麥當勞 (MCD) 2022 Q3 法說會逐字稿

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

您好，歡迎來到麥當勞 2022 年第三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。

(Operator Instructions) I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

（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 Cieplak 先生。 Cieplak 先生，您可以開始了。

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, Ian Borden.

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；和首席財務官伊恩·博登。

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

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。這兩個文件都可以在我們的網站上找到，今天電話會議中提到的任何非 GAAP 財務措施的對賬，以及相應的 GAAP 措施也是如此。在我們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）今天的電話會議正在進行網絡直播，並通過我們的網站進行錄製以供重播。

And now I'll turn it over to Chris.

現在我將把它交給克里斯。

Thanks, Mike, and good morning. I'm proud to report that our Q3 performance demonstrated our broad-based business momentum against an evolving macroeconomic backdrop. McDonald's unmatched scale and operational resilience powered by our 3-legged stool has enabled us to deliver strong results this quarter. Global comp sales were up nearly 10%, and most of our major markets are growing share, which gives us confidence that we are operating from a position of strength even during difficult times.

謝謝，邁克，早上好。我很自豪地報告，在不斷變化的宏觀經濟背景下，我們的第三季度業績證明了我們基礎廣泛的業務勢頭。麥當勞無與倫比的規模和由我們的三足凳提供支持的運營彈性使我們能夠在本季度取得強勁的業績。全球複合銷售額增長了近 10%，我們的大多數主要市場的份額都在增長，這讓我們相信，即使在困難時期，我們也能從實力的位置上運營。

As the macroeconomic landscape continues to evolve and uncertainties persist, we continue to consider a wider range of scenarios as we look ahead. As I've said before, our base case scenario going forward is that we expect to experience a mild to moderate recession in the U.S. and one that will be potentially a little deeper and longer in Europe. That said, we operate in more than 100 countries around the world in varying economic environments. This has provided our team's valuable experience as McDonald's has proven to be successful in just about any business environment. I remain confident in our accelerating the Arches strategy as our teams around the world continue to execute at a high level.

隨著宏觀經濟格局的不斷演變和不確定性的持續存在，我們在展望未來時將繼續考慮更廣泛的情景。正如我之前所說，我們未來的基本情況是，我們預計美國將經歷溫和至中度的衰退，而歐洲的衰退可能會更深、更久。也就是說，我們在全球 100 多個國家/地區的不同經濟環境中開展業務。這為我們的團隊提供了寶貴的經驗，因為事實證明麥當勞在幾乎任何商業環境中都是成功的。隨著我們在世界各地的團隊繼續高水平執行，我對我們加速 Arches 戰略仍然充滿信心。

And thanks to the resilience of the system and our continued investments at scale, we're laser focused on meeting the changing needs of our customers.

由於系統的彈性和我們持續的大規模投資，我們專注於滿足客戶不斷變化的需求。

Before we get into those details, I want to introduce Ian Borden on his first earnings call as our Chief Financial Officer. Ian brings a wealth of experience to this role, having spent the past several years as a member of our global senior leadership team. He first joined our system in Canada in 1994 and from there, went on a bit of a McDonald's World Tour. Over the past 30 years, he has served as CFO for Asia Pac, Middle East and Africa region and CFO for Russia and Eastern Europe. He's also held several leadership roles across our markets and regions most recently as President of McDonald's International. I'm thrilled for Ian to be stepping into this new role, and I'll now turn it over to him to share more on our Q3 results.

在我們深入了解這些細節之前，我想在 Ian Borden 作為我們的首席財務官的第一次財報電話會議上介紹他。 Ian 為這個職位帶來了豐富的經驗，過去幾年他一直是我們全球高級領導團隊的一員。他於 1994 年在加拿大首次加入我們的系統，並從那裡開始了麥當勞的世界巡迴演唱會。在過去的 30 年裡，他曾擔任亞太、中東和非洲地區的首席財務官以及俄羅斯和東歐的首席財務官。他還在我們的市場和地區擔任過多個領導職務，最近擔任麥當勞國際總裁。我很高興伊恩能夠擔任這個新角色，現在我將把它交給他，以分享更多關於我們第三季度業績的信息。

Thanks, Chris, and great to be with everyone this morning for my first earnings call. So let me start with a few headlines on our overall performance. Our global comp sales of 9.5% for the quarter are a testament to the continued resilience of our business. It goes without saying that we are seeing global macroeconomic challenges that haven't been experienced in many years. inflationary pressures and related interest rate increases taken by central banks are combining to put significant pressure on the consumer and our industry.

謝謝，克里斯，很高興今天早上能和大家一起參加我的第一次財報電話會議。因此，讓我從一些關於我們整體表現的頭條新聞開始。我們本季度 9.5% 的全球複合銷售額證明了我們業務的持續彈性。毋庸置疑，我們正在看到多年來未曾經歷過的全球宏觀經濟挑戰。中央銀行採取的通脹壓力和相關加息共同對消費者和我們的行業施加了巨大壓力。

Despite the challenging backdrop, our systems focus on accelerating the Arches that I have seen at work across more than 100 countries gives me confidence in our ability to navigate these challenges.

儘管背景充滿挑戰，但我們的系統專注於加速拱門，我在 100 多個國家的工作中看到了這一點，這讓我對我們應對這些挑戰的能力充滿信心。

The power of our strategy is brought to life through our actions against our M, C and D framework, working together with the customer at the center.

通過我們針對 M、C 和 D 框架採取的行動，與以客戶為中心的合作，將我們戰略的力量變為現實。

In the third quarter, we remain focused on delivering delicious and affordable food with the convenience McDonald's is known for, which is now more important than ever to our customers. This continued to drive our market leadership and strong underlying sales growth across all segments of our business.

在第三季度，我們將繼續專注於提供美味且價格合理的食品，並以麥當勞著稱的便利性著稱，這對我們的客戶來說比以往任何時候都更加重要。這繼續推動我們在所有業務領域的市場領導地位和強勁的潛在銷售增長。

In our International Operated Markets, comp sales grew 8.5% for the quarter, with positive comps across all markets. This demonstrates the underlying strength of the IOM segment, where we continue to gain market share.

在我們的國際運營市場中，本季度的銷售額增長了 8.5%，所有市場的銷售額都為正。這表明了 IOM 細分市場的潛在實力，我們將繼續獲得市場份額。

In France, we're operating from a position of market share strength, particularly with families as French consumers have resumed more normal routines. And we continue to grow loyalty in the market with a record mix of our transactions coming through our mobile app. By utilizing global mobile app offers in combination with traditional value offerings, Germany further highlighted our affordability and accelerated loyalty adoption at the same time. This drove strong growth in digital sales, which now represent more than 50% of system-wide sales in the market.

在法國，我們在市場份額優勢的基礎上開展業務，尤其是在家庭方面，因為法國消費者已經恢復了更正常的日常生活。通過我們的移動應用程序進行的交易組合創紀錄，我們繼續提高市場忠誠度。通過將全球移動應用程序產品與傳統價值產品相結合，德國進一步突出了我們的可負擔性並同時加速了忠誠度的採用。這推動了數字銷售的強勁增長，目前佔市場上全系統銷售額的 50% 以上。

Australia showcased our beef equities with a Winter Together and Loving it Campaign. Tapping into the role McDonald's plays in making everyday moments special. The campaign featured both the Angus and Quarter Pounder sandwiches and resulted in a meaningful lift in beef sales.

澳大利亞通過“一起過冬並愛上它”活動展示了我們的牛肉股票。充分利用麥當勞在讓日常時刻變得特別方面所扮演的角色。該活動以 Angus 和 Quarter Pounder 三明治為特色，並顯著提升了牛肉銷量。

And with the U.K. launch of My McDonald's Rewards in July, we now have loyalty programs in place across all of our top 6 global markets. The U.K. built on the successful rollout driving additional adoption with exclusive app offers throughout the quarter. And with the MONOPOLY promotion in September, the team developed an innovative incentive that allowed customers to virtually fill their game board pieces right in the app. The focus on driving digital engagement paid off as our active loyalty members grew to over $3 million in just the first 3 months.

隨著 7 月在英國推出 My McDonald's Rewards，我們現在在全球 6 大市場都實施了忠誠度計劃。英國建立在成功推出的基礎上，在整個季度通過獨家應用程序優惠推動了更多采用。隨著 9 月的 MONOPOLY 促銷活動，該團隊開發了一種創新的激勵措施，讓客戶可以直接在應用程序中虛擬填充他們的遊戲棋盤。隨著我們活躍的忠誠會員在前 3 個月內增長到超過 300 萬美元，對推動數字參與的關注得到了回報。

While the expiration of VAT benefits impacted our quarterly comp sales in the market, we continue to grow QSR market share. Although our business performance has remained resilient, as I mentioned earlier, we recognize that this is a challenging environment. The inflationary impact on costs is putting pressure on restaurant cash flows for our franchisees, particularly in our European markets.

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。正如我之前提到的，儘管我們的業務表現一直保持彈性，但我們認識到這是一個充滿挑戰的環境。通貨膨脹對成本的影響正在給我們的特許經營商的餐廳現金流帶來壓力，特別是在我們的歐洲市場。

Similar to actions that we took during COVID, our financial strength puts us in a position to be there for franchisees that may need temporary and targeted support to ensure our system is financially healthy and aligned on continuing to drive growth.

與我們在 COVID 期間採取的行動類似，我們的財務實力使我們能夠為可能需要臨時和有針對性的支持的加盟商提供服務，以確保我們的系統在財務上健康並與繼續推動增長保持一致。

Moving to the U.S., the efforts and investments by our franchisees, employees, restaurant teams and suppliers over the last several years are paying off. The modernization of our estate, combined with strong discipline and execution across our core menu and backed by award-winning marketing is connecting with customers and driving results.

搬到美國後，我們的加盟商、員工、餐廳團隊和供應商在過去幾年的努力和投資正在取得成效。我們莊園的現代化，結合我們核心菜單的嚴格紀律和執行，並以屢獲殊榮的營銷為後盾，正在與客戶建立聯繫並推動成果。

In the U.S., third quarter comp sales were up more than 6%, marking our ninth consecutive quarter of growth and achieving positive comp sales in 22 of the last 23 quarters. Higher average check supported by strategic price increases and positive guest counts contributed to performance.

在美國，第三季度的補償銷售額增長了 6% 以上，標誌著我們連續第九個季度實現增長，並在過去 23 個季度中的 22 個季度實現了正補償銷售額。戰略性價格上漲和積極的客人數量支持了更高的平均支票，這有助於提高業績。

Loyalty remained a significant growth driver for the quarter, in part fueled by the Camp McDonald's promotion. A year after the launch of My McDonald's Rewards in the U.S., we continue to increase digital customer frequency quarter after quarter. Of the customers that have engaged with the app over the last year, about 2/3 have been active in the last 90 days.

忠誠度仍然是本季度的重要增長動力，部分原因是麥當勞營的促銷活動。在美國推出 My McDonald's Rewards 一年後，我們繼續逐季增加數字客戶頻率。在過去一年中使用該應用程序的客戶中，約有 2/3 在過去 90 天內處於活躍狀態。

Turning to the international developmental license markets. Comp sales were up nearly 17% for the quarter, with strong sales growth across all geographies in the segment. Japan delivered strong growth at the dinner day part with popular returning limited time offerings across both chicken and beef.

轉向國際開發許可市場。本季度的 Comp 銷售額增長了近 17%，該領域所有地區的銷售額都實現了強勁增長。日本在晚餐日部分實現了強勁增長，雞肉和牛肉的限時供應很受歡迎。

We also highlighted our off-premise channels, further elevating customer convenience with an emphasis on McDelivery. It continues to be a challenging operating environment in China, with ongoing COVID resurgences and government restrictions, consumer confidence remains low. While comps for the quarter were slightly negative, the market continued to grow share, leaning into the strength of our delivery and digital business with the team on track to open about 800 restaurants this year, an all-time high.

我們還強調了我們的場外渠道，以 McDelivery 為重點進一步提升了客戶便利性。中國的經營環境仍然充滿挑戰，隨著新冠疫情的持續復甦和政府的限制，消費者的信心仍然很低。雖然本季度的業績略有下降，但市場份額繼續增長，這得益於我們的交付和數字業務的實力，團隊有望在今年開設約 800 家餐廳，創歷史新高。

And now let me turn it back over to Chris.

現在讓我把它交給克里斯。

Thank you, Ian. Over the last few months, I've visited markets around the world, hearing from employees, franchisees and restaurant teams about how the challenges we face globally impact our restaurants locally. Three themes came through loud and clear. There is increasing uncertainty and unease about the economic environment, the resilience of the McFamily alongside our scale and efforts to build a more connected and convenient McDonald's set us apart. Our franchisees remain confident that we have the right business plans to work together and drive growth as a system.

謝謝你，伊恩。在過去的幾個月裡，我參觀了世界各地的市場，聽取了員工、特許經營商和餐廳團隊關於我們在全球面臨的挑戰如何影響我們當地的餐廳的意見。三個主題響亮而清晰。經濟環境的不確定性和不安情緒越來越高，McFamily 的複原力以及我們的規模以及為建立一個更加互聯和便利的麥當勞所做的努力使我們與眾不同。我們的特許經營商仍然相信我們有正確的商業計劃來合作並推動整個系統的增長。

We see this in real time. Even as U.K. customers grapple with cost of living and energy impacts, our customers are coming back to McDonald's because of the value we offer. And in Germany, as customers deal with the highest inflation on record, our teams continue to focus on branded affordability. No matter the issues our customers face, we are dedicated to meeting their needs.

我們實時看到這一點。即使英國客戶正在努力應對生活成本和能源影響，我們的客戶也會因為我們提供的價值而回到麥當勞。在德國，隨著客戶應對有史以來最高的通貨膨脹率，我們的團隊繼續關注品牌負擔能力。無論客戶面臨什麼問題，我們都致力於滿足他們的需求。

Ray Kroc said it best, "When we look after our customers, the business will look after itself." And I'm proud that our business can be there to provide a warm space and a hot meal for families when they need it most.

Ray Kroc 說得最好，“當我們照顧好客戶時，企業就會照顧好自己。”我很自豪我們的企業能夠在他們最需要的時候為家庭提供溫暖的空間和熱騰騰的飯菜。

Accelerating the Arches of our playbook that is guiding our business and driving growth. By focusing on executing our strategy, I am confident that McDonald's will continue to show up for our customers across our M, C and Ds. Our foresight to double down on digital and delivery to execute culturally relevant marketing campaigns across the world to highlight our core menu capabilities and to invest in our asset base is really paying off. Our size, scale and financial results put us in an advantaged position as we head into more volatile times, and we will lean into the strengths of the system.

加速我們指導我們業務和推動增長的劇本的拱門。通過專注於執行我們的戰略，我相信麥當勞將繼續為我們的 M、C 和 D 的客戶提供服務。我們在數字和交付方面加倍努力以在全球範圍內執行與文化相關的營銷活動以突出我們的核心菜單能力並投資於我們的資產基礎的遠見確實得到了回報。當我們進入更加動蕩的時代時，我們的規模、規模和財務業績使我們處於優勢地位，我們將利用系統的優勢。

Digital is a primary driver to improve the customer experience, reduce complexity and drive profitability. In our top 6 markets, it now represents over 1/3 of system-wide sales, fueled by over 43 million active customers on our app in the third quarter.

數字化是改善客戶體驗、降低複雜性和提高盈利能力的主要驅動力。在我們的前 6 個市場中，它現在佔整個系統銷售額的 1/3 以上，這得益於第三季度我們應用程序上超過 4300 萬的活躍客戶。

In the U.S., our digital business is powered by over 25 million active customers driven through my McDonald's rewards. Our loyalty program is driving growth and exceeding expectations. Delivery also remains a key driver of our business to enhance convenience, we're integrating a new feature where customers can earn loyalty points order and pay for delivery within the McDonald's app. The streamlined and more rewarding experience is available to customers in the U.K. and is currently being rolled out in the U.S. Further implementation of this solution will only enhance our strong performance as the third quarter was one of our highest delivery sales quarters ever in the U.S.

在美國，我們的數字業務由我的麥當勞獎勵驅動的超過 2500 萬活躍客戶提供支持。我們的忠誠度計劃正在推動增長並超出預期。送貨也仍然是我們業務提高便利性的關鍵驅動力，我們正在整合一項新功能，客戶可以在麥當勞應用程序中賺取忠誠度積分訂單並支付送貨費用。英國的客戶可以獲得簡化且更有價值的體驗，目前正在美國推出。進一步實施該解決方案只會增強我們的強勁表現，因為第三季度是我們在美國交付銷售最高的季度之一。

Each reward a customer redeems and each preference of customer shares on our app helps power our personal touch. We are using this deeper understanding of our customers to create relevant content and offers through the channels they prefer. By tailoring messages, our customers feel more connected to McDonald's, ultimately driving engagement and increasing frequency.

客戶兌換的每個獎勵以及客戶在我們的應用程序上分享的每個偏好都有助於增強我們的個人風格。我們正在利用對客戶的這種更深入的了解，通過他們喜歡的渠道創建相關的內容和優惠。通過定制信息，我們的客戶感覺與麥當勞的聯繫更加緊密，最終提高了參與度並增加了頻率。

It also gives us more ways to reunite with customers who haven't visited in a while. Our markets are also using digital to drive engagement with our fans through exclusive activations. In Australia, the success of their digitally exclusive Monopoly program speaks to the endurance of our marketing platforms and our ability to adapt existing equities to meet our customers where they are. The team incorporated loyalty into the Monopoly promotion in order to make it even more rewarding for consumers and the promotion drove significant incremental sales for the market. Marketing has been an important growth driver for us. Our creative excellence is making our brand not just more recognizable, but more relevant to our fans. I can confidently say that the McDonald's marketing team is truly firing on all cylinders.

它還為我們提供了更多與一段時間未訪問的客戶團聚的方式。我們的市場還使用數字化方式通過獨家激活來推動與粉絲的互動。在澳大利亞，他們的數字獨家壟斷計劃的成功說明了我們營銷平台的持久性以及我們調整現有股票以滿足我們客戶所在位置的能力。該團隊將忠誠度納入了 Monopoly 促銷活動，以使其對消費者更有回報，並且該促銷活動為市場帶來了顯著的增量銷售。營銷一直是我們的重要增長動力。我們卓越的創意不僅使我們的品牌更容易識別，而且與我們的粉絲更相關。我可以自信地說，麥當勞的營銷團隊確實在全力以赴。

Earlier this month, through a collaboration with Cactus Plant Flea Market in the U.S., we tapped in one of the most nostalgic McDonald's experiences, enjoying a happy meal as a kid and repackaged it to make it relevant for adult fans.

本月早些時候，通過與美國仙人掌植物跳蚤市場的合作，我們利用了麥當勞最懷舊的體驗之一，小時候享受快樂的一餐，並將其重新包裝，使其與成年粉絲相關。

This promotion reengaged our fans to our core food, including Big Mac and Chicken McNuggets. It's fair to say that this sentimental experience was a success as 50% of our supply of collectibles was sold in the first 4 days of the promotion. These increased visits also drove the highest weekly digital transactions ever in the U.S. business, and we expect October comp sales in the U.S. to be in the low double digits. The heart of this marketing idea taps into emotional connections with our fans, adding the fun of collectibles with a relevant artist.

這次促銷活動讓我們的粉絲重新參與了我們的核心食品，包括巨無霸和麥樂雞塊。公平地說，這種感性的體驗是成功的，因為我們 50% 的收藏品供應在促銷活動的前 4 天內售出。這些增加的訪問量也推動了美國業務有史以來最高的每週數字交易，我們預計 10 月份在美國的複合銷售額將處於兩位數的低位。這一營銷理念的核心是與我們的粉絲建立情感聯繫，為相關藝術家增添收藏品的樂趣。

All of these campaigns featured our core menu items and built upon our successful marketing platforms, which kept operations simple and brought our customers closer to the iconic menu items they love.

所有這些活動都以我們的核心菜單項目為特色，並建立在我們成功的營銷平台之上，這使操作變得簡單，並使我們的客戶更接近他們喜愛的標誌性菜單項目。

Speaking of our food, as we come up with fresh spins in our classics, we're creating new craveable moments for a new generation of McDonald's fans. In Italy, we drove strong comps for the quarter as we highlighted simple yet compelling core menu items paired alongside great marketing with a Big Mac event featuring a Chicken Big Mac and a Bacon Big Mac.

說到我們的食物，當我們在經典中提出新鮮的旋轉時，我們正在為新一代的麥當勞粉絲創造新的渴望時刻。在意大利，我們在本季度推動了強勁的業績增長，因為我們強調了簡單但引人注目的核心菜單項目，以及出色的營銷活動以及以雞肉巨無霸和培根巨無霸為特色的巨無霸活動。

We're also focused on growing our business through chicken by leaning into the strength of core icons like Chicken McNuggets. At the same time, we are very confident in new global favorites like the McCrispy Chicken Sandwich, and we will look to bring a select number of these new equities to scale. Canada and Germany launched the McCrispy in Q3, and it launched in our most recent market the U.K. just last week.

我們還專注於通過雞肉來發展我們的業務，並依靠像 Chicken McNuggets 這樣的核心圖標的力量。同時，我們對 McCrispy Chicken Sandwich 等新的全球熱門產品非常有信心，我們希望將這些新股票中的精選數量擴大到規模。加拿大和德國在第三季度推出了 McCrispy，並於上週在我們最近的市場英國推出。

Australia recently promoted a spice event featuring Spicy McNuggets and the Spicy Chicken Sandwich. Spain promoted McSpicy in July and is planning future spicy events to bring relevant taste and flavors to their customers.

澳大利亞最近推出了以辣味麥樂雞和辣味雞肉三明治為特色的香料活動。西班牙在 7 月份推廣了 McSpicy，並正在計劃未來的辛辣活動，為他們的顧客帶來相關的口味和風味。

Chicken is a strong growth driver of comp sales in the quarter across our major markets and will remain a focus for us as we continue to grow our global market share in this important category. Our success wouldn't be possible without the incredible dedication of our restaurant teams that I saw in action and heard from directly during my travels. The people that bring the McDonald's experience to life in our restaurants are truly the face of our brand. That's the promise of a new advertising campaign for Best Burger in Belgium that highlights the individuals making our delicious food versus just the juicy burgers themselves. The people in our restaurants are truly our secret sauce and the ingredient we are most proud of. Thanks to the resilience of the system and our continued investment at scale in the M, Cs, and Ds, we're staying relevant to our customers as their needs continue to change.

雞肉是我們主要市場本季度複合銷售的強勁增長動力，隨著我們繼續在這一重要類別中擴大我們的全球市場份額，雞肉仍將是我們關注的焦點。如果沒有我們餐廳團隊令人難以置信的奉獻精神，我們的成功是不可能的，我在旅途中親眼目睹並直接聽到他們的聲音。在我們的餐廳裡將麥當勞體驗變為現實的人是我們品牌的真正代表。這就是比利時最佳漢堡的新廣告活動的承諾，它強調製作我們美味食物的個人而不是多汁漢堡本身。我們餐廳裡的人真的是我們的秘訣，也是我們最引以為豪的食材。得益於系統的彈性以及我們在 M、Cs 和 Ds 方面的持續大規模投資，隨著客戶需求的不斷變化，我們將與他們保持聯繫。

Now I'll turn it back to Ian to finish walking through the financials.

現在我將把它轉回給 Ian 來完成對財務的了解。

Thanks, Chris. Our strong performance during the third quarter resulted in earnings per share of $2.68. This reflects an adjusted increase of 4% in constant currencies after excluding the prior year gain for the partial divestiture of our ownership in McDonald's Japan. Company-operated margins remain pressured by significant commodity and wage inflation as well as elevated energy costs. We believe these pressures will continue to impact margins for the next several quarters. G&A costs increased about 7% in constant currencies for the quarter, driven by a combination of continued investment in growth-driving initiatives such as restaurant technology and inflationary pressures on costs.

謝謝，克里斯。我們在第三季度的強勁表現導致每股收益為 2.68 美元。這反映了剔除上一年因部分剝離我們在麥當勞日本的所有權而獲得的收益後，按固定匯率計算的調整後增長了 4%。大宗商品和工資通脹以及能源成本上漲對公司經營的利潤率構成壓力。我們認為，這些壓力將繼續影響未來幾個季度的利潤率。本季度的 G&A 成本按固定匯率計算增長了約 7%，這是由於對餐廳技術等增長驅動計劃的持續投資和成本通脹壓力的共同推動。

For the full year, we now expect G&A to be between 2.3% and 2.4% of system-wide sales. This is primarily due to the inflationary pressures I just mentioned as well as a stronger U.S. dollar having a greater impact on sales, which are predominantly outside of the U.S., whereas most of our G&A expense is U.S. dollar based. However, despite these headwinds, our year-to-date adjusted operating margin percentage has grown and is now in the mid-40s. Our effective tax rate was 21.9% for the quarter.

對於全年，我們現在預計 G&A 將佔全系統銷售額的 2.3% 至 2.4%。這主要是由於我剛才提到的通脹壓力以及美元走強對銷售的影響更大，銷售主要在美國以外，而我們的大部分 G&A 費用都是以美元為基礎的。然而，儘管有這些不利因素，我們年初至今調整後的營業利潤率百分比已經增長，現在處於 40 年代中期。本季度我們的有效稅率為 21.9%。

The strong U.S. dollar I just mentioned, created a foreign currency headwind to quarter 3 earnings per share of $0.19. And based on current exchange rates, we expect foreign exchange to impact fourth quarter earnings per share by between $0.14 to $0.16, but the full year headwind totaling about $0.50. As always, this is directional guidance only as rates will likely change as we move through the remainder of the year.

我剛才提到的強勢美元對第三季度每股收益 0.19 美元造成了外匯逆風。根據當前匯率，我們預計外匯對第四季度每股收益的影響在 0.14 美元至 0.16 美元之間，但全年逆風總計約為 0.50 美元。與往常一樣，這只是方向指導，因為隨著我們在今年剩餘時間裡利率可能會發生變化。

And transitioning to capital expenditures, we now anticipate spending about $2 billion, an adjustment from our previous guidance due to foreign exchange rates and slightly lower spend.

過渡到資本支出，我們現在預計支出約為 20 億美元，由於匯率和支出略低，我們之前的指導有所調整。

A few weeks ago, our Board of Directors approved a dividend increase of 10%, the company's 46th consecutive annual increase. As we've talked about today, the Accelerating the Arches plan is driving strong financial results and cash flow.

幾週前，我們的董事會批准將股息增加 10%，這是公司連續第 46 年增加股息。正如我們今天所討論的，加速拱門計劃正在推動強勁的財務業績和現金流。

As we continue to execute against this plan, we remain very confident in our ability to deliver sustained long-term profitability for our system, all of which is reflected in the recent dividend increase.

隨著我們繼續執行該計劃，我們仍然對我們為我們的系統提供持續長期盈利能力的能力充滿信心，所有這些都反映在最近的股息增加中。

Before I close and hand it back to Chris, I just want to take the opportunity to personally congratulate Kevin on his successful tenure as McDonald's CFO. He's been a great partner to me as I've transitioned into this role, and I look forward to building on the strong foundations that he has put in place. It was a pleasure to meet so many of you last month. As I mentioned then, I expect that you'll find a great deal of consistency between Kevin and myself particularly when it comes to the financial priorities of our business.

在我關閉並將其交還給克里斯之前，我只想藉此機會親自祝賀凱文成功擔任麥當勞首席財務官。當我過渡到這個角色時，他一直是我的好夥伴，我期待在他已經建立的堅實基礎上再接再厲。很高興上個月認識這麼多人。正如我當時提到的，我希望你會發現凱文和我之間有很大的一致性，尤其是在我們業務的財務優先事項方面。

While the environment remains dynamic and challenging times may lie ahead, I remain incredibly confident in our strategy, our business momentum and our system. I look forward to meeting and working with all of you.

雖然環境仍然充滿活力，未來可能充滿挑戰，但我對我們的戰略、業務發展勢頭和系統仍然充滿信心。我期待著與大家見面並一起工作。

And with that, let me turn it back over to Chris to close.

有了這個，讓我把它交給克里斯關閉。

Thank you, Ian. Before we close and head into the Q&A portion, I wanted to take a moment to acknowledge that next week marks my third year as CEO of McDonald's. And therefore, my third year of discussions with many of you in this capacity.

謝謝你，伊恩。在我們結束並進入問答部分之前，我想花點時間承認下周是我擔任麥當勞首席執行官的第三個年頭。因此，我以這個身份與你們中的許多人進行了第三年的討論。

In some of our first conversations in late 2019, I highlighted 3 areas that I expected to focus on as CEO. The need to elevate our marketing with programs that are culturally relevant and accretive to our business, the need to develop a digital strategy to drive frequency, retention and engagement at scale and the need to ensure that McDonald's attracts and retains the best talent in the world.

在 2019 年底我們的一些首次對話中，我強調了我希望作為 CEO 關注的 3 個領域。需要通過與文化相關且對我們的業務有增值的計劃來提升我們的營銷，需要製定數字戰略來提高頻率、保留和大規模參與，以及需要確保麥當勞吸引和留住世界上最優秀的人才.

You saw much of this come to life in our Accelerating the Arches growth strategy, which provided a road map to focus the system across our M, Cs and Ds. Since our conversations first began and in the many we've had over the last 3 years, I'm proud of what McDonald's has accomplished on these fronts, all while navigating an increasingly complicated world. Our investments in digital are keeping us relevant to customers and creating business momentum.

您在我們的加速 Arches 增長戰略中看到了其中的大部分內容，該戰略提供了一個路線圖，將系統集中在我們的 M、Cs 和 Ds 上。自從我們第一次開始對話以來，在過去 3 年中我們進行了許多對話，我為麥當勞在這些方面取得的成就感到自豪，同時在一個日益複雜的世界中航行。我們在數字化方面的投資使我們與客戶保持聯繫並創造業務動力。

In addition to what Ian shared, I'll just emphasize that delivery now is in over 100 countries and our loyalty program is now in over 50 markets around the world, driving growth and exceeding expectations. Our marketing programs have enabled us to recapture the imagination of our customers, bringing new joy and excitement to their interactions with our brand. With fresh approaches, we are staying relevant to the fans we serve across generations who are driving meaningful contributions to our business.

除了 Ian 分享的內容外，我只想強調，現在交付已在 100 多個國家/地區進行，我們的忠誠度計劃現已在全球 50 多個市場開展，推動增長並超出預期。我們的營銷計劃使我們能夠重新激發客戶的想像力，為他們與我們品牌的互動帶來新的樂趣和興奮。通過新的方法，我們與我們所服務的代代相傳的粉絲保持聯繫，他們正在為我們的業務做出有意義的貢獻。

And when you look at the leadership team that the global segment and market levels, I am proud to have welcomed and promoted leaders who infuse new energy, new perspective, deep values and strong capabilities to the McDonald's system.

當你看到全球細分市場和市場層面的領導團隊時，我很自豪地歡迎和提拔為麥當勞系統注入新能量、新視角、深刻價值觀和強大能力的領導者。

Looking forward, my focus and responsibility is to ensure that McDonald's uses its position of strength that we find ourselves in today to create even more value for our stakeholders. We will do this by continuing to work even more collaboratively and effectively in a world that is only moving faster. We will do this by building on our inherent strengths, harnessing our competitive advantages and investing in innovation that allows us to deliver on our brand promise to consumers. And we will do this by focusing collectively on solving the needs of our customers. That is ultimately how we will ensure that we are unleashing the full potential of McDonald's to those we serve. I'd like to extend a whole heart of thanks to the McDonald's system for these collective successes and everything that we will continue to deliver in the future, and thanks to all of you for the discussions that we've had up to this point.

展望未來，我的重點和責任是確保麥當勞利用我們今天所處的優勢地位為我們的利益相關者創造更多價值。我們將通過在一個速度越來越快的世界中繼續更加協作和有效地工作來做到這一點。我們將通過建立我們的內在優勢、利用我們的競爭優勢和投資於創新來實現這一目標，從而使我們能夠兌現對消費者的品牌承諾。我們將通過共同關註解決客戶的需求來做到這一點。這最終將確保我們將麥當勞的全部潛力釋放給我們所服務的人。我要對麥當勞系統的這些集體成功以及我們將在未來繼續提供的一切表示衷心的感謝，並感謝你們所有人迄今為止的討論。

Now we'll begin Q&A.

現在我們將開始問答。

(Operator Instructions)

（操作員說明）

Our first question is from John Glass with Morgan Stanley.

我們的第一個問題來自摩根士丹利的約翰·格拉斯。

I was curious about the IOM markets and your comments about the economic pressures there. Have you seen evidence of trade down, it wouldn't seem such given same-store sales, but maybe underneath that, is there evidence of consumer strain and maybe it's trade down or what have you. And can you also talk about or update your inflationary expectations for that market? I thought the margins were strong, but you also talked about the need to support franchisees given their cash flow situation. So maybe just an update on where you think inflation in the back half or fourth quarter and early next year leads you to in the IOM.

我對 IOM 市場以及您對那裡的經濟壓力的評論感到好奇。您是否看到過貿易下降的證據，考慮到同店銷售情況，這似乎不是這樣，但也許在此之下，是否存在消費者壓力的證據，也許是貿易下降或您有什麼。您能否談談或更新您對該市場的通脹預期？我認為利潤率很高，但你也談到了鑑於特許經營商的現金流狀況需要支持他們。因此，也許只是關於您認為下半年或第四季度以及明年初的通貨膨脹會導致您進入 IOM 的最新情況。

John, it's Chris. So if you focus on our IOM markets, right now, broadly, we are not seeing significant trade down happening in our menu. I think we do believe we're benefiting from trade down that happens as perhaps people coming out of other parts of IEO into QSR. So we do think that we're perhaps seeing some of that benefit. Within our own business in IOM, we're not seeing significant evidence of trade down there. As far as how we're thinking about the market, it's mostly right now showing up just in sentiment where we're seeing consumer sentiment in Europe remains low. Obviously, a lot of that is driven by the inflation that they're seeing, cost of living increases related to both food but also energy. And so that's what is weighing on our mind. You've seen also the Central Banks in Europe today.

約翰，是克里斯。因此，如果您現在專注於我們的 IOM 市場，從廣義上講，我們並沒有看到我們的菜單中出現顯著的交易下降。我認為我們確實相信我們正在從交易下降中受益，因為也許人們從 IEO 的其他部分進入 QSR。所以我們確實認為我們可能會看到一些好處。在我們自己在 IOM 的業務中，我們沒有看到明顯的貿易證據。就我們對市場的看法而言，它現在主要表現在情緒上，我們看到歐洲的消費者情緒仍然很低。顯然，其中很大一部分是由他們所看到的通貨膨脹驅動的，生活成本的增加與食物和能源有關。所以這就是我們心中的重擔。你也看到了今天歐洲的中央銀行。

I think this morning, the ECB raised interest rates another 75 basis points. So all of that is factoring into what we think is going to be a challenging environment in Europe. But it's certainly, as we mentioned in our comments, putting some pressure on the P&Ls of our franchisees. As far as outlook and how we're thinking about that, I'll maybe just have Ian give you his thoughts.

我認為今天早上，歐洲央行又加息了 75 個基點。因此，所有這些都考慮到我們認為歐洲將是一個充滿挑戰的環境。但正如我們在評論中提到的那樣，這無疑給我們特許經營商的損益錶帶來了一些壓力。至於前景和我們對此的看法，我可能會讓伊恩給你他的想法。

Yes. Thanks, Chris. So maybe just a little bit of a build on what Chris has talked about. I mean I think certainly in Europe, we're seeing higher levels of inflation. I think you've heard us talk to that before, in food and paper and also in energy prices, which obviously are impacted, particularly in Europe, knowing some of the European markets were quite dependent on Russia as a an energy source and have had to obviously look for alternative supply. So I think you've got the combination of those pressures hitting some of our European markets.

是的。謝謝，克里斯。所以也許只是在克里斯所說的基礎上建立了一點點。我的意思是，我認為在歐洲，我們肯定會看到更高水平的通貨膨脹。我想你以前聽過我們談論過食品和紙張以及能源價格，這顯然受到了影響，尤其是在歐洲，因為知道一些歐洲市場非常依賴俄羅斯作為能源來源，並且已經顯然是在尋找替代供應。所以我認為你已經得到了這些壓力的組合，這些壓力衝擊了我們的一些歐洲市場。

What I would say about Europe is it's obviously a wider range of scenarios because the context is not consistent. There are differences across the European markets that we do business in.

關於歐洲，我想說的是，它顯然是更廣泛的場景，因為背景並不一致。我們開展業務的歐洲市場存在差異。

I think if I took a step back, though, I just go to the -- you look at IOM an 8.5% comp in quarter 3. I mean, I think as Chris talked about, we continue to see strong, broad-based and consistent momentum across the business. I think we're -- we've got some inherent strengths in Europe, as I'm sure you've heard us talk about previously which is the fact that we've got a modernized asset base. We've done a lot of work, I think, on marketing and around our MCD framework. There are less competitive activity across a number of our European markets. And so our business and our brand is in a position of strength. And I certainly think that's a strong tailwind for us as we kind of head into this more volatile period that Chris referred to.

不過，我想，如果我退後一步，我只是去 - 你看看 IOM 在第三季度的 8.5% 的比較。我的意思是，我認為正如克里斯所說的那樣，我們繼續看到強大、基礎廣泛和整個業務的持續發展勢頭。我認為我們 - 我們在歐洲擁有一些固有的優勢，我相信您之前已經聽過我們談論過我們擁有現代化資產基礎的事實。我認為，我們在市場營銷和 MCD 框架方面做了很多工作。我們的許多歐洲市場的競爭活動較少。因此，我們的業務和品牌處於強勢地位。我當然認為這對我們來說是一個強大的順風，因為我們有點進入克里斯提到的這個更加動蕩的時期。

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。

And I wanted to just ask a similar question as it relates to the U.S. If anything different from a behavior perspective and I guess more with your customer. And I guess, more importantly, given you've got positive guest counts in the U.S., maybe one of the only brands seeing that right now and the strength that you've seen over the last few quarters last years. Is there anything more you can say about the customer now? Has the customer evolved at all, Chris, over under your tenure? Anything more that you can about that customer, how it may have changed? And what that means kind of on the go forward.

我想問一個與美國有關的類似問題。如果從行為角度來看有什麼不同，我猜你的客戶更多。而且我想，更重要的是，考慮到您在美國的客人數量是積極的，也許是目前唯一看到這一點的品牌之一，以及您在去年過去幾個季度看到的實力。您現在對客戶還有什麼要說的嗎？克里斯，在你的任期內，客戶有沒有進化？關於該客戶，您可以提供更多信息，它可能發生了怎樣的變化？這意味著什麼？

Sure. Well, I think the biggest thing that's changed over the last several years with the customer is just this focus on the kind of takeaway part of the business. And that shows up whether it's in delivery and the significant growth that we've seen in delivery. Digital has been a key enabler on that and so for us, I think that's been the biggest thing that we've seen. Certainly, we still have a dine-in business, but it is less pronounced than it was pre-COVID, and we're certainly expecting that, that's going to sustain in terms of just this focus on drive-thru and what we're describing as the 3Ds.

當然。好吧，我認為過去幾年與客戶發生的最大變化就是對業務外賣部分的關注。這顯示了它是否在交付方面以及我們在交付方面看到的顯著增長。數字化一直是這方面的關鍵推動力，所以對我們來說，我認為這是我們所見過的最重要的事情。當然，我們仍然有堂食業務，但它不如 COVID 之前那麼明顯，而且我們當然期待這一點，僅就專注於得來速和我們是什麼而言，這將持續下去描述為 3D。

So I think that's been one broad-based change that we've seen. I do think that because of the environment that we're in right now and the investments that we've made previously, we feel very good about sort of what is the McDonald's value proposition. And it shows up when we look at consumer scores around value for money, affordability we see in the U.S. that we continue to lead in this, and it's allowed us to push through some of this pricing. But I think because of the strength of the brand and the proposition as evidenced by the results, the consumers are willing to tolerate it.

所以我認為這是我們已經看到的一項基礎廣泛的變化。我確實認為，由於我們現在所處的環境以及我們之前所做的投資，我們對麥當勞的價值主張感到非常滿意。當我們查看消費者在物有所值、我們在美國看到的可負擔性方面的得分時，它就會顯示出來，我們繼續在這方面處於領先地位，這讓我們能夠推動一些定價。但我認為由於品牌的實力和結果所證明的主張，消費者願意容忍它。

And I think they're willing to do that because of, again, all the other things that we've done to just strengthen our offering, the brand proposition, et cetera. So I think that for us, as we look out forward, it gives us confidence that, yes, we're going to continue to have inflation into 2023, both food and paper as well as labor, but we like our position relative to competitors in terms of where we stand.

而且我認為他們願意這樣做是因為我們為加強我們的產品、品牌主張等所做的所有其他事情。所以我認為，對於我們來說，展望未來，它讓我們相信，是的，我們將繼續在 2023 年出現通貨膨脹，包括食品和紙張以及勞動力，但我們喜歡我們相對於競爭對手的地位就我們的立場而言。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

My question is on the U.S. business. You're clearly gaining share and executing its what is certainly not the easiest macro environment. So just wondering if you could isolate maybe the 1 or 2 things that you're doing better than your peers and discuss why you believe that is a sustainable mode. Is it staffing, your ability to hire, retain talent? Is this about real estate perhaps speed of service or maybe any other factors that you think you have contributed to your relative performance gap versus peers.

我的問題是關於美國業務的。您顯然正在獲得份額並執行其肯定不是最簡單的宏觀環境。因此，只是想知道您是否可以隔離出您比同齡人做得更好的一兩件事，並討論為什麼您認為這是一種可持續的模式。是人員配備，你的僱傭能力，留住人才嗎？這是關於房地產、服務速度還是您認為導致您與同行的相對績效差距的任何其他因素。

Yes. I'm going to maybe take you back to where we were several years ago in the U.S., where we talked talk about, and we were in a different time and performance was in a little different place. And we talked about needing to do a number of things to improve our relative position. We talked about needing to invest in our asset base. And as you know, we've cumulatively invested about $9 billion over the last 5 or 6 years between us and the franchisees in updating our asset base in the U.S. We talked about improving the quality of our food, improving our operations, which we've done, where speed of service is faster today than it was in 2019. We've been able to do that despite a more challenging labor environment.

是的。我可能會帶你回到幾年前我們在美國的地方，我們在那裡談論過，我們在不同的時間和表現在一個有點不同的地方。我們談到需要做一些事情來改善我們的相對地位。我們談到需要投資於我們的資產基礎。如您所知，在過去的 5 或 6 年裡，我們和特許經營商在更新我們在美國的資產基礎方面累計投資了約 90 億美元。我們談到了提高食品質量，改善我們的運營，我們'已經做到了，今天的服務速度比 2019 年更快。儘管勞動力環境更具挑戰性，我們仍然能夠做到這一點。

And I also talked about the brand and digital. So for us, at least the way I look at it, and I think the U.S. team would look at it, it's not any one thing that is the answer. It's the fact that we've been able to move over a number of years on a number of these things that gives us the momentum that the team is driving right now.

我還談到了品牌和數字。所以對我們來說，至少我是這麼看的，我認為美國隊會這麼看，答案不是任何一件事。事實上，多年來我們已經能夠在其中一些事情上取得進展，這給了我們團隊現在正在推動的動力。

And of course, I want to acknowledge also just the great partnership we're getting from our franchisees and from our suppliers in the U.S. because it's certainly a team effort.

當然，我還要感謝我們從特許經營商和美國供應商那裡獲得的良好合作夥伴關係，因為這肯定是團隊的努力。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛塔倫蒂諾。

I have a question about Europe. I think you referenced that you may need to provide support to some of your franchisees. And I was hoping that perhaps you could elaborate on what you mean by that and how extensive that support might need to be in the current environment, just to kind of frame up, I guess, the health of the system in general.

我有一個關於歐洲的問題。我認為您提到您可能需要為您的一些加盟商提供支持。我希望也許您能詳細說明您的意思以及在當前環境中可能需要多廣泛的支持，我想只是為了總體上確定係統的健康狀況。

David, it's Ian. So thanks for the question. Let me try and hit on that one. Look, I think what I would start with is part of our strategic advantage as a system is our scale and financial strength. And I think as you heard me talk to in my remarks, and Chris alluded to it earlier, our franchisees in Europe are seeing elevated inflation, particularly obviously in food and paper and energy prices. Energy prices, as an example, and some of our European markets would be up 2 to 3x from what they were 12 months ago. So when you put the combination of all those impacts together, there's a fair bit of headwind in some of our European markets on our franchisee cash flow. I think using our financial strength to provide support to certain franchisees who may need it in a targeted and temporary way I think is -- we think of that obviously to keep our system financially healthy but also to keep the system aligned and focused behind the things that are going to drive growth and investing behind those initiatives that are going to continue to drive growth, certainly think of that as a strategic advantage.

大衛，是伊恩。所以謝謝你的問題。讓我試試看那個。看，我認為我首先要考慮的是我們作為一個系統的戰略優勢的一部分，即我們的規模和財務實力。而且我認為，正如您在我的講話中聽到我的談話，以及克里斯早些時候提到的那樣，我們在歐洲的特許經營商正在看到通貨膨脹加劇，尤其是在食品、紙張和能源價格方面。例如，能源價格和我們的一些歐洲市場將比 12 個月前上漲 2 到 3 倍。因此，當您將所有這些影響結合在一起時，我們的一些歐洲市場對我們的特許經營商現金流有相當大的不利影響。我認為利用我們的財務實力以有針對性和臨時的方式為某些可能需要它的特許經營商提供支持——我們認為這顯然是為了保持我們的系統在財務上健康，同時也讓系統保持一致並專注於事情的背後那些將推動增長並在那些將繼續推動增長的舉措背後進行投資，當然將其視為戰略優勢。

And so you may remember back during the COVID period, we made some decisions around providing temporary and targeted support. And I can tell you, just from my old role leading our international business that I think those were critically important strategic decisions that were a key factor in the acceleration and momentum that our system had as we came out of that COVID period. And so we've got the capability to do that. If we need to do that, and I think that, as I said, is a strategic advantage that we carry with us.

因此，您可能還記得在 COVID 期間，我們圍繞提供臨時和有針對性的支持做出了一些決定。我可以告訴你，就我以前領導我們國際業務的角色而言，我認為這些是至關重要的戰略決策，是我們的系統在走出 COVID 時期時所擁有的加速和動力的關鍵因素。所以我們有能力做到這一點。如果我們需要這樣做，我認為，正如我所說，這是我們隨身攜帶的戰略優勢。

Our next question is from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask what the marketing strategies of Can McDonald's in July, the partnership with Cactus Plant Flea Market more recently. How are these partnerships helping you either reach a new audience or increase engagement with your audience? I guess what changes are you seeing in terms of your consumer base? And do you generally see once you get the increase in digital utilization of a lot of these programs that, that sustains.

我想問一下 Can McDonald's 7 月份的營銷策略是什麼，最近與 Cactus Plant Flea Market 合作。這些合作夥伴關係如何幫助您吸引新的受眾或增加與受眾的互動？我猜你在消費者群體方面看到了什麼變化？而且，您通常會看到，一旦您增加了許多此類程序的數字利用率，就會持續下去。

For us, one of the things that I've certainly believed about our brand is -- McDonald's is one of those brands that actually is very much a part of culture. And you see it when you just look at social media and all the ways that consumers will talk about on their own, McDonald's and their McDonald's experience. And I think what we in the past maybe didn't do enough of is lean into our relevance and how our brand is a part of culture.

對我們來說，我當然相信我們品牌的一件事是——麥當勞是那些實際上是文化一部分的品牌之一。當你只看社交媒體和消費者談論他們自己的所有方式、麥當勞和他們的麥當勞體驗時，你就會看到它。而且我認為我們過去可能做得不夠的是關注我們的相關性以及我們的品牌如何成為文化的一部分。

And so I think what you've seen over the last several years for us and credit to the marketing team and our agency partners on this is just finding more ways that we can connect our equities that we can connect our experience to what's also going on in culture. And whether it's Famous Orders or Camp McDonald's or now more recently the adult Happy Meals and the McRib coming back, just all these different things shows to us and just as a reminder that we are charged with shepherding and stewarding one of the most fantastic equities in the world and that we've actually got to find ways to continue to keep it fresh.

因此，我認為您在過去幾年中為我們所看到的以及營銷團隊和我們的代理合作夥伴在這方面的功勞只是找到了更多方法，我們可以將我們的股票聯繫起來，我們可以將我們的經驗與正在發生的事情聯繫起來在文化中。無論是 Famous Orders 或 Camp McDonald's，還是最近的成人 Happy Meals 和 McRib 回歸，所有這些不同的事情都向我們展示，並提醒我們，我們負責管理和管理美國最出色的股票之一世界，我們實際上必須想辦法繼續保持新鮮。

In terms of evidence of it, it's just -- it's the little things. So when you see actually that we're selling out of our adult Happy Meals, and it's happening in days, not weeks. That is a real proof point when you see that people are posting on social media, the fun ways where they've got their buckets and ready to go out and do Halloween. All of those are proof points for us.

就它的證據而言，它只是 - 這是小事。因此，當您實際看到我們的成人快樂餐已經售罄時，這發生在幾天而不是幾週內。當你看到人們在社交媒體上發帖時，這是一個真正的證明點，他們拿著水桶準備出去玩萬聖節的有趣方式。所有這些都是我們的證據。

And what I say to our team as well is if you're having to sort of look with the microscope to see the impact of marketing on your P&L, then it's not big enough. And I think what we're starting to see now is we're starting to see marketing and our marketing programs show up as significant meaningful comp drivers for us. And that's what gives us confidence about that we're finding that right engagement with the consumer.

我也對我們的團隊說的是，如果你不得不用顯微鏡來觀察營銷對你的損益表的影響，那麼它還不夠大。而且我認為我們現在開始看到的是我們開始看到營銷，我們的營銷計劃對我們來說是重要的有意義的競爭驅動因素。這就是讓我們相信我們正在找到與消費者的正確接觸的原因。

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。

I wanted to ask about the health of the U.S. consumer. Obviously, the trends you posted remained really strong and encouraging. But I guess, 2 pieces. One, can you help frame maybe the level of price that's running through the system right now as a component of the comp with that encouraging sign of positive traffic. And then I wanted to see if you're seeing any sort of deltas or differences between dayparts as the consumer is increasingly pressured by the macro and if you're seeing any consumer behavior changes related to that just yet.

我想問一下美國消費者的健康狀況。顯然，您發布的趨勢仍然非常強勁和令人鼓舞。但我猜，2件。第一，您能否幫助確定目前通過系統運行的價格水平，作為組合的一個組成部分，並帶有積極流量的令人鼓舞的跡象。然後我想看看你是否看到任何類型的增量或時段之間的差異，因為消費者越來越受到宏觀的壓力，以及你是否看到任何與此相關的消費者行為變化。

Let's have Ian, maybe just take the first couple of parts to that, and then I can maybe offer just a few more general thoughts on it.

讓我們有伊恩，也許只談前幾部分，然後我可以提供一些更一般的想法。

Yes. Thanks for the question, Jared. So let me -- I think you talk a little bit about pricing and just kind of, I think the reactions that we're seeing in the U.S., just knowing the U.S. is a little further along, and I think our data is a little clearer there.

是的。謝謝你的問題，賈里德。所以讓我 - 我想你談談定價，我認為我們在美國看到的反應，只是知道美國更進一步，我認為我們的數據有點那裡更清楚。

So I think if you look at our quarter 3 comp in the U.S. of just over 6%, that was obviously largely driven by average check. But as you noted, we had a slightly stronger positive contribution from guest counts in quarter 3 than we saw in quarter 2. So again, the majority of that check growth continues to come through price. Year-over-year in quarter 3, our price -- average price increase in the U.S. was just over 10%. And that's roughly where we expect the kind of the full year pricing in the U.S. to be.

所以我認為，如果你看一下我們在美國的第三季度業績略高於 6%，這顯然很大程度上是由平均支票推動的。但正如您所指出的，我們在第三季度的客人數量的積極貢獻比我們在第二季度看到的要強一些。因此，支票增長的大部分繼續來自價格。在第三季度，我們的價格——美國的平均價格漲幅略高於 10%。這大致就是我們預計美國全年定價的情況。

We continue to see pretty good flow-through in the U.S., about 70%, which would be close to our historical range. And so if you think about that price increase of roughly 10% flow-through of about 70%, the difference between that and the average check growth that we're seeing is really -- continues to be driven by 2 factors that we've talked about previously. The first one would be less units per transaction. Most of that is being driven by kind of a reversion of ordering channels. So obviously, during COVID, we saw elevated ordering through kind of off-premise channels like delivery and drive-through. We're getting obviously more traffic now back in restaurants, for example, drive-thru is basically back to kind of what it was pre-COVID in terms of percentage of sales. Obviously, we continue to see elevated delivery ordering. But in total, we still see more units per transaction than we were seeing pre-COVID, but you had a reversion to more traditional ordering channels.

我們繼續在美國看到相當不錯的流通量，約為 70%，這將接近我們的歷史範圍。因此，如果您考慮大約 70% 的流通量大約 10% 的價格上漲，那與我們看到的平均支票增長之間的差異實際上是 - 繼續由我們已經知道的兩個因素驅動前面講過。第一個將減少每筆交易的單位。其中大部分是由訂購渠道的某種逆轉推動的。所以很明顯，在 COVID 期間，我們看到通過交付和得來速等非現場渠道的訂單增加。顯然，我們現在回到餐廳的客流量明顯增加了，例如，就銷售百分比而言，得來速基本上回到了 COVID 之前的那種狀態。顯然，我們繼續看到交付訂單增加。但總的來說，我們仍然看到每筆交易的單位數量比我們在 COVID 之前看到的要多，但是您已經恢復到更傳統的訂購渠道。

And then the second factor but to a lesser extent, would be we are seeing some trade down. That trade down is mainly with our lower income consumers, and we're seeing that shift from meal purchases to more value offer items. And so those would be the 2 factors that are kind of offsetting pricing to get to that net average check growth.

然後是第二個因素，但程度較小，我們會看到一些交易下降。這種下降主要是與我們的低收入消費者有關，我們看到這種轉變從購買餐食轉向更有價值的商品。因此，這些將是抵消定價以實現淨平均支票增長的兩個因素。

I think to the second part, so I would say, in total, we're getting pretty healthy continued flow through, I think, which is a good sign that we're getting the pricing between balance right with our U.S. consumers.

我認為到第二部分，所以我想說，總的來說，我們正在獲得相當健康的持續流動，我認為，這是一個很好的跡象，表明我們正在與美國消費者取得平衡之間的定價。

I think on the second part on day parts, what I would say is we're seeing pretty consistently strong comps in the U.S. business across all of the dayparts. I think dinner and breakfast would be a little better. But as I say, pretty consistently strong. And again, that gives us a pretty good indication that what we're doing is resonating with consumers pretty broadly.

我認為在日間部分的第二部分，我想說的是，我們在所有日間部分的美國業務中都看到了相當一致的強勁組合。我覺得晚餐和早餐會好一點。但正如我所說，相當穩定。再一次，這給了我們一個很好的跡象，表明我們正在做的事情正在與消費者產生相當廣泛的共鳴。

Nothing to add, Ian handled it all. So I think we're ready for the next question.

沒什麼可補充的，伊恩處理了這一切。所以我認為我們已經準備好回答下一個問題了。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen。

Great. Ian, I appreciate the FX guidance for 4Q, but just given the extraordinary strengthening of the U.S. dollar in recent months and unusual FX circumstances. Can you perhaps comment on the impact of current exchange rates on 2023 EPS? Are math just somewhere around a $0.25 to $0.30 impact. And just want to see if we're thinking about that correctly.

偉大的。伊恩，我很欣賞第四季度的外匯指引，但只是考慮到最近幾個月美元的異常走強和不尋常的外匯情況。您能否評論一下當前匯率對 2023 年每股收益的影響？數學只是在 0.25 美元到 0.30 美元之間產生影響嗎？只是想看看我們是否正確地考慮了這一點。

Yes. Thanks, Andrew. Look, I'm not going to get into talking about 2023 today. To be honest, we're still in the midst of working through our 2023 plans. In fact, we've got our managing directors coming into Chicago in a couple of weeks to take us through their plans for 2023. So I think that's something that we can give you more texture around when we get into our quarter 4 earnings call.

是的。謝謝，安德魯。聽著，我今天不打算談論 2023 年。老實說，我們仍在製定 2023 年的計劃。事實上，我們的董事總經理將在幾週後來到芝加哥，帶領我們完成他們 2023 年的計劃。所以我認為，當我們進入第四季度財報電話會議時，我們可以為您提供更多的信息。

Our next question is from Chris Carril with RBC.

我們的下一個問題來自 RBC 的 Chris Carril。

So maybe following up on some of the earlier questions, I did want to ask about the competitive environment in the U.S., maybe both for the burger category and just broader fast food. And specifically, I mean, do you see potential for increased promotional activity here going forward? Or are you expecting the industry and peers to kind of remain largely rational here going forward just given the still dynamic and evolving backdrop here?

所以也許跟進一些早期的問題，我確實想問一下美國的競爭環境，也許是漢堡類別和更廣泛的快餐。具體來說，我的意思是，您是否看到未來增加促銷活動的潛力？或者，鑑於這裡仍然充滿活力和不斷發展的背景，您是否期望行業和同行在很大程度上保持理性？

Yes. Certainly, our expectation is that the industry is going to stay rational from a pricing standpoint. And I think part of that is just going to be born out of self interest, which is everybody is experiencing the food and paper inflation, everybody is experiencing the labor inflation. And some of our competitors, their franchisees are not in the same position as our franchisees. So I think even if there is a desire to try to get more promotional in some areas to address maybe any traffic headwinds that somebody might face. I think you're going to run into a lot of resistance from franchisees. We're just not going to be in a position to gauge in that.

是的。當然，我們的預期是，從定價的角度來看，該行業將保持理性。我認為其中一部分只是出於自身利益，即每個人都在經歷食品和紙張的通貨膨脹，每個人都在經歷勞動力的通貨膨脹。而我們的一些競爭對手，他們的加盟商與我們的加盟商處於不同的位置。因此，我認為即使希望嘗試在某些領域進行更多宣傳，以解決某人可能面臨的任何交通逆風。我認為你會遇到來自特許經營商的很多阻力。我們只是無法衡量這一點。

So our expectation is the environment is going to continue to stay rational. I think the other thing that's going on right now is you just have food away-from-home versus food-at-home. You still have significant gaps there. I think we are in 2022, the gap between food away-from-home versus food-at-home. It's the widest gap that it's ever been. So there is still a benefit that the industry is getting relative to food-at-home that I think is keeping everybody being smart about pricing.

所以我們的預期是環境將繼續保持理性。我認為現在正在發生的另一件事是你只吃外賣食物而不是在家吃食物。你仍然有很大的差距。我認為我們已經到了 2022 年，離家的食物與在家的食物之間的差距。這是有史以來最大的差距。因此，相對於家庭食品而言，該行業仍然有一個好處，我認為這讓每個人都對定價保持明智。

And then the last thing I would say for us, and I mentioned a little bit earlier for us is that what we look at is we just look at our value and affordability and industry-wide, the industry overall is doing well on value and affordability. And we also like our relative position. I mean we are leading the industry as we have historically on our value and affordability to gap versus the industry. So those are all things that we monitor and look at, but the expectation is certainly that the industry is going to stay rational.

然後我要對我們說的最後一件事，我之前提到的一點是，我們只看我們的價值和負擔能力，在整個行業範圍內，整個行業在價值和負擔能力方面表現良好.我們也喜歡我們的相對位置。我的意思是，我們在歷史上處於領先地位，因為我們在價值和承受能力方面與行業之間存在差距。因此，這些都是我們監控和關注的事情，但我們當然期望該行業將保持理性。

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。

Great. Shifting gears maybe to China, specifically. I think you mentioned opening a record 800 units this year. Wondering whether that's safe to assume that's accelerating into '23. I think you mentioned that comps were slightly negative. I'm just trying to assess whether there's any reason for concern on the underlying fundamentals of the business? Or do you really believe it's purely COVID. Any kind of updated thoughts on the region, especially with the most recent political environment in China creating some incremental headwinds.

偉大的。具體來說，可能會轉向中國。我想你提到今年開設了創紀錄的 800 個單位。想知道這是否可以安全地假設它正在加速進入 23 世紀。我想你提到過補償有點負面。我只是想評估是否有理由擔心公司的基本面？或者你真的相信這純粹是新冠病毒。任何關於該地區的最新想法，尤其是在中國最近的政治環境造成一些不利因素的情況下。

So thanks, Jeff. Let me start, knowing in the last role that I had, I was overseeing China as part of that remiss. Look, I think as you heard in my opening comments, I think China continues to be impacted by the zero-COVID policy that continues to be in place. And obviously, that continues to be disruptive, not just to us, but I think to consumer confidence in the kind of broader macro environment in China.

所以謝謝，傑夫。讓我開始吧，我知道在我擔任的最後一個角色中，我正在監督中國，這是我失職的一部分。聽著，我想正如你在我的開場白中聽到的那樣，我認為中國繼續受到持續實施的零新冠病毒政策的影響。顯然，這繼續具有破壞性，不僅對我們，而且我認為對消費者對中國更廣泛的宏觀環境的信心。

So I think that's certainly what we feel is the driver of the shorter-term results and challenge in China. As you heard me talk to, we continue to gain share. It's a pretty competitive marketplace, as you would know. So I think we feel that the team in China has done a pretty nice job to work through this more challenging period.

所以我認為這肯定是我們認為中國短期業績和挑戰的驅動力。正如你聽到我的談話一樣，我們繼續獲得份額。如您所知，這是一個競爭激烈的市場。所以我認為我們覺得中國的團隊在度過這個更具挑戰性的時期做得非常好。

The 800 openings, I think you can expect that'll be kind of consistent as we go forward. I certainly think -- I think, speaks to the confidence we have in the longer-term opportunity in China, which remains in place, but that volatility, I think, is going to exist until there's a change in kind of focus about how they're handling COVID.

800 個空缺，我想你可以期待隨著我們的前進，這將是一致的。我當然認為——我認為，這說明了我們對中國長期機會的信心，這種信心仍然存在，但我認為，這種波動性將一直存在，直到他們如何關注的焦點發生變化。 '正在處理COVID。

Yes. The only thing that I would add, just keep in mind that in China, there were still 33 cities and about 65 million people in this last quarter that were in either full or partial lockdown as a result of the zero-COVID policy. So I think sometimes here in the U.S. in our western markets where we're in a different position relative to the pandemic. we sometimes lose sight of in China, there is still significant restrictions, which is impacting mobility and ultimately, that impacts our business. But long term, our outlook on China remains very bullish. We're going to continue to build restaurants at an aggressive pace like I was talking about. And we do hope and expect that in 2023, the situation in China is going to improve for us.

是的。我唯一要補充的是，請記住，在中國，由於零新冠病毒政策，上個季度仍有 33 個城市和約 6500 萬人處於完全或部分封鎖狀態。所以我認為有時在美國，在我們的西方市場，我們相對於大流行處於不同的位置。我們有時會忽略在中國，仍然存在重大限制，這正在影響流動性，最終影響我們的業務。但從長遠來看，我們對中國的前景仍然非常樂觀。我們將繼續像我所說的那樣以積極的速度建造餐廳。我們確實希望並期待在 2023 年，中國的情況將會對我們有所改善。

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。

The G&A level that you talked about 2.3% to 2.4%. You're obviously spending a lot of money, but you're clearly, you're getting results. So I just wanted to kind of have a sense both in G&A and if we can also comment on CapEx just future spending levels for the business. I mean is this kind of the time in the environment where the system might be looking for efficiencies or is at the opposite that you actually have an opportunity to spend more and get more and drive future sales and overall market share, again, both on G&A and in CapEx?

你談到的 G&A 水平是 2.3% 到 2.4%。你顯然花了很多錢，但很明顯，你正在取得成果。因此，我只是想了解一下 G&A 以及我們是否也可以評論資本支出只是未來的業務支出水平。我的意思是在這樣的環境中，系統可能正在尋求效率，或者相反，您實際上有機會花費更多並獲得更多並再次推動未來的銷售和整體市場份額，無論是在 G&A在資本支出中？

Yes. Thanks, John. Let me take those 2 questions. I think on G&A, as you kind of heard me talk to in my commentary, there are really a couple of drivers for this year that resulted in that adjusted outlook. The first one is the stronger -- impact of the stronger U.S. dollar. So if you think of our G&A, let's call it, formula to get to the percentage, 60% of our sales come from outside of the U.S. So obviously, we're translating those sales back into less U.S. dollars and 70% of our G&A spend is U.S. dollar based. So that's the first impact.

是的。謝謝，約翰。讓我回答這兩個問題。我認為關於 G&A，正如你在我的評論中聽到我所說的那樣，今年確實有幾個驅動因素導致了調整後的前景。第一個是美元走強的影響。因此，如果您考慮我們的 G&A，讓我們稱之為計算百分比的公式，我們 60% 的銷售額來自美國以外。顯然，我們將這些銷售額轉換回更少的美元和 70% 的 G&A支出以美元為基礎。所以這是第一個影響。

The second impact is obviously just the general inflationary pressures that we're seeing on costs, which obviously is also coming to play in our G&A expenses. I think what I would say coming into the role is certainly, it's an area that I'm going to be focused on. I think we continue to believe that in terms of the running the business part of our G&A spend, we should be able to drive efficiency and gain leverage as we continue to go through our top line as we go forward. That's important for 2 reasons: one, the efficiency part, but also we want to make sure we've got the G&A capacity to ensure that we can spend on areas like technology and digital or innovation where we want to drive things that are going to drive growth. But I think the net of that formula is that we continue to believe we should gain leverage in G&A as we go forward.

第二個影響顯然只是我們在成本上看到的普遍通脹壓力，這顯然也將在我們的 G&A 費用中發揮作用。我想我要說的肯定是，這是我將要關注的一個領域。我認為我們仍然相信，就我們的 G&A 支出的業務部分而言，我們應該能夠提高效率並獲得影響力，因為我們在前進的過程中繼續突破我們的收入。這很重要，原因有兩個：第一，效率部分，但我們還希望確保我們擁有 G&A 能力，以確保我們可以在技術和數字或創新等領域進行投資，以推動未來的發展推動增長。但我認為這個公式的核心是我們繼續相信我們應該在前進的過程中獲得 G&A 的影響力。

I think the second part on capital, I think capital, there were kind of 2 reasons why we adjusted guidance down from the $2 billion to $2.2 billion to now about $2 billion. Again, one of them is just the stronger U.S. dollar, about 60% of our capital spend is outside of the U.S. So we're just translating that spend back into fewer U.S. dollars.

我認為關於資本的第二部分，我認為資本，我們將指導從 20 億美元下調至 22 億美元至現在約 20 億美元有兩個原因。同樣，其中之一就是美元走強，我們大約 60% 的資本支出在美國境外。所以我們只是將這些支出轉換回更少的美元。

I think the second bit is slightly less openings due to kind of the permit time lines in some markets, slightly fewer projects getting done, just the project lead times. What I would say on capital is, I think -- and again, coming out of my previous role, we continue to believe we've got an opening opportunity across many of our owned markets, we continue to get really good returns on new restaurant openings. I think that's something that we'll continue to look at as we go forward.

我認為第二個原因是由於某些市場的許可時間線，開放的時間略少，完成的項目略少，只是項目的交付週期。關於資本，我想我想說的是——再一次，從我以前的角色中走出來，我們仍然相信我們在我們擁有的許多市場上都有一個開放的機會，我們繼續在新餐廳上獲得非常好的回報開口。我認為這是我們在前進的過程中將繼續關注的問題。

And I think, Chris, you want to just jump in.

我想，克里斯，你想跳進去。

Yes. Just a couple of closing thoughts here. I appreciate it in the question that for us and the way I think about it is it's the effectiveness of our spend. And as you noted in the question, we've been able to see that for the investment in the G&A, it's certainly driving the type of performance. But I would tell you that I think we have an opportunity to get even more effective on the impact of our G&A investments. And for me, it shows up, we're still too slow. I think we have to get faster. I don't think that we're fully leveraging our scale. We have to find ways to do that. We're still solving the same problems multiple times in different markets as opposed to having one solution that we can very quickly share across the globe.

是的。這裡只是幾個結束的想法。我很感激這個問題，對我們來說，我認為這是我們支出的有效性。正如您在問題中所指出的，我們已經能夠看到，對於 G&A 的投資，它肯定會推動績效類型。但我會告訴你，我認為我們有機會更有效地發揮 G&A 投資的影響。對我來說，它出現了，我們仍然太慢了。我認為我們必須加快速度。我認為我們沒有充分利用我們的規模。我們必須想辦法做到這一點。我們仍然在不同的市場多次解決相同的問題，而不是擁有一種我們可以在全球範圍內快速共享的解決方案。

So as I look at the effectiveness of G&A, there's still a lot of work for us in that area.

因此，當我查看 G&A 的有效性時，我們在該領域仍有很多工作要做。

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。

Just with your base case, being a U.S. recession and I think a deeper one in Europe, it's obviously harder not to go back and recall how strong the U.S. business performed best in class during the '08, '09 recession period. And so do you see the business as offensively positioned today as it was then?

就你的基本情況而言，美國經濟衰退而且我認為歐洲經濟衰退更嚴重，顯然很難不回過頭來回憶一下美國企業在 08 年和 09 年經濟衰退期間的表現如何。那麼您是否認為今天的業務與當時一樣具有進攻性？

And I also just wanted you to comment some more on the low-end consumer. You're just -- your U.S. trends are so strong in the third quarter in October in light of the weakening we're hearing about this low-end consumer. I know you said you're seeing trade down from the low-end consumer within your own business. But as this cohort of consumers just generally seeks more value, is this actually (technical difficulty)

我也只是想讓你對低端消費者發表更多評論。你只是 - 鑑於我們聽說這個低端消費者的疲軟，你的美國趨勢在 10 月的第三季度如此強勁。我知道你說過你在自己的企業中看到低端消費者的貿易下降。但是由於這群消費者通常只是尋求更多的價值，實際上是這樣嗎（技術難度）

You're breaking up a little bit, Brian. We'll try to maybe answer your question that we could hear.

你要分手了，布賴恩。我們將嘗試回答您可能聽到的問題。

Yes, I'll answer what I could hear. And then afterwards, if we missed anything, you can follow up with Mike on this. But certainly, there are lessons from 2008, 2009, but there are also differences from 2008, 2009. It is true that our business performed well in that last downturn period, and there were a number of factors for that. Keep in mind, back at that time, we had dollar menu as an embedded part of our value offering. We also were launching McCafe and starting to scale that.

是的，我會回答我能聽到的。之後，如果我們遺漏了什麼，您可以就此事與 Mike 聯繫。但可以肯定的是，2008、2009 年有教訓，但與 2008 年、2009 年也有不同。確實，我們的業務在上一次低迷時期表現良好，這其中有很多因素。請記住，在那個時候，我們將美元菜單作為我們價值產品的嵌入部分。我們還推出了 McCafe 並開始擴大規模。

So those were things that were helpful to us in the last -- in the last downturn. We're in a different dynamic right now. You have not just pressure on inflation with food and paper, but you've also got labor inflation in a very tight labor market. So that's different than 2008, 2009.

所以這些都是在上一次——在上一次經濟衰退中對我們有幫助的事情。我們現在處於不同的動態中。您不僅面臨食品和紙張通脹的壓力，而且在非常緊張的勞動力市場中也面臨勞動力通脹。所以這與 2008 年、2009 年不同。

Our expectation is that we are going to perform well in this environment, certainly on a relative basis to our competitors here, but there are different factors at play. And I think there are going to be different drivers. It's this focus on digital and delivery. We do think that those are going to be more pronounced now and the fact that we have scale, and we also have the ability to do what we think at lower cost than our competitors. That's going to be one thing that we believe works in our favor. The fact, as I mentioned earlier, that our brand and our asset base, we think, is in a better position gives us a little bit more pricing power than maybe in the past, we were leaning in the dollar menu. We actually think we've got pricing power right now.

我們的期望是，我們將在這種環境中表現出色，當然相對於我們的競爭對手而言，但有不同的因素在起作用。我認為會有不同的驅動因素。這是對數字和交付的關注。我們確實認為這些現在會更加明顯，而且我們有規模，而且我們也有能力以比競爭對手更低的成本做我們認為的事情。這將是我們認為對我們有利的一件事。正如我之前提到的，我們認為我們的品牌和資產基礎處於更好的位置，這一事實給了我們比過去更多的定價能力，我們傾向於美元菜單。我們實際上認為我們現在擁有定價權。

And the only other thing I would just add as evidence of that is one of the things that we look at as we look at our share by income group. And in the U.S., we can actually look at what is our share amongst low-income consumers. We're gaining share right now among low-income consumers. And that goes back to the fact that we are positioned as the leading brand in terms of value for money and affordability.

我要補充的唯一另一件事是我們在按收入組查看我們的份額時所關注的事情之一。在美國，我們實際上可以看看我們在低收入消費者中的份額是多少。我們現在正在低收入消費者中獲得份額。這可以追溯到我們在物有所值和可負擔性方面被定位為領先品牌的事實。

So as long as we continue to stay on the right side of that, we are seeing the benefit, like I said, with the low-income consumer and to the degree that we end up in a more challenging economic environment in 2023, that's going to be helpful to our business trends.

因此，只要我們繼續站在正確的一邊，就像我說的那樣，我們看到了低收入消費者的好處，並且在某種程度上，我們最終會在 2023 年處於更具挑戰性的經濟環境中，那就是這樣有助於我們的業務趨勢。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Question on Europe and the IOM during this quarter. Coca-Cola mentioned that there was a strong summer in Europe, partially helped by weather, but then weather was negative towards the end of the quarter. So I would imagine there might be some noise because of weather, and there might be noise that tease out in terms of COVID comparisons. But are you seeing any real trends in Europe in recent months in terms of sales and traffic and has there been any slowing in particular markets that you would attribute to consumer confidence and discretionary income.

本季度有關歐洲和國際移民組織的問題。可口可樂提到，歐洲有一個強勁的夏季，部分受天氣影響，但在本季度末天氣不利。因此，我想可能會因為天氣而產生一些噪音，並且可能會有一些噪音在與 COVID 比較時被梳理出來。但是，您是否看到最近幾個月歐洲在銷售和流量方面的任何實際趨勢，以及您將歸因於消費者信心和可自由支配收入的特定市場是否出現任何放緩。

And then also, given what you know about what's going to happen in terms of rising utilities in the coming months, what impact do you think these will have on your IOM company restaurant margins and consumer traffic. I know the last part is difficult, but any thoughts would be helpful.

然後，鑑於您對未來幾個月公用事業上漲方面將發生的情況的了解，您認為這些將對您的 IOM 公司餐廳利潤和消費者流量產生什麼影響。我知道最後一部分很困難，但任何想法都會有所幫助。

Yes. Thanks, David. Well, look, I think what I would say in Europe on trends is I think we've seen pretty good consistency of strength across our European markets. So don't think we've been impacted by the weather factor that you talked about, perhaps as others have. I think our momentum there is really strong. And as you and I have talked about before, just as Chris talked about, the strength of our brand in Europe, again, modernized asset base. I think strong teams, strong alignment with our franchisees and our system in Europe. All of those things are coming to play. And as you heard Chris talked about a little bit in the U.S. context I just think all of those things coming together put us in a position of strength.

是的。謝謝，大衛。好吧，聽著，我想我在歐洲關於趨勢要說的是，我認為我們已經看到我們在歐洲市場的實力相當一致。所以不要認為我們受到了你所說的天氣因素的影響，也許就像其他人一樣。我認為我們的勢頭非常強勁。正如你和我之前談到的，正如克里斯所說，我們品牌在歐洲的實力，再次，現代化的資產基礎。我認為強大的團隊，與我們的特許經營商和我們在歐洲的系統緊密結合。所有這些都將發揮作用。正如你聽到克里斯在美國背景下談到的一點，我只是認為所有這些事情的結合使我們處於優勢地位。

And if you look at things like value for money and affordability across the majority of our European markets, we are the leader on those measures, which I think are really important as we head into this more dynamic environment. I think on margins, as you heard me talk to in my opening remarks -- certainly, in Europe, if you look at food and paper, we think inflation in Europe is going to be a little higher and last a little longer than what we are seeing in the U.S. Energy prices, as I talked to earlier in some of our European markets are up 2 to 3x what they were 12 months ago.

如果你看看我們大多數歐洲市場的物有所值和可負擔性，我們是這些措施的領導者，我認為這在我們進入這個更具活力的環境時非常重要。我認為在利潤方面，正如你在我的開場白中聽到我所說的那樣——當然，在歐洲，如果你看看食品和紙張，我們認為歐洲的通脹會比我們的通脹高一點，持續時間長一點正如我早些時候所說，我們看到美國的能源價格上漲了 2 到 3 倍，是 12 個月前的 2 到 3 倍。

So those are certainly pressures that are facing some of our markets and certainly our franchisees in our European business. I think we've done a lot of work over the last couple of years around pricing capability. And what I mean by that is the advisories that we use, the tools, the data and the analytics. So I feel like we're in a good position where we're using the right facts and data the right consumer insights to make really, I think, consumer-facing decisions, and we're taking the right levels of pricing and getting that balance right between recovering inflation, but also not getting ahead of the consumer. And I think the momentum to Europe kind of speaks to how we're doing on that.

因此，這些肯定是我們的一些市場面臨的壓力，當然也是我們在歐洲業務中的特許經營商面臨的壓力。我認為我們在過去幾年圍繞定價能力做了很多工作。我的意思是我們使用的建議、工具、數據和分析。所以我覺得我們處於一個很好的位置，我們正在使用正確的事實和數據以及正確的消費者洞察力來做出真正面向消費者的決策，我們正在採取正確的定價水平並得到它在恢復通脹和不超越消費者之間取得平衡。我認為歐洲的勢頭有點說明我們在這方面的表現。

And I would just add, one of the things that is a factor in all of this is we give pricing recommendations, but ultimately, it's up to the franchisees as to whether they adopt those pricing recommendations. And we're still seeing very strong adherence with our franchisees to our pricing recommendations, which we take as a signal that there's confidence in how we're going about the decision-making on that.

我只想補充一點，所有這一切的一個因素是我們提供定價建議，但最終，是否採用這些定價建議取決於加盟商。而且我們仍然看到我們的加盟商非常強烈地遵守我們的定價建議，我們認為這是一個信號，表明我們對如何進行決策充滿信心。

As we near the hour, we got time for one more question. From Greg Francfort with Guggenheim.

當我們接近一個小時時，我們有時間再問一個問題。來自古根海姆的格雷格·弗蘭克福特。

I have a 2-part question. I know, Mike, you might kill me for that. But the first one is this really the McRib Farewell Tour? That's the first one. And then the second one is a follow-up to John's question from earlier. Maybe can you talk about how you're thinking about accelerating unit growth. You talked a little bit about delays in permitting, but the confidence in the timing and magnitude of maybe getting back up close to kind of 3.5% to 4% unit growth when we might expect it to happen.

我有一個兩部分的問題。我知道，邁克，你可能會因此殺了我。但第一個真的是 McRib Farewell Tour 嗎？那是第一個。然後第二個是約翰之前的問題的後續問題。也許你能談談你是如何考慮加速單位增長的。你談到了一些關於許可延遲的問題，但是當我們預計它會發生時，我們對可能恢復接近 3.5% 到 4% 的單位增長的時間和幅度充滿信心。

Well, the McRib is the GOAT of sandwiches on our menu. And so like the GOAT of Michael Jordan, Tom Brady and others, you're never sure if they're fully retired or not. Ian, over to you.

嗯，McRib 是我們菜單上三明治中的山羊。就像邁克爾喬丹、湯姆布雷迪和其他人的山羊一樣，你永遠無法確定他們是否完全退休。伊恩，交給你了。

Yes. I think Greg, what I would just reiterate is what I talked to earlier. I mean, I think if you look across our IOM markets and the U.S., I think you've heard us talk about the strength of the brand and the business. I think certainly, we continue to see, as I talked about earlier, really good returns around the unit openings that we are doing in those markets. I think certainly, there's more opportunity there. And I think that's something we'll talk to you more about as we kind of get into 2023 and our fourth quarter earnings.

是的。我想格雷格，我要重申的是我之前談過的。我的意思是，我想如果你看看我們的 IOM 市場和美國，我想你已經聽到我們談論品牌和業務的實力。我認為當然，正如我之前談到的那樣，我們繼續看到我們在這些市場開展的單元開業方面的非常好的回報。我認為當然，那裡有更多的機會。我認為隨著我們進入 2023 年和第四季度的收益，我們會更多地與您討論這一點。

Okay. Thank you, Chris. Thank you, Ian. Thanks, everybody, for joining. Have a great day.

好的。謝謝你，克里斯。謝謝你，伊恩。謝謝大家的加入。祝你有美好的一天。

This concludes McDonald's Corporation Investor 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。