麥當勞 (MCD) 2016 Q4 法說會逐字稿

Hello and welcome to McDonald's fourth quarter 2016 investor conference call.

大家好，歡迎參加麥當勞 2016 年第四季投資者電話會議。

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

應麥當勞公司的要求，本次會議正在錄製。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Mr. Chris Stent, Vice President of Investor Relations for McDonald's Corporation.

我現在將會議交給麥當勞公司投資者關係副總裁 Chris Stent 先生主持。

Mr. Stent, you may begin.

史坦特先生，您可以開始了。

Hello, everyone, and thank you for joining us.

大家好，感謝您加入我們。

With me on the call are President and Chief Executive Officer, Steve Easterbrook, and Chief Financial Officer, Kevin Ozan.

與我一起參加電話會議的有總裁兼執行長 Steve Easterbrook 和財務長 Kevin Ozan。

Today's conference call is being webcast live and recorded for replay by webcast.

今天的電話會議正在進行網路直播，並進行錄製以供網路直播重播。

Before I turn it over to Steve, I want to remind everyone that the forward-looking statements in our earnings release and 8-K filing also apply to our comments.

在我將其交給 Steve 之前，我想提醒大家，我們的收益發布和 8-K 文件中的前瞻性陳述也適用於我們的評論。

Both documents are available on www.investor.

這兩份文件均可在 www.investor 上取得。

McDonalds.com, including reconciliations of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures.

McDonalds.com，包括今天電話會議中提到的任何非公認會計原則財務指標與其相應的公認會計原則指標的對帳。

Additionally, I want to make a comment about our financial outlook for the full-year 2017.

此外，我想對我們 2017 年全年的財務前景發表評論。

As you know, each quarter we typically provide details around our expectations for several key components influencing annual earnings per share.

如您所知，我們通常每個季度都會提供有關影響每股收益的幾個關鍵因素的預期的詳細資訊。

In light of our March 1, 2017 investor meeting, where we will provide an update on our long-term strategy, it was not appropriate to update our outlook in today's 8-K filing or on today's call.

鑑於我們將在 2017 年 3 月 1 日舉行的投資者會議上更新我們的長期策略，因此在今天的 8-K 文件或今天的電話會議中更新我們的前景並不合適。

An update on our outlook will be provided in conjunction with our investor meeting in March.

我們將在三月的投資者會議上提供最新的展望。

Now, I'd like to turn it over to Steve.

現在，我想把它交給史蒂夫。

Thank you, Chris, and good morning, everyone.

謝謝你，克里斯，大家早安。

I'm energized by the position we're in today as a result of the progress we've made the past two years.

由於我們過去兩年所取得的進步，我們今天所處的地位讓我感到振奮。

When we launched our turnaround plan in 2015, we said we first need to get the foundation right.

當我們在 2015 年啟動扭虧為盈計畫時，我們表示首先需要打好基礎。

We focused on running great restaurants and pushed harder on the basics, including hot, fresh food, convenience and value.

我們專注於經營一流的餐廳，並在基本要素上更加努力，包括熱食、新鮮食品、便利性和價值。

We'll spend today talking about the foundation we shored up last year, and upon which we'll build as we transition from the revitalization phase of our turnaround to strengthening the business through sustainable growth.

今天我們將討論我們去年奠定的基礎，以及我們從轉型的振興階段過渡到透過永續成長加強業務的過程中所建立的基礎。

We're now in a position to prioritize initiatives so we can further accelerate our momentum.

我們現在可以優先考慮各項舉措，以便進一步加速我們的勢頭。

2016 was a year of purposeful change.

2016 年是有目的的變革的一年。

We dedicated ourselves to the actions necessary to be a better, stronger McDonald's.

我們致力於採取必要行動，打造更好、更強的麥當勞。

Our objective was to reinforce our foundation, and that's what we did.

我們的目標是鞏固我們的基礎，而這就是我們所做的。

First, we right-sized our structure.

首先，我們調整了結構規模。

We became leaner, more efficient, more nimble.

我們變得更精簡、更有效率、更有彈性。

We flattened the organization so it's easier to quickly share and scale best practices across like markets, and get even closer to the customer.

我們對組織進行了扁平化，以便更輕鬆地在類似市場中快速共享和擴展最佳實踐，並更加貼近客戶。

At the same time, we're building a better McDonald's literally.

同時，我們正在打造一家更好的麥當勞。

We recently broke ground on a downtown Chicago office, creating a world-class work environment for our staff.

我們最近在芝加哥市中心的辦公室破土動工，為我們的員工創造了世界一流的工作環境。

And for our franchisees and restaurant teams who visit Chicago from around the world for training and development.

也適用於從世界各地來到芝加哥接受培訓和發展的特許經營商和餐廳團隊。

Second, we put the right talent in place.

其次，我們把合適的人才放在適當的位置。

Our Leadership Team blends individuals with deep McDonald's experience who are ready to take on more responsibility with new executives who have valuable experience outside of McDonald's and bring fresh energy and innovative thinking.

我們的領導團隊將擁有豐富麥當勞經驗、願意承擔更多責任的個人與擁有麥當勞以外寶貴經驗並帶來新鮮活力和創新思維的新高管融為一體。

We promoted Chris Kempczinski to President of the US Business, and Joe Erlinger to President of the High Growth Markets where they have both hit the ground running.

我們晉升 Chris Kempczinski 為美國業務總裁，Joe Erlinger 為高成長市場總裁，他們都在這些市場上嶄露頭角。

We expanded Doug Gore's role to focus not only on the international lead markets, but on rational execution, blending field and center leadership.

我們擴大了道格·戈爾的角色，不僅關注國際領先市場，還關注理性執行、融合領域和中心領導。

We expanded Jim Saxton's role to include oversight of all areas of the customer experience, including digital.

我們擴大了 Jim Saxton 的職責，包括對客戶體驗的所有領域（包括數位領域）的監督。

And we brought in Lucy Brady to lead Global Corporate Strategy.

我們也聘請了露西布雷迪 (Lucy Brady) 來領導全球企業策略。

Previously, Lucy was a Senior Partner at BCG where she had more than 20 years of experience driving consumer-centered growth strategies.

在此之前，Lucy 是 BCG 的高級合夥人，在推動以消費者為中心的成長策略方面擁有 20 多年的經驗。

Third, we sharpened our focus.

三是突出重點。

As we previously shared, we're not managing the business quarter by quarter, we're taking a longer term view.

正如我們之前所分享的，我們不會按季度管理業務，我們會著眼長遠。

We started leaning in, looking forward and fundamentally changing McDonald's culture.

我們開始向前邁進、展望未來並從根本上改變麥當勞的文化。

We're moving faster, pushing harder and taking smarter risks.

我們行動得更快、更努力、更明智地承擔風險。

For example, the pace at which we're expanding Experience of the Future around the world continues to quicken.

例如，我們在全球擴展未來體驗的步伐不斷加快。

I recently visited Spain where I was impressed by the way they've started bringing the Experience of the Future to life in restaurants around Madrid.

我最近訪問了西班牙，他們開始在馬德里週邊的餐廳將未來體驗帶入生活，給我留下了深刻的印象。

The rapid deployment model we're applying to the city has enabled us to dramatically transform the customer experience in a short period of time.

我們應用於城市的快速部署模型使我們能夠在短時間內顯著改變客戶體驗。

And what's happening in Spain is guiding our rollout strategy in other markets around the world including the US.

西班牙發生的事情正在指導我們在包括美國在內的世界其他市場的推廣策略。

Across the business, we're prioritizing actions that have the most direct impact on customers.

在整個業務中，我們優先考慮對客戶產生最直接影響的行動。

That includes implementing All Day Breakfast in Australia, which we pulled from the US playbook, and this is a great demonstration of the value our new structure brings to the business.

這包括在澳洲實施全日早餐，這是我們借鑒美國做法的，這很好地證明了我們的新結構為業務帶來的價值。

Introducing dedicated restaurant staff as Guest Experience Leaders in Canada, and taking important steps with our food and how it's prepared in the US.

引入敬業的餐廳員工作為加拿大的賓客體驗領導者，並對我們的食物及其在美國的製作方式採取重要步驟。

For example, removing artificial preservatives from our popular Chicken McNuggets.

例如，從我們受歡迎的麥樂雞中去除人工防腐劑。

We further elevated our commitment to running great restaurants, and customers are noticing.

我們進一步提高了對經營優質餐廳的承諾，顧客們已經注意到了。

During the course of 2016, we've seen customer satisfaction measures improve in most of our major markets, including the US.

2016 年，我們發現包括美國在內的大多數主要市場的客戶滿意度指標均有所改善。

The purposeful changes we're making also resulted in improved financial results.

我們所做的有目的的改變也改善了財務表現。

2016 was our strongest year of global comparable sales since 2011.

2016 年是我們自 2011 年以來全球可比銷售額最強勁的一年。

Fourth quarter marked six consecutive quarters of positive global comparable sales, which comes after five quarters of global declines.

第四季全球可比銷售額連續六季呈正值，而先前全球可比銷售額已連續五季下降。

Across the business and around the world, we delivered a solid year.

在整個業務和全球範圍內，我們度過了堅實的一年。

Global comp sales were up 2.7% for the quarter and 3.8% for the year.

全球同業銷售額季增 2.7%，全年成長 3.8%。

Operating income increased 7% for the quarter and 11% for the year in constant currencies.

以固定匯率計算，本季營業收入成長 7%，全年營業收入成長 11%。

Earnings per share increased 12% for the quarter and 16% for the year in constant currencies.

以固定匯率計算，本季每股收益成長 12%，全年每股收益成長 16%。

Restaurant cash flows grew worldwide, and we continued to see all-time highs in many of our major markets, including the US.

全球餐廳現金流量成長，我們在包括美國在內的許多主要市場繼續創下歷史新高。

We expected some uneven performance in 2016.

我們預期 2016 年的表現會有些參差不齊。

And fourth-quarter comparable sales were positive in all segments except for the US, where we anticipated a challenging lap due to our successful All Day Breakfast launch in October of 2015.

除美國外，第四季度的可比較銷售額在所有細分市場均呈正增長，由於我們在 2015 年 10 月成功推出了全日早餐，因此我們預計美國市場將出現具有挑戰性的一圈。

Other markets such as France, Germany and Russia are also working to overcome challenges of varying degrees.

法國、德國和俄羅斯等其他市場也正在努力克服不同程度的挑戰。

With that context, let's turn to quarterly performance highlights in the markets, starting in the US where comparable sales were down 1.3%.

在此背景下，讓我們來看看市場的季度業績亮點，從美國開始，可比銷售額下降了 1.3%。

The launch of All Day Breakfast 2.0 is re-energizing customers around our breakfast offerings, and is living up to our expectations.

全日早餐 2.0 的推出讓顧客對我們的早餐產品重新充滿活力，並且不辜負我們的期望。

We're also seeing pockets of success in regions that have doubled down on affordability by layering McPick offers along side beverage value.

我們也看到一些地區取得了成功，這些地區透過將 McPick 提供的產品與飲料價值分層，提高了可負擔性。

In an effort to extend that momentum nationwide, we kicked off the new year with a national McCafe beverage value promotion, which leverages our scale advantages and further complements local McPick offers.

為了在全國範圍內推廣這一勢頭，我們以全國性的 McCafe 飲料超值促銷拉開了新年的序幕，這充分利用了我們的規模優勢，並進一步補充了當地的 McPick 優惠。

Operationally, we're running better restaurants.

在營運方面，我們正在經營更好的餐廳。

Our fourth-quarter customer satisfaction scores are up 5% compared to fourth-quarter 2015 as our lowest performing quintile of restaurants halved the gap to our top-performing quintile.

與 2015 年第四季相比，我們第四季的客戶滿意度得分上升了 5%，表現最差的五分之一餐廳與表現最好的五分之一餐廳的差距縮小了一半。

In addition to creating a better customer experience, the significant emphasis we've placed on these underperforming restaurants speaks to the high level of accountability with which we are managing the business.

除了創造更好的客戶體驗之外，我們對這些表現不佳的餐廳的高度重視也反映了我們在管理業務時的高度責任感。

That said, there's more we need to do to reverse guest count trends in the US, and we're prepared to hit harder in 2017.

也就是說，我們需要採取更多措施來扭轉美國的賓客數量趨勢，並且我們準備在 2017 年加大力度。

Chris and the team have a solid plan that you'll hear more about during our March 1 investor meeting.

Chris 和團隊制定了一個可靠的計劃，您將在 3 月 1 日的投資者會議上聽到更多相關資訊。

Let's now turn to the international lead segments.

現在讓我們轉向國際領先市場。

We had positive comparable sales of 2.8% for the quarter and 3.4% for the full year, driven primarily by the UK, Australia and Canada.

在英國、澳洲和加拿大的推動下，我們本季的可比銷售額成長了 2.8%，全年成長了 3.4%。

The UK delivered another quarter of strong performance, driven by new food news, a steady focus on core classics, and value.

在新食品新聞、對核心經典食品和價值的持續關注的推動下，英國又一個季度表現強勁。

In particular, the Great Taste of the World food event featured the introduction of sandwiches which rotate through the market two weeks at a time.

特別是，「世界美食盛宴」推出了三明治，這些三明治每兩週在市場上輪換一次。

Australia continued its positive momentum, despite intensified competition in the marketplace.

儘管市場競爭加劇，澳洲仍持續保持正面動能。

McCafe and All Day Breakfast remain big winners there.

麥咖啡和全日早餐仍然是那裡的大贏家。

Canada is another market with consistently strong performance.

加拿大是另一個表現持續強勁的市場。

Its focus on hospitality, including the addition of Guest Experience Leaders in restaurant lobbies earlier in 2016 led to the highest guest satisfaction scores on record for December.

該公司專注於酒店業，包括 2016 年初在餐廳大廳增設賓客體驗領導者，從而在 12 月創下了有史以來最高的賓客滿意度得分。

At the same time, the restaurants that have converted to Experience of the Future, numbering 800 in 2016 alone, are seeing even stronger financial results than those restaurants that have not yet made the switch.

同時，光是 2016 年就有 800 家轉向未來體驗的餐廳，其財務表現比尚未轉向的餐廳還要好。

Whilst the UK, Australia and Canada remain strong, we see more significant opportunity for improvement in Germany and France.

雖然英國、澳洲和加拿大依然強勁，但我們看到德國和法國有更大的改進機會。

In Germany, our actions to improve food quality, enhance the customer experience and take a purposeful approach to value in 2016 are all resonating with the price-conscious German consumer.

在德國，我們 2016 年在提高食品品質、增強客戶體驗和採取有針對性的價值方法方面採取的行動都引起了對價格敏感的德國消費者的共鳴。

We still have more runway, particularly with regard to affordability, and we'll continue to drive harder on that this year.

我們還有更多的空間，特別是在負擔能力方面，今年我們將繼續在這方面更加努力。

France is seeing initial signs of recovery as the IEO market is returning to a place of stability.

隨著 IEO 市場恢復穩定，法國出現了初步復甦跡象。

For the first time in over five years, IEO market traffic was positive.

五年多來首次，IEO 市場流量呈現正成長。

The team in France is capturing some of that traffic growth by continuing to innovate, bringing to life new ways to order, pay and be served.

法國團隊透過不斷創新，帶來新的訂購、支付和服務方式，抓住了部分流量成長的機會。

Web ordering, kiosks and table service are now available in the vast majority of restaurants.

現在絕大多數餐廳都提供網路訂購、自助服務終端和餐桌服務。

Let's turn to the high-growth segment where performance was driven by strong results in China.

讓我們轉向高成長領域，該領域的業績受到中國強勁業績的推動。

We saw increases in comparable sales in the fourth quarter across all markets, resulting in a positive comp of 4.7% for the segment.

我們看到第四季度所有市場的可比較銷售額都有所成長，導致該細分市場的成長率為 4.7%。

For the full year, comparable sales were 2.8%.

全年可比銷售額為 2.8%。

Notably, China had a strong quarter, with comparable sales of 7.9%.

值得注意的是，中國季度表現強勁，可比銷售額成長 7.9%。

We ended the year with solid momentum, due in part to contributions from the core menu and strong value offerings.

我們以強勁的勢頭結束了這一年，部分歸功於核心菜單和強大的價值產品的貢獻。

At the same time, we found success by continuing to emphasize the convenience we provide to customers through third-party delivery services and deserved kiosks.

同時，我們透過繼續強調透過第三方送貨服務和應有的資訊亭為客戶提供的便利性而取得了成功。

In the foundational markets, we saw positive comparable sales of 11.1% for the quarter and 10% for the year.

在基礎市場，我們看到本季可比銷售額成長 11.1%，全年可比銷售額成長 10%。

With a very strong performance in Japan and certain markets in Latin America throughout 2016, as well as solid results across the segment's remaining geographic regions.

2016 年，該公司在日本和拉丁美洲某些市場的表現非常強勁，並且在該細分市場的其餘地理區域也取得了堅實的業績。

As recently as November, I spent time with the team in Japan to experience firsthand how they're executing the turnaround plan.

就在去年 11 月，我與日本團隊一起度過了一段時間，親身體驗了他們如何執行週轉計畫。

And the ways they've balanced new food news, value and accessibility, supported by a foundation of running great restaurants.

以及他們在經營優質餐廳的基礎上平衡新美食新聞、價值和可及性的方式。

Whilst we've be been creating customer notable change in restaurants around the world, we've continued to enhance financial value.

在我們為世界各地的餐廳帶來客戶顯著變化的同時，我們也不斷提高財務價值。

We said we'd be forensic with our finances, and we have been.

我們說過我們會對我們的財務狀況進行取證，我們也確實這麼做了。

First, we're putting more restaurants and even entire markets in the hands of local owners.

首先，我們將更多的餐廳甚至整個市場交給當地業主。

We devoted significant energy to ownership changes in 2016, and those efforts continue this year.

2016 年，我們在所有權變更上投入了大量精力，今年這些努力也將繼續。

Specifically, Malaysia and Singapore are locally owned as of December.

具體而言，截至 12 月，馬來西亞和新加坡均為本地所有。

Our Partners in these markets bring experience in running great restaurants with 20 years as the development for licensee for nearly 100 restaurants in Saudi Arabia.

我們在這些市場的合作夥伴帶來了 20 年經營優質餐廳的經驗，作為沙烏地阿拉伯近 100 家餐廳的授權商的發展。

Both markets will be managed by seasoned McDonald's Executives with local experience.

這兩個市場都將由具有當地經驗的麥當勞高層管理。

This partnership will create brand excitement for customers and new opportunities for people as these markets continue to grow and develop.

隨著這些市場的不斷增長和發展，這種合作關係將為客戶創造品牌興奮感，並為人們帶來新的機會。

Early this month, we announced a strategic partnership in China and Hong Kong.

本月初，我們宣佈在中國大陸和香港建立戰略合作夥伴關係。

This structure blends our global brand with partners who bring deep insight into both markets.

這種結構將我們的全球品牌與對這兩個市場帶來深入洞察的合作夥伴融為一體。

CITIC and the Carlisle Group have established records of success in the region, and share our principles and values.

中信和卡萊爾集團在該地區創造了成功記錄，並分享我們的原則和價值觀。

Furthermore, we expect this will be a powerful driver of growth, unlocking financial value in the region and enabling further expansion of the business.

此外，我們預計這將成為成長的強大推動力，釋放該地區的金融價值並實現業務的進一步擴張。

We have now either completed or reached agreement on almost all of our more significant ownership transactions.

我們現在已經完成或就幾乎所有更重要的所有權交易達成協議。

Second, we continue to make progress against our G&A target.

其次，我們繼續在 G&A 目標上取得進展。

We've right-sized the organization, enabling our market teams to focus even more of their time and energy on actions that directly benefit customers.

我們調整了組織規模，使我們的市場團隊能夠將更多的時間和精力集中在直接使客戶受益的行動上。

Kevin will share more on G&A in his remarks.

Kevin 將在演講中分享更多有關 G&A 的資訊。

Finally, we fulfilled the commitment to return $30 billion to shareholders over a three-year period ending 2016.

最終，我們兌現了截至 2016 年的三年內向股東返還 300 億美元的承諾。

Taken together, these actions to enhance financial value enable us to prioritize critical investments to support our long-term strategy.

總而言之，這些提高財務價值的行動使我們能夠優先考慮關鍵投資，以支持我們的長期策略。

Which we'll discuss, along with updated long-term financial targets, in greater detail in March.

我們將在三月更詳細地討論這一點以及更新的長期財務目標。

Our focus is on growing guest counts, as we recognize these are the ultimate lifeblood of our business.

我們的重點是增加客人數量，因為我們認識到這是我們業務的最終命脈。

We've done significant work to understand how and where to put energy to continue driving profitable results, and we look forward to sharing that with you in just a few weeks.

我們已經做了大量工作來了解如何以及在哪裡投入精力來繼續推動盈利結果，我們期待在短短幾週內與您分享。

We're now fit for purpose and better positioned to build on our success.

我們現在已經適應了目標，並且處於更好的位置來繼續我們的成功。

I'm confident we're a stronger, more capable business today than we were two years ago.

我相信，與兩年前相比，今天的我們是一家更強大、更有能力的企業。

We've built a strong base and now's the time to shift our focus to strengthening and growing the business for the long term.

我們已經建立了堅實的基礎，現在是時候將我們的重點轉向長期加強和發展業務了。

That said, we will face challenges, some within our control and others beyond.

也就是說，我們將面臨挑戰，有些在我們的控制範圍之內，有些則超出我們的控制範圍。

As I mentioned, we're dealing with varying macroeconomic pressures and general economic volatility in many markets, including Russia and France.

正如我所提到的，我們正在應對包括俄羅斯和法國在內的許多市場的不同宏觀經濟壓力和總體經濟波動。

In Q1, we'll lap results that included a leap day, favorable weather in many places around the world and a continued benefit from the launch of All Day Breakfast in the US.

在第一季度，我們將記錄包括閏日、世界各地許多地方的有利天氣以及在美國推出全日早餐帶來的持續收益的結果。

At the same time, I remain very optimistic about our steady progress to be a better McDonald's, as we work to be recognized by customers as the modern, progressive burger Company.

同時，我仍然對我們成為更好的麥當勞的穩步進展感到非常樂觀，因為我們努力成為客戶認可的現代、進步的漢堡公司。

As I think about where we were, how far we've come and our potential, I'm convinced we're on the right path to achieve this ambition.

當我思考我們所處的位置、我們已經走了多遠以及我們的潛力時，我相信我們正走在實現這一雄心壯志的正確道路上。

2017 is the year during which we'll step up and lead as we shift to more of a long-term focus.

2017 年，我們將更重視長期發展，發揮領導作用。

Thanks, everyone.

感謝大家。

And now I'll turn it over to Kevin.

現在我會把它交給凱文。

Thanks, Steve, and good morning, everyone.

謝謝史蒂夫，大家早安。

By staying sharply focused on our customers, we maintained positive global momentum while continuing to make further progress on our journey towards building a better McDonald's.

透過高度關注客戶，我們保持了積極的全球勢頭，同時在打造更好的麥當勞的道路上繼續取得進一步進展。

We're pleased with our financial performance in 2016, which reflects broad-based improvements in our operating performance, from the top to the bottom line.

我們對 2016 年的財務表現感到滿意，這反映出我們的經營業績從頂線到底線都取得了廣泛的改善。

At the top line, our global comparable sales performance of 3.8% represented our strongest consolidated results since 2011.

在營收方面，我們的全球可比銷售業績成長了 3.8%，這是我們自 2011 年以來最強勁的綜合業績。

And every segment was positive for the second consecutive year.

每個細分市場都連續第二年表現積極。

Our bottom-line performance was equally strong, as full year operating income grew $600 million or 11% in constant currencies, and earnings per share was up 16% in constant currencies.

我們的獲利表現同樣強勁，全年營業收入成長了 6 億美元，以固定匯率計算成長了 11%，每股盈餘以固定匯率計算成長了 16%。

Both of which exceeded our performance goals for the year.

這兩項都超出了我們今年的績效目標。

Steve talked about some of the structural and cultural changes we're making.

史蒂夫談到了我們正在進行的一些結構和文化變革。

We're also evolving our financial profile, so I'll talk about some of the impacts on our P&L as well as progress on our financial initiatives.

我們也在不斷發展我們的財務狀況，因此我將討論對我們損益表的一些影響以及我們財務計劃的進展。

Let me start with the performance drivers for the quarter.

讓我從本季的績效驅動因素開始。

As we evolve to a more heavily franchised organization, growing sales and the associated franchise revenues is critical, as these continue to become an increasingly significant portion of our overall profitability.

隨著我們發展成為一個特許經營規模更大的組織，銷售和相關特許經營收入的成長至關重要，因為它們將繼續成為我們整體獲利能力中越來越重要的一部分。

For fourth quarter, franchise revenues increased 4% in constant currencies, reflecting positive global comparable sales and the impact of expansion and refranchising.

第四季度，以固定匯率計算，特許經營收入成長了 4%，反映出全球可比銷售額的成長以及擴張和再特許經營的影響。

I'm encouraged by these results, particularly considering some of the challenging industry trends in comparison against last year's fourth-quarter comparable sales, which were our strongest in more than three years.

我對這些結果感到鼓舞，特別是考慮到與去年第四季的可比銷售額相比，一些具有挑戰性的行業趨勢，去年第四季度的可比銷售額是我們三年多來最強勁的。

Franchise margin dollars reached $1.9 billion for the quarter, a 4% increase in constant currencies, and contributed over half of our growth in consolidated operating income.

本季特許經營利潤達到 19 億美元，以固定匯率計算成長 4%，占我們綜合營業收入成長的一半以上。

Our solid margin performance reflects sales-driven improvements, led by results in our major markets.

我們穩健的利潤率表現反映了以我們主要市場的業績為主導的銷售驅動的改進。

The operating results are a demonstration of the benefits of our refranchising strategy, which include creating a stable, predictable royalty stream and reducing G&A and capital levels over time.

經營績效證明了我們的再特許經營策略的優勢，其中包括創建穩定、可預測的特許權使用費流，並隨著時間的推移降低一般管理費用和資本水準。

And our refranchising strategy enables us to reduce our asset exposure and enhance our ability to more quickly grow our restaurant base to the market potential.

我們的再特許經營策略使我們能夠減少資產風險，並增強我們更快地擴大餐廳基礎以發揮市場潛力的能力。

While Company-operated margins continue to represent a smaller component of our global operating income, what's important is that we continue to drive higher restaurant profitability.

雖然公司經營利潤在我們的全球營業收入中所佔比例仍然較小，但重要的是我們繼續提高餐廳的獲利能力。

As we optimize our Company-operated restaurant portfolio, and the ongoing contribution to our bottom line.

隨著我們優化公司經營的餐廳組合，以及對我們利潤的持續貢獻。

For the quarter, Company-operated margins improved 170 basis points over the prior year, led by China and the US.

本季度，公司經營利潤率比上年同期提高了 170 個基點，其中中國和美國領先。

We benefited from a benign commodity environment in 2016, although we continue to experience labor inflation in many markets around the world.

2016 年，我們受益於良好的大宗商品環境，儘管全球許多市場仍面臨勞動力通膨。

Menu pricing is one way to help mitigate some of these cost pressures.

菜單定價是幫助減輕部分成本壓力的一種方法。

We ended 2016 with a 2.8% price increase in the US, relatively in line with food-away-from-home inflation of 2.3%.

2016 年底，美國的價格上漲了 2.8%，與 2.3% 的外送食品通膨率相對一致。

For comparison, the international lead markets averaged price increases of about 2%.

相比之下，國際鉛市場平均價格上漲約2%。

We're mindful of the disparity between grocery store inflation and food away from home, so we'll continue to carefully balance strategic pricing decisions with our focus on growing guest counts.

我們注意到雜貨店通貨膨脹和外出食品之間的差異，因此我們將繼續謹慎平衡策略定價決策與我們對增加客人數量的關注。

Shifting gears now to an update on our financial targets.

現在轉向更新我們的財務目標。

While we've been focused on customer noticeable change in the restaurants, over the course of the last year, we've also applied rigor and discipline towards meeting our cash returned to shareholders, refranchising and G&A targets.

雖然我們一直專注於餐廳中客戶的顯著變化，但在過去的一年裡，我們也採取了嚴格和紀律來實現我們向股東返還現金、重新特許經營和一般管理費用的目標。

As Steve mentioned, 2016 marked the completion of our three-year, $30 billion cash return to shareholders.

正如史蒂夫所提到的，2016 年標誌著我們完成了三年期 300 億美元現金回報股東的工作。

In nearly one-third of our current market capitalization, this achievement as well as our recent 6% dividend increase, serves as a vote of confidence in our business and the sustainability of our significant cash flows.

在我們目前市值的近三分之一中，這項成就以及我們最近 6% 的股息成長，是對我們的業務和我們大量現金流的可持續性投下的信任票。

In addition to the achievement of our cash return target, I want to provide some perspective on the notable progress we've made around refranchising and G&A.

除了實現我們的現金回報目標之外，我還想就我們在再特許經營和一般管理費用方面取得的顯著進展提供一些看法。

Starting with our global refranchising efforts.

從我們的全球再特許經營努力開始。

From the beginning of 2015 through the announcement of our strategic partnership with CITIC and the Carlisle Group earlier this month, we've made significant progress on our refranchising goals.

從 2015 年初到本月初宣布與中信集團和卡萊爾集團建立策略合作夥伴關係，我們在再特許經營目標方面取得了重大進展。

By mid-2017, we expect to have refranchised over 3,500 restaurants towards our goal of refranchising 4,000 by the end of 2018.

到 2017 年中期，我們預計將重新特許經營 3,500 多家餐廳，以實現 2018 年底重新特許經營 4,000 家餐廳的目標。

The China-Hong Kong transaction, which is expected to close mid-year, is the most significant transaction of our refranchising efforts, resulting in the sale of more than 1,750 Company-owned stores.

預計年中完成的中國香港交​​易是我們再特許經營中最重要的交易，導致出售了超過 1,750 家公司自有商店。

From a strategic standpoint, this transaction puts more of our restaurants under local ownership and blends our global brand with local partners who bring deep knowledge, insight, and resources into both markets.

從戰略角度來看，這項交易將我們更多的餐廳納入當地所有權，並將我們的全球品牌與當地合作夥伴融合在一起，這些合作夥伴為這兩個市場帶來了深厚的知識、洞察力和資源。

We will retain a 20% ownership stake in the business, in order to continue supporting and participating in the growth of both China and Hong Kong.

我們將保留該業務20%的股權，以繼續支持和參與中國內地和香港的發展。

From a financial standpoint, this strategic partnership will enable us to more quickly unlock our growth potential in China, as we pursue accelerated expansion and innovation while spending no ongoing capital and limited G&A resources.

從財務角度來看，這種策略夥伴關係將使我們能夠更快地釋放我們在中國的成長潛力，因為我們追求加速擴張和創新，同時不花費持續資本和有限的一般管理資源。

The new enterprise is slated to open over 1,500 restaurants over the next five years, reflecting a much quicker opening pace than the 1,200 new openings achieved in the previous five years.

新企業計劃在未來五年內開設超過1,500家餐廳，開業速度比前五年新開的1,200家餐廳快得多。

With more than 2,400 restaurants today, at this pace, China will quickly become the second largest McDonald's market in the system.

如今，麥當勞餐廳已超過2,400家，以這個速度，中國很快就會成為麥當勞體系中的第二大市場。

With a total enterprise value of around $2 billion, we currently expect cash proceeds of about $1.5 billion.

企業總價值約 20 億美元，我們目前預期現金收益約 15 億美元。

Following the transaction, our income stream will consist of royalties on 100% of the restaurant sales in China and Hong Kong, as well as our 20% share of the enterprise's earnings.

交易完成後，我們的收入來源將包括中國大陸和香港100%餐廳銷售額的特許權使用費，以及我們佔企業獲利20%的份額。

Initially, the net impact of this transaction will be somewhat dilutive to our operating income.

最初，這項交易的淨影響將在一定程度上稀釋我們的營業收入。

However, we expect to return to a similar income level in a few years.

然而，我們預計幾年後將恢復到類似的收入水準。

For perspective, remember that today, China and Hong Kong represent less than 5% of our consolidated operating income.

從長遠來看，請記住，如今，中國大陸和香港僅占我們綜合營業收入的不到 5%。

From an operating margin, financial return, and free cash flow perspective, the transaction will be immediately accretive as we will not make ongoing capital investments in these markets.

從營業利潤、財務回報和自由現金流的角度來看，交易將立即增值，因為我們不會在這些市場進行持續的資本投資。

We're currently finalizing our plans for the cash proceeds, and will provide an update at our investor meeting in March.

我們目前正在敲定現金收益計劃，並將在三月的投資者會議上提供最新情況。

In addition to the China-Hong Kong transaction, there are several other smaller transactions which are in various stages of the refranchising process.

除了中港交易外，還有其他幾項規模較小的交易正處於再特許經營過程的不同階段。

We'll provide additional information on these and future transactions as appropriate.

我們將酌情提供有關這些交易和未來交易的更多資訊。

We're also committed to being more efficient with our G&A spending.

我們也致力於提高一般管理費用支出的效率。

From a qualitative standpoint, the objective of our G&A and capital discipline is to focus our resources and talent where it matters most, on customer facing activities that drive business growth.

從定性的角度來看，我們的一般管理費用和資本紀律的目標是將我們的資源和人才集中在最重要的地方，即面向客戶的活動，以推動業務成長。

At the same time, we're evolving to a more efficient, globalized system that better leverages our size and supports rapid testing and scaling of initiatives that address these growth opportunities.

同時，我們正在發展成為一個更有效率、全球化的系統，以更好地利用我們的規模，並支持快速測試和擴展應對這些成長機會的舉措。

We've made meaningful progress towards our goal of reducing our net G&A levels by $500 million by the end of 2018 from our 2015 plan of $2.6 billion.

我們在實現我們的目標方面取得了有意義的進展，即到 2018 年底，我們的淨 G&A 水準比 2015 年 26 億美元的計畫減少 5 億美元。

Our actions over the past two years have resulted in realized savings of more than $200 million, exceeding our original expectation of $150 million in savings by the end of 2016.

我們過去兩年的行動已實現節省超過 2 億美元，超出了我們最初預計在 2016 年底節省 1.5 億美元。

These actions include redesigning our entire organization to eliminate layers and increase spans of control, resulting in headcount reductions in both the corporate staff and across our business segments.

這些行動包括重新設計我們的整個組織，以消除層級並擴大控制範圍，從而減少公司員工和整個業務部門的人數。

More centralization of non-customer facing business processes, and executing against our refranchising targets which will significantly reduce market-level G&A spending.

非面向客戶的業務流程更加集中，並根據我們的再特許經營目標執行，這將顯著減少市場層面的一般管理支出。

For perspective, our year-end earnings release separates base G&A which reflects the impact of these actions from incentive-based compensation.

從長遠來看，我們的年終收益發布將基本管理費用分開，反映了這些行動與基於激勵的薪酬的影響。

This more detailed disclosure provides visibility into the base G&A savings achieved during 2016.

透過這項更詳細的揭露，可以了解 2016 年基本管理費用節省。

Partially offsetting these savings in 2016 was higher incentive-based compensation.

2016 年更高的激勵性薪酬部分抵消了這些節省。

Reflecting financial performance that exceeded internal targets, which are primarily based on operating income and earnings-per-share growth.

反映超出內部目標的財務業績，內部目標主要基於營業收入和每股盈餘成長。

The improvements in our sales, restaurant profitability, and G&A spending resulted in a near record-high operating margin of 31.5% for 2016, up from 28.1% in 2015.

我們的銷售額、餐廳獲利能力和一般行政支出的改善使得 2016 年營業利潤率接近歷史新高，達到 31.5%，高於 2015 年的 28.1%。

So as we look to the future, we'll leverage our recent success and build upon it.

因此，當我們展望未來時，我們將利用最近的成功並在此基礎上再接再厲。

We're financially stronger than we were a year ago.

我們的財務狀況比一年前更強大。

We're making steady progress on our financial initiatives, and we're seeing better operating results.

我們的財務計劃正在穩步取得進展，並且我們看到了更好的經營業績。

We're confident that we're on the right path.

我們相信我們正走在正確的道路上。

In March, we look forward to providing more detail about our global strategy, the initiatives we're investing in, and how they'll enable us to deliver sustained, long-term, profitable growth for our system and our shareholders.

三月，我們期待提供有關我們的全球策略、我們正在投資的計劃以及它們如何使我們能夠為我們的系統和股東實現持續、長期、盈利的增長的更多詳細資訊。

Thanks.

謝謝。

Now I'll turn it over to Chris to begin our Q&A.

現在我將把它交給克里斯來開始我們的問答。

Thanks, Kevin.

謝謝，凱文。

We will now open the call for analyst and investor questions.

我們現在將開始徵求分析師和投資者的問題。

The first question is from David Palmer of RBC.

第一個問題來自加拿大皇家銀行 (RBC) 的大衛‧帕爾默 (David Palmer)。

Thanks, good morning.

謝謝，早安。

Quick question on the traffic per store.

關於每家商店的客流量的快速問題。

It looks like it's been down for a few years now.

看起來已經沉寂好幾年了。

I think it might be down 10% since 2012 when you eased away from that dollar menu, at least domestically.

我認為自 2012 年起，當你不再使用一美元菜單時，它可能會下降 10%，至少在國內是如此。

Cash flow seems like it's strong per restaurant though.

不過，每家餐廳的現金流似乎都很強勁。

And in this morning's release you said that the Company is going to continue to focus on traffic.

在今天早上的新聞稿中，您表示該公司將繼續關注流量。

Could you elaborate as to why traffic declines can reverse this year and what that focus will mean?

您能否詳細說明為什麼今年的流量下降趨勢會出現逆轉，以及這一重點意味著什麼？

Thanks.

謝謝。

Thanks, David.

謝謝，大衛。

You're actually spot-on.

你其實很準的。

It's not a one-year trend, it's been slightly longer and it's something that's dominated our conversations as we plan our business, and certainly the owner operators are very mindful of it as well, particularly here in the US, actually.

這不是一年的趨勢，它的時間稍微長一些，在我們規劃業務時，它主導了我們的談話，當然業主經營者也非常注意這一點，特別是在美國，實際上。

This is all about getting the balance right.

這一切都是為了取得正確的平衡。

The cash flow growth through 2016 was phenomenal for our US owner operators.

對於我們的美國業主經營者來說，2016 年的現金流成長非常驚人。

And frankly, there never has been a better time to be an owner operator in the McDonald's system than there is right now.

坦白說，對於麥當勞系統中的業主經營者來說，沒有比現在更好的時機了。

And part of the discussions we're having, certainly Chris Kempczinski and his leadership team or the owner operator leaderships, is how and where do we reinvest that strength in the business back on behalf of the customer.

我們討論的一部分，當然是克里斯·肯普欽斯基（Chris Kempczinski）和他的領導團隊或業主經營者領導層，是我們如何以及在哪裡代表客戶將這種力量重新投入到業務中。

So two things that you'll see more of through the course of this year that we believe will start to correct the guest count trends.

因此，今年您將看到更多的兩件事，我們相信這將開始糾正客人數量趨勢。

One is around the investment in the Experience of the Future.

一是圍繞未來體驗的投資。

So that is something that we've had great success in many of our more mature markets around the world, where we're really investing front of house to put more choice and control in the hands of customers.

因此，我們在全球許多更成熟的市場中取得了巨大成功，我們確實在前台進行投資，以便為客戶提供更多選擇和控制權。

Whether it's around how they order, what they order, how they're served, how they pay.

無論是他們如何訂購、訂購什麼、如何提供服務、如何付款。

So that's something where we have a great track record around the world, and we're looking to deploy that aggressively in the US.

因此，我們在全球範圍內擁有良好的記錄，我們希望在美國積極部署這一點。

The other piece where we still have got to fight harder is on value.

我們還需要更努力奮鬥的另一塊是價值。

The McPick menu really does work well for customers, whether it's the McPick 5 or the McPick on the more value end whether it's $2, $2.50.

McPick 菜單確實非常適合顧客，無論是 McPick 5 還是更超值的 McPick（無論是 2 美元還是 2.50 美元）。

But that alone isn't winning us the market share fight on the value end.

但僅憑這一點並不能贏得我們在價值端的市佔率爭奪戰。

So you'll have seen at the start of this year that we have an aggressive McCafe beverage value offer, which is $1 any size coffee or $2 on the small specialty McCafe beverages.

因此，您在今年年初就會看到，我們推出了極具競爭力的 McCafe 飲料超值優惠，任何規格的咖啡售價為 1 美元，小份特色 McCafe 飲料售價為 2 美元。

You can expect to see us be more competitive at the value end through the year.

您可以期望看到我們在今年年底的價值方面更具競爭力。

It's been encouraging in the way that's resonated with customers as we've entered the new year.

當我們進入新的一年時，與客戶產生共鳴是令人鼓舞的。

And our experience when we've analyzed the regions that have been most successful around the US, the three or four top performing regions over the last year or two are those that have managed to combine the national value platform with the more local, aggressive, whether it's beverage or food led price offers, value and price offers.

根據我們的經驗，當我們分析美國各地最成功的地區時，過去一兩年表現最好的三到四個地區是那些成功地將國家價值平台與更具本土性、進取性、無論是飲料還是食品主導的價格優惠、價值和價格優惠。

So we're lifting that, learning it and I think all the right people are engaged in the right conversations and customers will benefit.

因此，我們正在提升這一點，學習它，我認為所有合適的人都參與了正確的對話，客戶將從中受益。

Next question is Matt DiFrisco from Guggenheim.

下一個問題是來自古根漢的馬特·迪弗里斯科。

Thank you.

謝謝。

My question is with respect to the international lead markets and the franchise.

我的問題是關於國際領先市場和特許經營權。

I'm just looking at that, and I know you did a pretty good strong comp there of 2.8% positive.

我只是在看這個，我知道你在那裡做了一個相當不錯的強比較，有 2.8% 的積極率。

Just curious why that wasn't maybe providing a little bit more leverage on the franchise side?

只是好奇為什麼這不能為特許經營方面提供更多的槓桿作用？

It looked like that franchise margin came back a little bit.

看起來特許經營利潤率有所回升。

Can you talk about the dynamic or some of the pushes and pulls that might have resulted in the little bit more modest margin pressure than you saw in the third quarter where it expanded modestly?

您能談談可能導致利潤率壓力比第三季小幅擴張的情況稍微溫和一些的動態或一些推動和拉動嗎？

Yes, Matt, it's Kevin.

是的，馬特，是凱文。

Thanks for the question.

謝謝你的提問。

We generally get pretty good leverage from comps on the franchise margin side, as more of those costs obviously are fixed certainly than on the Company-operated side.

我們通常從特許經營利潤的比較中獲得相當好的槓桿作用，因為與公司營運方面相比，這些成本顯然更多是固定的。

A couple things on the franchise margin, specifically in the international lead markets.

關於特許經營利潤的一些事情，特別是在國際領先市場上。

A little piece of that is as we redo some of our refranchising, we are generally selling lower-volume restaurants with potentially lower margins.

其中一小部分是，當我們重新進行一些重新特許經營時，我們通常會出售利潤率可能較低的銷售較低的餐廳。

And so in the near term, it impacts the franchise margin percent a little bit on the international lead -- on those international lead markets.

因此，在短期內，它會對國際領先市場上的特許經營利潤率產生一些影響。

And then the other thing that we do see, certainly, is some of the occupancy costs internationally, specifically some of the leads costs continue to pressure a little bit margins.

當然，我們確實看到的另一件事是國際上的一些入住成本，特別是一些潛在客戶成本繼續對利潤率構成壓力。

But the franchise margin, certainly more than MCOPCO margin is driven by comp sales.

但特許經營利潤肯定比 MCOPCO 利潤更多是由可比銷售推動的。

They're definitely a top-line game.

他們絕對是一款頂級遊戲。

And as long as we can continue to drive positive comp sales, we should be pretty good on those margins being healthy.

只要我們能夠繼續推動積極的銷售，我們就應該保持健康的利潤率。

Matt, there's one other thing I would add to that.

馬特，我還想補充一件事。

Which is, we have a -- we talk about a very unique business model and relationship with the way we have with our owner operators around the 20-year franchise and the mutual benefits in investing together.

也就是說，我們有一個非常獨特的商業模式以及我們與業主經營者圍繞20年特許經營權以及共同投資的互惠互利的方式的關係。

We're probably -- 2016 was probably a peak year actually for some of the co-investment programs that we have been doing hand in hand with our owner operators in those lead markets, where we will put up some of the support to enable them to accelerate some of these investments.

我們可能 - 2016 年實際上可能是我們與這些領先市場的業主運營商攜手開展的一些聯合投資計劃的高峰年，我們將提供一些支持來實現這些計劃加速其中一些投資。

Now, we're seeing it on the top line.

現在，我們在頂行看到它。

We're seeing it on our bottom line, so we know it makes sense.

我們在我們的底線上看到了它，所以我們知道這是有道理的。

And as the lead markets begin to get toward the end of their cycle on this reinvestment, that gives us a chance then to focus our attention here on the US, which you can expect to see as well.

隨著主要市場的再投資週期開始接近尾聲，這使我們有機會將注意力集中在美國，您也可以期待看到這一點。

Next question is from Brian Bittner of Oppenheimer.

下一個問題來自奧本海默的布萊恩·比特納。

Thanks for taking the question.

感謝您提出問題。

Just want to follow up on David Palmer's question from earlier.

只是想跟進大衛·帕爾默早些時候提出的問題。

These solid cash flow metrics per store have been really good, despite the traffic declines you've seen in the business.

儘管您看到業務中的客流量下降，但每家商店的這些可靠的現金流量指標確實非常好。

And I think the obvious reasons are the average check growth has offset the traffic declines for the comp, and then the food commodity deflation has helped boost the margins.

我認為明顯的原因是平均支票成長抵消了公司流量的下降，然後食品商品通貨緊縮有助於提高利潤率。

So you talked about restoring traffic when you responded to David's question.

所以你在回答大衛的問題時談到了恢復流量。

But my question is how exactly do you keep the average check up in 2017 and going forward, given that you like to price more towards food at home which is in deflation and the fact that you're focusing more on value and price offers?

但我的問題是，考慮到您喜歡在通貨緊縮的情況下對國內食品定價更高，並且您更關注價值和價格優惠，您究竟如何保持 2017 年及未來的平均檢查？

So, Brian, what we've typically seen around the world -- it's a very astute question.

所以，布萊恩，我們在世界各地通常看到的是——這是一個非常敏銳的問題。

It would seem like an obvious trade.

這似乎是一個顯而易見的交易。

But the reality is, what we've seen around the world, is the more customers we drive into our restaurants, the greater the top-line growth and the greater the cash-flow growth.

但現實是，我們在世界各地看到的是，我們的餐廳吸引的顧客越多，收入成長就越大，現金流成長就越大。

So if that impacts margin percent a little, then it may do.

因此，如果這對利潤率有一點影響，那麼它可能會影響。

But actually the dollar amount or the euro amount or the yen amount on the bottom line, both the Company and if the owner operator improves.

但實際上，無論是公司還是業主經營者，美元金額、歐元金額或日圓金額都在底線上有所改善。

It is a delicate balance.

這是一種微妙的平衡。

2016 was a lively cycle for the cash flow with commodities at an all-time low, and probably as aggressive as we'd want to be on pricing.

2016 年是現金流的活躍週期，大宗商品處於歷史最低水平，定價可能與我們希望的一樣激進。

I think we're going to -- you'll see us just bring just carefully bring pricing back more in line with food away from home, which we begin to see now.

我認為我們將會——你會看到我們只是小心翼翼地使定價與外地食品更加一致，我們現在開始看到這一點。

But the reality is -- this is not a new discussion for us in our business.

但現實是——這對我們的業務來說並不是一個新的討論。

Again, going back to the 20-year franchise agreement, we all know that the for benefit of our owner operator's businesses over the long term, you've got to be serving more customers more often.

再次回到 20 年特許經營協議，我們都知道，為了我們業主經營者業務的長期利益，您必須更頻繁地為更多客戶提供服務。

So that's where we return to, but we know we can grow profitably and cash flow can grow along side that.

這就是我們回到的地方，但我們知道我們可以實現獲利成長，現金流也可以隨之成長。

Next question is from David Tarantino of Robert W. Baird.

下一個問題來自羅伯特·W·貝爾德 (Robert W. Baird) 的大衛·塔倫蒂諾 (David Tarantino)。

Hello, good morning.

你好早安。

Steve, just continuing on the theme of asking about the US business.

史蒂夫，繼續詢問美國業務的主題。

It seems like the hallmark of the McDonald's system has been built around speed of service, and it seems like over the past several years McDonald's may have gotten a bit slower.

麥當勞系統的標誌似乎是圍繞著服務速度建立的，而且在過去的幾年裡，麥當勞的速度似乎有點慢了。

So can you talk about where you are as a system in terms of speed of service, and how you're thinking about that as part of your traffic driving program?

那麼您能否談談您作為一個系統在服務速度方面的情況，以及您如何考慮將其作為流量驅動計劃的一部分？

Especially as you tie in Experience of the Future, which includes some customization elements.

特別是當您結合未來體驗時，其中包括一些客製化元素。

So any thoughts there would be helpful.

所以任何想法都會有幫助。

Thank you.

謝謝。

Thanks, David.

謝謝，大衛。

Speed of service has declined slightly.

服務速度略有下降。

It's a handful of seconds slower by the end of 2016 than we were by the end of 2015.

2016 年底比 2015 年底慢了幾秒鐘。

So I guess there was a number of things we're trying to do.

所以我想我們正在嘗試做很多事情。

You'll hear me talk about -- or heard me refer in the past around net simplification.

您會聽到我談論或聽到我過去提到網路簡化。

Where if we are going to introduce new menu items, new ideas, we've got to reduce the complexity by at least if not more than the same amount.

如果我們要引入新的菜單項目、新的想法，我們就必須至少減少相同數量的複雜性。

So our operations teams, particularly in the US, are deeply focused on that.

因此，我們的營運團隊，尤其是美國的營運團隊，非常關注這一點。

And simplification isn't just on the menu, it could be on different operational processes, it could be the use of technology to take some of the manual work out of the way.

簡化不僅體現在選單上，還可能體現在不同的操作流程上，也可能體現在使用科技來消除一些手動工作。

Simplifying just the merchandising, all the way through to training programs in the restaurants, and making them more efficient and more effective.

僅簡化推銷，一直到餐廳的培訓計劃，並使它們更加高效和有效。

So there's a number of different pillars to our simplification efforts.

因此，我們的簡化工作有許多不同的支柱。

With regard to Experience of the Future, I think this absolutely addresses the speed of service issue in a way that consumers are in control of.

關於未來的體驗，我認為這絕對以消費者可以控制的方式解決了服務速度問題。

So if you wanted to -- maybe you enter a restaurant and you're with your family, and you want to spend a little more time ordering at the self-order kiosk and you want to custom.

因此，如果您願意，也許您進入一家餐廳，與家人在一起，您想花更多時間在自助點餐機上點餐，並且想要定制。

You can dwell for as long as you want, placing your order, getting it right, enjoying the moment together, and then at that point in time you'll be able just be able to go and sit at a table and we'll bring it out to you.

您可以想待多久就待多久，下訂單、準備、享受在一起的時刻，然後在那個時間點您就可以去坐在桌子旁，我們會帶您來交給你了。

If you want that front counter speed of service in the traditional way, effectively I would see that speeding up.

如果您想要以傳統方式獲得前台服務速度，實際上我會看到速度加快。

Because effectively some of the larger orders will not be there at the front counter, and it will just be the more grab-and-go type customers.

因為實際上有些較大的訂單不會出現在前台，而只會是更多「拿了就走」類型的客戶。

And similarly on the drive through, as we develop and continue to invest in technology and we get our order ahead and order and pay capabilities through the app better defined through the course of this year.

同樣，在駕車行駛過程中，隨著我們開發並繼續投資技術，我們可以提前訂購，並透過應用程式在今年更好地定義訂購和支付功能。

Then a lot of the elements of the McDonald's experience that can slow it down, not just for you but maybe the customer behind you in the line, are taken out of it.

然後，麥當勞體驗中的許多可能會減慢速度的元素，不僅對你來說，而且可能對你後面排隊的顧客來說，都被去掉了。

So we believe we can have technology do a lot of that heavy lifting, and A, the experience will be better, and B, the service times will improve as a result.

因此，我們相信我們可以讓科技完成許多繁重的工作，A，體驗會更好，B，服務時間將因此得到改善。

Next question is from Nicole Miller Reagan from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Nicole Miller Reagan。

Thanks, good morning.

謝謝，早安。

In the US when you think about grocery store deflation, if it were to lessen, do you expect to have more guests that were eating at home return that would account for increases in guest traffic?

在美國，當你想到雜貨店通貨緊縮時，如果它減少，你是否預計會有更多在家吃飯的客人返回，從而導致客流量增加？

Or would you expect to have more pricing power to use with the current guests you have?

或者您希望擁有更多的定價權來與現有的客人一起使用？

Thanks.

謝謝。

Hey, Nicole.

嘿，妮可。

Thanks for the question.

謝謝你的提問。

Yes, we do expect the food at home, I'll call it deflation to ease or not be as favorable as it was in 2016.

是的，我們確實期待國內的食物，我稱之為通貨緊縮，以緩解或不像 2016 年那樣有利。

The IEO industry is still projected to be relatively muted in 2017.

預計 2017 年 IEO 產業仍將相對平靜。

But I think what it does is, as you know, we look at various factors when we look at pricing.

但我認為，正如你所知，我們在考慮定價時會考慮各種因素。

We'll look at food away from home inflation and food at home inflation, and competitors to determine the right approach to our pricing.

我們將關注遠離家鄉的食品通膨和國內食品通膨以及競爭對手，以確定正確的定價方法。

I think it gives us an opportunity to potentially gain some customers back that are right now eating at home.

我認為這給了我們一個機會，可以重新贏得一些現在在家吃飯的顧客。

Again, as Steve mentioned earlier, we do have to be careful on the pricing side with balancing price increases with continuing to grow guest counts.

再次，正如史蒂夫之前提到的，我們必須在定價方面保持謹慎，平衡價格上漲與客人數量的持續增長。

And so we will take a close look to make sure that we don't get too far ahead on our pricing at the expense of guest counts.

因此，我們將密切關注，以確保我們的定價不會以犧牲客人數量為代價而走得太遠。

But certainly if grocery store prices continue to rise or aren't as favorable in 2016, we view that as a positive for some of our traffic.

但當然，如果雜貨店的價格在 2016 年繼續上漲或不那麼有利，我們認為這對我們的一些客流量是有利的。

Nicole, just a different perspective on the same question actually is, typically, clearly, we've always been part of the food away from home market.

妮可，只是對同一問題有不同的看法，實際上，通常，顯然，我們一直是遠離家鄉的食品市場的一部分。

You may have noticed, we've been curious here as to whether there's an opportunity for us to serve the food at home market, as well.

您可能已經注意到，我們一直很好奇我們是否也有機會在國內市場提供食物。

So we have initiated very, very early stages, just a small pilot test down in Florida to see whether home delivery could be something that helps to address consumer demand, both at home as well as us meeting their demand when they're away from home.

因此，我們已經啟動了非常非常早期的階段，只是在佛羅裡達州進行了一個小型試點測試，看看送貨上門是否有助於滿足消費者的需求，無論是在家裡還是我們在他們出門在外時滿足他們的需求。

So that doesn't necessarily answer your pricing equation, but we're curious as to whether the demand that's there for food at home is something that we could also play a part in.

因此，這不一定能回答您的定價方程，但我們很好奇，我們是否也可以參與國內食品的需求。

Next question is from John Glass of Morgan Stanley.

下一個問題來自摩根士丹利的約翰‧格拉斯。

Thanks very much.

非常感謝。

I had a question about the SG&A.

我有一個關於 SG&A 的問題。

First, just a specific one.

首先，只是一個具體的。

As your sense of timing of when you're going to get the full $500 million changed, I think initially you'd said most of it in 2017, and maybe the refranchising has changed that a little bit.

由於您對何時獲得全部 5 億美元的時間觀念發生了變化，我想您最初在 2017 年說過大部分內容，也許重新特許經營已經改變了一點。

So 2017 versus 2018 quantity.

2017 年與 2018 年的數量。

And then secondly, is it right to think that $2.1 billion is the right number, or is there going to be some reinvestment in the business or growth in SG&A over time?

其次，認為 21 億美元是正確的數字是否正確，或者隨著時間的推移，是否會對業務進行一些再投資或 SG&A 成長？

It sounded like, Steve, from your language in the release that we're redirecting some capital in G&A spending towards strategic initiatives.

史蒂夫，從您在新聞稿中的語言來看，我們正在將一些一般管理支出資本轉向策略性舉措。

So I'm wondering if you're shifting a little more to putting more money back in into the business, and therefore the $2.1 billion isn't the right anchor point for G&A in 2018?

因此，我想知道您是否會向業務投入更多資金，因此 21 億美元並不是 2018 年 G&A 的正確定位點？

Thanks, John.

謝謝，約翰。

Couple pieces of that question.

這個問題的幾個部分。

One, I'd say we are on track certainly with our original plans through 2016, if not potentially a little bit ahead from a timing perspective.

第一，我想說的是，到 2016 年，我們肯定會按照最初的計劃走上正軌，即使從時間角度來看，可能會提前一點。

We'll give a little more update at the investor meeting in March as far as how we think about G&A through 2018, as well as going forward.

我們將在 3 月的投資者會議上提供更多有關 2018 年 G&A 以及未來發展的想法的最新資訊。

The one other piece I would say is, when we gave that target and we have not changed on this, is it's a net savings target meaning that it contemplates a reinvestment within it.

我要說的另一件事是，當我們給出該目標並且我們沒有改變這一目標時，它是一個淨儲蓄目標，這意味著它考慮在其中進行再投資。

So we're not going to say that we're saving money and then reinvesting it all so that you don't see a net reduction in G&A.

因此，我們不會說我們在省錢，然後將其全部進行再投資，這樣您就不會看到一般管理費用的淨減少。

You should expect to see a net reduction in G&A that also incorporates what we need to invest in the business in order to grow.

您應該預期會看到一般管理費用的淨減少，其中還包括我們為實現業務成長而需要投資的業務。

John, just to tag on any comments that you heard me say previously.

約翰，只是標記您之前聽到我說的任何評論。

I'm firmly of the belief that we do have sufficient resource, given the targets that Kevin outlined.

我堅信，鑑於凱文概述的目標，我們確實擁有足夠的資源。

A part of the culture that we are embracing here is to create a higher -- a heightened level of competition for those resources, if you have a limited pool of capital and that limited pool of G&A, only the best and biggest ideas get funded, so whether that's the market level or corporate level.

我們在這裡擁抱的文化的一部分是為這些資源創造更高水平的競爭，如果你的資本和管理費用有限，那麼只有最好和最大的想法才能獲得資助，所以無論是市場層面還是企業層面。

And I was on the receiving end of that when I was a managing director back in the UK, and you had to fight for your capital.

當我在英國擔任董事總經理時，我就受到了這種影響，你必須為你的資本而戰。

You had to demonstrate you could deliver better returns than the person in the market next to you, not in an antagonistic way.

你必須證明你可以比市場上你旁邊的人提供更好的回報，而不是以對抗的方式。

But it was a performance-based environment.

但這是一個基於績效的環境。

And as we have heightened accountability across our business, that's part of it.

隨著我們在整個業務中加強問責制，這就是其中的一部分。

So I think we don't see those numbers going back up again.

所以我認為我們不會看到這些數字再次回升。

I think there's sufficient resource for us to deliver the great growth that we're planning.

我認為我們有足夠的資源來實現我們計劃的巨大成長。

Next question is from Andrew Charles of Cowen.

下一個問題來自考恩的安德魯查爾斯。

Great, thank you.

太好了謝謝。

The second quarter, you made some nice strides in the refranchising initiative, but your gains were a little light relative to the average in the first three quarters of 2016.

第二季度，您在再特許經營計劃方面取得了一些不錯的進展，但與 2016 年前三個季度的平均水平相比，您的收益有點微弱。

So I was wondering can you speak to the geographic mix of stores you refranchised, what are the proceeds per store in 4Q relative to what you did in the first nine months of the year?

所以我想知道您能否談談您重新特許經營的商店的地理組合，相對於您今年前九個月的表現，第四季度每家商店的收益是多少？

Thanks.

謝謝。

Yes, Andrew.

是的，安德魯。

So the refranchising is impacted by a couple things.

因此，重新特許經營受到幾件事的影響。

One, it depends on where we're refranchising obviously, but it also depends on whether we're refranchising individual stores or potentially what I'll call entire markets, a developmental licensee.

第一，這顯然取決於我們在哪裡進行重新特許經營，但也取決於我們是對個別商店進行重新特許經營，還是可能對我所說的整個市場（即開發性被許可人）進行重新特許經營。

What you will have seen in 2015 and for a large piece of 2016 is that a lot of the refranchising would be in our markets in the foundation segment, as well as a little bit in the high-growth segment.

您將在 2015 年和 2016 年的大部分時間看到，大量的再特許經營將發生在我們的基礎市場市場中，以及少量的高成長市場。

And a couple of the markets in the international lead segment, where we're doing more of our conventional franchising.

在國際領先市場的幾個市場中，我們正在進行更多的傳統特許經營業務。

It does get impacted by the mix of stores within every country, as well as how far along each country is in their franchising journey, if you will.

如果你願意的話，它確實會受到每個國家/地區的商店組合以及每個國家/地區的特許經營歷程的影響。

So some of that have more ways to go, let's say, may get higher proceeds at the beginning as they're selling some higher-volume stores.

因此，其中一些還有更多的路要走，比如說，因為他們正在出售一些銷量較大的商店，所以一開始可能會獲得更高的收益。

As they get near the end of their refranchising, they're now selling generally lower-volume restaurants and then wouldn't have the same level of proceeds.

當他們的再特許經營接近尾聲時，他們現在出售的餐廳數量普遍較低，然後就不會獲得相同水平的收益。

So you can see relatively a swing, relative swings from quarter to quarter or from year to year, depending on the mix of which countries are actually selling the restaurants.

因此，您可以看到相對的波動，每個季度或每年的相對波動，這取決於實際銷售餐廳的國家的組合。

Next question is from Greg Frankfurt of Bank of America-Merrill Lynch.

下一個問題來自美國銀行美林公司的格雷格·法蘭克福。

Hey, guys.

大家好。

Can you talk a little bit about remodeling, particularly in the US, where you stand, the returns you are seeing on the remodeled stores and I guess how you view it?

你能談談改造，特別是在美國，你所處的位置，你在改造商店中看到的回報，我猜你是如何看待它的？

Do you view part of the investment as maintenance capital, some of it as growth capital, how do you look at that cost and return framework?

您是否將部分投資視為維持資本，部分投資視為成長資本，您如何看待該成本和回報框架？

Yes, thanks, Greg.

是的，謝謝，格雷格。

Right now, we are a little over halfway through the restaurants of being modernized in the US.

目前，美國餐廳的現代化進程已完成一半多一點。

As you know, we're certainly much farther along in most of the international countries, where we're certainly more modernized and are just now investing in the Experience of the Future aspects of it.

如您所知，我們在大多數國際國家中肯定走得更遠，我們當然更加現代化，並且現在正在投資於未來的體驗方面。

In the US, a lot of our restaurants need to have both the Experience of the Future element as well as the remodeling perspective.

在美國，我們許多餐廳既需要有未來體驗的元素，又需要有改造的視角。

In general, in the US we have seen 5% to 6% sales bumps as we remodel a restaurant or bring it up to modernized standards.

一般來說，在美國，當我們改造餐廳或使其達到現代化標準時，我們的銷售額會成長 5% 到 6%。

That's relatively consistent around the world.

這在世界範圍內相對一致。

It ranges a little bit, but I'd say the 5% to 6% sales above market is a pretty good threshold that we use.

它的範圍有點小，但我想說高於市場 5% 到 6% 的銷售額是我們使用的一個相當好的門檻。

And the US, you'll hear some more plans as we get into our March 1 investor event, but we are planning to continue to modernize the US estate over the next few years.

至於美國，當我們參加 3 月 1 日的投資者活動時，您會聽到更多計劃，但我們計劃在未來幾年繼續對美國房地產進行現代化改造。

Greg, just to add to that, Kevin's absolutely right.

格雷格，補充一點，凱文絕對是對的。

Maintenance spend is largely the responsibility of the owner operator.

維護支出主要由業主運營商負責。

So we will have maintenance spend in our small pool of MCOPCO restaurants, but fundamentally our capital investment and our co-investment is on growth initiatives.

因此，我們將在一小部分 MCOPCO 餐廳中進行維護支出，但從根本上說，我們的資本投資和共同投資都是用於成長計畫。

And that will be customer facing, either because it gives us a chance to enhance the menu or enhance the experience.

這將是面向客戶的，因為它讓我們有機會改進菜單或增強體驗。

So we're very much growth focused in how we invest directly or co-invest our capital dollars.

因此，我們非常注重如何直接投資或共同投資我們的資本來實現成長。

Next question is from Jeremy Scott of CLSA.

下一個問題來自里昂證券的傑里米·斯科特。

Good morning.

早安.

I want to talk a little about the store consolidation in the US.

我想談談美國的商店整合。

First, how many stores would you estimate are expected to come off the system over the next 3 to 5 years?

首先，您預計未來 3 到 5 年內將有多少家商店從該系統中退出？

And then just in the context of the guest count discussion, to what extent is McDonald's exposure to weakening retail trade zones impacting traffic?

然後，就客人數量討論而言，麥當勞面臨的零售貿易區疲軟對客流量的影響有多大？

Is there a new equilibrium point for store penetration in the US?

美國的商店滲透率是否有新的平衡？

So the eating out market, Jeremy, is huge.

所以傑里米，外出用餐市場是巨大的。

We see IEO as modest, very modest growth potential, but a gentle growth potential over the next handful of years.

我們認為 IEO 的成長潛力不大，但在未來幾年成長潛力會很溫和。

So that puts you into a market share fight.

這會讓你陷入市佔率之爭。

And with us still having a relatively small percentage of that overall and former eating out market, there's plenty of customers out there eating out.

由於我們在整個和以前的外出用餐市場中所佔的比例仍然相對較小，因此有很多顧客外出就餐。

We just need to fight harder, and make sure that we earn the right for more of them to turn our way.

我們只需要更加努力地戰鬥，並確保我們贏得了讓更多人轉向我們的權利。

So I believe there's guest count growth potential there if we do the right things.

因此，我相信，如果我們做正確的事情，那裡的客人數量就有成長潛力。

With regard to the new restaurants, I don't know if Kevin has any more details other than mine.

關於新開的餐廳，我不知道Kevin除了我的以外還有沒有更多的細節。

But we're typically a net growth Company.

但我們通常是一家淨成長公司。

We've had one or two years over the last decade where we have looked to address the portfolio when we've chosen to take a particular project and just deal with the tide or the locations which are no longer appropriate for us.

在過去的十年裡，我們有一兩年的時間，當我們選擇採取特定的項目時，我們會尋求解決投資組合問題，並只處理潮流或不再適合我們的地點。

But I don't see that being a contraction, frankly.

但坦白說，我不認為這是一種收縮。

Globally, certainly, you'd see several -- probably net near the 1,000 restaurants that we've been on track, I'll say.

當然，在全球範圍內，您會看到幾家餐廳——我想說，可能接近我們已經在運營的 1,000 家餐廳。

In the US, you wouldn't see a lot of growth over the next couple of years, as we'll probably focus most of our investment dollars on the Experience of the Future and remodeling as we talked about.

在美國，未來幾年你不會看到太多成長，因為我們可能會將大部分投資資金集中在我們談到的未來體驗和改造上。

Next question is from Brett Levy of Deutsche Bank.

下一個問題來自德意志銀行的布雷特‧利維。

Good morning.

早安.

Can you provide for us a little bit more updates on the technology front, specifically what you're expecting out of the US as you expand out your mobile and your mobile ordering?

您能否為我們提供更多有關技術方面的最新信息，特別是您在擴展行動裝置和行動訂購時對美國市場的期望？

And also if there's any reference points you can give us from either Scandinavia, Australia or France that provide any background for what kind of sales lifts or returns you're expecting, and how are you quantifying what's the success on it?

另外，您是否可以從斯堪的納維亞半島、澳大利亞或法國向我們提供任何參考點，為您期望的銷售提升或回報提供任何背景信息，以及您如何量化其成功程度？

Thank you.

謝謝。

Thanks, Brett.

謝謝，布雷特。

Well, the quantification is satisfied customers and growth in sales and transactions.

嗯，量化是客戶滿意度以及銷售和交易的成長。

We've got absolute hard measure expectations, because we're investing significantly in technology as are our owner operators.

我們有絕對嚴格的預期，因為我們和我們的業主經營者一樣在技術上進行了大量投資。

Just to give you some texture, here in the US, for example, where we've launched our -- the global mobile app launched here in the US.

只是為了給您一些參考，例如在美國，我們在美國推出了我們的全球行動應用程式。

We've now had 18 million downloads.

目前我們的下載量已達 1800 萬次。

We've had over 11 million of those are registered users, and the month of December 2016 saw the greatest contribution to sales via the app that we've seen yet and that has been growing month by month by month.

我們已經擁有超過 1,100 萬名註冊用戶，2016 年 12 月，該應用程式對銷售額的貢獻是我們所見過的最大的，而且這一數字還在逐月增長。

It's noticeable now, but not material.

現在很明顯，但並不重要。

So clearly, our ambition is to make that a material number.

很明顯，我們的目標是使其成為一個重要的數字。

Elsewhere around the world, we are testing different elements through technology that we can incorporate together.

在世界其他地方，我們正在透過可以整合在一起的技術來測試不同的元素。

So for example, order ahead -- order and pay, for example, whether it's through the internet or through the app.

例如，提前訂購——例如訂購和付款，無論是透過網路還是透過應用程式。

We're testing that.

我們正在測試這一點。

We're testing curbside check-in where if you pull onto the parking lot, you can actually pull up into a dedicated bay where you can just scan your order and we can bring it out to you.

我們正在測試路邊辦理登機手續，如果您將車停進停車場，您實際上可以將車停到一個專用停車位，在那裡您只需掃描您的訂單，我們就可以將其交給您。

Plus also a lot of the in-restaurant technology, maximizing the consumer benefit of the self-order kiosks.

再加上許多餐廳內技術，最大限度地提高了自助點餐機的消費者利益。

Again, you can just check your preorder and just scan it at the kiosk and sit straight down, and get your table service.

同樣，您只需檢查您的預訂單，然後在售貨亭掃描它，然後直接坐下來即可獲得餐桌服務。

And also to help support some other around the whole area of CRM and loyalty where we have a huge opportunity.

同時還可以幫助支持 CRM 和忠誠度整個領域的其他一些人，我們在這方面擁有巨大的機會。

Again, acknowledging there are others who are further ahead than us.

再次，承認還有其他人比我們走得更遠。

But this is one where you've got to get it right.

但這是你必須做對的地方。

It's better to be right than to be first to market.

正確比率先進入市場更好。

And so we're investing a lot of time and effort to best understand what resonates most with customers in terms of appreciating their business an encouraging them more often.

因此，我們投入了大量的時間和精力來最好地了解什麼最能引起客戶的共鳴，從而欣賞他們的業務並更頻繁地鼓勵他們。

But ultimately, at the moment we're focusing on the experiential side, order, pay, curbside check-in and just making that experience smoother, easier, more convenient.

但最終，目前我們關注的是體驗方面，訂單、付款、路邊辦理登機手續，只是讓體驗更順暢、更輕鬆、更方便。

And then we'll start building reward mechanisms into that over time.

然後隨著時間的推移，我們將開始建立獎勵機制。

Next question is from Jason West of Credit Suisse.

下一個問題來自瑞士信貸銀行的傑森·韋斯特。

Thanks.

謝謝。

Just one quick follow-up and then a question.

只需一個快速跟進，然後提出一個問題。

On the G&A targets, Kevin, I just wanted to confirm if that includes or excludes the movement in incentive comp that we've seen since you originally gave those targets?

關於一般行政費用目標，凱文，我只是想確認這是否包括或排除自您最初設定這些目標以來我們所看到的激勵補償的變化？

And then a bigger picture question on the March 1 meeting.

然後是關於 3 月 1 日會議的更大問題。

If you guys, I know you don't want to give details, but what's the purpose of the meeting?

如果你們的話，我知道你們不想透露細節，但這次會議的目的是什麼？

Is it just to lay out the 2017 guidance, or is there more in terms of longer-term targets and things like that you're going to be discussing at that meeting?

只是為了製定 2017 年指導方針，還是有更多長期目標以及您將在該會議上討論的類似內容？

Thanks.

謝謝。

Thanks, Jason.

謝謝，傑森。

Let me start with the G&A.

讓我從一般行政費用開始。

Just to give perspective, as most companies do, total incentive comp is higher or lower in any given year depending on the company performance.

只是為了提供一個視角，正如大多數公司所做的那樣，在任何一年中，總激勵薪酬會更高或更低，具體取決於公司表現。

So you'll see in our earnings release, we split out incentive comp so you could see that phenomenon, if you will.

所以你會在我們的收益報告中看到，我們將激勵補償分開，這樣你就可以看到這種現象，如果你願意的話。

And you'll see that in 2015, we incurred a little over $300 million of incentive comp.

您將看到，2015 年，我們的激勵補償金額略高於 3 億美元。

That's was at below target performance for us.

這低於我們的目標績效。

In 2016, you'll see that we have a little over $400 million of incentive comp and that was significantly above target performance for us.

2016 年，您會看到我們的激勵薪酬略高於 4 億美元，這大大高於我們的目標績效。

So certainly depending on our performance in a year, and that's generally operating income growth and EPS growth, that line could swing from one year to the next.

因此，當然取決於我們一年的業績，通常是營業收入成長和每股收益成長，這條線可能會從一年到下一年擺動。

Having said that, a couple points I want to make.

話雖如此，我想提出幾點。

One is, going into 2017, and as you would imagine, we reset that number to 100% as we go in to plan every year, not knowing where we'll end up obviously.

一是，進入 2017 年，正如您所想像的那樣，我們在每年制定計劃時都會將該數字重置為 100%，但顯然不知道我們最終會在哪裡。

As we go into 2017, so I mentioned that in 2015, we had over $300 million and that was at below target performance.

當我們進入 2017 年時，我提到 2015 年我們的收入超過 3 億美元，但低於目標績效。

Going into 2017, our plan at 100% total incentive comp will be less than $300 million.

進入 2017 年，我們的 100% 總激勵補償計畫將低於 3 億美元。

So we're saving some incentive comp on our base plan because we have less people obviously.

因此，我們在基本計劃上節省了一些激勵補償，因為我們的人員明顯減少了。

Second, the other thing I just want to make sure that everyone is focused on is our focus is really on growing operating margin.

其次，我想確保每個人都關注的另一件事是我們的重點實際上是提高營業利潤率。

And that, while we are focused on saving G&A and making sure we're efficient, I'm not 100% certain that everyone in the industry classifies all the costs exactly in the same line item within a P&L.

而且，雖然我們專注於節省一般行政費用並確保我們的效率，但我不能 100% 確定行業中的每個人都將所有成本完全分類在損益表中的同一行項目中。

And so we're focused on operating margin because that's the bottom line of how efficient are you at bringing your total revenues down to the bottom line.

因此，我們關注營業利潤率，因為這是您將總收入降至底線的效率的底線。

So just wanted to make those few points related to the G&A.

所以只想提出與一般及行政費用相關的幾點。

And then the operating margin, as I mentioned, we grew that substantially in 2016 from 28.1% to 31.5%.

然後，正如我所提到的，營業利潤率在 2016 年大幅成長，從 28.1% 成長到 31.5%。

Related to the March 1 investor event, there will be a few components of it.

與 3 月 1 日的投資者活動相關，其中有幾個組成部分。

One, we will talk about 2017 guidance.

第一，我們將討論 2017 年指導。

As Chris mentioned, we normally have an outlook section that gives you 2017 guidance in there.

正如 Chris 所提到的，我們通常有一個展望部分，為您提供 2017 年的指導。

We didn't have that in there this time because we thought we could give you half of the story without all the context.

這次我們沒有在那裡，因為我們認為我們可以在沒有所有背景的情況下向您提供故事的一半。

So it would be easier to do this all a at once on March 1. And so part of it will be 2017 outlook, if you will.

因此，在 3 月 1 日一次性完成這一切會更容易。

But it will also be talking about our longer-term strategies and long-term financial targets, and how we expect to get there.

但它也將討論我們的長期策略和長期財務目標，以及我們期望如何實現這些目標。

And so that's where a chunk of the time will be spent on March 1 at that investor event.

因此，3 月 1 日的投資者活動將花費大量時間。

Jason, just to add to that.

傑森，補充一下。

We're confident and we're excited about where we've got the business to over the last two years, and we're certainly confident and excited about the plans we've had.

我們對過去兩年的業務發展充滿信心和興奮，我們對我們所製定的計劃也充滿信心和興奮。

Just to be clear, we are planning growth, like for like growth in every major market around the world in 2017 and beyond.

需要明確的是，我們正在計劃成長，就像 2017 年及以後全球每個主要市場的成長一樣。

And we want to share the other -- find the best way that we can share that excitement and build the credibility and the confidence in the -- that you can match our confidence and excitement.

我們希望分享另一個 - 找到我們可以分享這種興奮並建立信譽和信心的最佳方式 - 您可以與我們的信心和興奮相匹配。

So rather than just listen to a plan, we thought it would be fun to have you to actually experience the plan.

因此，我們認為讓您實際體驗該計劃會很有趣，而不是僅僅聆聽計劃。

So this will be certainly some content, some meaningful content on the day, but also this will be an experiential day for you as well.

所以這肯定會是一些內容，一些有意義的內容，但這對你來說也將是一個體驗性的一天。

So we can take people through some of the components that we believe are customer driven, will drive that guest count growth we talk about, drive business growth, drive profitability.

因此，我們可以引導人們了解一些我們認為是客戶驅動的組件，這些組件將推動我們談論的賓客數量增長，推動業務增長，提高盈利能力。

But it will be a varied and fun day and something somewhat unique I think at investor day.

但這將是一個豐富多彩、有趣的一天，我認為在投資者日上會有一些獨特的東西。

So looking forward to it a lot.

所以非常期待。

We are near the top of the hour.

我們已經接近正點了。

So I will turn it over to Steve who has a few closing comments.

所以我將把它交給史蒂夫，他有一些結束語。

Thank you, Chris.

謝謝你，克里斯。

And given that this is Chris' last earnings call with McDonald's, I'd like to take a moment to personally acknowledge Chris and the significant role he has played, not only in building and leading a first class IR team, but also the trusted advisor to Kevin and me.

鑑於這是克里斯與麥當勞的最後一次財報電話會議，我想花點時間親自感謝克里斯以及他所發揮的重要作用，不僅在建立和領導一流的投資者關係團隊方面，而且還是值得信賴的顧問給凱文和我。

On half of everyone at McDonald's [between these words and Kosher] over the years, Chris, thank you very much.

多年來，麥當勞（在這些話和猶太潔食之間）一半的人，克里斯，非常感謝你。

We wish you all the best in your new endeavors.

我們祝福您在新的努力中一切順利。

And again, thanks to everyone else for joining us this morning.

再次感謝大家今天早上加入我們。

So in closing, I want to re-emphasize how encouraged I am by the progress we've made.

最後，我想再次強調我們所取得的進展讓我深受鼓舞。

2016 was a year of purposeful change.

2016 年是有目的的變革的一年。

We've built the foundation that's enabling us to transition from turnaround to longer-term growth.

我們已經奠定了基礎，使我們能夠從扭虧為盈轉向長期成長。

We remain focused on the basics of running great restaurants, whilst at the same time driving operating growth, building brand excitement and enhancing financial value.

我們仍專注於經營優秀餐廳的基礎知識，同時推動經營成長、建立品牌興奮度並提高財務價值。

As a result, we're now in a position to prioritize initiatives that will further strengthen our business.

因此，我們現在能夠優先考慮進一步加強我們業務的措施。

We look forward to talking more about our plans in March.

我們期待在三月更多地討論我們的計劃。

As we step up and lead in 2017, I'm energized about the opportunities ahead and eager to continue our journey to serve McDonald's as the global leader of the IEO industry.

當我們在 2017 年奮力前進並發揮領導作用時，我對未來的機會充滿信心，並渴望繼續我們的旅程，為麥當勞提供服務，成為 IEO 行業的全球領導者。

Thanks to all of you and have a great day.

謝謝大家，祝您有美好的一天。

This concludes McDonald's Corporation investor conference call.

麥當勞公司投資者電話會議到此結束。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。