麥當勞 (MCD) 2023 Q1 法說會逐字稿

Hello, and welcome to McDonald's First Quarter 2023 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

您好，歡迎來到麥當勞 2023 年第一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. Mr. Cieplak, you may begin.

我現在想將會議轉交給麥當勞公司投資者關係官 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。今天與我通話的有總裁兼首席執行官 Chris Kempczinski；和首席財務官 Ian Borden。

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.

提醒一下，我們的收益發布和 8-K 文件中的前瞻性陳述也適用於我們對今天電話會議的評論。這兩份文件都可以在我們的網站上找到，今天電話會議中提到的任何非 GAAP 財務措施與其相應的 GAAP 措施的對賬也可以在我們的網站上找到。

Following 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.

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）今天的電話會議正在網絡直播，同時也正在錄製以通過我們的網站進行重播。

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, everyone. Ordinarily, in a global business like ours, for a quarterly earnings call, you're prepping to memorize all the different sets of numbers. What's notable about this earnings call is McDonald's consistency, consistency in the strength of our numbers, consistency in the powerful drivers of our business and consistency in the excitement that exists across the system about the opportunities that lie in front of us.

謝謝，邁克，大家早上好。通常，在像我們這樣的全球企業中，在召開季度財報電話會議時，您需要準備好記住所有不同的數字集。這次財報電話會議值得注意的是麥當勞的一致性，我們數字實力的一致性，我們業務強大驅動力的一致性以及整個系統對我們面前的機會的興奮的一致性。

Let's start with the numbers. At the top line, you only need to know one number, 12.6%. U.S. comparable sales, 12.6%. IOM comparable sales, 12.6%. IDL comparable sales, 12.6%. And global comparable sales, you guessed it, 12.6%. These results reflect strong consumer demand for McDonald's that we are seeing around the world despite a challenging operating environment and historically low consumer sentiment in many markets.

讓我們從數字開始。在第一行，你只需要知道一個數字，12.6%。美國可比銷售額，12.6%。 IOM 可比銷售額，12.6%。 IDL 可比銷售額，12.6%。全球可比銷售額，你猜對了，12.6%。這些結果反映了我們在世界各地看到的消費者對麥當勞的強勁需求，儘管經營環境充滿挑戰且許多市場的消費者信心處於歷史低位。

It is clear that our Accelerating the Arches strategy is working, and we are operating from a position of strength. Each of our MCD growth pillars is contributing to our strong, balanced performance. And importantly, while we've talked in the past about the noise associated with the guest count metric, it is encouraging to see guest counts grow in every segment.

很明顯，我們的加速拱門戰略正在發揮作用，而且我們的運營處於有利地位。我們的每個 MCD 增長支柱都為我們強勁、平衡的業績做出了貢獻。重要的是，雖然我們過去曾討論過與客人數量指標相關的噪音，但令人鼓舞的是看到每個細分市場的客人數量都在增長。

In just the last few months, I have visited with our McDonald's teams in France, Japan, the Philippines, UAE and Israel. It's been inspiring to see the dedication of all 3 legs of the stool. Our teams are proud of what they've accomplished and are performing at a high level.

在過去的幾個月裡，我拜訪了我們在法國、日本、菲律賓、阿聯酋和以色列的麥當勞團隊。看到凳子的所有 3 條腿的奉獻精神令人鼓舞。我們的團隊為他們所取得的成就和高水平的表現感到自豪。

For me, it's been energizing to hear their ideas for how we can do even more to take care of our customers. That's what I love most about the McDonald's system: our restless ambition. While we feel good about our current strategy, our success is driving us to do even more to lay a foundation for the future.

對我來說，聽到他們關於我們如何才能做得更多來照顧我們的客戶的想法一直很振奮人心。這就是我最喜歡麥當勞系統的地方：我們不懈的雄心壯志。雖然我們對當前的戰略感到滿意，但我們的成功正在推動我們做更多的事情，為未來奠定基礎。

Back in January, we announced the evolution of Accelerating the Arches. We're continuing to double down on our existing growth pillars while advancing 2 new initiatives. The first is accelerating restaurant development. Our strong performance has earned us the right to open new restaurants at a faster rate than we have historically. We're focused this year on determining the best path forward to meet customer demand and look forward to sharing more at our Investor Day later this year.

早在 1 月份，我們就宣布了 Accelerating the Arches 的發展。在推進 2 項新舉措的同時，我們將繼續加大對現有增長支柱的投入。一是加快餐飲業發展。我們的強勁表現使我們有權以比以往更快的速度開設新餐廳。我們今年的重點是確定滿足客戶需求的最佳途徑，並期待在今年晚些時候的投資者日分享更多信息。

The second newer element of our strategy is fundamentally rethinking how we, as a company, can work better together to become faster, more innovative and more efficient. We're calling this Accelerating the Organization.

我們戰略的第二個新元素是從根本上重新思考我們作為一家公司如何更好地合作以變得更快、更具創新性和效率。我們稱之為加速組織。

In March, we convened our Annual Leadership Summit with top leaders from across the globe. As part of this meeting, we discussed 3 changes to our ways of working that will enable us to leverage our scale more effectively to meet the needs of our system and customers and unlock significant growth potential.

3 月，我們與來自全球各地的頂級領導人召開了年度領導力峰會。作為這次會議的一部分，我們討論了 3 項工作方式的改變，這將使我們能夠更有效地利用我們的規模來滿足我們系統和客戶的需求，並釋放巨大的增長潛力。

The first is implementing horizontal ways of working. For years, our organization, like many others, was too siloed whether that be geographically siloed or functionally siloed. And yet, our biggest challenges and opportunities are rarely limited to just one market.

首先是實施橫向工作方式。多年來，我們的組織與許多其他組織一樣，無論是在地理上還是在功能上都過於孤立。然而，我們最大的挑戰和機遇很少僅限於一個市場。

They can't be solved by only one function. It require collaborating across the organization to bring the full breadth of McDonald's skills and experiences to devise the best system solution that can be scaled globally. In other words, they need to be solved horizontally.

它們不能僅通過一個函數來解決。它需要在整個組織內進行協作，以充分利用麥當勞的技能和經驗，以設計出可以在全球範圍內擴展的最佳系統解決方案。換句話說，它們需要橫向解決。

With Accelerating the Organization, we're now structured to work much more seamlessly in a horizontal fashion to solve these problems once and then scale solutions across markets. For example is our app offering a seamless and personalized user experience. We're continuing to increase our speed of service. Those are opportunities across every single market and require the expertise of multiple functions.

借助 Accelerating the Organization，我們現在的結構可以更加無縫地以橫向方式工作，一次性解決這些問題，然後將解決方案擴展到各個市場。例如，我們的應用程序提供無縫和個性化的用戶體驗。我們正在繼續提高我們的服務速度。這些都是每個市場的機會，需要多個職能部門的專業知識。

To support our ambition to scale innovations with greater agility and collaborate more effectively, our second key shift is adopting one McDonald's way to standardize the common processes we use to drive consistency and enable speed. We're an innovative, entrepreneurial organization. But once a part of our system somewhere has solved the problem or developed a novel idea, we need to stop the work elsewhere. We don't need every market to invent its own light bulb, so to speak.

為了支持我們以更大的敏捷性擴展創新並更有效地協作的雄心，我們的第二個關鍵轉變是採用麥當勞的一種方式來標準化我們用來推動一致性和實現速度的通用流程。我們是一家創新型企業組織。但是，一旦我們系統某處的某個部分解決了問題或產生了新想法，我們就需要停止其他地方的工作。可以這麼說，我們不需要每個市場都發明自己的燈泡。

This approach allows us to use our size and scale for the greatest impact. For example, we're already seeing success in how our marketing teams are implementing common processes to quickly scale great creative such as the Raise Your Arches campaign, which Ian will talk more about.

這種方法使我們能夠利用我們的規模和規模來產生最大的影響。例如，我們已經看到我們的營銷團隊如何實施通用流程以快速擴展出色的創意，例如 Raise Your Arches 活動，Ian 將詳細介紹這一點。

Finally, we're making strategic investments in digitizing our organization and implementing new tools and platforms that make it easier for employees to access information to gain insights and drive performance. Ultimately, this will allow our market teams to spend more time in the restaurants, understanding the needs of customers, franchisees and crew.

最後，我們正在對我們的組織進行數字化和實施新工具和平台進行戰略投資，使員工更容易訪問信息以獲得洞察力並提高績效。最終，這將使我們的市場團隊能夠在餐廳花費更多時間，了解客戶、加盟商和員工的需求。

Key to operationalizing all 3 areas of our internal transformation is our enterprise global business services organization, also known as GBS. In 2023, GBS will focus on building a long-term strategy that ultimately provides a better experience for all 3 legs of the stool. GBS will be a key enabler to digitizing our organization, driving efficiency and providing value back to the business for our people, our franchisees and our suppliers. Harnessing the power of our scale, our ability to strategically invest and the versatility of our system is the secret sauce that will empower us to provide even more memorable customer experiences for generations to come.

實施我們內部轉型的所有 3 個領域的關鍵是我們的企業全球業務服務組織，也稱為 GBS。 2023 年，GBS 將專注於製定一項長期戰略，最終為凳子的所有 3 條腿提供更好的體驗。 GBS 將成為我們組織數字化、提高效率並為我們的員工、特許經營商和供應商提供價值回饋業務的關鍵推動因素。利用我們的規模力量、我們的戰略投資能力和我們系統的多功能性是使我們能夠為子孫後代提供更令人難忘的客戶體驗的秘訣。

To expand further on how we are optimizing the business and our growth strategy, I will now turn it over to Ian.

為了進一步擴展我們如何優化業務和我們的增長戰略，我現在將把它交給 Ian。

Thanks, Chris. The first quarter of 2023 was yet another demonstration of McDonald's at its best. We entered the year with global momentum and remain laser-focused on executing against our strategic growth pillars. Though challenging macro dynamics are still evident across many parts of the world, each of our segments and our global comp sales grew nearly 13% for the quarter. This demonstrates that no matter the operating environment, our customers continue to rely on McDonald's as an affordable destination for the delicious food they love delivered with the great service that they expect.

謝謝，克里斯。 2023 年第一季度是麥當勞的又一次最佳表現。我們以全球勢頭進入這一年，並繼續專注於執行我們的戰略增長支柱。儘管在世界許多地方仍然存在具有挑戰性的宏觀動態，但我們的每個部門和我們的全球銷售額在本季度增長了近 13%。這表明，無論經營環境如何，我們的客戶都將繼續依賴麥當勞作為他們負擔得起的目的地，以他們所期望的優質服務提供他們喜愛的美味佳餚。

Throughout the quarter, we showcased our iconic core menu equities while further scaling emerging equities across markets. I'll share a couple of examples of this in our chicken portfolio, where we continue to expand and grow market share in an area where there is strong opportunity for growth.

在整個季度中，我們展示了我們標誌性的核心菜單股票，同時進一步擴大了跨市場的新興股票。我將在我們的雞肉投資組合中分享這方面的幾個例子，我們在這個有很大增長機會的地區繼續擴大和增加市場份額。

The U.S. leveraged learnings from the U.K., Canada and Germany by relaunching its crispy chicken sandwich under the McCrispy global equity umbrella. While there was no change to the core product, compelling creative along with a new flavor offering supported demand and helped drive double-digit sales growth in the market. In fact, we now offer the McCrispy in 10 of our largest markets around the world, adding to our portfolio of billion-dollar brands.

美國通過在 McCrispy 全球股權保護傘下重新推出脆皮雞肉三明治，借鑒了英國、加拿大和德國的經驗教訓。雖然核心產品沒有變化，但引人注目的創意和新口味產品支持了需求，並幫助推動了市場兩位數的銷售增長。事實上，我們現在在全球 10 個最大的市場提供 McCrispy，增加了我們價值數十億美元的品牌組合。

Another example was in China, where in March, we featured the McSpicy Chicken Sandwich through a creative campaign that included a partnership with a popular streetwear brand tapping into local cultural relevance. The campaign generated significant social buzz and increased brand relevancy with a younger generation.

另一個例子是在中國，三月份，我們通過創意活動展示了 McSpicy 雞肉三明治，其中包括與流行的街頭服飾品牌合作，利用當地文化相關性。該活動產生了顯著的社會影響，並提高了品牌與年輕一代的相關性。

It's worth noting that China and Hong Kong originally introduced customers to McSpicy nearly 20 years ago. And it's now part of our core menu in 17 markets, reflecting consumers' growing preference for spicy across the globe.

值得注意的是，中國大陸和香港最初在將近 20 年前將客戶引入 McSpicy。現在，它已成為我們在 17 個市場的核心菜單的一部分，反映出全球消費者對辛辣的偏好日益增長。

And while I'm on the topic of China, I want to point out that we saw a steady recovery in the market with China posting positive comp sales growth for the quarter. Chicken was also critical to Canada's strong results with the successful execution of the Chicken Big Mac promotion, a popular limited offering that had significant success in the U.K. last year.

當我談到中國的話題時，我想指出，我們看到市場穩步復甦，中國在本季度實現了積極的銷售增長。 Chicken Big Mac 促銷活動的成功執行對加拿大的強勁業績也至關重要，Chicken Big Mac 促銷活動是去年在英國取得巨大成功的流行限量產品。

By creating these fresh takes on our classic menu items, we've continued to build affinity and have consistently gained share across our top markets in the growing chicken category over the last 2 years. In parallel, we continue to maintain our market share leadership in beef, making our core menu offerings even better through enhanced cooking procedures and other slight changes such as improved buns.

通過在我們的經典菜單項目上創造這些新鮮元素，我們繼續建立親和力，並在過去 2 年中不斷增加我們在成長中的雞肉類別的頂級市場的份額。與此同時，我們繼續保持我們在牛肉市場的領先地位，通過改進烹飪程序和改進麵包等其他細微變化，使我們的核心菜單產品更加出色。

Now in over 50 markets around the globe, these improvements are resulting in hotter, juicier and tastier burgers. We're seeing improved taste perception scores across markets, giving customers yet another reason to eat at McDonald's. We recently began to introduce these changes to our U.S. customers through a rolling deployment, and the initial reaction has been positive.

現在，在全球 50 多個市場，這些改進帶來了更熱、更多汁和更美味的漢堡。我們看到各個市場的味覺評分都在提高，這讓顧客又多了一個去麥當勞用餐的理由。我們最近開始通過滾動部署向我們的美國客戶介紹這些變化，最初的反應是積極的。

The Big Mac was also prominently featured across many markets this quarter with strong activations in both Canada and France. While each campaign came to life in its own way, the resulting lift in beef sales across both markets shows that this iconic menu item, which became popular more than 50 years ago, still resonates with consumers today.

巨無霸本季度在許多市場上也很突出，在加拿大和法國都表現強勁。雖然每個活動都以自己的方式出現，但由此帶來的兩個市場牛肉銷量的提升表明，這個標誌性的菜單項目在 50 多年前流行起來，至今仍能引起消費者的共鳴。

As I've mentioned before, rising costs continue to pressure consumer spending across markets. Our ability to meet customer needs in challenging times makes McDonald's value proposition even more important to highlight.

正如我之前提到的，不斷上升的成本繼續對各個市場的消費者支出造成壓力。我們在充滿挑戰的時代滿足客戶需求的能力使麥當勞的價值主張更加突出。

In Germany, for example, the launch of the new McSmart menu refreshed our everyday value bundles, providing smaller, more affordable meals to our consumers and contributing to Germany's eighth consecutive quarter of double-digit comp sales growth. Our marketing excellence was also on full display during the quarter, demonstrating our position as an affordable destination with iconic equities and strong execution.

例如，在德國，新推出的 McSmart 菜單更新了我們的日常套餐，為我們的消費者提供更小、更實惠的餐點，並為德國連續第八個季度實現兩位數的銷售額增長做出了貢獻。我們在營銷方面的卓越表現也在本季度得到了充分展示，證明了我們作為具有標誌性資產和強大執行力的負擔得起的目的地的地位。

The Raise Your Arches campaign in the U.K. was a prime example of our marketing excellence in action, bringing to life the true power of the McDonald's brand in a new and unique way. This campaign did not feature our food or our restaurants, yet by illustrating a simple gesture, the raising of eyebrows, our customers instantly recognized the semblance of the Golden Arches, and the engagement was remarkable.

在英國開展的 Raise Your Arches 活動是我們卓越營銷行動的典範，它以全新且獨特的方式展現了麥當勞品牌的真正力量。這個活動沒有突出我們的食物或我們的餐廳，但是通過展示一個簡單的手勢，揚起眉毛，我們的客戶立即認出了金拱門的外表，並且參與度很高。

In fact, within the first weekend alone, Raise Your Arches reached millions of people, and our customers reacted on social media more than 30,000 times. As the campaign quickly scaled to more than 30 markets across the globe, Raise Your Arches drove brand affinity around the world and once again proved the true power of the McDonald's brand. This is an example of how one singular idea can drive impact when shared across our markets. This is the one McDonald's way that Chris mentioned earlier.

事實上，僅在第一個週末，Raise Your Arches 就吸引了數百萬人，我們的客戶在社交媒體上的反應超過 30,000 次。隨著該活動迅速擴展到全球 30 多個市場，Raise Your Arches 在全球範圍內提升了品牌親和力，並再次證明了麥當勞品牌的真正力量。這是一個例子，說明一個獨特的想法如何在我們的市場中共享時產生影響。這就是克里斯之前提到的麥當勞方式。

My McDonald's Rewards is yet another example of how we've tapped into our marketing engine to deploy our loyalty platform throughout the system. Now in 50 markets, loyalty is building even stronger relationships with our customers, and the results continue to shine.

我的麥當勞獎勵是我們如何利用我們的營銷引擎在整個系統中部署我們的忠誠度平台的又一個例子。現在在 50 個市場中，忠誠度正在與我們的客戶建立更牢固的關係，並且結果繼續閃耀。

In our top 6 markets, digital sales now represent almost 40% of systemwide sales or nearly $7.5 billion, growth of more than 30% over the last year. We have nearly 50 million 90-day active members across these top markets, and our relationship with them continues to grow. We're learning when they visit, how they visit and what they buy with more and more of our sales coming through identified channels than ever before.

在我們的前 6 大市場中，數字銷售額現在佔全系統銷售額的近 40%，即近 75 億美元，比去年增長了 30% 以上。我們在這些頂級市場擁有近 5000 萬 90 天活躍會員，我們與他們的關係不斷發展。我們正在了解他們何時訪問、他們如何訪問以及他們購買什麼，我們越來越多的銷售來自比以往任何時候都確定的渠道。

We're also continuing to improve our customers' mobile app experience with new initiatives that provide a more seamless interaction. The U.S. market, for example, is piloting a new way of ordering through our app. Using existing location data, it allows our crew to start assembling a customer's order prior to their arrival at the restaurant, ultimately delivering hot, fresh food when customers arrive to pick up their order.

我們還通過提供更無縫交互的新舉措繼續改善客戶的移動應用程序體驗。例如，美國市場正在試行一種通過我們的應用程序訂購的新方式。使用現有的位置數據，它允許我們的工作人員在客戶到達餐廳之前開始組裝客戶的訂單，最終在客戶到達取餐時提供新鮮的熱食。

While it's still early days deploying this new digital enhancement, initial results are already pointing to improved service times and elevated customer satisfaction scores. Australia and Canada enhanced the digital customer experience by officially integrating the ability to order and pay for McDelivery, all within the McDonald's app.

雖然部署這種新的數字增強功能還處於早期階段，但初步結果已經表明服務時間有所改善，客戶滿意度得分也有所提高。澳大利亞和加拿大通過在麥當勞應用程序中正式整合 McDelivery 的訂購和支付功能，增強了數字客戶體驗。

This not only brings added choice and convenience for our customers, but also allows them to earn loyalty points while they enjoy McDelivery at their doorstep and ensures that we maintain that direct connection. Across our digital and marketing initiatives, McDonald's continues to put the customer at the center of our strategy, driving top line growth and further strengthening the brand.

這不僅為我們的客戶帶來了更多選擇和便利，還使他們能夠在家門口享受 McDelivery 的同時賺取忠誠度積分，並確保我們保持這種直接聯繫。在我們的數字和營銷計劃中，麥當勞繼續將客戶置於我們戰略的中心，推動收入增長並進一步加強品牌。

Turning to the P&L. Strong sales performance across each of our segments drove adjusted earnings per share of $2.63 for the quarter, an increase over the prior year of nearly 20% in constant currencies. This excludes restructuring charges of about $180 million primarily consisting of employee termination benefits and lease termination costs as we look to become faster, more innovative and more efficient as part of Accelerating the Organization.

轉向損益表。我們每個部門的強勁銷售業績推動本季度調整後每股收益為 2.63 美元，按固定匯率計算比上年增長近 20%。這不包括約 1.8 億美元的重組費用，主要包括員工解僱福利和租賃終止費用，因為我們希望作為加速組織的一部分變得更快、更具創新性和效率。

Our company-operated margins remained hampered this quarter by continued pressure from elevated commodities and wages. As we look to the remainder of the year, consistent with the expectations we communicated in January, we expect macro headwinds will continue with the potential for a recessionary environment across both the U.S. and Europe.

由於大宗商品和工資上漲帶來的持續壓力，本季度我們的公司經營利潤率仍然受到阻礙。展望今年剩餘時間，與我們在 1 月份傳達的預期一致，我們預計宏觀逆風將繼續存在，美國和歐洲可能出現衰退環境。

Total restaurant margin dollars grew by over $375 million in constant currencies or more than 10% for the quarter driven by higher franchise margin dollars. One of the benefits of our franchise business model is the predictability and stability of our franchise margins particularly in a strong comp sales environment.

在更高的特許經營利潤率的推動下，本季度餐廳利潤總額按固定貨幣計算增長超過 3.75 億美元或超過 10%。我們特許經營業務模式的好處之一是我們特許經營利潤率的可預測性和穩定性，尤其是在強勁的競爭銷售環境中。

As expected, strong franchise sales performance across our markets was offset by increased franchisee assistance as elevated cost inflation continued to put significant pressure on restaurant cash flows, particularly for our European franchisees. As I've mentioned before, we're providing targeted and temporary support, investing proactively to maintain focus on driving long-term growth during this challenging time.

正如預期的那樣，我們市場強勁的特許經營銷售業績被加盟商援助的增加所抵消，因為成本上漲繼續給餐廳現金流帶來巨大壓力，尤其是對我們的歐洲加盟商而言。正如我之前提到的，我們正在提供有針對性的臨時支持，積極投資以在這個充滿挑戰的時期繼續專注於推動長期增長。

We still anticipate these efforts will have an impact of between $100 million to $150 million for the year.

我們仍然預計這些努力將在今年產生 1 億至 1.5 億美元的影響。

G&A for the quarter decreased slightly primarily driven by prior year costs incurred for our worldwide convention last April, and our adjusted effective tax rate was nearly 21% for the quarter. Adjusted operating margin was 46% for the first quarter, a reflection of the strong top line growth.

本季度的 G&A 略有下降，主要是由於我們去年 4 月的全球會議產生的去年成本，我們調整後的有效稅率在本季度接近 21%。第一季度調整後的營業利潤率為 46%，反映了強勁的收入增長。

As we've said before, we expect to gain leverage on operating margin over time. And while this will not necessarily be linear based on a strong start to the year, we're pleased with our operating efficiency in quarter 1.

正如我們之前所說，我們希望隨著時間的推移獲得營業利潤率的影響力。雖然基於今年的強勁開局，這不一定是線性的，但我們對第一季度的運營效率感到滿意。

Based on current exchange rates, we expect foreign exchange to reduce both the second quarter and full year earnings per share by about $0.03 to $0.05. As always, this is directional guidance only as rates will likely change as we move through the year.

根據當前匯率，我們預計外匯交易將使第二季度和全年每股收益減少約 0.03 美元至 0.05 美元。與往常一樣，這只是方向性指導，因為隨著我們一年的推移，利率可能會發生變化。

Despite the economic uncertainty that may persist, we are well positioned with the unique strength and scale that only the McDonald's system can provide. As Chris talked about upfront, we are focused on how we can even further leverage this advantage in the future. With our strong underlying momentum and aligned focus on the right strategies moving forward, I remain confident that we will continue to deliver long-term growth for our system and for our shareholders.

儘管經濟不確定性可能會持續存在，但我們擁有隻有麥當勞系統才能提供的獨特實力和規模。正如 Chris 前面所說，我們專注於未來如何進一步利用這一優勢。憑藉我們強大的潛在動力和對正確戰略的一致關注，我仍然相信我們將繼續為我們的系統和股東帶來長期增長。

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

然後，讓我把它轉回給克里斯。

Thanks, Ian. Our brand has never been more relevant than it is today, a testament to our Accelerating the Arches strategy and the over 2 million people in our system who bring it to life with our franchisees in the restaurants every single day.

謝謝，伊恩。我們的品牌從未像今天這樣具有重要意義，這證明了我們加速拱門戰略以及我們系統中超過 200 萬人每天都在餐廳與我們的特許經營商一起實現這一戰略。

As part of our Accelerating the Arches strategy, we've been particularly focused on revving up our world-class marketing engine with our agency partners and internal teams. We have expectations of what creative excellence should look like, and we're certainly proud of the progress we've made.

作為我們加速拱門戰略的一部分，我們一直特別專注於與我們的代理合作夥伴和內部團隊一起提升我們世界級的營銷引擎。我們對卓越的創意應該是什麼樣子抱有期望，我們當然為我們取得的進步感到自豪。

Others are echoing this sentiment, and the industry is taking notice. Recently, McDonald's topped the work effective 100 for the fourth year running, a ranking of the world's most awarded campaigns and companies for effectiveness. This is in addition to earning the #2 spot on Fast Company's World's Most Innovative Companies list of 2023.

其他人也在呼應這種情緒，業界也注意到了這一點。最近，麥當勞連續第四年榮登 Work Effective 100 榜首，這是一項全球獲獎最多的活動和公司的有效性排名。此外，該公司還在 Fast Company 的 2023 年全球最具創新力公司名單中排名第二。

While we are pleased with where our brand is today, we know there is still more opportunity ahead, particularly as we change our ways of working through Accelerating the Organization, which I discussed at the outset. As I've said before, as goes our brands, so goes the economic health of the company and our nearly 5,000 franchisees globally.

雖然我們對我們的品牌今天所處的位置感到滿意，但我們知道未來還有更多機會，特別是當我們通過我在一開始討論的加速組織來改變我們的工作方式時。正如我之前所說，隨著我們品牌的發展，公司和我們全球近 5,000 家特許經營商的經濟健康狀況也會隨之改善。

As Ray Kroc once famously said, we're not in the hamburger business, we're in show business. This showcases the importance of marketing our brand, which is more than just the food that we serve.

正如雷·克羅克 (Ray Kroc) 曾經說過的名言，我們不是在做漢堡包生意，我們是在做演藝生意。這展示了營銷我們品牌的重要性，這不僅僅是我們提供的食物。

The McDonald's franchise business model has provided a significant on-ramp for so many to work hard and prosper. And we want to ensure that the opportunity exists for generations to come. In fact, our franchisees are generating significant returns over the life of their 20-year agreements, far exceeding their cost of capital and relevant benchmarks.

麥當勞的特許經營模式為許多人努力工作和成功提供了重要的入口。我們希望確保為子孫後代提供機會。事實上，我們的特許經營商在其 20 年協議的有效期內產生了可觀的回報，遠遠超過了他們的資本成本和相關基準。

At its core, Accelerating the Arches is about us continuing to set up the company and our franchisees to prosper in the long term. To that end, we'll continue to marshal the weight of the company's resources so that the business model endures.

Accelerating the Arches 的核心是我們繼續建立公司和我們的特許經營商以實現長期繁榮。為此，我們將繼續調配公司資源的重量，使商業模式得以延續。

Ray Kroc would often say that we cannot grow without trying new things or without taking risks. Together as a system, we have an extraordinary opportunity to lay the foundation for our future to maintain an unwavering bond with customers. We'll achieve this through continuous innovation, building digital relationships and delivering personalized experiences with ease, no matter how our customers choose to enjoy McDonald's.

雷·克羅克經常說，不嘗試新事物或不冒險，我們就無法成長。作為一個系統，我們有難得的機會為我們的未來奠定基礎，與客戶保持堅定的聯繫。無論我們的客戶選擇如何享受麥當勞，我們都將通過不斷創新、建立數字關係和輕鬆提供個性化體驗來實現這一目標。

As I told our internal teams earlier this month, as we adapt to our new organization and new ways of working, the most important thing we can do is to keep taking care of our customers, our system and each other. As we face a dynamic operating environment and changing customer demand, I'm confident that Accelerating the Arches is the right playbook, combined with the actions we're taking to accelerate the organization to keep McDonald's best positioned to be there for our customers and navigate the next chapter of our growth.

正如我本月早些時候告訴我們的內部團隊的那樣，在我們適應新的組織和新的工作方式時，我們能做的最重要的事情就是繼續照顧我們的客戶、我們的系統和彼此。當我們面臨動態的運營環境和不斷變化的客戶需求時，我相信加速拱門是正確的劇本，結合我們為加速組織而採取的行動，使麥當勞保持最佳定位，為我們的客戶服務並導航我們成長的下一章。

I want to acknowledge that the path to continuously improving how we innovate for customers in the system involves difficult decisions, and saying goodbye to valued colleagues is never easy. What gives me confidence in our path forward is how the people in our system time and again have shown up for each other to realize the full potential of the opportunity ahead.

我想承認，不斷改進我們在系統中為客戶創新的方式涉及艱難的決定，並且與重要的同事說再見絕非易事。讓我對我們前進的道路充滿信心的是，我們系統中的人們如何一次又一次地互相展示，以充分發揮未來機會的潛力。

Thanks again to our incredible employees, franchisees and suppliers for your continued dedication and commitment.

再次感謝我們出色的員工、加盟商和供應商的持續奉獻和承諾。

With that, I'll now turn to Mike for Q&A.

有了這個，我現在將轉向 Mike 進行問答。

(Operator Instructions)

（操作員說明）

Our first question is from Dennis Geiger with UBS.

我們的第一個問題來自瑞銀的 Dennis Geiger。

Chris, with the robust momentum that the brand continues to see in the U.S., can you talk a bit more about your latest thoughts on the biggest opportunities that you see to continue to drive this guest count strength? I mean, you seem to be clearly executing against core points of focus. You highlighted some newer initiatives in detail today. So just curious if you kind of help loosely rank some of these opportunities for the U.S. business.

克里斯，憑藉該品牌在美國繼續看到的強勁勢頭，您能否更多地談談您對繼續推動這一客人數量增長的最大機會的最新想法？我的意思是，您似乎很清楚地針對核心焦點執行。您今天詳細介紹了一些較新的舉措。所以很好奇你是否能幫助對美國企業的這些機會進行粗略的排序。

Thanks, Dennis. One of the things that I feel very good about is the fact that what's driving the business is a balance of our 3 drivers here: marketing excellence, focusing on the core menu and our 3Ds. So we're getting good growth from each of those contributing to the success that you're seeing, not just in the U.S., but you're seeing globally.

謝謝，丹尼斯。我感覺非常好的一件事是，推動業務的是我們這裡的 3 個驅動因素的平衡：卓越營銷、專注於核心菜單和我們的 3D。因此，我們正在從為您所看到的成功做出貢獻的每個人那裡獲得良好的增長，不僅在美國，而且在全球範圍內。

I think the other thing that I'm really pleased with is how we're seeing customer satisfaction scores improve around the world. PACE is one of the ways that we do this. That's our grading and consulting program that we launched in all of our major markets in 2022 with the exception of the U.S., which just launched.

我認為另一件讓我真正感到高興的事情是我們如何看到全球客戶滿意度得分有所提高。 PACE 是我們這樣做的方式之一。這是我們於 2022 年在所有主要市場推出的分級和諮詢計劃，但剛剛推出的美國除外。

But we're typically seeing results that our customer satisfaction going up mid- to high single digits. And we know that as you improve speed, accuracy, friendliness, quality, all of those metrics are correlated with business performance. And so for us, the fact that we are running better restaurants, our staffing situation is improving in restaurants around the world combined with our MCD growth pillars, I think all of those things coming together is driving the success that you're seeing.

但我們通常會看到我們的客戶滿意度上升到中高個位數的結果。我們知道，隨著您提高速度、準確性、友好度和質量，所有這些指標都與業務績效相關。因此，對我們來說，事實上我們正在經營更好的餐廳，我們在世界各地的餐廳的員工狀況正在改善，再加上我們的 MCD 增長支柱，我認為所有這些因素結合在一起正在推動您所看到的成功。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自 Brian Bittner 和 Oppenheimer。

You talked about how you anticipate a recessionary macro environment to unfold in the U.S. and Europe. And how do you anticipate such a scenario to impact your operating results? Because back in the Great Recession, your same-store sales remained very strong and in some instances, even outpaced analyst expectations.

您談到了您如何預測美國和歐洲將出現衰退的宏觀環境。您預計這種情況將如何影響您的經營業績？因為在大蕭條時期，您的同店銷售額仍然非常強勁，在某些情況下甚至超過了分析師的預期。

You did have the dollar menu back then, but the model has truly been battle tested. So if you could talk about what your strategy this time around is, and do you see the business as differently positioned now versus 15 years ago?

那時您確實有美元菜單，但該模型確實經過了實戰測試。所以，如果你能談談你這次的戰略是什麼，你認為現在的業務定位與 15 年前不同嗎？

Yes. Thanks for the question. Going back to Q3, I think of last year is when we started getting asked questions about our outlook for the macro environment in 2023. And I would say our view remains unchanged, which is our base expectation is for a mild recession in the U.S.

是的。謝謝你的問題。回到第三季度，我想去年是我們開始被問到有關 2023 年宏觀環境前景的問題。我想說我們的觀點保持不變，這是我們對美國溫和衰退的基本預期。

In Europe, we expected it to be more challenging. I think things are looking better in Europe than they were certainly back in Q3, but still compared to the U.S., I think more challenging in Europe. So our base expectation from a macro standpoint for 2023 is unchanged.

在歐洲，我們預計它會更具挑戰性。我認為歐洲的情況看起來比第三季度肯定要好，但與美國相比，我認為歐洲更具挑戰性。因此，從宏觀角度來看，我們對 2023 年的基本預期保持不變。

I think how we're positioned, it goes back to the word I used in my opening, which is consistency. And our job is to make sure that no matter what the environment, whether you're in a boom cycle or whether you're in a more challenging macro environment like I think we are in right now, our business has to continue to perform.

我認為我們的定位可以追溯到我在開場白中使用的詞，即一致性。我們的工作是確保無論環境如何，無論您處於繁榮週期還是處於更具挑戰性的宏觀環境中，就像我認為我們現在所處的那樣，我們的業務都必須繼續執行。

And one of the things that I feel really good about is, as you mentioned, in good times or in bad times, McDonald's tend to do well. I would just add a little color, which is we do see some of the pressures that give us reason to believe that our view on the macro outlook is accurate, which is, one, we are seeing a slight decrease in units per transaction. So things like did someone add fries to their order, how many items are they buying per order, we're seeing that go down in most of our markets around the world slightly, but it's still going down.

正如你提到的，我感覺非常好的一件事是，無論在好時期還是壞時期，麥當勞往往都做得很好。我只想添加一點顏色，我們確實看到了一些壓力，讓我們有理由相信我們對宏觀前景的看法是準確的，也就是說，我們看到每筆交易的單位略有下降。因此，比如有人在他們的訂單中添加了薯條，他們每份訂單購買了多少商品，我們看到全球大多數市場都略有下降，但它仍在下降。

And then the other thing is we continue to monitor very closely the acceptance of our pricing. I'm really proud of how our system has executed pricing in light of the double-digit inflation that we have been experiencing. But we are seeing, in some places, resistance to pricing, more resistance than we saw at the outset.

然後另一件事是我們繼續非常密切地監控我們定價的接受度。我為我們的系統如何根據我們經歷的兩位數通貨膨脹執行定價感到非常自豪。但我們在某些地方看到了對定價的抵制，比我們一開始看到的阻力更大。

So I think all of those things are reflective of, again, a more challenging macro environment. But again, McDonald's, we perform well in good times and in bad. And so that's what gives us the optimism as we go through the rest of this year.

所以我認為所有這些都再次反映了更具挑戰性的宏觀環境。但同樣，麥當勞，我們在順境和逆境中都表現出色。因此，這就是讓我們在今年餘下時間裡保持樂觀的原因。

Let me maybe just add a couple of things to what Chris talked about. I just think value for money and affordability, I would say, are 2 things that we're always laser-focused on, but I think, obviously, even more so in the current context. And I think if you look across our top markets, we have a leadership position in both of those attributes.

讓我在 Chris 談到的內容中添加一些內容。我只是認為物有所值和可負擔性，我想說，是我們一直高度關注的兩件事，但我認為，顯然，在當前情況下更是如此。而且我認為，如果您縱觀我們的頂級市場，就會發現我們在這兩個方面都處於領先地位。

We know that even as Chris talked to, we're having to take more price on the back of higher levels of inflation that the competitive gaps that we're maintaining versus the competitive set have remained consistent. So I think we're doing that in a very prudent and balanced way to make sure that we are kind of leaning into the needs of our consumers in the different markets around the world.

我們知道，即使在克里斯所說的時候，我們也不得不在更高水平的通貨膨脹的支持下付出更多的代價，我們與競爭對手保持的競爭差距一直保持一致。所以我認為我們正在以一種非常謹慎和平衡的方式來做這件事，以確保我們在某種程度上傾向於滿足全球不同市場消費者的需求。

I think the other thing, Brian, that you highlighted, which I think is important to call out is the business, if you look at the U.S. as an example, is in a much different position than the last time we went through an environment like this because of the strategic investments we've made over the last several years. I think about the fact that our entire estate is modernized now.

布賴恩，我認為你強調的另一件事，我認為很重要的是，如果你以美國為例，與我們上次經歷這樣的環境相比，企業處於一個非常不同的位置這是因為我們在過去幾年中進行的戰略投資。我想到我們整個莊園現在都進行了現代化改造這一事實。

I think as the fact that the channels that we've put in place through digital, where we can kind of interact with consumers on a more personal level, and so I think we've built a level of, I'll call it, pricing elasticity in just because of how we've continued to invest in the brand and the experience for our customers that puts us in a strategic advantage, I think, versus much of the competitive set around us.

我認為我們通過數字渠道建立的渠道，我們可以在更個性化的層面上與消費者互動，所以我認為我們已經建立了一個層面，我稱之為，定價彈性僅僅是因為我們如何繼續投資於品牌和客戶體驗，這使我們在戰略上處於優勢地位，我認為，與我們周圍的許多競爭環境相比。

And so again, a period like this is never easy for anyone to work through, but I certainly think we're really well positioned to navigate the challenges ahead.

再次強調，這樣的時期對任何人來說都不容易度過，但我當然認為我們已經做好了應對未來挑戰的準備。

Our next question from Sara Senatore with Bank of America.

我們的下一個問題來自美國銀行的 Sara Senatore。

Great. Hopefully, you can hear me. I had a quick clarification and a question. The first clarification, I just wanted to make sure I understood. You had such consistent performance across the segments and even quarter-over-quarter. What kind of -- did you have consistent pricing? Was the traffic sort of similar? I'm just trying to understand kind of the underlying dynamics because the top line versus similar despite very different operating environments.

偉大的。希望你能聽到我的聲音。我有一個快速的澄清和一個問題。第一次澄清，我只是想確保我理解。您在各個細分市場甚至季度環比中都擁有如此一致的表現。什麼樣的 - 你有一致的定價嗎？流量有點相似嗎？我只是想了解一種潛在的動態，因為儘管操作環境非常不同，但頂線與相似。

And then the question is, you talked about value for the money, but obviously, lots of margin pressure on the company-operated stores. Are there limits to what you can do here because of your franchisees? Do you anticipate maybe some of the pressures rolling off and so that makes it easier? Just trying to understand kind of the extent to which you can continue to offer such sharp value when margins are under pretty meaningful pressure.

然後問題是，你談到了物有所值，但顯然，公司經營的商店面臨著很大的利潤壓力。由於您的特許經營商，您在這裡可以做的事情是否有限制？您是否預料到一些壓力可能會減輕，從而使事情變得更容易？只是想了解當利潤率承受相當大的壓力時，您可以在多大程度上繼續提供如此高的價值。

Sara, thanks for the question. Look, I think -- and Chris touched on this upfront, but just I think the consistency of how our strategy is being brought to life across each of our 3 operating segments is really what's behind the performance. I mean, obviously, the context, the pricing is different across different markets depending on level of inflation, et cetera.

薩拉，謝謝你的提問。看，我認為 - 克里斯提前談到了這一點，但我認為我們的戰略如何在我們的 3 個運營部門中的每一個中實現的一致性才是業績背後的真正原因。我的意思是，很明顯，根據通貨膨脹水平等因素，不同市場的定價是不同的。

But I think if you go back to what Chris talked about upfront is we're seeing really good consistency from what I'll call the mix of check and traffic growth. I think we're seeing a lot of consistency around how we're positioned from a value for money and affordability standpoint.

但我認為，如果你回到克里斯前面所說的，我們會從我稱之為支票和流量增長的組合中看到非常好的一致性。我認為我們在如何從物有所值和負擔能力的角度定位方面看到了很多一致性。

And if you look at the key parts of our Accelerating the Arches strategy, there's a lot of consistency and how those are being brought to life for our system. And we feel really good also, as Chris highlighted, just about the focus on execution, which is coming to life across every part of our business and how that's translating into a better experience.

而且，如果您查看我們加速拱門戰略的關鍵部分，就會發現很多一致性以及如何為我們的系統帶來活力。正如克里斯強調的那樣，我們也感覺非常好，只是專注於執行，這在我們業務的每個部分都變得生動，以及如何轉化為更好的體驗。

And we're seeing really good consistency in that feedback from our customers and the improvement in the customer satisfaction scores that we're seeing. And so I think that's really what's behind. I think the consistency of results is when our system gets focused on the opportunity ahead of it and brings that to life with a lot of execution and discipline, I think that's what drives the consistency in our performance.

我們看到客戶的反饋非常一致，我們看到的客戶滿意度得分也有所提高。所以我認為這真的是背後的原因。我認為結果的一致性是當我們的系統專注於它前面的機會並通過大量的執行和紀律將其變為現實時，我認為這就是推動我們績效一致性的原因。

The only thing I would add is, certainly, one of the things that gives our system confidence is the top line performance because there's an understanding that what we're dealing with right now from an inflation standpoint that, that is going to improve. Certainly, our expectation is it's going to improve as the year unfolds.

我唯一要補充的是，當然，讓我們的系統充滿信心的事情之一就是頂線表現，因為從通貨膨脹的角度來看，我們現在正在處理的事情將會有所改善。當然，我們的預期是隨著時間的推移它會有所改善。

And so when you have this kind of strong top line momentum and you're working your way through inflation, ultimately, you start to see the benefits of that. And one of the things that we're seeing in the U.S., the U.S. has slipped back to being cash flow positive for our franchisees in quarter 1.

因此，當你擁有這種強勁的頂線動力並且你正在努力度過通貨膨脹時，最終你會開始看到它的好處。我們在美國看到的一件事是，美國在第一季度已經回落到我們的特許經營商的正現金流。

2022 was more challenging for them from a cash flow standpoint. But again, when you have a strong top line and you're working your way through inflation, you can be pretty confident, you can be very confident that you're going to get back to the cash flow growth that our system expects. And so we feel good about -- that sort of message is what keeps the system aligned for the long term.

從現金流的角度來看，2022 年對他們來說更具挑戰性。但同樣，當你擁有強勁的收入並且你正在努力度過通貨膨脹時，你可以非常有信心，你可以非常有信心你將恢復到我們系統預期的現金流增長。所以我們感覺很好——這種信息是讓系統長期保持一致的原因。

Our next question is from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布賴恩港。

Yes. Chris, you spent quite a bit of time talking about just some of the organizational changes and ways of working. How is that -- how will that be visible? Or how should we assess the success of that for those of us that are kind of looking at it externally?

是的。克里斯，你花了很多時間談論一些組織變革和工作方式。那怎麼樣——那將如何可見？或者對於我們這些從外部看待它的人來說，我們應該如何評估它的成功？

And then I guess just more specifically, as we think about SG&A expense, it seems like some of the costs that have come off with the employment changes will be reallocated to other things. Could you comment on just where that will be going as we think about 2023?

然後我想更具體地說，當我們考慮 SG&A 費用時，似乎隨著就業變化而產生的一些成本將重新分配給其他事情。您能否評論一下我們對 2023 年的看法？

Sure. Well, from an overall how do you assess whether the work changes that we announced as part of Accelerating the Organization have an impact, it doesn't show up in the numbers. And it needs to show up in the top line, and it needs to flow through to the bottom line.

當然。那麼，從總體上來說，您如何評估我們作為加速組織的一部分宣布的工作變化是否會產生影響，它並沒有體現在數字中。它需要出現在頂線，並且需要流到底線。

So I wouldn't get too nuanced in any particular metric other than top line growth, how that flows through to EPS and ultimately, what that's also doing for the system economic health. But as I said in my comments, I do think that we have an opportunity to get faster, more innovative, more efficient.

因此，除了頂線增長之外，我不會對任何特定指標過於細緻，它如何影響每股收益，最終，這對系統經濟健康也有什麼影響。但正如我在評論中所說，我確實認為我們有機會變得更快、更創新、更高效。

The only way that, that was going to happen is we needed to change some of our ways of working where there was just too much internal, what I just call it, obstacles that were impeding our ability to move with that sort of speed.

唯一會發生這種情況的方法是，我們需要改變一些工作方式，因為內部太多，我只是稱之為阻礙我們以這種速度前進的障礙。

So as we get all of this in place, I think it should give you confidence that we're going to be able to continue to drive the performance. And then what that ultimately means is there's going to be -- there needs to be an efficiency component to that, but it also allows for us to reinvest in the business.

因此，當我們完成所有這些工作時，我認為它應該讓您相信我們將能夠繼續推動績效。然後這最終意味著將會有——需要有一個效率組件，但它也允許我們對業務進行再投資。

I don't think for 2023, everything that we've said around our G&A guidance, that's already embedded in. We'll talk about it at Analyst Day at the end of the year what our outlook is longer term for G&A. But ultimately, the metric that you should hold us to is the one you always hold us to, which is, are we growing the top line? Are we growing EPS, and what's the health of our franchisee base?

我不認為 2023 年，我們圍繞 G&A 指南所說的一切都已經嵌入其中。我們將在今年年底的分析師日討論我們對 G&A 的長期展望。但最終，您應該讓我們堅持的指標是您始終堅持的指標，即我們是否在增加收入？我們是否在增加 EPS，我們的特許經營商群的健康狀況如何？

Our next question is from Chris Carril with RBC.

我們的下一個問題來自 RBC 的 Chris Carril。

So in the context of maintaining your operating margin outlook of about 45% for the full year because even with the strong start to the year, could you provide us with any additional detail on your latest thinking around the cost inflation outlook, maybe particularly food and packaging costs and then just the pacing of those inflationary pressures over the balance of the year as you see them today?

因此，在將全年營業利潤率前景維持在 45% 左右的背景下，因為即使今年開局強勁，您能否向我們提供有關成本通脹前景的最新想法的更多詳細信息，尤其是食品和包裝成本，然後是您今天看到的今年餘下時間的通貨膨脹壓力的節奏？

Yes. Chris, let me take that one. Let me just start with the back half of your question then I'll kind of work back to what you asked upfront. I mean, I think if you look at -- I'll kind of center in on a data point, which is kind of our quarter 1 company-operated margin percent, which actually, if you look at it on a percentage basis, we were slightly below where we were expecting to be for the quarter, even though we had obviously that really strong top line result.

是的。克里斯，讓我拿那個。讓我從你問題的後半部分開始，然後我會回到你前面問的問題。我的意思是，我想如果你看——我會集中在一個數據點上，這是我們第一季度公司運營的利潤率百分比，實際上，如果你按百分比看，我們略低於我們對本季度的預期，儘管我們的收入顯然非常強勁。

And so I think that's the impact of us heading into higher levels of inflation than we were even anticipating in the first quarter. And so I think our outlook for inflation for the year, I'll kind of break that into a couple of pieces. I think if you look at the U.S., we certainly believe we're on a downward trend, although inflation remains elevated.

因此，我認為這就是我們進入比第一季度預期更高的通脹水平的影響。所以我認為我們今年的通脹前景，我會把它分成幾個部分。我想如果你看看美國，我們當然相信我們處於下降趨勢，儘管通脹仍然很高。

So if you look at commodity inflation on the food and paper front in 2022, we were in the mid-teens level in the U.S. This year, we think it will be mid- to high single digit. I think labor inflation will still remain elevated just on the back of a really continued strong labor market.

因此，如果你看看 2022 年食品和紙張方面的商品通脹，我們在美國處於十幾歲的中期水平。今年，我們認為它將是中高個位數。我認為，在真正持續強勁的勞動力市場的支持下，勞動力通脹仍將保持高位。

And then I think if you move to Europe, from a food and paper commodity standpoint in 2022, we were in the mid-teen levels in Europe, and we expect to be in the mid-teens again in 2023. So I would say Europe, we still feel is kind of working through what I'll call the eye of the storm, so to speak, from a headwind perspective.

然後我認為，如果你搬到歐洲，從 2022 年食品和紙製品的角度來看，我們在歐洲處於中等水平，我們預計 2023 年將再次處於中等水平。所以我會說歐洲，我們仍然覺得這是一種通過我稱之為風暴之眼的工作，可以這麼說，從逆風的角度來看。

Certainly believe inflation is front half versus back half-loaded and certainly believe as we get into the back half of the year, we'll start to see inflation moderate down, but still really elevated in Europe. So I think if you go back to operating margin for the first quarter, we finished, we finished at 46% on the back of that really strong top line.

當然相信通脹是前半部分和後半部分，並且當然相信當我們進入今年下半年時，我們將開始看到通脹溫和下降，但歐洲的通脹仍然很高。所以我認為，如果你回到第一季度的營業利潤率，我們完成了，在真正強勁的收入的支持下，我們以 46% 結束。

And I think as we've said pretty consistently in the past, we certainly continue to expect that if we can drive strong top line growth, we should get leverage on operating margin from a percentage perspective as we go forward. Certainly don't necessarily believe that will be necessarily linear.

而且我認為，正如我們過去一貫所說的那樣，我們當然會繼續期望，如果我們能夠推動強勁的收入增長，那麼在我們前進的過程中，我們應該從百分比的角度來提高營業利潤率。當然不一定相信一定會是線性的。

And I think there's a lot of headwinds for us to continue to work through both from an inflationary standpoint, but just as Chris talked about earlier, just from that macro uncertainty that we know we need to navigate. So I think certainly, you can kind of see a path forward where operating margin could come up a little bit from where our guidance is today if we continue to see that strong top line result over the course of the rest of the year, but there are several ifs there. And I think there's just a lot of headwinds for us to navigate that we remain cautious on.

而且我認為，從通脹的角度來看，我們要繼續解決這兩個問題存在很多不利因素，但正如克里斯之前所說的那樣，我們知道我們需要應對的宏觀不確定性。所以我想當然地，如果我們在今年餘下的時間裡繼續看到強勁的收入結果，你可以看到一條前進的道路，營業利潤率可能會比我們今天的指導略有提高，但是那裡有幾個如果。而且我認為我們仍然要謹慎應對很多不利因素。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自 David Tarantino 和 Baird。

Ian, just a clarification on your margin guidance. I just want to make sure I'm clear. The 45% you call out for the EBIT margin guidance, is that a GAAP or a non-GAAP number? And the reason I ask is Q1 typically is your seasonal low quarter for operating margins. So I just want to make sure we all understand that.

伊恩，只是澄清一下你的保證金指導。我只是想確保我清楚。您要求 EBIT 利潤率指導的 45%，是 GAAP 還是非 GAAP 數字？我問的原因是第一季度通常是營業利潤率的季節性低季度。所以我只想確保我們都明白這一點。

And then secondly, Chris, I guess your comments about some of the consumer behavior you're seeing change with respect to items for order and otherwise, I wanted to understand that a little bit better. Are you starting to see that emerge as you exit the first quarter and enter the second quarter? Or was that something you saw in the quarter overall? And perhaps, could you just comment on how you're feeling about the business as you enter the second quarter specifically?

其次，克里斯，我猜你對你看到的一些消費者行為的評論在訂購商品方面發生了變化，否則，我想更好地理解這一點。當您退出第一季度並進入第二季度時，您是否開始看到這種情況出現？還是您在整個季度中看到的東西？也許，您能否具體評論一下進入第二季度時您對業務的看法？

So I'll take the first bit on the clarification, David. That's a non-GAAP, the 46% I talked about is a non-GAAP number.

所以我首先要澄清一下，大衛。這是一個非 GAAP，我談到的 46% 是一個非 GAAP 數字。

And then to your question about consumer behavior, the transaction, I believe we talked about this on the last call. Mike can correct me if I'm wrong. But we were seeing pressure on units per transaction even last quarter. That continued into this quarter. So I wouldn't say that, that is in any way a new development. That's been something that we've seen, which does just give us the perspective that certainly the customer is being mindful about how they're spending their dollar or their euro or whatever the relevant currency is.

然後是關於消費者行為、交易的問題，我相信我們在上次電話會議上談到了這個問題。如果我錯了，邁克可以糾正我。但即使在上個季度，我們也看到了每筆交易單位的壓力。這種情況一直持續到本季度。所以我不會這麼說，這在任何方面都是一個新的發展。這是我們已經看到的事情，這確實讓我們有這樣一種觀點，即客戶肯定會注意他們如何花費美元或歐元或任何相關貨幣。

But as far as outlook for the business, we remain very confident about how we're positioned. We remain confident, as I said in our press release, the demand, the consumer demand for our brand remains strong. So there's no change from our perspective in terms of how we're feeling about rest of the year.

但就業務前景而言，我們對自己的定位仍然非常有信心。正如我在新聞稿中所說，我們仍然充滿信心，消費者對我們品牌的需求依然強勁。因此，從我們的角度來看，我們對今年餘下時間的看法沒有變化。

Certainly, we have in quarter 1 the benefit of lapping Omicron, and the whole industry does. We also, as I mentioned in our last call, had more favorable weather in January. So we had some things going on in January that from an industry standpoint, made this an easier compare.

當然，我們在第一季度獲得了研磨 Omicron 的好處，整個行業都這樣做了。正如我在上次電話會議中提到的，我們在 1 月份的天氣也更有利。所以我們在 1 月份發生了一些事情，從行業的角度來看，這使得比較更容易。

But our outlook for the rest of the year, we expect to continue taking share. We've been taking share pretty consistently now for several years. Our outlook is that we're going to continue to take share through the balance of 2023.

但我們對今年剩餘時間的展望，我們預計將繼續佔據份額。多年來，我們一直在不斷地分享份額。我們的展望是，我們將在 2023 年餘下的時間裡繼續佔有份額。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

You called out delivery as one of the key drivers of comps during the quarter. And clearly, that's one of the more expensive ways to access your brand, but it does seem like consumers thus far have been willing to pay for convenience. So I'm just -- given the base case for a mild recession, I'm wondering what level of confidence that you might have that this channel could continue to be a driver of comp growth?

您稱交付是本季度 comps 的主要驅動因素之一。顯然，這是訪問您的品牌的更昂貴的方式之一，但到目前為止，消費者似乎確實願意為便利付費。所以我只是 - 考慮到溫和衰退的基本情況，我想知道你對這個渠道可以繼續成為 comp 增長的驅動力有多大的信心？

Thanks for the question. We are -- we have seen, as you know, historically very strong performance from delivery. I think it is fair to say that the growth of delivery whether that's a function of it just being at a large number now or if it might, in fact, be some of the consumer pressures, but the growth of delivery has certainly slowed.

謝謝你的問題。我們 - 我們已經看到，正如您所知，交付在歷史上表現非常強勁。我認為可以公平地說，交付量的增長是因為它現在數量眾多，還是實際上可能是消費者的一些壓力，但交付量的增長肯定已經放緩。

There is still growth, but it's not nearly the growth that we saw previously. So I think as we look at it, delivery is going to remain an important part of the business, but it's certainly not going to be the degree of growth driver that it has been historically, which goes back to why having a very balanced playbook, where you're getting growth from multiple levers is so important.

仍然有增長，但與我們之前看到的增長相去甚遠。所以我認為，在我們看來，交付仍將是業務的重要組成部分，但它肯定不會像歷史上那樣成為增長動力，這可以追溯到為什麼要有一個非常平衡的劇本，從多個槓桿中獲得增長的地方非常重要。

Our next question is from Jon Tower with Citi.

我們的下一個問題來自花旗的 Jon Tower。

Great. Just curious on the $100 million to $150 million in rental abatement that you're offering to franchisees in Europe, how many of those franchisees have actually taken you up on the offer? And what you might be asking of them in return going forward? Are you may be asking them to hold the line on pricing to the extent you can?

偉大的。只是好奇您向歐洲的特許經營商提供的 1 億至 1.5 億美元的租金減免，這些特許經營商中有多少人真正接受了您的提議？作為回報，您可能會要求他們做什麼？您是否可能要求他們盡可能地控制定價？

Yes. Jon, thanks for the question. I think I just would reiterate how we've talked about that support previously, which is, I think it's targeted, it's temporary. And it's designed to go to the owner operators that are most in need. As we've talked about, I think the more acute kind of headwinds that our system is dealing with are mainly concentrated in Europe.

是的。喬恩，謝謝你的提問。我想我只想重申我們之前是如何討論這種支持的，也就是說，我認為它是有針對性的，是暫時的。它旨在提供給最需要幫助的業主運營商。正如我們所討論的，我認為我們的系統正在應對的更嚴重的逆風主要集中在歐洲。

So that's where the majority of the support that we've put in place is going. I mean, the support that we're providing is nothing new. We provide support around our system when the conditions and context warranted. It's obviously just a little bit more significant this year just because of the pace and I think the acuteness of some of those headwinds that are being worked through.

這就是我們提供的大部分支持的去向。我的意思是，我們提供的支持並不是什麼新鮮事。當條件和背景需要時，我們會圍繞我們的系統提供支持。顯然，今年只是因為速度的原因而變得更加重要，而且我認為正在克服的一些不利因素的嚴重性。

I think it's one of those strategic advantages that you've heard me talk about before that we have as a system because we've got the financial capability to do that. And it's, I think, designed to recognize the headwinds. And we always knew that, that kind of -- the main pressure point would be in the first half of 2023, which is what we're seeing.

我認為這是您之前聽過我談論的戰略優勢之一，我們作為一個系統擁有這些優勢，因為我們有足夠的財務能力來做到這一點。我認為，它旨在識別逆風。我們一直都知道，那種——主要壓力點將出現在 2023 年上半年，這就是我們所看到的。

I think it's designed to ensure that our system stays focused on executing our plan, stays aligned and proactive on investing in the strategic growth opportunities that we know we have, which I think will certainly be an advantage as we kind of get through these short-term pressures in the underlying momentum our business will have as we exit and take us forward as we get beyond '23. And I think we've seen a good engagement from our franchisees in terms of the support we're providing and how we're working together to bring that to life.

我認為它旨在確保我們的系統始終專注於執行我們的計劃，保持一致並積極主動地投資於我們所知道的戰略增長機會，我認為這肯定會成為我們度過這些短期的優勢 -隨著我們退出並在我們超越 23 歲時推動我們前進，我們的業務將面臨潛在動力的長期壓力。而且我認為我們已經看到我們的特許經營商在我們提供的支持以及我們如何共同努力將其變為現實方面的良好參與。

I would just add, our message to franchisees in Europe, in this case, but it goes back with the same message that we delivered during COVID, which is so long as you're doing the right things to drive the business in the long term, if there are short-term pressures out of your control, we'll work with you to help and support you through that.

我只想補充一點，在這種情況下，我們向歐洲的特許經營商傳達的信息與我們在 COVID 期間傳達的信息相同，即只要您做正確的事情來長期推動業務，如果有您無法控制的短期壓力，我們將與您合作，幫助和支持您度過難關。

That's very much an organization-by-organization, restaurant-by-restaurant decision. But what we want to do is we want to make sure that our system always remains focused on the long term. And that's about ensuring that we're doing great service to our customers. We're running great restaurants. We're providing the necessary value. If you're doing all of those things from a long term that you've got the benefit of McDonald's being able to help you if there are short-term pressures outside of your control.

這在很大程度上是一個組織一個組織，一個餐廳一個餐廳的決定。但我們想做的是確保我們的系統始終專注於長期。這是關於確保我們為客戶提供優質服務。我們經營著很棒的餐廳。我們正在提供必要的價值。如果你從長遠來看做所有這些事情，你就會得到麥當勞的好處，如果有你無法控制的短期壓力，麥當勞可以幫助你。

Next question is from Lauren Silberman with Credit Suisse.

下一個問題來自瑞士信貸的 Lauren Silberman。

Congrats on the quarter. Can you expand on what you're seeing across your low, middle income consumers in the U.S. and where you think you're gaining share across cohorts? And then can you just break down the contribution to comp from guest count and average check?

祝賀這個季度。您能否擴展您在美國的中低收入消費者中看到的情況，以及您認為您在哪些方面獲得了跨群體的份額？然後你能從客人數量和平均支票中分解對補償的貢獻嗎？

Sure. So we have the best data in the U.S. to be able to do the analysis that you're talking about. And the headline is we're getting share performance, share growth out of all income groups. So it's not that we're disproportionately benefiting from gaining share with low-income consumers, which I think was maybe the underlying question behind the question.

當然。因此，我們擁有美國最好的數據，能夠進行您所說的分析。標題是我們正在獲得股票表現，所有收入群體的股票增長。所以這並不是說我們從低收入消費者中獲得的份額不成比例地受益，我認為這可能是問題背後的根本問題。

We're seeing share performance, share improvement across all income groups, which makes us feel good about kind of where we're at from a value and a consistency standpoint. I don't know if, Ian, if you want to add.

我們看到了股票表現，所有收入群體的股票改善，這讓我們從價值和一致性的角度對我們所處的位置感到滿意。我不知道 Ian 是否要補充。

Yes. Maybe just a bit of texture I would add. I think as Chris touched on, I think what we're pleased about, particularly in the U.S., if we use that as the example, is just that balanced growth between check and guest count, probably 2/3 check, about 1/3 guess count, I think if you look from a comp basis on both sales and traffic, we know we are outperforming the competitive set. And I think it goes back to what we've talked about a fair bit today, which is just that really strong focus that we've got on value for money and affordability.

是的。也許我會添加一點紋理。我認為正如 Chris 談到的那樣，我認為我們感到高興的是，特別是在美國，如果我們以此為例，就是支票和客人數量之間的平衡增長，可能是 2/3 支票，大約 1/3猜猜，我想如果你從銷售和流量的比較基礎上看，我們知道我們的表現優於競爭對手。我認為這可以追溯到我們今天談論的話題，這就是我們對物有所值和負擔能力的真正強烈關注。

Despite the pricing again that we're having to take in the context we're in, I think the discipline that both our owner/operators and our company restaurants are bringing to life and the pricing that we're doing is ensuring that we're kind of maintaining that healthy balance, kind of resonating with consumers despite their kind of individual circumstances and continuing to drive really healthy momentum as we go forward.

儘管我們不得不在我們所處的環境中再次定價，但我認為我們的所有者/經營者和我們公司的餐廳正在實施的紀律以及我們正在做的定價正在確保我們'我們在一定程度上保持了這種健康的平衡，在某種程度上與消費者產生了共鳴，儘管他們的個人情況各不相同，並在我們前進的過程中繼續推動真正健康的勢頭。

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傑夫伯恩斯坦。

Great. First, I just wanted to clarify the comment you made earlier about a little bit of resistance from a consumer standpoint on pricing. I know you often refer to food at home versus food away from home. And it seems like maybe there are some limiting factors going forward where you might be encouraging more cautious price increases as we move through the year. So any color you could provide there as a clarification.

偉大的。首先，我只是想澄清一下你之前發表的關於從消費者的角度來看對定價的一些抵制的評論。我知道你經常提到家裡的食物和遠離家鄉的食物。似乎未來可能存在一些限制因素，在我們度過這一年的過程中，您可能會鼓勵更加謹慎的價格上漲。因此，您可以提供任何顏色作為說明。

Another one, I'm just wondering if there's any common theme in your conversation with franchisees. I know you have 5,000 worldwide, but there's always lots of chatter in the headlines. It seems like you said, significant returns, I mean, they're far exceeding the cost of capital, relative benchmarks, positive cash flow. I'm just wondering if there is any common theme of pushback from the franchise community.

另一個，我只是想知道您與加盟商的談話中是否有任何共同的主題。我知道您在全球有 5,000 個，但頭條新聞總是有很多喋喋不休。好像你說的那樣，顯著的回報，我的意思是，它們遠遠超過資本成本、相對基準、正現金流。我只是想知道特許經營社區是否有任何共同的反對主題。

On price resistance, I think there is just -- it's a reminder about how we have to be very disciplined on where we take pricing. And we've built a very good capability over the last several years working with some external partners to know exactly by item, by restaurant, the ability for us to take pricing.

關於價格阻力，我認為只是 - 它提醒我們如何在我們定價的地方非常自律。在過去的幾年裡，我們與一些外部合作夥伴合作，建立了非常好的能力，可以準確地了解每個項目、每個餐廳以及我們定價的能力。

And what we see is that when we follow that and we're mindful of the elasticities that we're able to get the pricing that we need through, and we've seen really no deterioration in that. But what we are seeing is when you go off script, when you go and you start to try to take pricing in areas that would not be suggested by all of our modeling that we are starting to encounter some more resistance there.

我們看到的是，當我們遵循這一點並且我們注意到我們能夠獲得所需定價的彈性時，我們確實沒有看到任何惡化。但我們看到的是，當你偏離劇本時，當你開始嘗試在我們所有建模都沒有建議的領域進行定價時，我們開始在那裡遇到更多阻力。

And so just as a reminder that we need to stay very disciplined on pricing. The customer is certainly feeling, I think, some of the stress and pressures on that. We remain a great outlet for value and affordability. But we have to do it in a very strategic and a very targeted way, and we've got the tools to do that.

因此，提醒我們需要在定價方面保持非常嚴格的紀律。我認為，客戶肯定會感受到一些壓力和壓力。我們仍然是價值和負擔能力的絕佳渠道。但我們必須以一種非常具有戰略意義和非常有針對性的方式來做到這一點，而且我們擁有做到這一點的工具。

As you said, we've got thousands of franchisees, roughly 5,000 franchisees globally. So it's incredibly difficult, I think, to get it down to a sound bite of what we're hearing from any one franchisee or from any one particular country.

正如您所說，我們擁有數千家加盟商，全球約有 5,000 家加盟商。因此，我認為，很難將其歸結為我們從任何一個特許經營商或任何一個特定國家/地區聽到的聲音。

But broadly, there certainly is a lot of concern around the inflationary pressure and an inquiry about when we expect that to flip and be more benign. It certainly is going to improve. Our expectation is it's going to improve through the balance of this year, but it's still going to remain elevated versus what we've historically been accustomed to.

但總的來說，圍繞通脹壓力肯定存在很多擔憂，並詢問我們預計通脹何時會逆轉並變得更加溫和。它肯定會有所改善。我們的預期是它會在今年餘下時間有所改善，但與我們過去習慣的情況相比，它仍將保持高位。

We've historically been accustomed to very low single-digit inflation. And I think our outlook for the full year is it's probably going to be more like mid- to high single-digit inflation in the full year but nonetheless, improving.

從歷史上看，我們已經習慣了非常低的個位數通貨膨脹率。而且我認為我們對全年的展望是全年可能更像是中高個位數的通貨膨脹，但仍然在改善。

So inflation, I think, is an area of concern with franchisees that we're having a lot of conversations on. We're also having conversations around digital and just how do they think about what the restaurant experience is in a more digital environment.

因此，我認為通貨膨脹是特許經營商關注的一個領域，我們正在就此進行大量對話。我們還圍繞數字進行了對話，以及他們如何看待在更加數字化的環境中的餐廳體驗。

We have been having a lot of conversations around labor around the world. Fortunately, we're seeing the labor situations improving. In fact, in the U.S., they've made a lot of progress on staffing in the restaurants, which is partly what's driving some of the operations improvement, but labor was something that there was a commentary on around the world.

我們一直在圍繞世界各地的勞工進行大量對話。幸運的是，我們看到勞工狀況正在改善。事實上，在美國，他們在餐廳人員配備方面取得了很大進展，這在一定程度上推動了一些運營改進，但勞動力是世界各地都在談論的話題。

And then as we've phased in our PACE program, as I mentioned, we put it in place in all of our major markets last year with the exception of the U.S., which started this year. But after 3 years of no grading in the restaurant and then you start grading, there inevitably is questions and in some cases, areas of feedback that we get. And we work our way through that.

然後，正如我提到的，隨著我們逐步實施 PACE 計劃，我們去年在所有主要市場都實施了該計劃，但今年開始的美國除外。但是在餐廳 3 年沒有評分然後你開始評分之後，不可避免地會出現問題，在某些情況下，我們會收到反饋。我們努力解決這個問題。

We did that last year in all of our international markets that implemented PACE, and we're seeing the benefit of that. Joe in the U.S. has been very consistent with the franchisees there that if after the first 90 days of rollout, if there are areas that we need to make adjustments, we'll do that.

我們去年在所有實施 PACE 的國際市場都這樣做了，我們看到了這樣做的好處。美國的 Joe 與那裡的加盟商非常一致，如果在推出的前 90 天之後，如果有需要調整的地方，我們就會這樣做。

But overall, we're seeing great performance from a restaurant execution standpoint, and that's a credit to the franchisees, how they've gotten after labor, but also how they're just engaging with their teams at the local level.

但總的來說，從餐廳執行的角度來看，我們看到了出色的表現，這對加盟商來說是一種榮譽，他們在勞動後的表現如何，以及他們如何與當地團隊進行互動。

Maybe just a small build on that. I think as Chris said, obviously, when you're in a period of higher inflation and cost pressure, that's always going to be a topic to discuss. I mean, I think our job as a system and as McDonald's is to make sure that we've got a set of strategies and plans in place that's going to deliver that strong top line momentum.

也許只是一個小的構建。我認為正如克里斯所說，顯然，當你處於通貨膨脹和成本壓力較高的時期時，這總是會成為討論的話題。我的意思是，我認為我們作為一個系統和麥當勞的工作是確保我們制定了一套戰略和計劃，以實現強勁的頂線勢頭。

And I don't think you're hearing any lack of confidence from any part of our system about the strategies and plans that we've got in place. And I think as Chris touched on earlier, the proof point, if that's obviously the best way to work through any significant cost pressure environment, if you look -- the U.S. is a great example, obviously, not only in the results they're delivering, but in that first quarter proof point that Chris talked about where our owner/operator cash flow is actually up.

而且我認為您沒有聽到我們系統的任何部分對我們已經制定的戰略和計劃缺乏信心。我認為正如 Chris 之前提到的那樣，證明點，如果這顯然是應對任何重大成本壓力環境的最佳方式，如果你看 - 美國就是一個很好的例子，顯然，不僅在結果上他們是交付，但在第一季度的證明點上，克里斯談到了我們的所有者/運營商現金流量實際上升的地方。

That's what's going to get our system through these short-term pressures and ensure that as we come out of those pressures, we're going to be on the path to recovering margin as we go forward with that strong momentum behind us. And I think that's certainly what we're all focused on delivering against.

這將使我們的系統度過這些短期壓力，並確保當我們擺脫這些壓力時，隨著我們在強勁勢頭的推動下前進，我們將走上恢復利潤率的道路。我認為這肯定是我們都專注於實現的目標。

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 question is on your pricing relative to the informal eating out market. I think you're always very clear that you want to stay competitive with that. But there typically is more inflation at food at home and more deflation at food at home. It's actually a lot more volatile than food away from home pricing, at least looking at the U.S.

問題在於您相對於非正式外出就餐市場的定價。我認為你總是很清楚你想保持競爭力。但通常情況下，國內食品通貨膨脹率更高，而國內食品通貨緊縮率更高。它實際上比遠離家庭的食品價格波動大得多，至少從美國來看是這樣。

So do you think there is anything that's changed in the environment that maybe makes the McDonald's brand specifically less at risk to kind of lose any traffic, lose any transaction count to food at home, would presumably it becomes deflationary at some point in the near term as kind of the first part of the question.

那麼你認為環境中有什麼變化可以使麥當勞品牌特別容易失去任何流量，失去任何家庭食品交易數量的風險，可能會在短期內的某個時候變得通貨緊縮作為問題的第一部分。

And secondly, in terms of the customer promotion within the McDonald's app -- the customized promotion within the McDonald's app, how effective do you think that is? Where are we in that overall journey in terms of customized promotion that is going to drive an incremental purchase, incremental profit versus still being done in some fairly general terms with some opportunity to maybe refine that over time?

其次，就麥當勞應用程序內的客戶促銷而言——麥當勞應用程序內的定制促銷，您認為它的效果如何？就將推動增量購買、增量利潤的定制促銷而言，我們在整個旅程中處於什麼位置，而不是仍然以一些相當籠統的方式完成，並有機會隨著時間的推移對其進行改進？

John, let me start with the first bit, and then I think Chris will take the second part of your question there. I mean, I think from a pricing perspective, it goes back to what we've talked about a bit through the call today. I mean, I think we're always focused on ensuring we're delivering strong value, strong affordability, even more so, obviously, when consumers are under pressure as they are.

約翰，讓我從第一部分開始，然後我想克里斯會回答你問題的第二部分。我的意思是，我認為從定價的角度來看，它可以追溯到我們今天通過電話討論的內容。我的意思是，我認為我們始終專注於確保我們提供強大的價值，強大的負擔能力，顯然，當消費者面臨壓力時更是如此。

I think currently, I think we certainly -- if you look back, I would say, when we get into these moments where consumer disposable income is under more pressure and they're having to think about moving to more affordable options, I think we are certainly a beneficiary of that as just because of our positioning on value and affordability.

我認為目前，我認為我們當然 - 如果你回顧過去，我會說，當我們進入消費者可支配收入面臨更大壓力並且他們不得不考慮轉向更實惠的選擇時，我認為我們肯定是受益者，因為我們對價值和負擔能力的定位。

And I think strategically, if you go back and use the U.S. as the example, what we've done over the last couple of years to invest in the estate, to invest in our marketing and brand communication, to invest, I think, in the channels where we're bringing our experience to life, whether that's digital and how we're connecting with our consumers, whether that's delivery, et cetera, I think we have a lot more compelling reasons to visit and advantage versus those around us.

我認為從戰略上講，如果你回過頭來以美國為例，我們在過去幾年所做的投資房地產，投資我們的營銷和品牌傳播，投資，我認為，我們將我們的體驗帶入生活的渠道，無論是數字化的，還是我們與消費者的聯繫方式，無論是送貨，等等，我認為我們有更多令人信服的理由去參觀並比我們周圍的人更有優勢。

I think if you think of the food away from home and the food at home, I mean, I think the dynamic has been in reverse over the last probably 12 to 18 months versus what you would see typically, meaning food away from home inflation has actually been lower than food at home. I think you're starting to see that shift back to more traditional kind of dynamics.

我想如果你想到外出和家裡的食物，我的意思是，我認為過去可能 12 到 18 個月的動態與你通常會看到的情況相反，這意味著遠離家鄉的食物通貨膨脹已經實際上比家裡的食物還低。我認為你開始看到這種轉變回到更傳統的動態。

But I think we feel good about how we're generally positioned against from a choice perspective for consumers even as those dynamics shift back. And I think you look at kind of the first quarter momentum, the fact that we've got that positive traffic growth that we're kind of outcomping the competitive set, I think are all strong indications of that.

但我認為，即使這些動態向後轉變，我們對從消費者選擇的角度來看我們通常如何定位感到滿意。而且我認為你看一下第一季度的勢頭，事實上我們已經取得了積極的流量增長，我們有點超越了競爭對手，我認為這些都是強有力的跡象。

But I mean, it's work ahead that we need to stay focused on to ensure that we kind of maintain our positioning from a value and affordability and ensure we're delivering a better experience, as Chris touched on earlier, to ensure that we're kind of earning every customer visit each and every time they need to make a choice on where they're going to go.

但我的意思是，我們需要繼續專注於未來的工作，以確保我們從價值和負擔能力方面保持我們的定位，並確保我們提供更好的體驗，正如克里斯之前提到的那樣，以確保我們每次他們需要選擇去哪裡時，都會贏得每位客戶的訪問。

To the second part of your question, I think even though our digital sales are now roughly 40% of overall sales and about half of that being identified, it's still early days for us in our journey there. I expect that we're going to continue to see digital as a percent of the business grow.

對於你問題的第二部分，我認為儘管我們的數字銷售額現在大約佔總銷售額的 40%，並且大約有一半是已確定的，但我們在這方面的旅程還處於早期階段。我預計我們將繼續看到數字業務佔業務增長的百分比。

You look at China, where it's almost 80%, 90% of the business, it gives you an indication of potentially how high is up. As you get more and more of your sales on digital and as more and more of your customer base becomes identified, I think you can get much more specific around how you're delivering personalized value.

你看看中國，那裡幾乎有 80%、90% 的業務，它讓你知道潛在的增長有多高。隨著越來越多的數字銷售以及越來越多的客戶群被識別，我認為您可以更具體地了解如何提供個性化價值。

And I'll just give you one example. I love our McChicken Sandwich. I order our McChicken Sandwich all the time. I should never be getting, and I say this to the team, I should never be getting on my app an offer for the McChicken Sandwich. We're not yet at that level of sophistication, but we're going to get to that level of sophistication.

我只舉一個例子。我喜歡我們的 McChicken 三明治。我總是點我們的 McChicken 三明治。我永遠不應該得到，我對團隊這麼說，我永遠不應該在我的應用程序上得到 McChicken 三明治的報價。我們還沒有達到那種複雜程度，但我們將達到那種複雜程度。

And so as you think out to the future, I think all of the things that we're doing right now, we're laying a foundation for a very intimate, close connection that we have with our customers. And as we do that and as we get more and more identified, I think it's going to allow us to get much more sophisticated about how and when we're delivering value into whom. And for what purpose? Is it to drive frequency? Is it to drive reach? All of that is to come. We're in very early stages today.

所以當你展望未來時，我認為我們現在正在做的所有事情，我們正在為我們與客戶建立非常親密、密切的聯繫奠定基礎。隨著我們這樣做，隨著我們得到越來越多的認同，我認為這將使我們能夠更加複雜地了解我們如何以及何時為誰提供價值。為了什麼目的？是驅動頻率嗎？是為了達到目的嗎？所有這一切都將到來。我們今天處於非常早期的階段。

Okay. We're at the bottom of the hour. That completes our call. Thanks, Chris. Thanks, Ian. Thanks, everyone, for joining. Have a great day.

好的。我們正處於最後時刻。這就完成了我們的調用。謝謝，克里斯。謝謝，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, and have a great day.

麥當勞公司投資者電話會議到此結束。你現在可以斷開連接，祝你有美好的一天。