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。應麥當勞公司要求，本次電話會議正在錄音。 （操作員指示）

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，感謝大家的參與。今天與我一起參加電話會議的還有總裁兼執行長 Chris Kempczinski 和財務長 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)

提醒一下，我們收益報告和 8-K 文件中的前瞻性陳述也適用於我們今天電話會議上的評論。這兩份文件均可在我們的網站上獲取，今天電話會議上提到的任何非 GAAP 財務指標及其對應的 GAAP 指標的對帳表也可在我們的網站上取得。在今天上午準備好發言稿後，我們將回答您的問題。 （操作員指示）

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.

在把時間交給克里斯之前，我還有一件事需要說明。正如各位所知，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議，屆時克里斯和伊恩將與我們的高級領導團隊成員一起介紹我們的戰略重點，隨後進行問答環節。請各位在今天的電話會議上提問時注意這一點，並將問題重點放在我們今年的季度業績上。 12月份，我們將花更多時間討論2024年的目標和我們的策略重點，並在當天安排充足的問答時間。有關活動的詳情及收聽方式，請瀏覽我們網站的「投資者活動」版塊。今天的電話會議將進行網路直播，並錄製後可透過我們的網站回放。

And now I'll turn it over to Chris.

現在我將把話題交給克里斯。

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。過去一個季度，儘管持續面臨逆風和充滿挑戰的宏觀環境，我們再次見證了麥當勞業務的全面成長勢頭。在全球範圍內，我們憑藉行業市場份額的領先優勢保持營運。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.

正如我們預期以及在先前的財報電話會議上所提到的，儘管我們各部門的營收成長強勁，且高於歷史平均水平，但成長仍在持續放緩。然而，由於我們系統對「加速拱門」策略的出色執行，我們繼續領先於競爭對手。

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. 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.

過去一年，我們更加重視分享和推廣能夠在全球產生影響力的世界級理念。我們持續保持優勢的核心在於如何最大限度地提升行銷效果，以保持與顧客的緊密聯繫。今年8月，我們在超過100個市場推出了「As Featured In」活動，使其成為我們迄今為止規模最大的全球推廣活動。這項活動融合了20多個麥當勞元素，涵蓋好萊塢、寶萊塢、動漫和獨立電影等多個領域，致敬麥當勞在全球娛樂領域最令人難忘的經典元素。這也再次證明了「One McDonald's Way」行銷方式在提升參與度方面所具有的影響力和威力，使我們的市場在保持全球一致性的同時，又能與當地市場緊密結合。

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.

「As Featured In」 慶祝我們的核心資產，表明麥當勞和我們的標誌性菜單是一種文化試金石，可以立即將粉絲與角色和故事聯繫起來，擁有超過 85% 的積極消費者情緒，並且在客戶參與度方面排名前 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.

最近，我造訪了澳洲和紐西蘭，看到更多實踐「麥當勞式」理念（或像我們在澳洲的朋友所說的「麥加式」理念）的例子，我深受鼓舞。顯然，我們在這些市場持續推行的菜單規範和餐廳複雜度的降低，正在推動營運的改善。透過利用持續的綜合資源，打造「麥加式」員工體驗，我們最終創造了更佳的顧客體驗。

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「麥當勞式」漢堡，澳洲是我們推出「最佳漢堡」的第一個市場，並且取得了巨大的成功。美味漢堡的認知度持續成長，麥當勞團隊的牛肉漢堡市佔率也創下了歷史新高。如今，「最佳漢堡」已擴展到全球70多個市場，並藉鑒了最初在澳洲推出的經驗。

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實現成長的市場典範。我們憑藉自身優勢，不斷拓展市場版圖。我們也透過引進外送室和整合麥咖啡飲品配送中心來提升現有餐廳的容量，這將使我們能夠更好地推動麥當勞的成長。我們將在12月的投資者更新會上分享更多關於第四個「發展」（Development）計畫的細節。

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.

麥當勞的價值可靠性和良好的體驗繼續在與顧客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，以實惠的價格提供美味的食物，並為顧客提供他們所期望的便利。

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.

儘管面臨生活成本壓力，我們的市佔率仍在持續成長，這令人欣喜。正如我們年初的預期以及在之前的財報電話會議上所討論的那樣，消費者對消費內容和地點的選擇性顯然越來越強。通貨膨脹持續高漲、燃油成本上漲、利率上升、住房負擔能力壓力等等，導致全球消費者必須為日常商品和服務支付越來越高的價格，這在經濟困難時期一次又一次地證明，麥當勞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。今年早些時候，團隊推出了「麥當勞智慧菜單」（McSmart menu），提供更小份量、更實惠的餐點，取得了顯著成效。這充分體現了我們保持靈活應變、傾聽顧客需求的卓越表現。我們的德國團隊了解到顧客渴望這些選擇，而「麥當勞智慧菜單」則讓顧客更容易接受我們的菜單，從而在價值感知方面超越業內其他同行。這也是德國公司連續第十個季度實現兩位數銷售成長的重要驅動力。

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.

我們始終致力於領先顧客一步，正如我們一直以來所做的那樣，即使我們擁有雄厚的實力，我們也會不斷創新和重塑自我。麥當勞是那些擁有權利和力量融入人們日常生活的消費品牌之一。麥當勞的一大優點在於，我們不會固步自封。我們不斷探索新的方法來吸引顧客光顧，我們相信，過去幾年採取的行動為我們持續的成功奠定了基礎。

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.

這始於強大的本地領導力和加盟商的協同。當我們將這些優勢與完全現代化的經營場所、全球知名的品牌、核心菜單上的美味佳餚以及「4D」理念的高水準執行相結合時，我們的競爭優勢將得到充分展現。儘管宏觀環境仍充滿不確定性，但我們相信，我們的品牌和業務已做好準備，定能贏得勝利。

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.

品牌優勢、實體優勢和數位滲透力的強大聯手，使我們成為產業領導者。只要我們持續關注顧客最關心的問題，我們相信我們能夠保持領先地位，並繼續以推動業務成長和發展的方式將品牌與消費者緊密聯繫。我對我們的「加速拱門」策略以及麥當勞品牌的持久實力充滿信心。

I'll now turn it over to Ian.

現在我將把發言權交給伊恩。

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」成長支柱方面餐廳層面的強勁執行力，在大多數主要市場，顧客滿意度均顯著提升。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，推動本季全球同店銷售額成長近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 remained 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.

由於整個麥當勞系統的不懈努力，麥當勞品牌比以往任何時候都更強大。我們業務的韌性源自於我們適應任何環境的能力。如預期，本季宏觀經濟情勢依然嚴峻，消費者支出仍承壓。儘管營收成長持續放緩，符合我們的預期，但我們的表現仍優於產業，在我們最大的市場中，我們在價值和可負擔性方面仍然保持領先地位。

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，而隨著顧客需求的變化，不斷改進這些選擇也至關重要。正如克里斯幾分鐘前提到的，隨著成本持續上漲，以及我們全球市場持續做出反應，我們的顧客顯然仍在尋求價格合理的餐點。

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.

在宏觀經濟壓力日益增大的背景下，德國市場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。該市場在應用程式內獨家推出了「Your Remix, Your Deal」促銷活動，讓客戶自行客製化小套餐。除了價格實惠之外，這項促銷活動還滿足了客戶所期待的個人化需求，並顯著提升了客戶參與度，第三季新增了100萬名90天活躍會員，充分證明了這一點。

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.

這種以我們的核心菜單特色菜為特色的更小、更實惠的套餐方式於今年早些時候在德國和英國首次推出，推出了新的永久優惠產品，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 day part, we drove market share gains in both breakfast and coffee, demonstrating how providing customers what they want at great value always resonates.

在競爭激烈的加拿大早餐市場，團隊為顧客提供了更實惠的選擇，包括麥滿分和熱咖啡搭配。透過在一天中的關鍵時段以極具吸引力的價格推出我們的核心產品，我們成功提升了早餐和咖啡的市場份額，證明了以超值的價格提供顧客所需的產品總能引起共鳴。

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 day part, 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D123每日超值菜單採用類似平價套餐的模式，以當地特色價格提供全國性促銷產品。該平台的特色產品包括雙層麥樂雞或四塊麥樂雞。每日每個時段都提供套餐，顧客無論何時都能光臨麥當勞享用經濟實惠的餐點。雖然價格會隨著時間的推移而變化，但主打產品始終如一，始終為顧客提供他們熟悉的、我們核心菜單中的最愛。我們始終如一的超值服務意味著顧客每次光臨都能清楚地了解預期，從而鞏固了我們在市場上平價餐食領導者的穩固地位。

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，由於宏觀經濟放緩，消費者信心處於歷史低位，市場重啟了一項促銷活動，推出以熱騰騰、美味漢堡為主打的小型套餐。這項促銷活動旨在吸引Z世代消費者，有效推動了顧客需求，並提升了牛肉的市場份額。

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, 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.

除了食物價格之外，我們也持續為顧客提供全新體驗，進一步提升他們的價值觀念。許多市場正在使用我們的數位應用程序，透過獨家活動來提升粉絲的參與和忠誠度。這一點在近期多個市場的「地產大亨」活動中得到了充分體現，首先是澳大利亞，得益於應用程式註冊量和遊戲道具兌換量的增加，《地產大亨》在本季度為澳大利亞市場的數位銷售額貢獻了創紀錄的成績。

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，推出雙重剝開選項，鼓勵玩家將遊戲棋子掃描到應用程式中。 《地產大亨》再次點燃了粉絲對品牌的熱愛，並帶來了比以往更高的應用程式參與。

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.

今年夏天，西班牙的「地產大亨」推廣活動也取得了類似的成功。現在，該推廣活動利用了與英國相同的應用功能，顯著提升了應用程式下載量和註冊量。這再次印證了我們在系統內共享最佳方案，從而幫助實現數位成長目標的偉大範例。

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. 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.

事實上，在我們前六名的市場，第三季的數位銷售額佔全系統銷售額的40%以上，接近90億美元。目前，我們在這些主要市場擁有超過5700萬90天活躍會員，我們與他們的關係也持續發展。我們正在了解他們何時造訪、如何造訪以及購買什麼，越來越多的銷售額來自特定管道，比以往任何時候都多。透過持續提升麥當勞的數位體驗，我們的顧客與品牌的聯繫更加緊密，從而推動了那些我們認為原本可能被忽略的增量到訪。這也為我們提供了更多與很久沒光顧的顧客重聚的方式。

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，本季度，麥當勞品牌再次成為我們行銷的焦點，我們利用「麥當勞式」的方式慶祝7月份的國際足總女足世界盃。憑藉創紀錄的收視率和球迷參與度，我們的品牌成為了這項文化盛事的一部分。我們繼續透過可擴展且與文化相關的活動來提升我們的創意卓越性。這項活動透過涵蓋28個市場的全球活動得以實現，激發了當地球迷的熱情，並得到了全面整合的社群媒體、數位串流媒體和內容策略的支持。更令人興奮的是，我們派出竭盡全力的工作人員觀看比賽直播，以此來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「如特色」活動、地產大亨活動和國際足總女足世界盃期間，我想不出還有哪個時候我們能更好地利用我們的規模來在整個系統中運用偉大的營銷理念，這是我們在實踐中加速組織原則的具體體現。

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.

我們的食品是顧客與品牌關係的核心。正因如此，我們在菜單中也採用了「麥當勞式」的理念，透過擴大核心雞肉產品銷量，進一步推動我們在雞肉領域的雄心壯志。我們的麥脆皮雞肉三明治 (McCrispy Chicken Sandwich) 於 2022 年首次推出，如今已成為覆蓋多個市場的 10 億美元品牌，繼續成為雞肉市場份額增長的重要驅動力。

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，早期業績表明，雞肉類產品銷量有所提升，同時也為我們重新聚焦雞肉產品組合注入了新的活力。英國市場持續透過對我們全球熱門新品的全新演繹，激發人們對雞肉的熱情。上個季度，市場推出了新的產品線延伸產品 McCrispy Deluxe，與 McCrispy 和 McSpicy 一起在市場上銷售。

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.

透過將我們的核心菜單產品的強大執行與新口味新聞和有限的額外複雜性相結合，我們繼續加強我們在客戶中的雞肉信譽，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Arches」成長的每個支柱中，我們的策略顯然都在發揮作用。由於我們系統的韌性以及在M、C和D三個方面強大的執行力，我們能夠與客戶的需求保持同步，即使他們的需求不斷變化。

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.

談到損益表。我們強勁的營收表現推動本季調整後每股盈餘達到3.19美元。以固定匯率計算，較上年增長16%，但不包括主要與加速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.

持續的成本上漲仍令公司經營利潤率承壓，這與我們的預期一致。我們預計這些宏觀不利因素將在第四季持續存在。

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針對性的臨時特許經營商援助部分抵消，這些援助主要提供給我們歐洲的特許經營商，這些地區的高成本持續給餐廳現金流帶來壓力。我們仍預期這些援助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%.

本季餐廳利潤總額以固定匯率計算成長約3.35億美元，成長約10%。本季一般及行政費用以固定匯率計算成長1%，本季調整後有效稅率接近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.

受強勁營收成長的推動，年初至今調整後的營業利潤率為47.5%。我們目前預計全年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的預期物業收益，以及約佔全系統銷售額2.2%的一般及行政費用。外幣折算對第三季業績產生了約0.08美元/股的正面影響，預計全年業績將略有改善。

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.

最後，我想談談董事會於10月初批准的最新股息成長。這標誌著我們連續第二年實現10%的年度成長，我們為股東帶來豐厚現金回報的往績感到非常自豪，這標誌著我們連續第47次增加股利。這體現了我們對「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月的投資者更新會上與大家分享更多資訊。

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

說完這些，我將把發言權交還給克里斯。

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。儘管我們繼續在充滿挑戰的宏觀環境中運營，但我們始終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「加速邁向成功」策略，我們累積了業界領先的數位忠誠度客戶群，與我們的餐廳佈局形成互補。我們正積極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力極強，顧客滿意度不斷提升，我們作為首選特許經營商，持續吸引全球最優秀的加盟商。

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.

儘管立法和監管方面持續面臨阻力，我們仍致力於調動我們的系統來保護特許經營商在地方層面的決策，並致力於在公民空間建立長期影響力，倡導有利於當地餐館老闆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.

我們也正在實踐滋養和培育社區的宗旨。 9月，我們舉辦了第二屆全球志工月活動，來自12個市場的6,400多名志工貢獻了約26,000小時回饋當地社區。 10月初，麥當勞被《Fast Company》雜誌評選為“重要品牌”，因其在關鍵問題上做出的貢獻，以及對其宗旨和價值觀的最高承諾而入選。

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.

儘管我們的策略正在奏效，但顧客對我們的期望卻越來越高，我們已準備好迎接挑戰。雷·克羅克在1967年說過的那句話至今依然適用。我們生活在一個瞬息萬變的世界，麥當勞也將隨之改變。變化是我們唯一不變的。正如那些將麥當勞打造成為如今全球領導者的前輩們一樣，我們將贏得成功，並作為一個整體，攜手共進，為未來奠定基礎。 12月6日，星期三，我希望您能加入我們，聆聽更多投資者更新，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年麥當勞將會如何發展，我感到無比興奮。我們相信，正因為我們擁有雄厚的實力和持續有效的策略，我們現在有機會、有能力、也有義務重塑我們品牌的未來。

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，現在我將把時間交給 Mike 進行問答。

(Operator Instructions)

（操作員指示）

Our first question is from John Ivankoe with JPMorgan.

我們的第一個問題來自摩根大通的 John Ivankoe。

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, 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?

顯然，價值是這次電話會議的重點。我想問一下，在近期平均票價上漲的背景下，您以及整個行業都在關注價值，而這很大程度上是由高端化、客製化和大杯裝推動的。換句話說，除了價格上漲之外，您還關注了平均票價的上漲。當我們談論價值時，這對未來的價格上漲意味著什麼？您是否有意通過價值，特別是捆綁價值，來保護平均票價？或者，您會犧牲一些平均票價，以提升未來的市場份額，並可能帶來交易收益？

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。說到價值，我認為這一直是麥當勞的重點。我的意思是，我們是一家建立在價值、便利和美味食品基礎上的企業。所以我們一直熱衷於關注價值。

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，以及我們在過去一年經歷的通貨膨脹，實際上比一年前還要嚴重，我們在執行這些提價方式時，一直努力做到謹慎而自律。好消息是，我們在價格負擔能力方面繼續保持領先。我們在性價比方面繼續保持領先。我們的優勢並未減弱，我們將繼續保持這些優勢。

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，我無法就我們如何看待價值給出一個概括性的陳述。每個市場都應該思考如何持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，團隊在價值方面都做得非常好。他們正在兌現承諾。而且，在客戶接受度對定價的影響方面，我們幾乎沒有看到任何變化，這對我來說也表明團隊正在取得正確的平衡。

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. 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.

感謝您對IOM國家行銷舉措的詳述。聽起來確實更注重價值，但我很想了解這些IOM大國，也就是所謂的“五大國”，在後疫情時代出行復甦的趨勢如何。換句話說，或許返校季是個不錯的觀察視角。隨著夏季旅遊業的蓬勃發展，或許您能大致了解這些IOM市場的可比銷售額。因此，如果您能提供一些關於這些市場消費環境的詳述，以及本季同店銷售趨勢的實際情況，將會非常有幫助。

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，David。我先從整體情況說起，然後交給Ian，他會進一步闡述。整體而言，我們對IOM業務的表現非常滿意。我們看到，無論是按季度、年度還是四年來看，這項業務總體上都表現良好。我們也看到執行力非常出色。幾乎所有主要的IOM市場的客戶滿意度評分都在上升。所以總的來說，我們感覺良好。

In Europe 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.

尤其是在歐洲，我們確實看到了歐洲通貨膨脹加劇的現象。因此，那裡的團隊可能必須更加專注於確保我們能夠創造巨大的價值。但就整體業務而言，季度環比表現並沒有出現任何重大變化，不過我還是讓Ian來給大家更詳細地介紹一下吧。

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，也許這只是克里斯提到的幾點補充。我的意思是，如果你看看IOM本季8.3%的年增幅，這相當有力地表明了我們在該細分市場的一致性和基本面的潛在成長勢頭。我們在該細分市場的流量實現了正增長，我認為這顯然表明了這種勢頭，從銷售和流量的角度來看是如此。而且，我們在大多數大型市場的市場份額仍在持續增長，這說明，儘管正如克里斯所說，這些市場存在一些不同的宏觀或消費環境，顯然存在差異，但其中一些市場仍然面臨相當大的壓力。

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.

無論宏觀經濟逆風或消費逆風，相對於周遭的環境，我們仍然表現良好。我的意思是，我想我們已經說過，正如您在開場白中聽到的那樣，我們預期隨著通膨水平持續下降以及價格顯然隨之下降，我們的營收將繼續保持溫和增長。但我認為我們目前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」的策略計畫如何持續與整個業務的消費者產生共鳴。

Our next question is from David Tarantino with Baird.

我們的下一個問題來自貝爾德的大衛·塔倫提諾。

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.

我的問題是關於成本方面的。我認為您下調了銷售、一般及行政費用（SG&A）的預期，至少是系統銷售額的百分比，相比上次您給出的預期有所下調。我想知道，這個預期有什麼改變？是部分成本節省和「加速組織」計畫的實施，還是投資支出的延遲？我想您能提供一些這方面的背景資訊會很有幫助。

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.

大衛，伊恩，顯然如此。那麼，讓我試著給你們解釋一下。我的意思是，正如我們在年初的指引中所說，我們預期一般行政費用佔銷售額的比例將在2.2%到2.3%之間。顯然，我們已經將這一數字更新為2.2%左右，所以這個數字略有下降。我認為，顯然，我們今年的營收業績非常強勁。所以，這顯然是部分收益。

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.

我認為另一部分是支出的時機。我的意思是，我們的業務處於一個後半部分加權的支出週期。我認為從季度角度來看，第四季的支出變化更為明顯。因此，我們確實預期第四季的支出水準會更高。

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，我們的投資方式存在一個時機因素。我在上次季度電話會議上談到了我們將繼續投資的兩個領域。一個是科技和數位領域，我們相信它們將繼續提供強勁的成長機會，一旦有機會，我們就會繼續投資。我認為，這些投資對業務的貢獻，我們在過往的業績記錄中表現相當出色。

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業務服務組織，我們在今年稍早成立了該組織，作為「加速組織」計畫的一部分。在過去大約六個月的時間裡，我們花了大量時間研究我們認為該組織業務有哪些機會。我認為，我們已經對一些能夠從營運角度推動未來永續效率的因素有了清晰的認識。我們現在確實正在對其中一些機會領域進行投資。

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.

因此，我所說的更多的是圍繞這些舉措的支出時機，而更多的是在今年上半年將重點放在實現 ATO 組織變革上。

Our 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 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 in others.

我只是關注美國消費者，我想知道您能否談談他們的行為變化，整個季度或最近第四季的趨勢是否有所變化。我想知道某些地區是否面臨壓力，而其他地區是否可能受益於降價消費。

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.

另外，我記得您在新聞稿中提到過，美國餐廳的營收是由戰略菜單定價驅動的，沒有提到客流量。所以，我想知道您能否詳細分析一下美國餐廳的各項業務，看看2024年客流量增長乏力是否會成為一個問題，您如何看待美國餐廳的這些業務組成。

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，如果伊恩還有什麼想補充的，可以繼續問問題。具體到美國，我們一直在討論消費者如何因為面臨的價格壓力、利率等等而變得更加挑剔。

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.

最終你會發現，低收入消費者承受的壓力更大。因此，我們在整個行業中看到的一個現像是，低收入消費者（我們假設收入在4.5萬美元及以下）對產業來說是負面的。

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.

如果你放眼長遠，看看我們全年的業績表現，你會發現，我們的流量在全年基礎上持續成長。我們的流量略有下降。第三季略有下降。這是預料之中的，因為我們當時正在努力彌補不足。但如果你以兩年前的業績來看，本季我們的流量成長強勁。

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，並確保我們提供的價值，但希望該行業在定價方面也能保持紀律。

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

也許只是——我想補充一下克里斯的評論，他的觀點確實登上了頭條，但也許是因為我認為口感在本季度非常重要。我的意思是，我認為總體而言，我們的頭條新聞應該是：我們在本季度保持了快餐客流量市場份額。我認為，作為該品類的兩個關鍵要素，牛肉和雞肉的市佔率將繼續強勁成長。我們在中高收入消費者中的份額持續增長，傑夫，這多少印證了你的觀點，即我們確實在一定程度上受益於這類收入或細分市場中，消費者從更昂貴的替代品中降價購買。

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，我們佔據了低收入消費者的市場。但我認為，正如克里斯所說，本季產業可比流量有所下降，就像過去幾季一樣。因此，我們的可比流量也略有下降。

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. 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.

我想強調的是，我們整體營收表現強勁，這體現在我們的可比銷售額上。正如各位所見，我們的銷售額仍然保持行業領先，我們也公佈了本季的業績。我認為這是我們策略優勢的結合，也是我們過去幾年一直在努力的方向。我們擁有一個完全現代化的產業。我們擁有一個正在大規模投入使用的數位平台，它使我們能夠與消費者進行更個人化的互動。我們的行銷執行力也得到了提升，並以一種更具文化相關性的方式與消費者產生了共鳴。

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，我想，我們就會大聲疾呼——這尤其體現在美國業務上——我們整個系統執行力的卓越。我們知道我們正在為客戶提供更好的體驗。我們知道我們的員工隊伍更強大。正如克里斯之前提到的，我們知道我們在性價比和價格承受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，由於所有這些因素，我們確信我們將繼續處於優勢地位，因為我們將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.

感謝您對流量的評論。我想您能否進一步談談價格方面的討論。我記得上個季度您曾表示，預計全年價格將達到兩位數。所以，您能否談談這對第四季意味著什麼？或許您可以提前展望一下2024年的預期，您是否預期價格會比過去幾年更正常化？

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。我來談談定價問題。顯然，這只針對美國市場，因為不同市場的定價顯然存在差異，取決於具體市場的具體情況。

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.

正如我上季度所說，我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了這一點，而且這是近幾個季度以來的首次，那就是我們的平均定價水準（就成長率而言）已經開始下降。我認為這反映了一個事實，正如我們之前提到的，通膨正在開始下降。當然，我們預期定價的下降速度將與通膨下降的速度大致一致。

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.

正如我們之前提到的，我們美國業務在定價方面一直非常嚴謹。過去幾年，我們投入了大量精力，提升第三方顧問提供的數據和分析能力，他們為我們的業務提供定價建議，也為我們的加盟商提供定價建議，而加盟商也自行做出定價決策。

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. 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.

我認為，我們之所以能夠在性價比和價格承受能力方面繼續保持領先地位，是因為儘管成本上升和通膨壓力明顯抬高了價格，但我們仍然能夠以最大程度地減少客戶阻力，並最大限度地提高漲價帶來的流量。我想說，我們的流量仍然基本上符合歷史平均水平，這反映了我們在定價方面的能力和領先地位。

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.

所以，我想我們又一次談到了適度。如果通膨在未來繼續下降，我認為部分因素將體現在定價上。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯·蓋格。

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?

我想再問一下，您如何看待在美國保持這種潛在勢頭和份額增長。當您考慮 3D 中的一些關鍵驅動因素、您提到的營運執行、價值、Ready on Arrival、最佳漢堡等時，Chris，您能否就明年甚至更久以後的一些最具影響力的流量和銷售機會分享一下最新的想法？

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.

太好了。嗯，謝謝你的提問。我想先說一句，我期待12月6日的見面，因為我們會在會上更深入地討論我們對明年前景的看法，以及我們為繼續推動業務發展而計劃的一些具體事項。

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」策略，仍然有很大的發展空間。我們認為，在每一個成長支柱、行銷、核心菜單和4D策略之下，我們還有很多可以做的。同樣，我們將在12月6日更具體地說明這些具體內容。

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.

如果你從更廣闊的角度思考，目前的情況是，這項業務在數位領域開始累積相當可觀的規模。我們在數位領域建立的規模帶來了許多機遇，坦白說，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，考慮到我們的實體店規模，我們在美國擁有的餐廳數量超過其他任何公司；我們的數位業務規模也超過美國其他任何公司；再加上我們出色的執行力，我們看到了強勁的消費者滿意度評分。我們的服務時間在本季縮短了約9秒。雖然縮短幅度略低於9秒，但我認為全年仍縮短了約7秒。我們在美國市場佔有非常有利的地位，能夠持續保持成長動能。

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.

丹尼斯，也許只是小規模建設，我可能會有點老生常談。但我不會低估我們過去幾年所做的一些事情，例如全面現代化的莊園。想像一下——這就是我們一些競爭對手如今的處境，在現金流緊張、利率上升的環境下，你還在努力做到這一點。我的意思是，我們擁有一個全面現代化的莊園。

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，我們擁有一個不斷發展的現代化數位平台。我認為，從根本上來說，這是我們在應對這種更具宏觀逆風和波動性的情況下所做的一些重大投資，它們至關重要。

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，Ian說的一件事也引發了我的思考：為了推動業務發展，我們需要我們的加盟商保持強勢地位。美國加盟商的現金流今年有所上升，本季也上升了。所以我認為這跟市場情緒有關。你可以想像，如果加盟主的現金流沒有回流，那麼繼續推動業務發展將面臨更大的挑戰。幸運的是，儘管我們必須承受食品、紙張以及勞動力方面相當大的通膨壓力，但我們的加盟商仍然獲得了良好的現金流。這又給了我們信心，讓我們在迎接新的一年時充滿信心。

Our next question is from Lauren Silberman with Deutsche Bank.

下一個問題來自德意志銀行的勞倫‧西爾伯曼。

So I just wanted 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?

所以我想跟進一下關於競爭環境的評論。您能談談您在促銷環境中看到的情況嗎？整個產業的折扣力道有沒有增加？如果消費者的購買力下降，您的價值評估方法會發生什麼樣的變化？

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

然後我猜相關的是，不同時段的同店銷售額有任何顏色變化，或者任何競爭 - 某些時段的競爭活動更激烈？

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，我會從整體角度來分析競爭格局，Ian 會專門談談時段的問題。但總的來說，我認為大家現在看到的是，每個人都在努力確保自己在價值上與消費者保持競爭力。特別是我之前提到的低收入消費者，也就是我們所說的 45,000 美元及以下的消費者，我們發現這部分業務的客流量在本季度有所下降。

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的促銷活動加強，但這並沒有什麼值得擔憂的。我認為這些舉措並不超出我們的謹慎範圍。所以我們會繼續關注。

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.

我們專注於保持價值領先地位，並將竭盡所能保持這一地位。但我認為，我們還有很多因素可以提升價值，這不僅限於價格。它涵蓋了提供更佳的客戶體驗，我們正透過縮短服務時間、提升服務品質來實現這一點。我們透過現代化的餐廳來實現這一點，而這在業內其他餐廳並不常見。我們的執行力非常出色，這意味著消費者可以享用更熱、更快捷、更美味的食物。

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.

所有這些都會影響價值認知，這就是為什麼我們看到我們的價值認知在產業中儘管面臨一些壓力卻依然堅挺。因此，我預計這方面不會發生任何重大變化，但肯定每個人都在關注這一點。至於具體的時段，我會讓伊恩再詳細談談。

Lauren, I -- just maybe I'll 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——也許我會在時段方面再進一步。再次強調，我以美國為例，因為我們在業務的所有時段都表現得相當強勁且穩定。所以我認為沒有哪個時段的表現不出色。

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，我稱之為「重返工作和辦公室」的常規情況，早餐時段的壓力可能會更大一些，就像一些在恢復方面落後的競爭對手在這一類別中逐漸恢復一樣。但我們仍然看到這方面表現良好。

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.

也許唯一的另一個改進，從國際視角來看，就是您聽到我們談到一些國際市場為了提升價值而做出的調整。我想提一下加拿大市場，那裡的團隊推出了早餐優惠，麥滿分配咖啡。在加拿大，早餐是一天中非常重要的時段，而咖啡是其中非常重要的一環。

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領先一步，並主動確保我們不斷調整價值，使其與消費者在不斷變化的環境中的需求相符。正如克里斯所說，價值是我們基本商業模式的策略組成部分，但我們顯然會繼續傾聽客戶的意見，確保我們提供他們所需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公司的 Brian Bittner。

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?

就美國自營餐廳的利潤率而言，本季實現了兩年來的首次成長，儘管幅度不大，但這或許也預示著您的加盟店利潤率的提升。最大的驅動因素是什麼？僅僅是食品成本上漲在價格依然堅挺的情況下有所緩解嗎？還是還有其他因素？這是否會成為美國餐廳利潤率穩定的潛在轉捩點，甚至可能推動未來利潤率的進一步成長？

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。關於公司自營餐廳的利潤率，我想說的是，我們一直保持著相當穩定的水平——如果你看一下2023年全年，我們預計美國和馬裡蘭州的公司自營餐廳利潤率將與2022年第四季度的水平大致持平。我認為這種看法沒有改變。顯然，我們今年的銷售業績非常強勁，這對我們有所幫助。

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.

我想，正如你們之前聽我說過的那樣，在高通膨時期，企業持續營運的唯一途徑顯然是繼續成長營收並實現強勁業績。這正是我們關注的重點。我們非常有信心，只要我們能夠繼續這樣做，就能看到餐廳利潤率（以百分比計算）有所提升，此外，強勁的營收銷售額顯然還能帶來強勁的美元成長。

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.

所以我認為我們對今年全年的預期不會有改變。但我認為，鑑於我們整個業務的良好勢頭，我們目前處於非常有利的地位。

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.

關於 McOpCo 方面，我還想補充一點，這也是我們在加盟商身上看到的現象：即使店員規模不斷擴大，他們也獲得了成長。我認為我們看到的部分好處是營業額下降了。所以，即使 McOpCo 餐廳的店員規模不斷擴大，我們的團隊也做得非常出色，而且我們看到營業額比去年同期大幅下降。

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.

所有這些都帶來了一些好處。當然，培訓減少了，但執行力也提高了。所以我認為這也是我們看到的一個現象，那就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。申請數量也大幅增加。所以，我確實認為，關於美國勞動力方面的情況是否正在好轉，我們確實看到了積極的轉機，我們的餐廳員工配備齊全，因此員工流失率也降低了。

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 Brian Harbour。

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評論，但僅限於 IOM 和 IDL 同店銷售額，想知道您對支票與流量成分有何評論。

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.

然後同樣僅在美國境內，我很好奇您是否知道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才能抵消這種上漲。

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

是的。我先只談加州的問題，然後Ian可以講講你提到的其他內容，特別是關於IOM（國際移民組織）的問題。但正如你所提到的，加州最近通過了一項關於工資影響的立法，這將對我們加州加盟商的工資產生影響。我認為目前我們還無法確切地說其中有多少會透過定價體現出來。當然，其中肯定有一些因素需要透過提高定價來解決。我知道，加盟商和我們在那裡的團隊也會關註生產力方面的問題。

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.

所有這些最終都會對加州加盟商的現金流造成短期衝擊。由於一些緩解措施，很難確切知道具體衝擊會有多大，但肯定會有。

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，我們一直在與加盟商討論，這是一個提升市場份額的機會，因為疫情的影響將波及我們所有的競爭對手。我們處於更有利的位置。我們相信，我們比競爭對手更有能力應對疫情，因此，我們應該利用這個機會，真正加速我們在加州的成長。在加速成長的同時，採取一些緩解措施，兩者結合，是最大程度地降低疫情對加盟商現金流長期影響的最佳途徑。

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

關於加州的問題，請伊恩回答你們關於 IOM 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.

布萊恩，我想先簡單介紹一下 IOM 和 IDL 的狀況。我想說的是，您顯然已經看到了本季度的同比數據，我認為這些數據顯然非常強勁。我想說的是，這種一致性是普遍存在的——而且我認為我們所看到的勢頭是一致的，這可以追溯到我們今天早些時候討論的內容，即我們的“加速拱門”戰略繼續在整個業務範圍內帶來相當一致的成果。

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. 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.

當然，當有 100 多個市場時，總會有幾個市場可能比其他市場面臨更多的阻力。我認為在 IOM 中，法國肯定是其中之一。我們在第二季的電話會議上談到了這一點。但我認為，如果你看看法國的 IEO 產業，它仍然沒有恢復到 2019 年的水準。我的意思是，我們總體上一直在佔領市場份額，但我認為消費者情緒，以及正在發生的一切，顯然在所有市場都是一致的，通貨膨脹率上升，利率上升。然後我認為在法國，我們整個夏天都在努力，你看到了某種程度的社會動盪。你看到一些暴力活動源自於社會動盪。我認為這都抑制了消費者需求。

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.

所以我認為我們法國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，我們也將繼續努力。整體而言，我們對整個業務持續強勁且穩定的業績感到非常非常滿意。

Our next question is from Jon Tower with Citi.

下一個問題來自花旗銀行的喬恩‧托爾 (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?

先澄清一下，然後問一個問題。伊恩，您能否提供一下第四季房地產收益的潛在範圍？其次，我很好奇您對最近國家勞工關係委員會（NLRB）的裁決有何看法？該裁決預計將於12月實施。您認為這項裁決會如何影響您自己或整個產業的未來幾年？

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。我先回答第一個問題，然後我會把問題交給國家勞工關係委員會的克里斯。

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.

我們預計IOM部門的房地產收益約為6000萬美元。我想——你可能之前聽我們說過，我們收購了一些高價值的獨立資產，有時它們的最高用途和最佳用途與我們目前的用途不同。這就是一個例子。我認為我們當然不希望這種情況經常發生，但這次是一個明智的商業決策，這也是我們對第四季業績的預期。

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。關於國家勞工關係委員會（NLRB）的裁決，正如你所料，我們強烈反對上週的NLRB裁決。我們認為這將損害美國小企業所有權。仔細想想，特許經營模式確實是一項偉大的美國創新。它為成千上萬的人創造了財富，尤其是那些代表性不足的少數族裔和女性。我們認為這應該得到支持，而不是攻擊。

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，這又是華盛頓機構越權的又一例證。我們預計該裁決將面臨質疑。它將在法庭上受到質疑。它將在國會受到質疑。事實上，你可能已經看到，參議院已經表示，他們將尋求通過反對該裁決的繼續決議。因此，麥當勞當然反對。我們將支持其他反對者。

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.

這一切最終會如何發展，我想很難說，但這將影響每個人。正如我們一直以來所展現的，只要競爭環境公平，麥當勞與其他公司處於同一水平，我們往往就能獲勝。因此，即使國家勞工關係委員會的這項裁決最終獲得通過，也會對整個產業產生深遠的影響，而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?

先把話題轉到國際移民組織。您能大致告訴我們，到目前為止，這1億到1.5億美元的補貼已經到位了嗎？

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?

關於公司自有利潤率的問題，但與IOM相關，我的意思是，這部分業務的利潤率曾經是20%。顯然，現在業務的定價更高了。從長遠來看，您有什麼想法，希望將這一細分市場的餐廳級利潤率恢復到20%？

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，我是伊恩。關於補貼，我想主要內容是，我們預計今年的支出將與我們一直以來所說的一致，1億到1.5億美元。所以我認為我們的支出計畫與預期一致，也就是今年這個時候的水平，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，回顧我們60年的歷史，我們顯然經歷過許多高通膨時期，這些時期我們必須逐步克服。我們一直以來都能在一定程度上恢復利潤率，因為我們能夠繼續推動強勁的營收成長。我當然認為這次也不會有什麼不同。

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，我認為我們已經做到了——正如你們今天聽到我們討論的那樣，我們將確保在面向消費者的定價方面保持嚴謹。我們認為我們擁有強大的能力、數據和分析能力，這使我們能夠比大多數公司做得更好。而且，我們也擁有領先業界的發展勢頭，正如你們在我們的業績中不斷看到的那樣。

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 in 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.

如果你能擁有業界領先的發展勢頭，就像你聽到克里斯談到的那樣，你持續投資於這些結構性優勢，無論是完全現代化的資產，還是規模化的數位平台，顯然，你將在如何讓這些優勢持續貫穿業務方面佔據優勢地位。我認為這肯定是我們所期望的，因為我們期待利潤率，也希望在持續建構這些優勢的過程中做到這一點。

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

我們還有時間再回答一個問題，布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler) 是其中一位。

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?

只是想問一個關於美國市場發展的具體問題。您能否談談德州的外帶專賣店？到目前為止，您有什麼初步的了解嗎？我想我們可能會在投資者日聽到更多關於這方面的內容。但請問您是高層人士，您是否認為新的模式有潛力在未來美國市場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.

所以你說得對，當我們在 12 月 6 日聚在一起時，我們會就此進行更多討論，實際上是更深入地討論。我們將繼續追蹤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，我們絕對有機會開設一些面積較小、沒有餐廳的餐廳。你會看到一些這樣的餐廳。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集中在傳統餐廳。我們認為傳統餐廳仍有許多機會。這將是其中的主要部分。

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，即一些較小的格式，但主要的想法是傳統餐廳，我們將在 12 月 6 日詳細討論。

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。今天的電話會議到此結束。感謝大家的參與。

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。您可以斷開連接，祝您有美好的一天。