麥當勞 (MCD) 2023 Q3 法說會逐字稿

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

您好，歡迎參加麥當勞 2023 年第三季投資人電話會議。應麥當勞公司的要求，本次會議正在錄製。 （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 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.

大家早安，感謝您加入我們。今天與我一起參加電話會議的是總裁兼執行長 Chris Kempczinski；和財務長伊恩·博登。

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

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在電話會議上的評論。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）

Just one other piece of housekeeping today before I turn it over to Chris. As many of you are aware, we'll host an investor update on our McDonald's headquarters on Wednesday, December 6, where Chris and Ian will be joined by members of our senior leadership team to provide an update on our strategic priorities, followed by a Q&A session. I ask that you please be mindful of this with your questions on the call today and focus questions on our quarterly results in the current year. We'll spend more time on 2024 and our strategic priorities in December with plenty of time for Q&A on that day. Details for the event and how to tune in can be found on the Investor Events section of our website. Today's conference call is being webcast and is also being recorded for replay via our website.

今天在我把它交給克里斯之前只是另一件家務事。正如你們許多人所知，我們將於 12 月 6 日星期三在麥當勞總部舉辦投資者更新會，克里斯和伊恩將與我們的高級領導團隊成員一起提供有關我們戰略重點的最新信息，然後是問答環節。我請您在今天的電話會議上提出問題時注意這一點，並將問題集中在我們本年度的季度業績上。我們將花更多時間討論 2024 年和 12 月的戰略重點，並在當天有充足的時間進行問答。有關活動的詳細資訊以及如何收聽，請訪問我們網站的投資者活動部分。今天的電話會議正在進行網路直播，並透過我們的網站進行錄製並重播。

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. Over the past quarter, we've seen yet again the broad-based momentum across the McDonald's business despite continued headwinds and a challenging macro environment. Around the world, we're operating from a position of strength as the industry's market share leader. In Q3, we achieved comparable global sales of nearly 9%.

謝謝，麥克，早安。在過去的一個季度中，儘管面臨持續的阻力和充滿挑戰的宏觀環境，我們再次看到麥當勞業務的廣泛勢頭。在全球範圍內，我們作為行業市場份額的領導者而運營。第三季度，我們的全球可比銷售額成長了近 9%。

As we expected and as we mentioned in prior earnings calls, our top line growth, while strong across each of our segments and at an elevated level versus historical norms, has continued to moderate. However, we continue to outpace our competitors, thanks to our system's outstanding execution of our Accelerating the Arches strategy. Over the past year, we've been more intentional about sharing and scaling world-class ideas that drive impact globally. Central to our continued strength is how we maximize our marketing to stay relevant to customers.

正如我們預期的那樣，正如我們在之前的財報電話會議中提到的那樣，我們的營收成長雖然在每個細分市場都很強勁，並且與歷史正常水平相比處於較高水平，但仍在繼續放緩。然而，由於我們的系統出色地執行了「加速拱門」策略，我們繼續超越競爭對手。在過去的一年裡，我們更有意識地分享和推廣世界一流的想法，以推動全球影響力。我們持續保持優勢的核心是如何最大化行銷以保持與客戶的相關性。

In August, we launched As Featured In, in over 100 markets, making it our largest global campaign to date. The campaign celebrates the most memorable McDonald's references across the world of entertainment with over 20 McDonald's integrations that span across Hollywood, Bollywood, anime and independent film. It's also another proof point of the impact and power that a One McDonald's Way approach to marketing can have to drive engagement, allowing our markets to remain globally consistent but locally relevant.

8 月，我們在 100 多個市場推出了「精選」活動，使其成為我們迄今為止最大的全球活動。該活動透過 20 多個跨越好萊塢、寶萊塢、動漫和獨立電影的麥當勞整合來慶祝娛樂界最令人難忘的麥當勞參考。這也證明了「One McDonald's Way」行銷方法可以提高參與度，從而使我們的市場保持全球一致但又與當地相關，具有影響力和力量。

Celebrating our core equities, As Featured In demonstrates that McDonald's and our iconic menu is a cultural touchstone that immediately connects fans to characters and stories with over 85% positive consumer sentiment and in the top 30% of campaigns for customer engagement.

慶祝我們的核心資產，《特色》表明麥當勞和我們的標誌性菜單是一塊文化試金石，可以立即將粉絲與角色和故事聯繫起來，消費者情緒超過85%，並且在客戶參與度活動中名列前30%。

As I recently visited Australia and New Zealand, I was energized to see other examples of One McDonald's Way in action, or One Macca's Way, as our friends down under call it. It was clear that our continued menu discipline and reduced restaurant complexity across these markets is driving operational improvements. By creating a One Macca's Way approach to the crew experience by utilizing consistent comprehensive resources, we're creating a better customer experience as a result.

當我最近訪問澳洲和紐西蘭時，我很高興地看到「One McDonald's Way」（或我們的朋友稱之為「One Macca's Way」）的其他實例。很明顯，我們持續的菜單紀律和降低這些市場的餐廳複雜性正在推動營運改善。透過利用一致的綜合資源來創建 One Macca's Way 的船員體驗方法，我們正在創造更好的客戶體驗。

Speaking of One McDonald's Way. Australia was our first market to launch best burger, and with resounding success. Great-tasting burger perceptions continue to grow, and the Macca's team has reached an all-time high in beef burger share. And now Best Burger has been scaled to over 70 markets around the world, building on learnings from the original launch in Australia.

說到麥當勞之路。澳洲是我們推出最佳漢堡的第一個市場，並且取得了巨大成功。人們對美味漢堡的認知持續增長，Macca 團隊的牛肉漢堡份額達到了歷史最高水平。現在，Best Burger 借鑒最初在澳洲推出的經驗，已擴展到全球 70 多個市場。

Australia is also a good example of a market that has room to grow through new restaurant openings. We expand our footprint in the market from a position of strength. We're also enhancing existing restaurant capacity by introducing delivery rooms and integrated McCafe beverage cells that will allow us to better drive growth against our MCDs. We'll share more details on our plans related to the Fourth D, Development, in December at our investor update.

澳洲也是一個透過開設新餐廳而擁有成長空間的市場的典範。我們憑藉強大的實力擴大我們在市場上的足跡。我們還透過引入產房和整合麥咖啡飲料單元來增強現有餐廳的產能，這將使我們能夠更好地推動 MCD 的成長。我們將在 12 月的投資者更新中分享有關第四個 D（開發）計劃的更多詳細資訊。

McDonald's reliability of value and feel-good experiences continue to play a key role in connecting to our customers, not just in Australia, but across all our markets, offering delicious food at an affordable price and at the convenience our customers have come to expect.

麥當勞可靠的價值和良好的體驗繼續在與我們的客戶建立聯繫方面發揮關鍵作用，不僅在澳大利亞，而且在我們所有的市場上，以實惠的價格和客戶所期望的便利提供美味的食物。

It's promising that our markets continue to grow share despite the cost of living pressures. As we had expected early in the year and have talked about on prior earnings calls, it's clear that consumers continue to be more discriminating about what and where they spend. Between inflation remaining high, the elevated cost of fuel, interest rates, housing affordability pressures and more, consumers all over the world are having to pay more and more for everyday goods and services, proving time and time again, in difficult economic times, the McDonald's brand and our positioning on value is an opportunity for us.

儘管存在生活成本壓力，但我們的市場份額仍將繼續增長，這是有希望的。正如我們在今年年初所預期的那樣，並且在之前的財報電話會議上也談到過，很明顯，消費者對於消費的內容和地點繼續更加挑剔。在通貨膨脹居高不下、燃料成本上升、利率、住房負擔能力壓力等因素的影響下，世界各地的消費者不得不為日常商品和服務支付越來越多的費用，這次又一次地證明，在經濟困難時期，麥當勞的品牌和我們的價值定位對我們來說是一個機會。

Take Germany, for example. The team has delivered remarkable results with the launch of the McSmart menu earlier this year, offering smaller, more affordable meals. It's an incredible example of remaining agile and listening to our customers. Our German team heard from customers that they were craving these options, and McSmart made our menu more accessible to them, contributing to outperformance in value perceptions when compared to the rest of the industry. And it was an important driver of delivering Germany's 10th quarter of double-digit sales growth.

以德國為例。該團隊在今年稍早推出了 McSmart 菜單，提供了份量更小、更實惠的餐點，並取得了顯著成果。這是保持敏捷性和傾聽客戶意見的一個令人難以置信的例子。我們的德國團隊從客戶那裡得知他們渴望這些選擇，而 McSmart 讓他們更容易使用我們的菜單，與行業其他公司相比，有助於在價值認知方面表現出色。這是德國第十季銷售額實現兩位數成長的重要推動力。

We're always pushing ourselves to stay one step ahead of the customer, as we have throughout our history, by innovating and reinventing ourselves even as we're operating from a position of strength. McDonald's is one of those consumer brands that has the permission and power to be part of people's everyday lives. And one of the great things about McDonald's is that we don't rest on our laurels. We continue to find new ways to earn customer visits, and we believe the actions we've taken over the last several years have laid the foundation for our continued success.

正如我們在整個歷史中所做的那樣，即使我們處於優勢地位，我們也始終透過創新和重塑自我來推動自己領先於客戶一步。麥當勞是擁有許可和權力成為人們日常生活一部分的消費品牌之一。麥當勞的一大優點是我們不滿足於現有的成就。我們不斷尋找新的方式來贏得客戶的訪問，我們相信我們過去幾年所採取的行動為我們的持續成功奠定了基礎。

This starts with strong local leadership and franchisee alignment. When we combine that with a fully modernized estate, a globally recognized brand, delicious food on our core menu and a high level of execution across our 4Ds, our competitive strength is on full display. And while the macro environment will remain uncertain, we believe our brand and our business are well positioned to win.

這始於強大的當地領導力和加盟商的協調。當我們將其與完全現代化的莊園、全球知名的品牌、核心菜單上的美味佳餚以及 4D 的高水平執行力相結合時，我們的競爭優勢就得到了充分展示。儘管宏觀環境仍存在不確定性，但我們相信我們的品牌和業務已經做好了獲勝的準備。

This powerful combination of brand, physical advantages and digital penetration has positioned us as an industry leader. And as we continue to keep a constant pulse on what's top of mind for our customers, we believe that we'll maintain our leadership position and continue to connect our brand to consumers in a way that drives growth and momentum for the business. I remain confident in our Accelerating the Arches strategy and the enduring strength of the McDonald's brand.

品牌、實體優勢和數位滲透的強大結合使我們成為行業領導者。隨著我們繼續密切關注客戶最關心的問題，我們相信我們將保持領先地位，並繼續以推動業務成長和動力的方式將我們的品牌與消費者聯繫起來。我對我們的加速拱門策略和麥當勞品牌的持久實力仍然充滿信心。

I'll now turn it over to Ian.

我現在把它交給伊恩。

Thanks, Chris, and good morning. Our third quarter results yet again demonstrate strong restaurant-level execution across our Accelerating the Arches growth pillars with significant increases in customer satisfaction across most of our major markets. Our restaurants are offering customers an affordable destination every day for delicious food and great service, driving nearly 9% global comp sales for the quarter.

謝謝克里斯，早安。我們第三季的業績再次證明了我們在加速拱門成長支柱方面的強勁餐廳級執行力，我們大多數主要市場的客戶滿意度顯著提高。我們的餐廳每天為顧客提供價格實惠的美味佳餚和優質服務，推動本季全球銷售額成長近 9%。

Thanks to the tireless efforts of our entire McDonald's system, the McDonald's brand remains stronger than ever. The resilience of our business is rooted in our ability to adapt to any environment. As expected, challenging macro dynamics continued this quarter and consumer spending remains pressured. And while top line growth has continued to moderate in line with our expectations, we're outperforming the industry, and we remain the leader in value and affordability perception across most of our largest markets.

感謝整個麥當勞系統的不懈努力，麥當勞的品牌比以往任何時候都更強大。我們業務的彈性植根於我們適應任何環境的能力。正如預期的那樣，本季宏觀經濟情勢依然充滿挑戰，消費者支出仍面臨壓力。儘管營收成長持續放緩，符合我們的預期，但我們的表現優於產業，我們仍然在大多數最大市場的價值和承受能力認知方面處於領先地位。

Providing affordable options for our customers has always been core to McDonald's success, and continuing to evolve these options as customer needs change remains critical. As Chris mentioned a few minutes ago, it's clear that our customers continue to seek reasonably priced meals as rising costs persist, and our markets around the world continue to respond.

為顧客提供價格實惠的選擇一直是麥當勞成功的核心，隨著顧客需求的變化不斷改進這些選擇仍然至關重要。正如克里斯幾分鐘前提到的那樣，很明顯，隨著成本持續上漲，我們的客戶繼續尋求價格合理的膳食，而我們世界各地的市場也在繼續做出反應。

Germany delivered its highest-ever monthly sales performance by focusing on the evolving needs of our customers amid increasing macro pressures. The market launched a Your Remix Your Deal promotion exclusively in the app, allowing customers to build their own small bundles. Beyond affordability, this promotion offered the personalization our customers are looking for and significantly increased customer engagement, which was evident in an additional 1 million 90-day active loyalty members in the third quarter.

在宏觀壓力日益加大的情況下，德國透過關注客戶不斷變化的需求，實現了有史以來最高的月度銷售業績。該市場專門在應用程式中推出了「Your Remix Your Deal」促銷活動，讓客戶可以建立自己的小型捆綁包。除了價格實惠之外，此次促銷活動還提供了客戶所尋求的個人化服務，並顯著提高了客戶參與度，這一點從第三季度新增 100 萬 90 天活躍忠誠度會員中可見一斑。

This approach of smaller, more affordable bundles featuring our core menu favorites was first highlighted earlier this year in Germany and the U.K. with the launch of new permanent value offerings and has since been adapted locally in other markets.

今年早些時候，隨著新的永久價值產品的推出，這種以我們的核心菜單最愛為特色的更小、更實惠的捆綁方式首次在德國和英國得到強調，此後已在其他市場進行了本地化調整。

In Canada, a highly competitive breakfast market, the team offered customers a more affordable option with a McMuffin and hot coffee pairing. By simply featuring our core products at a compelling price point during a critical daypart, we drove market share gains in both breakfast and coffee, demonstrating how providing customers what they want at great value always resonates.

在加拿大這個競爭激烈的早餐市場，團隊為顧客提供了更實惠的麥鬆餅和熱咖啡搭配選擇。透過在關鍵的一天中以極具吸引力的價格點推出我們的核心產品，我們推動了早餐和咖啡的市場份額增長，展示瞭如何以超值的價格提供客戶想要的東西總是能引起共鳴。

The D123 Everyday Value menu in the U.S. takes a similar approach to affordable bundles with nationally promoted products at locally relevant price points. The platform features products such as the McDouble or 4-piece McNuggets. With a bundle offered at each daypart, customers can visit McDonald's for an affordable meal no matter the time of day. And while prices have evolved over time, the featured products have remained the same, providing customers with their familiar favorites from our core menu. This consistency in our value offerings means customers know exactly what to expect every time they visit us, driving our strong position as the affordability leader in the market.

美國的 D123 Everyday Value 菜單採用了類似的方法，以當地相關價格點提供全國推廣的產品，提供實惠的捆綁套餐。該平台提供 McDouble 或 4-piece McNuggets 等產品。透過每天時段提供的套餐，顧客無論何時都可以前往麥當勞享用實惠的餐點。雖然價格隨著時間的推移而變化，但特色產品保持不變，為客戶提供我們核心菜單中他們熟悉的最愛。我們提供的價值產品的一致性意味著客戶每次訪問我們時都清楚地知道他們會期待什麼，從而推動我們作為市場負擔能力領導者的強大地位。

And in China, with slowing macroeconomic conditions and historically low consumer sentiment, the market relaunched a campaign with small price-pointed bundles featuring our hot delicious burgers. Designed to engage our Gen Z consumers, this promotion drove meaningful customer demand and increased beef share in the market.

在中國，隨著宏觀經濟情勢放緩和消費者信心處於歷史低位，市場重新發起了一場以我們的熱美味漢堡為特色的小價捆綁銷售活動。這項促銷活動旨在吸引 Z 世代消費者，推動了有意義的客戶需求並增加了牛肉在市場上的份額。

Beyond the price of our food, we're continuing to provide customers with new experiences, further elevating their value perceptions. Many markets are using our digital app to drive engagement and increase loyalty participation with our fans through exclusive activations. This was on display through recent MONOPOLY campaigns in several markets.

除了食物價格之外，我們也持續為顧客提供新的體驗，進一步提升他們的價值觀。許多市場正在使用我們的數位應用程式透過獨家激活來提高粉絲的參與度和忠誠度。最近在多個市場開展的《大富翁》活動就體現了這一點。

Starting with Australia, where MONOPOLY contributed to record digital sales in the market for the quarter, fueled by higher app registrations and increased game piece redemptions.

首先是澳大利亞，在應用程式註冊量增加和遊戲件兌換增加的推動下，《地產大亨》在該季度創下了該季度市場數位銷售額的記錄。

And in the U.K., MONOPOLY returned for the 17th consecutive year, featuring a double-peel option encouraging customers to scan their game pieces into the app. MONOPOLY once again ignited our fans' love of the brand and delivered higher levels of app engagement than ever before.

在英國，《地產大亨》連續第 17 年回歸，推出雙剝選項，鼓勵顧客將遊戲片段掃描到應用程式中。 《MONOPOLY》再次點燃了粉絲對該品牌的熱愛，並提供了比以往更高水準的應用程式參與。

Spain had similar success with their MONOPOLY promotion over the summer. Now leveraging the same app features as the U.K., the promotion delivered significant increases in both app downloads and registrations. This is another great example of sharing best bets across our system to fuel our digital growth ambitions.

西班牙夏季的《大富翁》促銷活動也取得了類似的成功。現在，利用與英國相同的應用程式功能，該促銷活動使應用程式下載和註冊量顯著增加。這是在我們的系統中分享最佳選擇以推動我們的數位成長雄心的另一個很好的例子。

In fact, in our top 6 markets, digital sales represented more than 40% of system-wide sales or nearly $9 billion for the third quarter. We now have over 57 million 90-day active members across these top markets, and our relationship with them continues to grow.

事實上，在我們的 6 大市場中，第三季數位銷售額佔全系統銷售額的 40% 以上，即近 90 億美元。目前，我們在這些頂級市場擁有超過 5700 萬 90 天活躍會員，並且我們與他們的關係持續發展。

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. By continuing to elevate the McDonald's digital experience, our customers feel more connected to the brand, driving those incremental visits that we believe would otherwise go uncaptured. And it gives us more ways to reunite with customers who haven't visited us in a while.

我們正在了解他們何時來訪、如何來訪以及購買了什麼，我們越來越多的銷售來自於比以往任何時候都明確的管道。透過持續提升麥當勞的數位體驗，我們的客戶感覺與品牌的聯繫更加緊密，從而推動了我們認為否則無法捕獲的增量訪問量。它為我們提供了更多方式與一段時間沒有拜訪過我們的客戶重聚。

Beyond MONOPOLY, the brand was at the center of our marketing yet again this quarter as we leveraged the One McDonald's Way approach to celebrating the FIFA Women's World Cup in July. With record-breaking viewership and fan engagement, our brand was part of a cultural moment. And we continue to elevate our creative excellence through a scalable, culturally relevant campaign. This came to life through global activations across 28 markets, tapping into local fan excitement and was supported by a fully integrated social, digital streaming and content strategy. Even more exciting, we celebrated our restaurant teams by sending crew members who go above and beyond to attend the live matches.

除了《大富翁》之外，該品牌在本季再次成為我們行銷的中心，因為我們利用 One McDonald's Way 方法來慶祝 7 月的 FIFA 女足世界盃。憑藉著破紀錄的收視率和粉絲參與度，我們的品牌成為了文化時刻的一部分。我們繼續透過可擴展的、與文化相關的活動來提升我們的卓越創意。這一目標透過 28 個市場的全球活動、利用當地粉絲的熱情以及完全整合的社交、數位串流媒體和內容策略的支持而得以實現。更令人興奮的是，我們派出表現出色的工作人員觀看現場比賽，以慶祝我們的餐廳團隊。

Across the As Featured In campaign, MONOPOLY activation and the FIFA Women's World Cup, I can't think of another time when we better utilized our scale to leverage great marketing ideas across our system, which is a tangible demonstration of our Accelerating the Organization principles in practice.

在「特色廣告」活動、《大富翁》活動和FIFA 女足世界盃中，我想不出還有什麼時候我們能更好地利用我們的規模，在整個系統中發揮出色的營銷創意，這切實體現了我們「加速組織」原則在實務上。

Our food is at the heart of our customers' relationship with the brand. This is why we're also taking a One McDonald's Way approach to our menu, further fueling our chicken ambition by scaling core chicken equities. Our McCrispy Chicken Sandwich continues to be an important driver of chicken share growth, having first launched in 2022 and now a $1 billion brand across multiple markets.

我們的食品是客戶與品牌關係的核心。這就是為什麼我們在菜單上也採用了「One McDonald's Way」的方法，透過擴大核心雞肉股來進一步激發我們對雞肉的野心。我們的 McCrispy 雞肉三明治於 2022 年首次推出，目前已成為多個市場價值 10 億美元的品牌，仍然是雞肉份額增長的重要推動力。

The McCrispy was the most recently launched in Australia this quarter, where early results indicate a lift to chicken category sales while bringing a renewed focus to our chicken portfolio. The U.K. continued to drive excitement in chicken by creating fresh takes on our new global favorites. This past quarter, the market featured a new line extension, the McCrispy Deluxe, offered alongside the McCrispy and the McSpicy in the market.

McCrispy 是本季在澳洲最新推出的產品，早期結果顯示雞肉類別銷售有所提升，同時重新關注我們的雞肉產品組合。英國透過對我們全球新寵的新口味進行創新，繼續激發人們對雞肉的興趣。上個季度，市場推出了新的產品線延伸產品——Mcrispy Deluxe，與市場上的 McCrispy 和 McSpicy 一起提供。

By combining strong execution of our core menu offerings with new flavor news and limited additional complexity, we continue to strengthen our chicken credibility with customers and maintain our market share leadership in the chicken category.

透過將我們核心菜單產品的強大執行力與新口味新聞和有限的額外複雜性相結合，我們繼續增強雞肉在客戶中的可信度，並保持我們在雞肉類別中的市場份額領先地位。

Across each of our Accelerating the Arches growth pillars, it is clear that our playbook is working. Thanks to the resilience of our system and the strong execution across the M, Cs and Ds, we're staying relevant to our customers as their needs continue to change.

在我們加速拱門成長的每一個支柱中，我們的策略顯然正在發揮作用。由於我們系統的彈性以及 M、C 和 D 部門的強大執行力，我們能夠在客戶需求不斷變化的情況下始終與客戶保持密切聯繫。

Turning to the P&L. Our strong top line performance drove adjusted earnings per share of $3.19 for the quarter. This is an increase over the prior year of 16% in constant currencies, excluding current year charges primarily related to Accelerating the Organization restructuring costs.

轉向損益表。我們強勁的營收業績推動本季調整後每股盈餘達到 3.19 美元。以固定貨幣計算，這比前一年增長了 16%，不包括主要與加速本組織重組成本相關的本年度費用。

Our company-operated margin performance remains pressured by continued cost inflation, in line with our expectations. We expect these macro headwinds will continue in the fourth quarter.

我們公司經營的利潤率表現仍受到持續成本通膨的壓力，這符合我們的預期。我們預計這些宏觀阻力將在第四季持續。

Strong franchise sales performance continues to be partially 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 on our full year results.

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部分抵消，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對我們的全年業績產生 1 億至 1.5 億美元的影響。

Total restaurant margin dollars grew by about $335 million in constant currencies or about 10% for the quarter. G&A for the quarter increased 1% in constant currency, and our adjusted effective tax rate for the quarter was nearly 21%.

以固定匯率計算，本季餐廳總利潤成長約 3.35 億美元，即成長約 10%。以固定匯率計算，本季的一般管理費用增加了 1%，調整後的本季有效稅率接近 21%。

Adjusted year-to-date operating margin is 47.5%, driven by our strong top line growth. For the full year, we now expect adjusted operating margin to be about 47%, including an expected property gain in other operating income in the fourth quarter, and G&A of about 2.2% of system-wide sales. Foreign currency translation positively impacted third quarter results by about $0.08 per share with a slight tailwind expected for the full year.

受我們強勁的營收成長推動，調整後的年初至今營業利潤率為 47.5%。對於全年，我們目前預計調整後的營業利潤率約為 47%，其中包括第四季度其他營業收入中預期的財產收益，以及佔全系統銷售額約 2.2% 的一般管理費用。外幣換算對第三季業績產生了每股約 0.08 美元的正面影響，預計全年業績將略有上升。

As I wrap up, I want to touch on the recent dividend increase approved by our Board of Directors in early October. This marks our second consecutive annual increase of 10%, and we're extremely proud of our track record of delivering meaningful cash return to shareholders, marked by our 47th consecutive dividend increase. This demonstrates our confidence in the Accelerating the Arches strategy and our commitment to a long-term growth for the system and our shareholders. I look forward to sharing more with you at our investor update in December.

在我結束演講時，我想談談我們董事會在 10 月初批准的近期股息增加。這標誌著我們連續第二年實現 10% 的成長，我們對向股東提供有意義的現金回報的記錄感到非常自豪，其中我們連續 47 次增加股息。這顯示了我們對加速拱門策略的信心以及我們對系統和股東長期成長的承諾。我期待在 12 月的投資者更新中與您分享更多資訊。

And with that, I'm going to turn it back over to Chris.

有了這個，我要把它轉回給克里斯。

Thanks, Ian. As we continue to operate in a challenging macro environment, what remains unwavering is our commitment to creating an environment where the entire McDonald's system thrives together.

謝謝，伊恩。當我們繼續在充滿挑戰的宏觀環境中運作時，我們堅定不移地致力於創造一個讓整個麥當勞系統共同繁榮的環境。

Through our Accelerating the Arches strategy, we've acquired an industry-leading digital loyalty base that complements our restaurant footprint. We're retaining top talent who are passionate about the McDonald's brand. Our restaurant teams are executing at a high level, customer satisfaction is increasing and we continue to attract the best franchisees in the world as a franchisor of choice.

透過我們的加速拱門策略，我們獲得了業界領先的數位忠誠度基礎，補充了我們的餐廳足跡。我們正在留住對麥當勞品牌充滿熱情的頂尖人才。我們的餐廳團隊執行高水平，客戶滿意度不斷提高，我們繼續吸引世界上最好的特許經營商作為首選特許經營商。

Despite ongoing legislative and regulatory headwinds, we are committed to mobilizing our system to protect franchisee decision-making at a local level and on building a long-term presence in civic spaces to advocate for policies that benefit local restaurant owners and the communities they serve.

儘管存在持續的立法和監管阻力，我們致力於調動我們的系統來保護地方層面的加盟商決策，並在公民空間中建立長期存在，以倡導有利於當地餐廳業主及其服務社區的政策。

We're also fulfilling our purpose of feeding and fostering community. In September, we hosted our second Global Volunteer Month, where over 6,400 volunteers across 12 markets spent an estimated 26,000 hours giving back to local communities. And at the beginning of October, McDonald's was named to Fast Company's list of brands that matter for a company whose work is moving the needle on critical issues and that display the highest level of commitment to their purpose and values.

我們也實現了餵養和培育社區的目的。 9 月，我們舉辦了第二個全球志工月，來自 12 個市場的 6,400 多名志工花了約 26,000 小時回饋當地社區。 10 月初，麥當勞被列入《Fast Company》的重要品牌名單，該品牌的工作在關鍵問題上發揮著重要作用，並對其宗旨和價值觀表現出最高水平的承諾。

While our strategy is working, our customers continue to expect even more of us, and we're prepared to meet that challenge. What Ray Kroc said in 1967 still stands true today. We are living in a rapidly changing world, so McDonald's will change with it. Change is our only constant. As was the case for those who came before us who built McDonald's into the global leader it is today, we will earn our success, and together as a system, we will lay the foundation for our future. And on Wednesday, December 6, I hope you'll join us to hear more at our investor update as we look to the growth potential that lies ahead and share our plans for the future.

在我們的策略發揮作用的同時，我們的客戶繼續對我們抱有更高的期望，我們已準備好應對這項挑戰。雷‧克羅克 (Ray Kroc) 1967 年所說的話至今仍然適用。我們生活在一個快速變化的世界，因此麥當勞也會跟著改變。變化是我們唯一不變的。正如那些將麥當勞打造成今天全球領導者的先輩一樣，我們將贏得成功，作為一個系統，我們將共同為我們的未來奠定基礎。 12 月 6 日星期三，我希望您能與我們一起聆聽我們的投資者最新動態，我們將展望未來的成長潛力並分享我們的未來計劃。

It makes me excited to think about what the next 5 to 10 years will bring for McDonald's. We believe that because we're operating from a position of strength with a strategy that continues to deliver, we now have the opportunity, the ability and the obligation to reimagine our brand for the future.

想到未來 5 到 10 年將為麥當勞帶來什麼，我感到很興奮。我們相信，由於我們的營運實力雄厚，策略持續交付，因此我們現在有機會、有能力、有義務重新構想我們的品牌未來。

I look forward to seeing you in Chicago this December, and now I'll hand it over to Mike for Q&A.

我期待今年 12 月在芝加哥見到您，現在我將把它交給 Mike 進行問答。

(Operator Instructions)

（操作員說明）

Our first question is from John Ivankoe with JPMorgan.

我們的第一個問題來自摩根大通的約翰·伊万科。

Obviously, value, a big focus on this call. And I wanted to ask, I guess, the focus on value in the context of recent average ticket increases for you and really across the sector, much of which driven by premiumization, customization, larger sizes, what have you. In other words, pricing increases in average ticket beyond just that of price.

顯然，價值是這次通話的重點。我想問，我想，在最近平均門票價格上漲的背景下，整個產業對價值的關注，其中很大一部分是由高端化、客製化、更大尺寸等因素推動的。換句話說，平均票價的上漲超出了價格的上漲。

So as we talk about value, what does that mean to future price increases? And is there an intention to do value, in particular, bundled value, to where the average ticket can be protected? Or would you sacrifice some average ticket in order to get future market share gains and presumably transaction gains?

那麼，當我們談論價值時，這對未來的價格上漲意味著什麼？是否有意圖創造價值，特別是捆綁價值，以保護普通門票？或者你會犧牲一些平均票價來獲得未來的市佔率收益和大概的交易收益嗎？

Yes. Thanks, John. And on value, I think it's always a focus at McDonald's. I mean, we're a business built on value and convenience with great-tasting food. So we're always keen to focus on value.

是的。謝謝，約翰。就價值而言，我認為這始終是麥當勞的焦點。我的意思是，我們是一家以價值和便利性以及美味食品為基礎的企業。因此，我們始終熱衷於關注價值。

I think certainly given the inflation that the market has experienced, that we've experienced over the last year, really more than the year, we've tried to be very choiceful and disciplined on how we have executed those price increases. And the good news is we continue to lead on affordability. We continue to lead on value for money. We've seen no deterioration in our advantages there. We are holding those up.

我認為，考慮到市場經歷的通貨膨脹，我們去年經歷的通貨膨脹，實際上比這一年還要多，我們在執行價格上漲的方式上嘗試非常有選擇和自律。好消息是我們在負擔能力方面繼續處於領先地位。我們繼續在物有所值方面處於領先地位。我們在那裡的優勢沒有惡化。我們正在堅持這些。

How we do it varies by market. So I wouldn't give you a generalized statement about how we approach value. It's up to each individual market to think about how they continue to deliver the customer great value. But I can tell you, on every single major market that we look at, the teams are doing a great job on value, they're delivering against it. And we're seeing really no change at all in terms of customer acceptance pass-through on pricing, which to me is also an indication that the teams are striking the right balance.

我們的做法因市場而異。因此，我不會向您提供有關我們如何實現價值的概括性陳述。每個市場都應該考慮如何繼續為客戶提供巨大的價值。但我可以告訴你，在我們關注的每個主要市場上，團隊在價值方面都做得很好，他們正在兌現它。我們發現，在客戶接受定價方面，實際上沒有任何變化，對我來說，這也表明團隊正在取得適當的平衡。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Thanks for the color on the marketing initiatives in the IOM countries. And it does sound like there's a bit more focus on value, but I'd love to hear how trends might be settling out in these big IOM countries, the big 5, so to speak, in the post-COVID mobility recovery world.

感謝您對 IOM 國家的營銷活動的描述。聽起來確實更注重價值，但我很想聽聽這些 IOM 大國（可以說是後疫情時代的交通復甦世界中的 5 個大國）的趨勢如何確定。

In other words, maybe back-to-school might be a good way to look at that. As you get past the tourism boost of the summer, maybe you're getting a sense of what type of comps we should be expecting for these IOM markets. So any color about the type of consumer environment you're seeing in these markets, how same-store sales trends really exited the quarter, would be very helpful.

換句話說，也許回到學校可能是看待這個問題的一個好方法。當你經歷了夏季旅遊業的繁榮之後，也許你會意識到我們應該對這些 IOM 市場期待什麼類型的補償。因此，有關您在這些市場中看到的消費者環境類型的任何顏色，同店銷售趨勢如何真正退出本季度，都會非常有幫助。

Yes. Thanks, David. I'll start at a high level and then hand it over to Ian to give you any more texture on that. But at a high level, we continue to be very pleased with how our IOM business is performing. We're seeing, whether you look on the quarter, the year or a 4-year stack, this business is continuing to perform very well overall. We're also seeing that there's great execution. We're seeing customer satisfaction scores increasing in almost all of our major IOM markets. So overall, we feel good.

是的。謝謝，大衛。我將從一個較高的層次開始，然後將其交給 Ian，以便為您提供更多細節。但從高水準來看，我們仍然對 IOM 業務的表現感到非常滿意。我們看到，無論從季度、年度或四年來看，該業務的整體表現仍然非常出色。我們也看到了出色的執行力。我們發現幾乎所有主要 IOM 市場的客戶滿意度都在上升。所以總的來說，我們感覺很好。

In Europe and -- in particular, we've certainly seen more inflation in Europe. And so the team there has had to be probably even more laser-focused on making sure that we deliver great value. But the business overall, not seeing any big change quarter-to-quarter in terms of how it's performing, but I'll give it over to Ian to give you some more texture.

在歐洲，尤其是，我們確實看到了歐洲的通膨加劇。因此，那裡的團隊可能必須更加專注於確保我們提供巨大的價值。但總體而言，就其表現而言，季度與季度之間沒有看到任何重大變化，但我會將其交給 Ian，以便為您提供更多紋理。

David, yes, just maybe a couple of builds to what Chris mentioned. I mean, again, I think if you look at the comps for the quarter across IOM at 8.3%, that's a pretty strong indication of the consistency and fundamental underlying momentum that we've got in the segment. We had positive traffic growth in the segment, which I think is an indication of how that momentum is, obviously, from a sales and traffic perspective. And we're continuing to grow market share across the majority of those large markets, which tells us despite, as Chris talked to, some of the different macro or consumer environments in those markets, which are obviously varied, obviously, some of those markets, there's a fair bit of pressure.

大衛，是的，也許只是克里斯提到的一些構建。我的意思是，我認為，如果你看看 IOM 本季 8.3% 的比較，這非常有力地表明了我們在該領域所獲得的一致性和基本的潛在動力。我們在該領域的流量出現了積極的增長，我認為這顯然從銷售和流量的角度表明了這種勢頭。我們正在繼續擴大大多數大型市場的市場份額，這告訴我們，儘管正如克里斯所說，這些市場中存在一些不同的宏觀或消費者環境，這些環境顯然是不同的，顯然，其中一些市場，壓力還是蠻大的。

From a macro headwind or consumer headwind, we're continuing to do well versus the landscapes around us. I mean, I think we have spoken, and you heard it in our opening remarks, around the expectation that we're going to continue to see moderation in that top line as inflation levels continue to come down and obviously pricing comes down in line with that. But I think we're in a really good spot, and I think that just speaks to how our strategic plan around Accelerating the Arches continues to resonate with consumers consistently across the business.

無論是宏觀逆風還是消費者逆風，與我們周圍的環境相比，我們仍然表現良好。我的意思是，我認為我們已經說過了，並且您在我們的開場白中聽到了這一點，圍繞這樣的預期，即隨著通脹水平繼續下降，並且顯然定價會根據那。但我認為我們處於一個非常好的位置，我認為這恰恰說明了我們圍繞「加速拱門」的策略計畫如何繼續與整個企業的消費者產生一致的共鳴。

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。

My question is on the cost side. I think you lowered your SG&A outlook at least as a percentage of system sales versus what you had given us last time. And I was just wondering, what changed in that outlook? Is it a matter of some of the savings and Accelerating the Organizations coming through or delays in investment spending? I guess any context you could give us on that front would be helpful.

我的問題是在成本方面。我認為，與上次給我們的資訊相比，您至少降低了 SG&A 前景在系統銷售額中所佔的百分比。我只是想知道，這種觀點發生了什麼變化？這是一些節省和加速組織的問題還是投資支出的延遲？我想您能給我們的任何有關這方面的背景資訊都會有所幫助。

David, Ian, obviously. So let me try and give you some color there. I mean, I think as we said in our guidance at the beginning of the year, we expected G&A as a percentage of sales to be in the range of 2.2% to 2.3%. And obviously, we've updated that to say more about 2.2%, so it's come down marginally. I think obviously, we've had some really strong top line results this year. So obviously, that's a partial element of the benefits.

顯然是大衛、伊恩。所以讓我試著給你一些顏色。我的意思是，我認為正如我們在年初的指導中所說，我們預計一般行政費用佔銷售額的百分比將在 2.2% 至 2.3% 範圍內。顯然，我們已將其更新為 2.2%，因此略有下降。我認為顯然，我們今年取得了一些非常強勁的營收業績。顯然，這是好處的一部分。

And I think the other part is just timing of spend. I mean, we are kind of a back half weighted spend cycle within the business. I think fourth quarter, more pronounced from a quarterly standpoint. So we do expect a higher level of spending as we get into the fourth quarter.

我認為另一部分只是支出的時機。我的意思是，我們在業務中處於後半加權支出週期。我認為從季度的角度來看，第四季的情況更為明顯。因此，隨著進入第四季度，我們確實預計支出水準會更高。

But I think just there's a timing element of just kind of how the investments that we're making, I talked about kind of 2 areas on our last quarterly call where we continue to invest. One is behind technology and digital, which we believe are -- continue to provide strong opportunities for growth, and we're going to continue to invest when we have those opportunities. I think we've got a pretty strong track record in how those investments are delivering for the business.

但我認為我們正在進行的投資有一個時間因素，我在上個季度電話會議上談到了我們繼續投資的兩個領域。一是科技和數位背後的因素，我們相信它們將繼續提供強大的成長機會，當我們有這些機會時，我們將繼續投資。我認為我們在這些投資如何為業務帶來回報方面擁有相當出色的記錄。

The other area is around our global business service organization, which we stood up earlier this year as part of Accelerating the Organization. We spent a lot of time over the last 6 months or so looking at what we believe the opportunities are for the business there. And I think we've got good line of sight into some things that we think can drive kind of sustainable efficiencies from an operational perspective as we go forward. And we're certainly investing now behind some of those areas of opportunities.

另一個領域是我們的全球商業服務組織，我們今年稍早成立了該組織，作為加速組織的一部分。在過去 6 個月左右的時間裡，我們花了很多時間研究我們認為那裡的商業機會。我認為我們對一些事情有很好的視野，我們認為這些事情可以在我們前進的過程中從營運的角度推動可持續的效率。我們現在肯定正在對其中一些領域的機會進行投資。

So what I would call it, a little bit more of kind of the timing of spend around those initiatives and more of a focus in the first half of the year on kind of bringing our ATO organizational changes to life.

所以我所說的，更多的是圍繞這些舉措的支出時機，更多的是在今年上半年重點關注將我們的 ATO 組織變革付諸實踐。

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。

Just focused on the U.S. consumer, I'm just wondering if you would talk about any change in behavior, whether there was a change in trend through the quarter or more recently into the fourth quarter. I was wondering if there's pressure in some areas, maybe benefit from trade-down and others. .

我只關注美國消費者，我想知道您是否會談論行為的任何變化，整個季度或最近進入第四季度的趨勢是否發生變化。我想知道某些領域是否存在壓力，也許會從降價交易和其他方面受益。 。

Otherwise, you mentioned in the release, I think, that the U.S. comp was driven by strategic menu pricing, no mention of the traffic. So I'm just wondering if you can maybe give a breakdown of that U.S. comp components, whether the lack of traffic growth is a concern looking at '24, how you think about those components within that U.S. comp.

否則，我認為您在新聞稿中提到美國的比較是由戰略菜單定價驅動的，沒有提到流量。所以我只是想知道您是否可以對美國公司的組成部分進行細分，流量成長不足是否是 24 年的一個問題，您如何看待美國公司中的這些組成部分。

Yes. Thanks for the question, Jeff. And I'll answer, and then if Ian has anything else he wants to pick up on this. But specific to the U.S., we've been talking about how the consumer is more discriminating because of all the price pressures that they're facing as well as interest rates, things like that.

是的。謝謝你的提問，傑夫。我會回答，然後如果伊恩還有什麼想了解的內容。但具體到美國，我們一直在討論消費者如何更具歧視性，因為他們面臨所有價格壓力以及利率等問題。

What you end up seeing is that the pressure is felt more on the lower-income consumer. And so one of the things that we saw industry-wide is that, that low-income consumer, which we would say is $45,000 and under, was negative from an industry standpoint.

你最終會看到，低收入消費者感受到的壓力更大。因此，我們在整個行業中看到的一件事是，從行業的角度來看，低收入消費者（我們所說的 45,000 美元及以下）是負面的。

If you zoom out and you think about our performance relative to that, we continue to have, on the full year basis, traffic growth. We had a slight dip in traffic. We went slightly negative in Q3. We expected that because of what we were lapping. But if you look at us on a 2-year stack in the quarter, our traffic is up strongly.

如果您縮小範圍並考慮我們相對於此的表現，我們全年的流量將繼續增長。我們的流量略有下降。第三季我們的業績略有下降。我們預料到了這一點，因為我們正在研磨。但如果你看看我們本季的 2 年堆疊，就會發現我們的流量強勁成長。

So I think we're just going to need to continue to keep a close eye on that $45,000 and under consumer because of the pressure that they're feeling there and make sure that we're offering value, but hopefully, the industry stays disciplined as well on pricing.

因此，我認為我們需要繼續密切關注 45,000 美元及以下的消費者，因為他們感受到了壓力，並確保我們提供價值，但希望該行業保持紀律以及定價。

Maybe just -- I'll just add a bit of a build to Chris' commentary, which certainly hit the headlines, but just maybe because I think the texture is really important in the quarter.

也許只是——我只是在克里斯的評論中添加一些內容，這肯定會成為頭條新聞，但也許只是因為我認為這個季度的結構非常重要。

I mean, I think the headline would be on an overall basis that we maintained our QSR traffic market share in the quarter. I think we continue to see really strong share gains in both beef and chicken being the kind of 2 key elements of the category. We continue to gain share with both the middle- and higher-income consumers, and that speaks a little bit, Jeff, to what you called out, which is that we're certainly partly benefiting from the trade-down from more expensive alternatives within those kind of income or segment levels.

我的意思是，我認為總體而言，我們在本季度維持了 QSR 流量市場份額。我認為我們繼續看到牛肉和雞肉作為該類別的兩個關鍵要素的份額增長非常強勁。我們繼續在中等收入和高收入消費者中獲得份額，這說明了一點，傑夫，你所說的，那就是我們肯定會部分受益於更昂貴的替代品的降價。那些收入或細分水平。

We held share with the lower-income consumer in a pretty competitive marketplace. But I think the headline is that the comparable, as Chris talked about, industry traffic was down in the quarter as it has been for the last couple of quarters. And so our comparable traffic was marginally down as a result of that.

在競爭相當激烈的市場中，我們與低收入消費者保持著份額。但我認為標題是，正如克里斯所說，本季的行業流量與過去幾季一樣下降。因此，我們的可比流量因此略有下降。

And I think just -- I think I just would want to highlight, I think, the strength of our top line performance overall through our comp sales, which remain industry-leading, as you've seen, and what we've announced for this quarter.

我想，我想，我想透過我們的比較銷售來強調我們整體營收表現的實力，正如您所看到的，我們的銷售仍然處於行業領先地位，以及我們宣布的目標本季。

And I think that's a combination of our strategic strengths coming together, which we've been working on over the last couple of years. We've got a fully modernized estate. We've got a digital platform that's coming to life at scale that's allowing us to really interact with our consumers on a much more individual basis. Our marketing execution, which I think has really been elevated and is resonating in a more culturally relevant way with our consumers.

我認為這是我們過去幾年一直致力於的策略優勢的結合。我們有一個完全現代化的莊園。我們擁有一個正在大規模投入使用的數位平台，使我們能夠在更個人化的基礎上與消費者進行真正的互動。我認為我們的行銷執行力確實得到了提升，並且以更具文化相關性的方式與我們的消費者產生了共鳴。

And then we just call out, I think -- and this is really specific to the U.S. business, the outstanding execution our whole system is delivering. We know we're delivering a better experience for customers. We know we're better staffed. And as Chris talked about earlier, we know we've got a leading position on value for money and affordability.

然後我們就大聲喊道，我認為，這確實是針對美國企業的，我們整個系統正在提供出色的執行力。我們知道我們正在為客戶提供更好的體驗。我們知道我們的人員配備更好。正如克里斯之前所說，我們知道我們在性價比和負擔能力方面處於領先地位。

And so I think as a result of all of that, we certainly believe we continue to be in an advantaged position as we continue to kind of lean into these macro headwinds that we're obviously having to navigate.

因此，我認為，由於所有這些，我們當然相信我們繼續處於優勢地位，因為我們繼續傾向於應對我們顯然必須應對的宏觀逆風。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

Thanks for the comment on traffic. And I'm wondering if you could expand on the pricing discussion. I think last quarter, you said you expected pricing to be in the double digits for the year. So maybe you can comment on what that might imply for the fourth quarter. And perhaps you can give us an early look on what we should expect for 2024, whether that would be that you expect price to be a little bit more normalized than what we've seen in the last few years.

感謝您對交通的評論。我想知道您是否可以進一步討論定價問題。我想上個季度，您曾說過預計今年的定價將達到兩位數。所以也許你可以評論一下這對第四季度可能意味著什麼。也許您可以讓我們提前了解 2024 年的預期，您是否預計價格會比我們過去幾年看到的更正常化。

Eric, it's Ian. So let me talk a little bit about pricing. And obviously, this is specific to the U.S. because obviously, pricing varies across markets, depending on the context in the individual marketplace.

艾瑞克，我是伊恩。那麼讓我來談談定價問題。顯然，這是美國特有的，因為顯然，不同市場的定價有所不同，取決於各個市場的情況。

I think as I talked about last quarter, certainly continue to believe that our average pricing level in the U.S. business for the full year will be just over 10%. I think what we did see in quarter 3, and this is the first time now in a number of quarters, is that our average pricing level has started to come down in terms of the rate of increase. I think that speaks to the fact, as we've spoken to before, that inflation is starting to come down. And of course, we expect pricing to come down kind of in line with how inflation is coming down.

我認為，正如我在上個季度談到的那樣，我們當然仍然相信我們美國業務全年的平均定價水準將略高於 10%。我認為我們在第三季度確實看到的是，我們的平均定價水準在成長率方面開始下降，這是多個季度以來的第一次。我認為這說明了一個事實，正如我們之前所說，通貨膨脹正在開始下降。當然，我們預期定價會隨著通膨的下降而下降。

I think as we've talked about before, our U.S. business has been really disciplined in how they have continued to take pricing. We've put a lot of effort in over the last couple of years to, I think, the data and analytical capability that comes from our third-party advisers who obviously make pricing recommendations to our business, including our franchisees, who obviously make their own pricing decisions.

我認為正如我們之前談到的，我們的美國業務在如何繼續定價方面確實非常有紀律。我認為，在過去的幾年裡，我們在數據和分析能力方面投入了大量精力，這些數據和分析能力來自我們的第三方顧問，他們顯然向我們的業務（包括我們的特許經營商）提出了定價建議，他們顯然為我們的業務提供了定價建議。自己的定價決定。

And I think the fact that we continue to maintain that leadership position in both value for money and affordability speaks to the fact that, even though we've obviously had elevated pricing levels on the back of elevated cost and inflationary pressures, that we have been able to execute that in a way that has minimized the resistance from the customer and maximize the flow-through that we're getting as a result of those price increases.

我認為，我們在物有所值和承受能力方面繼續保持領先地位這一事實說明，儘管我們在成本上升和通膨壓力的背景下明顯提高了定價水平，但我們一直在能夠以最小化客戶阻力並最大化我們因價格上漲而獲得的流量的方式來執行此操作。

And I would say our flow-through continues to kind of be in line with historical norms, which I think speaks to the capability and the position that we've been able to deliver with pricing.

我想說，我們的流量繼續符合歷史規範，我認為這說明了我們能夠透過定價提供的能力和地位。

So again, I think we've talked about moderation. I think part of that will be pricing if inflation continues to kind of come down as we look forward.

再說一次，我想我們已經討論過適度。我認為，如果通膨按照我們的預期繼續下降，其中一部分將是定價。

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 bit more on how you're thinking about maintaining that underlying momentum and share gains in the U.S. As you think about some of the key drivers in place across the 3Ds, the operational execution that you're speaking to value, the ready on arrival, best burger, et cetera. Chris, can you sort of unpack latest thoughts on some of these most impactful traffic and sales opportunities into next year and even beyond?

我想多問一些關於您如何考慮在美國保持潛在動力和份額收益。當您考慮 3D 中的一些關鍵驅動因素時，您所說的價值運營執行力、到達時準備好的、最好的漢堡等等。克里斯，您能否對明年甚至更長時間內最具影響力的流量和銷售機會中的一些最新想法進行分析？

Great. Well, thanks for the question. I guess I'd start with I look forward to seeing you at December 6 because we'll get into a lot more in that about how we see the outlook for next year and some of the specific things that we've got planned to continue to drive the business.

偉大的。嗯，謝謝你的提問。我想我會從「我期待在 12 月 6 日見到您」開始，因為我們將深入討論如何看待明年的前景以及我們計劃繼續進行的一些具體事情來推動業務。

But I would say, broadly, we think our strategy, our Accelerating the Arches strategy, still has a lot of runway in it. Each of the growth pillars, the marketing, core menu and 4Ds, we think that there's still a lot more that we can do underneath each of those. Again, we'll be more specific about what that is on December 6.

但我想說，總的來說，我們認為我們的策略，我們的加速拱門戰略，仍然有很多跑道。每一個成長支柱、行銷、核心選單和 4D，我們認為在每個支柱下我們還有很多事情要做。我們將再次更具體地介紹 12 月 6 日的情況。

And then if you think about more broadly, what's happening right now is this business is starting to amass on the digital side some pretty significant scale. And the scale that we're building on the digital side opens up a lot of opportunities that we think, quite honestly, are going to be difficult for our competitors to match.

如果你更廣泛地思考，現在正在發生的事情是，這項業務開始在數位方面累積相當大的規模。我們在數位方面建立的規模帶來了很多機會，老實說，我們認為我們的競爭對手很難匹敵。

And so when you take our physical presence, having more restaurants in the U.S. than anyone else; our digital presence, which is bigger than anybody else in the U.S.; along with great execution, which we're seeing with strong consumer satisfaction scores; our service times are down roughly 9 seconds in the quarter. They're down slightly less than that, but still down, I think, about 7 seconds on the full year. We're in a really strong position in the U.S. to continue the growth that we've got.

因此，當你觀察我們的實體存在時，你會發現我們在美國擁有的餐廳比其他任何人都多；我們的數位化影響力比美國任何其他公司都要大；以及出色的執行力，我們看到消費者滿意度得分很高；本季我們的服務時間減少了大約 9 秒。他們的下降幅度略小於這個數字，但我認為全年仍下降了約 7 秒。我們在美國處於非常有利的地位，可以繼續我們的成長。

Maybe one just small build, Dennis, and I'll be a bit of a broken record on this. But I just -- I wouldn't underestimate some of those things that we've done over the last couple of years, like the fully modernized estate. I mean, imagine -- and this is the situation that some of our competitors are in today, that you're trying to do that today in an environment of pressured cash flows and higher interest rates. I mean, we've got a fully modernized estate.

也許只是個小身材，丹尼斯，我會在這方面打破紀錄。但我只是——我不會低估我們過去幾年所做的一些事情，例如完全現代化的莊園。我的意思是，想像一下——這就是我們的一些競爭對手今天所處的情況，你今天正試圖在現金流壓力和利率上升的環境中做到這一點。我的意思是，我們有一個完全現代化的莊園。

As Chris talked about, we've got a modernized digital platform that continues to grow. And I think that's fundamentally some of the significant investments that we've made have been critically important as we head into this more kind of macro headwind and volatility.

正如克里斯所說，我們擁有一個持續成長的現代化數位平台。我認為，從根本上來說，當我們面臨這種更多的宏觀逆風和波動時，我們所做的一些重大投資至關重要。

Yes, just one thing Ian said that triggered as well a thought, which is, being able to drive the business, we need our franchisees to be in a strong position. And franchisee cash flow in the U.S. is up this year, were up in the quarter. So I think that just goes to sentiment. It's much more challenging, as you would imagine, to continue to drive the business if the franchisees are not seeing it flow through. And fortunately for us, we're seeing good flow-through for our franchisees despite having to absorb quite a bit of inflation both on the food and paper side as well as on the labor side. So that's another thing that gives us confidence as we head into the new year.

是的，伊恩所說的一件事也引發了一個想法，那就是，為了能夠推動業務發展，我們需要我們的特許經營商處於有利地位。美國的特許經營商現金流今年有所增加，本季也有所增加。所以我認為這只是情感問題。正如您想像的那樣，如果特許經營商沒有看到業務發展，那麼繼續推動業務就會更具挑戰性。對我們來說幸運的是，儘管食品和紙張方面以及勞動力方面都必須承受相當大的通貨膨脹，但我們的特許經營者仍然看到了良好的流動性。這是讓我們在進入新的一年時充滿信心的另一件事。

Our next question is from Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lauren Silberman。

So I just want to follow up on the commentary regarding the competitive environment. Can you talk about what you're seeing in the promotional environment? Any uptick in discounting across the industry? And how might your approach to value change if the consumer gets weaker?

所以我只想跟進有關競爭環境的評論。您能談談您在促銷環境中看到的情況嗎？整個行業的折扣有增加嗎？如果消費者變得更弱，你的價值取向會如何改變？

And then I guess related, any color on same-store sales across different dayparts, or any competitive -- greater competitive activity in certain dayparts?

然後我猜想相關的是，不同時段的同店銷售有任何顏色，或者在某些時段有任何競爭性的、更大的競爭活動嗎？

Yes, I'll take the overall in terms of the competitive landscape, and I'll let Ian speak specifically to the daypart question. But overall, I think what you're seeing there is everybody is looking to make sure that they are competitive from the value standpoint with the consumer. And particularly, I talked about earlier, that low-income consumer, which I would say is, let's call that in this particular instance $45,000 and under, that part of the business, we're seeing traffic in the quarter was down.

是的，我會從競爭格局的角度來看整體情況，我會讓伊恩專門談談時段問題。但總的來說，我認為你所看到的是，每個人都在尋求確保他們從價值的角度來看對消費者俱有競爭力。特別是，我之前談過，低收入消費者，我想說的是，在這個特定的例子中，我們稱之為 45,000 美元及以下，這部分業務，我們看到本季度的流量下降了。

There is a step-up that we're seeing in some promotional activity by some of our competitors, but nothing alarming on that. Nothing that I'd say is looking to be what we would say is beyond prudent. So we're going to just continue to monitor it.

我們看到一些競爭對手在一些促銷活動中有所進步，但沒有什麼值得警惕的。我所說的一切都不是我們所說的那樣，是不謹慎的。所以我們將繼續監控它。

We are focused on maintaining our value leadership, and we're going to do what we need to do to maintain our value leadership. But I think we've also got lots of things that go into value. It goes beyond just price. It incorporates delivering a better customer experience, which we're doing through faster service times. Improved hospitality. It goes to doing through that through a modernized estate, which we've got, that is not something true across the rest of the industry. And we're seeing great execution, which means consumers are getting hotter, faster, better-tasting food.

我們專注於保持我們的價值領先地位，我們將採取我們需要做的事情來保持我們的價值領先地位。但我認為我們還有很多有價值的東西。它不僅僅是價格。它包括提供更好的客戶體驗，我們正在透過更快的服務時間來實現這一點。改善接待。它透過我們擁有的現代化產業來實現這一點，這在整個產業的其他領域並不是這樣的。我們看到了出色的執行力，這意味著消費者將獲得更熱、更快、更好吃的食物。

So all those things go into value perception, which is why we're seeing our value perception hold up in the industry despite some of these pressures. So I don't foresee any big changes there, but certainly, everybody is paying attention to that. For the specific dayparts, I'll let Ian talk about that a little bit more.

因此，所有這些因素都會影響價值認知，這就是為什麼我們看到我們的價值認知在行業中保持不變，儘管存在一些壓力。所以我預計不會有任何重大變化，但當然，每個人都在關注這一點。對於具體的時段，我將讓 Ian 進一步討論這一點。

Lauren, I -- just maybe on the -- build on the dayparts. And again, I'm using the U.S. as the specific context, is we've had pretty strong and consistent performance across all the dayparts in the business. So I don't think there's one daypart that I would call out where we aren't seeing strong performance.

勞倫，我——也許只是——在時段上進行構建。再說一遍，我使用美國作為具體背景，我們在業務的所有時段都有相當強勁且一致的表現。因此，我認為沒有哪一天我會指出我們沒有看到強勁的表現。

I do think, as we've seen kind of, I'll call it, a bit of a more return-to-work and return-to-office routine, there's probably a little bit more pressure in the breakfast daypart just as some of those competitors who've been further behind in recovery are kind of coming to life in that category. But again, we're continuing to see good performance there.

我確實認為，正如我們所看到的，我會稱之為，更多地返回工作和返回辦公室的例行公事，早餐時段可能會有更多的壓力，就像一些人一樣那些在復蘇中落後的競爭對手中的一些在這一類別中開始嶄露頭角。但我們再次看到那裡的良好表現。

And maybe the only other build, and this is a bit with an international lens on value, is you've heard us speak to some of the, I would call it, adjustments that some of our international markets have made to value. Maybe one I would just call out is in Canada, where the team there put a morning offer in place, which was a McMuffin and coffee pairing. Breakfast in Canada is a pretty important daypart, coffee is a pretty important part of that daypart.

也許唯一的其他構建，這有點具有國際視角的價值，是您聽到我們談論我們的一些國際市場對價值所做的一些調整，我稱之為調整。也許我要指出的是在加拿大，那裡的團隊在早上提供了一份麥鬆餅和咖啡的搭配。在加拿大，早餐是一天中非常重要的一部分，咖啡是一天中非常重要的一部分。

And so I think our markets are going to continue to front-foot it and proactively make sure that we're adjusting value so it's relevant to what our consumers are looking for as the context continues to evolve. And value, as Chris talked about, is a strategic part of our fundamental business model, but we are obviously going to continue to listen to our customers and make sure we're delivering what they need and what they expect from us.

因此，我認為我們的市場將繼續走在前面，並積極確保我們正在調整價值，以便隨著環境的不斷發展，它與我們的消費者所尋求的東西相關。正如克里斯所說，價值是我們基本商業模式的策略部分，但我們顯然將繼續傾聽客戶的意見，並確保我們提供他們需要的東西以及他們對我們的期望。

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。

As it relates to the U.S. company-owned restaurant margins, they expanded this quarter for the first time in 2 years, albeit modestly, but a good indication of maybe your franchise store-level margins as well. What was the biggest driver of this? Was it simply easing food cost inflation against still strong pricing? Or was there anything else to point to? And could this be a potential turning point for restaurant margin stabilization in the U.S., or maybe even perhaps some expansion moving forward?

由於與美國公司自有餐廳的利潤率相關，他們本季兩年來首次擴大，儘管幅度不大，但也很好地表明了特許經營店級別的利潤率。最大的推動因素是什麼？它只是緩解了食品成本通膨，而價格依然強勁嗎？或者還有什麼可以指出的嗎？這是否可能成為美國餐廳利潤穩定的潛在轉折點，甚至可能是未來的一些擴張？

Brian, yes, thanks for the question. Look, I think what I would say on company-operated restaurant margins, we've been pretty consistent in -- if you look at the full year 2023, we expect company-operated margin percent, both in the U.S. and IOM, to be in line roughly with where we landed in quarter 4 2022. I think that view hasn't changed. Obviously, we've had really strong sales performance this year, which is helping.

布萊恩，是的，謝謝你的提問。聽著，我想我想說的是，關於公司經營的餐廳利潤率，我們一直非常一致——如果你看看 2023 年全年，我們預計美國和國際移民組織的公司經營利潤率百分比將是與我們在2022 年第4 季的目標大致一致。我認為這種觀點沒有改變。顯然，我們今年的銷售業績非常強勁，這很有幫助。

And I think as you've heard me talk about before, the only way you sustainably work through periods of higher inflation in the business is obviously to continue to grow the top line and deliver strong performance. And that's what we're focused on. And we're obviously very confident, as we're able to continue to do that, that we're going to be able to kind of see improved restaurant margin from a percentage basis performance, in addition obviously to the really strong dollar growth that we're seeing on the back of those strong top line sales.

我認為，正如您之前聽我說過的那樣，在企業通膨較高的時期持續工作的唯一方法顯然是繼續增加收入並提供強勁的業績。這就是我們關注的重點。我們顯然非常有信心，因為我們能夠繼續這樣做，我們將能夠從百分比基礎績效中看到餐廳利潤率的提高，此外顯然還有真正強勁的美元增長我們看到了這些強勁的營收背後的原因。

So I think no change to what we expect for the full year this year. But I think we feel like we're in a really good position with the momentum we've got across the business.

因此，我認為我們對今年全年的預期沒有改變。但我認為我們感覺我們處於一個非常有利的位置，我們在整個業務中擁有良好的勢頭。

The other thing that I would just add on the McOpCo side, but it's also something that we've seen with franchisees, is they're experiencing these gains even though roster sizes are growing. And I think part of the benefit that we're seeing is turnover is down. So we're -- even as we're expanding roster sizes in our McOpCo restaurants, the team has done a really nice job, and we're seeing turnover levels down pretty significantly from prior year.

我想在 McOpCo 方面補充的另一件事是，儘管名冊規模不斷擴大，但我們在特許經營商中也看到了這些收穫。我認為我們看到的部分好處是營業額下降。因此，即使我們正在擴大 McOpCo 餐廳的名冊規模，該團隊也做得非常出色，而且我們看到營業額水平比去年顯著下降。

And all of that has benefits of what -- associated with it. Of course, you have less training, but you also have improved execution. So I think that's one thing that we're seeing, that also is to extend out to franchisees, franchisees' roster sizes are up versus last year. Applications are up significantly. So I do think, to this question about is something turning? On the labor side in the U.S., we're definitely seeing a turn there to the positive in terms of having our restaurants fully staffed and having lower turnover as a result of that.

所有這些都有與之相關的好處。當然，你的訓練減少了，但你的執行力也提高了。所以我認為這是我們看到的一件事，這也是擴展到特許經營商，特許經營商的名冊規模比去年有所增加。申請量顯著增加。所以我確實認為，這個問題有什麼轉折嗎？在美國的勞動力方面，我們肯定會看到積極的轉變，因為我們的餐廳配備了充足的人員，因此營業額較低。

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萊恩哈伯。

You commented sort of on the U.S. side, but just within IOM and IDL same-store sales, wondering if you had any comments on kind of the check versus traffic component.

您對美國方面發表了一些評論，但僅限於 IOM 和 IDL 同店銷售，想知道您是否對支票與流量部分有任何評論。

And then also just within the U.S., I was curious if you had a sense for roughly how much your California franchisees will be seeing wages go up and how much pricing that might presumably take to offset that.

然後，就在美國境內，我很好奇您是否知道您的加州特許經營商的工資將上漲多少，以及可能需要多少定價來抵消這一上漲。

Yes. I'll cover just the California question, and then Ian can cover the rest of what you laid out, specifically around IOM.

是的。我將只討論加州的問題，然後伊恩可以討論您提出的其餘問題，特別是有關國際移民組織的問題。

But as you mentioned and noted, California, with the passage of the recent legislation there around what that's going to do to wages, there is going to be a wage impact for our California franchisees. I don't think at this point we can say exactly how much of that is going to work its way through pricing. Certainly, there's going to be some element of that, that does need to be worked through with higher pricing. There's also going to be things that I know the franchisees and our teams there are going to be looking around productivity.

但正如您所提到和指出的，加利福尼亞州，隨著最近關於工資影響的立法的通過，將對我們加利福尼亞州特許經營商的工資產生影響。我認為目前我們還不能確切地說出其中有多少將透過定價發揮作用。當然，其中的某些因素確實需要透過更高的定價來解決。據我所知，特許經營者和我們的團隊也會專注於生產力。

How all of that plays out, there will certainly be a hit in the short term to franchisee cash flow in California. Tough to know exactly what that hit will be because of some of the mitigation efforts, but there will be a hit.

所有這一切如何進行，短期內肯定會對加州特許經營商的現金流造成打擊。由於採取了一些緩解措施，很難確切知道衝擊會是什麼，但一定會發生衝擊。

Longer term, what we've been talking about with our franchisees is this is an opportunity for us to gain share because this is an impact that's going to hit all of our competitors. We're in a better position. We believe we're in a better position than our competitors to weather this, and so let's use this as an opportunity to actually accelerate our growth in California. And accelerating our growth along with some mitigation, the two of those in combination is the best way to minimize any impact long term on franchisee cash flow.

從長遠來看，我們一直在與特許經營商談論的是，這是我們獲得份額的機會，因為這將影響我們所有的競爭對手。我們處於更好的位置。我們相信，我們比競爭對手更有能力應對這項挑戰，因此，讓我們以此為契機，真正加速我們在加州的成長。加速我們的成長並採取一些緩解措施，這兩者的結合是最大限度地減少對加盟商現金流的長期影響的最佳方式。

With that on California, let me have Ian just cover the rest of your questions on IOM.

關於加州，讓我請伊恩回答你們關於國際移民組織的其餘問題。

Brian, so let me try and give you a bit of texture on kind of IOM and IDL. I mean, I think you've obviously seen the headline comp numbers for the quarter, which I think are obviously really strong. And I would say that the consistency is the broad based -- and I think consistency of the momentum we're seeing, which just goes back to what we've talked about earlier today, which is our Accelerating the Arches strategy continues to really deliver pretty consistent results across the business.

Brian，讓我試著向您介紹 IOM 和 IDL。我的意思是，我認為您顯然已經看到了本季度的整體業績數據，我認為這些數據顯然非常強勁。我想說的是，一致性是基礎廣泛的——我認為我們所看到的勢頭的一致性，這又回到了我們今天早些時候討論的內容，即我們的加速拱門戰略繼續真正實現整個企業的結果相當一致。

I mean, of course, when there are 100-plus markets, there are always a couple of markets that are maybe dealing with more kind of headwinds than others. I mean, I think in IOM, France would certainly be one of those markets. We spoke a little bit about that on the quarter 2 call. But I think if you look at the IEO sector in France still hasn't recovered back to where it was in 2019.

當然，我的意思是，當有 100 多個市場時，總有一些市場可能比其他市場面臨更多的阻力。我的意思是，我認為在國際移民組織中，法國肯定是這些市場之一。我們在第二季的電話會議上對此進行了一些討論。但我認為，如果你看看法國的 IEO 產業，仍然沒有恢復到 2019 年的水準。

I mean, we have generally been taking share in the marketplace, but I think the consumer sentiment, with everything that's going on, which is consistent obviously across all markets, higher inflation, higher interest rates. And then I think in France, as we worked through the summer, you saw a level of social unrest. You saw some kind of violent activity coming out of that social unrest. I think that's all kind of dampened consumer demand.

我的意思是，我們總體上一直在市場中佔據份額，但我認為消費者情緒，以及正在發生的一切，在所有市場上顯然都是一致的，更高的通貨膨脹，更高的利率。然後我認為在法國，當我們整個夏天工作時，你會看到某種程度的社會動盪。你看到社會動盪引發了某種暴力活動。我認為這都是消費者需求受到抑制的原因。

So I think our team in France is really, really focused on having good clarity on what we need to continue to do, and we're going to continue to deliver even in that more difficult environment. But broadly speaking, consistently really strong and consistent performance across the business that we're very, very pleased with.

因此，我認為我們法國的團隊非常非常專注於明確我們需要繼續做什麼，即使在更困難的環境下，我們也將繼續交付。但從廣義上講，整個業務始終保持強勁且一致的表現，我們對此非常非常滿意。

Our next question is from Jon Tower with Citi.

我們的下一個問題來自花旗銀行的 Jon Tower。

First a clarification and then a question. Ian, could you provide potential range of the size of the property gain in the fourth quarter? And then second, I'm just curious to gain your thoughts on the recent NLRB ruling that's set to be implemented, I believe, in December. And how you think this might influence your own business or that of the industry in the years ahead?

先澄清，然後提問。 Ian，您能否提供第四季度房地產收益規模的潛在範圍？其次，我只是想了解您對 NLRB 裁決最近的看法，我相信該裁決將於 12 月實施。您認為這可能會如何影響您自己的業務或未來幾年的行業業務？

Jon, it's Ian. Let me take the first one, and then I'll turn it over to Chris on the NLRB.

喬恩，我是伊恩。讓我來處理第一個，然後我會將其交給 NLRB 的 Chris。

On the property gain which is in our IOM segment, we expect that to be about $60 million. I think we've -- you've probably heard us talk before, we get these kind of high-value individual properties that sometimes the highest and best use is different than what we're using it for today. This is an example of that. I don't think we certainly expect these are going to be occurring very often, but this is a case where that was just a good business decision to make, and that's what we're expecting in quarter 4 on that.

對於 IOM 部門的財產收益，我們預計約為 6000 萬美元。我想我們——你可能已經聽過我們說過，我們獲得了這些高價值的個人財產，有時它們的最高和最佳用途與我們今天使用的不同。這就是一個例子。我認為我們當然不會期望這些會經常發生，但在這種情況下，這只是一個很好的商業決策，這就是我們在第四季的預期。

Yes. And on the NLRB ruling, I mean, as you would expect, we strongly object to the last week's NLRB ruling. We think it's going to undermine small business ownership in the U.S. If you think about it, the franchise business model, it's really a great American innovation. It's created wealth for thousands, particularly underrepresented minorities and women. And this is something we think that needs to be supported, not attacked.

是的。關於 NLRB 的裁決，我的意思是，正如您所料，我們強烈反對上週的 NLRB 裁決。我們認為這將破壞美國小企業的所有權。如果你仔細想想，特許經營商業模式，這確實是一項偉大的美國創新。它為數千人，特別是代表性不足的少數族裔和婦女創造了財富。我們認為這是需要支持而不是攻擊的事情。

And so in our mind, this is yet another example of agency overreach coming out of D.C. And we expect it's going to be contested. It's going to be contested in the courts. It's going to be contested in Congress. In fact, you may have seen already the Senate has, as indicated, they're going to seek to pass a continuing resolution which is an opposition to this ruling. So McDonald's certainly opposes it. We're going to support others who oppose it.

因此，在我們看來，這是華盛頓特區機構越權的另一個例子，我們預計這將受到爭議。這將在法庭上受到爭議。這將在國會受到爭議。事實上，您可能已經看到，正如所示，參議院將尋求通過反對這項裁決的持續決議。所以麥當勞當然是反對的。我們將支持其他反對的人。

How it all plays out in time, I think it's tough to say, but this is something that's going to affect everybody. And as we've shown throughout time, so long as there's a level playing field and McDonald's is on the same level as everybody else, we tend to win. And so even if this NLRB ruling were to pass, it's going to affect the industry writ large, and we think we're better positioned than anybody else to withstand it.

我認為這一切將如何及時展開，我認為很難說，但這將影響每個人。正如我們長期以來所表明的那樣，只要有一個公平的競爭環境，而麥當勞與其他公司處於同一水平，我們就傾向於獲勝。因此，即使 NLRB 的這項裁決獲得通​​過，也會對整個產業產生巨大的影響，我們認為我們比其他任何人都更有能力承受它。

Our next question is from Andy Barish with Jefferies.

我們的下一個問題來自 Jefferies 的 Andy Barish。

Just shifting gears to IOM for a moment. Can you give us roughly how much of the $100 million to $150 million in subsidies has shown up so far?

只是暫時轉向 IOM。您能否告訴我們，1億到1.5億美元的補貼到目前為止已經到位了多少？

And then on the company-owned margin question, but related to IOM, I mean, this used to be 20% margin business. Obviously more pricing in the business today. Any thoughts longer-term about kind of realizing back to 20% restaurant level margins in this segment?

然後是關於公司自有保證金問題，但與 IOM 相關，我的意思是，這曾經是 20% 的保證金業務。顯然，當今的業務定價更高。對於將這一細分市場的餐廳利潤率恢復到 20% 的長期目標，您有什麼想法嗎？

Andy, it's Ian. So I think on the subsidies, I guess the headline would be we expect to spend in line with what we've said consistently for the year, $100 million to $150 million. And so I think we're tracking in line with that where you'd expect us to be at this point in the year is what I would say on that.

安迪，是伊恩。因此，我認為在補貼方面，我想標題是我們預計將按照我們今年一貫所說的支出 1 億至 1.5 億美元。因此，我認為我們正在跟踪的情況與您期望我們在今年這個時候的情況一致，這就是我想說的。

I think in terms of longer-term margins, I mean, if you go back over our 60-year history, I mean, we've had obviously many periods of higher inflation that we've had to work through over time. We've always been able to kind of get margins back as we're able to continue to drive strong top line growth. And I certainly don't see any reason why that would be different this time.

我認為就長期利潤率而言，如果你回顧我們 60 年的歷史，我的意思是，我們顯然經歷了許多通膨較高的時期，我們必須隨著時間的推移來應對這些時期。由於我們能夠持續推動強勁的營收成長，我們總是能夠恢復利潤。我當然看不出這次有什麼不同的理由。

I mean, I think we have -- we're going to make sure, as you've heard us talk about today, that we stay really disciplined in how we're pricing to the consumer. We feel we've got a lot of capability, data and analytical capability that's allowing us to do that better than most. And we also have industry-leading momentum as you continue to see in our results.

我的意思是，我認為我們將確保，正如您今天聽到的那樣，我們在向消費者定價的方式上保持真正的紀律。我們認為我們擁有大量的能力、數據和分析能力，這使我們能夠比大多數人做得更好。正如您繼續在我們的業績中看到的那樣，我們還擁有領先業界的勢頭。

And if you are able to have industry-leading momentum, and as you heard Chris talk about, you continue to invest in those structural advantages, whether that's the fully modernized estate, digital platforms at scale, obviously, you're going to be in an advantaged position versus others and how you can kind of continue to let that flow through the business. And I think that's certainly what we expect as we look forward on margins and the ability to kind of build those as we continue.

如果你能夠擁有行業領先的動力，正如你聽到克里斯談論的那樣，你將繼續投資於這些結構性優勢，無論是完全現代化的產業、大規模的數位平台，顯然，你都會進入相對於其他人的優勢地位，以及如何繼續讓這種優勢貫穿整個業務。我認為這肯定是我們所期望的，因為我們期待著利潤率以及在我們繼續發展的過程中建立這些利潤的能力。

We have time for one more question, Brian Mullan with Piper Sandler.

我們還有時間再問一個問題，布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler)。

Just a question on development specific to the U.S. Can you perhaps comment on the takeaway-only location in Texas. Any early learnings you've had thus far? I imagine we might hear more about this at the Investor Day. But just high level, do you expect new formats have the potential to play a more meaningful role in future U.S. unit growth?

只是一個關於美國特定發展的問題。您能否評論一下德克薩斯州的外賣店？到目前為止，您有什麼早期的經驗教訓嗎？我想我們可能會在投資者日聽到更多有關此事的資訊。但就高水準而言，您是否認為新業態有潛力在美國未來的單位成長中發揮更有意義的作用？

So you're right, we will talk a little bit more about this, actually a lot more about this, when we get together on December 6. We're continuing to follow and assess the test that we have down in Texas.

所以你是對的，當我們 12 月 6 日聚會時，我們會更多地討論這個問題，實際上更多地討論這個問題。我們將繼續跟踪和評估我們在德克薩斯州進行的測試。

I think you can say that certainly there is going to be an opportunity for us to have restaurants that are smaller footprint that don't have a dining room. You will see some of those. But I think from a development standpoint, the vast majority of the development opportunity that we see is for our traditional restaurants. We think that there's still quite a bit of opportunity for traditional restaurants. That will be the bulk of it.

我想你可以說，我們當然有機會開設佔地面積較小但沒有餐廳的餐廳。你會看到其中一些。但我認為從發展的角度來看，我們看到的絕大多數發展機會都是針對我們的傳統餐廳的。我們認為傳統餐廳仍有很大的機會。這將是其中的大部分。

You might see, again, something around the edges, which is some of the smaller formats, but the big idea is traditional restaurants that we'll talk more about on December 6.

您可能會再次看到一些邊緣的東西，即一些較小的業態，但重要的想法是傳統餐廳，我們將在 12 月 6 日詳細討論這一點。

Okay. Thank you, Chris. Thank you, Ian. That completes our call today. Thanks, everyone, for joining.

好的。謝謝你，克里斯。謝謝你，伊恩。我們今天的通話到此結束。謝謝大家的加入。

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。現在您可以斷開連接，祝您有美好的一天。