麥當勞 (MCD) 2022 Q2 法說會逐字稿

Hello, and welcome to the McDonald's Second Quarter 2022 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

您好，歡迎參加麥當勞 2022 年第二季度投資者電話會議。應麥當勞公司的要求，本次會議正在錄製中。 （操作員說明）

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

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

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

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

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website as our reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. (Operator Instructions)

提醒一下，我們收益發布和 8-K 文件中的前瞻性陳述也適用於我們今天對電話會議的評論。這兩份文件都可以在我們的網站上找到，作為我們對今天電話會議中提到的任何非公認會計原則財務措施及其相應的公認會計原則措施的對賬。在今天早上準備好的發言之後，我們將回答您的問題。 （操作員說明）

Today's conference call is being webcast and is also being recorded for replay via our website. And now I'll turn it over to Chris.

今天的電話會議正在進行網絡直播，並通過我們的網站進行錄製以供重播。現在我將把它交給克里斯。

Thanks, Mike, and good morning, everyone. I'm proud to report that our Q2 performance was yet another demonstration of our broad-based business momentum with global comp sales up nearly 10% and most of our major markets continuing to grow market share. One thing is clear: The world continues to move in fast and often unforeseen ways. As it does, the McDonald's brand endures.

謝謝，邁克，大家早上好。我很自豪地報告，我們的第二季度業績再次證明了我們基礎廣泛的業務勢頭，全球複合銷售額增長了近 10%，我們的大部分主要市場的市場份額繼續增長。有一點很清楚：世界繼續以快速且經常無法預料的方式發展。事實上，麥當勞的品牌經久不衰。

But before we get into details of the past quarter, I want to offer up a few words about Kevin Ozan, who is joining today's call for the final time as McDonald's Chief Financial Officer. According to, Kevin, this is his 30th earnings call as CFO, but who's counting? To say that Kevin has had a profound impact on McDonald's is an understatement, and I should note that this impact isn't coming to an end just yet. But as he transitions from his duties as CFO, it's a perfect time to reflect on what he has done in the seat.

但在我們了解上個季度的細節之前，我想談談凱文·奧贊，他將最後一次以麥當勞首席財務官的身份加入今天的電話會議。據凱文說，這是他作為首席財務官的第 30 次財報電話會議，但誰在數呢？說凱文對麥當勞產生了深遠的影響是輕描淡寫的，我應該指出，這種影響還沒有結束。但隨著他從首席財務官的職責過渡，現在是反思他在這個席位上所做的事情的最佳時機。

When Kevin first took the reins as CFO in Q1 2015, comparable sales and guest counts were declining globally and across each geographic segment. And there were real questions about the growth outlook for the company. Rising customer and investor expectations demanded a clear vision and voice, which Kevin ably provided. Kevin has been a constant in shepherding McDonald's through unprecedented change again and again. From leading the company's financial turnaround in 2015 and helping create our last 2 strategic growth plans to navigating through a global pandemic and exiting a major market, Kevin has seen it all.

當 Kevin 在 2015 年第一季度首次擔任首席財務官時，可比銷售額和客人數量在全球範圍內和每個地理區域都在下降。對於公司的增長前景存在真正的問題。不斷提高的客戶和投資者期望要求有清晰的願景和聲音，而凱文很好地提供了這一點。凱文一直在通過一次又一次前所未有的變化來引導麥當勞。從領導公司在 2015 年實現財務轉型，幫助制定我們最近的兩個戰略增長計劃，再到度過全球大流行病並退出主要市場，Kevin 見證了這一切。

During his time as CFO, the company increased system-wide sales by over 25% to more than $100 billion, increased the number of restaurants worldwide by more than 10% to nearly 40,000 restaurants and returned over $50 billion to shareholders through dividends and share repurchases. As just one barometer of Kevin's impact, McDonald's stock has appreciated 150% during his tenure. Anyone who's worked with Kevin knows his leadership is as much about what he does as how he does it. His insightful strategic approach to the business is matched by his ability to make human connections at all levels and with all stakeholders across our system. It's safe to say that Kevin is one of the most beloved senior leaders in our organization.

在他擔任首席財務官期間，該公司的全系統銷售額增長了 25% 以上，超過 1000 億美元，全球餐廳數量增加了 10% 以上，達到近 40,000 家餐廳，並通過股息和股票回購向股東返還了超過 500 億美元.作為凱文影響力的一個晴雨表，麥當勞的股票在他任職期間上漲了 150%。任何與凱文共事過的人都知道，他的領導力與他的工作方式一樣重要。他對業務的洞察力戰略方法與他在各個層面以及與我們系統中的所有利益相關者建立人際關係的能力相匹配。可以肯定地說，凱文是我們組織中最受歡迎的高級領導者之一。

But like I said, Kevin is not going anywhere just yet. He's been promoted to a new elevated role as our Senior Executive Vice President of Strategic Initiatives, where he'll work closely with me until his retirement next year. I'll look to his counsel as we execute against our Accelerating the Arches strategy and identify areas where we can continue to evolve this strategy to meet the needs of customers long into the future. I expect we'll be sharing more down the road with all of you. Kevin, this isn't goodbye, not by a long shot. But on behalf of the entire McDonald's system, it's an opportune time to say thank you.

但就像我說的，凱文還沒有去任何地方。他被提升為我們戰略計劃高級執行副總裁的新職位，他將與我密切合作，直到明年退休。在我們執行“加速拱門”戰略時，我將尋求他的建議，並確定我們可以在哪些領域繼續發展該戰略以滿足客戶在未來很長一段時間內的需求。我希望我們將在未來與大家分享更多。凱文，這不是再見，不是很遠。但代表整個麥當勞系統，是時候說聲謝謝了。

Now on to the business operating environment. As we entered the year, we knew we were facing rising inflation, a surge in COVID-19 cases and the return of government restrictions in many markets exacerbating labor shortages and supply chain challenges. Over the last 6 months, the macro uncertainty has only increased. We now face war in Europe, inflation is running at its highest levels in 40 years, interest rates are rising to levels we haven't seen in years. All of this is contributing to weak consumer sentiment around the world and the possibility of a global recession.

現在進入業務運營環境。當我們進入這一年時，我們知道我們正面臨通脹上升、COVID-19 病例激增以及許多市場政府限制措施的回歸，加劇了勞動力短缺和供應鏈挑戰。在過去 6 個月中，宏觀不確定性只增不減。我們現在在歐洲面臨戰爭，通貨膨脹率達到 40 年來的最高水平，利率上升到我們多年未見的水平。所有這些都導致全球消費者信心疲軟以及全球經濟衰退的可能性。

We're mindful of these risks, and we're planning for a wider range of scenarios. And while our McDonald's business continues to perform well, this is a very challenging environment for our McFamily, from restaurant teams, to franchisees, to suppliers. But we're united in our purpose to feed and foster the communities in which we operate to provide an affordable destination for a delicious meal. Now more than ever, that is what our customers are seeking, which is why we feel so well positioned and confident in our continued success. Our global system is aligned behind a comprehensive strategy that is centered on the customer. This is strengthening our brand, which is driving broad-based market share gains.

我們注意到這些風險，並且我們正在計劃更廣泛的場景。雖然我們的麥當勞業務繼續表現良好，但這對我們的 McFamily 來說是一個非常具有挑戰性的環境，從餐廳團隊到特許經營商，再到供應商。但我們團結一致，共同為我們經營所在的社區提供食物和培育，為美味佳餚提供一個負擔得起的目的地。現在比以往任何時候都更重要的是，這正是我們的客戶所尋求的，這就是為什麼我們對我們的持續成功感到如此定位和自信。我們的全球系統支持以客戶為中心的綜合戰略。這正在加強我們的品牌，從而推動廣泛的市場份額增長。

I mentioned during our last quarter that we would provide an update on the state of our business in Russia. It became increasingly clear the Russian war against Ukraine meant that McDonald's wouldn't be able to continue to operate in Russia in a way that would be accretive to our business objectives or aligned with our values. That's why in May, we announced that we would exit the market and sell our restaurants to a Russian buyer to be operated under a different identity. While the Golden Arches no longer shine in Russia, we are continuing to support our people in Ukraine and remain ever hopeful for a resolution of this conflict.

我在上個季度提到我們將提供有關我們在俄羅斯的業務狀況的最新信息。越來越明顯的是，俄羅斯對烏克蘭的戰爭意味著麥當勞將無法繼續在俄羅斯以能夠促進我們的業務目標或符合我們價值觀的方式運營。這就是為什麼在 5 月，我們宣布將退出市場，將我們的餐廳出售給俄羅斯買家，以不同的身份經營。雖然金色拱門在俄羅斯不再閃耀，但我們將繼續支持我們在烏克蘭的人民，並對解決這場衝突充滿希望。

Now for more on our Q2 numbers, let me turn it over to Kevin so he can give his 30th and final quarterly earnings readout. Kevin?

現在想了解更多關於我們第二季度的數據，讓我把它交給凱文，這樣他就可以給出他的第 30 個和最後一個季度收益讀數。凱文？

Thanks, Chris, and thank you for the kind words. As Chris mentioned, global comp sales were up nearly 10% in the second quarter, demonstrating the continued resilience of our business despite the challenging environment. In fact, when we look at our 3-year comp growth with the U.S. over 19% and our IOM and IDL segments both more than 15%, we see that our business around the world has been extremely resilient through the tumultuous last few years. Our quarterly results reflect strong underlying sales growth across all segments, a direct result of remaining customer focused and executing against our strategy.

謝謝，克里斯，謝謝你的客氣話。正如 Chris 所說，第二季度全球複合銷售額增長了近 10%，這表明儘管環境充滿挑戰，但我們業務的持續彈性。事實上，當我們看到我們在美國的 3 年復合增長率超過 19% 並且我們的 IOM 和 IDL 細分市場都超過 15% 時，我們看到我們在全球的業務在過去幾年的動盪中一直非常有彈性。我們的季度業績反映了所有細分市場的強勁潛在銷售增長，這是保持以客戶為中心並執行我們的戰略的直接結果。

In our International Operated Markets, we continued to gain QSR traffic share as markets showcased our iconic core equities and further capitalized on our digital channels. This fueled comp sales growth of 13% for the segment with positive comps across all markets. Recovery in Germany and France continued as remaining government restrictions eased early in the quarter. Germany built on their successful launch of loyalty at the end of last year and ran a Big Mac celebration campaign using mobile app offers to further drive digital adoption. In France, we highlighted our core burgers with strong marketing behind our triple cheeseburger, helping grow QSR market share to another record-high level.

在我們的國際運營市場中，隨著市場展示我們標誌性的核心股票並進一步利用我們的數字渠道，我們繼續獲得 QSR 流量份額。這推動該細分市場的銷售額增長了 13%，所有市場的銷售額均呈正增長。由於剩餘的政府限制在本季度初有所放鬆，德國和法國的複蘇繼續進行。德國在去年底成功推出忠誠度計劃的基礎上，利用移動應用程序開展了一場巨無霸慶祝活動，以進一步推動數字化採用。在法國，我們突出了我們的核心漢堡，在我們的三重芝士漢堡背後有強大的營銷，幫助將 QSR 市場份額提高到另一個創紀錄的水平。

Canada continued to prioritize convenience as the market accelerated digital momentum with always-on loyalty messaging. We also featured a summer drink days promotion, highlighting our strong value proposition across all dayparts. Australia built on their first quarter launch of loyalty and accelerated digital engagement across the market with a strong lineup of mobile app offers. And we partnered with Australian pop star, The Kid LAROI , whose famous order was available exclusively through our mobile app and McDelivery.

隨著市場通過始終在線的忠誠度消息傳遞加速數字化勢頭，加拿大繼續優先考慮便利性。我們還推出了夏季飲品日促銷活動，突出了我們在所有時段的強大價值主張。澳大利亞在第一季度推出忠誠度計劃的基礎上，通過強大的移動應用產品陣容加速了整個市場的數字化參與。我們與澳大利亞流行歌星 The Kid LAROI 合作，他們的著名訂單僅通過我們的移動應用程序和 McDelivery 提供。

In the U.K., the return of the McSpicy Chicken Sandwich and Big Tasty promotion drove significant incremental sales. A daily digital sales calendar also helped build our digital customer base, leading up to the recent launch of loyalty. While the expiration of VAT benefits impacted our quarterly comp sales in the market, we continue to grow QSR market share.

在英國，McSpicy Chicken Sandwich 和 Big Tasty 促銷活動的回歸推動了銷售額的顯著增長。每日數字銷售日曆也有助於建立我們的數字客戶群，導致最近推出忠誠度。雖然增值稅優惠的到期影響了我們在市場上的季度銷售，但我們繼續增加 QSR 市場份額。

Moving to the U.S. We posted positive comps across all dayparts in the second quarter, led by breakfast. Overall comp sales were up nearly 4% due to higher average check, supported by strategic price increases. We continue to focus on everyday affordability that customers are looking for across both our everyday value menu and digital offerings.

搬到美國我們在第二季度的所有時段發布了積極的比較，以早餐為主導。由於更高的平均支票，在戰略性價格上漲的支持下，整體複合銷售額增長了近 4%。我們繼續關注客戶在我們的日常價值菜單和數字產品中尋找的日常負擔能力。

Turning to the International Developmental Licensed Markets. Comp sales were up 16% in the quarter, largely driven by strong comps in Japan and Latin America. Japan achieved an impressive 27th consecutive quarter of positive comp sales with strength across our delivery and digital channels, and our growth at the dinner daypart continued with popular limited-time offerings across both chicken and beef.

轉向國際發展許可市場。本季度可比銷售額增長 16%，主要受日本和拉丁美洲強勁的可比銷售額推動。日本連續第 27 個季度實現了令人印象深刻的正向銷售，我們在交付和數字渠道方面的實力強勁，我們在晚餐時段的增長繼續通過雞肉和牛肉的流行限時供應。

Recovery in China remains challenged with negative double-digit comp sales in the second quarter due to ongoing COVID resurgences and related lockdowns across key cities. This resulted in temporary restaurant closures throughout the country for most of the quarter. While operating conditions are challenging, restaurants remained focused on the consumer, offering core menu favorites and targeted digital coupons.

由於持續的 COVID 死灰復燃和主要城市的相關封鎖，中國的複蘇仍然面臨著第二季度負兩位數的銷售額的挑戰。這導致該季度大部分時間在全國范圍內臨時關閉餐廳。儘管經營條件充滿挑戰，但餐廳仍然專注於消費者，提供核心菜單最愛和有針對性的數字優惠券。

And now I'll turn it back to Chris.

現在我將把它轉回給克里斯。

Thank you, Kevin. McDonald's is one of the most recognized and beloved brands on earth. Today, our opportunity is building on this recognition to keep up with customers and communities around the world and on every platform, whether it's our global mobile app or social media. I'm proud of McDonald's industry-leading digital and marketing initiatives that allow us to connect with even more customers in entirely new and creative ways so we can strengthen our relationships, better connect to culture and meet customers where they are.

謝謝你，凱文。麥當勞是地球上最受認可和喜愛的品牌之一。今天，我們的機會正在建立在這種認可的基礎上，以跟上世界各地的客戶和社區以及在每個平台上的步伐，無論是我們的全球移動應用程序還是社交媒體。我為麥當勞行業領先的數字和營銷計劃感到自豪，這些計劃使我們能夠以全新的和創造性的方式與更多的客戶建立聯繫，從而加強我們的關係，更好地與文化建立聯繫，並在客戶所在的地方與他們會面。

The investments we're making in digital, one of our biggest opportunities for growth, are beginning to bear fruit. In our top 6 markets, digital sales, which include mobile app, kiosk and delivery, represented over $6 billion or nearly 1/3 of system-wide sales in the second quarter. With the launch of MyMcDonald's Rewards in the U.K. this month, we now have loyalty programs in nearly 50 markets, including all of our top 6 markets.

我們在數字領域的投資是我們最大的增長機會之一，現在開始結出碩果。在我們的前 6 個市場中，包括移動應用程序、信息亭和交付在內的數字銷售額在第二季度佔了超過 60 億美元或近 1/3 的系統範圍銷售額。隨著本月在英國推出 MyMcDonald's Rewards，我們現在在近 50 個市場推出了忠誠度計劃，包括我們所有的前 6 個市場。

Enrollment and participation continue to grow, and our loyal customers are highly engaged with us. Nearly 22 million of U.S. loyalty members have been active in the last 90 days. MyMcDonald's Rewards has consistently driven more frequent visits and incremental sales in each of the markets as we've launched.

註冊和參與度持續增長，我們的忠實客戶與我們高度互動。近 2200 萬美國忠誠會員在過去 90 天內一直處於活躍狀態。隨著我們的推出，MyMcDonald's Rewards 一直在推動每個市場的更頻繁訪問和增量銷售。

Each reward a customer redeems and each preference a customer shares helps us power our personal touch. We can use this deeper understanding of our customers to create content and offers relevant to them through the channels they prefer. By tailoring messages, our customers feel more connected to McDonald's, ultimately driving engagement that increases both spend and frequency. It even means we can reunite with customers who haven't visited us in a while.

客戶兌換的每個獎勵和客戶分享的每個偏好都有助於我們增強個人風格。我們可以利用對客戶更深入的了解，通過他們喜歡的渠道創建與他們相關的內容和優惠。通過定制信息，我們的客戶感覺與麥當勞的聯繫更加緊密，最終推動了增加消費和頻率的參與度。這甚至意味著我們可以與一段時間未訪問我們的客戶團聚。

We're also strengthening our iconic core menu. As I've mentioned before, in markets around the world, we're taking our leading burgers and making them even better by implementing enhanced cooking procedures and new buns, resulting in hotter, juicier and tastier burgers. Spain was the latest market to launch these taste and quality improvements, driving incremental sales and giving our customers yet another reason to keep coming back for more.

我們還在加強我們標誌性的核心菜單。正如我之前提到的，在世界各地的市場上，我們正在採用我們領先的漢堡，並通過實施改進的烹飪程序和新的麵包使它們變得更好，從而生產出更熱、更多汁和更美味的漢堡。西班牙是推出這些口味和質量改進的最新市場，推動了銷量的增長，並為我們的客戶提供了另一個理由來繼續購買更多產品。

We'll also keep coming up with fresh spins on our classics, creating craveable moments for a new generation of McDonald's fans. In Germany, strong marketing and core menu campaigns, including the Big Mac celebration featuring double Big Mac drove strong comps for the quarter. In Australia, we leveraged the strength of our McCafe brand with the launch of the Australiano coffee in the second quarter and continue to grow our share in coffee.

我們還將繼續為我們的經典產品帶來新鮮感，為新一代的麥當勞粉絲創造令人渴望的時刻。在德國，強大的營銷和核心菜單活動，包括以雙巨無霸為特色的巨無霸慶祝活動，推動了本季度的強勁業績。在澳大利亞，我們利用 McCafe 品牌的實力在第二季度推出了澳大利亞咖啡，並繼續增加我們在咖啡中的份額。

Of course, there's no better example of combining classic with modern relevance than our transformational marketing. And that's not just my opinion, it's the consensus of the marketing industry. McDonald's was repeatedly recognized this quarter for advertising that captures both hearts and minds. At Cannes Lion last month, McDonald's and its marketing partners received multiple awards while simultaneously being named the most effective brand on the WARC Effective 100 for the third year running. We swept the global Effie Awards and were recognized as the #1 most effective brand and marketer in the U.S.

當然，將經典與現代相關性結合起來，沒有比我們的轉型營銷更好的例子了。這不僅是我的觀點，也是營銷行業的共識。麥當勞在本季度屢獲認可，因為它的廣告既能打動人心，又能打動人心。上個月在戛納國際電影節上，麥當勞及其營銷合作夥伴獲得了多個獎項，同時連續第三年被評為 WARC Effective 100 中最有效的品牌。我們橫掃全球艾菲獎，並被公認為美國#1最有效的品牌和營銷商。

Over the past few months, we've continued to turn cultural moments into creative pedestals for the Golden Arches. In May, McDonald's commemorated Queen Elizabeth's Platinum Jubilee by recording a new version of our world-famous I'm Lovin' It jingle, making headlines and history. As Kevin mentioned, Australia launched our latest famous order with pop phenom The Kid LAROI. And we created a significant brand moment in Canada with our annual McHappy Day campaign, raising nearly $6 million for Ronald McDonald House Charities and lifting sales and brand perceptions in the process. Our creative excellence has expanded our reach and made McDonald's not just more recognizable but more relevant, and it's this customer connection that is continuing to drive our business in new and exciting ways.

在過去的幾個月裡，我們繼續將文化時刻轉化為金色拱門的創意基座。 5 月，麥當勞為紀念伊麗莎白女王的白金禧年，錄製了我們舉世聞名的新版本我愛它的叮噹聲，成為頭條新聞和歷史。正如 Kevin 提到的，澳大利亞推出了我們最新的著名訂單，其中包括流行歌手 The Kid LAROI。我們通過一年一度的 McHappy Day 活動在加拿大創造了一個重要的品牌時刻，為 Ronald McDonald House Charities 籌集了近 600 萬美元，並在此過程中提升了銷售額和品牌認知度。我們的卓越創意擴大了我們的影響力，使麥當勞不僅更容易被識別，而且更具相關性，正是這種與客戶的聯繫繼續以新的和令人興奮的方式推動我們的業務。

Now to talk more about our second quarter financial performance, I'll hand it back to Kevin.

現在要更多地談論我們第二季度的財務業績，我將把它交還給凱文。

Thanks, Chris. Our strong top line performance resulted in adjusted earnings per share for the quarter of $2.55, an increase of 15% in constant currencies. This adjusted EPS excludes $1.2 billion of charges related to our exit from Russia and a gain of $270 million from the sale of Dynamic Yield.

謝謝，克里斯。我們強勁的營收表現導致該季度調整後每股收益為 2.55 美元，按固定匯率計算增長了 15%。調整後的每股收益不包括與我們退出俄羅斯有關的 12 億美元費用以及出售 Dynamic Yield 帶來的 2.7 億美元收益。

Adjusted EPS was hurt by $0.16 of currency as the dollar strengthened significantly in the second quarter. That was double the amount we estimated in our first quarter earnings call based on exchange rates at that time. Our G&A costs increased 10% in constant currencies for the quarter, reflecting higher investments in restaurant technology and incremental expenses related to our worldwide convention and proxy contests.

由於美元在第二季度大幅走強，調整後的每股收益受到 0.16 美元的匯率影響。這是我們根據當時的匯率在第一季度財報電話會議中估計的金額的兩倍。本季度我們的 G&A 成本按固定匯率計算增加了 10%，這反映了對餐廳技術的更高投資以及與我們的全球會議和代理競賽相關的增量費用。

As expected, company-operated margins were hampered by significant commodity and wage inflation as well as rising energy costs. Given macroeconomic conditions, we expect these inflationary pressures will continue to impact margins for the remainder of the year. Our company-operated margin dollars for the quarter were also negatively impacted by our exit from Russia, which was a heavily company-owned market. Even with these cost headwinds and our exit from Russia, our strong system-wide sales growth contributed to healthy flow-through to operating income. Total restaurant margin dollars grew $270 million in constant currency as a result of sales-driven growth in franchise margins, which now make up nearly 90% of restaurant margin dollars. This resulted in an adjusted operating margin of 45% for the quarter.

正如預期的那樣，公司經營的利潤率受到商品和工資大幅上漲以及能源成本上升的阻礙。鑑於宏觀經濟狀況，我們預計這些通脹壓力將繼續影響今年剩餘時間的利潤率。本季度我們公司運營的保證金美元也受到我們退出俄羅斯的負面影響，俄羅斯是一個由公司大量擁有的市場。即使有這些成本逆風和我們從俄羅斯的退出，我們強勁的全系統銷售增長也有助於健康地流入營業收入。由於銷售驅動的特許經營利潤率增長，餐廳總利潤率增長了 2.7 億美元，目前佔餐廳利潤率的近 90%。這導致本季度調整後的營業利潤率為 45%。

Lastly, based on current exchange rates, we expect FX to reduce third quarter EPS by about $0.14 to $0.16 and full year EPS by roughly $0.40 to $0.50, again, double the impact that we estimated on our first quarter call. As we certainly saw last quarter, this is directional guidance only as rates will likely fluctuate as we move through the year.

最後，根據當前匯率，我們預計外匯將使第三季度每股收益減少約 0.14 美元至 0.16 美元，全年每股收益減少約 0.40 美元至 0.50 美元，再次是我們在第一季度電話會議上估計的影響的兩倍。正如我們在上個季度看到的那樣，這只是方向性的指導，因為利率可能會隨著我們全年的發展而波動。

Before I pass it back to Chris, I want to take a moment to say thank you. It's been an absolute privilege to serve as CFO of this iconic brand for over 7 years. During this time, I've met many people who are on the call this morning, from analysts who follow our industry to investors in our company. I've had a lot of thought-provoking conversations with many of you. You offered your opinions and challenged me, and my interactions with you over the years helped make me a better CFO and helped make McDonald's a better company.

在我把它傳給克里斯之前，我想花點時間說聲謝謝。擔任這個標誌性品牌超過 7 年的首席財務官是一種絕對的榮幸。在這段時間裡，我遇到了很多今天早上在電話會議上的人，從關注我們行業的分析師到我們公司的投資者。我與你們中的許多人進行了很多發人深省的對話。你提出了你的意見並挑戰了我，這些年來我與你的互動幫助我成為了一個更好的首席財務官，幫助麥當勞成為了一個更好的公司。

I'm extremely grateful for your engagement through the years and for the confidence you placed on us with your investments. I look forward to passing the baton to Ian Borden who I worked closely with on our senior leadership team for many years. We will continue to work together to ensure a smooth transition.

我非常感謝您多年來的參與以及您對我們的投資的信任。我期待著將接力棒傳遞給與我在我們的高級領導團隊中密切合作多年的伊恩·博登。我們將繼續共同努力，確保順利過渡。

Thank you again. And now back to Chris.

再次感謝你。現在回到克里斯。

Thanks, Kevin. As we reflect on these results for the second quarter, I feel tremendous pride in the entire McDonald's system. I believe there has never been a better time to be part of the McDonald's brand. We have the right leadership and the right strategy at exactly the right time to take this iconic brand to even greater heights.

謝謝，凱文。當我們回顧第二季度的這些結果時，我對整個麥當勞系統感到無比自豪。我相信現在是成為麥當勞品牌一員的最佳時機。我們在正確的時間擁有正確的領導和正確的戰略，將這個標誌性品牌推向更高的高度。

As we announced over the past few weeks, we continue to assemble the right members of our global senior leadership team to help lead the next chapter for brand McDonald's, building on the successes made because of the outstanding contributions of former leaders. Because of McDonald's ability to provide a variety of opportunities and experiences as one of the world's most recognized and respected brands, our ability to recruit top talent and develop a deep bench is unparalleled in our industry. This only builds our confidence in executing on our strategic plan for the long term.

正如我們在過去幾周宣布的那樣，我們將繼續召集我們全球高級領導團隊的合適成員，以幫助領導麥當勞品牌的新篇章，在前任領導人的傑出貢獻所取得的成功的基礎上再接再厲。由於麥當勞作為世界上最受認可和最受尊敬的品牌之一，能夠提供各種機會和經驗，因此我們招募頂尖人才和培養後備人才的能力在我們的行業中是無與倫比的。這只會增強我們執行長期戰略計劃的信心。

As Kevin mentioned, stepping into the CFO role next is 30-year McDonald's veteran Ian Borden. Currently President of International, Ian has worked literally around the world for McDonald's in a variety of capacities. He brings a great mix of financial and field experience into the CFO role, and it will be great to have him now based in our Chicago headquarters.

正如凱文所說，下一個擔任 CFO 職位的是在麥當勞工作了 30 年的老將伊恩·博登。現任國際總裁，伊恩曾在世界各地為麥當勞工作，擔任過各種職務。他為首席財務官的角色帶來了豐富的財務和現場經驗，他現在在我們的芝加哥總部工作將是非常棒的。

Additionally, Jill McDonald will be returning to McDonald's as President of our International Operated Market. Jill began her career as a marketer, eventually leading global marketing at British Airways. Jill then joined McDonald's as Chief Marketing Officer for our U.K. business and Northern Europe and later became the Managing Director for our U.K. business and President of Northern Europe. Jill is a seasoned veteran of the consumer industry, having served most recently as CEO of Costa Coffee. Her strong customer focus, passion for creative excellence and commitment to innovation align well with my priorities, and I'm confident Jill will help accelerate the next phase of the IOM segment's growth.

此外，吉爾·麥克唐納 (Jill McDonald) 將重返麥當勞，擔任我們國際運營市場的總裁。吉爾的職業生涯始於營銷人員，最終在英國航空公司領導全球營銷。吉爾隨後加入麥當勞，擔任我們英國業務和北歐的首席營銷官，後來成為我們英國業務的董事總經理和北歐總裁。 Jill 是消費行業的資深人士，最近擔任 Costa Coffee 的首席執行官。她對客戶的強烈關注、對卓越創意的熱情和對創新的承諾與我的優先事項非常吻合，我相信 Jill 將幫助加速 IOM 部門下一階段的增長。

I'm also happy to share that Jo Sempels will continue to lead our International Developmental Licensed Markets as President of IDL. Jo's responsibilities will now include our large fast-growing China business, which currently reports to Ian in his capacity as President of International.

我也很高興分享 Jo Sempels 將繼續作為 IDL 總裁領導我們的國際開發許可市場。 Jo 的職責現在將包括我們快速增長的大型中國業務，該業務目前以國際總裁的身份向 Ian 匯報。

Meanwhile, Francesca Debiase will be retiring as Global Chief Supply Chain Officer after more than 3 decades at McDonald's and over 7 years in this role. I'm especially grateful to Francesca for stewarding our world-class supply chain through unprecedented disruptions and for spearheading sustainable solutions that are now standard practice throughout our system. While we'll miss Francesca, we're happy that Marion Gross will now be stepping into this role. Marion has been with McDonald's for 29 years, most recently as Chief Supply Chain Officer of McDonald's North America.

與此同時，Francesca Debiase 將在麥當勞工作 3 年以上並擔任該職位 7 年多後，將卸任全球首席供應鏈官一職。我特別感謝 Francesca 通過前所未有的中斷來管理我們的世界級供應鏈，並率先提出可持續的解決方案，這些解決方案現在已成為我們整個系統的標準做法。雖然我們會想念弗朗西斯卡，但我們很高興馬里昂格羅斯現在將擔任這個角色。 Marion 在麥當勞工作了 29 年，最近擔任麥當勞北美首席供應鏈官。

I'm lucky to be surrounded by such great leaders who are also such good people. That's what McDonald's is all about, which is why we call ourselves the McFamily. With that, let's begin Q&A.

我很幸運能被如此偉大的領導人所包圍，他們也是如此優秀的人。這就是麥當勞的全部意義所在，這也是我們稱自己為 McFamily 的原因。有了這個，讓我們開始問答吧。

(Operator Instructions)

（操作員說明）

Our first question is from David Tarantino with Baird.

我們的第一個問題來自貝爾德的大衛塔倫蒂諾。

First, I wanted to congratulate Kevin on a great career. You'll be missed by the investment community.

首先，我想祝賀凱文的職業生涯很棒。投資界會想念你。

And then secondly, I guess, Chris, I wanted to ask about the situation in Europe specifically again. And I know you called out a lot of macro challenges. And I was just wondering if you could comment specifically on whether you're starting to see any consumer behavior changes in your European business as a result of some of those pressures. And then I guess relatedly, you mentioned that you're planning for a lot of scenarios, and I was wondering if you could comment on what McDonald's might do if we were to see a more material downturn in consumer spending.

其次，我想，克里斯，我想再次具體詢問一下歐洲的情況。我知道你提出了很多宏觀挑戰。我只是想知道您是否可以具體評論一下，由於其中一些壓力，您是否開始看到您的歐洲業務中的任何消費者行為發生變化。然後我想相關的是，你提到你正在計劃很多場景，我想知道如果我們看到消費者支出出現更實質性的下滑，你是否可以評論麥當勞可能會做什麼。

Thanks, David. Well, as you saw in the announcement, we continue to have broad-based growth, and our European business overall is performing quite well. I'm actually very happy with how the European business is performing. There's a few things that we're seeing consistently across, that we are seeing -- that we're gaining traffic and comp sales share in every market -- major market where we operate. We feel great about that. We're gaining share in beef and chicken, which were priority areas for us, and we're doing quite well in delivery. And I expect digital, particularly as we bring on the U.K., is going to be a performer for us.

謝謝，大衛。好吧，正如您在公告中看到的那樣，我們繼續實現廣泛的增長，我們的歐洲業務整體表現良好。實際上，我對歐洲業務的表現非常滿意。我們一直在看到一些事情，我們正在看到——我們在每個市場——我們經營的主要市場——獲得流量和銷售份額。我們對此感覺很好。我們在牛肉和雞肉方面的份額正在增加，這是我們的優先領域，而且我們在交付方面做得很好。我希望數字化，特別是當我們引入英國時，將成為我們的表演者。

So headline is Europe is doing very well for us. I think what is weighing on our mind and we're certainly attentive to is consumer sentiment as one area. And in a number of markets in Europe, France as an example, Germany is another market, Spain is another market, we're seeing consumer sentiment down and in many cases, down at record levels. So that's one area of concern.

所以標題是歐洲對我們來說做得很好。我認為讓我們感到壓力並且我們當然會關注的是將消費者情緒作為一個領域。在歐洲的一些市場，例如法國，德國是另一個市場，西班牙是另一個市場，我們看到消費者信心下降，在許多情況下，下降到創紀錄的水平。所以這是一個值得關注的領域。

The second is we do know that the inflationary pressures in Europe are elevated even beyond what we're seeing here in the U.S. And that has an impact on sentiment, but that also has an impact on what we're needing to do from a menu board standpoint and pricing. And so I think while we look at Europe right now, and we're seeing strong results, it is a challenging situation. It's challenging for our franchisees.

第二個是我們確實知道歐洲的通脹壓力甚至比我們在美國看到的還要高。這會影響情緒，但這也會影響我們需要從菜單上做的事情董事會的立場和定價。所以我認為，當我們現在看歐洲時，我們看到了強勁的結果，這是一個充滿挑戰的局面。這對我們的加盟商來說是一個挑戰。

And as you think about what we plan for under a variety of scenarios, it goes to essentially what are our marketing levers and what are our investment scenarios and do we need to lean into harder, for example, the value end of our menu platform. That could be one scenario. On the other hand, if it continues at its current pace, maybe we don't need to lean in as hard as that.

當你考慮我們在各種場景下的計劃時，它本質上是我們的營銷槓桿和我們的投資場景，我們是否需要更努力地傾斜，例如，我們菜單平台的價值端。這可能是一種情況。另一方面，如果它以目前的速度繼續下去，也許我們不需要那麼努力。

So these are things that happen at a market level on a country-by-country basis. But I think the way our teams are looking at it is because of this uncertainty around consumer sentiment, we're just having to plan for more different scenarios, and that means having more flexibility in the marketing calendar to pivot if need be.

因此，這些都是逐個國家在市場層面上發生的事情。但我認為我們的團隊看待它的方式是因為消費者情緒的這種不確定性，我們只需要為更多不同的場景做計劃，這意味著在營銷日曆中有更大的靈活性，可以在需要時進行調整。

Our next question is from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

Kevin, let me just add my congratulations and best wishes as well. My question is similar but to the U.S. Last quarter, you talked about a little bit of trade down in the U.S. as maybe early evidence the consumer is changing. Where does that stand now?

凱文，讓我再補充一下我的祝賀和最良好的祝愿。我的問題與美國類似。上個季度，您談到美國的貿易有所下降，這可能是消費者正在改變的早期證據。那現在在哪裡？

And what is the conversation now about pricing with the franchisees? Pricing has been used, obviously, to cover inflation, but maybe is there -- are you coaching them now to be easier on that factor just given the changing dynamics in the U.S.? How do you view pricing today versus maybe 90 days ago?

現在與特許經營商在定價方面的對話是什麼？很明顯，定價已經被用來覆蓋通貨膨脹，但也許存在——鑑於美國不斷變化的動態，你現在是否正在指導他們在這個因素上更容易？與 90 天前相比，您如何看待今天的定價？

Why don't I have Kevin hit this at the top, and then I'll cover anything he misses.

為什麼我不讓凱文在頂部打這個，然後我會覆蓋他錯過的任何東西。

Yes, I can take it. And thanks, David and John, for your kind comments. Let me talk about the U.S. and the comp and what drove the comp, and I think that will help talk about some of the trade down that you're talking about.

是的，我可以接受。感謝大衛和約翰的友好評論。讓我談談美國和補償以及是什麼推動了補償，我認為這將有助於談論你正在談論的一些交易。

Our Q2 comp of a little under 4 was driven completely by higher average check. Our guest counts were relatively flat, so it really was check driven. And that average check was driven, obviously, mainly by price increases. Year-over-year in the second quarter, our menu prices were up high single digits, relatively consistent with what I talked about in the first quarter, a little bit higher than that. And we expect for the year to be in that high single-digit range for the full year.

我們的 Q2 comp 略低於 4 完全是由更高的平均檢查驅動的。我們的客人數量相對持平，所以它真的是檢查驅動的。顯然，這種平均支票主要是由價格上漲推動的。與去年同期相比，第二季度我們的菜單價格上漲了個位數，與我在第一季度所說的相對一致，略高於此。我們預計今年全年將處於高個位數範圍內。

What we are seeing still is flow-through similar to what we've seen historically, still strong flow-through of roughly 70% or so. So if you think about an 8%, 9% price increase with a 70% flow-through, the difference between that and our comp of a little under 4% was driven by 2 main things. First, one of the things I started talking about in the first quarter was a decline in units per transaction. That's partly driven by a reversion in the number of people per transaction.

我們看到的仍然是與我們在歷史上看到的相似的流通量，仍然是大約 70% 左右的強勁流通量。因此，如果您考慮 8%、9% 的價格上漲和 70% 的流通量，那麼這與我們略低於 4% 的補償之間的差異是由兩個主要因素驅動的。首先，我在第一季度開始談論的一件事是每筆交易的單位數量下降。這部分是由於每筆交易的人數回歸。

You'll recall during COVID, what happened is we had a significant shift in channels from front counter to things like delivery and drive-thru, and that increased our number of people per order. What we're now seeing in the U.S. but also around the world is a little bit back to some normal channels as restaurants open up. So delivery is still a little bit elevated versus where it was pre COVID, but drive-thru percentages are pretty much back to where they were pre COVID.

你會記得在 COVID 期間，發生的事情是我們的渠道從前台到交付和得來速等渠道發生了重大轉變，這增加了我們每個訂單的人數。隨著餐館的開放，我們現在在美國和世界各地看到的情況有點恢復到一些正常渠道。因此，與 COVID 之前的情況相比，交付量仍然有點高，但得來速百分比幾乎回到了 COVID 之前的水平。

So we're seeing a number of people per transaction go down. We knew that would happen at some point. We didn't exactly know timing. The other thing, to a lesser extent, and again, I mentioned last quarter, is that we are seeing some trade down. We're seeing customers and specifically lower-income customers trade down to value offerings and fewer combo meals. So those dynamics are kind of what's driving both the comp and our pricing.

因此，我們看到每筆交易的人數下降。我們知道這會在某個時候發生。我們並不確切知道時間。另一件事，在較小程度上，我在上個季度再次提到，是我們看到一些交易下降。我們看到客戶，尤其是收入較低的客戶，以低價購買超值產品和更少的套餐。因此，這些動態是推動競爭和我們定價的某種原因。

We do -- as we've talked about historically, we do work closely with our franchisees on pricing. We use a third-party adviser that advises the franchisees as well as the company on pricing. It's a consumer-based research approach. And I've talked before about, specifically this year, how we're taking smaller, more frequent price increases because it gives us the flexibility to be able to see how consumers are reacting and then adjust if or when necessary.

我們這樣做 - 正如我們在歷史上所討論的那樣，我們確實與我們的特許經營商在定價方面密切合作。我們使用第三方顧問為加盟商和公司提供定價建議。這是一種基於消費者的研究方法。我之前曾談到，特別是今年，我們如何採取更小、更頻繁的價格上漲，因為它讓我們能夠靈活地了解消費者的反應，然後在必要時或在必要時進行調整。

One of the most important things that we keep an eye on is -- obviously, there are cost pressures, both on the commodity and labor side, but we have to balance that with continuing to provide value for our customers. And there's a couple of key metrics that we look at: one called good value for money, which is one of the customer scores we look at; and another is affordable options that I like. And we still; continue to do well on those metrics, which is the most important thing to make sure, that our customers still are perceiving our offerings as value.

我們關注的最重要的事情之一是——顯然，在商品和勞動力方面都存在成本壓力，但我們必須在繼續為客戶提供價值的同時平衡這一壓力。我們關注幾個關鍵指標：一個是物有所值，這是我們關注的客戶得分之一；另一個是我喜歡的負擔得起的選擇。我們仍然；繼續在這些指標上做得很好，這是最重要的事情，要確保我們的客戶仍然將我們的產品視為價值。

Yes. The only thing I would add to what Kevin said is we track, as I think many of you do as well, food at home versus food away from home. And right now, we're seeing a significant gap. In fact, we think by our measure, it's the largest gap we've ever seen -- well, seen in 50 years between food at home and food away from home, meaning that food at home has increased pricing significantly faster than what food away from home, McDonald's and others in our industry have done. I don't know what the impact of that is, but certainly, we expect that there is some benefit that we're seeing as part of that.

是的。我要補充凱文所說的唯一一件事是我們跟踪，正如我認為你們中的許多人所做的那樣，在家中的食物與在家外的食物。而現在，我們看到了巨大的差距。事實上，我們認為，按照我們的衡量標準，這是我們所見過的最大差距——嗯，在 50 年來在家吃食物和離家吃食物之間的差距，這意味著在家吃食物的價格上漲速度明顯快於離家吃東西從家裡，麥當勞和我們行業的其他人已經做到了。我不知道這會產生什麼影響，但可以肯定的是，我們希望從中看到一些好處。

And the other thing I would just add is Kevin's comment about looking at good value for money. We look at that around the world. One of the things that makes me feel confident is in almost every major market where we operate -- there's just 2 exceptions, China and Spain, but in every other market where we operate, we are leading amongst any of our peers from value for money standpoint. So we're still -- even though we're pushing through pricing, the consumer is tolerating it well, and we're still doing very well from a value score standpoint.

我要補充的另一件事是凱文關於尋找物有所值的評論。我們在世界各地都看到了這一點。讓我感到自信的一件事是在我們經營的幾乎每個主要市場——只有兩個例外，中國和西班牙，但在我們經營的每個其他市場，我們在性價比方面領先於任何同行立場。所以我們仍然——即使我們正在推動定價，消費者也能很好地忍受它，從價值評分的角度來看，我們仍然做得很好。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen。

Kevin, congrats on a very successful tenure as CFO, and best of luck to you and Ian in your new roles.

凱文，祝賀您擔任首席財務官非常成功，並祝您和伊恩在您的新職位上好運。

My question for you, Kevin, is just around modeling the IOM segment. Can you help us think through what is a fair segment EBIT dollar embedded in your guidance just given the many moving pieces of the Russia sale and the company-operated Ukraine market that's still largely closed on a temporary basis that's just making this a very difficult segment to model?

凱文，我的問題只是圍繞 IOM 部分建模。您能否幫助我們考慮一下您的指導中嵌入的公平部分息稅前利潤（EBIT）美元是什麼模擬？

Yes. Thanks, Andrew. Let me give you a perspective on Russia. They were in our comp through first quarter, and then they wouldn't be in our results or comp beginning second quarter. Russia represented roughly 2% of system-wide sales, about 7% of revenue and about 2% of operating income. So if you use that for modeling purposes, that should get you kind of to, hopefully, the adjusted numbers that should be representative of our trends going forward.

是的。謝謝，安德魯。讓我給你一個關於俄羅斯的觀點。他們在第一季度一直在我們的比賽中，然後他們不會在我們的結果或第二季度開始的比賽中。俄羅斯約佔全系統銷售額的 2%，約佔收入的 7%，約佔營業收入的 2%。因此，如果您將其用於建模目的，那應該會讓您有點希望，調整後的數字應該代表我們未來的趨勢。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Kevin, congratulations on your career at McDonald's. Just a follow-up for you on pricing and inflation. Could you talk about inflation relative to pricing in the U.S. and IOM in the quarter and how you see that gap progressing through the year? To the degree that it might be closing, that would be interesting. And I sense that, that gap is relatively larger for IOM than it is in the U.S.

凱文，祝賀你在麥當勞的職業生涯。只是為您提供有關定價和通貨膨脹的後續信息。您能否談談本季度與美國和 IOM 定價相關的通脹，以及您如何看待這一差距在全年的進展？就它可能關閉的程度而言，這將是有趣的。而且我感覺到，國際移民組織的差距比美國更大。

And then, Chris, if I could just squeeze one more in. I'd just love to get your take about -- aside from getting ready for the need for value, what are the biggest improvement areas for the company that you see on the horizon, kind of thinking out a couple of years? You've teased out things like menu with chicken and beverage and technology benefits and CRM and the operations, but I'd love to get your sense about what's most important on the horizon.

然後，克里斯，如果我能再擠一個。我很想听聽你的看法——除了為價值需求做好準備之外，你在地平線，有點想出幾年？您已經梳理了諸如雞肉和飲料以及技術優勢以及 CRM 和運營的菜單之類的東西，但是我很想了解您對即將到來的最重要的事情的看法。

Okay. You go, Kevin.

好的。你去，凱文。

I'll start with the inflation, and then we'll go back to Chris on your second question. So let me give a perspective. Right now, second quarter year-over-year in the U.S., our food and paper inflation -- well, let me talk about it this way. For the full year in the U.S., we expect roughly 12% to 14% inflation. It's a little higher than that in the second quarter, likely a little higher than that in the third quarter. And then we expect to see it to moderate some in the fourth quarter. Obviously, that's based on what we know today. That's on food and paper.

我將從通貨膨脹開始，然後我們將回到克里斯的第二個問題。所以讓我給出一個觀點。現在，美國第二季度同比增長，我們的食品和紙張通脹——好吧，讓我這樣說吧。對於美國全年，我們預計通脹率約為 12% 至 14%。略高於二季度，可能略高於三季度。然後我們預計它會在第四季度有所緩和。顯然，這是基於我們今天所知道的。那是在食物和紙上。

On the labor side, we're probably seeing a little over 10% labor inflation right now. Part of that is we had strategic wage rate increases in our company-operated restaurants kind of mid last year, so we won't start lapping those until the second half of the year. So more of that inflation was hit in the first half of the year than the second.

在勞動力方面，我們現在可能看到略高於 10% 的勞動力通脹。部分原因是我們公司經營的餐廳在去年年中進行了戰略性加薪，因此我們要到今年下半年才會開始實施這些措施。因此，與下半年相比，今年上半年受到的通脹影響更大。

To your point on the international side, right now, the range is probably similar on average, the 12% to 14% for the year, but a couple of things there. One, we're probably at the higher end of that range on the international side. Two, there's probably a wider range of scenarios like Chris talked about. And three, different than the U.S., we don't see that moderating. Their increases will actually likely be higher in the third and fourth quarter than they were in the first and second quarter.

就您在國際方面的觀點而言，目前，該範圍可能平均相似，今年為 12% 到 14%，但有幾件事。一，我們可能在國際方面處於該範圍的高端。第二，可能像克里斯所說的那樣範圍更廣。第三，與美國不同，我們沒有看到這種緩和。他們在第三季度和第四季度的增幅實際上可能高於第一和第二季度。

So to your point, Europe is getting hit harder on the inflation, certainly, on the food and paper. The other thing I would just say, it certainly varies by country. You have some countries that are getting hit dramatically by energy prices based on kind of Russian oil, et cetera. And so it really is a country-by-country dynamic. But in general, the international side will get hit a little bit harder than the U.S. and it will last a little bit longer later in the year than the U.S. right now.

所以就你的觀點而言，歐洲在通貨膨脹方面受到的打擊更大，當然，在食品和紙張方面。我只想說的另一件事，它肯定因國家而異。你有一些國家受到基於俄羅斯石油等的能源價格的巨大打擊。因此，這確實是一個逐個國家的動態。但總的來說，國際方面會比美國受到更大的打擊，並且在今年晚些時候會比現在的美國持續更長的時間。

Yes. To answer your second question in terms of what I think are the biggest priorities over the next few years, if I use our MCD framework under Accelerating the Arches and start with the M, I think we have an opportunity to continue to improve on the marketing front and just get more consistently excellent around the world from a creative standpoint. Jill McDonald is going to be a part of helping to do that. I think we've made a lot of progress in the U.S. I think there are still opportunities for us to improve our creative in some of our international markets. So that's one area.

是的。為了回答你的第二個問題，我認為未來幾年最優先考慮的事情是，如果我使用我們在 Accelerated the Arches 下的 MCD 框架並從 M 開始，我認為我們有機會繼續改進營銷從創意的角度來看，在世界範圍內獲得更加一致的優秀。 Jill McDonald 將參與其中。我認為我們在美國取得了很大進展。我認為我們仍有機會在一些國際市場上提高我們的創意。所以這是一個領域。

Second is, as you move to the C and core menu, chicken for us continues to be -- I think a significant opportunity for us to improve our chicken portfolio. And we've got some great global equities already in our McNuggets and with McChicken, but we also have some equities in McCrispy and McSpicy that we think we've got an opportunity to do more with globally. So that's going to be a priority area.

其次，當您轉到 C 和核心菜單時，雞肉對我們來說仍然是——我認為這是我們改進雞肉產品組合的重要機會。我們的 McNuggets 和 McChicken 已經有一些很棒的全球股票，但我們也有一些 McCrispy 和 McSpicy 的股票，我們認為我們有機會在全球範圍內做更多的事情。所以這將是一個優先領域。

And then digital. And we talked about digital being a multiyear journey, but I'm incredibly encouraged by what we're seeing in digital. Just to give you a sense of what I think the opportunity is. If you look at Germany, France, U.K., China, I mean, digital is over half of the sales in those markets. In the case of China, it's over 80% of the sales in those markets. Compare that to the U.S., compare that to Canada where it's maybe 1/4 of the sales. So there's a big opportunity for us in North America to increase digital as a percent of sales.

然後是數字。我們談到數字化是一個多年的旅程，但我對我們在數字化領域所看到的感到非常鼓舞。只是為了讓您了解我認為機會是什麼。如果你看看德國、法國、英國、中國，我的意思是，數字化佔這些市場銷售額的一半以上。就中國而言，它佔這些市場銷售額的 80% 以上。將其與美國進行比較，將其與可能佔銷售額的 1/4 的加拿大進行比較。因此，我們在北美有一個很大的機會來增加數字佔銷售額的百分比。

And then what happens when you do that is your percent of identified customers goes up very dramatically. And that opens up a whole range of things from service opportunities, pricing opportunities, et cetera. So I think digital for us is we're starting to see the benefits. We just need to go harder and faster against that.

然後，當您這樣做時，您的已識別客戶的百分比會急劇上升。這開闢了從服務機會、定價機會等一系列方面。所以我認為數字化對我們來說是我們開始看到的好處。我們只需要更加努力和更快地對抗它。

And we have a few other ideas. Part of what I wanted Kevin to help me with in this next phase, his next role that he's going to be in is just working through a few other ideas that we think might put a little top spin on the plan. So we'll come back at some point later and talk about that.

我們還有其他一些想法。我希望凱文在下一階段幫助我的部分工作是，他將要擔任的下一個角色只是通過一些其他的想法，我們認為這些想法可能會對計劃產生一些影響。所以我們稍後會回來討論這個問題。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Kevin, congratulations and best of luck, of course. Chris, you talked about a bunch of the strategic opportunities in Europe that you and the team are looking at. Curious if most of the levers that you mentioned are kind of similar to the U.S. in thinking about how you navigate some of the challenges and plan for different scenarios. Or are there differences in the U.S. in how you're thinking about navigating U.S. macro challenges? And if so, could you touch on some of those at all?

凱文，當然祝賀你，祝你好運。克里斯，你談到了你和團隊正在關注的一系列歐洲戰略機遇。好奇你提到的大多數槓桿是否與美國在思考如何應對一些挑戰和計劃不同場景方面有點相似。或者在你如何看待美國的宏觀挑戰方面，美國是否存在差異？如果是這樣，你能談談其中的一些嗎？

I think there's probably more consistency than not. And when I think about Europe, one of the things that we're seeing in Europe is we're seeing that, that was a business that was largely a dine-in business, that through COVID, we are seeing that the dine -- or takeaway portion of the business continues to be elevated. And we're seeing a much greater traction on digital as being one of our service channels there.

我認為可能有更多的一致性。當我想到歐洲時，我們在歐洲看到的一件事是，我們看到的是，這主要是一種堂食業務，通過 COVID，我們看到了用餐——或外賣部分業務繼續提升。我們看到數字化作為我們的服務渠道之一，具有更大的吸引力。

That, I think, creates some opportunities for us that we need to get after that are probably different than what you would see in the U.S. because the U.S. has always been more of a takeaway market. But what does that mean for Europe? So that's one area for us that I think we've got more to do in that. I think -- when we look also at what's going on in Europe, we've got a very strong coffee business in a number of markets, and I think driving that and using that particularly as a way to drive transactions, I think, that's also an opportunity for us.

我認為，這為我們創造了一些我們需要獲得的機會，這可能與你在美國看到的不同，因為美國一直是一個外賣市場。但這對歐洲意味著什麼？所以這是我們的一個領域，我認為我們在這方面還有更多工作要做。我認為 - 當我們也看看歐洲正在發生的事情時，我們在許多市場都有非常強大的咖啡業務，我認為推動這一點並特別將其用作推動交易的一種方式，我認為，那就是對我們來說也是一個機會。

The other thing that Europe is focused on, like chicken as an example, those tend to be more consistent. If you move over to the U.S., I mean, the U.S. team has done a great job over the last several years, and it's shown up in a strong multiyear run in comp sales. So I think a lot of what is currently in flight in the U.S. is just continuing to do that. And I've talked about it in a number of different occasions and was in our press release around this. It's execution, execution, execution.

歐洲關注的另一件事，例如雞肉，往往更加一致。如果你搬到美國，我的意思是，美國團隊在過去幾年中做得很好，並且在多年的競爭銷售中表現出強勁的表現。所以我認為目前在美國進行的很多事情只是繼續這樣做。我已經在許多不同的場合談到過它，並且在我們的新聞稿中圍繞這個問題。這是執行，執行，執行。

And part of that means that we need to make sure that our restaurants are properly staffed. It means to make sure that we're getting our crew trained and make sure that we are operationally delivering on things like service times that we know can have a big impact on customer satisfaction. So those are the priorities for Jill and the team in the U.S.

這部分意味著我們需要確保我們的餐廳配備適當的人員。這意味著要確保我們的工作人員得到培訓，並確保我們在運營上交付服務時間等我們知道會對客戶滿意度產生重大影響的事情。所以這些是 Jill 和美國團隊的首要任務。

Our next question is from Lauren Silberman with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

Kevin, I also echo my congrats. A follow-up on the value commentary. Can you expand on how you're thinking about everyday value and balancing the elevated cost in the U.S., whether that's $1 drink or $1 $2 $3 menu? I guess what's the franchisee appetite for value should we see a more challenging environment?

凱文，我也表示祝賀。價值評論的後續行動。您能否詳細說明您如何考慮日常價值和平衡美國高昂的成本，無論是 1 美元的飲料還是 1 美元的 2 美元 3 美元的菜單？我想如果我們看到更具挑戰性的環境，加盟商對價值的胃口是什麼？

And then related, you offer an array of promos through the app. How do you think about your composition of value offers as it relates to digital versus in store? Are we getting to a point where personalization might be something on the horizon?

然後相關，您通過應用程序提供一系列促銷活動。您如何看待與數字與實體店相關的價值組合？我們是否已經到了個性化可能即將出現的地步？

Yes. So when you think about value, I think you touched on a number of things here, which is you have to think about value in a very targeted way. And there are different products with different elasticities in different geographies. I think a thing that I get excited about, particularly as we move more of the business to digital, is the ability for us to be much more targeted in how and where we deliver that value. So in the past, go back maybe 10 years ago, we didn't have the ability to deliver that sort of precision value, and you would end up having kind of a national deal that would hit everybody. But we know that that's going to -- that there's a lot of waste in that, that there are people that you're delivering value to under that scenario who probably would have still bought without it.

是的。因此，當您考慮價值時，我認為您在這裡觸及了很多事情，那就是您必須以非常有針對性的方式考慮價值。並且在不同的地域有不同彈性的不同產品。我認為讓我感到興奮的一件事是，特別是當我們將更多的業務轉移到數字化時，我們能夠更有針對性地確定我們如何以及在何處提供該價值。所以在過去，也許回到 10 年前，我們沒有能力提供那種精確的價值，你最終會得到一種全國性的協議，這會影響到每個人。但我們知道這將會——這會產生很多浪費，在這種情況下，有些人可能會在沒有它的情況下為他們提供價值。

So what we're looking at doing and with the U.S. team, along with our pricing advisers, is exactly which products on the menu do you need to offer value, to what degree and then what -- through what vehicle. Is it through an offer? Is it through a menu price adjustment? Or is it through some sort of promo that you do? So it ends up being a much more nuanced way that we're able to look at value.

因此，我們正在考慮與美國團隊以及我們的定價顧問一起做的事情是，您需要提供菜單上的哪些產品價值，達到什麼程度，然後是什麼——通過什麼工具。是通過offer嗎？是通過菜單調價嗎？還是通過您所做的某種促銷活動？因此，它最終成為我們能夠看待價值的一種更加細緻入微的方式。

But I think part of being more nuanced is how we're able to push through this pricing without seeing a big falloff in the pass-through numbers that Kevin was talking about. So it's tough to talk about value these days in kind of a one-size-fits-all approach because the beauty of, I think, what we're transitioning to is a much more targeted tailored approach toward value. But Kevin, I'll let you pick up on that.

但我認為更細緻入微的部分原因是我們如何能夠在不看到凱文所說的傳遞數字大幅下降的情況下推動這個定價。因此，如今很難以一種千篇一律的方式談論價值，因為我認為，我們正在過渡到的是一種更有針對性的定制價值方法。但是凱文，我會讓你知道的。

The only thing I'd add is just to demonstrate what Chris was talking about, if you think about this transition or evolution. Historically, we would have had a big national value menu. Today, value is primarily driven at a local level, specifically at the breakfast daypart. So we do have a $1 $2 $3 nationally advertised value platform, but it's really complemented with a localized approach that allows the individual field offices to promote products that make sense in their local markets and based on their competitive set.

如果您考慮這種轉變或演變，我唯一要添加的只是演示 Chris 所說的內容。從歷史上看，我們會有一個很大的國家價值菜單。今天，價值主要在地方層面推動，特別是在早餐時段。因此，我們確實有一個 1 美元 2 美元 3 美元的全國廣告價值平台，但它確實與本地化方法相輔相成，允許各個外地辦事處根據其競爭優勢來推廣在當地市場上有意義的產品。

We'll continue to have some national programs, whether it's 2 for $6 or a buy 1 get 1, but we've moved really more to a local approach, which then becomes ultimately a personalized approach, as Chris talked about. So we're in the middle of that evolution, going from national to local to ultimately really more personalized.

我們將繼續推出一些全國性的計劃，無論是 6 美元買 2 次，還是買一送一，但我們已經更多地轉向本地化方法，然後最終成為一種個性化的方法，正如克里斯所說的那樣。所以我們正處於這種演變的中間，從國家到地方，最終變得更加個性化。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

I wanted to get back to the comment on labor and if you think the stores, and this is both U.S. and IOM, are staffed to the extent that you can properly meet demand. In other words, do you have unmet demand that's in the system because of your staffing levels at the store? And if that is the case, I mean, are there any capital or technology type of investments in coming years that could allow you to reduce your demand for labor while increasing overall customer service.

我想回到關於勞動力的評論，如果你認為商店，這兩個是美國和國際移民組織，都配備了可以適當滿足需求的人員。換句話說，您是否因為商店的人員配備水平而在系統中存在未滿足的需求？如果是這樣的話，我的意思是，未來幾年是否有任何資本或技術類型的投資可以讓您減少對勞動力的需求，同時提高整體客戶服務。

Sure. Well, if I start with -- and I'll just use U.S. as an example. I mean McOpCo is showing the way on how to do this. Our McOpCo business in the U.S. is over -- it's outperforming our U.S. average. And if you look at the McOpCo business, despite all the challenges, they are at sort of our target roster sizes and they're seeing speed of service improvements that are ultimately driving customer satisfaction. So we know from our McOpCo business that it is possible to do it. It's not easy, it takes a lot of work, but it is possible for us to get after that. The people are out there.

當然。好吧，如果我從 - 開始，我會以美國為例。我的意思是，McOpCo 正在展示如何做到這一點。我們在美國的 McOpCo 業務已經結束——它的表現超過了我們的美國平均水平。如果您看看 McOpCo 業務，儘管面臨所有挑戰，但他們的人數達到了我們的目標人數，並且他們看到了最終提高客戶滿意度的服務改進速度。所以我們從我們的 McOpCo 業務中知道，這是有可能做到的。這並不容易，需要做很多工作，但我們有可能做到這一點。人們在外面。

And part of why we put in the EVP program that the U.S. team did is to make sure that we're able to talk more consistently as an employer to get people to come into our restaurants. So headline is we do think we've got a formula and a playbook that if deployed can ensure that we've got our restaurants properly staffed. And like I said, McOpCo is a great example of that.

我們加入美國團隊所做的 EVP 計劃的部分原因是為了確保我們作為雇主能夠更加一致地交談，以吸引人們進入我們的餐廳。所以標題是我們確實認為我們有一個公式和一個劇本，如果部署可以確保我們的餐廳有適當的人員配備。就像我說的，McOpCo 就是一個很好的例子。

Speaking about longer term. There's a lot of interest around what can you do from an automation standpoint. I've talked about it in the past. We've spent a lot of time, money, effort, looking at this, and there is not going to be a silver bullet that goes and addresses this for the industry. The idea of robots and all those things, while it maybe is great for garnering headlines, it's not practical in the vast majority of restaurants. The economics don't pencil out. You don't necessarily have the footprint. And there's a lot of infrastructure investments that you need to do around your utility, around your HVAC systems. You're not going to see that as a broad-based solution anytime soon.

談到長期。從自動化的角度來看，您可以做什麼很有趣。我過去曾談過它。我們花了很多時間、金錢和精力來研究這個問題，並且不會有靈丹妙藥來解決這個行業的問題。機器人和所有這些東西的想法，雖然它可能非常適合成為頭條新聞，但在絕大多數餐廳中並不實用。經濟學不會寫出來。你不一定有足跡。您需要圍繞公用事業和 HVAC 系統進行大量基礎設施投資。您不會很快將其視為基礎廣泛的解決方案。

There are things that you can do around systems and technology, especially taking advantage of all of this data that you're collecting around customers that I think can make the job easier, things like scheduling as an example, ordering as another example, that will ultimately help reduce some of the labor demand in the restaurant. But I think your question was is there a big automation solution. And you're not going to see, like I said, robots in the restaurant. We've got to kind of get after this the old-fashioned way, which is just making sure we're a great employer and offering our crew a great experience when they come into the restaurants.

您可以圍繞系統和技術做一些事情，尤其是利用您收集的圍繞客戶的所有這些數據，我認為這些數據可以使工作更輕鬆，例如調度作為示例，訂購作為另一個示例，這將最終有助於減少餐廳的部分勞動力需求。但我認為你的問題是有一個大的自動化解決方案。而且你不會像我說的那樣在餐廳裡看到機器人。我們必須採用老式的方式來解決這個問題，這只是確保我們是一個優秀的雇主，並在我們的工作人員進入餐廳時為他們提供良好的體驗。

Our next question is from Jeff Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeff Bernstein。

Kevin, congrats on the upcoming moves and ultimate retirement. Bigger-picture question just on franchise relations. Chris, I know you mentioned McFamily in your closing remarks, and it seems like it's an ongoing balancing act, considering the very strong performance through the pandemic. I know you mentioned franchise profits at all-time highs to close last year and now obviously, seemingly some pressures to profitability, and there's more headlines in the press on changes in contracts and some frustrations from the franchisee side. So just trying to get a sense for whether you think there's been any change in how you think about the relations.

凱文，祝賀即將到來的舉動和最終退休。僅關於特許經營關係的更大範圍的問題。克里斯，我知道你在結束語中提到了 McFamily，考慮到大流行期間的強勁表現，這似乎是一種持續的平衡行為。我知道你提到去年收盤時特許經營利潤創下歷史新高，現在顯然，盈利能力似乎面臨一些壓力，媒體上有更多關於合同變化的頭條新聞和特許經營商方面的一些挫敗感。所以只是想了解你是否認為你對關係的看法發生了任何變化。

And as it relates to that, just because China is a big franchise market, is there any reason for concern on your end on the underlying fundamentals of the business? So do you really think it's purely COVID and therefore, the recovery will follow suit as COVID concerns ease?

與此相關的是，僅僅因為中國是一個龐大的特許經營市場，您是否有理由擔心該業務的基本面？所以你真的認為這純粹是 COVID，因此隨著 COVID 擔憂的緩解，復甦會隨之而來嗎？

Yes. Thanks for the question. Let me start with that at a macro level. We have about 5,000 franchisees globally. And so when you think about franchisees, and I've talked about this in the past, it's hard to talk about them as one group of franchisees because we have, like I said, 5,000 franchisees of different sizes, of different constructs, et cetera, around the world. I think if I get underneath your question, you're probably asking about some of the headlines that have occurred in the U.S. of late. And I would just point out a couple of things.

是的。謝謝你的問題。讓我從宏觀層面開始。我們在全球擁有約 5,000 家加盟商。所以當你想到加盟商時，我過去曾談到過，很難將他們作為一組加盟商來談論，因為就像我說的那樣，我們有 5,000 家不同規模、不同結構的加盟商，等等，世界各地。我想如果我回答你的問題，你可能會問最近在美國發生的一些頭條新聞。我只想指出幾件事。

Our aspiration as McDonald's -- frankly, one of the things that we pride ourselves on, we absolutely believe that we're the best franchisor in our industry. And we think we've demonstrated that over the last 70-plus years. You only get to say that if you continue to have the best franchisees. And the moves that the team announced in the U.S. are designed to ensure we continue to have the best franchisees in our industry, which then makes us the best franchisor.

我們作為麥當勞的願望——坦率地說，這是我們引以為豪的事情之一，我們絕對相信我們是我們行業中最好的特許經營商。我們認為，在過去的 70 多年裡，我們已經證明了這一點。你只能說，如果你繼續擁有最好的特許經營商。團隊在美國宣布的舉措旨在確保我們繼續擁有業內最好的特許經營商，從而使我們成為最好的特許經營商。

The way that they're going about it is 2 ways. They're going about it, in some areas, raising standards; and in other areas, improving access for people who want to join our system. And I would say that the announcement that the U.S. team made recently connects to an earlier announcement that we made that I think maybe many of you saw, which was our commitment to put $250 million into financing options to be able to continue to attract new people to become franchisees, many of whom we hope are crew working in our restaurants to then become franchisees.

他們這樣做的方式有兩種。在某些領域，他們正在努力提高標準；在其他領域，改善想要加入我們系統的人的訪問權限。我想說的是，美國團隊最近發布的聲明與我們之前發布的聲明相關，我想你們中的許多人可能都看到了，我們承諾將 2.5 億美元用於融資選擇，以便能夠繼續吸引新人成為加盟商，我們希望他們中的許多人是在我們餐廳工作的員工，然後成為加盟商。

So everything that was announced is about, for us, continuing to make sure that we are going to be the best place for the best franchisees. You only get to make those announcements in my view when you're doing it from a position of strength. And that's what we've got in the U.S. right now, earned over the last several years through our performance.

因此，對我們而言，宣布的一切都是關於繼續確保我們將成為最佳加盟商的最佳場所。在我看來，只有當你處於強勢地位時，你才能發布這些公告。這就是我們現在在美國得到的，過去幾年通過我們的表現獲得的。

And the position -- what it's given us is it's given us a very nice situation where the demand for our restaurants significantly outstrips the supply. If you look at our current franchisees, the vast majority of our current franchisees are continuing to look for ways to grow their organizations by buying new restaurants, and they're also looking for ways for their children to continue to run and continue in the system. That's a good thing. At the same time, we've got strong external demand, especially with the support on financing for people who want to come into our system and become franchisees. So from my vantage point, I'm excited when I see demand for our restaurants outstrip the supply. I think that makes us a better business.

而這個位置——它給我們的是它給了我們一個非常好的情況，我們的餐廳的需求大大超過了供應。如果你看看我們目前的加盟商，我們目前的絕大多數加盟商都在繼續尋找通過購買新餐廳來發展他們的組織的方法，他們也在尋找讓他們的孩子繼續經營並繼續在系統中繼續運營的方法.這是好事。同時，我們有強大的外部需求，特別是對想要進入我們系統並成為加盟商的人的融資支持。因此，從我的角度來看，當我看到我們的餐廳供不應求時，我感到很興奮。我認為這使我們成為更好的企業。

There are people that are exiting the system that's been written about as well. I would say what they're doing at this point is they're taking advantage of the strong health of the business to get multiples of 8 to 10x when they're selling, which is the best that we've seen in, I think, anybody's recent memory on this. So there are some people looking at taking money off the table right now, but they're doing it at incredibly strong multiples.

也有一些人正在退出已寫過的系統。我想說的是，他們在這一點上所做的是，他們正在利用業務的強勁健康在銷售時獲得 8 到 10 倍的倍數，我認為這是我們所見過的最好的，任何人最近對此的記憶。所以有些人現在正在考慮從桌面上拿錢，但他們正在以令人難以置信的強勁倍數這樣做。

If you step back on this and think about it again, I'm talking more about the U.S., but everything that we've announced, if you are a strong performing franchisee, you're going to be excited about this because what it means is that you're going to continue to have the opportunity to grow and you're going to have stability around your equity. I think where there is concern is if you are maybe not one of our stronger performing franchisees, this probably does -- some of the announcements that the team made probably does raise your concern.

如果你退後一步再想一想，我說的更多是關於美國，但我們宣布的一切，如果你是一個表現出色的特許經營商，你會對此感到興奮，因為這意味著什麼是您將繼續有機會成長，並且您將在您的股權周圍保持穩定。我認為值得關注的地方是，如果您可能不是我們表現更出色的特許經營商之一，這可能是 - 團隊發布的一些公告可能確實引起了您的關注。

But the U.S. team, I know, is committed to helping improve there, and I would be delighted to see that -- if we can get improvement in maybe some of the lower-performing franchisees. But broadly, I would say our relations with our franchisees globally, the 5,000 franchisees, is strong. And when we're a great franchisor with great franchisees, this business tends to do pretty well over time.

但我知道，美國團隊致力於幫助改善那裡的情況，我很高興看到這一點——如果我們可以在一些表現不佳的特許經營商中得到改善。但總的來說，我想說我們與全球 5,000 家加盟商的關係非常牢固。當我們是擁有優秀特許經營商的優秀特許經營商時，隨著時間的推移，這項業務往往會做得很好。

And then on China -- your question related to China, I think we still believe there's huge opportunity in China. We're still committed to our China business. They certainly have had a rough couple of years with all of the stops and starts with COVID, but we still expect to open roughly 800 restaurants this year. And hopefully, the economic environment can get back there to something relatively normal because we're still big believers in the opportunity in China and have a lot of confidence in our business there.

然後關於中國——你的問題與中國有關，我認為我們仍然相信中國有巨大的機會。我們仍然致力於我們的中國業務。他們肯定已經度過了艱難的幾年，所有的停止和開始都是從 COVID 開始的，但我們仍然預計今年將開設大約 800 家餐廳。希望經濟環境能夠恢復到相對正常的水平，因為我們仍然堅信中國的機會，並對我們在中國的業務充滿信心。

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

我們的下一個問題來自美國銀行的 Sara Senatore。

Of course, congratulations to everyone on their new roles. And it's great to see Jill coming back, an excellent re-addition. But I had 2 questions there about the outlook. The first is just unit growth in the U.S. coming in slightly lower than the previous range. Is that because of challenges in the supply chain and what we hear about constraints around equipment or labor and staffing? It doesn't seem like it's an access to capital issue given the multiples that are historically high.

當然，祝賀大家獲得新角色。很高興看到吉爾回來，一個很好的補充。但我有兩個關於前景的問題。首先是美國的單位增長略低於之前的範圍。這是因為供應鏈中的挑戰以及我們聽到的有關設備或勞動力和人員配備的限制嗎？鑑於歷史上的高倍數，這似乎不是獲得資本問題的途徑。

And then also on the guidance, you talked about mid-40s operating margin, again also slightly higher than the prior. Is it a function of mix, like less company-operated or better top line? Because, again, we're seeing costs come in very high, so just trying to understand those relatively minor changes, please.

然後在指導上，您談到了 40 年代中期的營業利潤率，同樣也略高於之前的水平。它是混合的功能，比如更少的公司運營或更好的收入？因為，再一次，我們看到成本非常高，所以請試著理解那些相對較小的變化。

Yes. Thanks, Sara. Let me take a shot at both of those. On the unit growth in the U.S., you're right, it's come down a little bit. That's mainly due to timing. Some permitting is taking a little bit longer in some areas. We do still expect net unit growth in the U.S. this year for the first time in several years.

是的。謝謝，薩拉。讓我對這兩個都進行一次拍攝。關於美國的單位增長，你是對的，它下降了一點。這主要是由於時間。在某些地區，一些許可需要更長的時間。我們仍然預計今年美國的淨單位增長是幾年來的首次。

But it's certainly not an access to capital, as you mentioned. It really is just a timing thing. And we are finding that openings are taking a little bit longer between some supply chain challenges and some permitting just time frames. I think there's a backload that's making just getting through all the government processes take a little longer.

但正如你所提到的，這肯定不是獲得資本的途徑。這真的只是一個時間問題。我們發現，在一些供應鏈挑戰和一些只允許時間框架之間，空缺需要更長的時間。我認為有一個積壓使得通過所有政府程序需要更長的時間。

On operating margin, we upped that guidance a little bit right after the Russia announcement. It really is a function primarily of selling our Russia business. The Russia business, as you know, was primarily company-owned and actually had an operating margin below our global average. So taking them out now actually helped improve the operating margin. So it is just a function of mix in the near term. We do still believe that longer term, there's leverage to be gained both in operating margin and specifically on the G&A side that should help that operating margin longer term. Not in 2022 but longer term, that should help improve that operating margin going forward.

在營業利潤率方面，我們在俄羅斯宣布後立即上調了這一指導。它確實主要是出售我們的俄羅斯業務的功能。如您所知，俄羅斯業務主要由公司所有，實際上其營業利潤率低於我們的全球平均水平。因此，現在將它們剔除實際上有助於提高營業利潤率。所以它只是短期內的混合功能。我們仍然相信，從長期來看，在營業利潤率方面，特別是在 G&A 方面，都可以獲得槓桿作用，這應該有助於長期的營業利潤率。不是在 2022 年，而是從長遠來看，這應該有助於提高未來的營業利潤率。

Our next question is from Jared Garber with Goldman Sachs.

我們的下一個問題來自高盛的 Jared Garber。

Just sort of 2 for me. I'm curious on daypart, if you're seeing any shift in daypart usage across the U.S. system. I know you talked about some -- maybe some easing on the lower income side of the consumer, but wondering if you're seeing anything specific to any of the dayparts, whether that's breakfast, lunch or dinner or late night, that you'd like to call out. And then I also wanted to know if you could help quantify or provide some incremental color on the gains that you're seeing, either on average check or frequency, from the loyalty program now that we've sort of effectively launched 1 year past the launch in the -- or last 1 year since the launch in the U.S.

對我來說只是2。我很好奇時段，如果您發現整個美國系統的時段使用有任何變化。我知道你談到了一些——也許是對低收入消費者的一些放鬆，但想知道你是否看到任何特定於白天的任何東西，無論是早餐、午餐、晚餐還是深夜，你會喜歡打電話。然後我還想知道您是否可以幫助量化或提供一些增量顏色來說明您從忠誠度計劃中看到的收益，無論是平均檢查還是頻率，現在我們已經有效地推出了一年後在美國推出後 - 或最近一年推出

I'll start with daypart and then let Kevin address any check commentary that we want to do around loyalty. But the great thing, I think, about the U.S. performance is the growth that they're seeing is broad-based. It's across all dayparts. And in fact, breakfast was the strongest performing daypart in the U.S. comp, which we feel good about. It's a change. If you remember, a few years ago, I think there were a bunch of questions about breakfast.

我將從時段開始，然後讓凱文解決我們想要圍繞忠誠度做的任何檢查評論。但我認為，關於美國表現的偉大之處在於他們看到的增長是廣泛的。它貫穿所有時段。事實上，早餐是美國比賽中表現最強勁的時段，我們對此感覺良好。這是一個變化。如果你還記得，幾年前，我想有很多關於早餐的問題。

If you also sort of zoom out and you look at our performance -- our daypart performance on a 3-year stack in the U.S., incredibly consistent. U.S. breakfast, lunch, dinner are both north of 20% that we saw with a 3-year stack from a daypart standpoint, late night being the one area that we saw a significant impact over the last 3 years. So I would say, generally, we feel very good about the balance that we're seeing from a daypart standpoint and probably not any noteworthy color that I would offer around differences by daypart. Kevin, I'll let you handle the loyalty question.

如果你也縮小一點，看看我們的表現——我們在美國的 3 年堆棧中的白天表現，令人難以置信的一致。從白天的角度來看，美國的早餐、午餐和晚餐都超過了 3 年的 20%，深夜是我們在過去 3 年中看到重大影響的一個領域。所以我想說，總的來說，我們對從時段的角度看到的平衡感覺非常好，而且可能沒有任何值得注意的顏色，我會圍繞時段的差異提供任何值得注意的顏色。凱文，我會讓你處理忠誠度問題。

Yes. I mean loyalty is an interesting dynamic related to check. Loyalty is really about driving frequency and increasing frequency. And we are seeing definite increases in frequency everywhere where loyalty has gone in. If you take into account redemptions on the loyalty, you actually see a little bit lower average check because of the redemptions that occur there.

是的。我的意思是忠誠度是一個與支票相關的有趣動態。忠誠度實際上是關於驅動頻率和增加頻率。我們看到忠誠度進入的任何地方的頻率都明顯增加。如果你考慮到忠誠度的贖回，你實際上會看到由於那裡發生的贖回而導致的平均支票略低。

But it is significantly driving frequency. So when you look at it in total, it's clearly additive to sales. But if you just look at an actual average check and take into account redemptions, you end up with a little bit lower check because of that.

但它是顯著驅動頻率。因此，當您從整體上看時，它顯然對銷售額有所增加。但是，如果您只查看實際的平均支票並考慮贖回，那麼您最終會因此獲得較低的支票。

As we near the bottom of the hour, we have time for one more question from Nicole Miller Regan with Piper Sandler.

當我們接近一個小時的底部時，我們有時間再問一個來自 Nicole Miller Regan 和 Piper Sandler 的問題。

In the U.S., can you talk a little bit -- finish up the conversation essentially you're just having about cohorts? Can you do that a little bit by income? So let's say -- the lower income, you said a few times now, is coming a little bit less. How much less does that matter? So by cohort of income, who comes the most or spends the most? Such that -- we can't really understand when you're saying they come less. Like what is the impact of that, if that makes sense?

在美國，你能談談嗎 - 基本上結束你只是關於群組的對話嗎？你可以通過收入來做到這一點嗎？所以讓我們說 - 你現在說過幾次的較低收入正在減少一點。這有多重要？那麼按照收入群體，誰來得最多或花費最多？這樣 - 當你說他們來得少時，我們真的無法理解。如果這有意義的話，會有什麼影響？

Yes. I know the question. I don't have the degree of precision on the data that I think you're looking for. But I would say, generally, what we know is happening is that there is challenge on the lower income but that we are getting trade down out of things like full-service restaurants, getting trade down out of fast casual that's helping offset any of that impact.

是的。我知道這個問題。我認為您正在尋找的數據的精確度不高。但我想說，一般來說，我們知道正在發生的事情是，低收入面臨挑戰，但我們正在從提供全方位服務的餐廳中減少貿易，從快速休閒中減少貿易，這有助於抵消任何這些影響。

Net-net, what we saw in '08, '09 and what we expect is going to continue is that we're going to be a net beneficiary on all of that. That's our planning expectation, is that while there is going to be some shifting within the cohorts as you described it, net-net, our value positioning, our value scores, we expect to be a winner out of all of that.

Net-net，我們在 08 年和 09 年看到的以及我們期望將繼續下去的是，我們將成為所有這一切的淨受益者。這是我們的計劃預期，雖然正如您所描述的那樣，在淨額、我們的價值定位、我們的價值得分方面會有一些變化，但我們希望成為所有這些中的贏家。

Okay. Thank you, Chris. Thank you, Kevin. Thanks, everyone, for joining. Have a great day.

好的。謝謝你，克里斯。謝謝你，凱文。謝謝大家的加入。祝你有美好的一天。

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

麥當勞公司的投資者電話會議到此結束。您現在可以斷開連接。