我希望我們能夠將其管理到更符合我們所看到的歷史範圍的東西。

We are seeing challenges related to some of the supply chain issues, but it's on the equipment side, particularly.

我們看到了與一些供應鏈問題相關的挑戰，但尤其是在設備方面。

So it's equipment, getting equipment manufactured in Asia, getting that over into markets that maybe have bigger unit growth aspirations.

所以它是設備，在亞洲製造設備，將其轉移到可能具有更大單位增長願望的市場。

We're also seeing the chip shortage as something that's rippling through a little bit on the equipment side.

我們還看到芯片短缺在設備方面有點波瀾不驚。

So we are closely monitoring what's happening with equipment and just making sure that we've got the plans in place there because that tends to be a longer lead item on things.

因此，我們正在密切監視設備的情況，並確保我們在那裡制定了計劃，因為這往往是一個較長的領先項目。

From a pricing standpoint, I would lastly just say the pricing that we've taken this year, roughly around 6% or so, I think, in the U.S., that is about in line, maybe a little bit ahead of where the overall inflation is when you add in the labor inflation with food inflation.

從定價的角度來看，我最後只想說我們今年採取的定價，大約在 6% 左右，我認為，在美國，這大約是一致的，可能比整體通脹略高一點是當您將勞動力通貨膨脹與食品通貨膨脹相加時。

So I think our system is being disciplined.

所以我認為我們的系統是有紀律的。

And they certainly recognize that we can't get ahead of where the customer is.

他們當然認識到我們無法領先於客戶的位置。

And we've got to make sure that we stay competitive on pricing.

我們必須確保我們在定價上保持競爭力。

The only thing I'd add is that 6% that Chris just threw out, that's year-over-year, second quarter this year versus last year.

我唯一要補充的是克里斯剛剛扔掉的 6%，這是今年第二季度與去年相比的年同比。

Most of that was pricing that was taken over the last year because we only increased prices at about 0.5% actually in the second quarter.

其中大部分是去年採用的定價，因為我們實際上在第二季度僅將價格提高了約 0.5%。

And as Chris mentioned, a lot of that is being driven by labor inflation pressure along with some food cost increases.

正如克里斯所提到的，這在很大程度上是由勞動力通脹壓力以及一些食品成本增加所推動的。

But as he said, we're pretty locked in with price cost -- commodity cost for this year, so we feel good about that.

但正如他所說，我們非常關注價格成本——今年的商品成本，所以我們對此感覺良好。

Certainly, if the inflation pressures continue into next year, that would impact everyone, including us.

當然，如果通脹壓力持續到明年，那將影響包括我們在內的所有人。

But right now, I think we feel pretty good about where we are.

但現在，我認為我們對自己所處的位置感覺很好。

Our next question is from Greg Francfort with Guggenheim.

我們的下一個問題來自古根海姆的 Greg Francfort。

Maybe just a follow-up to that.

也許只是一個後續行動。

I see -- I know your company margins in the U.S. are up 400 to 600 basis points.

我明白了——我知道貴公司在美國的利潤率上升了 400 到 600 個基點。

But -- and I assume the franchisees are probably similar.

但是 - 我認為特許經營商可能是相似的。

How do you think that, I guess, trends over time?

我猜，隨著時間的推移，你認為趨勢如何？

Do you think franchisees will underprice peers to try to take share?

您認為加盟商會為了搶占份額而低估同行的價格嗎？

Does that get reinvested into labor?

這會再投資於勞動力嗎？

Or do you kind of run at a higher margin rate permanently?

或者你會永久以更高的保證金率運行嗎？

I'm just trying to think about how that dynamic plays out in terms of reinvestment over time.

我只是想想想隨著時間的推移，這種動態如何在再投資方面發揮作用。

Yes.

是的。

Thanks for the question, Greg.

謝謝你的問題，格雷格。

A couple of things.

有幾件事。

A couple of things on margins, I guess.

我猜有幾件事在邊緣。

Let me start with company margins because I think you guys maybe use those as a proxy for how the franchisees are doing.

讓我從公司利潤開始，因為我認為你們可能會用這些來代表特許經營商的表現。

Certainly, we had very strong company margins in the second quarter here.

當然，我們在第二季度的公司利潤率非常強勁。

Some of that being driven by the higher average check.

其中一些是由更高的平均支票推動的。

I think as we progress, we expect that to moderate a little bit, one, from the higher wages that just began in the second quarter and will continue, obviously.

我認為隨著我們的進步，我們預計這會從第二季度剛剛開始的更高工資中緩和一點，並且顯然會繼續下去。

And two, we think there may be some moderation on the average check, although we haven't seen that yet, but I think we're anticipating average check potentially to come down a little bit.

第二，我們認為平均支票可能會有所緩和，儘管我們還沒有看到，但我認為我們預計平均支票可能會下降一點。

From the franchisee side, as I mentioned, they're still -- they still have record operating cash flow through May of this year.

正如我所提到的，從加盟商方面來看，他們仍然 - 他們仍然擁有創紀錄的運營現金流，直到今年 5 月。

They're up over $100,000 in their cash flow over last year.

他們的現金流比去年增加了超過 100,000 美元。

So they certainly have the financial strength to be able to continue to reinvest in the business.

因此，他們當然有足夠的財力繼續對業務進行再投資。

And I think in general, on pricing, both we and our franchisees take a more consumer research-based approach than we would have several years ago.

我認為總的來說，在定價方面，我們和我們的加盟商都比幾年前採取了更多基於消費者研究的方法。

And so it's based on consumer research.

所以它基於消費者研究。

It looks at local prevailing market conditions.

它著眼於當地的現行市場狀況。

It looks at the competitive set within each area.

它著眼於每個領域內的競爭環境。

And then franchisees and the company obviously each make our own pricing decisions after that.

然後加盟商和公司顯然在此之後各自做出我們自己的定價決定。

But I think overall, we feel pretty good about the margins, but I would expect the U.S. to moderate a little bit from where we were in the second quarter.

但我認為總體而言，我們對利潤率的感覺非常好，但我預計美國將從第二季度的水平略微放緩。

Our next question is from Pete Saleh with BTIG.

我們的下一個問題來自 BTIG 的 Pete Saleh。

I wanted to ask about the dining rooms and the reopening of dining rooms.

我想問一下餐廳和餐廳的重新開放。

I think you guys said 70% of dining rooms are open today, and you expect 100% by Labor Day.

我想你們說今天有 70% 的餐廳營業，而您預計到勞動節時會達到 100%。

Are you guys getting any pushback from franchisees on this issue given the ongoing staffing issues and really the record cash flows that they're experiencing?

鑑於持續的人員配備問題以及他們正在經歷的創紀錄的現金流量，你們在這個問題上是否受到特許經營商的任何反對？

I'm just wondering if they see any reason to reopen their dining rooms.

我只是想知道他們是否有理由重新開放他們的餐廳。

I think our franchisees recognize that the dining experience is an important part of what we offer at McDonald's.

我認為我們的加盟商認識到用餐體驗是我們在麥當勞提供的重要組成部分。

And certainly, as we look at our competitors, we're also seeing that they have, in many cases, their dining rooms open.

當然，當我們審視我們的競爭對手時，我們也看到他們的餐廳在很多情況下都是開放的。

And so I think our franchisees certainly understand that we need to get the dining rooms open.

所以我認為我們的加盟商當然明白我們需要讓餐廳開放。

I think the question that you're kind of referencing here is just about the pacing of it.

我認為你在這裡提到的問題只是關於它的節奏。

We're 70% open today and on our way toward getting to 100%.

我們今天開放了 70%，並且正朝著 100% 邁進。

There is difficulty, as I mentioned earlier, about some of the staffing.

正如我之前提到的，在一些人員配備方面存在困難。

So that is, I think, one thing that maybe is a little bit of a moderating effect on the pace that we've been able to get our dining rooms open, but broadly, there's not push-back.

因此，我認為，有一件事可能會對我們能夠讓餐廳開放的步伐產生一點緩和作用，但總的來說，沒有退縮。

There's not anybody kind of questioning why we need to have dining rooms open.

沒有人質疑為什麼我們需要開放餐廳。

It's a key part of what we offer here at McDonald's.

這是我們在麥當勞提供的服務的關鍵部分。

We just have to work through some of the kind of what I would call transitory issues right now to just be able to get there by September.

我們現在只需要解決一些我稱之為暫時性的問題，就能夠在 9 月之前到達那裡。

And it is helpful, obviously, to just relieve some pressure in the drive-thru certainly to open the dining rooms.

很明顯，這有助於減輕開車時的壓力，打開餐廳。

We are seeing not sales levels go back to where they were in the dining room pre-pandemic, but certainly, some of the drive-through sales are transferring over to dining rooms when we do reopen those.

我們看到銷售水平沒有回到大流行前餐廳的水平，但可以肯定的是，當我們重新開業時，一些免下車銷售正在轉移到餐廳。

One I would -- just maybe last thing on this.

一個我會 - 可能只是最後一件事。

I mean we are seeing a lift.

我的意思是我們看到了電梯。

When you open the dining room, you get a sales lift.

當您打開餐廳時，您會獲得銷售提升。

And I think that, more than anything, is probably what will motivate franchisees to get the dining rooms open.

我認為，最重要的是，這可能是促使加盟商開放餐廳的動力。

Next question is from Lauren Silberman with Crédit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

So on digital, the U.S. offers such great convenience and access with 95% drive-thrus across the asset base.

因此，在數字方面，美國提供了極大的便利性和訪問權限，整個資產基礎的 95% 得來速。

So what is your confidence in being able to drive an increase in digital utilization through your direct digital channels given already such great access?

那麼，鑑於已經有瞭如此強大的訪問權限，您對能夠通過您的直接數字渠道推動數字利用率增加的信心如何？

And then is there anything you can share on the frequency of an average McDonald's customer or to what extent drive-thru transactions are in whole sizes versus planned purchases?

然後你有什麼可以分享的關於普通麥當勞顧客的頻率，或者在多大程度上得來速交易是整體規模與計劃購買的？

So on the first, what gives us confidence, I think it's just what we're seeing with customer reaction to loyalty already.

因此，首先，是什麼給了我們信心，我認為這正是我們已經看到的客戶對忠誠度的反應。

We have, as you referenced, a great drive-thru business.

正如您所提到的，我們擁有出色的得來速業務。

But consumers, and particularly younger consumers, increasingly are looking at the app as sort of the way that they want to be interacting with McDonald's.

但消費者，尤其是年輕消費者，越來越多地將應用程序視為他們希望與麥當勞互動的一種方式。

And so our ability to actually have the app connect through the drive-thru to be able to have loyalty be embedded in part of the drive-thru experience, I think all of these things are part of the vision of these different service channels, different ways of accessing McDonald's.

因此，我們能夠通過得來速系統真正讓應用程序連接，從而能夠將忠誠度嵌入到得來速體驗的一部分中，我認為所有這些都是這些不同服務渠道願景的一部分，不同訪問麥當勞的方式。

They all have to work kind of seamlessly together on that.

他們都必須在這方面無縫地合作。

And we're seeing good uptick.

而且我們看到了良好的增長。

I mean we had targets around where we wanted to see digital guest counts in restaurants, not just in the U.S. but around the globe.

我的意思是，我們的目標是圍繞我們希望在餐廳中看到數字客人數量的目標，不僅在美國，而且在全球範圍內。

And we are either meeting or exceeding the growth that we're looking for in our digital guest count.

我們正在達到或超過我們正在尋找的數字客人數量的增長。

So the customer is responding.

所以客戶正在響應。

The customer is excited about having a digital relationship with McDonald's, and they see the power of what the app can do for personalizing their experience.

客戶對與麥當勞建立數字關係感到興奮，他們看到了該應用程序在個性化他們體驗方面的強大功能。

So that's what gives me confidence.

所以這就是給我信心的原因。

It's just the numbers that we're seeing as a part of this.

這只是我們看到的其中一部分的數字。

As to the question around drive-thru, maybe I'll have that be something that Kevin answers on just purchase impulse and...

至於關於得來速的問題，也許我會讓凱文回答只是購買衝動和......

Well, the only thing I'd say is, like the loyalty program that obviously we just launched, what we saw in our pilots are that loyalty did drive digital adoption and also shorter purchase cycles or greater frequency of visits, if you will, of loyal customers.

好吧，我唯一想說的是，就像我們剛剛推出的忠誠度計劃一樣，我們在試點中看到的是忠誠度確實推動了數字化的採用，並且如果你願意的話，還可以縮短購買週期或提高訪問頻率忠實的客戶。

So we have seen that the digital engagement will generally drive people to -- the loyal customers certainly to return more frequently than they would have otherwise.

因此，我們已經看到，數字參與通常會驅使人們——忠誠的客戶肯定會比其他方式更頻繁地返回。

So the digital engagement is just an another -- is another piece of the whole ecosystem, as Chris talked about.

因此，正如克里斯所說，數字參與只是另一個——是整個生態系統的另一個部分。

And there are people that do plan the outings in addition to, obviously, the impulse drive-thru sales.

顯然，除了衝動的得來速銷售之外，還有一些人會計劃郊遊。

And as we said in the release, we had $8 billion of digital sales in the first half of the year.

正如我們在新聞稿中所說，今年上半年我們的數字銷售額達到了 80 億美元。

It's up 70%.

它上漲了 70%。

So again, it goes back to the point, what gives me confidence is just the business results that we're seeing and the customer response to it.

再次回到正題，讓我有信心的是我們看到的業務成果和客戶對它的反應。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

Two related questions, related points, I guess.

我猜是兩個相關的問題，相關的觀點。

In certain markets like France have talked about vaccine passports, I mean, I guess, beginning in September, I think.

在法國等某些市場，我想，我的意思是，我想是從 9 月開始，我認為是疫苗護照。

What do you understand that to actually mean?

你怎麼理解這實際上意味著什麼？

If you were to actually have to enforce that in terms of how that could potentially impact in-store consumption of your product is kind of the first point.

如果您實際上必須強制執行這可能會如何影響您產品的店內消費，這是第一點。

And as we think about these franchisees that maybe you need to put some technology and staffing around that, is there any thought that some of your increased technology spending that you've been talking about, things that are obviously very value-added for the franchisee, could over time be offset by some increase in the franchise revenue that you receive?

當我們考慮這些特許經營商時，您可能需要在這些方面投入一些技術和人員配置，您有沒有想過您一直在談論的一些增加的技術支出，這些對於特許經營商來說顯然是非常增值的，隨著時間的推移，您獲得的特許經營收入的增加是否可以抵消？

So I think your first question about what's happening at the country-level vaccine passport success, I would hate to even hazard a guess because it seems like it's changing by the week, sometimes by the day on that.

所以我認為你的第一個問題是關於國家級疫苗護照成功發生了什麼，我什至不想冒險猜測，因為它似乎每週都在變化，有時甚至每天都在變化。

I think what we've shown, though, through the last 18 months is the ability of our system -- when they're having to deal with different things at the local level, for our ability to respond to the system.

不過，我認為我們在過去 18 個月中展示了我們系統的能力——當他們不得不在地方層面處理不同的事情時，我們有能力對系統做出響應。

And I think that's just -- again, goes back to being a franchise business, having local owner operators that are able to kind of make these adjustments and pivots there.

而且我認為這只是 - 再次回到特許經營業務，讓當地所有者運營商能夠在那裡進行這些調整和支點。

So again, I'd hate to hazard sort of what's going to happen, where and when and how that impacts us.

再說一次，我不想冒險冒險將要發生的事情，地點和時間以及如何影響我們。

I think I would just point out again that we've done a pretty good job, I think, of navigating a whole bunch of changes over the last 18 months, and that certainly gives me confidence as we look forward on sort of what the next phase of this looks like.

我想我想再次指出，我們在過去 18 個月中完成了一大堆變化，這確實給了我信心，因為我們期待接下來會發生什麼相這個樣子。

From the standpoint of the things that we're talking about and ways to deliver value to the franchisees, I think for us, we're certainly not looking at any of these things from the -- through the lens of who gets -- who pays for what and an opportunity to maybe go after anything on the revenue side there from a franchise standpoint because, frankly, we're too far away from any of that.

從我們正在談論的事情以及為特許經營商創造價值的方式的角度來看，我認為對我們來說，我們當然不會從誰得到誰的角度來看待這些事情。從特許經營的角度來看，我們付出了代價，並有機會在收入方面追求任何東西，因為坦率地說，我們離這一切都太遠了。

So Apprente earlier, Apprente is still going to require significant work to go from 10 restaurants to what ends up being hopefully 10,000 restaurants in the U.S.

所以 Apprente 早些時候，Apprente 仍然需要大量工作才能在美國從 10 家餐廳發展到最終有望成為 10,000 家餐廳。

And as you get a better sense of what that might deliver as labor savings, what's the cost of that, all those things, we need to learn a lot more before we would ever contemplate what that means between the profit split with us and franchisees.

當您更好地了解可以節省勞動力，成本是多少，所有這些事情時，我們需要了解更多，然後才能考慮與我們和特許經營商之間的利潤分配意味著什麼。

So premature for us to have any thoughts or conversations on that.

我們對此有任何想法或對話還為時過早。

Next question is from David Palmer with Evercore.

下一個問題來自 Evercore 的 David Palmer。

I just wanted to ask for a clarification on the previous point on the drive-thru times in the U.S. And then I have a question on your McOpCo margins broadly.

我只是想要求澄清關於美國得來速時間的前一點。然後我對你們的 McOpCo 利潤有一個廣泛的問題。

You mentioned how the drive-thru times had improved by 30 seconds or so and that I think you mentioned that much of that had gone away.

你提到得來速時間如何縮短了 30 秒左右，我認為你提到的大部分時間已經消失了。

My understanding that a good bit of that might have been because of the loyalty launch, if you're talking particularly in recent weeks.

我的理解是，如果您在最近幾週特別談到的話，其中很大一部分可能是因為忠誠度的推出。

So I'm wondering if you could maybe speak to that and if your experience that it improves in the test markets as you get through a launch phase, that would be helpful as well.

因此，我想知道您是否可以談論這一點，並且如果您在完成發布階段後在測試市場中的體驗有所改善，那也會有所幫助。

And then with regard to McOpCo, your -- 70% or so of your McOpCo stores are in the IOM.

然後關於 McOpCo，您的 - 70% 左右的 McOpCo 商店都在 IOM。

And clearly, that's a market that's just getting going.

顯然，這是一個剛剛起步的市場。

You had near peak levels of McOpCo margins in the second quarter.

您在第二季度的 McOpCo 利潤率接近峰值。

I guess my question is where can that go broadly.

我想我的問題是可以廣泛地去哪裡。

Do you think you're going to get to new peaks in McOpCo margins on a global basis?

你認為你會在全球範圍內達到 McOpCo 利潤的新高峰嗎？

Are there productivity reasons for this beyond what's just going in terms of like the dining rooms being temporarily closed?

除了像餐廳暫時關閉這樣的情況之外，還有其他生產力原因嗎？

And I'll stop there.

我會停在那裡。

Yes, I'll do the service time, and then I'll let Kevin handle the McOpCo margin.

是的，我會處理服務時間，然後讓凱文處理 McOpCo 的保證金。

So on service time, just to be clear, so we did -- as I mentioned, we saw a 30-second improvement over the last few years.

所以在服務時間上，為了清楚起見，我們做到了——正如我所提到的，在過去幾年中，我們看到了 30 秒的改進。

More recently, the 3-second slowdown, that's off of the 30-second improvement.

最近，3 秒的減速，與 30 秒的改進不同。

So call it a net 27 seconds improvement on that.

所以稱之為淨 27 秒的改進。

The opportunity for us is, as you may remember, at the end of last year, David, when we had our Investor Day, we set an aspiration of getting another 20 seconds or so of speed, improved service time through the drive-thru.

正如您可能還記得的那樣，我們的機會是，去年年底，大衛，當我們舉辦投資者日時，我們設定了一個願望，即通過得來速服務再提高 20 秒左右的速度，改善服務時間。

And the staffing challenges have slowed some of the trajectory of improvement that we're seeing there.

人員配備方面的挑戰減緩了我們在那裡看到的一些改進軌跡。

But I certainly expect that we're going to be able to get back on continuing to whittle away at service times.

但我當然希望我們能夠重新開始在服務時間繼續減少。

I know that's what all the markets, including the U.S., are focused on.

我知道這是包括美國在內的所有市場所關注的。

So it's more of just a slowing down of the improvement.

因此，這更多地只是減緩了改進。

There's certainly no meaningful going backward on this thing.

在這件事上倒退肯定沒有意義。

And it's just the games were too hard fought.

只是比賽太難了。

Nobody's going to be willing to give up on service times.

沒有人願意放棄服務時間。

Kevin?

凱文？

Yes.

是的。

And then on McOpCo margins, a couple of things.

然後在 McOpCo 的利潤上，有幾件事。

As you mentioned, obviously, a lot of our McOpCos are over in Europe in the IOM segment.

正如您所提到的，顯然，我們的許多 McOpCos 都在歐洲的 IOM 領域結束了。

And we had strong margins certainly in the second quarter.

我們在第二季度肯定有很強的利潤率。

I would expect improvement in IOM margins over the course of the rest of the year.

我預計 IOM 的利潤率在今年剩餘時間內會有所改善。

I don't know that we will get back to pre-COVID margins yet for this year just because, obviously, first quarter was still obviously pretty low as a lot of them -- a lot of the restaurants were still -- had some restrictions, whether completely shut down or not.

我不知道今年我們是否會回到 COVID 之前的利潤率，因為很明顯，第一季度顯然仍然很低，因為其中很多——很多餐館仍然——有一些限制，是否完全關閉。

I do think going forward, there is opportunity to continue growing those international margins, at least back to historical levels and potentially even a little higher because of some of the efficiencies you've talked about as well as average check is still a little bit elevated.

我確實認為展望未來，有機會繼續增加這些國際利潤率，至少回到歷史水平，甚至可能更高一些，因為你談到的一些效率以及平均支票仍然有點高.

And those 2 things combined are helping both the U.S. and our IOM McOpCo.

這兩件事結合起來正在幫助美國和我們的 IOM McOpCo。

So I do think there's opportunity to potentially, on a global basis, exceed our historical high margins.

因此，我確實認為有機會在全球範圍內超過我們的歷史高利潤率。

David, let me come back.

大衛，讓我回來。

Your friend, Mike Cieplak, here made sure I answered your question in full.

您的朋友 Mike Cieplak 在這裡確保我完整地回答了您的問題。

You had a question also about loyalty and impact on service times.

您還有關於忠誠度和對服務時間的影響的問題。

So we are seeing, when we introduced loyalty, it has a modest impact on service times, about 10 seconds.

所以我們看到，當我們引入忠誠度時，它對服務時間的影響不大，大約 10 秒。

But over kind of 6 to 8 weeks, as both customers and crew get accustomed to it, we're able to pretty much whittle that back down to neutral on that.

但是在 6 到 8 週的時間裡，隨著客戶和工作人員都習慣了它，我們幾乎可以將其減少到中立。

So there is an initial service time impact.

因此存在初始服務時間影響。

But again, over 6 to 8 weeks, we're able to work that out of the system.

但同樣，在 6 到 8 週內，我們能夠從系統中解決這個問題。

We have time for one more question.

我們有時間再問一個問題。

We'll go to Jared Garber with Goldman Sachs.

我們將和高盛一起去 Jared Garber。

This is Michael on for Jared.

這是傑瑞德的邁克爾。

One quick last question here.

這裡有一個快速的最後一個問題。

You guys have spoken a little bit about the importance of dine-in reopening to the business more broadly.

你們已經談到了更廣泛地重新開放就餐對企業的重要性。

But with the increase in the digital side of the business and the strength in drive-thru in some of those tech enhancements, are you guys thinking all about new formats, whether that's domestic or internationally, maybe to help accelerate growth in the future, nontraditional, et cetera?

但是隨著業務數字化方面的增加以及某些技術改進中得來速的實力，你們是否都在考慮新的格式，無論是國內的還是國際的，也許有助於加速未來的增長，非傳統的，等等？

Well, I think that's going to be one of the big areas for Manu to think about and look at is do we need to think about format innovation as being part of how we offer this more seamless customer experience.

好吧，我認為這將是 Manu 思考和關注的重要領域之一，我們是否需要將格式創新視為我們如何提供這種更無縫的客戶體驗的一部分。

We've got different things out there in different markets, looking at no dining room as an example, delivery and drive-thru-only restaurants.

我們在不同的市場有不同的東西，比如沒有餐廳、外賣和免下車餐廳。

I know several years ago, we talked to you about [Mc Originals] in France, which was a limited menu.

我知道幾年前，我們和你談過法國的[Mc Originals]，這是一個有限的菜單。

So we've always got things that the markets are kind of experimenting with from a format standpoint, but part of Manu's mandate is going to be to take a look at all of that to understand the customer experience we want to provide and if new formats needs to be a part of that to be able to introduce that.

因此，從格式的角度來看，我們總是有一些市場正在嘗試的東西，但 Manu 的部分任務是查看所有這些，以了解我們想要提供的客戶體驗以及是否有新格式需要成為其中的一部分才能引入它。

I do think if we do anything on new format, it's going to be smaller footprint, lower cost than what we have today.

我確實認為，如果我們在新格式上做任何事情，它將比我們今天擁有的更小、更低的成本。

But again, Manu will probably, at some point in the future, be able to share with you more on that.

但同樣，Manu 可能會在未來的某個時候與您分享更多關於這方面的信息。

Okay.

好的。

That completes our call.

這完成了我們的通話。

Thank you, Chris.

謝謝你，克里斯。

Thank you, Kevin.

謝謝你，凱文。

Thanks, everyone, for joining.

謝謝大家的加入。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝你。

This concludes the McDonald's Corporation investor call.

麥當勞公司投資者電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。