麥當勞 (MCD) 2017 Q4 法說會逐字稿

Hello, and welcome to McDonald's January 30, 2018 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Mr. Mike Flores, Investor Relations Officer for McDonald's Corporation. Mr. Flores, you may begin.

您好，歡迎來到麥當勞 2018 年 1 月 30 日的投資者電話會議。應麥當勞公司的要求，本次會議正在錄製中。 （操作員說明）我現在想將會議轉交給麥當勞公司的投資者關係官 Mike Flores 先生。弗洛雷斯先生，您可以開始了。

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

大家好，感謝您加入我們。今天與我通話的是總裁兼首席執行官史蒂夫·伊斯特布魯克；和首席財務官凱文·奧贊。

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絡直播，並通過網絡直播進行錄製以供重播。

Now 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 today. Both documents are available on investor.mcdonalds.com, as are any reconciliations of non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures.

現在在我把它交給史蒂夫之前，我想提醒大家，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的評論。這兩份文件都可以在investor.mcdonalds.com 上找到，今天電話會議中提到的非GAAP 財務指標與其相應的GAAP 指標的任何對賬也是如此。

And now I'd like to turn it over to Steve.

現在我想把它交給史蒂夫。

Thanks, Mike. Good morning, everyone. 2017 was a very strong year of performance for McDonald's. Our results demonstrate we successfully completed the transition from turnaround to growth. Our momentum is broad based across the McDonald's System. We have strong leadership teams in place, a business that's fit for purpose and growth platforms underpinning our strategy that resonates with customers in markets around the world.

謝謝，邁克。大家，早安。 2017 年是麥當勞業績非常強勁的一年。我們的結果表明，我們成功地完成了從轉機到增長的轉變。我們的勢頭在整個麥當勞系統中都是廣泛的。我們擁有強大的領導團隊、適合目標的業務和支持我們戰略的增長平台，該戰略與全球市場的客戶產生共鳴。

Our top priority in 2017 was serving more customers more often, and we did. We grew guest counts by 1.5% in the fourth quarter and 1.9% for the full year, with all business segments positive. This was our first full year of positive comparable guest count growth since 2012.

我們在 2017 年的首要任務是更頻繁地為更多客戶提供服務，我們做到了。我們第四季度的客人數量增長了 1.5%，全年增長了 1.9%，所有業務部門都是積極的。這是我們自 2012 年以來第一個全年可比客人人數正增長。

Comparable sales for the quarter grew 5.5%, marking our 10th consecutive quarter of growth. Full year comparable sales increased 5.3%, our best performance in 6 years. We made significant advances with our franchising strategy in 2017, culminating with our largest developmental licensee transaction, China, and we reached our target of refranchising 4,000 restaurants a year ahead of schedule.

本季度可比銷售額增長 5.5%，這是我們連續第 10 個季度實現增長。全年可比銷售額增長 5.3%，是我們 6 年來的最佳表現。 2017 年，我們的特許經營戰略取得了重大進展，最終實現了我們最大的發展許可交易中國，我們提前實現了每年重新特許經營 4,000 家餐廳的目標。

Customers tell us that we are noticeably enhancing their McDonald's experience by being more attentive to their needs and serving hotter and fresher food. Overall customer satisfaction survey scores continued to improve in 2017, with most markets achieving gains across multiple elements of brand perception, particularly friendly service and taste and quality of food. As a result, 6 of our top 8 markets grew market share, with the U.K., Canada and Japan leading the way.

客戶告訴我們，我們通過更加關注他們的需求並提供更熱更新鮮的食物，顯著提升了他們在麥當勞的體驗。 2017 年，總體客戶滿意度調查得分繼續提高，大多數市場在品牌認知的多個要素上都取得了進步，特別是友好的服務以及食品的口味和質量。因此，我們的前 8 個市場中有 6 個市場份額增加，其中英國、加拿大和日本處於領先地位。

We are pleased with our progress but certainly not satisfied. There is more potential in the marketplace and in our plan, and we are leveraging our considerable size and scale to unlock it. We are sharper and more focused in the way we organize, think and act, and we are confident in our ability to execute with excellence to drive sustainable, long-term growth.

我們對我們的進步感到高興，但肯定不滿意。市場和我們的計劃中有更多潛力，我們正在利用我們相當大的規模和規模來釋放它。我們在組織、思考和行動的方式上更加敏銳和專注，並且我們對我們的卓越執行能力充滿信心，以推動可持續的長期增長。

Kevin will walk you through more details about our financial performance in the fourth quarter and the full year.

凱文將向您詳細介紹我們第四季度和全年的財務業績。

Thanks, Steve. By all measures, our strong performance in 2017 shows that we have momentum, enabling us to drive our business, innovate and invest in our growth so we can compete effectively in today's global marketplace.

謝謝，史蒂夫。從各方面來看，我們在 2017 年的強勁表現表明我們擁有動力，使我們能夠推動業務、創新和投資於我們的增長，以便我們能夠在當今的全球市場上有效競爭。

Our comp sales performance is a significant achievement in a soft global IEO market and on top of strong prior year results. Comp sales and guest counts were positive across all of our operating segments, with overall results driven by strong performances in the U.S., the U.K., Japan, Canada and China.

在疲軟的全球 IEO 市場和去年強勁的業績之上，我們的銷售業績是一項重大成就。我們所有運營部門的銷售額和客人數量均呈正增長，整體業績受到美國、英國、日本、加拿大和中國的強勁表現的推動。

U.S. comp sales increased 4.5% for the quarter compared with the rest of the QSR sandwich competitor set, which was relatively flat.

與 QSR 三明治競爭對手的其他產品相比，本季度美國的複合銷售額增長了 4.5%，後者相對持平。

Comp sales for the International Lead segment rose 6% with positive results throughout the segment.

International Lead 部門的 Comp 銷售額增長了 6%，整個部門都取得了積極的成果。

High Growth comp sales increased 4%, led by China's strong performance along with positive results across the segment's European markets, partly offset by some near-term challenges in South Korea.

高增長複合銷售額增長了 4%，這得益於中國的強勁表現以及該部門歐洲市場的積極成果，部分被韓國的一些近期挑戰所抵消。

In Foundational Markets, comps were up 8%. In addition to Japan's strong performance, comps were positive in each of the segment's geographic regions.

在基礎市場，comps 上漲了 8%。除了日本的強勁表現外，該細分市場的每個地理區域的業績都是積極的。

I also want to mention that starting with fourth quarter 2017, comparable sales in our Foundational segment and on a consolidated basis have been adjusted to exclude the impact of Venezuela due to its hyper-inflationary status and the significant impact it had on the fourth quarter. We recasted comp sales for the first 3 quarters of 2017 to exclude Venezuela and reflected those in the earnings release to provide comparable amounts.

我還想提一下，從 2017 年第四季度開始，我們基礎部門和合併基礎上的可比銷售額已被調整，以排除委內瑞拉由於其惡性通貨膨脹狀況及其對第四季度的重大影響而產生的影響。我們重新計算了 2017 年前 3 個季度的銷售額以排除委內瑞拉，並將其反映在收益發布中以提供可比金額。

As we move into 2018, we will continue to direct our efforts and resources towards driving the convenience and menu innovation that will help maintain this top line momentum.

隨著我們進入 2018 年，我們將繼續將我們的努力和資源用於推動便利和菜單創新，這將有助於保持這一頂線勢頭。

On a reported basis, earnings per share for the quarter declined 40% to $0.87. These results include a onetime net tax cost of approximately $700 million for the impact of U.S. tax reform. The $700 million net costs consist of $1.2 billion of costs for the deemed repatriation of our undistributed foreign earnings, partly offset by a benefit of $500 million for the revaluation of our deferred tax assets and liabilities to the lower U.S. tax rates.

據報導，本季度每股收益下降 40% 至 0.87 美元。這些結果包括由於美國稅制改革的影響而產生的約 7 億美元的一次性淨稅收成本。 7 億美元的淨成本包括 12 億美元的視為匯回我們未分配的外國收入的成本，部分被我們的遞延所得稅資產和負債重估以適應較低的美國稅率的 5 億美元的收益所抵消。

Excluding the impact of tax reform, diluted earnings per share increased 19% to $1.71, reflecting strong comp sales, G&A savings, a reversal of a tax valuation allowance in Japan and a 27% tax rate. This tax rate was lower than expected because of tax law changes in some countries outside the U.S. in the fourth quarter.

剔除稅制改革的影響，攤薄後每股收益增長 19% 至 1.71 美元，這反映了強勁的複合銷售額、G&A 節省、日本稅收估值津貼的逆轉和 27% 的稅率。由於第四季度美國以外的一些國家/地區的稅法發生變化，該稅率低於預期。

We ended 2017 with franchised restaurants representing 92% of our total restaurant base, up from 81% 3 years ago. As a result, franchise margins now comprise more than 80% of our total restaurant margin dollars. For the fourth quarter, franchise margin dollars increased across all segments, reflecting sales-driven performance and the shift to a more heavily franchised system.

到 2017 年底，我們的特許經營餐廳占我們餐廳總數的 92%，高於 3 年前的 81%。因此，特許經營利潤率現在占我們餐廳總利潤率的 80% 以上。第四季度，所有細分市場的特許經營利潤率均有所增加，這反映了銷售驅動的業績以及向特許經營系統的轉變。

The franchise margin percent in the U.S. remained flat due to higher depreciation costs related to our rollout of Experience of the Future.

由於與我們推出“未來體驗”相關的折舊成本增加，美國的特許經營利潤率百分比保持不變。

Our company-operated restaurant base now consists of a little over 3,000 locations spread across the U.S., International Lead and High Growth segments. The U.S. and International Lead markets account for about 75% of the company-operated margin dollars. For fourth quarter, consolidated company-operated margins improved 40 basis points, primarily due to our refranchising efforts. Company-operated margins in the U.S. declined 150 basis points due to higher labor costs, which reflected both wage pressures and our continued investments in deployment of our key initiatives, along with higher commodity costs.

我們公司經營的餐廳基地現在由分佈在美國、國際領先和高增長領域的 3,000 多個地點組成。美國和國際鉛市場約占公司運營保證金的 75%。第四季度，合併後的公司經營利潤率提高了 40 個基點，這主要歸功於我們的重新特許經營工作。由於勞動力成本上升，美國公司經營的利潤率下降了 150 個基點，這既反映了工資壓力，也反映了我們對部署關鍵計劃的持續投資，以及商品成本上升。

Commodity costs in the U.S. for the fourth quarter were up a little over 1.5% versus last year while our full year U.S. grocery basket increased 60 basis points.

美國第四季度的商品成本與去年相比上漲了 1.5% 以上，而我們全年的美國雜貨籃子增加了 60 個基點。

In terms of menu pricing, our fourth quarter pricing was up 3% year-over-year, which was above food-away-from-home inflation of 2.5%.

在菜單定價方面，我們第四季度的定價同比上漲 3%，高於 2.5% 的外賣食品通脹率。

The menu price increases we took in the fourth quarter were part of a broader strategic pricing reset of the menu board, ahead of the launch of our $1, $2, $3 menu in early January.

在 1 月初推出 1 美元、2 美元、3 美元菜單之前，我們在第四季度採取的菜單價格上漲是菜單板更廣泛的戰略定價重置的一部分。

By the end of the first quarter this year, we expect our pricing to be back below food-away-from-home inflation.

到今年第一季度末，我們預計我們的定價將低於外賣食品通脹。

For the International Lead markets, commodity costs were up about 3% for the fourth quarter and 2% for the year, with menu prices up about 2% year-over-year. G&A for the year was down 7% in constant currencies, in line with the guidance we provided at the start of the year. I'll put these savings into perspective relative to our G&A savings target in a few minutes when I review our updated outlook for 2018.

對於國際鉛市場，第四季度商品成本上漲約 3%，全年上漲 2%，菜單價格同比上漲約 2%。按照我們在年初提供的指導，按固定匯率計算，今年的 G&A 下降了 7%。幾分鐘後，當我回顧我們更新的 2018 年展望時，我將把這些節省與我們的 G&A 節省目標進行比較。

Finally, other operating income increased nearly $60 million for the quarter, primarily due to the onetime reversal of the valuation allowance in Japan that I mentioned earlier.

最後，本季度其他營業收入增加了近 6000 萬美元，這主要是由於我之前提到的日本估值津貼的一次性逆轉。

Thanks, Kevin. As our results demonstrate, McDonald's is much more agile and able to move at the pace needed to address the needs of today's customers.

謝謝，凱文。正如我們的結果所表明的那樣，麥當勞更加靈活，能夠以滿足當今客戶需求所需的速度發展。

With the introduction of our Velocity Growth Plan last March, we aligned and mobilized the McDonald's System. We began acting on it straight away, and by the end of the year, we made substantial progress in the eyes of our customers.

隨著我們去年 3 月推出的速度增長計劃，我們調整併動員了麥當勞系統。我們立即開始行動，到年底，我們在客戶眼中取得了實質性進展。

We are serving more customers as we retain those most loyal to our brand, regain visits from those who have been coming less often and convert our casual to committed customers.

我們正在為更多的客戶提供服務，因為我們保留了那些對我們品牌最忠誠的人，重新獲得那些不常光顧的人的訪問，並將我們的休閒客戶轉變為忠誠的客戶。

We've grown sales across the full breadth of our menu with great-tasting value offerings, delicious core selections, such as our Big Mac, and exciting premium sandwiches with a wide range of flavor profiles.

我們通過美味超值的產品、美味的核心選擇（例如我們的巨無霸）和令人興奮的優質三明治以及各種口味的配置，在整個菜單範圍內實現了銷售增長。

With relevant menu choices for our most price-sensitive customers, we have strengthened consumer perceptions of McDonald's as a place to find a tasty and affordable meal. Across the system, our markets have increased the range and appeal of our food and meal bundles offered every day at compelling price points.

通過為我們對價格最敏感的客戶提供相關菜單選擇，我們加強了消費者對麥當勞作為尋找美味和負擔得起的餐點的地方的看法。在整個系統中，我們的市場增加了我們每天以極具吸引力的價格提供的食品和膳食套餐的範圍和吸引力。

Petit Plaisir in France offers premium quality and a very affordable portion size. The Saver Menu in the U.K. and Value Picks in Canada provide a range of affordable food for snacking and add-ons. In the U.S., McPick 2 for $5 combined with $1 any size fountain beverages provides customers the opportunity to bundle and share, which drove incremental visits and average check in the quarter.

法國的 Petit Plaisir 提供優質和非常實惠的份量。英國的 Saver Menu 和加拿大的 Value Picks 提供一系列價格實惠的零食和附加食品。在美國，5 美元的 McPick 2 和 1 美元的任意大小的噴泉飲料為客戶提供了捆綁和分享的機會，這推動了該季度的增加訪問量和平均檢查。

Programs like McPick 2 for $5 and Germany's Taste of McDonald's featuring rotating core selections for EUR 1.99 not only appeal to the price-conscious consumer and drive incremental traffic, they reintroduce customers to the great-taste and quality of the food at the core of our menu.

像 5 美元的 McPick 2 和以 1.99 歐元為特色的德國 Taste of McDonald's 的旋轉核心選擇不僅吸引了對價格敏感的消費者並增加了流量，它們重新向客戶介紹了我們核心食物的美味和質量。菜單。

Across the McDonald's System, we've increased support and excitement via iconic food customers identify with our brands: the Egg McMuffin, the Quarter Pounder with Cheese, Chicken McNuggets, french fries and, of course, our world-famous Big Mac, which is celebrating its 50th anniversary this year. We have reaffirmed that customers still crave this food and the core of our menu still drives growth.

在整個麥當勞系統中，我們通過標誌性食品客戶對我們品牌的認同感增加了支持和興奮：Egg McMuffin、Quarter Pounder with Cheese、Chicken McNuggets、炸薯條，當然還有我們舉世聞名的巨無霸，今年慶祝其成立 50 週年。我們重申，客戶仍然渴望這種食物，我們菜單的核心仍然推動增長。

Maintaining greater strength in our core menu platform has allowed us to venture further into exciting and compelling new offerings, such as All Day Breakfast, which is satisfying customers and driving growth for McDonald's in the U.S., Australia and Canada. We also recently launched Buttermilk Crispy Tenders in the U.S., which contributed in a meaningful way to our sales performance for the quarter.

在我們的核心菜單平台上保持更大的實力使我們能夠進一步冒險開發令人興奮和引人注目的新產品，例如全天早餐，它滿足了客戶並推動了麥當勞在美國、澳大利亞和加拿大的增長。我們最近還在美國推出了 Buttermilk Crispy Tenders，這對我們本季度的銷售業績做出了有意義的貢獻。

Markets that have already modernized their restaurants now have the capacity and credibility to offer more premium beef and chicken sandwiches, such the Signature Collection in the U.K. and Seriously Chicken in Canada, which are driving brand perception scores higher and profitable top line growth.

已經對其餐廳進行了現代化改造的市場現在有能力和信譽提供更多優質牛肉和雞肉三明治，例如英國的 Signature Collection 和加拿大的 Seriously Chicken，它們正在推動品牌認知度得分更高和利潤增長。

To make it even easier for our customers to access our great-tasting food, we're providing them with greater flexibility and choice in how they order, pay and are served their food. In 2017, we went from piloting delivery with UberEATS in 200 restaurants in Miami, Tampa and Orlando to offering our customers the convenience of great McDonald's food delivered from 7,000 more restaurants in 21 different countries around the world.

為了讓我們的客戶更容易獲得我們美味的食物，我們為他們提供了更大的靈活性和更多的選擇，讓他們可以訂購、支付和享用食物。 2017 年，我們從在邁阿密、坦帕和奧蘭多的 200 家餐廳試點使用 UberEATS 送貨，到為我們的客戶提供便利，從全球 21 個不同國家的 7,000 多家餐廳提供優質的麥當勞食品。

With our markets in Asia and the Middle East, where we've offered delivery for many years, we are now delivering meals from over 10,000 restaurants, more than 1/4 of the system's restaurants.

多年來，我們在亞洲和中東市場提供外賣服務，現在我們從 10,000 多家餐廳提供餐點，佔系統餐廳的 1/4 以上。

Delivery orders tend to surpass average check size by 1.5x to 2x. And with high customer satisfaction, we are seeing solid repeat business from those who try it. During the fourth quarter, delivery gained traction and emerged as a meaningful contributor to our comparable sales in several of our largest markets.

交付訂單往往超過平均支票大小 1.5 倍至 2 倍。並且由於客戶滿意度很高，我們從那些嘗試過的人那裡看到了穩固的回頭客。在第四季度，交付獲得了牽引力，並成為我們在幾個最大市場的可比銷售額的重要貢獻者。

In many of our markets, we've scaled the Experience of the Future platform, providing our customers a more seamless, personalized and enjoyable experience with additional menu boards, self-order kiosks, greater hospitality and a modernized look. They're telling us they like the new McDonald's better. They're rewarding us with more frequent visits and they're spending more on average when they do. We have deployed Experience of the Future, or EOTF, in about 1/3 of the restaurants in the McDonald's System, including nearly 3,000 restaurants in the U.S.

在我們的許多市場中，我們已經擴展了未來體驗平台，通過額外的菜單板、自助點餐亭、更好的款待和現代化的外觀，為我們的客戶提供更加無縫、個性化和愉快的體驗。他們告訴我們他們更喜歡新的麥當勞。他們通過更頻繁的訪問來獎勵我們，而且他們平均花費更多。我們在麥當勞系統中約 1/3 的餐廳部署了未來體驗 (EOTF)，其中包括美國近 3,000 家餐廳。

Customers increasingly expect to engage with brands via apps on their mobile phones. And in the U.S. alone, we now have over 20 million registered users of the McDonald's mobile app. We are well positioned to capitalize on that user base, ending 2017 with 20,000 restaurants around the world offering mobile order and pay. I'm proud of our team's work as we achieved that milestone from a standing start in just over 10 months.

客戶越來越希望通過手機上的應用程序與品牌互動。僅在美國，我們現在就有超過 2000 萬麥當勞移動應用程序的註冊用戶。我們已做好充分利用該用戶群的準備，截至 2017 年底，全球有 20,000 家餐廳提供移動訂單和支付服務。我為我們團隊的工作感到自豪，因為我們在 10 多個月內從一開始就實現了這一里程碑。

While still very early with customer usage, we're encouraged by digital orders as we're seeing higher average check size and greater customer satisfaction among customers. In particular, many customers are appreciating the added convenience of curbside pickup.

雖然客戶使用還很早，但我們對數字訂單感到鼓舞，因為我們看到更高的平均支票大小和更高的客戶滿意度。特別是，許多客戶正在欣賞路邊取貨帶來的額外便利。

Now as we're starting 2018, our focus is on executing our Velocity Growth Plan. We will continue to provide customers an improved experience and greater choice in how they order, pay and are served their food. We have opportunities in 2018 to raise consumer awareness of the enhanced convenience available with delivery and mobile order and pay. In the coming months, we'll initiate marketing campaigns that encourage more customers to enjoy these expanded options to engage with McDonald's. And as we do, we're optimistic this will contribute to the momentum of our business.

現在我們開始 2018 年，我們的重點是執行我們的速度增長計劃。我們將繼續為客戶提供更好的體驗，並在他們如何訂購、支付和提供食物方面提供更多選擇。我們有機會在 2018 年提高消費者對交付和移動訂單和支付所提供的增強便利性的認識。在接下來的幾個月裡，我們將發起營銷活動，鼓勵更多的顧客享受這些擴展的選項來與麥當勞互動。正如我們所做的那樣，我們樂觀地認為這將有助於我們業務的發展勢頭。

With nearly 37,000 restaurants in 120 countries, McDonald's has a distinct scale advantage and significant potential. Over the course of 2017, Kevin and I visited markets throughout the United States and around the world. We could see firsthand how our local chains are leveraging the benefits of being part of the larger McDonald's System and delivering on that in ways that matter most to the customers in their communities.

麥當勞在 120 個國家擁有近 37,000 家餐廳，具有明顯的規模優勢和巨大的潛力。在 2017 年期間，我和凱文訪問了美國和世界各地的市場。我們可以親眼目睹我們的本地連鎖店如何利用成為更大的麥當勞系統的一部分的好處，並以對社區客戶最重要的方式提供這些好處。

The contemporary decor and well-trained crew members we saw in markets such as the U.K., Canada and Poland demonstrate how successful we've been in enhancing the overall customer experience in our modernized restaurants. When customers have a better experience, perceptions of our brand improve, sales increase and guest counts grow.

我們在英國、加拿大和波蘭等市場看到的現代裝飾和訓練有素的工作人員展示了我們在提升現代化餐廳的整體客戶體驗方面取得的成功。當客戶擁有更好的體驗時，對我們品牌的認知度會提高，銷售額會增加，客人數量也會增加。

In Italy, we saw the results of our strong focus on operational excellence. Customers appreciate the quick, friendly service and great-tasting food they receive, which has dramatically changed the trajectory of our business in that market. With this accelerated growth, Italy enjoyed its best year of sales since 2006.

在意大利，我們看到了我們對卓越運營的高度關注所取得的成果。客戶喜歡他們收到的快捷、友好的服務和美味的食物，這極大地改變了我們在該市場的業務軌跡。隨著這種加速增長，意大利迎來了自 2006 年以來銷量最好的一年。

France has been the system leader in the development and evolution of self-order kiosks as a customer convenience and solution for bottlenecks during high-volume periods. During our visit last fall, we saw how our French team has led in hospitality and table service across the market to further elevate the customer experience and open up capacity. Service innovations like these, on top of their menu and value platforms, have helped the market achieve an all-time high in market share.

法國一直是自助售貨亭開發和演變的系統領導者，它為客戶提供便利和解決高容量期間的瓶頸問題。在我們去年秋天的訪問中，我們看到了我們的法國團隊如何引領整個市場的酒店和餐桌服務，以進一步提升客戶體驗和開放能力。像這樣的服務創新，在他們的菜單和價值平台之上，幫助市場取得了空前的市場份額。

Restaurant employees in São Paulo and Buenos Aires demonstrate an outstanding commitment to hospitality. While visiting with them last fall, I experienced firsthand the passion and energy of our crew and managers as they embraced [cultura de serviço]. Their innovative program creating a new service-focused culture is making real meaningful difference for customers.

聖保羅和布宜諾斯艾利斯的餐廳員工表現出對熱情好客的傑出承諾。去年秋天拜訪他們時，我親身體驗了我們的工作人員和管理人員在接受 [cultura de serviço] 時的熱情和活力。他們的創新計劃創造了一種以服務為中心的新文化，正在為客戶帶來真正有意義的改變。

The confidence we have in the business continues to grow and I can say that our franchisees share our optimism. Buoyed by this confidence and the benefits that the franchisees and the company will receive as a result of U.S. tax reform, we are further accelerating our investment in Experience of the Future in the U.S. We will bring EOTF to nearly 4,000 additional U.S. restaurants in 2018, resulting in about half of our U.S. restaurants being completed by the end of this year. This is no small feat. While our franchisees are confident about our plan for the future, they also acknowledge this is a major undertaking that will require significant investment of time, focus and leadership to execute well.

我們對業務的信心繼續增長，我可以說我們的加盟商和我們一樣樂觀。受到這種信心以及特許經營商和公司將因美國稅制改革而獲得的利益的鼓舞，我們正在進一步加快在美國對未來體驗的投資。我們將在 2018 年將 EOTF 引入近 4,000 家額外的美國餐廳，導致我們大約一半的美國餐廳在今年年底前完工。這是一個不小的壯舉。雖然我們的加盟商對我們的未來計劃充滿信心，但他們也承認這是一項重大任務，需要投入大量時間、精力和領導力才能順利執行。

And clearly, it will require a significant financial investment, too. Between the company and our franchisees, over the next 2 years, we will invest approximately $6 billion to transform the U.S. business. The impact will extend beyond the new equipment and decor we're bringing to the restaurants. This is an investment in our local communities and the benefit of these projects will extend to construction crews and suppliers. We also will continue demonstrating our commitment to our people as we look at enhancing the training and development opportunities now offered through our Archways to Opportunity program.

顯然，這也需要大量的金融投資。在公司和我們的特許經營商之間，在未來 2 年內，我們將投資約 60 億美元來改造美國業務。影響將超出我們為餐廳帶來的新設備和裝飾。這是對我們當地社區的投資，這些項目的好處將延伸到施工人員和供應商。我們還將繼續展示我們對員工的承諾，因為我們著眼於加強現在通過我們的 Archways to Opportunity 計劃提供的培訓和發展機會。

We're doing all of this in partnership with our owner/operators with confidence and a firm commitment that the payoff will be a better, stronger McDonald's delivering a vastly improved customer experience and sustained profitable growth.

我們正在與我們的所有者/運營商合作完成所有這一切，充滿信心並堅定地承諾，回報將是一個更好、更強大的麥當勞，提供大大改善的客戶體驗和持續的盈利增長。

Now Kevin will share additional details about our outlook for 2018.

現在凱文將分享我們對 2018 年展望的更多細節。

With the progress we made in 2017, our business is strong heading into 2018.

隨著我們在 2017 年取得的進展，我們的業務在進入 2018 年時表現強勁。

Over the last few quarters, I've been messaging that our 2018 results will be choppy due to the refranchising of several markets in 2017 and the $100 million of depreciation benefit in China and Hong Kong in 2017 associated with the refranchising of those markets.

在過去的幾個季度裡，我一直在傳遞信息，由於 2017 年幾個市場的重新特許經營以及 2017 年中國和香港與這些市場重新特許經營相關的 1 億美元的折舊收益，我們 2018 年的業績將不穩定。

Looking forward, we expect 2018 results to be even a little more choppy, with U.S. tax reform and a new revenue recognition accounting standard that went into effect January 1 this year.

展望未來，隨著美國稅制改革和新的收入確認會計準則於今年 1 月 1 日生效，我們預計 2018 年的業績會更加波動。

On revenue recognition, while the new accounting standard will have no impact on our cash flows, the change will affect the way we recognize revenue for initial franchise fees that we receive for new restaurant openings and new franchise terms.

在收入確認方面，雖然新會計準則對我們的現金流量沒有影響，但這一變化將影響我們確認新餐廳開業和新特許經營條款收到的初始特許經營費收入的方式。

Previously, we recognized initial franchise fees when we received them, upon opening a new restaurant or granting a new franchise term. Beginning in 2018, we'll recognize that income over the life of the franchise term.

以前，我們在收到初始特許經營費、開設新餐廳或授予新特許經營期限時確認。從 2018 年開始，我們將在特許經營期限內確認該收入。

For this year, we expect this change to have a negative impact of about $50 million on our consolidated franchise revenues and franchise margins.

今年，我們預計這一變化將對我們的綜合特許經營收入和特許經營利潤率產生約 5000 萬美元的負面影響。

I talked about the impact of U.S. tax reform on our 2017 results, and I'll spend a couple of minutes walking through how we expect this will impact the business going forward. All of this is based on available information and our current estimates, which we know could change as further clarification is provided and our analyses are finalized.

我談到了美國稅制改革對我們 2017 年業績的影響，我將花幾分鐘時間了解我們預計這將如何影響未來的業務。所有這些都是基於可用信息和我們目前的估計，我們知道隨著進一步澄清和我們的分析最終確定，這些估計可能會發生變化。

From an earnings standpoint, we expect our effective tax rate for 2018 to be 25% to 27%, down from our historical range of 31% to 33%. Our global blended rate will be higher than the new U.S. rate due to taxes that we pay outside of the U.S., which currently average close to 30%.

從收益的角度來看，我們預計 2018 年的有效稅率為 25% 至 27%，低於我們的歷史範圍 31% 至 33%。由於我們在美國以外支付的稅款，我們的全球混合稅率將高於新的美國稅率，目前平均接近 30%。

From a cash flow standpoint, we expect an incremental benefit of $400 million to $500 million annually, prior to any reinvestment.

從現金流的角度來看，在進行任何再投資之前，我們預計每年將增加 4 億至 5 億美元的收益。

A few points to put this into perspective. First, we historically have not had a large amount of cash held overseas, so the new law will not result in us suddenly bringing back a lot of cash.

有幾點可以說明這一點。首先，我們歷來沒有在海外持有大量現金，因此新法律不會導致我們突然帶回大量現金。

Second, this incremental cash flow represents less than 10% of our historical annual operating cash flow of roughly $6 billion.

其次，這種增加的現金流量不到我們歷史年運營現金流量約 60 億美元的 10%。

Finally, we have not been capital constrained in the past, so we expect our capital allocation priorities to remain consistent with what they have been: first, to reinvest in existing restaurants and invest in opportunities to grow the business; second, to pay dividends; and third, to repurchase our stock.

最後，我們過去沒有受到資本限制，因此我們希望我們的資本配置優先事項與以往保持一致：首先，對現有餐廳進行再投資，並投資於發展業務的機會；第二，支付股息；第三，回購我們的股票。

Having said that, we now expect to return about $24 billion to shareholders for the 3-year period ending 2019, which is at the high end of our previously stated target.

話雖如此，我們現在預計在截至 2019 年的 3 年內向股東返還約 240 億美元，這處於我們先前設定的目標的高端。

From a business operations standpoint, we expect our U.S. franchisees in general to also benefit from tax reform. Given the ongoing strength of our franchisee's existing cash flow, this benefit should enhance their ability to invest in and execute on the Velocity Growth Plan.

從業務運營的角度來看，我們預計我們的美國特許經營商總體上也會從稅收改革中受益。鑑於我們的特許經營商現有現金流的持續實力，這一好處應該會增強他們投資和執行速度增長計劃的能力。

Next, I want to take a moment to review the progress we've made on our financial targets around refranchising and G&A. During 2017, we completed transactions in the Nordics, Taiwan, China and Hong Kong, which enabled us to reach our target to refranchise 4,000 restaurants.

接下來，我想花點時間回顧一下我們在重新特許經營和 G&A 方面的財務目標方面取得的進展。 2017 年，我們在北歐、台灣、中國和香港完成了交易，這使我們實現了重新特許經營 4,000 家餐廳的目標。

We begin 2018 ready to operate under the streamlined and more heavily franchised business model that we set out to create under our turnaround plan. While we do expect to continue to refranchise some of our company-owned restaurants in our major markets, like the U.S. and International Lead markets, we anticipate the gains on sales of restaurants in 2018 will be down roughly $30 million to $40 million from 2017 as our refranchising activity begins to slow down.

我們從 2018 年開始準備在我們根據周轉計劃創建的精簡和更多特許經營的商業模式下運營。雖然我們確實預計將繼續在我們的主要市場（如美國和國際領先市場）重新授權我們公司擁有的一些餐廳，但我們預計 2018 年餐廳的銷售額收益將比 2017 年減少約 3,000 萬美元至 4,000 萬美元，因為我們的特許經營活動開始放緩。

Regarding G&A, we developed the target savings of $500 million from our base of $2.6 billion at the beginning of 2015. Through 2017, we've realized about $300 million of net savings. In order to achieve those net savings, we saved significantly more than $300 million on a gross basis related to maintenance spending and then reinvested some of those savings, primarily in technology and digital.

關於 G&A，我們在 2015 年初的 26 億美元基礎上製定了 5 億美元的目標節省。到 2017 年，我們實現了約 3 億美元的淨節省。為了實現這些淨節省，我們在與維護支出相關的總基礎上節省了 3 億多美元，然後將其中的部分節省進行了再投資，主要用於技術和數字化。

So at the same time we've saved cost overall, we've also shifted more of our remaining spend from maintenance spending to investing in activities that drive growth.

因此，在我們節省了總體成本的同時，我們還將更多剩餘支出從維護支出轉移到了投資於推動增長的活動上。

For 2018, we expect G&A to decline about 1% in constant currencies. This reflects savings from our refranchising transactions and a reset of our incentive compensation, offset by onetime costs associated with our biennial worldwide operator convention, the final year of our Olympic sponsorship and our upcoming headquarters office move, as well as continued spending in technology. We expect to fully realize our targeted $500 million of net savings in 2019.

對於 2018 年，我們預計 G&A 以固定匯率計算將下降約 1%。這反映了我們通過重新特許經營交易和重新調整激勵性薪酬所節省的成本，被與我們兩年一次的全球運營商大會、奧運會贊助的最後一年和即將到來的總部辦公室搬遷以及技術方面的持續支出相關的一次性成本所抵消。我們預計將在 2019 年完全實現 5 億美元的淨節省目標。

As we become more efficient with the G&A required to run the business, we will continue to invest in activities that we believe can accelerate growth. At the same time, we will continue to exercise strong financial discipline in the use of our valuable resources.

隨著我們在經營業務所需的 G&A 方面變得更有效率，我們將繼續投資於我們認為可以加速增長的活動。同時，我們將繼續在使用我們寶貴的資源時執行嚴格的財務紀律。

Moving on to capital. We expect to end 2017 with capital expenditures of nearly $1.9 billion. This was a slightly higher than we anticipated at the beginning of the year because of currency exchange rates and because we were able to complete more EOTF projects in the U.S. than planned, ending the year with 3,000 EOTF restaurants, as Steve mentioned.

轉向資本。我們預計到 2017 年底，資本支出將接近 19 億美元。這比我們年初的預期略高，因為貨幣匯率以及我們能夠在美國完成的 EOTF 項目比計劃的要多，正如史蒂夫所說，到年底有 3,000 家 EOTF 餐廳。

In 2018, we expect to spend about $2.4 billion of capital. Approximately $1.5 billion or 2/3 of our capital will be dedicated to our U.S. business, primarily focused on further acceleration of Experience of the Future. Of the remaining capital budget, about half is earmarked for new restaurant openings and half is allocated to reinvestment as we continue to expand Experience of the Future in markets outside the U.S.

2018 年，我們預計將花費約 24 億美元的資金。大約 15 億美元或我們資本的 2/3 將用於我們的美國業務，主要專注於進一步加速未來體驗。在剩餘的資本預算中，約有一半專門用於開設新餐廳，一半用於再投資，因為我們將繼續在美國以外的市場擴展“未來體驗”。

Our capital will contribute to about 250 new store openings while capital from developmental licensees and affiliates will contribute to another 750 openings, for a total of 1,000 planned new restaurants.

我們的資本將為大約 250 家新店開張提供資金，而來自發展中的被許可人和附屬公司的資金將為另外 750 家新店提供資金，總計 1,000 家計劃中的新餐廳。

Finally, for 2018, we anticipate some currency tailwind, primarily in the first half of the year. At current exchange rates, we expect a positive impact of $0.07 to $0.09 in the first quarter and $0.23 to $0.25 for the full year. As you know, over the last month, exchange rates have fluctuated more significantly than we've typically seen, and we don't know what will happen in the rest of the year, so please take this as directional guidance only.

最後，對於 2018 年，我們預計會出現一些貨幣順風，主要是在今年上半年。按照目前的匯率，我們預計第一季度的積極影響為 0.07 美元至 0.09 美元，全年為 0.23 美元至 0.25 美元。如您所知，在過去的一個月裡，匯率的波動幅度比我們通常看到的要大，我們不知道今年剩餘時間會發生什麼，因此請將此僅作為方向指導。

We've made significant progress in our business. The path that we're on with the Velocity Growth Plan, along with the investments we're making in our future, position the company for sustainable, long-term growth. We remain confident in our ability to achieve our long-term financial targets beginning in 2019.

我們的業務取得了重大進展。我們採用 Velocity 增長計劃的道路，以及我們對未來的投資，使公司能夠實現可持續的長期增長。我們對從 2019 年開始實現長期財務目標的能力充滿信心。

And now I'll turn it back to Steve.

現在我將把它轉回給史蒂夫。

As you can see, our business is growing. It is fundamentally sound and we are confident about our future. We have returned the business to growth and have achieved momentum with comparable sales.

如您所見，我們的業務正在增長。它從根本上講是合理的，我們對我們的未來充滿信心。我們已使業務恢復增長，並取得了可比銷售額的增長勢頭。

2017 was our best performance in 6 years. Customers are rewarding us with more visits because of the actions we are taking to serve them great-tasting meals, offer friendly hospitality and provide more choice in how they order, pay and are served their food. The 3-legged stool of the McDonald's System is continuing to make bold and aggressive investments in our most promising growth platforms, a strong signal of the confidence we have in our future.

2017年是我們6年來最好的表現。由於我們採取行動為他們提供美味佳餚，提供友好的款待，並在他們如何訂購、支付和提供食物方面提供更多選擇，因此客戶獎勵我們更多的訪問。麥當勞系統的三足凳繼續對我們最有前途的增長平台進行大膽而積極的投資，這是我們對未來充滿信心的強烈信號。

We're also looking forward to 2018 because of the many opportunities it will bring for building brand excitement with our customers and our people.

我們也很期待 2018 年，因為它將為我們的客戶和員工打造品牌興奮度帶來許多機會。

This spring, we will gather at our worldwide convention in Orlando with nearly 14,000 owner/operators, suppliers and employees in the McDonald's System. This will be a tremendous opportunity to build on our enthusiasm as we celebrate our progress and then rally together to pursue our even greater ambitions in the years ahead.

今年春天，我們將與麥當勞系統的近 14,000 名所有者/經營者、供應商和員工一起參加在奧蘭多舉行的全球大會。這將是一個巨大的機會，可以激發我們的熱情，因為我們慶祝我們的進步，然後團結起來在未來幾年追求我們更大的抱負。

As I mentioned, this is the 50th anniversary of the Big Mac, a one-of-a-kind sandwich invented by Jim Delligatti, one of our earliest McDonald's franchisees. We have exciting plans to celebrate the many fans who remain so passionate all these years later about this iconic burger.

正如我所提到的，這是巨無霸誕生 50 週年，這是我們最早的麥當勞特許經營商之一 Jim Delligatti 發明的獨一無二的三明治。我們有激動人心的計劃來慶祝這麼多年後仍然對這個標誌性漢堡充滿熱情的眾多粉絲。

Our flagship Chicago restaurant is receiving a dramatic makeover, and it will offer greater convenience and hospitality to our customers when it reopens later this year. The modern design will blend our latest technology and decor inside with green space, planters with outdoor seating and a park for the community to enjoy.

我們的芝加哥旗艦餐廳正在進行重大改造，今年晚些時候重新開業時，它將為我們的客戶提供更大的便利和熱情好客。現代設計將我們最新的技術和室內裝飾與綠色空間、帶戶外座位的花盆和供社區享用的公園融為一體。

And I can't wait to take another big step in advancing the evolution of our culture when we open our new headquarters in Chicago's West Loop.

當我們在芝加哥西環路開設新總部時，我迫不及待地想在推動我們文化發展方面再邁出一大步。

Moving into the heart of such a dynamic city will put us closer to our customers and energize the McDonald's team.

進入這樣一個充滿活力的城市的中心，將使我們更接近我們的客戶，並為麥當勞團隊注入活力。

We are becoming a better McDonald's. And as we do, it's driving better results. Whilst pleased with the progress we made in 2017, we have far greater ambitions. We have the right organization and the right plan. The platforms we put in place are delivering growth today. We're confident they will serve as a springboard accelerating our future success.

我們正在成為一個更好的麥當勞。正如我們所做的那樣，它正在推動更好的結果。雖然對我們在 2017 年取得的進展感到滿意，但我們有更大的抱負。我們有正確的組織和正確的計劃。今天，我們建立的平台正在實現增長。我們相信它們將成為加速我們未來成功的跳板。

So thanks, everyone. And now we'll turn it over to Mike to lead the Q&A.

所以謝謝大家。現在我們將把它交給 Mike 來領導問答環節。

Thanks, Steve. I will now open up the call for analyst and investor questions. (Operator Instructions)

謝謝，史蒂夫。我現在將打開分析師和投資者問題的電話。 （操作員說明）

Now the first question is from David Palmer with RBC.

現在第一個問題來自 RBC 的 David Palmer。

This is regarding the U.S. It wasn't that long ago that surveys that we've done or seen elsewhere had McDonald's U.S. towards the bottom of the pack in the peer set in things like quality and even towards the middle of the pack in things like value and convenience, where you think McDonald's should obviously be winning. Those surveys are probably pretty stale now. You're probably seeing some improvements, but perhaps, lead us through where you have made the most progress. And then, maybe it makes sense to tie it into a market like Canada, where you're further along with reimaging and other initiatives, how you think the brand perception can improve from here.

這是關於美國的。不久前，我們在其他地方所做或看到的調查顯示，麥當勞美國在質量等方面處於同行的墊底位置，甚至在質量等方面處於中間位置價值和便利，你認為麥當勞顯然應該在這方面獲勝。這些調查現在可能已經過時了。您可能會看到一些改進，但也許，請引導我們了解您取得最大進展的地方。然後，也許將它與加拿大這樣的市場聯繫起來是有意義的，在那裡你會進一步進行重新塑造和其他舉措，你認為品牌認知可以從這裡得到改善。

Yes, thanks, David. No, you're absolutely right. I mean, clearly, we stay, at a market-by-market level, very close to all the consumer research and feedback we can get. And I mean, very simply, I guess, you could categorize it into brand perceptions but also operational metrics as well, and the 2 kind of go hand in hand. What we've seen around the world and what we're beginning to see in the U.S. is when you look at a brand like McDonald's, actually, everything that you do communicates. So the look and feel of the restaurants, the quality and engaging element of our marketing programs, the friendliness of our people and their enthusiasm. Technology innovation starts to talk about you being a business for the future as well. So what we're beginning to see is as we continue the broad-based investment both in our people, in our restaurants, in the menu improvements, such as through the poultry supply chain with the antibiotics, whether it's for the clean label McNuggets and so on, all of these things communicate a business that's on the move and a business that's heading the direction that our customers want us to. So we're certainly encouraged. We are seeing some improvement in operational metrics in terms of friendliness, speed of service, in terms of the customers' perceptions. And then, you look at the broader brand metrics like is a brand for -- is this a company for a customer like me, for example. So broader brand metrics. And we're beginning to see that lift. In the markets that are more advanced, and you can look in our more developed markets, markets like Canada, as you mentioned, U.K., Australia. But we also see it into a number of our High Growth markets, where we really have modernized the estate and really repurposed the whole employment proposition, countries like the Netherlands and Poland or Spain and Italy. We begin to see, as each part of progress we make, it just lifts all brand perceptions. And also, just the taste and quality of the food perceptions go up if you are able to satisfy customers in a modern environment. So we're encouraged. It's early days. We finished the year in the U.S. with around 3,000 of our restaurants really representing the look and feel that we are proud of going forward. And with the further acceleration that we've announced today for 2018, we're going to have probably just north of half of our estate converted into really a great expression of the forward-looking brand of McDonald's by the end of 2018. So we're encouraged but a lot of work to do.

是的，謝謝，大衛。不，你完全正確。我的意思是，很明顯，我們保持在逐個市場的水平，非常接近我們可以獲得的所有消費者研究和反饋。我的意思是，很簡單，我想，你可以將其歸類為品牌認知度，也可以歸類為運營指標，而這兩種是齊頭並進的。我們在世界各地看到的以及我們在美國開始看到的是，當你看到像麥當勞這樣的品牌時，實際上，你所做的一切都在傳達信息。因此，餐廳的外觀和感覺、我們營銷計劃的質量和引人入勝的元素、我們員工的友善和熱情。技術創新也開始談論您是未來的企業。因此，我們開始看到的是，隨著我們繼續對員工、餐廳和菜單改進進行廣泛的投資，例如通過使用抗生素的家禽供應鏈，無論是清潔標籤 McNuggets 還是以此類推，所有這些都傳達了一個正在發展的企業和一個朝著客戶希望我們前進的方向的企業。所以我們當然受到鼓勵。就客戶的看法而言，我們看到在友好性、服務速度方面的運營指標有所改善。然後，您會查看更廣泛的品牌指標，例如，這是一個品牌——這是一家為像我這樣的客戶服務的公司。所以更廣泛的品牌指標。我們開始看到這種提升。在更先進的市場，你可以看看我們更發達的市場，比如加拿大，正如你提到的，英國，澳大利亞。但我們也看到它進入了我們的一些高增長市場，在這些市場中，我們真正實現了房地產現代化，並真正改變了整個就業主張，例如荷蘭和波蘭或西班牙和意大利等國家。我們開始看到，隨著我們取得的每一部分進步，它只會提升所有品牌認知度。而且，如果您能夠在現代環境中滿足客戶的需求，那麼食物感知的味道和質量就會提高。所以我們很受鼓舞。現在還早。我們在美國結束了這一年，大約 3,000 家餐廳真正代表了我們為未來感到自豪的外觀和感覺。隨著我們今天宣布的 2018 年進一步加速發展，到 2018 年底，我們可能將有一半的地產轉變為麥當勞前瞻性品牌的真正體現。所以我們'受到鼓勵，但還有很多工作要做。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Bittner。

Can you just give us any insights into any sales benefits, if any, that you're seeing so far from your national value platform? Whether you're seeing a change in the industry gap or just incrementality in your business would be helpful. And could you also, second to that, help us understand if this platform has changed the sales mix from value in any meaningful way in your sales pie versus recent history?

您能否向我們提供任何關於您從國家價值平台中看到的任何銷售利益（如果有的話）的見解？無論您是看到行業差距的變化還是業務的增量，都會有所幫助。其次，您能否幫助我們了解該平台是否以任何有意義的方式改變了您的銷售蛋糕與近期歷史中的銷售組合？

Yes, Brian, I mean, it's really too early for us to give any meaningful feedback on the Dollar Menu $1, $2, $3. It's only been 20-plus days that it's been in the marketplace. And when you introduce a platform that's strong and that's being built upon for the medium and long term, it's going to take 3 to 6 months for it to fully embed in the minds of consumers. That said, in terms of the gap, we're beginning to see it in the marketplace broadly. We ended the year in a competitively strong position. We announced in the U.S. a sales number of 4.5%. I think the overall competitive set was pretty much flat. I think it was plus 0.2%. So we have noticed that over the 4 quarters of the year, the gap has steadily increased. Now I'm not giving that as any directional -- future direction, but it was very encouraging for us that the more holistic the plans that we execute across the market, we are making a dent in the competition, which clearly gives us further encouragement. On a weekly basis, I think we outperformed the peer group in 48 out of the 52 weeks across 2017. So again, really consistent, strong competitive performance from our team here in the U.S. We feel good about the Dollar Menu $1, $2, $3. I mean, just as an overall guide, we are not seeing a significant or material shift in product mix. We're still seeing average check growth across the overall business. So we feel that it's settling in, embedding in well. We brought in some of the elements which were successful for us in 2017, such as the $1 any size fountain drinks, which we know is very powerful and very strong. And we really augmented it with some breakfast products and both across beef and chicken menu as well, including then also the $3 Happy Meal. So we're off to a good start. It's very early days to comment on anything meaningful for it, but it's certainly encouraging enough.

是的，Brian，我的意思是，我們現在就美元菜單 1 美元、2 美元、3 美元提供任何有意義的反饋還為時過早。它在市場上只有 20 多天。而當你推出一個強大的平台並且正在建立中長期的基礎上時，它需要 3 到 6 個月才能完全融入消費者的腦海中。也就是說，就差距而言，我們開始在市場上廣泛看到它。我們以競爭優勢結束了這一年。我們宣佈在美國的銷售額為 4.5%。我認為整體競爭格局非常平淡。我認為是加上 0.2%。所以我們注意到，在一年的四個季度中，差距在穩步擴大。現在我沒有給出任何方向性的——未來方向，但對我們來說非常鼓舞人心的是，我們在整個市場上執行的計劃越全面，我們在競爭中就會有所下降，這顯然給了我們進一步的鼓勵.在每週的基礎上，我認為我們在 2017 年的 52 周中有 48 週的表現優於同行。因此，再次，我們在美國的團隊的表現非常穩定、強勁的競爭表現。我們對美元菜單 1 美元、2 美元、3 美元感覺良好.我的意思是，作為一個整體指南，我們沒有看到產品組合發生重大或實質性的轉變。我們仍然看到整個業務的平均支票增長。所以我們覺得它正在安定下來，嵌入得很好。我們引入了一些在 2017 年對我們來說很成功的元素，例如 1 美元的任意大小的噴泉飲料，我們知道它非常強大且非常強大。我們確實增加了一些早餐產品，包括牛肉和雞肉菜單，包括 3 美元的 Happy Meal。所以我們有了一個好的開始。現在評論任何對它有意義的事情還為時過早，但它肯定足夠令人鼓舞。

Next question is from Andrew Charles with Cowen.

下一個問題來自 Andrew Charles 和 Cowen。

Kevin, can you speak to the long-term CapEx targets you laid out at the Analyst Day back in March? And how should we expect you to bridge from $2.4 billion in CapEx in 2018 to $1.2 billion ultimately? And just kind of frame it in reference just to your original expectations for about $1.7 billion per year through 2020. And just one clarification as well. You talked about investing tax savings into Experience of the Future. I just want to clarify, are you investing greater than a 55% stake that you originally did in 2017 into the modernized restaurants in 2018?

凱文，您能談談您在 3 月份分析師日制定的長期資本支出目標嗎？我們應該如何期望您將 2018 年的資本支出從 24 億美元過渡到最終的 12 億美元？並且只是參考你最初的預期，到 2020 年每年大約 17 億美元。而且只是一個澄清。您談到了將節稅投資於“未來體驗”。我只想澄清一下，您是否在 2017 年將超過 55% 的股份投資於 2018 年的現代化餐廳？

Okay, Andrew. I'll try and hit all of them. If I forget something, you'll remind me. But let me start with the capital. So you're right. When we talked about it at Investor Day back in March 1, we expected that it would take several years to complete the Experience of the Future rollout in the U.S. We've now taken the opportunity, with the momentum we have and with the operators on board, to effectively just pull that forward some. So what you'll see is a total capital envelope of around $2.4 billion in 2018. You should expect a relatively similar amount in 2019. My guess is there will be a little left over in 2020. I hesitate to say it will be completely done in '19, but it should be significantly completed by the end of 2019. And then, probably beginning in 2021 would be the ongoing normal run rate, which right now, absent anything new that we know about, would be in that $1.2 billion to $1.3 billion range. So that's how I think of kind of the evolution of the capital. It isn't spending more than we originally anticipated. It's just moving forward the spend so that we're able to complete these EOTF projects quicker. Same with that investment, as you referred to, our 55% hasn't changed. It's just accelerating the timing of some of those projects. But our contribution rate, the partnering program we have is consistent with what we've talked about. So that hasn't changed. Again, it's just a timing aspect of being able to get the projects done quicker than we originally anticipated.

好的，安德魯。我會嘗試擊中所有這些。如果我忘記了什麼，你會提醒我的。但讓我從首都開始。所以你是對的。當我們在 3 月 1 日的投資者日上談到它時，我們預計需要幾年時間才能在美國完成“未來體驗”的推出。我們現在已經抓住了這個機會，我們擁有的勢頭和運營商板，有效地將其向前拉一些。因此，您將看到 2018 年的總資本包絡約為 24 億美元。您應該預計 2019 年的金額相對相似。我猜到 2020 年會有一點剩餘。我不敢說它會完全完成在 19 年，但它應該在 2019 年底之前完成。然後，可能從 2021 年開始將是持續的正常運行率，現在，如果沒有我們所知道的任何新事物，它將在 12 億美元中13億美元的範圍。這就是我對首都演變的看法。它的花費並沒有超出我們最初的預期。它只是向前推進支出，以便我們能夠更快地完成這些 EOTF 項目。正如您所說，與那項投資一樣，我們的 55% 沒有改變。它只是加快了其中一些項目的時間安排。但是我們的貢獻率，我們擁有的合作計劃與我們所說的一致。所以這沒有改變。同樣，這只是能夠比我們最初預期更快地完成項目的時間方面。

Yes, just to add to that, and Kevin is absolutely right. I just want to put into context the significance of the acceleration that we are describing here. We exited 2017 with around 3,000 restaurants fully converted. We started the year with around 700. So 2017, therefore, we completed around 2,300 projects. So this is the best part of doubling that rate. And again, just to put it into context, we have something similar to do in the U.K., France and Germany all together in 1 year. I mean, this is a massive undertaking, a massive signal of confidence from our owner/operators and ourselves. But the other piece, the other -- devil is always in the detail, and our aim isn't just to get 4,000 done, it's to get 4,000 done very, very well because each owner/operator is committing their money into this and every customer would like to see the kind of gold standard execution. So for us, this is a really significant undertaking. It demonstrates our confidence in the future of the business. And the confidence that we have for an infrastructure investment such as this as a result of tax reform, I think, is worth pointing out.

是的，只是補充一點，凱文是絕對正確的。我只是想把我們在這裡描述的加速的意義放在上下文中。我們在 2017 年結束時約有 3,000 家餐廳完全轉型。我們年初有大約 700 個項目。因此，2017 年，我們完成了大約 2,300 個項目。因此，這是將該比率翻倍的最佳部分。再一次，為了把它放在上下文中，我們在 1 年內在英國、法國和德國都有類似的事情要做。我的意思是，這是一項艱鉅的任務，是我們的所有者/運營商和我們自己的巨大信心信號。但是另一部分，另一部分——魔鬼總是在細節中，我們的目標不僅僅是完成 4,000 個，而是非常、非常好地完成 4,000 個，因為每個所有者/運營商都將他們的錢投入到這個和每個客戶希望看到那種黃金標準的執行。所以對我們來說，這是一項非常重要的任務。這表明我們對業務的未來充滿信心。我認為，由於稅收改革，我們對此類基礎設施投資的信心值得指出。

Next question is from Sara Senatore with Bernstein.

下一個問題來自 Sara Senatore 和 Bernstein。

I have one question and then a follow-up, if I could. The first is actually considering such a strong year, I was surprised to hear Steve say that you think you can accelerate the momentum next year. So I guess, I'm just trying to figure out what that means. Is that sort of talking about brand perception or could you actually see traffic and comps accelerate? And so just trying to understand maybe quantitatively what that commentary means. And then, the second question I had was sort of broader and it was a follow-up on the value discussion. I think some of your smaller competitors have tried to be aggressive on value and have seen kind of a worst-case scenario where they maybe get better traffic, but there's pressure on check and profit dollars. Could you maybe talk a little bit about how your marketing messaging allows you to drive value traffic but still see higher check averages? Is it just your volume of marketing? Is it the nature of the messaging? Just trying to understand how you're able to do this distinct from what some of your other competitors are seeing.

如果可以的話，我有一個問題，然後是一個後續問題。第一個實際上是考慮到如此強勁的一年，聽到史蒂夫說你認為你明年可以加速勢頭，我感到很驚訝。所以我想，我只是想弄清楚這意味著什麼。是在談論品牌認知度，還是你真的能看到流量和競爭加速？所以只是試圖從數量上理解該評論的含義。然後，我提出的第二個問題範圍更廣，是對價值討論的跟進。我認為你的一些較小的競爭對手試圖在價值上咄咄逼人，並且已經看到了一種最壞的情況，他們可能會獲得更好的流量，但支票和利潤卻面臨壓力。您能否談談您的營銷信息如何讓您推動價值流量，但仍然看到更高的檢查平均值？僅僅是你的營銷量嗎？這是消息傳遞的性質嗎？只是想了解你是如何做到這一點的，這與你的其他一些競爭對手所看到的不同。

Yes, thanks, Sara. I'll have a stab at both of those and Kevin can join me on things I miss. Yes, I mean, we don't want to get into any habit of sort of forward projecting, if you like. But as we enter this year, we're constantly reviewing our plan, areas of strength, areas of opportunity. The plan is delivering, and through 2017 delivers. We exceeded what we expected out of our plan in 2017. So that gives us encouragement that we have a number of facets of our business that are working, whether it's the core nuts and bolts focus in the markets on the day-to-day operations; friendly service; hot, fresh food; staffing our restaurants fully, the real basics of a customer experience, but all the way through to the additional accelerators and the other platforms of growth, whether it's through delivery, the emergence of some of our digital and technology and the growth opportunity that has and what we continue to see out of Experience of the Future. So you heard me talk probably a number of times around how we try to lay out these platforms of growth upon each other. They don't all outperform. But if there's anything that's underperforming, we go back and take a look and review and look to enhance and want to outperform our expectations. And as we enter the year, we feel confident that the plans we've built and the progress we have in place are going to continue to deliver strong growth. As we continue to invest, you're absolutely right, the brand perceptions will undoubtedly improve if we continue to execute to the standard that we set ourselves. So once we -- we have about 1/3 of our global estate now fully modernized in the truest sense of that. As we continue that pace, we know that the brand perceptions improve in restaurants that are much more modernized. So that we find -- we're confident that the key metrics, both the, if you like, the lagging indicators and the leading indicators, both the financial metrics as well as the brand metrics will continue to improve. With regards to value, it is, it's a market share fight. We don't see really any significant broader market growth this year. We're certainly not planning on that. So therefore, we know we're in a market share fight and value is where it really does get -- the street fighting really hits. What we feel good about on the marketing side here, particularly if I talk to the U.S., there's 2 things. One, we have great quality and great value items in the $1, $2, $3. If you look at that lineup, these are iconic products that customers are familiar with, are confident with and really, I think, exude much of the values and the things around what we stand for as a business and also as we develop our menu. So as well as offering great value, we think it reinforces the quality perceptions and taste perceptions that we're looking to move. In terms of just the muscle we have, I mean, one of the changes that the operators in the company signed up to last year was we were going to divert more money from the local agencies, the local costs, into national, into the national marketing costs. And that is, a, more efficient in spend; and secondly, gives us much more universal clout. So I think that makes us somewhat incomparable -- it really gives us a differentiating muscle as opposed to any of our competitors. So I think the quality of the lineup and the financial muscle we have through our national marketing program in general, we think we're going to remain very competitive on the value end.

是的，謝謝，薩拉。我會在這兩個方面都嘗試一下，凱文可以和我一起做我想念的事情。是的，我的意思是，如果您願意，我們不想養成任何向前投射的習慣。但隨著我們進入今年，我們不斷審查我們的計劃、優勢領域和機會領域。該計劃正在交付，到 2017 年交付。我們在 2017 年超出了我們對計劃的預期。這讓我們感到鼓舞的是，我們業務的許多方面都在發揮作用，無論是日常運營中市場的核心螺母和螺栓;友好的服務；熱的、新鮮的食物；為我們的餐廳配備充分的員工，客戶體驗的真正基礎，但一直到額外的加速器和其他增長平台，無論是通過交付，我們的一些數字和技術的出現，以及已經和我們繼續從未來的體驗中看到什麼。因此，您可能多次聽到我談論我們如何嘗試在彼此之間佈置這些增長平台。他們並不都表現出色。但是，如果有什麼表現不佳，我們會回過頭來查看並審查並尋求增強並希望超出我們的預期。隨著我們進入這一年，我們相信我們制定的計劃和我們已經取得的進展將繼續帶來強勁的增長。隨著我們繼續投資，您是絕對正確的，如果我們繼續執行我們自己設定的標準，品牌認知度無疑會提高。因此，一旦我們 - 我們擁有大約 1/3 的全球資產，現在已經完全現代化了。隨著我們繼續這一步伐，我們知道在更現代化的餐廳中品牌認知度會有所提高。因此，我們發現 - 我們相信關鍵指標，無論是滯後指標還是領先指標，財務指標和品牌指標都將繼續改善。就價值而言，這是一場市場份額之爭。今年我們並沒有看到任何顯著的更廣泛的市場增長。我們當然不打算這樣做。因此，我們知道我們正處於市場份額之爭中，而價值才是它真正得到的地方——街頭鬥爭真的很受歡迎。我們在這裡的營銷方面感覺良好，特別是如果我與美國交談，有兩件事。一，我們有 1 美元、2 美元、3 美元的優質和超值商品。如果你看一下這個陣容，這些都是客戶熟悉、有信心的標誌性產品，而且我認為，在我們作為一家企業所代表的東西以及我們開髮菜單時，它們確實散發出很多價值觀和事物。因此，除了提供巨大的價值外，我們認為它加強了我們正在尋求改變的質量感知和味覺感知。就我們擁有的實力而言，我的意思是，公司的運營商去年簽署的一項改變是，我們將把更多的錢從當地機構、當地成本轉移到國家、國家營銷費用。也就是說，a，花費更有效；其次，賦予我們更大的普遍影響力。所以我認為這讓我們有些無與倫比——它確實給了我們與我們的任何競爭對手不同的優勢。所以我認為陣容的質量和我們通過我們的全國營銷計劃所擁有的財務實力，我們認為我們將在價值端保持非常有競爭力。

Next question is from Chris O'Cull with Stifel.

下一個問題來自 Chris O'Cull 和 Stifel。

It looks like the average U.S. company-operated store experience has declined year-over-year in the margin profit dollars. I'm curious if franchisees experienced similar performance. And given the level of promotional activity and labor pressure, what comp do you really need in the U.S. to increase that margin dollar profit?

看起來美國公司經營的平均商店體驗的利潤率同比下降。我很好奇加盟商是否經歷過類似的表現。考慮到促銷活動的水平和勞動力壓力，你在美國真正需要什麼補償來增加保證金美元利潤？

Yes, Chris, it's a fair comment because, historically, we had always said, kind of in a normal inflationary environment, that a 2% to 3% comp would maintain margins. I think clearly today, the 2% to 3% isn't enough, mainly because of labor pressures. For us, it's both on the cost side as well as we're investing in labor to make sure that we deploy all these initiatives in the right way. On the operators' side, they certainly would have the wage pressures. Having said all that, their cash flow is still doing pretty well right now. So they're -- in the U.S, they're near all-time high cash flow, so they're able to still invest in the business and move forward with all these EOTF projects that we need them to do. So while there is additional pressure because of labor, the fact that we're growing guest counts and growing comp sales is affording the operators with the cash flow that they need to be able to appropriately invest in the business.

是的，克里斯，這是一個公平的評論，因為從歷史上看，我們總是說，在正常的通貨膨脹環境中，2% 到 3% 的補償將保持利潤率。今天我想清楚了，2%到3%是不夠的，主要是因為勞動力壓力。對我們來說，這既是成本方面的，也是我們在勞動力方面的投資，以確保我們以正確的方式部署所有這些舉措。在運營商方面，他們肯定會有工資壓力。說了這麼多，他們的現金流現在仍然做得很好。所以他們 - 在美國，他們的現金流接近歷史最高水平，因此他們仍然能夠投資於業務並推進我們需要他們做的所有這些 EOTF 項目。因此，雖然勞動力帶來了額外的壓力，但我們不斷增加的客人數量和不斷增長的公司銷售額這一事實為運營商提供了他們需要能夠適當地投資於業務的現金流。

And just actually to hook on to the previous point as well from Sara's question. If I were to continue the comment on our marketing shift to national from local, because of the efficiency and effectiveness we can gain, we've been able to slightly reduce the marketing contribution that goes through the P&Ls of both our operators and our company stores. So again, this is using our size and scale not just as an advantage to get us share of voice and drive the effectiveness of our programs, but actually, we can do so more cost effectively and pass some of that benefit through the P&L. So I think that turns out to be a win-win for all of us.

實際上，從 Sara 的問題中也可以了解前一點。如果我繼續評論我們的營銷從地方轉移到全國，由於我們可以獲得的效率和有效性，我們已經能夠略微減少通過我們的運營商和我們公司商店的損益表的營銷貢獻.再說一次，這不僅是利用我們的規模和規模作為優勢來獲得我們的發言權並推動我們計劃的有效性，而且實際上，我們可以更經濟高效地這樣做，並通過損益傳遞部分收益。所以我認為這對我們所有人來說都是雙贏的。

The only other thing I'd reiterate is we had talked about our conscious effort to invest in some of this labor in the near-term. So some of that investment in our labor, as far as to make sure we deploy all these initiatives, is a near-term phenomenon that we would expect for another couple of quarters but shouldn't be ongoing then forever, if you will.

我要重申的唯一另一件事是，我們已經談到了我們有意識地在短期內投資這些勞動力的努力。因此，就確保我們部署所有這些舉措而言，對我們勞動力的一些投資是一種短期現象，我們預計還會持續幾個季度，但如果你願意的話，不應該永遠持續下去。

The next question is from David Tarantino with Baird.

下一個問題來自貝爾德的大衛塔倫蒂諾。

My question is on delivery in the U.S. Steve, I think you mentioned that, that is becoming a more meaningful contributor to comp. So I was wondering if you would be willing to share some metrics around that, what type of sales lift are you seeing overall, and comment on what you've seen in the markets that have been offering delivery for the longest period of time. And then, lastly, if you could also talk about what the franchisees are seeing from a margin perspective on those delivery transactions.

我的問題是關於在美國交付的問題。史蒂夫，我想你提到了這一點，這正在成為一個更有意義的補償貢獻者。所以我想知道你是否願意分享一些相關的指標，你看到的總體銷售提升類型，並評論你在提供交付時間最長的市場中看到的情況。然後，最後，如果你也可以談談加盟商從這些交付交易的利潤角度看到了什麼。

Yes, David. Yes, I'll speak a little more on delivery. I'm not going to give any precise commercial information. I think that wouldn't be sensible. But as I talk about our platforms of growth, yes, we believe we have 5, 6, 7 platforms of growth all working at the same time. Delivery is one of those. So it's now featuring as a meaningful contributor to the overall sales build we have in the market. We did a really good job at rapidly rolling out delivery across, well, globally, but also across the U.S. And we ended with around 5,000 restaurants with UberEATS here in the U.S. So we've got a two-pronged approach to 2018. One is to continue to expand that. It won't be in the same rates because we're looking at major cities and urban areas, and we've hit a good number of those early. And clearly, we can only expand at the rate that the UberEATS coverage will offer as well. But I mean, also, we have a great opportunity to actually just raise the awareness and the usage from a customer perspective. The U.S. is a little behind in terms of guest counts per day than a number of other established markets. So again, what we're doing is kind of the stuff that you'd expect us to do. Some great best-practice sharing. What it is that's driving such high take-up in markets like the U.K., Australia, increasingly so Canada? We're getting some great results also out of the Netherlands, out of our growing businesses in Spain and Italy as well. So we believe we can get the adoption and frequency to increase in the restaurants that are already offering delivery, and we will just generally expand that number across the U.S. as the UberEATS coverage expands. In terms of the franchisee, I mean, clearly it's a different margin dynamic because there's a fee element to a -- that we pay to the provider through UberEATS, which compensates for the fact that we don't have to hire drivers, run cars, have all the insurance costs, all the complexity and the complication of that. So that's kind of a -- clearly, the consideration balance we have to make. But the reality is this is -- we're seeing the vast proportion of this as incremental business. And as long as that business stays incremental, then we're getting an incremental dollar profit as well. It will be a lower margin percent, but it's incremental dollars, which is ultimately what we're aiming to do. And frankly, we believe we've had a bit of a jump on the market here as well with us -- by leveraging the size and scale. We will find ourselves very high up. If you had to go on to UberEATS in many of the markets now, we'll be one of the early recommended restaurants just because of the operation that we run now, we can actually get from order to delivery in under 30 minutes pretty much everywhere we are, which puts us right at the head in the pack in terms of the convenience that we offer customers.

是的，大衛。是的，我會在交貨時多說一點。我不會提供任何準確的商業信息。我認為那是不明智的。但是當我談到我們的增長平台時，是的，我們相信我們有 5、6、7 個增長平台同時工作。交付就是其中之一。因此，它現在成為我們在市場上的整體銷售建設的重要貢獻者。我們在全球範圍內以及美國各地迅速推出外賣服務方面做得非常好。最後，我們在美國有大約 5,000 家使用 UberEATS 的餐廳。因此，我們在 2018 年採取了雙管齊下的方法。一個是繼續擴大。它不會以相同的速度出現，因為我們正在研究主要城市和市區，並且我們已經很早就達到了這些目標的數量。顯然，我們只能以 UberEATS 覆蓋範圍也將提供的速度擴展。但我的意思是，我們也有很好的機會從客戶的角度來提高認識和使用。就每天的客人數量而言，美國比其他一些成熟市場稍稍落後。再說一次，我們正在做的是你希望我們做的事情。一些很棒的最佳實踐分享。是什麼推動了英國、澳大利亞等市場如此高的使用率，以及越來越多的加拿大？我們也在荷蘭、西班牙和意大利不斷發展的業務中取得了一些不錯的成績。因此，我們相信我們可以提高已經提供外賣服務的餐廳的採用率和頻率，隨著 UberEATS 覆蓋範圍的擴大，我們通常會在美國擴大這一數字。就特許經營商而言，我的意思是，顯然這是一個不同的利潤動態，因為我們通過 UberEATS 向供應商支付費用，這彌補了我們不必僱用司機、開車的事實，有所有的保險費用，所有的複雜性和復雜性。所以這是一種 - 顯然，我們必須做出的考慮平衡。但現實情況是——我們將其中很大一部分視為增量業務。只要該業務保持增量，那麼我們也將獲得增量的美元利潤。這將是較低的利潤率百分比，但它是增量美元，這最終是我們的目標。坦率地說，我們相信通過利用規模和規模，我們在這裡的市場也有了一些飛躍。我們會發現自己非常高。如果您現在必須在許多市場繼續使用 UberEATS，我們將成為早期推薦的餐廳之一，因為我們現在經營的業務，實際上我們幾乎可以在 30 分鐘內從訂單到交付幾乎所有地方我們是，這使我們在為客戶提供的便利方面處於領先地位。

Next question is from Jeff Bernstein with Barclays.

下一個問題來自巴克萊銀行的 Jeff Bernstein。

It's a question on, I guess, more broadly on franchisee sentiments. I mean, you talked about a massive signal of confidence from the franchisees. Obviously, they're pleased with the sales momentum. I'm just wondering if you could talk a bit about if there's any pushback. We often hear about the overload from some of the initiatives going on simultaneously, Steve. As you mentioned, you've got 5, 6, 7 platforms going. So just wondering whether from an ops or a cost standpoint, you're getting any focused pushback. And one of those initiatives, I'm assuming, is fresh beef, which you didn't give much color to today. I was just wondering whether as an aside, you can offer anything incremental in terms of feedback from tests or the timing and pace of the rollout of that you're expecting, which I believe is in the middle of '18.

我想，這是一個更廣泛的關於特許經營商情緒的問題。我的意思是，你談到了特許經營商的巨大信心信號。顯然，他們對銷售勢頭感到滿意。我只是想知道你是否可以談談是否有任何阻力。史蒂夫，我們經常聽到一些同時進行的舉措造成的超負荷。正如您所提到的，您有 5、6、7 個平台在運行。所以只是想知道是從運營還是成本的角度來看，你會得到任何集中的回擊。我假設其中一項舉措是新鮮牛肉，你今天沒有給它太多色彩。我只是想知道，順便說一句，您是否可以在測試反饋或您期望的推出時間和速度方面提供任何增量，我相信這是在 18 年中期。

Yes, sure, Jeff. So franchisee sentiment, clearly, it's something -- we work so closely hand-in-hand with the owner/operators. And I mean, our owner/operators knew, as our leadership team did in the U.S., that they were building a very aggressive and confident plan, and they call it in the U.S. the bigger, bolder Vision 2020. So they collectively built this plan knowing that there was a lot tied up into it. As we enter 2018, I mean, there's a totally expected combination of excitement and confidence and also just the anxiety that comes with the workload and the commitments that have to be made. So I wouldn't say so much there's pushback, but just the reality is now hitting home. We've got a lot of work to do, both at a local level in the restaurants with the owner/operators, and also at a national level, to execute some of these priorities. But there is nothing that our teams don't talk about. And really, we're looking to alleviate the anxiety just with some great execution. If we can execute great Dollar Menu $1, $2, $3 from the start of the year, we've got a couple of other promotional campaigns coming up soon that we believe will be exciting and drive the business. And then, if we can get the -- continue to build on the reliability through the technology, whether it's through the mobile app our customers have, and also improve on the user experience, for example, on the self-order kiosks. There's loads of areas we're looking to continuously improve. And as we do so, our collective confidence grows. But I wouldn't say the sentiment is any different from any normal human reaction to when you enter a year and you've got to work really hard and also write some big checks, it always makes you think twice, and I understand that. And yes, we're very empathetic to that. With regard to fresh beef, yes, I haven't spoken so much about it because we're in rollout stage, and we're converting a lot of our facilities around the country in order to be able to meet the demand when we go to national launch, which should be around May, June time. So we already completed the first full wave. We probably have now 2,000 to 3,000 restaurants which now have the fresh beef for our Quarter Pounders and our Signature range. And clearly, we have a phased rollout across the next 2 to 3 months. The feedback we're getting is clearly, you need diligence in the operational training in order to get our grill teams familiar with the new procedures. But once they're embedded, the crew members are very adaptable and learn very quickly. I mean, the other, which is the most encouraging feedback we're getting, is from customers who just love the taste of the fresh beef in the Quarter Pounder. So yes, we're getting unsolicited feedback from customers on a noticeable improvement. So again, that just gives us further encouragement as we roll this out in the next 2 or 3 months.

是的，當然，傑夫。所以加盟商的情緒，很明顯，這很重要——我們與業主/經營者密切合作。我的意思是，我們的所有者/運營商知道，正如我們在美國的領導團隊所做的那樣，他們正在製定一個非常積極和自信的計劃，他們在美國將其稱為更大、更大膽的 2020 年願景。所以他們共同製定了這個計劃知道有很多牽連。當我們進入 2018 年時，我的意思是，完全可以期待興奮和自信的結合，以及工作量和必須做出的承諾帶來的焦慮。所以我不會說太多有阻力，但現實現在正在打擊。我們有很多工作要做，無論是在當地餐廳的所有者/經營者那裡，還是在國家層面，以執行其中一些優先事項。但是我們的團隊沒有什麼是不談論的。真的，我們希望通過一些出色的執行來減輕焦慮。如果我們能夠從年初開始執行出色的美元菜單 1 美元、2 美元、3 美元，我們很快就會推出其他一些促銷活動，我們相信這些活動會令人興奮並推動業務發展。然後，如果我們能夠獲得 - 繼續通過技術建立可靠性，無論是通過我們客戶擁有的移動應用程序，還可以改善用戶體驗，例如自助服務亭。我們正在尋求不斷改進的許多領域。當我們這樣做時，我們的集體信心就會增強。但我不會說這種情緒與任何正常人類的反應有什麼不同，當你進入一年並且你必須非常努力地工作並且還要寫一些大支票時，它總是讓你三思而後行，我理解這一點。是的，我們對此非常同情。關於新鮮牛肉，是的，我沒有說太多，因為我們正處於推廣階段，我們正在全國范圍內改造我們的許多設施，以便能夠滿足我們去時的需求到全國推出，應該是5、6月份左右的時間。所以我們已經完成了第一個完整的浪潮。我們現在可能有 2,000 到 3,000 家餐廳，它們現在為我們的 Quarter Pounders 和我們的 Signature 系列提供新鮮牛肉。顯然，我們將在未來 2 到 3 個月內分階段推出。我們得到的反饋很明顯，您需要在操作培訓中盡職盡責，以便讓我們的燒烤團隊熟悉新程序。但是一旦他們被嵌入，船員們就會非常適應並且學習很快。我的意思是，另一個是我們得到的最令人鼓舞的反饋，來自那些只喜歡 Quarter Pounder 新鮮牛肉味道的顧客。所以，是的，我們從客戶那裡收到了關於明顯改進的不請自來的反饋。再說一次，這只會給我們進一步的鼓勵，因為我們會在接下來的 2 或 3 個月內推出它。

Our next question is from Brett Levy with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brett Levy。

If I may, 2 questions. One is a clarification. On G&A, did you intentionally or was it accidentally that you removed the 5% to 10% additional savings beyond '19? And then just as a follow-up to some of the questions on franchise profitability. How were they thinking -- based on your conversations, how were they thinking about their spread between not just the investments in EOTF and value, but also what they're seeing on a labor front as companies like Starbucks and Walmart have once again taken it upon themselves to pass along savings and raise wages? Any color you could provide on that would be helpful.

如果可以的話，2個問題。一是澄清。在 G&A 上，您是有意還是無意地取消了 19 年之後 5% 到 10% 的額外節省？然後作為對特許經營盈利能力的一些問題的後續行動。他們是怎麼想的——根據你的談話，他們是如何考慮他們的差價的自己轉嫁積蓄並提高工資？您可以提供的任何顏色都會有所幫助。

I'll start with the G&A. So yes, it was conscious that we took out the 5% to 10%. I guess, just to reiterate some of the things I said, we've been focused on both saving G&A and shifting some of our spend from maintenance to kind of areas that grow the business. The way I -- our overall philosophy is to achieve savings as far away as possible from the areas of the business that directly impact our customers. So that's where we've been focused. We've realized that we're going to need to continue to invest in technology and digital in order to keep up with where the world is going and our customers' expectations. So we're going to commit to the $500 million but not commit to anything past that. We do look at a variety of G&A measures, both internally and externally, to compare with our peers. So we look at G&A as a percent of sales. We look at G&A as a percent of operating income because effectively, the G&A is incurred to grow sales and operating income. And I'm not 100% sure that everyone in the industry classifies all the costs exactly the same way. So to me, the ultimate measure is looking at operating margin, kind of how efficient are you at bringing revenues down to the bottom line? So we look at all those measures to ensure that we're spending our costs efficiently. We're going to continue our financial discipline. I think over the long term, we would expect that our G&A would be at or below 2% of sales. But for now, we're going to commit to the $500 million and just keep reevaluating and keep our discipline. Related to the labor cost...

我將從 G&A 開始。所以是的，我們有意識地取出了 5% 到 10%。我想，為了重申我所說的一些事情，我們一直專注於節省 G&A 並將我們的一些支出從維護轉移到促進業務增長的領域。我的方式——我們的整體理念是盡可能遠離直接影響我們客戶的業務領域實現節約。這就是我們一直關注的地方。我們已經意識到，我們將需要繼續投資於技術和數字技術，以跟上世界的發展趨勢和客戶的期望。因此，我們將承諾投入 5 億美元，但不會承諾超過此金額。我們確實研究了內部和外部的各種 G&A 措施，以與我們的同行進行比較。因此，我們將 G&A 視為銷售額的百分比。我們將 G&A 視為營業收入的百分比，因為實際上，G&A 是為了增加銷售和營業收入。而且我不能 100% 確定行業中的每個人都以完全相同的方式對所有成本進行分類。所以對我來說，最終衡量標準是查看營業利潤率，您在將收入降至底線方面的效率如何？因此，我們會考慮所有這些措施，以確保我們有效地支出成本。我們將繼續我們的財務紀律。我認為從長遠來看，我們預計我們的 G&A 將達到或低於銷售額的 2%。但就目前而言，我們將投入 5 億美元，並繼續重新評估並保持我們的紀律。與人工成本有關...

Yes, I mean, it's very early days since each of us are working on programs that we're building for the benefit of our people. So it's no immediate impact that we can see. But overall, I would say that the fight for talent continues. It's going to get increasingly challenging to attract the talent you want into your business. And then you've got to work really hard through training and development to retain them. So at a local level, I know our owner/operators and our company restaurants clearly want to stay competitive on pay, but we also want to differentiate ourselves through our programs such as Archways to Opportunity, which we're looking to significantly enhance the benefits to our employees from that and also broaden the accessibility beyond the U.S. into a global program as well, because we want to make sure that all of our people around the world stand to benefit. So we remain very close to it. And that's actually one of the advantages of a franchisee organization such as ours that when we've got our owner/operators as close to the market as they are, there are very swift to adapt to the changing marketplace.

是的，我的意思是，現在還很早，因為我們每個人都在為我們的人民的利益而製定計劃。所以我們看不到直接的影響。但總的來說，我會說人才爭奪戰仍在繼續。吸引您想要的人才進入您的業務將變得越來越具有挑戰性。然後你必須非常努力地通過培訓和發展來留住他們。因此，在本地層面，我知道我們的所有者/經營者和我們公司的餐廳顯然希望在薪酬方面保持競爭力，但我們也希望通過 Archways to Opportunity 等計劃來區分自己，我們希望通過這些計劃顯著提高福利我們的員工從中受益，並將可及性擴展到美國以外的全球計劃，因為我們希望確保我們在世界各地的所有員工都能從中受益。所以我們仍然非常接近它。這實際上是像我們這樣的特許經營組織的優勢之一，當我們讓我們的所有者/經營者盡可能接近市場時，可以非常迅速地適應不斷變化的市場。

So we've reached the top of the hour, but we will take one more question, and that will be from John Glass with Morgan Stanley.

所以我們已經到了時間的頂端，但我們還要回答一個問題，那就是約翰·格拉斯和摩根士丹利的問題。

This question is around return-of-capital goals. First of all, just the lower tax rate. Does that necessarily imply a higher dividend even if you keep your payout ratio the same? Or do you attempt to sort of smooth that over time? Same thing with leverage ratios. Does the tax reform sort of change the way you think about leverage? And then, finally, you think about sort of overall return-of-capital goals. I know you're still within that 2019 goal. But is it -- given you've got line of sight on CapEx spending for like a couple of years, when is the appropriate time to talk about new goals for return of capital for investors to think about under this new all-franchise business model?

這個問題與資本回報率目標有關。首先，只是稅率較低。即使您保持派息率不變，這是否一定意味著更高的股息？或者你是否試圖隨著時間的推移使之變得平滑？槓桿比率也是如此。稅收改革是否會改變您對槓桿的看法？然後，最後，您會考慮某種總體資本回報率目標。我知道你還在 2019 年的目標之內。但是是這樣嗎？鑑於您已經了解了幾年的資本支出支出，何時是討論新的資本回報目標的合適時機，讓投資者在這種新的全特許經營業務模式下考慮?

Okay. So let's -- let me talk about, I guess, the various pieces of return of capital that you mentioned since you hit them all. Given that's a board decision, we'll review with them kind of ongoing. We haven't had -- we didn't have a new discussion right now related to changing dividend kind of as a quick reaction to tax reform, but we certainly will have those discussions as the year progresses in our normal course. I don't know that tax reform in and of itself changes dramatically the way we think overall about dividends. We've been committed to dividends for over 40 years. We're still committed strongly to dividends. We do look at things like payout ratio. And so we'll continue to look at -- just as a guide, we don't have a set target, but we'll continue to look at payout ratio to help inform that decision. We did, as you indicated -- even with our acceleration of CapEx for 2018 and 2019, we're still comfortable in indicating that we'll return about $24 billion to shareholders through 2019, which was at the top end of our range. Leverage ratios, I think the rating agencies are still working through some of how to look at tax reform and how to think about their model. For us right now, we continue to believe that we're at the appropriate credit rating, so we don't have a plan to change our credit rating. That gives us a little bit of room, plus or minus, in any given year. And so as we think about returning, it does imply potentially a little bit of flexibility in adding some debt. And as I indicated, our priorities still are the same. The first priority is clearly to invest in the business for growth, and then we'll consider dividends and share buyback.

好的。所以讓我們 - 我想，讓我談談你提到的各種資本回報，因為你把它們都擊中了。鑑於這是董事會的決定，我們將與他們進行持續審查。我們還沒有——我們現在還沒有關於改變股息作為對稅收改革的快速反應的新討論，但隨著今年的正常進程，我們肯定會進行這些討論。我不知道稅收改革本身會極大地改變我們對股息的整體看法。 40 多年來，我們一直致力於分紅。我們仍然堅定地致力於分紅。我們確實會考慮派息率之類的東西。因此，我們將繼續研究——作為指導，我們沒有設定目標，但我們將繼續研究派息率以幫助做出決定。正如您所說，我們做到了——即使我們在 2018 年和 2019 年加速資本支出，我們仍然可以放心地表示，到 2019 年我們將向股東返還約 240 億美元，這是我們範圍的高端。槓桿比率方面，我認為評級機構仍在研究如何看待稅改以及如何思考他們的模式。對我們現在來說，我們仍然相信我們的信用評級是合適的，所以我們沒有計劃改變我們的信用評級。這給了我們一點空間，無論是正負，在任何給定的年份。因此，當我們考慮回歸時，它確實意味著在增加一些債務方面可能具有一點靈活性。正如我所指出的，我們的優先事項仍然相同。首要任務顯然是投資業務以實現增長，然後我們將考慮股息和股票回購。

Well, thank you. And now I'll turn it back over to Steve.

嗯，謝謝。現在我會把它交給史蒂夫。

Yes, just before I close, just to add to Kevin's last comment. Just not to lose sight of the fact that our operating business is still the massive generator of cash. And there's no doubt tax reform provides an encouraging help, both for our owner/operators and ourselves. But growing the business is going to be the primary source of cash growth going forward, and that's where we remain focused.

是的，就在我結束之前，只是為了補充凱文的最後一條評論。只是不要忽視這樣一個事實，即我們的經營業務仍然是巨大的現金產生者。毫無疑問，稅收改革為我們的所有者/經營者和我們自己提供了令人鼓舞的幫助。但發展業務將成為未來現金增長的主要來源，這也是我們一直關注的地方。

So just to close up, I just want to reiterate our Velocity strategy is working, and we really do have high expectations for McDonald's in 2018. We've got a strong leadership team and a great commitment and [a line-up of] franchisees, supply partners and employees who make up the 3-legged stool of the McDonald's System. So we've got great confidence about where we're going to take our business this year and look forward to sharing that with you as we progress. Thanks very much.

最後，我只想重申一下我們的 Velocity 戰略正在奏效，我們確實對 2018 年的麥當勞寄予厚望。我們擁有強大的領導團隊和堅定的承諾以及 [一系列] 加盟商，供應構成麥當勞系統三腿凳的合作夥伴和員工。因此，我們對今年的業務發展方向充滿信心，並期待在我們取得進展的過程中與您分享。非常感謝。

This concludes McDonald's Corporation investor conference call. You may now disconnect.

麥當勞公司投資者電話會議到此結束。您現在可以斷開連接。