麥當勞 (MCD) 2023 Q2 法說會逐字稿

Hello, and welcome to McDonald's Second Quarter 2023 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation, there will be a question-and-answer session for investors. (Operator Instructions)

您好，歡迎參加麥當勞 2023 年第二季度投資者電話會議。應麥當勞公司的要求，本次會議正在錄製。今天的演講結束後，將為投資者舉行問答環節。 （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.

現在我想將會議轉交給麥當勞公司投資者關係官邁克·西普拉克 (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, 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 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.

大家早上好，感謝您加入我們。今天與我一起參加電話會議的是總裁兼首席執行官 Chris Kempczinski；首席財務官 Ian Borden： 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今天對電話會議的評論。這些文件以及今天電話會議中提到的任何非公認會計原則財務指標及其相應的公認會計原則指標的調節表都可以在我們的網站上找到。在今天早上準備好的發言之後，我們將回答你們的問題。 （操作員說明）今天的電話會議正在網絡直播，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. Last quarter, I talked about consistency, consistency in our numbers, consistency in the drivers of our business and consistency in the excitement across the system about the opportunities ahead. This quarter, the theme is -- well, if I'm being honest, the theme was Grimace. I mean, Grimace has been everywhere in the past few months, all over the news, and more than 3 billion views on TikTok. Not bad for a 52nd birthday. This viral phenomenon is yet another proof point of the power of marketing at McDonald's today.

謝謝，邁克，早上好。上個季度，我談到了一致性、我們數字的一致性、業務驅動因素的一致性以及整個系統對未來機遇的興奮程度的一致性。本季度的主題是——好吧，老實說，主題是鬼臉。我的意思是，在過去的幾個月裡，“鬼臉”無處不在，遍布新聞，TikTok 上的瀏覽量超過 30 億次。對於 52 歲生日來說還不錯。這種病毒式傳播現象再次證明了當今麥當勞營銷的力量。

Aside from Grimace, what really stood out about this past quarter was our continued consistency. In Q2, we delivered yet another quarter of strong performance, achieving global comparable sales of 11.7% with double-digit comparable sales across each of our segments. We're operating from a position of strength and continuing to gain share in most of our major markets despite headwinds and a challenging macro environment.

除了鬼臉之外，上個季度真正引人注目的是我們持續的一致性。第二季度，我們又一個季度表現強勁，全球可比銷售額達到 11.7%，每個細分市場的可比銷售額均達到兩位數。儘管面臨逆風和充滿挑戰的宏觀環境，我們仍處於強勢地位，並繼續在大多數主要市場中獲得份額。

The reason for this continued consistency is simple, our accelerating the Arches playbook is working to help create a better customer experience. Renewed focus on the fundamentals, in part fueled by the reintroduction of the PACE program, has led to operational improvements and continued increases in customer satisfaction across most of our major markets.

這種持續一致性的原因很簡單，我們加速 Arches 劇本正在努力幫助創造更好的客戶體驗。在重新引入 PACE 計劃的推動下，我們重新關注基本面，從而改善了運營，並持續提高了我們大多數主要市場的客戶滿意度。

To further strengthen our foundation of running great restaurants, we recently created a Chief Restaurant Officer role in markets to keep our market teams focused on driving our strategic plan, execution, and performance. Market CROs will also help ensure that innovative ideas generated in local restaurants can be leveraged in markets across the globe.

為了進一步加強我們經營優質餐廳的基礎，我們最近在市場中設立了首席餐廳官職位，以使我們的市場團隊專注於推動我們的戰略計劃、執行和績效。市場 CRO 還將幫助確保當地餐館產生的創新理念可以在全球市場中得到利用。

Our success is fueling even greater ambitions. We're continuing to double down on our existing growth pillars while evolving our strategy through accelerating the organization to stay front-footed with an eye towards the future.

我們的成功正在激發我們更大的雄心。我們將繼續加大現有增長支柱的力度，同時通過加速組織發展以保持領先地位並著眼於未來來發展我們的戰略。

As we've previously shared, accelerating the organization is an initiative to reimagine how we work to bring the full breadth of McDonald's skills and experiences together to come up with the best solutions that can be scaled. We're bringing this to life through, One McDonald's Way, horizontal ways of working and digitizing the organization. While we're just beginning to change our ways of working, we're already seeing early benefits.

正如我們之前所分享的，加速組織是一項重新構想我們如何工作的舉措，將麥當勞的全面技能和經驗結合在一起，以提出可擴展的最佳解決方案。我們通過“麥當勞之道”、橫向工作方式和組織數字化將這一目標變為現實。雖然我們剛剛開始改變工作方式，但我們已經看到了早期的好處。

I've often said that the next great solution will come from our markets and in our restaurants. As I recently visited markets like China, Italy and Germany, I continue to be inspired by the entrepreneurial spirit of our system and how market teams are embracing these principles even more consistently.

我經常說，下一個偉大的解決方案將來自我們的市場和我們的餐館。當我最近訪問中國、意大利和德國等市場時，我繼續受到我們系統的創業精神以及市場團隊如何更加一致地接受這些原則的啟發。

Visiting China truly brought to life the power of a highly digitized economy and our potential for global growth moving forward. With about 90% of our business currently coming through digital channels in that market, it was remarkable to see how the market has forged digital relationships with customers. China is also making tremendous progress in running the restaurants more efficiently, all with the use of data and technology. This will provide great learnings for the rest of our system.

訪問中國真正讓我們看到了高度數字化經濟的力量和我們未來全球增長的潛力。目前，我們大約 90% 的業務都是通過該市場的數字渠道進行的，因此看到該市場如何與客戶建立數字關係是非常了不起的。中國在更有效地經營餐館方面也取得了巨大進步，這一切都是通過使用數據和技術來實現的。這將為我們系統的其餘部分提供很好的學習機會。

Our Canadian team is implementing a rigorous initiative review process to relentlessly prioritize work to actively stop projects that are less important and focus on solving the most meaningful problems for our customers. Using a new framework, the team has already cut their number of key business projects in half. We intend to learn from and scale this process to other markets as well. Additionally, our U.K. and Ireland team recently traveled to Germany to learn best practices from the market's best burger rollout. This is a prime example of the agile scaling of solutions and horizontal ways of working.

我們的加拿大團隊正在實施嚴格的主動審查流程，以不懈地確定工作的優先順序，積極停止不太重要的項目，並專注於為客戶解決最有意義的問題。使用新框架，該團隊已經將關鍵業務項目的數量減少了一半。我們也打算學習這一流程並將其推廣到其他市場。此外，我們的英國和愛爾蘭團隊最近前往德國，從市場上最好的漢堡推廣中學習最佳實踐。這是解決方案敏捷擴展和橫向工作方式的一個典型例子。

And finally, last November, we launched our largest globally unified marketing campaign ever, Wanna Go to McDonald's? to celebrate the FIFA Men's World Cup. We're thrilled to extend this award-winning brand platform with the FIFA Women's World Cup and write a new chapter in the story to meet this iconic cultural moment. This campaign will be brought to life in 28 markets through fully integrated social, digital streaming and content strategies that tap into local fan excitement. These are just a few examples of how a One McDonald's Way approach to common challenges will drive greater connectivity and efficiency worldwide.

最後，去年 11 月，我們發起了有史以來規模最大的全球統一營銷活動“想去麥當勞嗎？”慶祝國際足聯男子世界杯。我們很高興能夠通過國際足聯女足世界杯來擴展這個屢獲殊榮的品牌平台，並譜寫故事的新篇章，以迎接這一標誌性的文化時刻。該活動將通過完全整合的社交、數字流媒體和內容策略在 28 個市場展開，激發當地粉絲的熱情。這些只是“麥當勞之路”應對共同挑戰如何推動全球互聯互通和效率提升的幾個例子。

Key to enabling the company's scale solutions with speed and agility is the work of our new Global Business Services business unit, or GBS. GBS will unlock further efficiencies and capabilities of our people and resources. We will do this by developing digital tools for the organization, making data and insights more accessible across the system and growing our future talent pipeline. We'll continue to keep you updated on how our ongoing investment in this area will benefit the enterprise in the years to come.

快速、敏捷地實現公司規模解決方案的關鍵是我們新的全球商業服務業務部門 (GBS) 的工作。 GBS 將進一步提高我們的人員和資源的效率和能力。我們將通過為組織開發數字工具、使整個系統更容易獲取數據和見解以及擴大我們未來的人才管道來實現這一目標。我們將繼續向您通報我們在這一領域的持續投資將如何在未來幾年使企業受益。

In addition to our accelerating the organization efforts, we're also focused on evolving our approach to capturing incremental customer visits. Central to that is restaurant development, also known as our fourth D. Our strong performance and strength of our brand has earned us the right to begin accelerating the pace of restaurant openings in our major markets over the next several years.

除了加快組織工作之外，我們還致力於改進我們的方法來捕獲增量客戶訪問。其中的核心是餐廳開發，也稱為我們的第四個 D。我們強勁的業績和品牌實力使我們有權在未來幾年開始加快在主要市場開設餐廳的步伐。

While our primary focus is on opening traditional units, we are always testing and learning new ways to meet the needs of our customers. One example is the takeaway-only restaurant in Fort Worth, Texas that opened in 2022. The restaurant site is considerably smaller than a traditional restaurant and as a way customers order and receive their food has changed dramatically over the past few years is geared toward customers based on their need state wherever they are.

雖然我們的主要重點是開設傳統單位，但我們始終在測試和學習新方法來滿足客戶的需求。一個例子是德克薩斯州沃思堡於 2022 年開業的一家只提供外賣的餐廳。該餐廳的場地比傳統餐廳要小得多，而且在過去幾年中，顧客訂購和接收食物的方式發生了巨大變化，面向顧客無論他們身在何處，都基於他們的需求狀態。

Another recent example of innovation was -- I was able to see firsthand during my visit to China is the use of food lockers at busy locations with high in-store traffic. Upon arrival, delivery couriers can quickly unlock the designated locker and grab the customer's order without even entering the restaurant, removing friction for both the kitchen and the courier.

最近的另一個創新例子是——我在訪問中國期間親眼目睹了在店內人流量大的繁忙地點使用食品儲物櫃。到達後，送貨員無需進入餐廳即可快速打開指定的儲物櫃並領取顧客的訂單，從而消除了廚房和快遞員的摩擦。

And our new business ventures team is in the process of developing a new concept we will call [CosMc], which we will test in a small handful of sites in a limited geography beginning early next year. CosMc is a small-format concept with all the DNA of McDonald's but its own unique personality. We look forward to providing you with more information about our development plans and new format innovations at our Investor Day at the end of the year.

我們的新企業團隊正在開發一個新概念，我們將其稱為 [CosMc]，我們將從明年初開始在有限地域的少數地點進行測試。 CosMc 是一個小型概念店，具有麥當勞的所有 DNA，但又具有自己獨特的個性。我們期待在年底的投資者日為您提供有關我們的發展計劃和新業態創新的更多信息。

Finally, before I hand it to Ian, I want to recognize our teams and business partners in France who have handled the unrest in the market with remarkable strength and grace. It has been extremely disruptive to the business on top of an already challenging operating environment. Thanks to everyone connected to McDonald's brands for your dedication and commitment to the business as well as your efforts to keep everyone safe during this volatile time.

最後，在交給 Ian 之前，我想對我們在法國的團隊和業務合作夥伴表示認可，他們以非凡的力量和風度應對了市場的動盪。在本已充滿挑戰的運營環境之上，這對業務造成了極大的破壞。感謝所有與麥當勞品牌相關的人對業務的奉獻和承諾，以及在這個動蕩的時期為確保每個人的安全所做的努力。

I'll now turn it over to Ian.

我現在把它交給伊恩。

Thanks, Chris, and good morning, everyone. As Chris mentioned, the second quarter was yet another demonstration of consistently strong performance, guided by our Accelerating the Arches strategy and fueled by our outstanding execution. We're delivering delicious feel-good moments to our customers in new and exciting ways by doubling down on our creative excellence and highlighting our core menu, all with the value and convenience our customers expect. Our performance speaks for itself and is a testament to the passion and dedication of our entire McDonald's system.

謝謝克里斯，大家早上好。正如克里斯所提到的，在我們的“加速拱門”戰略的指導下，並在我們出色的執行力的推動下，第二季度再次展現了持續強勁的業績。我們通過加倍卓越的創意和突出我們的核心菜單，以新的、令人興奮的方式為客戶提供美味、感覺良好的時刻，所有這些都滿足客戶所期望的價值和便利。我們的業績不言自明，也證明了整個麥當勞系統的熱情和奉獻精神。

With global comparable sales of 11.7% and consistent performance across our segments, it's clear that the McDonald's brand has never been stronger. In fact, the brand was at the center of this quarter as we engage with customers in authentic and culturally relevant ways with campaigns rooted in consumer insights.

憑藉 11.7% 的全球可比銷售額以及各個細分市場的一致表現，麥當勞的品牌顯然從未如此強大。事實上，品牌是本季度的中心，因為我們通過基於消費者洞察的活動，以真實且與文化相關的方式與客戶互動。

As Chris touched on a few minutes ago, we took the nostalgic experience of celebrating birthdays at McDonald's and repackaged it for a new generation with none other than Grimace at the center. It quickly became one of our most socially engaging campaigns of all time with millions of reactions on our social media posts, a true demonstration of how the power of our brand emerges in organic and creative ways in our fans. It contributed to the strong double-digit comparable sales growth for the quarter in the U.S.

正如克里斯幾分鐘前談到的那樣，我們將在麥當勞慶祝生日的懷舊體驗重新包裝給新一代，而以鬼臉為中心。它很快成為我們有史以來最具社交參與度的活動之一，我們的社交媒體帖子上有數以百萬計的反應，真實地展示了我們品牌的力量如何以有機和創造性的方式在我們的粉絲中顯現出來。它促成了美國本季度可比銷售額強勁的兩位數增長。

The passion for the brand was also evident in Italy with the launch of a truly unique creative platform, it celebrated the most loved and best-selling beef burger in the market by asking customers, "What would you do for a Crispy McBacon?" The answer came in the form of customers getting tattoos of their favorite McDonald's sandwich, driving brand affinity and elevating share gains. I've certainly seen a lot in my 30 years at McDonald's, but this was a new one for me. Truly remarkable.

在意大利，人們對該品牌的熱情也很明顯，推出了一個真正獨特的創意平台，它通過詢問顧客“你會為脆皮麥培根做什麼？”來慶祝市場上最受歡迎和最暢銷的牛肉漢堡。答案就是顧客在他們最喜歡的麥當勞三明治上紋上紋身，從而提高品牌親和力並提高份額收益。在麥當勞工作的 30 年裡，我確實見識了很多，但這對我來說卻是全新的。確實很了不起。

As I mentioned before, our chicken equities remain at the core of our growth strategy. The U.K. celebrated the 40th anniversary of another fan favorite, the Chicken McNuggets by offering limited time sauces to reconnect with the Gen Z consumer. This was coupled with compelling media that showcased the fan truth that sharing your nuggets isn't guaranteed, even if your best friends.

正如我之前提到的，我們的雞肉股票仍然是我們增長戰略的核心。英國通過提供限時醬汁來慶祝另一款深受粉絲喜愛的麥樂雞問世 40 週年，以重新與 Z 世代消費者建立聯繫。再加上引人注目的媒體，展示了粉絲的真相，即即使是最好的朋友，也不能保證分享你的金塊。

China also highlighted the Chicken McNuggets anniversary in a creative way with an integrated marketing campaign. Featuring our 20-piece nuggets, it quickly went viral on social media and generated significant positive buzz among consumers. Spicy McNuggets, one of our most popular line extensions, were offered across various markets this quarter, including Australia and Germany.

中國還通過整合營銷活動以創造性的方式突出了麥樂雞週年紀念日。它以我們的 20 塊雞塊為特色，很快在社交媒體上瘋傳，並在消費者中產生了巨大的積極影響。辣味麥樂雞是我們最受歡迎的產品線延伸之一，本季度在多個市場推出，包括澳大利亞和德國。

It is yet another example of how we modernize our core menu, adapt it to meet changing customer taste profiles and scale these new ideas across the globe. Both markets achieved significant lift to the McNuggets line as a result, and Spicy McNuggets sales reached an all-time high in Australia.

這是我們如何實現核心菜單現代化、調整其以滿足不斷變化的客戶口味並在全球範圍內推廣這些新想法的又一個例子。結果，這兩個市場的麥樂雞產品線都獲得了顯著提升，辣味麥樂雞在澳大利亞的銷量達到了歷史新高。

Our ambition on chicken includes further scaling emerging equities across markets. The McCrispy chicken sandwich, for example, has now scaled to over 10 of our largest markets, including Spain just this past quarter. The sandwich is already resonating with our customers, bringing attention to our chicken portfolio and driving significant chicken share gains.

我們對雞肉的雄心包括進一步擴大跨市場新興股票的規模。例如，McCrispy 雞肉三明治現已擴展到我們 10 多個最大的市場，其中包括上個季度的西班牙。這款三明治已經引起了我們客戶的共鳴，引起了人們對我們雞肉產品組合的關注，並推動了雞肉份額的大幅增長。

A recent addition to our portfolio of billion-dollar brands, the McCrispy continues to be an important catalyst of chicken growth for many of our markets. The U.K., for example, has achieved market share leadership in chicken, a remarkable growth over the past few years with the launch of both the McCrispy and the McSpicy chicken sandwiches. We look forward to further scaling these new global favorites to customers around the world.

作為我們價值數十億美元的品牌組合的最新成員，McCrispy 仍然是我們許多市場雞肉增長的重要催化劑。例如，英國在雞肉市場上取得了領先地位，隨著 McCrispy 和 McSpicy 雞肉三明治的推出，過去幾年的增長顯著。我們期待著將這些全球新寵進一步推廣給世界各地的客戶。

A challenging macro environment, including rising interest rates and elevated costs, continues to create volatile consumer confidence levels and put pressure on consumer spending. Providing customers with an affordable option has always been core to McDonald's. But in these challenging times, it is even more important for us to remain agile, proactively meeting the needs of our customers. Germany continued the success of its McSmart menu. Initially introduced last quarter to provide entry-level affordable meals, it's contributed to our best sales quarter ever in the market and lifted value perceptions with consumers.

充滿挑戰的宏觀環境，包括利率上升和成本上升，繼續造成消費者信心水平不穩定，給消費者支出帶來壓力。為顧客提供價格實惠的選擇一直是麥當勞的核心。但在這個充滿挑戰的時代，對我們來說更重要的是保持敏捷，主動滿足客戶的需求。德國延續了 McSmart 菜單的成功。它最初於上個季度推出，旨在提供入門級實惠餐食，為我們在市場上實現有史以來最好的銷售季度做出了貢獻，並提升了消費者的價值認知。

The U.K. unveiled a similar offering with its new Saver Meals deals in June, and the early results are encouraging. A permanent addition to the menu, it aims to provide consistent everyday affordability and ensure customers can still enjoy their favorite treats like the Double Cheeseburger despite the rising cost environment.

英國在 6 月份推出了類似的新優惠餐優惠，早期結果令人鼓舞。作為菜單上的永久補充，它旨在提供一致的日常負擔能力，並確保顧客在成本不斷上漲的情況下仍然可以享受他們最喜歡的美食，例如雙層芝士漢堡。

Maintaining our leadership position in value is crucial to future success, and McDonald's holds the #1 position in good value for money and affordability across most of our major markets. This shows that even in the most challenging of environments, our customers know that they can rely on McDonald's to provide an affordable destination for the food that they love.

保持我們在價值方面的領先地位對於未來的成功至關重要，麥當勞在我們大多數主要市場的物有所值和負擔能力方面保持著第一的位置。這表明，即使在最具挑戰性的環境中，我們的客戶也知道他們可以依靠麥當勞為他們喜愛的食物提供價格實惠的目的地。

But we know that customers' perceptions on value are made up of more than just the price of our food. It's also about the experience that we provide. We've continued to enhance the customer experience, providing the seamless and memorable interactions our customers have come to expect. Last quarter, we introduced an enhanced ordering process through our app in the U.S. with the goal of delivering a faster and more enjoyable experience for the customer. While we're still learning from this deployment, early results have been extremely positive with elevated sales initiated through the app, increased customer satisfaction and improved service times.

但我們知道，顧客對價值的看法不僅僅取決於我們食品的價格。這也與我們提供的體驗有關。我們不斷增強客戶體驗，提供客戶所期望的無縫且難忘的互動。上季度，我們通過我們的應用程序在美國推出了增強的訂購流程，旨在為客戶提供更快、更愉快的體驗。雖然我們仍在從這次部署中學習，但早期結果非常積極，通過該應用程序提高了銷售額，提高了客戶滿意度並縮短了服務時間。

Canada also introduced new experiences in the app with the launch of the Frequent Fryer Program. Tapping into Canadians passion for travel, the digital campaign celebrated McDonald's fries and the opportunity to taste them in other countries. This creative approach to reengage with our loyalty members resulted in lifts to both digital acquisition and digital customer frequency during the campaign.

加拿大還推出了Frequent Fryer 計劃，在應用程序中引入了新體驗。利用加拿大人對旅行的熱情，該數字活動慶祝了麥當勞薯條以及在其他國家品嚐麥當勞薯條的機會。這種與我們的忠誠會員重新互動的創造性方法導致了活動期間數字獲取和數字客戶頻率的提升。

Now in over 50 markets across the globe, we're continuing to build stronger relationships with our loyalty customers and fueling growth of our digital sales in the process. In our top 6 markets, digital sales represent nearly 40% of system-wide sales, and our loyalty members remain highly engaged with over 52 million 90-day active members across our top 6 markets.

現在，在全球 50 多個市場，我們繼續與忠誠客戶建立更牢固的關係，並在此過程中推動數字銷售的增長。在我們的 6 大市場中，數字銷售佔全系統銷售額的近 40%，我們的忠誠會員與我們 6 大市場中超過 5200 萬的 90 天活躍會員保持高度互動。

As our relationships with these customers continue to grow, we will unlock additional customer needs and explore investments for continued digital innovation at a scale that only McDonald's can achieve. Strong execution across all elements of Accelerating the Arches is creating additional customer demand and share gains across most of our major markets. but we recognize that we're operating in a challenging macro environment where costs remain elevated, customer discretionary spending is limited and industry traffic is pressured. In line with industry trends and as inflation begins to normalize later in the year, we expect top line growth to moderate.

隨著我們與這些客戶的關係不斷發展，我們將釋放更多的客戶需求，並探索投資以實現只有麥當勞才能實現的持續數字創新。加速拱門所有要素的強有力執行正在創造更多的客戶需求，並在我們大多數主要市場上分享收益。但我們認識到，我們正處於充滿挑戰的宏觀環境中，成本仍然居高不下，客戶可自由支配支出有限，行業流量面臨壓力。與行業趨勢一致，並且隨著今年晚些時候通脹開始正常化，我們預計收入增長將放緩。

Turning to the P&L. Our strong top line performance across each of our segments drove adjusted earnings per share of $3.17 for the quarter, an increase over the prior year of 25% in constant currencies, excluding other charges and gains in both periods as well as a prior year tax settlement. Our company-operated margin performance for the first half of 2023 is in line with our expectations and remains hampered by continued cost pressures. As we look to the remainder of the year, we expect macro headwinds will continue.

轉向損益表。我們每個部門的強勁營收業績推動本季度調整後每股收益達到 3.17 美元，按固定匯率計算，較上年增長 25%，不包括這兩個時期的其他費用和收益以及上年稅務結算。我們公司 2023 年上半年的經營利潤率表現符合我們的預期，但仍受到持續成本壓力的影響。展望今年剩餘時間，我們預計宏觀阻力將持續。

Total restaurant margin dollars grew by nearly $450 million in constant currencies or nearly 14% for the quarter. Strong franchise sales performance continues to be offset by targeted and temporary franchisee assistance, provided mainly to our European franchisees where elevated costs continue to pressure restaurant cash flows. We're still anticipating that these efforts will have an impact of $100 million to $150 million for the year.

按固定匯率計算，本季度餐廳總利潤增長近 4.5 億美元，即增長近 14%。強勁的特許經營銷售業績繼續被有針對性的臨時特許經營商援助所抵消，這些援助主要提供給我們的歐洲特許經營商，這些特許經營商的成本上升繼續給餐廳現金流帶來壓力。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 6% in constant currency, primarily driven by prior year costs incurred for our worldwide convention last April and timing of anticipated current year spend. We are pleased with our strong adjusted operating margin of just over 47% for the first half of the year. This was driven by the continued strong top line growth that I mentioned and timing within our G&A spend.

按固定匯率計算，本季度的一般管理費用下降了 6%，這主要是由於去年 4 月份我們的全球大會產生的上一年成本以及預計本年度支出的時間安排所致。我們對今年上半年調整後營業利潤率略高於 47% 的強勁表​​現感到滿意。這是由我提到的持續強勁的收入增長以及我們的一般管理支出的時機推動的。

For the full year, we now expect adjusted operating margin to be about 46%, reflecting heavier G&A spend in the back half of the year, along with an expected property gain in other operating income in quarter 4. And our adjusted effective tax rate was just over 18% for the quarter.

對於全年，我們現在預計調整後的營業利潤率約為 46%，反映了下半年 G&A 支出的增加，以及第四季度其他營業收入中的預期財產收益。我們調整後的有效稅率為本季度略高於 18%。

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

接下來，讓我把它轉回給克里斯。

Thanks, Ian. As I've said before, McDonald's Corporation is in the business of selling a brand. Our investments through Accelerating the Arches to create cultural conversations and develop industry-leading innovations have increased the value of our brand and kept us relevant. In June, McDonald's earned an impressive 18 lions across 10 markets at the Cannes Lions International Festival of Creativity. Additionally, our team in the U.K. and Ireland was awarded the prestigious Marketing Society's Grand Prix, which recognizes the best marketer in the country. The McDonald's brand also rose to the #5 spot in the 2023 Kantar BrandZ Top 100 Most Valuable Global Brands report, behind only the leading tech industry brands.

謝謝，伊恩。正如我之前所說，麥當勞公司從事的是銷售品牌的業務。我們通過加速拱門的投資來創造文化對話和開發行業領先的創新，增加了我們品牌的價值並保持了我們的相關性。 6 月，麥當勞在戛納國際創意節上贏得了 10 個市場的 18 只獅子，令人印象深刻。此外，我們在英國和愛爾蘭的團隊還獲得了著名的營銷協會大獎，該獎項旨在表彰該國最好的營銷人員。麥當勞品牌在 2023 年 Kantar BrandZ 最具價值全球品牌 100 強報告中也上升至第 5 位，僅落後於領先的科技行業品牌。

As we've upped our marketing game, it's also been interesting to see how our food quality scores with customers have continued to increase. The more customers love our brand, the more they love our food. Beyond the great brand stories created by our marketing teams and agency partners are the thousands of franchisees around the world who create real-life brand stories every day in the restaurants with our customers. Our franchisees and crew bring the McDonald's brand to life with great hospitality, convenience and service. The best brand in the industry, backed by the best franchisees has been our value creation formula for decades.

隨著我們加大營銷力度，我們的食品質量評分如何持續提高也很有趣。顧客越喜歡我們的品牌，他們就越喜歡我們的食物。除了我們的營銷團隊和代理合作夥伴創造的偉大品牌故事之外，世界各地數以千計的特許經營商每天都在餐廳與我們的顧客一起創造真實的品牌故事。我們的特許經營商和工作人員以熱情好客、便利和服務將麥當勞品牌帶入生活。幾十年來，行業中最好的品牌，由最好的特許經營商支持，一直是我們的價值創造公式。

We're always looking ahead to what is next and asking ourselves how do we continue to create the world's greatest franchising opportunity for the world's greatest franchisees for generations to come. This requires making decisions for the long term to earn our success rather than expecting it or assuming it.

我們始終展望未來，並問自己如何繼續為子孫後代創造世界上最偉大的特許經營機會。這需要做出長期決策以贏得我們的成功，而不是期望或假設它。

Our Accelerating the Arches strategy is focused on just that, setting up the company and our franchisees to continue to prosper. Laying the foundation for the future also involved strongly defending the franchise system and independent ownership rights, a position echoed by the National Franchisee Leadership Alliance, the elected representative voice of McDonald's franchise organizations across the U.S.

我們的加速拱門戰略的重點就是讓公司和我們的特許經營商繼續繁榮。為未來奠定基礎還包括大力捍衛特許經營體系和獨立所有權，這一立場得到了全國特許經營者領導聯盟的響應，該聯盟是全美麥當勞特許經營組織的民選代表。

I'm confident that the system is focused on the right priorities and is well positioned to meet the customer needs of tomorrow. Thank you to the over 2 million talented people working in our restaurants, our thousands of franchisees and our entire network of suppliers around the world who bring the McDonald's experience to life each day.

我相信該系統專注於正確的優先事項，並且能夠很好地滿足未來客戶的需求。感謝在我們餐廳工作的超過 200 萬人才、我們數千名特許經營商以及我們遍布世界各地的整個供應商網絡，他們每天都將麥當勞的體驗帶入生活。

I'll now turn it over to Mike for Q&A.

我現在將其交給邁克進行問答。

(Operator Instructions)

（操作員說明）

Our first question is from Eric Gonzalez with KeyBanc.

我們的第一個問題來自 KeyBanc 的 Eric Gonzalez。

My question is about your expectations for the U.S. consumer. I think last quarter, there was some discussion about your base case that the U.S. would expect a mild recession. And I think you called out that you're starting to see some evidence of trade down in your check management at that time. So I'm wondering, has there been any change in your current thinking and whether those consumer behaviors have intensified or moderated in the last quarter.

我的問題是關於您對美國消費者的期望。我認為上個季度，有人討論了美國預計會出現溫和衰退的基本情況。我認為您指出您當時開始在支票管理中看到一些交易下降的證據。所以我想知道，您目前的想法是否有任何變化，以及這些消費者行為在上個季度是加強還是減弱。

Thanks, Eric, for the question. I'd say, overall, there hasn't been a dramatic change in the U.S. consumer. Sentiment is actually improving a little bit, but we're certainly still far off of where we were back in 2019. As we look at our spend by different sort of economic cohorts, we are gaining share in the -- if you look at incomes under $100,000, we're actually doing quite well there, which suggests that we're getting some benefit from trade down, from things like full-service dining, casual dine, et cetera.

謝謝埃里克提出的問題。我想說，總體而言，美國消費者並沒有發生巨大的變化。情緒實際上有所改善，但我們肯定距離 2019 年的水平還很遠。當我們看看不同類型的經濟群體的支出時，如果你看看收入，我們正在獲得份額低於 100,000 美元，我們實際上在那裡做得很好，這表明我們從全方位服務餐飲、休閒餐飲等方面的貿易下降中獲得了一些好處。

And then even if you go to incomes of $45,000 and less, our business is performing well there. What we're seeing with that group is we are seeing a little bit of a decrease in order size. But it's being offset by a very strong or continued strength in traffic.

即使您的收入為 45,000 美元或更少，我們的業務也表現良好。我們在該組中看到的是訂單規模略有減少。但它被非常強勁或持續的流量優勢所抵消。

So I think net-net, when you look at all of it, there is certainly concern with the U.S. consumer that shows up in their sentiment. But our business, and particularly I think our value positioning in the market, has put us into a good position to be able to weather that and continue to drive the share gains that you're seeing.

所以我認為，當你審視所有這一切時，你會發現美國消費者的情緒中肯定存在對他們的擔憂。但我們的業務，特別是我認為我們在市場上的價值定位，使我們處於有利地位，能夠經受住這種考驗，並繼續推動您所看到的份額增長。

Eric, it's Ian. I just might add a little bit to Chris' comments. I think we've talked -- if I just focus on the U.S. over the last couple of quarters about kind of these 2 broad areas of probably consumer adjustment that we've seen. I would say the first one is we are seeing some consumers that are kind of trading down from those more premium or higher-priced items in the menu to more core and value. And then I think as Chris said, we have consumers that continue to visit and -- but probably are just buying a little less.

埃里克，我是伊恩。我可能會對克里斯的評論補充一點。我想我們已經討論過——如果我只關注美國過去幾個季度的情況，我們可能已經看到了這兩個廣泛的消費者調整領域。我想說的第一個問題是，我們看到一些消費者正在從菜單中那些更優質或價格更高的商品轉向更核心和更有價值的商品。然後我認為，正如克里斯所說，我們有消費者繼續訪問，但可能只是購買量減少了一點。

So their basket sizes are a little bit smaller than what they've been previously. I think the context is those 2 factors, though, have been really, while they've been in play for a number of quarters, now have been very consistent. So we're not seeing any further kind of deterioration, I think that which is encouraging.

所以他們的籃子尺寸比以前要小一些。我認為背景是這兩個因素，雖然它們已經發揮了幾個季度的作用，但現在已經非常一致。因此，我們沒有看到任何進一步的惡化，我認為這是令人鼓舞的。

And as Chris touched on, I think, speaks to our leading value for money and affordable positioning in the U.S. business, which we know is industry leading and where we've maintained a really strong gap to the competitive set. I mean, I think it is -- I think the consumer still remains under pressure, obviously, with the macro context, with all of the inflationary impacts that they're seeing on their kind of their basket of goods and obviously with rising interest rates.

我認為，克里斯談到了我們在美國業務中領先的物有所值和實惠的定位，我們知道這是行業領先的，並且我們與競爭對手保持著巨大的差距。我的意思是，我認為消費者仍然面臨壓力，顯然，在宏觀背景下，他們看到他們的一籃子商品受到通貨膨脹的影響，而且顯然利率上升。

But we know we had obviously positive traffic growth in the quarter in the U.S. business. We know that on a comp basis, we continue to outperform the broader sector. And I think as Chris touched on in his opening remarks, we're doing -- we continue to focus on the experience, and we know based on the feedback that we're seeing from our customers that we're delivering an improved experience. I think that's a credit to the U.S. business and all of our franchisees and the really strong focus they've got on executing and make sure we deliver for the customer when they do choose us.

但我們知道，本季度美國業務的流量明顯出現正增長。我們知道，在比較基礎上，我們的表現繼續優於更廣泛的行業。我認為，正如克里斯在開場白中談到的那樣，我們正在做——我們繼續關注體驗，並且根據我們從客戶那裡看到的反饋，我們知道我們正在提供改進的體驗。我認為這是對美國企業和我們所有特許經營商的讚揚，也是他們對執行的高度重視，並確保當客戶選擇我們時我們為他們提供服務。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自大衛·塔倫蒂諾和貝爾德。

Ian, I wanted to follow up on your comments about sales moderating as the year goes on, which is understandable given the starting point here. But specifically, I was hoping you could perhaps break down the guest count growth versus the check growth in the U.S., and if you have it in IOM as well for the second quarter.

伊恩，我想跟進您關於隨著時間的推移銷售放緩的評論，考慮到這裡的起點，這是可以理解的。但具體來說，我希望您能將美國的客人數量增長與支票增長進行細分，如果您在國際移民組織中也有第二季度的數據的話。

And then how do you expect the check growth component to moderate as kind of the inflation environment gets a little bit more moderate? So I guess if you could just frame that up for us, that would be helpful.

那麼，隨著通脹環境變得更加溫和，您預計支票增長部分將如何放緩？所以我想如果你能為我們框架一下，那將會很有幫助。

Thanks, David. Well, look, what I'll do is, I think, kind of give you the broad brush factors that I think we consider when we talk to kind of our expectation of a moderation in our top line as we kind of work through the back half of the year. I think there are 3 things there that I'd call out. The first is just, we certainly believe from a kind of COVID comparability that the substantive kind of tailwinds are fully behind us as we move into the back half of the year. So I think that's the first piece.

謝謝，大衛。好吧，聽著，我認為，我要做的是，為您提供一些廣泛的因素，我認為當我們談論我們對頂線適度的期望時，我們會考慮這些因素，因為我們在後面的工作半年。我想我要指出三件事。首先，我們當然相信，從某種新冠病毒的可比性來看，隨著我們進入今年下半年，實質性的順風已經完全過去了。所以我認為這是第一部分。

The second piece is just as we've talked to in our opening remarks, I mean, we certainly are seeing inflation start to gradually come down. I think that's been the case in the U.S. business probably starting the end of last year -- it's obviously still elevated, but I think we are seeing that gradual kind of decline. And I think in the majority of our international markets, we started to see, I think, as we head into the back half of the year, the gradual decline begin there as well. And so I think as inflation begins to come down, I would certainly expect our pricing levels to also start to come down. So that's the second factor.

第二點正如我們在開場白中談到的那樣，我的意思是，我們確實看到通脹開始逐漸下降。我認為美國企業的情況可能從去年年底開始就出現了——顯然仍然處於上升狀態，但我認為我們正在看到這種逐漸下降的情況。我認為，在我們的大多數國際市場中，我認為，當我們進入今年下半年時，我們也開始看到逐漸下降的趨勢。因此，我認為隨著通貨膨脹開始下降，我當然預計我們的定價水平也會開始下降。這是第二個因素。

And I think then the third factor would just be, as Chris touched on previously, I mean, I think there are a number of our top markets where we know the macroeconomic conditions are challenging. We know there continues to be a lot of pressure on consumers. We know consumer sentiment continues to be impacted. And so we do expect the broader sector to kind of -- begin to kind of decline in those markets as we go through the back half of the year. And so I think that's kind of the third broad kind of trend that we think about when we talk about moderation.

我認為第三個因素就是，正如克里斯之前提到的那樣，我的意思是，我認為我們知道有許多頂級市場的宏觀經濟狀況具有挑戰性。我們知道消費者仍然面臨很大的壓力。我們知道消費者信心繼續受到影響。因此，我們確實預計，隨著今年下半年的到來，這些市場的更廣泛的行業將開始下滑。所以我認為這是我們在談論適度時所考慮的第三種廣泛趨勢。

So if I spoke specifically to the U.S., I think -- we're obviously looking at kind of a 1-year comparable, but also kind of comparing back to 2019, I think that moderation is probably more pronounced in the back half of the second half than the front half. But I think if you step back and you think -- you look at the quarter 2 results, we had positive traffic across each of the 3 operating segments.

因此，如果我具體針對美國，我認為——我們顯然會考慮 1 年期的可比性，但也會與 2019 年進行比較，我認為在 2019 年下半年，這種放緩可能更為明顯。後半場比前半場。但我認為，如果你退後一步，你會想，看看第二季度的業績，我們在 3 個運營部門中的每一個部門都獲得了積極的流量。

We are laser-focused on what we certainly feel is the most important metric, which is that we are continuing to gain market share in the majority of our top markets. We know we continue to outperform the competitive set, and that's certainly what we're laser-focused on. We feel really confident about how our Accelerating the Arches strategy continues to resonate across all the markets we do business with and the strength of our underlying momentum.

我們專注於我們認為最重要的指標，即我們在大多數頂級市場中繼續獲得市場份額。我們知道我們將繼續超越競爭對手，這當然是我們高度關注的目標。我們對我們的“加速拱門”戰略如何繼續在與我們開展業務的所有市場以及我們的潛在動力的強度中產生共鳴感到非常有信心。

The next question is from Jeff Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑夫伯恩斯坦。

Just looking at the guidance that you provided. I think you mentioned that operating margins, you're now expecting at 46% for this full year ex the restructuring charges seemingly raised from the 45% prior. Just wondering if you can maybe offer some color as to what you believe are the primary drivers of that?

只是看看您提供的指導。我想您提到過，您現在預計今年全年的營業利潤率為 46%（扣除似乎比之前的 45% 上調的重組費用）。只是想知道您是否可以提供一些關於您認為的主要驅動因素的信息？

And just as importantly, how should we think about that operating margin looking out 1, 2, 3 years? Is that reasonable to assume that, that continues to grind higher? Or is there a certain level where you'd expect that would top out whether just naturally or whether based on reinvestment that you might want to make? I'm just wondering how you think about that operating margin, especially in the current environment.

同樣重要的是，我們應該如何考慮未來 1 年、2 年、3 年的營業利潤率？假設繼續走高是否合理？或者，您是否期望達到某個特定水平，無論是自然達到頂峰還是基於您可能想要進行的再投資？我只是想知道您如何看待營業利潤率，尤其是在當前環境下。

Jeff. Well, let me start with that one. Thanks for the question. So let me start, I think, with 2023. And as you touched on, I think we started the year with an op margin guidance of about 45%. We've updated that now to, say, about 46%. We're really pleased with our performance in the first half of the year where we were about 47% from an op margin standpoint. And I think that connects to what we've talked about pretty consistently, which is we do believe that over time, as we continue to drive top line growth, that we can continue to get leverage in our op margin line. I think we saw that in the first half.

傑夫.好吧，讓我從那個開始。謝謝你的提問。因此，我想從 2023 年開始。正如您提到的，我認為我們年初的運營利潤率指導約為 45%。我們現在已將其更新為大約 46%。我們對今年上半年的表現非常滿意，從運營利潤率的角度來看，我們約為 47%。我認為這與我們一直以來所討論的內容相關，即我們確實相信，隨著時間的推移，隨著我們繼續推動營收增長，我們可以繼續在運營利潤線上獲得槓桿作用。我想我們在上半場就看到了這一點。

As we head into the second half, I think there are a couple of things that kind of are specific to the guidance for the full year. Firstly, I think it's the inflationary pressures and margin pressures, we certainly believe will continue. I just talked about kind of the moderation of the top line as we kind of work through the rest of the year. Also expect, as I touched on in my opening remarks, that our G&A spend for the year will be more back half than front half weighted. So that's a factor.

當我們進入下半年時，我認為有一些事情是針對全年指導的。首先，我認為這是通脹壓力和利潤率壓力，我們當然相信將會持續下去。我剛剛談到了我們在今年剩餘時間裡的工作中對營收的適度調整。正如我在開場白中提到的，我們還預計今年的 G&A 支出將比前半部分的比重更大。所以這是一個因素。

And the other call out, and I kind of touched on this again in my opening remarks was we do expect, and this is in the guidance, that we will have a onetime property gain in the fourth quarter. I think as we look forward, again, I would just reiterate that we certainly believe as we're continuing to being able to drive that top line growth, that we can continue to gain leverage in the op margin line. And I think it's something we'll certainly talk about further in the Analyst Day at the end of the year.

另一個呼聲是，我在開場白中再次提到了這一點，我們確實預計，這是在指導中，我們將在第四季度獲得一次性的房地產收益。我認為，當我們展望未來時，我再次重申，我們當然相信，隨著我們繼續能夠推動營收增長，我們可以繼續在運營利潤率方面獲得槓桿作用。我認為我們肯定會在年底的分析師日進一步討論這一問題。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

I would love to hear more detail about the IOM trends and insights from those countries. You're -- where are you seeing relative strength and weakness? And what do you ascribe those trends to? I mean, I asked partly because we're still dealing with post-COVID dynamics in some of those markets that are perhaps greater than the U.S. with some back to travel, back to work in center cities.

我很想了解有關 IOM 趨勢的更多詳細信息以及這些國家的見解。你在哪裡看到相對優勢和劣勢？您將這些趨勢歸因於什麼？我的意思是，我問這個問題的部分原因是，我們仍在應對一些市場的後疫情動態，這些市場可能比美國更大，其中一些人回到了中心城市旅行、重返工作崗位。

But I'd also be interested to hear about macro headwinds you're already seeing in the business. You mentioned the value menu launches in Germany and the U.K. So wondering if you were doing those as proactive launches or perhaps reactionary?

但我也有興趣了解您在該行業已經看到的宏觀阻力。您提到了在德國和英國推出的超值菜單，所以想知道您這樣做是主動推出還是被動推出？

David, it's Chris. Thanks for the question. Well, as you saw in the results, overall, our IOM business put up very strong performance. So we're very pleased with that, and it's a credit to the team and how they're executing against that. Also, as you probably know, our IOM, particularly our European markets are facing even more significant inflationary pressures, U.K. in particular, than in the U.S. And the teams there have done a really nice job of putting in the pricing that they need to, to ensure that we're protecting margins, franchisee margins, but at the same time, that we are maintaining our affordability and value for money leadership in those markets. And our measures there continue to hold up quite well.

大衛，是克里斯。謝謝你的提問。嗯，正如您在結果中看到的那樣，總體而言，我們的 IOM 業務表現非常強勁。所以我們對此非常滿意，這是對團隊以及他們的執行方式的信任。此外，正如您可能知道的那樣，我們的 IOM，特別是我們的歐洲市場，尤其是英國，面臨著比美國更嚴重的通脹壓力，而且那裡的團隊在製定所需的定價方面做得非常出色，確保我們保護利潤和特許經營商利潤，但同時，我們保持在這些市場的負擔能力和物有所值的領先地位。我們在那裡採取的措施仍然有效。

I think the other thing that's going well for us is just the execution that we're seeing in our IOM markets. They continue to make progress on service times. Customer satisfaction scores are continuing to increase. So there's been really a strong performance from an operations standpoint over in Europe.

我認為對我們來說進展順利的另一件事就是我們在 IOM 市場中看到的執行力。他們在服務時間上繼續取得進步。客戶滿意度分數持續上升。因此，從運營的角度來看，歐洲的表現確實很強勁。

Where you do see, and every country has obviously got a little bit of a different nuance. But certainly, the unrest that I mentioned in my opening comments in France has put some challenge from a macro standpoint on that business. We've also had a number of restaurants that have actually been impacted through some of the protests there that we've had to take off-line, and they're going to need to go and get rebuilt.

你確實看到了，每個國家顯然都有一些不同的細微差別。但可以肯定的是，我在開場白中提到的法國的動盪從宏觀角度來看對該行業提出了一些挑戰。我們還有一些餐館實際上受到了一些抗議活動的影響，我們不得不下線，他們需要去重建。

So there is pressure that we've seen from a macro standpoint in France. In the U.K., U.K. is dealing with probably be worse, we're close to the worst consumer sentiment in Europe. And that's putting some pressure on the business. But overall, our U.K. business is performing well. And I think each market has its own approach to value. But we're seeing, I think, that probably being a little bit more of an orientation in those markets just to make sure that as we build our second half plan, that we've got a strong value message as part of that.

因此，從宏觀角度來看，我們在法國看到了壓力。在英國，英國的情況可能更糟，我們接近歐洲最糟糕的消費者信心。這給企業帶來了一些壓力。但總體而言，我們的英國業務表現良好。我認為每個市場都有自己的價值方法。但我認為，我們看到，這可能更多地是針對這些市場，只是為了確保在我們制定下半年計劃時，我們能在其中獲得強烈的價值信息。

So overall, very pleased with how our IOM and, in particular, European markets are performing. And I wouldn't say there's anything one in particular that -- the reason for that is it's the whole playbook of value. It's a focus on core menu. They've had great chicken growth. And then, of course, we're seeing all the benefits for digital.

總的來說，我們對 IOM，特別是歐洲市場的表現非常滿意。我不會說有什麼特別的——原因是它是整個價值手冊。它專注於核心菜單。他們的雞生長得很好。當然，我們也看到了數字化帶來的所有好處。

And one of the things that is maybe not fully appreciated, but with 52 million people in our top 6 markets now, in our loyalty program, we do typically see about a 15% increase in frequency when we get members into loyalty. And we're still seeing high single-digit growth rates in our loyalty programs in terms of sign-ups. So that continues to be a tailwind for us in the business.

其中一件事可能沒有得到充分重視，但我們的忠誠度計劃目前在我們的 6 大市場中有 5200 萬人，當我們讓會員成為忠誠度時，我們通常會看到頻率增加約 15%。在註冊方面，我們的忠誠度計劃仍然保持著較高的個位數增長率。因此，這仍然是我們業務的推動力。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Actually, my question is in the context of value. It's a perfect follow-up to that. So you discussed some of the success of the McSmart value menu, the Saver Menu. And obviously, I'm hearing a lot about global solutions. As we kind of think about ways to drive traffic, drive sales, maybe to some extent, at the expense of margins, does it make sense to consider the return of a dollar-style menu in the U.S., Canada, France, Australia, what have you? I mean, does -- is a value menu, at least in some construct, part of what you see the big 6 or big 7 offerings to consumers to be? Is that something that is on the front burner?

事實上，我的問題是在價值的背景下。這是對此的完美後續。您討論了 McSmart 超值菜單（即“節省菜單”）的一些成功之處。顯然，我聽到了很多關於全球解決方案的信息。當我們思考如何推動流量、推動銷售（也許在某種程度上，以犧牲利潤為代價）時，考慮在美國、加拿大、法國、澳大利亞回歸美元式菜單是否有意義？你？我的意思是，至少在某種意義上，價值菜單是您認為六大或七大向消費者提供的產品的一部分嗎？這是當前最重要的事情嗎？

Yes, I'll take that. So I think the starting point is to just emphasize, we're winning on value. So the programs that we have in place are working and delivering for us, And it shows up not just in our overall performance, the fact that we're driving both check and we're driving guest counts, but it shows in our consumer sentiment scores where we are maintaining our leadership and affordability and looking value for money. So there's nothing broken from a value standpoint that from my vantage point, you would need to change. I think we feel really good that the value programs that we have in place are actually driving the success.

是的，我會接受的。所以我認為出發點只是強調，我們正在以價值取勝。因此，我們現有的計劃正在為我們發揮作用並為我們提供服務，它不僅體現在我們的整體表現中，事實上我們正在推動支票和客人數量的增長，而且還體現在我們的消費者情緒中我們保持領先地位、承受能力並尋求物有所值的分數。因此，從價值的角度來看，沒有什麼被打破，從我的角度來看，你需要改變。我認為我們感到非常高興，因為我們實施的價值計劃實際上正在推動成功。

The probably only thing that teams would be looking at is as they think about marketing communication in the back half of the year, do they maybe emphasize a little bit more of driving awareness of the value programs that already exist in the market. That may be something that some markets consider doing. But we feel great about the value programs that we have in place in each of our markets today, and I wouldn't expect to see any changes from the programs that we have.

團隊唯一關注的可能是，當他們考慮下半年的營銷傳播時，他們是否可能會更多地強調提高市場上現有價值計劃的意識。這可能是一些市場正在考慮做的事情。但我們對今天在每個市場實施的價值計劃感到非常滿意，而且我不希望看到我們現有的計劃發生任何變化。

Maybe just a little -- a build to Chris. I think just one of the things that we feel really good about in the business is just how our teams are continuing to be proactive and agile in kind of, obviously, a volatile set of external circumstances. And I think that's -- the example in both the U.K. and Germany of what the teams have introduced there is a great example of learning from each other because there's a lot of consistency in those programs, but bringing them to life in ways that are relevant.

也許只是一點點——對克里斯來說是一個構建。我認為我們在業務中真正感到滿意的一件事就是我們的團隊如何在一系列不穩定的外部環境中繼續保持主動和敏捷。我認為，英國和德國團隊推出的項目是一個很好的互相學習的例子，因為這些項目有很多一致性，但以相關的方式將它們付諸實踐。

And doing that, while we're in a position of strength as we are in both markets, Germany, as an example, in the second quarter had an all-time sales record for their business. So I think this is us staying close to our consumers, make sure -- making sure we're leaning into the needs of our consumers as they work through the broader macroeconomic challenges and I think really continuing to make sure that such an important strategic element of our business continues to resonate in consumers in a way that's relevant in the context of each individual market.

這樣做，雖然我們在這兩個市場都處於優勢地位，但以德國為例，第二季度的業務銷售創歷史新高。因此，我認為這就是我們與消費者保持密切聯繫，確保我們在消費者應對更廣泛的宏觀經濟挑戰時關注他們的需求，我認為真正繼續確保如此重要的戰略要素我們的業務繼續以與每個市場背景相關的方式引起消費者的共鳴。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·比特納。

I wanted to ask about store level margins. Clearly, your same-store sales were very impressive in the second quarter, over 10% comps in the United States. But store level margins in the U.S. were still down about 70 bps year-over-year in the quarter. So can you talk more specifically about what is causing the drag on margins despite such strong top line?

我想問一下商店層面的利潤率。顯然，你們第二季度的同店銷售額非常可觀，在美國的同店銷售額超過 10%。但本季度美國門店利潤率仍同比下降約 70 個基點。那麼，您能否更具體地談談儘管收入如此強勁，但導致利潤率下降的原因是什麼？

And as the top line potentially slows moving forward, as you talked about, is there a scenario where store-level margins can start to show improvements? Or is this a situation where you anticipate store-level margins to feel more pressure for longer?

正如您所說，隨著收入的增長可能會放緩，商店層面的利潤率是否會開始出現改善？或者在這種情況下，您預計商店層面的利潤率會在更長時間內感受到更大的壓力？

Brian, it's Ian. Thanks for the question. Well, look, I would start with the headline. I mean, our belief is that the best way to drive sustainable margin improvement is for us to focus on driving strong momentum in the business. And I think the U.S. business is the perfect example of that, while certainly as you work through these kind of rapid and accelerated periods of inflation, there's pressure from a percentage basis, and we've clearly seen that in the U.S. business, I mean, I think, that the example would be that the strength of our momentum in the U.S. actually means that our owner-operator cash flow is up year-over-year obviously in a continued challenging environment. And that's what we're focused on, is how do we drive sustainable margin dollar cash flow growth for ourselves and for our franchisees.

布萊恩，我是伊恩。謝謝你的提問。好吧，聽著，我將從標題開始。我的意思是，我們相信，推動可持續利潤率提高的最佳方式是專注於推動業務的強勁勢頭。我認為美國企業就是一個完美的例子，當然，當你經歷這種快速和加速的通貨膨脹時期時，存在來自百分比的壓力，我們已經在美國企業中清楚地看到了這一點，我的意思是我認為，這個例子是，我們在美國的強勁勢頭實際上意味著，在持續充滿挑戰的環境中，我們的所有者經營者現金流量明顯逐年上升。這就是我們關注的重點，即我們如何為我們自己和我們的特許經營商推動可持續的利潤現金流增長。

I think from a percentage basis, you're right. I mean, I think we continue to see pressure, obviously, from food and paper inflation, labor inflation. I think our -- we talked about earlier in the year remains in place. We said this and I think we are consistent with that in the sense that we thought our McOpCo margin in the U.S. business would be kind of roughly in line in terms of '23 with where we were at quarter 4 2022. But we have a lot of confidence that as we continue to drive that strong top line momentum as we go forward, that will continue to be able to drive both margin dollars and over time, margin percentage growth within the business.

我認為從百分比的角度來看，你是對的。我的意思是，我認為我們顯然繼續看到來自食品和紙張通脹以及勞動力通脹的壓力。我認為我們今年早些時候討論過的仍然有效。我們說過這一點，我認為我們與這一點是一致的，因為我們認為我們在美國業務的 McOpCo 利潤率在 23 年與 2022 年第 4 季度的情況大致一致。但我們有很多我們相信，隨著我們繼續推動強勁的營收勢頭，我們將繼續推動利潤率的增長，並隨著時間的推移，推動業務利潤率的增長。

And I would just add, as I mentioned in my opening comments, I've been to a number of markets. I've had a chance to talk to franchisees in a number of markets. And I've been very impressed and pleased with how they're thinking about working through the current scenario right now, which is they're playing the long game. And they recognize the importance of us continuing to make sure we have leadership in value and affordability as they also think about how do they rebuild margins back to kind of where we were during this preinflationary spike.

我想補充一點，正如我在開場白中提到的，我去過很多市場。我有機會與許多市場的特許經營商交談。我對他們現在如何考慮如何解決當前的情況印象深刻，也很高興，他們正在打持久戰。他們認識到我們繼續確保我們在價值和承受能力方面處於領先地位的重要性，同時他們也在考慮如何將利潤率恢復到通貨膨脹前的水平。

And so in many cases, the conversations we're having with franchisees are about more of exiting the year, and where do we want to see margins when we exit the year but recognize that there may be some short-term impacts on this as we continue to balance our need for margin but also our need to maintain our leadership with customers. So it hats off to the franchisees who I think are taking the exact right perspective on this, and it's what shows up in our performance and the reason why we're taking share in almost all of our major markets.

因此，在許多情況下，我們與特許經營商的對話更多的是關於退出這一年，以及我們希望在退出這一年時看到利潤在哪裡，但認識到這可能會產生一些短期影響，因為我們繼續平衡我們對利潤的需求以及保持我們在客戶中的領先地位的需要。因此，我向特許經營商致敬，我認為他們對此採取了完全正確的觀點，這就是我們的業績所體現的，也是我們在幾乎所有主要市場中佔據份額的原因。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯·蓋革。

I wanted to just ask a little bit more on how you're thinking about maintaining some of the underlying momentum and the share gains you've seen for quite some time now in the U.S. As you think about some of the key drivers in place across the 3 Ds, the operational execution, newer sort of ready on arrival stuff, et cetera, can you just sort of unpack how you think about the most impactful traffic and sales opportunities in the next year, maybe even over the coming years? .

我想多問一點，關於您如何考慮保持一些潛在的勢頭以及您在美國已經看到相當長一段時間的股票收益，當您考慮整個行業的一些關鍵驅動因素時3D、運營執行、更新的抵達準備就緒的東西等等，您能否簡單地解釋一下您對明年（甚至未來幾年）最有影響力的流量和銷售機會的看法？ 。

It all goes back to the strategy of Accelerating the Arches. And when we laid out Accelerating the Arches, we talked about our MCD framework. It's about great marketing. It's about focusing on core menu. It's about 3 Ds, now the 4 Ds. And so 1 of the things that I -- and that underlying all of that is about great execution. And I think one of the things that, for me, gives me confidence about the strength and resiliency of our business, not just in the U.S. but around the world, is that it's broad-based. It's not being driven by one-off promotion. It's not being driven by kind of just silver bullets.

這一切都可以追溯到加速拱門的策略。當我們制定 Acceleerated the Arches 時，我們討論了我們的 MCD 框架。這是關於偉大的營銷。這是關於專注於核心菜單。以前是 3 D，現在是 4 D。因此，我所做的一件事——以及所有這一切的基礎就是出色的執行力。我認為，對我來說，讓我對我們業務的實力和彈性充滿信心的一件事是，我們的業務不僅在美國，而且在全世界，基礎廣泛。它不是由一次性促銷推動的。它不僅僅是由靈丹妙藥驅動的。

You're seeing it because of consistent execution across the entire strategy. So you're seeing evidence of where we continue, I think, to up our game from a marketing standpoint. That's driving strength around our brand scores. Our brand has never been in a better place than it's been. Our focus on core menu and things like best burger, the focus that we have on chicken, we're gaining share in both chicken and beef which -- off of core menu, which has a lot of benefits. And then we continue to do a great job of executing against our 3 Ds and -- well, against our 4 Ds.

您之所以能看到這一點，是因為整個戰略的執行一致。因此，我認為，您會看到我們繼續從營銷角度提高我們的水平的證據。這就是我們品牌得分的驅動力。我們的品牌從未處於比現在更好的境地。我們專注於核心菜單和最好的漢堡之類的東西，我們專注於雞肉，我們在雞肉和牛肉方面都獲得了份額——在核心菜單之外，這有很多好處。然後我們繼續出色地執行 3D 和 4D。

Digital for us is something that is actually, I think, a virtuous loop, where you're seeing the stronger our digital business becomes, the more that it's driving customer engagement in digital. Our app downloads, when you compare us to anybody else in the industry, it's orders of magnitude difference. And that creates some economies of scale that become self-perpetuating over time.

我認為，數字化對我們來說實際上是一個良性循環，你會看到我們的數字業務越強大，就越能推動客戶對數字化的參與。當您將我們與業內其他任何人進行比較時，我們的應用程序下載量存在數量級的差異。這創造了一些規模經濟，隨著時間的推移，這些規模經濟會自我延續。

So as I look out for the business -- for us, it's going to be about continuing to do all the things that we're doing on that. And underneath that is the execution that we're seeing in our restaurants. And with the PACE program that we put in place last year, it was in most of our major markets. This year, we added the U.S. But you're seeing service times come down across the board in our major markets. You're seeing CSAT or customer satisfaction scores go up in all of our restaurants.

因此，當我關注業務時——對我們來說，這將是繼續做我們正在做的所有事情。其背後是我們在餐廳中看到的執行力。通過我們去年實施的 PACE 計劃，該計劃已覆蓋我們的大多數主要市場。今年，我們增加了美國，但您會發現我們主要市場的服務時間全面下降。您會發現我們所有餐廳的 CSAT 或客戶滿意度得分都在上升。

So I wouldn't attribute our success to anything. It's the fact that we're executing across the entire Accelerating the Arches playbook that gives me confidence in those. So this is a momentum business. When you've got momentum, it helps. And it can be self-perpetuating. Now you don't want to get complacent on that. But the fact that we have momentum, I think, is driving inhibition. It continues to drive our operators' willingness to invest because they do see that as we play this out, we've got a long runway. And we certainly believe we have a long runway here at McDonald's.

所以我不會將我們的成功歸因於任何事情。事實上，我們正​​在執行整個 Accelerated the Arches 劇本，這讓我對此充滿信心。所以這是一個勢頭強勁的業務。當你有動力時，它會有所幫助。它可以自我延續。現在你不想對此沾沾自喜。但我認為，我們擁有動力這一事實正在推動抑制。它繼續推動我們運營商的投資意願，因為他們確實看到，當我們這樣做時，我們還有很長的路要走。我們當然相信麥當勞有很長的跑道。

Our next question is from Chris Carril of RBC.

我們的下一個問題來自加拿大皇家銀行的克里斯·卡里爾。

So Chris, I know you touched on this in your prepared remarks and you plan to share more at the Investor Day, but could you maybe expand a bit more on the development outlook as we think about the second half of this year as well as beyond 2023? You've seen strong top line momentum, improving margins, and you've made organizational changes to help support development. So what are the key unlocks here or next steps going forward to accelerate new restaurant openings?

克里斯，我知道您在準備好的講話中談到了這一點，並且您計劃在投資者日分享更多內容，但是當我們考慮今年下半年及以後的發展前景時，您能否進一步闡述一下發展前景2023 年？您已經看到了強勁的營收勢頭、利潤率的提高，並且您已經進行了組織變革以幫助支持發展。那麼，加速新餐廳開業的關鍵點或下一步是什麼？

Sure. Well, we will share much more detail about this at the Analyst Day at the end of the year. So I won't get into the specifics, but I will talk about the activities that we're doing right now, which is one of the starting point is just looking at our opportunity with traditional restaurants. And if you think about -- over the last several years, our focus has been largely globally around reinvestment. In the U.S., we haven't grown units going all the way back to 2014. If you go to a number of our large IOM markets, the growth there from a unit standpoint has been pretty anemic compared to what we think is the opportunity in.

當然。好吧，我們將在年底的分析師日分享更多有關此方面的細節。所以我不會透露具體細節，但我會談論我們現在正在進行的活動，這是起點之一，就是尋找我們與傳統餐廳的機會。如果你想一想，在過去的幾年裡，我們的重點主要集中在全球範圍內的再投資。在美國，自 2014 年以來，我們的銷量一直沒有增長。如果你去看看我們的一些大型 IOM 市場，就會發現，從銷量的角度來看，與我們認為的機會相比，那裡的增長相當乏力。 。

So we are doing a very detailed both top-down and bottoms-up look to say what is the development opportunity that exists in each of those markets and how do we go and exploit that, use the U.S. as one example. I think the other thing that we look at is, think about the U.S. restaurant estate today. And the U.S. restaurant estate today reflects probably what the demographic profile or the population profile looked like 20 or 30 years ago. And imagine the amount of shifts that have happened, people moving to the South, Southeast, That isn't reflected in our footprint.

因此，我們正在進行非常詳細的自上而下和自下而上的研究，以了解每個市場存在哪些發展機會，以及我們如何利用這一機會，以美國為例。我認為我們關注的另一件事是，想想今天的美國餐館業。今天的美國餐館業很可能反映了 20 或 30 年前的人口概況或人口概況。想像一下已經發生的變化，人們搬到南方、東南部，這並沒有反映在我們的足跡中。

Our footprint reflects what the population looks like probably 20 or 30 years ago. So you end up finding there's a number of places around the U.S. where we are significantly underdeveloped relative to where the population exists today. That opens up for us a whole bunch of development opportunities for us to go after. The other thing that we're overlaying on top of this is we are, as I mentioned in my opening comments, thinking about small format and how do we bring new concepts that open up real estate opportunities that under a traditional model would not necessarily be available to us.

我們的足跡反映了 20 或 30 年前人口的樣子。所以你最終會發現美國各地有很多地方相對於今天的人口數量來說明顯落後。這為我們提供了大量值得追求的發展機會。除此之外，我們要強調的另一件事是，正如我在開場白中提到的那樣，我們正在思考小格式，以及我們如何引入新概念，以開闢傳統模式下不一定會出現的房地產機會。可供我們使用。

A big reason that, that -- we can now look at those is because of the growth that's happened with the digital and delivery, where you don't necessarily need the big dining rooms that you needed in our traditional restaurants. So you're now able to look at real estate sites that previously would have been sort of off-limits to us. Those become opportunities. So we're taking all of those things together and rolling that up to get a perspective of what we think the new unit potential is going to be over the next 4 or 5 years.

我們現在可以關注這些的一個重要原因是數字和交付的增長，您不一定需要傳統餐廳所需的大餐廳。因此，您現在可以查看以前對我們來說是禁區的房地產網站。這些都成為機會。因此，我們將所有這些因素放在一起，匯總起來，以了解我們認為新單位在未來 4 到 5 年內的潛力。

As you would imagine, it's a longer lead item. So this isn't going to be something that shows up in 2024 and even in 2025. But you can start to focus on it, get some real benefits in '26 and beyond, and that's what we'll hear at Analyst Day.

正如您所想像的，這是一個較長的引線項目。因此，這不會在 2024 年甚至 2025 年出現。但你可以開始關注它，在 26 年及以後獲得一些真正的好處，這就是我們將在分析師日聽到的內容。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自安德魯·查爾斯和考恩。

I wanted to ask about the reiterated $100 million to $150 million of targeted and temporary rent relief in (inaudible). Recognizing the numerous macro challenges in the market, the other brand is certainly successfully navigating these with impressive top line strength in front half of 2023.

我想詢問關於（聽不清）重申的 1 億至 1.5 億美元定向臨時租金減免的情況。認識到市場中的眾多宏觀挑戰，另一個品牌肯定會在 2023 年上半年以令人印象深刻的營收實力成功應對這些挑戰。

So when you combine this with better-than-expected IOM and [Costco] margins just in 2Q, just the cost pressure perhaps may not have been a severe (inaudible) anticipated. What do you need to see to reduce the outlook for relief? And just a quick follow-up to that, can you help level set how much of that $100 million to $150 million has been so far in 2023?

因此，當你將這一點與第二季度優於預期的 IOM 和 [Costco] 利潤率結合起來時，成本壓力可能並沒有達到預期的嚴重（聽不清）。您需要看到什麼才能降低救濟前景？對此進行快速跟進，您能否幫助確定 2023 年迄今為止這 1 億至 1.5 億美元中的多少？

Andrew, thanks for the question. So let me just kind of touch on a few things. Look, I think as we've talked about before, providing support to our franchisees is kind of normal course of business for us. Obviously, the difference this year is just the kind of the pace, the scale and the breadth of the pressures, and as you highlighted, obviously probably most centered in Europe.

安德魯，謝謝你的提問。讓我簡單談談一些事情。聽著，我認為正如我們之前討論過的，為我們的特許經營商提供支持對我們來說是一種正常的業務過程。顯然，今年的差異只是壓力的速度、規模和廣度，正如您所強調的，顯然可能最集中在歐洲。

So I think on the backdrop of all of that, we decided towards the back end of last year to kind of provide some more extensive support. As we talk about always -- it's always targeted and temporary. It's always fact-based support, that support goes to franchisees that need support. And I think as you've heard me talk a little bit on some of the other questions this morning, that inflation is kind of coming to play the way we predicted it. So I don't think there's been a difference versus our expectations, which is why we've reiterated that we continue to expect that we will spend between the $100 million to $150 million for the year this year.

因此，我認為在所有這一切的背景下，我們決定在去年年底提供一些更廣泛的支持。正如我們所說的“總是”——它總是有針對性的、暫時的。這始終是基於事實的支持，該支持將提供給需要支持的加盟商。我認為，正如你們今天早上聽到我談論的一些其他問題一樣，通貨膨脹正在像我們預測的那樣發揮作用。因此，我認為與我們的預期沒有差異，這就是為什麼我們重申，我們繼續預計今年的支出將在 1 億至 1.5 億美元之間。

I think the other thing I just want to go back to because it's so important, and it's certainly something I strongly believe in. I've given you the example before of as we work through COVID, and we provided support at particular moments as we work through that with our franchisees, I think that was fundamental to the exit velocity and momentum that our business had. I think what you can see now if you look at our IOM segment, and Chris talked about this earlier, is the strength of our underlying momentum, the consistency of our momentum.

我想我只想回到另一件事，因為它非常重要，而且這當然是我堅信的事情。我之前已經給你們舉過我們在應對新冠疫情期間的例子，我們在特定時刻提供了支持與我們的特許經營商一起解決這個問題，我認為這對於我們業務的退出速度和勢頭至關重要。我認為，如果你看看我們的 IOM 部分，你現在可以看到，克里斯之前談到過這一點，我們潛在動力的強度，我們動力的一致性。

And I believe that's fundamentally connected to decisions like this because they keep our system fully aligned, they keep our system front-footed and focused on the opportunities that we have to continue to drive growth in our business. I believe that's a significant strategic advantage that we have. And I think it's been a key contributor to why we continue to outperform even in markets that may be more difficult from a macroeconomic context.

我相信這與這樣的決策有著根本的聯繫，因為它們使我們的系統保持完全一致，使我們的系統保持領先地位，並專注於我們必須繼續推動業務增長的機會。我相信這是我們擁有的重大戰略優勢。我認為，這是我們即使在宏觀經濟背景下可能更加困難的市場中仍能繼續表現出色的關鍵因素。

And I would just add, again, back to my market visits that I've done in the last couple of months. In some of those conversations that I've had with franchisees, I typically do dinners every time I visit the market with a group of franchisees. And many of them in our IOM markets specifically, have thanked us for the support that we're giving attributed their willingness and ability to focus on the long term, to not necessarily just be chasing pricing in the short term because they understand we're in this together, we're both making investments to ensure that the success of our business is long-term focused.

我想再次補充一下我在過去幾個月進行的市場訪問。在我與特許經營商進行的一些對話中，我通常每次與一群特許經營商一起參觀市場時都會共進晚餐。特別是在我們的 IOM 市場中，他們中的許多人都感謝我們給予的支持，因為他們願意並且有能力關注長期，而不一定只是在短期內追逐定價，因為他們了解我們在這方面，我們共同進行投資，以確保我們業務的成功是長期的。

So I think Ian hit it exactly right. When we make the decisions and do the right things for the long term, the benefits time and again we're proven right on that. And I feel very good about the program that we've got in place. And it is temporary and targeted, as it appropriately should be.

所以我認為伊恩的做法完全正確。當我們做出長期的決定並做正確的事情時，我們的利益一次又一次地被證明是正確的。我對我們制定的計劃感覺非常好。而且它是暫時的、有針對性的，正如它應該的那樣。

Our next question is from Sara Senatore with BofA.

我們的下一個問題來自美國銀行的 Sara Senatore。

I guess a couple of questions around the margins, please. First, on the G&A. Could you just talk a bit about what the back half spending might be on -- you sort of come in pretty decently below the full year guide. So I'm just trying to understand what the step-up might be and how to think about that G&A as a percentage of system sales maybe even going forward.

我想請大家提幾個問題。首先，關於一般行政費用。您能否簡單談談下半年的支出情況——您的支出相當低於全年指南。因此，我只是想了解可能的提升是什麼，以及如何考慮 G&A 佔系統銷售額的百分比，甚至可能會繼續下去。

And then could you just give us some color on pricing and commodity basket inflation for the U.S. and the IOM markets. I'm sorry if I missed it. But just what -- how much price is on the menu and what the baskets look like?

然後您能否給我們介紹一下美國和 IOM 市場的定價和商品籃子通脹情況。如果我錯過了，我很抱歉。但到底是什麼——菜單上的價格是多少以及籃子是什麼樣的？

Great. Thanks, Sara. Well, let me start with G&A. I just -- I mean, I think a bit of a headline there. I mean I think our normal, let's call it, cycle of spend in the business is probably always a little bit more back half than front half weighted. I think this year, that's a little bit more pronounced. I think there are kind of a couple of probably more substantive factors for that. I think the first one is around our continued investment in technology and digital. I mean, I think you've heard us talk, and me in particular previously, that we will -- we have the capacity and the capability.

偉大的。謝謝，薩拉。好吧，讓我從 G&A 開始。我只是——我的意思是，我認為那裡有點標題。我的意思是，我認為我們正常的業務支出週期可能總是後半部分比前半部分加權多一點。我認為今年，這種情況更加明顯。我認為有一些可能更實質性的因素。我認為第一個是我們對技術和數字的持續投資。我的意思是，我想你們已經聽我們說過，尤其是我之前說過，我們將——我們有能力。

And we will continue to invest in areas in the business where we believe there's a significant opportunity to drive growth and generate a return. And I think our digital and technology investments have been a clear strong example and continue to be one of our key growth drivers. And I think as Chris touched on previously, we continue to believe we've got significant opportunity as we go forward to unlock further capabilities around our digital and technology platforms. And so we're continuing to accelerate investment in those areas.

我們將繼續投資於我們認為存在推動增長和產生回報的重大機會的業務領域。我認為我們的數字和技術投資是一個明顯而有力的例子，並將繼續成為我們的關鍵增長動力之一。我認為，正如克里斯之前提到的那樣，我們仍然相信，隨著我們繼續圍繞我們的數字和技術平台釋放更多功能，我們將擁有重大機會。因此，我們將繼續加快在這些領域的投資。

I think the second one is back to our global business services organization. As you know, as part of our ATO changes earlier this year, we stood up a global business service organization at an enterprise level because we felt there was a relatively significant opportunity to look at how we can digitize, I'll call it, the operational part of our business and drive sustainable efficiencies as we go forward. .

我認為第二個問題又回到了我們的全球商業服務組織。如您所知，作為今年早些時候 ATO 變革的一部分，我們在企業層面建立了一個全球商業服務組織，因為我們認為有一個相對重要的機會來研究如何實現數字化，我將其稱為“數字化”。我們業務的運營部分，並在我們前進的過程中推動可持續的效率。 。

So we're doing a fair bit of work and investing right now and looking at that opportunity to understand how big is it? What's it going to take to get after it? How should we think about sequencing and prioritizing the investments. Obviously, once you go into those sorts of journeys, there are other multiyear journeys and commitments to kind of deliver that sustainable end benefit.

因此，我們現在正在做大量的工作和投資，並尋找這個機會來了解它有多大？需要做什麼才能追隨它？我們應該如何考慮投資的排序和優先順序。顯然，一旦你進入這些類型的旅程，還有其他多年的旅程和承諾來實現可持續的最終效益。

But if we think of the kind of the broader environment today, the ability to kind of drive sustainable efficiency, the ability to get data and analytics in a sustainable way, I think, is becoming more important. And we think there's a significant opportunity there that we're looking at.

但如果我們考慮當今更廣泛的環境，我認為推動可持續效率的能力、以可持續方式獲取數據和分析的能力正變得更加重要。我們認為我們正在尋找一個重要的機會。

So I think our guidance remains intact as we stated at the beginning of the year, which is we expect our G&A to be in that 2.2% to 2.3% of sales range. I would say I think I certainly expect that we'll be closer to the higher end versus the lower end of that range. But that's a bit of texture on G&A.

因此，我認為我們的指引保持不變，正如我們在年初所說的那樣，我們預計我們的一般管理費用將在銷售額的 2.2% 至 2.3% 範圍內。我想說，我想我當然希望我們會更接近該範圍的高端而不是低端。但這是 G&A 的一點紋理。

I think on pricing, I mean, obviously, pricing varies significantly based on the context in the individual markets. So maybe what I can do is just give you a little -- I mean, obviously, pricing remains elevated as inflation more broadly remains elevated in the majority of our markets. Maybe a little texture on the U.S., which is, I think if you look at the second quarter, we were kind of on average at a low double-digit level of pricing in the business. I think as we work through the rest of the year, we'll probably end the year in that kind of low double-digit range.

我認為在定價方面，我的意思是，顯然，定價根據各個市場的情況而有很大差異。因此，也許我能做的就是給你們一點——我的意思是，顯然，隨著我們大多數市場的通脹率仍然居高不下，定價仍然很高。也許在美國有一點紋理，我認為如果你看看第二季度，我們的業務平均定價處於較低的兩位數水平。我認為，當我們在今年剩下的時間裡努力工作時，我們可能會在今年結束時保持在這種低兩位數的範圍內。

A lot of the pricing in the second quarter is kind of carryover from 2022 in the U.S. business as we work through that kind of peak inflationary period. And obviously, as I talked about earlier, we're kind of getting those 2 offsets to the pricing we're taking, which is kind of the trade down and consumers that are kind of continuing to buying a little bit less. Again, those 2 offsets have been very consistent. And as Chris and I have both talked to, we continue to see traffic growth in our U.S. business, we continue to see market share gains, and we continue to see this kind of strong leading value for money and affordability positioning.

第二季度的很多定價都是 2022 年美國業務的結轉，因為我們正在經歷通脹高峰期。顯然，正如我之前談到的，我們正在對我們所採取的定價進行這兩個抵消，這是一種貿易下降，消費者的購買量會繼續減少一些。同樣，這兩個偏移量非常一致。正如克里斯和我都談到的那樣，我們繼續看到我們美國業務的流量增長，我們繼續看到市場份額的增長，我們繼續看到這種強大的領先的物有所值和負擔能力定位。

So I think what I've talked about before, which I think is really important, is the work we've done on in the couple of years before we've kind of got into this more challenging macroeconomic environment around our capabilities that we've put in place with our third-party advisers that we work with and who make recommendations to our business, including our franchisees, on how we price, obviously, our franchisees make those decisions, I think we've had a significant improvement in our capability.

因此，我認為我之前談到的，我認為非常重要的，是我們在進入這個更具挑戰性的宏觀經濟環境之前幾年所做的工作，圍繞著我們的能力。已經與我們合作的第三方顧問就位，他們向我們的業務（包括我們的特許經營商）就我們的定價方式提出建議，顯然，我們的特許經營商做出這些決定，我認為我們在能力。

I think as Chris has talked about, we've had pretty good discipline from our system and the pricing that we've taken to really kind of get the balance of working through the short-term challenge with a long-term focus on continuing to make sure we're driving momentum, and we feel pretty good about how we've been able to navigate, obviously, a complex environment.

我認為正如克里斯所說，我們的系統和定價有相當好的紀律，我們採取的方式確實在應對短期挑戰與長期關注繼續之間取得平衡。確保我們正在推動動力，並且我們對如何能夠駕馭複雜的環境感到非常滿意。

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

好的。我們正處於最後時刻。這樣就完成了我們的通話。謝謝你，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。您現在可以斷開連接，祝您有美好的一天。