麥當勞 (MCD) 2024 Q1 法說會逐字稿

Hello, and welcome to McDonald's First Quarter 2024 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 2024 年第一季投資者電話會議。應麥當勞公司的要求，本次會議正在錄製中。 （操作員指令）

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的投資者關係官 Mike Cieplak 先生。 Cieplak先生，您可以開始啦。

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，感謝大家的收看。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.

提醒一下，我們的收益報告和 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查閱，同樣可查閱今天電話會議上提到的任何非 GAAP 財務指標與其對應的 GAAP 指標的對帳表。

Following prepared remarks this morning, we will take your questions. (Operator Instructions) Today's conference call is being webcast and is also being recorded for replay via our website.

在今天上午準備好發言之後，我們將回答大家的提問。 （操作員指示）今天的電話會議正在進行網路直播，同時也會透過我們的網站進行錄音重播。

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, everyone. I join you today inspired from our recent worldwide convention, a time when McDonald's comes together to celebrate the success of our system, the relevance of our brand, power of our Accelerating the Arches strategy and the collective strength of our system were on full display as we welcomed our global McDonald's franchisees, restaurant teams, suppliers and company employees to Barcelona.

謝謝，麥克，大家早安。今天我和大家一起參加我們最近的全球大會，這是麥當勞全體人員歡聚一堂慶祝我們體系的成功、我們品牌的相關性、我們「加速拱門」策略的力量以及我們體系的集體力量得到充分展示的時刻，我們歡迎全球麥當勞特許經營商、餐廳團隊、供應商和公司員工來到巴塞隆納。

For the first time in our nearly 70-year history, we held this biennial reunion outside of North America, a testament to the global power of our brand. And we're joined by more than 15,000 attendees from nearly 100 market to discuss how we're reimagining the future across our three-legged stool.

在我們近 70 年的歷史中，我們首次在北美以外舉辦兩年一度的聚會，證明了我們品牌的全球影響力。來自近 100 個市場的 15,000 多名與會者與我們一起探討如何透過我們的三腳凳重新構想未來。

It's clear that McDonald's continues to operate from a position of strength across nearly all areas of the business as we focus on executing the day-to-day at a high level and establishing strong platforms for long-term sustained growth.

顯然，由於我們專注於高水準的日常執行和為長期持續成長建立強大的平台，麥當勞在幾乎所有業務領域繼續保持強勢地位。

The first quarter of 2024 marks our 13th consecutive quarter of positive comparable sales growth with 30% growth over the last 4 years. This success was built by establishing a strong foundation with our strategic plan based on consumer insights and focused on creating relevant marketing campaigns with our brand connected to culture.

2024 年第一季是我們連續第 13 季實現可比銷售額正成長，過去 4 年成長率為 30%。這項成功得益於我們以消費者洞察為基礎的策略計畫奠定了堅實的基礎，並致力於打造與文化相關的品牌行銷活動。

At the same time, we're maximizing the strength of our core menu equities and building an industry-leading loyalty base. Combined with our modernized restaurant estate, strong franchisee alignment, engaged restaurant employees and strong restaurant level unit economics, McDonald's is well positioned. This winning formula continues to drive results and our customers visiting our restaurants today can easily see our commitment to providing them with a great experience, evident through our strong customer satisfaction scores.

同時，我們正在最大限度地發揮我們的核心菜單資產的優勢並建立行業領先的忠誠度基礎。結合我們現代化的餐廳資產、強大的加盟商聯盟、敬業的餐廳員工和強大的餐廳級單位經濟，麥當勞佔據了有利地位。這個成功模式持續推動著我們的業績，如今光臨我們餐廳的顧客可以輕鬆看到我們致力於為他們提供卓越的體驗，這從我們強大的客戶滿意度評分中就可以看出。

As I reflect on the first quarter of the year, it is clear that broad-based consumer pressures persist around the world. Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the QSR industry.

回顧今年第一季度，我發現世界各地仍存在廣泛的消費壓力。由於日常消費中價格不斷上漲，消費者在花費每一分錢時變得更加精打細算，這給 QSR 行業帶來了壓力。

It's worth noting that in Q1, industry traffic was flat to declining in the U.S., Australia, Canada, Germany, Japan and the U.K. And across almost all major markets, industry traffic is slowing. In the context of a difficult macro environment for the industry, we know our customers are looking for reliable everyday value now more than ever. That has always been our promise: to deliver delicious feel-good moments at an affordable price each and every day.

值得注意的是，第一季美國、澳洲、加拿大、德國、日本和英國的產業流量持平或下降。在產業宏觀環境艱難的背景下，我們知道，我們的客戶比以往任何時候都更尋求可靠的日常價值。這一直是我們的承諾：每天以實惠的價格為您提供美味而愉快的時光。

Staying on the side of the consumer and executing against our plan is our model for driving long-term growth regardless of the broader landscape. This was the case nearly 70 years ago when Ray Kroc opened the very first McDonald's, and this remains just as true to this day.

無論大局如何，站在消費者這邊並執行我們的計劃是我們推動長期成長的模式。近 70 年前雷克洛克 (Ray Kroc) 開設第一家麥當勞時就是如此，時至今日，情況依然如此。

As consumer pressures have mounted, we've reacted with agility to proactively meet evolving customer needs. For example, over the past year, we've launched everyday value menus across many of our international markets, including all 5 of our big IOM markets. Featuring value bundles at various price points, these new offerings provide smaller, more affordable meals to our customers.

隨著消費者壓力的不斷增大，我們做出彈性反應，積極滿足不斷變化的客戶需求。例如，在過去的一年裡，我們在許多國際市場推出了每日超值菜單，其中包括我們所有 5 個 IOM 大市場。這些新產品採用不同價位的超值套餐，為我們的顧客提供更小、更實惠的餐點。

In Germany, our McSmart menu has continued its strong performance with record units sold during the first quarter. And in other markets like Spain, our everyday value menu features a convenient bundle for every price point, which continues to drive results.

在德國，我們的 McSmart 菜單持續表現強勁，第一季銷售創下紀錄。在西班牙等其他市場，我們的日常超值菜單為每個價位都提供了便利的套餐，這繼續推動了業績的成長。

I recently spent time with our market team in Poland and experienced firsthand their renewed focus on value in an environment where significant inflation has created challenging consumer dynamics. In light of these challenges, I was impressed by the market's ability to quickly identify an opportunity in their everyday value offerings to implement a new entry-level value platform, which is driving traffic back into our restaurants.

我最近與我們在波蘭的市場團隊共度了一段時光，親身感受到了他們在嚴重通貨膨脹導致消費者動態面臨挑戰的環境下對價值的重新關注。面對這些挑戰，我對市場能夠在日常價值產品中快速發現機會並實施新的入門級價值平台的能力印象深刻，這將吸引客流回到我們的餐廳。

And in France, a market which I flagged last quarter, I've been impressed by the speed with which our team and franchisees have moved to address their opportunities. The market now has established their own McSmart value menu with high consumer awareness, which is driving encouraging progress in their business trends.

在法國這個我上個季度重點關注的市場，我們的團隊和加盟商抓住機會的速度令我印象深刻。目前市場已經建立了自己的McSmart價值菜單，並獲得了消費者的高度認可，從而推動了其業務趨勢取得令人鼓舞的進展。

It's clear that McDonald's offers delicious food at a great value, and customers continue to tell us this through our survey work. That said, we must be laser-focused on affordability, which means good entry-level price points available every day. In the markets where we're doing this well, the business is outperforming. In some markets, however, it's clear we still have opportunities to strengthen our proposition.

顯然，麥當勞提供物美價廉的美食，顧客也透過我們的調查工作不斷告訴我們這一點。也就是說，我們必須高度關注可負擔性，這意味著每天都有良好的入門價格點。在我們表現良好的市場中，業務表現出色。然而，在某些市場，我們顯然仍有機會加強我們的主張。

As we continue to take a One McDonald's approach to solving problems, the unique size and scale of the McDonald's system gives us the ability to learn from each other. And it's examples like our success with the McSmart value menu construct that we will look to replicate further. McDonald's has a long history of being the go-to destination for value and it's imperative that we continue to keep affordability at the forefront for our customers. We literally wrote the playbook on value, and we are committed to upholding our leadership within the industry.

隨著我們繼續採取「一個麥當勞」的方式來解決問題，麥當勞系統的獨特規模和範圍使我們能夠相互學習。我們將尋求進一步複製像 McSmart 價值菜單建立這樣的成功案例。麥當勞一直以來都是顧客追求價值的首選，我們必須繼續將可負擔的價格放在第一位。我們確實撰寫了有關價值的劇本，並且我們致力於維護我們在行業中的領導地位。

As we've done for the last 70 years, our teams in those markets are working closely with our local franchisees to balance menu pricing decisions with the right affordability strategy in place, and where needed, get more aggressive with our value offerings.

正如我們過去 70 年所做的那樣，我們在這些市場的團隊正與當地的特許經營商密切合作，以平衡菜單定價決策和適當的可負擔性策略，並在需要時更積極地提供我們的價值產品。

Despite the elevated cost environment we've navigated over the past couple of years, average franchising cash flow and the corresponding margins remained strong. And thanks to the financial strength of our restaurant P&Ls, we have the ability to invest in these traffic-driving initiatives.

儘管過去幾年我們經歷了成本上升的環境，但特許經營的平均現金流和相應的利潤率仍然強勁。而且由於我們餐廳損益表的財務實力雄厚，我們有能力投資這些吸引客流的措施。

Despite these ongoing challenges and pressured consumer spending across our segments, we delivered global comparable sales growth of nearly 2% in the first quarter. And we continue to raise the bar on the customer experience in our restaurants with a focus on strong execution. This is driving improved service times and higher levels of customer satisfaction across our markets.

儘管我們面臨持續的挑戰且各部門的消費者支出面臨壓力，但我們在第一季實現了近 2% 的全球可比銷售額成長。我們將持續提高餐廳的顧客體驗標準，並專注於加強執行。這將推動我們整個市場的服務時間改善和客戶滿意度提高。

In challenging times, there is significant power in focusing on what's within our control to maximize the impact of our strategic plan: offering our customers delicious food at unparalleled value and convenience. And it's exactly this approach that will continue to drive growth. McDonald's is best positioned to win in the industry because when we combine our strong system alignment with our fully modernized estate, a globally recognized brand, delicious food on our core menu and the highest level of execution across our 4Ds, no competitor could match us.

在充滿挑戰的時期，專注於我們能夠控制的事情，以最大限度地發揮我們的策略計劃的影響力，將產生巨大的力量：為我們的客戶提供無與倫比的價值和便利的美味食品。正是這種方法將繼續推動成長。麥當勞最有可能在行業中取勝，因為當我們將強大的系統協調與我們完全現代化的資產、全球知名的品牌、核心菜單上的美味食物以及 4D 中最高水平的執行結合起來時，沒有競爭對手可以與我們匹敵。

As consumer spending remains pressured and macro headwinds continue, we are laser-focused on maintaining our competitive advantages and growing QSR market share.

由於消費者支出依然承壓且宏觀不利因素持續存在，我們全心全意致力於維持我們的競爭優勢和不斷增長的 QSR 市場份額。

With that, I'll turn it over to Ian to talk more about our Q1 results.

接下來，我將讓伊恩進一步談談我們的第一季業績。

Thanks, and good morning, everyone. As Chris mentioned just a few minutes ago, strong execution against our strategic plan delivered global comp sales of nearly 2% for the first quarter, driven by growth across our U.S. and IOM segments. As we've said before, as customers continue to be more intentional with the dollars that they spend in a pressured economic landscape, we expect moderated top line growth this year.

謝謝，大家早安。正如克里斯幾分鐘前提到的，我們戰略計劃的有力執行，導致第一季全球同店銷售額增長了近 2%，這主要得益於美國和 IOM 部門的增長。正如我們之前所說，在壓力重重的經濟環境下，由於客戶在消費時更加謹慎，我們預計今年的營收成長將有所放緩。

In our IDL segment, positive comp sales in Japan, Europe and Latin America were offset by the impact from the ongoing war in the Middle East. We remain proud of the way our system continues to show up for customers every day, and we continue to work closely with our DL partners to support local communities in the region.

在我們的IDL部門，日本、歐洲和拉丁美洲的積極同店銷售額被中東持續戰爭的影響所抵消。我們為我們的系統每天繼續為客戶提供服務的方式感到自豪，我們將繼續與我們的 DL 合作夥伴密切合作，為該地區的當地社區提供支援。

It's during times like this that I'm once again reminded of the resilience of the entire McDonald's system and our ability to deliver delicious, feel-good moments to our customers in any environment, which I've seen time and again in my 30 years with McDonald's.

正是在這樣的時候，我再次想到了整個麥當勞系統的韌性，以及我們在任何環境下為顧客提供美味、愉悅時刻的能力，這是我在麥當勞工作的30年裡一次又一次見證的。

We continue to drive a One McDonald's Way approach to our creative excellence this quarter, combining local cultural relevance with global reach to engage a new generation of McDonald's fans. In more than 30 markets around the world, including the U.S., we tapped into a new global community with a truly unique brand campaign.

本季度，我們繼續推動「一個麥當勞方式」的創意卓越方法，將當地文化相關性與全球影響力相結合，以吸引新一代麥當勞粉絲。在包括美國在內的全球 30 多個市場，我們透過真正獨特的品牌活動打入了新的全球社群。

While McDonald's has long been an enduring brand across communities, in anime, we're known as WcDonald's, a fictional restaurant we brought to life for our fans this quarter. By featuring our Chicken McNuggets, alongside a new dipping sauce, theme packaging and bonus gaming content with a mobile app purchase, we created brand excitement and lifted McNugget category sales. Our fans' passion for the McDonald's brand and for the WcDonald's universe quickly spread across social media in the U.S. with over 6 billion impressions and nearly 100,000 mentions.

雖然麥當勞長期以來一直是各個社區的持久品牌，但在動漫中，我們被稱為 WcDonald's，這是我們本季為粉絲們生動呈現的虛構餐廳。透過推出麥樂雞、新沾醬、主題包裝和可透過行動應用程式購買的獎勵遊戲內容，我們創造了品牌熱度並提升了麥卡雞類別的銷售量。我們的粉絲對麥當勞品牌和麥當勞世界的熱情迅速傳遍美國社群媒體，瀏覽量超過 60 億次，提及近 10 萬次。

Our delicious burgers were also featured across many markets this quarter as we continued to showcase our strength in beef with a consistent approach to improving our fan favorites. Now deployed in over 80% of our restaurants globally, Best Burger was recently introduced in France this quarter, delivering hotter and juicier burgers. Early results were promising with lifts across our core burger categories and improved customer satisfaction in both our taste and quality scores.

本季度，我們美味的漢堡也出現在許多市場上，我們繼續展示我們在牛肉方面的優勢，並不斷努力提高粉絲的喜愛度。 Best Burger 目前已涵蓋我們全球 80% 以上的餐廳，並於本季在法國正式推出，為顧客提供更熱、更多汁的漢堡。早期的結果令人欣喜，我們的核心漢堡類別均有所提升，並且客戶對口味和品質評分的滿意度也有所提高。

And in the U.S., where we're now fully deployed across the country, we celebrated the national launch of Best Burger with an iconic character at the center of our advertising. Tapping into the nostalgia of the Hamburglar, the campaign drove a significant lift in the Big Mac category and contributed to record customer satisfaction scores in the market.

在美國，我們的業務現在已全面覆蓋全國，我們以標誌性人物作為廣告的中心，慶祝了最佳漢堡在全國的推出。該活動利用了人們對漢堡包的懷舊情緒，大幅提升了巨無霸品類的銷量，並創下了市場客戶滿意度得分的新高。

The progress we've made with our core burgers highlights what McDonald's can achieve when we tap into the full power of our system, size and scale. We'll continue to showcase that small changes can add up to deliver big improvements to both taste and quality by scaling Best Burger to nearly all restaurants by the end of 2026.

我們在核心漢堡方面所取得的進步凸顯了麥當勞在充分利用我們的系統、規模和規模的力量時所能取得的成就。到 2026 年底，我們將把 Best Burger 推廣到幾乎所有餐廳，繼續展示小小的改變可以帶來口味和品質的巨大改善。

And as we look to further build on our leadership in beef, our team of chefs from around the world have created a larger satiating burger. We'll be testing this burger in a few markets later this year ensuring that it has universal appeal before scaling it across the globe.

為了進一步鞏固我們在牛肉領域的領導地位，我們來自世界各地的廚師團隊創造了更大更飽腹的漢堡。我們將在今年稍後在幾個市場測試這種漢堡，以確保它具有普遍的吸引力，然後在全球推廣。

We also celebrated our menu in the mobile app this quarter, combining the strength of our core equities with new and exciting digital experiences for our customers. Across our top markets, digital penetration is growing as evidenced by our increased loyalty sales and record mobile app orders, leading to greater frequency and increased spend by loyalty customers.

本季度，我們還在行動應用程式中推出了我們的菜單，將我們的核心資產優勢與為客戶提供的全新且令人興奮的數位體驗相結合。在我們主要的市場中，數位化滲透率正在不斷提高，這從我們的忠誠度銷售額的成長和創紀錄的行動應用程式訂單中可見一斑，從而提高了忠誠度客戶的頻率和支出。

We're also growing digital share as we leverage learnings from across markets in areas like gamification. Australia featured McDonald's World Famous Fries at the center of a digital campaign and offered customers a chance to win by digitally redeeming their game pieces. Powered by a seamless digital experience, the campaign resulted in incremental customer acquisition and increased the market's loyalty sales.

隨著我們利用遊戲化等領域跨市場的經驗，我們的數位份額也不斷擴大。澳洲以麥當勞世界聞名的炸薯條作為數位廣告活動的焦點，並為顧客提供透過數位方式兌換遊戲代幣的獲勝機會。在無縫數位體驗的推動下，這項活動成功吸引了更多客戶，並提高了市場的忠誠度銷售額。

The U.K. market also drove strong loyalty results with the return of their Winning Sips digital experience, encouraging customers to add a drink to their order with a chance to win on every cup. Customer engagement in the mobile app increased with digitally redeemed game pieces, and we drove record growth in 90-day active users in the market. Because of unique digital experiences like Winning Sips, our loyalty members continue to engage more frequently with nearly 75% of our total loyalty user base in the U.K. active during the last quarter.

英國市場也透過重新推出 Winning Sips 數位體驗推動了強勁的忠誠度成果，鼓勵顧客在訂單中添加飲品，並且每杯飲品都有機會獲勝。隨著數位兌換遊戲道具的出現，行動應用程式的客戶參與度不斷提高，我們推動了市場 90 天活躍用戶數創下歷史新高。由於 Winning Sips 等獨特的數位體驗，我們的忠誠會員繼續更頻繁地參與，上個季度我們在英國的忠誠用戶群中有近 75％ 的人活躍。

We know the experience we provide, whether through our mobile app or in our restaurants, is a significant driver of how often our customers choose to visit McDonald's. But providing our delicious food at the right price is equally critical, especially in today's environment, where consumers all over the world are paying more for everyday goods and services. As Chris mentioned a few minutes ago, a strong value proposition continued to drive results within several of our markets this quarter.

我們知道，無論是透過我們的行動應用程式還是在我們的餐廳中，我們提供的體驗都是決定顧客選擇光顧麥當勞頻率的重要因素。但以合理的價格提供美味的食物也同樣重要，特別是在當今的環境下，世界各地的消費者都為日常商品和服務支付了更多的費用。正如克里斯幾分鐘前提到的，強大的價值主張本季繼續推動我們多個市場的表現。

This consumer-centric approach to providing our customers with compelling value at affordable price points continued to drive strong results in markets like Germany, Spain and Poland and led to QSR market share gains. As we remain agile to meet the needs of our customers around the world, we'll continue to use our size and scale for the greatest impact, sharing what is working to drive consistency and enable speed.

這種以消費者為中心的方法以實惠的價格為我們的客戶提供極具吸引力的價值，繼續推動我們在德國、西班牙和波蘭等市場的強勁業績，並帶來 QSR 市場份額的成長。我們始終靈活地滿足全球客戶的需求，同時，我們將繼續利用我們的規模和規模發揮最大的影響力，分享推動一致性和提高速度的有效方法。

Turning to the P&L. Our global top line growth drove adjusted earnings per share of $2.70 for the quarter, an increase over the prior year of about 2% in constant currencies.

轉向損益表。我們全球營收的成長推動本季調整後每股收益達到 2.70 美元，以固定匯率計算較上年成長約 2%。

Adjusted operating margin for the quarter was nearly 45%.

本季調整後的營業利益率接近45%。

Despite the pressured consumer spending environment we've discussed this morning, top line results generated nearly $3.5 billion of restaurant margin for the quarter, an increase of about 4% in constant currency. This was partially offset by higher G&A costs as we continue to invest in our strategic transformation efforts and growth opportunities such as digital, as well as costs associated with our biennial Worldwide Convention that Chris mentioned.

儘管我們今天早上討論了消費者支出環境的壓力，但本季的營收業績仍產生了近 35 億美元的餐廳利潤，按固定匯率計算增長了約 4%。由於我們繼續投資於策略轉型努力和數位等成長機會，因此更高的 G&A 成本以及 Chris 提到的與我們兩年一次的全球大會相關的成本部分抵消了這一增長。

Our adjusted effective tax rate was 19.9% for the quarter.

本季我們的調整後有效稅率為 19.9%。

As we've talked about before, driving long-term growth requires making the right strategic and forward-looking investments. The resilience of our business and our overall financial strength put us in the ideal position to invest in critical areas that deliver against customer needs as well as unlock efficiencies for our people and our business. This includes new restaurant development as we look to accelerate the pace of openings and grow our footprint to 50,000 restaurants by the end of 2027. Development for the year is off to a strong start across markets, including in China, where we recently opened our 6,000th restaurant, and we are pacing on track against our global plan.

正如我們之前談到的，推動長期成長需要正確的策略性和前瞻性的投資。我們業務的彈性和整體財務實力使我們處於理想的位置，可以投資於關鍵領域，以滿足客戶需求並提高員工和業務的效率。這包括新餐廳開發，因為我們希望加快開業速度，到 2027 年底將我們的餐廳數量擴大到 50,000 家。

In addition to restaurant development, we're also investing for long-term growth in areas like digital and technology as well as our transformation efforts within our Global Business Services organization. By leveraging the full strength of our global scale, we'll build new and modern capabilities and ultimately unlock speed and innovation for our entire McDonald's system.

除了餐廳發展之外，我們還在數位和技術等領域進行長期成長投資，並致力於全球商業服務組織內的轉型。透過充分利用我們全球規模的優勢，我們將建立新的現代化能力，並最終釋放整個麥當勞系統的速度和創新。

Despite the headwinds that persist, we remain well positioned with the unique strength and scale that only the McDonald's system can provide. As Chris talked about upfront, we are focused on how we can further leverage this across our consumer, restaurant and company platforms. With our system aligned on the right strategies moving forward, along with the financial strength of our franchisees, suppliers and the company, I remain confident that we will continue to deliver long-term growth for our system and for our shareholders.

儘管阻力依然存在，我們仍然憑藉著只有麥當勞體系才能提供的獨特實力和規模，佔據著有利地位。正如克里斯之前談到的，我們專注於如何在我們的消費者、餐廳和公司平台上進一步利用這一點。由於我們的系統按照正確的策略不斷發展，加上我們的特許經營商、供應商和公司的財務實力雄厚，我相信我們將繼續為我們的系統和股東實現長期成長。

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

現在，讓我把話題轉回給克里斯。

Thanks, Ian. We like to say that when culture calls, McDonald's answers. With a brand that is renowned throughout the world and marketing that is resonating in culture and with consumers, it's no wonder that we've been recognized yet again as one of the World's Most Effective Marketers by Work in association with Cannes Lion. We're elevating our creative excellence, scaling great ideas globally and building meaningful relationships with the next generation of consumers.

謝謝，伊恩。我們喜歡說，當文化召喚時，麥當勞就會做出回應。憑藉全球知名的品牌和在文化和消費者中引起共鳴的行銷，我們再次被坎城國際創意節評為全球最有效行銷商之一，這並不奇怪。我們正在提升我們的創造力，在全球推廣偉大的創意，並與下一代消費者建立有意義的關係。

Breakthrough campaigns, a great-tasting menu and personalized experiences will drive customers to McDonald's again and again as they come through the physical doors of our restaurants and the digital door of our mobile app. And in this environment with pressured QSR traffic, we have an opportunity to get the customers who already visit to visit more often. As more customers make purchase decisions based on personalized recommendations on their phones, driving frequency means using our digital capabilities like loyalty to know and serve our customers better than anyone else. With the insights powered by our loyalty members, we will work to deliver the right message at the right time to the right consumer, encouraging those who already love McDonald's to visit even more. And when we shift marketing investment from traditional mass media like television, print and billboard ads to collective investment in modern and digital capabilities to personalize the experience, we drive profitability.

突破性的活動、美味的菜單和個人化的體驗將吸引顧客一次又一次地光顧麥當勞，無論是走進我們的實體餐廳，還是透過我們的行動應用程式的數位大門。在這種 QSR 客流量壓力很大的環境下，我們有機會讓已經光顧的顧客更頻繁地光顧。隨著越來越多的客戶根據手機上的個人化推薦做出購買決策，提高購買頻率意味著利用我們的忠誠度等數位能力比任何人都更了解和服務我們的客戶。憑藉我們忠誠會員提供的洞察力，我們將努力在正確的時間向正確的消費者傳遞正確的訊息，鼓勵那些已經喜愛麥當勞的人們更多地光顧麥當勞。當我們將行銷投資從電視、印刷品和廣告看板廣告等傳統大眾媒體轉向對現代和數位能力的集體投資以個性化體驗時，我們就會提高盈利能力。

And successfully delivering personalized experiences depends on transforming our restaurants to deliver what customers want: hot fresh orders delivered with convenience and accuracy. The future restaurant experience is already underway in markets across the world, whether it's Ready on Arrival, a dedicated drive-thru lane for digital orders in China or other flexible format concepts. And by building the technology infrastructure to support the 3 long-term platforms we've discussed, we will create a more reliable experience and operate more efficiently.

而成功提供個人化的體驗取決於能否改造我們的餐廳以滿足顧客的需求：方便、準確地送達新鮮的熱食訂單。未來的餐廳體驗已經在世界各地的市場中展開，無論是「到店即點」服務、中國專門用於數位訂單的免下車通道，還是其他靈活的格式概念。透過建構技術基礎設施來支援我們討論過的 3 個長期平台，我們將創造更可靠的體驗並更有效率地運作。

We've talked about the ways best-in-class marketing and our iconic menu fuel the brand, but there is another component. Each and every day, our McDonald's system strives to fulfill our purpose of feeding and fostering communities locally. And there's no greater example of our decades-long dedication to driving positive impact than our work with Ronald McDonald House Charities.

我們已經討論了一流的行銷和標誌性的菜單如何推動品牌發展，但還有另一個要素。每一天，我們的麥當勞系統都努力實現為當地社區提供食物和成長的宗旨。我們數十年來致力於產生正面影響的最佳例證就是我們與麥當勞叔叔之家慈善基金會的合作。

This year, we're celebrating the 50th anniversary of Ronald McDonald House Charities, providing essential services that remove barriers to health care, strengthen families and promote healing when children need it most. Since that first house opening, the charity's global footprint has expanded significantly and they've helped tens of millions of families through the hardest of times. With more than 385 programs running across the world, the organization is providing support for families across 90% of the world's leading pediatric hospitals and extending care through more than 2 million overnight family stays each year.

今年，我們正在慶祝羅納德麥當勞慈善基金會成立 50 週年，該基金會提供基本服務，消除醫療保健障礙、增強家庭凝聚力並在兒童最需要的時候促進康復。自開設第一家慈善之家以來，該慈善機構的全球影響力已大大擴展，並幫助數千萬家庭度過了最艱難的時期。該組織在全球開展了超過 385 個項目，為全球 90% 領先的兒科醫院的家庭提供支持，並透過每年超過 200 萬個家庭過夜提供護理。

Before I close, I'd also like to take a moment to recognize Rick Hernandez for his many contributions to the McDonald's system throughout his 28 years of service on our Board of Directors. And as I assume the additional role of Chairman following our Annual Shareholders Meeting next month, I look forward to working alongside our new Lead Independent Director, Miles White, and the rest of the entire Board to continue to deliver strong performance united under an aligned company voice.

最後，我還想花點時間感謝里克·埃爾南德斯 (Rick Hernandez) 在擔任董事會成員的 28 年間為麥當勞系統做出的諸多貢獻。在下個月的年度股東大會之後，我將兼任董事長一職，我期待與我們新任首席獨立董事邁爾斯·懷特 (Miles White) 以及董事會的其他成員一起，在一致的公司聲音下繼續團結一致、取得強勁業績。

I am confident that the system is focused on the right priorities with Accelerating the Arches as our playbook, evolving to meet the customer needs of tomorrow and laying the foundation for future growth.

我相信，該系統將以「加速拱門」作為我們的劇本，專注於正確的優先事項，不斷發展以滿足未來客戶的需求，並為未來的發展奠定基礎。

With that, we'll take questions.

接下來，我們將回答您的問題。

(Operator Instructions)

（操作員指令）

Our first question is from David Tarantino with Baird.

我們的第一個問題來自貝爾德的大衛·塔倫提諾。

My question is on the comps outlook. I think, Ian, you mentioned on the last call that you had expected comps in the U.S. and IOM to settle to the 3% to 4% range this year. And now I think your commentary suggests you're operating in a tougher climate than when you gave that guidance.

我的問題是關於同店銷售額的前景。伊恩，我記得您在上次電話會議上提到，您預計今年美國和馬裡蘭州的可比銷售額將穩定在 3% 到 4% 的範圍內。現在，我認為您的評論表明，您所處的經營環境比您給予指導時更加嚴峻。

So one, I wanted to ask if that range is still in play in both of those markets in your view? And then secondly, for the U.S. specifically, do you think a more concerted or more aggressive value approach is needed to get there in the current environment.

所以，我想問一下，您認為這兩個市場中的這個範圍是否仍然有效？其次，具體到美國，您是否認為在當前環境下需要採取更協調或更積極的價值方法才能實現這一目標？

Thanks for the question. Let me start and then I think Chris will probably jump in to kind of build out on whatever I say. But look, what I would start with is, as you know well, we don't typically give comp guidance. I think what we were trying to do as we looked back was to provide a directional perspective on what we felt the industry kind of historical range looked like in more typical years. As you know, we talked about '24 being a year where we felt top line was going to moderate.

謝謝你的提問。讓我先開始，然後我想克里斯可能會介入並進一步闡述我所說的話。但是，我首先要說的是，如你所知，我們通常不提供薪酬指導。我認為，我們回顧過去式試圖做的是提供一個方向性的視角，讓我們了解在更典型的年份裡，產業的歷史範圍是什麼樣的。如你所知，我們談到 24 年，我們認為營收將會放緩。

I think -- four months into the year, I think what we can say is, clearly, 2024 isn't going to be a typical year for the broader industry. I say that because we're certainly seeing, as you heard in our upfront remarks, that the macro headwinds have been more significant than I think we even anticipated coming into the year and we continue to see those macro headwinds as we have started quarter 2.

我認為——今年已經過去四個月了，我們可以明確地說，2024 年對於整個行業來說將不會是一個典型的年份。我之所以這樣說，是因為我們確實看到，正如您在我們前面的評論中所聽到的，宏觀逆風比我們預計的今年的形勢更為嚴峻，而且在進入第二季度後，我們仍然看到這些宏觀逆風。

And frankly, many of our large international markets and the U.S. -- and I think we expect in the U.S. that we're going to start the quarter roughly flat from a comp sales perspective from what we can see so far. And so I think what we're seeing is in many of our largest markets internationally and the U.S. that the industry traffic is either flat or we're certainly seeing declining trends. And I think as a result of that, we believe we're going to likely probably be below that historical range that we had indicated.

坦白說，從我們許多大型國際市場和美國來看，我認為我們預計從目前所見的可比較銷售角度來看，本季美國的銷售額將大致持平。因此，我認為，我們看到，在我們許多最大的國際市場和美國，行業流量要么持平，要么肯定呈下降趨勢。我認為，因此，我們認為我們很可能會低於我們所指出的歷史範圍。

I think what's important is, clearly, we don't control the macro context around us. And so what we're focused on is always is listening to the needs of consumers, making sure we're making the appropriate adjustments in our business to deliver against those needs, and of course, is always ensuring that we can do it better than anyone else.

我認為重要的是，顯然我們無法控制周遭的宏觀環境。因此，我們始終關注的是傾聽消費者的需求，確保我們對業務做出適當的調整以滿足這些需求，當然，始終確保我們能比其他人做得更好。

And I think affordability is clearly an area where consumer expectations are heightened. I mean, I think consumers are obviously dealing with a lot in the current macro context. Obviously, they're getting hit, I think, across their full basket of goods and services by all the inflationary impacts.

我認為，可負擔性顯然是消費者期望值較高的一個領域。我的意思是，我認為在當前的宏觀背景下消費者顯然要應對很多問題。顯然，我認為，他們的全部商品和服務都受到了通貨膨脹影響。

I think, importantly, we've got a really long and strong history of being a leader in both value for money and affordability. We've obviously been through these difficult context many times over time. I say that because I think it's important that we know what we need to do. I think we know how to do it well, and the financial strength of our business puts us in a position to be able to do that better than anyone else. And I think that's what we're going to make sure we're delivering against that, and each of our large markets is positioned for success against those current consumer expectations.

我認為，重要的是，我們在性價比和價格負擔能力方面擁有悠久而強大的領先歷史。顯然，隨著時間的推移，我們已經多次經歷過這些困難的情況。我這樣說是因為我認為知道我們需要做什麼很重要。我認為我們知道如何做好這件事，而且我們企業的財務實力使我們有能力比其他人做得更好。我認為這就是我們要確保實現的目標，而我們的每個大市場都能夠根據當前消費者的期望取得成功。

And then turning to value in the U.S., I think it's important to first recognize that there is some great value that our system, our franchisees are offering in the U.S. 90% of our system in the U.S. is offering meal bundles for $4 or less. And if you look at digital value, we've got some great digital offers out there. I just opened my app while I was waiting to jump on this answer and we're offering right now a Big Mac for $0.29 when you buy a Big Mac or you could get 30% off McCrispy. So there's a lot of great value out there.

然後談到美國的價值，我認為首先重要的是要認識到我們的系統、我們的特許經營商在美國提供的一些巨大價值。如果您看一下數位價值，您會發現我們提供了一些很棒的數位產品。我在等待得到這個答案的時候打開了我的應用程序，我們現在提供巨無霸優惠，當您購買一個巨無霸時只需 0.29 美元，或者您可以獲得 30% 的 McCrispy 折扣。因此，其中蘊含著許多巨大價值。

But I think the issue that we have in the U.S. is in an environment where everybody is out there with a value message, there's an opportunity for us to drive better awareness of what our value platform is. And one of the things that's going on in the U.S. right now is the value message that I was talking about, we're doing it in 50 different ways with local value. And what we don't have in the U.S. right now is a national value platform at the same time that our competitors are out there with a national value platform.

但我認為，我們在美國面臨的問題是，在這樣一個環境中，每個人都在傳遞價值觀，這對我們來說是一個機會，可以更好地提高人們對我們的價值平台的認識。美國目前正在發生的事情之一就是我所說的價值訊息，我們正用 50 種不同的方式來傳達本地價值。而我們目前在美國所擁有的是全國性的價值平台，而我們的競爭對手卻已經擁有全國性的價值平台。

So the opportunity for us in the U.S., I think, is to get more aligned to the system around a strong national value proposition that we can then use our media scale to drive high consumer awareness on it. So that's what I know Joe and the team are focused on the U.S. And as I look at the U.S. compared to other markets where we're having success, you've got to be able to have high awareness and that's, I think, the big opportunity for us going forward in the U.S. business.

因此，我認為，我們在美國的機會是圍繞著強大的國家價值主張，與體系更加接軌，然後我們可以利用我們的媒體規模來提高消費者對它的認知度。所以我知道喬和他的團隊專注於美國。

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。

Yes. I guess, given kind of the response to that prior question, what's some of the timing on that value plan, especially in the U.S.? Do you think that we'll start to see some improvement in the second quarter? Do you think it sort of takes longer than that? What else could we think about from a sales driving perspective or maybe a product perspective that will be noticeable U.S. comp drivers as we think about this year?

是的。我想，鑑於先前問題的回答，該價值計劃的時間安排是怎樣的，特別是在美國？您認為我們會在第二季開始看到一些改善嗎？您認為這會花費更長的時間嗎？從銷售驅動角度或產品角度來看，我們還能考慮什麼，這些將成為今年美國企業值得注意的驅動因素？

Sure. Well, I think what we've seen, if I turn to France, as an example, France, I was talking about last quarter as having a number of areas of opportunity and in my prepared remarks, I noted that, that system in France came together very quickly around a national value program that they then put significant marketing support against and they got to north of 80% awareness in a very short period of time that's starting to drive encouraging trends in their business results.

當然。嗯，我認為我們看到的是，如果我以法國為例，上個季度我談到法國有許多機遇領域，並且在我準備好的發言中，我指出，法國的該系統圍繞國家價值計劃迅速形成，然後他們為該計劃提供了重要的營銷支持，並在很短的時間內將認知度提高到 80% 以上，這開始推動其業務業績呈現令人鼓舞的趨勢。

I think what that highlights is it's not about how quickly can you see the business impact when you have a strong marketing support against a compelling value platform, it's how quickly can your system move and pivot to getting that in place. And I know that, that's something that Joe and the U.S. team are talking with U.S. franchisees on. I think, again, there's lots of great value that we have out there at a local level, but it's how do we come together in the U.S. around a stronger national value platform that can compete. How long that takes, I think, is going to be up to individual conversations that happen in the market. But it's clear that once you have that in place, the business could start to respond pretty quickly.

我認為這凸顯的是，當你擁有強大的行銷支援和引人注目的價值平台時，重要的不是你能多快看到業務影響，而是你的系統能多快運轉並轉向實現這一目標。我知道，這正是喬和美國團隊正在與美國特許經營商討論的事情。我認為，我們在地方層級擁有許多巨大的價值，但關鍵在於我們如何在美國團結起來，建立一個更強大、更具競爭力的國家價值平台。我認為，這需要多長時間將取決於市場上的個別對話。但很明顯，一旦你實施了這項措施，企業很快就可以開始做出反應。

And maybe just the only build I'd add to what Chris said, Brian, is, I mean, I think I know, as Chris said, our U.S. leadership team is really -- is working really closely with our owner/operators. I think we have a good understanding of what we need to do, kind of how to do that well. And we're going to move, obviously, as quickly as we can together with owner/operators to kind of address that opportunity. And we've seen that work really well in other markets globally, as Chris was talking about.

布萊恩，也許我要補充的只是克里斯所說的話，我的意思是，我想我知道，正如克里斯所說，我們的美國領導團隊確實正在與我們的所有者/運營商密切合作。我認為我們很清楚我們需要做什麼，以及如何做好這些事情。顯然，我們將與業主/營運商一起盡快採取行動來抓住這個機會。正如克里斯所說的，我們已經看到這種方法在全球其他市場中發揮了良好的作用。

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。

Wondering if you could speak a little bit more to kind of what you're seeing with that U.S. consumer, whether it's by income cohort or spending pattern.

我想知道您是否可以進一步談談您對美國消費者的看法，無論是按收入群體還是消費模式。

And then sort of beyond the affordability and aligning the system on a national value plan, can you speak at all to sort of some of the other key levers that maybe can be supportive of U.S. sales growth in the current environment?

那麼，除了可負擔性和根據國家價值計劃調整系統之外，您能否談談在當前環境下可能支持美國銷售成長的一些其他關鍵槓桿？

Sure. Well, I think one of the things that we noted when in our opening is that the consumer is certainly being very discriminating in how they spend their dollar. And the inflation that has occurred over the last couple of years in the U.S., I think, has certainly created that environment.

當然。嗯，我認為我們在開幕式上提到的一件事是，消費者在花錢方面確實非常精明。我認為，過去幾年美國出現的通貨膨脹肯定造成了這種環境。

And while it may feel it may be more pronounced with the lower-income consumer, I think it's important to recognize that all income cohorts are seeking value. And so our focus is on making sure, as I said, that we're offering strong value to our customers. And that's going to have benefits not just to low income, that will have benefits to middle and upper income as well. And so the actions that you take are the same regardless of the income cohort that you're talking about.

儘管這種現像在低收入消費者中可能更為明顯，但我認為重要的是認識到所有收入群體都在追求價值。因此，正如我所說，我們的重點是確保為客戶提供強大的價值。這不僅對低收入者有利，對中等收入者和高收入者也有利。因此，無論您談論的是哪個收入群體，您採取的行動都是相同的。

From other sales driver standpoint, on that score, I feel really good about where we're at in the U.S. As I look at, most importantly, how we're running our restaurants, our franchisees in partnership with our U.S. team are doing a really nice job of running strong restaurant operations. We're seeing improvements in speed of service. We're seeing the turnover in our restaurants is down.

從其他銷售驅動因素的角度來看，我對我們在美國所處的位置感到非常滿意。我們看到服務速度有所提升。我們發現我們餐廳的營業額下降了。

All of those things in combination are improving customer satisfaction. We're seeing our satisfaction scores increase in the U.S. And then we will, of course, have menu innovation that happens throughout the year. It's part of what we do. I'm not going to get into detailing exactly what the menu innovation is going to be and when it comes, but certainly you can expect that we will use menu innovation as well to find ways to engage our customers.

所有這些因素結合起來正在提高客戶滿意度。我們看到我們在美國的客戶滿意度得分正在提高。這是我們工作的一部分。我不會詳細說明菜單創新到底是什麼以及何時進行，但你當然可以期待我們也會使用菜單創新來尋找吸引顧客的方法。

And lastly, I would just point out, we always have to be finding ways to be driving consumer interest around great marketing plans. And if we're doing great marketing, you can grow the business just with your core menu. And so I know the U.S. team, along with our agency in the U.S., Wieden+Kennedy, they're continuing to look for what's the next big idea that we have from a marketing standpoint to drive the business. So multiple levers at our disposal.

最後，我想指出的是，我們必須始終圍繞出色的行銷計劃尋找激發消費者興趣的方法。如果我們的行銷做得好，您只需核心菜單就可以發展業務。因此，我知道美國團隊和我們在美國的代理商 Wieden+Kennedy 正在繼續從行銷的角度尋找下一個推動業務發展的偉大創意。我們可以使用多種槓桿。

And Dennis, maybe I'll just build on what Chris was saying because I think it's such an important point. I mean our -- the foundation of our business, the vast majority of our business is in an incredibly strong position. I mean, I think we come into this more challenged macro environment kind of in an advantaged position. And I think the emphasis with that would be we have a fully modernized estate, as Chris kind of referred to. We've got, I think, a marketing and brand engine that's best-in-class meaning I think the team continues to deliver great creative execution. I think that's resonating with customers in culturally relevant ways. We've got our system financial strength that's at one of its strongest points in our history. So we've got the ability to kind of lean into opportunities together because of all the work we've done over the last couple of years.

丹尼斯，也許我只是想基於克里斯所說的話，因為我認為這是一個非常重要的觀點。我的意思是，我們業務的基礎，我們的絕大多數業務都處於非常強勁的地位。我的意思是，我認為我們處於一種有利地位，處於這種更具挑戰性的宏觀環境中。我認為重點是我們擁有一個完全現代化的莊園，正如克里斯所提到的。我認為，我們擁有一流的行銷和品牌引擎，這意味著我認為團隊將繼續提供出色的創意執行。我認為這以文化相關的方式引起了顧客的共鳴。我們系統的財務實力正處於歷史上最強勁的時期之一。所以，由於我們過去幾年來所做的努力，我們有能力共同抓住機會。

And then if you think of our 3Ds of delivery, drive-thru and digital, we have a leadership position in each of those areas. We're continuing to invest to drive growth in those areas. Delivery, for example, the U.S. business kind of hit all-time highs in the first quarter. Delivery is -- sorry, digital, as you know, we've made a lot of progress in. And we know we continue to drive growth in digital more broadly.

如果你考慮我們的 3D，即配送、免下車服務和數位化，你會發現我們在每個領域都處於領先地位。我們將繼續投資以推動這些領域的成長。以配送為例，美國業務在第一季創下了歷史新高。交付是 - 抱歉，數位化，如你所知，我們在這方面取得了很大進展。

So I think we feel really good about the vast majority of our business. We just know the consumer is looking for more on affordability and value, and we're going to lean in and make sure we can meet those needs.

所以我認為，我們對我們的絕大部分業務感到非常滿意。我們只知道消費者正在尋找更實惠和更有價值的產品，我們將努力確保滿足這些需求。

Our next question is from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

I was wondering what kind of opportunity or maybe need that we have to address core menu pricing in the U.S.? And I speak specifically about things like Quarter Pounder combo pricing or Big Mac combo pricing that can actually be very different across the restaurant base even within a given market. And obviously, the press will communicate some of the highest pricing in certain stores as you talk about what the direction of pricing has happened to McDonald's across the country even if it is just certain stores.

我想知道我們有什麼樣的機會或需要解決美國核心菜單定價問題？我特別談到了諸如四分之一磅漢堡套餐定價或巨無霸套餐定價之類的事情，即使在特定的市場中，不同的餐廳實際上也會有很大差異。顯然，當你談論全國麥當勞的定價走向時，媒體將會報導某些門市的最高定價，即使只是某些門市。

So is there a need or an opportunity to kind of get back and communicate around core menu pricing to kind of give the perception of value for consumers that maybe even or outside of the value menus of what we did pre-COVID?

那麼，是否有必要或有機會重新進行溝通，圍繞核心菜單定價進行溝通，以便讓消費者感受到價值，甚至可能超出我們在疫情之前所做的價值菜單？

Sure. Well, let me start with -- I think it's important to recognize that if you look at margins in the U.S. today, restaurant-level margins for franchisees versus where we were in 2019, we've just now rebuilt franchise restaurant-level margins back to where we were in 2019. So the pricing that's been taken over the last several years was all taken as a means to offset what we were seeing around quite high labor inflation and quite high commodity -- food and paper inflation.

當然。好吧，首先我要說的是——我認為重要的是要認識到，如果你看看今天美國的利潤率，將特許經營商的餐廳利潤率與 2019 年的水平進行比較，我們現在剛剛將特許經營餐廳的利潤率重建到 2019 年的水平。

So restaurant margins are now back to where we are -- where we were again in 2019 in the U.S., which then says to me that we do have the ability to be thinking about what we do from a value proposition going forward, and I talked about that in my answer to the earlier question.

因此，餐廳利潤率現在回到了目前的水平——與 2019 年美國的水平相同，這告訴我，我們確實有能力從未來的價值主張來思考我們所做的事情，我在回答之前的問題時談到了這一點。

I think the idea of where do we need to stay from a pricing standpoint on core menu, we've done a lot over the last several years building our pricing capabilities and the pricing capabilities that we have happen at the local level. So we will go and we will take a look at what are the competitive products around us, what are they priced at and how do our products match up against that. And all of that is then used to inform at the franchisee level, at the restaurant level what our relative pricing is.

我認為，從核心菜單的定價角度來看，我們需要保持什麼位置，過去幾年來，我們已經做了很多工作來建立我們的定價能力以及我們在當地層面的定價能力。因此，我們會去看看我們周圍的競爭產品是什麼，它們的價格是多少，以及我們的產品如何與之匹配。所有這些資訊都會用來告知加盟商和餐廳我們的相對定價。

So I think from where we are, I feel like we are in a decent shape from an overall menu standpoint. Yes, there will be the one-offs that gets sensationalized and reported on. But again, our opportunity is we need to speak in a more compelling way with one voice about what are those entry point, affordable price points that will be attractive to consumers and that's what the focus for our U.S. team, I know is.

因此我認為從我們現在的情況來看，從整體菜單的角度來看我們的狀況還不錯。是的，確實會有一些偶發事件被誇大和報道。但是，我們的機會是，我們需要以更有說服力的方式，用一個聲音來談論那些切入點是什麼，那些可以吸引消費者的可負擔的價格點是什麼，我知道，這也是我們美國團隊的關注重點。

Maybe John, I'll just build a little bit on what Chris talked to because I think -- maybe the way to think about it is what do we think good looks like in getting value and affordability right. And I would -- I think we would say it's a couple of things. It's making sure, as Chris said, we've got those entry-level items at affordable price points for people -- or for consumers. It's making sure that we've got an entry-level meal bundle that's at an affordable -- compelling affordable price point and doing that generally with products that consumers know and that we've got strong equity behind. And then I think if breakfast is a big part of our business like it certainly is in the U.S., making sure we've got compelling value at breakfast as well.

也許約翰，我只是在克里斯談論的基礎上再做一點補充，因為我認為——也許思考這個問題的方式是，我們認為在獲得價值和可負擔性方面什麼是好的。我想—我想我們會說有幾件事。正如克里斯所說，這是為了確保我們能夠以人們或消費者可以負擔的價格提供這些入門級產品。這是為了確保我們能夠以可承受的價格提供入門級套餐——具有吸引力且價格合理的套餐，而且一般採用消費者熟知且我們擁有強大資產支持的產品。然後我認為，如果早餐是我們業務的重要組成部分，就像在美國一樣，那麼我們要確保早餐也具有引人注目的價值。

And I think, obviously, from an executional standpoint, we've got to make sure we've got the right products at the right price, and we've got, as you've heard Chris talk about, that consumer awareness at a level of significance so that consumers are aware of the offers and the affordability price points and that's going to influence their visits as we look forward and they're looking across different options.

我認為，從執行的角度來看，顯然我們必須確保以合適的價格提供合適的產品，而且，正如克里斯所說的那樣，我們必須在一定程度上提高消費者的意識，以便消費者了解優惠和可承受的價格點，這將影響他們的訪問，因為我們期待著他們尋找不同的選擇。

So again, I think we're working hard to make sure we're delivering against each of those opportunities. And as Chris talked about, in markets where we've done that well, we're seeing really strong performance and that's the opportunity we're focused on making sure we have in place in each of our top markets.

所以，我再次強調，我們正在努力確保抓住每一個機會。正如克里斯所說，在我們表現良好的市場中，我們看到了非常強勁的表現，而這正是我們專注於確保在每個頂級市場中抓住的機會。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

You noted that customer satisfaction scores had been heading higher. And that definitely doesn't surprise me given all the improvements to the restaurants and digital and the core food renovations. But it does -- I guess what does surprise me is that the gap to the industry, at least in the U.S., has eroded that out-performance gap. I wonder whether it's the surveys or certain consumer trends as you slice it thin, even dayparts.

您注意到客戶滿意度分數一直在上升。考慮到餐廳、數位化和核心食品方面的改進，這絕對不會讓我感到驚訝。但確實如此——我想真正令我感到驚訝的是，至少在美國，與產業的差距已經縮小了。我想知道，如果你把它細分，甚至是分成幾個時段，這是否是調查結果或某些消費者趨勢的問題。

What are the insights about why that gap has narrowed because it has been surprising. Is it just an entry price point opportunity in the value scores that you're seeing with certain income cohorts? And how does the opportunity for the U.S. differ from maybe some of your other international Big 5 markets?

關於為什麼這一差距會縮小，您有何見解，因為這令人驚訝。這是否僅僅是您在某些收入群體中看到的價值評分中的一個入門價格機會？那麼，美國的機會與其他五大國際市場相比有何不同？

Sure. I think on our overall satisfaction, again, we look and we're seeing improvement across all of our major markets on satisfaction, and as you noted, there's multiple aspects to that.

當然。我認為就我們的整體滿意度而言，我們再次看到，我們所有主要市場的滿意度都有所提高，正如您所說，這是多個方面的。

I think where we see the one opportunity as you sort of then decompose drivers of satisfaction, certainly, in some markets we have seen that our relative superiority on affordability has declined. And I think if there's any pressure on overall satisfaction or if there's anything that's closing it, it's probably losing some of that relative superiority on affordability. Again, that's not in all markets, but that's in a few markets.

我認為，當你分解滿意度驅動因素時，我們看到了一個機會，當然，在某些市場，我們已經看到我們在負擔能力方面的相對優勢已經下降。我認為，如果整體滿意度面臨壓力或存在任何限制因素，那麼它可能就會失去一些在可負擔性方面的相對優勢。再次強調，這並不是所有市場都存在的情況，但確實存在少數市場。

It's important to still note we still are viewed as a superior value proposition, but the degree of gap in a few markets has narrowed. And so that leads back to all the things that we've been talking about on this call as things that we need to be focused on.

值得注意的是，我們仍然被視為卓越的價值主張，但一些市場的差距程度已經縮小。所以這又回到了我們在這次電話會議上討論的所有事情，這些都是我們需要關注的事情。

David, just maybe to build because I think experience, as you noted, is encompassing of a number of different factors. I mean, I think we're driving better speed of execution consistently across our top markets. We know when we put capabilities in place, as you've heard us talk about previously like Ready on Arrival, which is in place in the U.S. that we're delivering hotter, fresher food as customers arrive to our restaurants and delivering an overall better experience. I think the sharp point and Chris mentioned this is just we've got that opportunity on affordability and we're really laser-focused on making sure we can meet the need that consumers are expressing in the current context. But we feel really good about all the other aspects of the experience and how we're delivering against what customers are expecting.

大衛，也許只是建立，因為我認為經驗，正如你所說，包含許多不同的因素。我的意思是，我認為我們正在各個主要市場持續提高執行速度。我們知道，當我們將各種功能落實到位時，就像您之前聽到我們談論的那樣，例如美國已經實施的“Ready on Arrival”服務，當顧客到達我們的餐廳時，我們會為他們提供更熱、更新鮮的食物，從而帶來更好的整體體驗。我認為克里斯提到的重點是，我們在可負擔性方面有機會，而且我們真正專注於確保我們能夠滿足消費者在當前環境下表達的需求。但我們對於體驗的其他方面以及我們如何滿足客戶的期望感到非常滿意。

Our next question is from Eric Gonzalez with KeyBanc.

下一個問題來自 KeyBanc 的 Eric Gonzalez。

On the pricing discussion, and I appreciate the point that your store-level margins are back to 2019 levels, but perhaps you could speak to the current level of year-over-year pricing and your current inflation expectations for food and labor this year?

關於定價討論，我很欣賞您所說的商店利潤率已回到 2019 年的水平，但也許您可以談談當前的同比定價水平以及今年對食品和勞動力的當前通脹預期？

And then just maybe whether you've seen any changes in the flow-through of that pricing or any elasticity changes.

然後也許您是否看到定價流程中的任何變化或任何彈性變化。

Sure. Well, my guess is your question is focused on the U.S. because obviously I could give a different answer depending on where you are in the world. But if I focus just on the U.S., most of the pricing that you see now in the U.S. is carryover pricing. It's not new pricing per se. Most of it again is carryover pricing.

當然。嗯，我猜你的問題集中在美國，因為顯然我可以根據你所在世界的哪個地方給出不同的答案。但如果我只關注美國，你現在在美國看到的大多數定價都是結轉定價。從本質上來說這並不是新的定價。其中大部分又是結轉定價。

That said, we do continue to see there's certainly labor inflation. Much of that is coming out of what happened in California. And on a national level, you could probably see we're expecting high single-digit labor inflation. Again, much of that from the bleed over of what California introduced.

儘管如此，我們確實繼續看到勞動力通膨的存在。其中大部分源自於加州發生的事情。從全國層面來看，你可能會看到，我們預期勞動力通膨將達到個位數的高點。再次，其中大部分是由於加州引入的政策造成的。

And then on food and paper inflation, I think that's gone down to much more historical levels. So we're back at more historical levels on what we see from a food and paper inflation going forward.

至於食品和紙張通膨，我認為已經下降到了歷史最低水平。因此，從未來食品和紙張通膨來看，我們又回到了歷史水準。

Maybe just to build, Eric, to what Chris said, I mean, the food and paper low single digits. So I think we have seen kind of favorable movement in this year, although we've still got a fair bit of carryover effect from '23 inflation, certainly into the first part of '24 from both food and paper and labor.

艾瑞克，也許只是為了建立在克里斯所說的基礎上，我的意思是，食物和紙張的低個位數。因此，我認為我們在今年看到了一些有利的趨勢，儘管我們仍然受到 23 年通膨的相當大的延續效應，尤其是食品、紙張和勞動力通膨將持續到 24 年上半年。

I think what's important to note on pricing is, I think, our business, including our owner/operators, understand that the consumer is price-weary. And I think we certainly are going to be prudent and thoughtful about any further price increases that we're looking at for the rest of 2024 on that backdrop and keep working on the opportunity that we've talked about a fair bit already on the affordability and getting that in place to kind of address the consumer need.

我認為在定價方面需要注意的重要一點是，我們的企業，包括我們的所有者/經營者，都明白消費者對價格感到厭倦。我認為，在這種背景下，我們肯定會對 2024 年剩餘時間內的任何進一步價格上漲採取審慎和深思熟慮的態度，並繼續抓住我們已經討論過的關於可負擔性的機會，並將其落實到位，以滿足消費者的需求。

Our next question is from Sara Senatore with Bank of America.

下一個問題來自美國銀行的 Sara Senatore。

I guess one clarification and then a question. You mentioned that the QSR industry traffic is flat to declining. I guess, I always think of this as an industry where traffic is kind of, at best, flat. So I'm just trying to understand, given you usually have better data than I do, whether that's an inflection point? Or this -- the sort of traffic trends have been more consistent, which it sort of sounds like?

我想先澄清一下，然後再提問。您提到 QSR 產業的客流量持平或下降。我想，我一直認為這個行業的流量充其量是持平的。所以我只是想要了解，鑑於您通常擁有比我更好的數據，這是否是一個拐點？或者這樣——這種流量趨勢更加一致，聽起來是這樣的？

And then the question I have is you mentioned margins are right back to where they are. I think franchisee cash flow is also back to pre-COVID, not COVID peaks. But I guess as you think about maybe investing in value, do you contemplate you doing anything to support franchisees. I don't know if it's sort of fee abatements like digital fees or we've seen some other restaurants kind of pull back on those when franchisees are making investments, whether they be capital investments or in other operating expenses. So just is supporting franchisees something that you can do if you really need to reinvest in value?

我的問題是，您提到利潤率已經回到原來的水平。我認為特許經營商的現金流也恢復到了疫情之前的水平，而不是疫情高峰。但我想，當您考慮投資價值時，您是否考慮過做任何事情來支持特許經營商。我不知道這是否是一種費用減免，例如數位費用，或者我們看到其他一些餐廳在特許經營商進行投資時減少這些費用，無論是資本投資還是其他營運費用。那麼，如果您確實需要對價值進行再投資，那麼支持特許經營商是您可以做的事情嗎？

It's Ian. Let me take the clarification and then I'll let Chris address your question. So what I said earlier was that industry traffic, and I was talking about across many of our top markets, is flat or we're seeing declining trends.

是伊恩。讓我澄清一下，然後讓克里斯回答你的問題。我之前說過，行業流量（我指的是我們許多頂級市場的流量）持平或呈現下降趨勢。

If I talk specifically about the U.S. in quarter 1, industry comparable traffic was negative and we expect it to be negative for the full year. And I think that's the context that's important, just to give the context to the more challenging macro environment.

如果我具體談論第一季的美國情況，行業可比流量是負數，我們預計全年也將是負數。我認為這是一個重要的背景，只是為了給更具挑戰性的宏觀環境提供背景。

Yes. And then turning to franchisee and your question about how we support franchisees, you're right that our U.S. franchisees, and I could go through other markets as well, but they're in a strong position. When you look at franchisee cash flow, we are at, I think, our second highest level ever, 2021 being the peak, but we're at very strong franchising cash flows. We're going to see franchisee cash flows increase in Q1.

是的。然後轉向特許經營商和您關於我們如何支持特許經營商的問題，您說得對，我們的美國特許經營商，我也可以去其他市場，但他們處於強勢地位。當您查看特許經營商的現金流時，我認為我們正處於有史以來的第二高水平，2021 年是峰值，但我們的特許經營現金流非常強勁。我們將看到特許經營商的現金流在第一季增加。

And if you think about the balance sheet for our franchisees, the modernization that we did on our restaurants in the U.S. many years ago now was all done in a period of super low interest rates. And so any debt that's being carried on the books for our franchisees is at significantly lower interest rates than what we're seeing in the market right now. And so our franchisees are in a strong position.

如果你考慮一下我們特許經營商的資產負債表，你會發現我們多年前在美國對餐廳進行的現代化改造都是在超低利率時期完成的。因此，我們特許經營商帳面上的任何債務的利率都比我們目前在市場上看到的利率要低得多。因此我們的特許經營商處於有利地位。

As you know, they control pricing. We don't step in and subsidize pricing. But I think the opportunity here is what I mentioned earlier, we have a lot of great value out there in the market. We're just doing it in a very fragmented way. And so the opportunity for us is how do you maybe pull back a little bit on all the local value that we're offering, which, frankly, we don't have very high awareness on and how do you coalesce and drive awareness around a national value proposition.

正如你所知，他們控制定價。我們不會介入或補貼定價。但我認為這裡的機會是我之前提到的，我們在市場上有許多巨大的價值。我們只是以一種非常分散的方式去做這件事。因此，我們面臨的機會在於，您如何才能稍微收回我們所提供的所有本地價值，坦白說，我們對此並沒有很高的認識，以及如何凝聚和推動人們對國家價值主張的認識。

So I think there's a smart way to do this that can end up being net neutral to a franchisee P&L. But just using the size and scale of our marketing engine and the amount of media that we spend, I think that's going to be the opportunity for us going forward. And certainly, we're in a good position from a system financial health standpoint to go do that.

因此，我認為有一個聰明的方法可以做到這一點，最終可以對特許經營商的損益表保持淨中立。但僅利用我們的行銷引擎的規模和我們投入的媒體數量，我認為這將成為我們未來發展的機會。當然，從系統財務健康的角度來看，我們處於有利地位來做到這一點。

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。

I had a follow-up on the value question. You mentioned you're offering value 50 different ways. Can you just talk about what a future national value platform could look like given how different the cost environment looks like across the U.S.? I imagine price point value could be difficult.

我對價值問題進行了跟進。您提到您透過 50 種不同的方式提供價值。考慮到美國各地的成本環境差異，您能否談談未來的國家價值平台將會是什麼樣子？我認為價格點價值可能很難。

And then when you look at what type of value consumers are most looking for, is it price point, lower entry points, bundled deals? Are you seeing an uptick in the value mix?

然後，當您查看消費者最尋求什麼類型的價值時，是價格點、較低的入門點還是捆綁交易？您是否看到價值組合出現上升趨勢？

Yes. I'll maybe start and then I'll hand off to Ian. But I think Ian outlined in general a construct that we see as sort of being our successful playbook, which is you need to have good entry level price points. You need to have a meal deal. And then there needs to be something that if you have a big breakfast business, you need to be offering value that's specific to breakfast.

是的。我可能會開始，然後交給伊恩。但我認為伊恩概括了一種我們認為是成功劇本的結構，那就是你需要有一個好的入門價格點。您需要訂一份餐飲套餐。如果你的早餐生意很大，那麼你就需要提供一些特定於早餐的價值。

And in a number of markets around the world, we're doing that very successfully. Certainly, in the U.S., we see that there is different cost environment. But then, again, our competitors have those same differences between high-cost markets, low-cost markets, et cetera. And so -- and that exists in other markets as well. If you were to go to France, it's much different if you were to go to Paris than what it would be somewhere outside of Paris.

在全球許多市場，我們都取得了巨大的成功。當然，在美國，我們看到不同的成本環境。但是，我們的競爭對手在高成本市場、低成本市場等之間也存在著同樣的差異。所以—其他市場也存在同樣的情況。如果你去法國，巴黎的情況與巴黎以外的地方有很大不同。

So those differences exist in many markets around the world. I think what our system has historically shown an ability to do is working with our franchisees, how do you think about it from a portfolio standpoint. And ultimately, in this business, if you're driving transactions, if you're driving guest counts, that ends up being a good thing for everybody.

所以這些差異在世界各地的許多市場都存在。我認為我們的系統在歷史上表現出與我們的特許經營商合作的能力，從投資組合的角度來看您如何看待這一點。最終，在這個行業中，如果你能推動交易，如果你能推動客人數量，那麼這對每個人來說都是一件好事。

So we have a history of being able to do this. We've done this as I mentioned in our opening. We've been doing this for 70 some-odd years. So I think we understand what it takes, but it happens through a conversation with our franchisees to get aligned around what that national value proposition looks like.

所以我們曾經有過這樣的經驗。正如我在開頭提到的，我們已經這樣做了。我們已經這樣做了70多年。所以我認為我們了解這需要什麼，但這是透過與我們的特許經營商的對話來實現的，以就國家價值主張達成一致。

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布萊恩‧比特納 (Brian Bittner)。

As it relates to the operating margin guidance, mid- to high 40s range is still a very wide range, Ian, and I fully understand there's a lot of moving pieces in the financial model. But I'm curious, with a quarter in the books, if there's an opportunity to perhaps tighten the expectations around that range? As we look towards last year's 47%, is that kind of a good base case target for operating margins this year? Or should we anticipate declines similar to like what we saw in the first quarter?

就營業利潤率指引而言，40% 左右的中高位仍然是一個非常大的區間，伊恩，我完全理解財務模型中有很多變動因素。但我很好奇，經過一個季度的觀察，是否有機會將預期縮小到該範圍？當我們回顧去年的 47% 時，這是否是今年營業利潤率的一個好基準目標？或者我們應該預期出現與第一季類似的下降趨勢？

Brian, thanks for the question. Look, I mean, you hit on it. It's obviously in the context we're working through in '24. There are a lot of variables at play. And I think the macro context means it's difficult for us to kind of predict the forward look in terms of what's the duration of the macro headwinds we're seeing and the depth. So I think that obviously is impacting performance. And as always, our op margin leverage is going to be dependent on our strength and level of sales growth.

布萊恩，謝謝你的提問。瞧，我的意思是，你成功了。這顯然是我們在 24 年所研究的背景之下的。其中涉及很多變數。我認為宏觀背景意味著我們很難預測宏觀逆風的持續時間和深度。所以我認為這顯然會影響性能。像往常一樣，我們的營業利潤率槓桿將取決於我們的實力和銷售成長水準。

Look, I think I remain really confident in our ability to drive leverage in op margin over time as we're able to kind of continue to drive strong top line growth. And I think we're confident, as we work to kind of address the affordability opportunities we've got, that's going to be helpful in getting sales growth back to the direction we want. And over time, that will certainly be helpful in continuing to drive leverage and op margin.

看，我認為我仍然對我們隨著時間的推移提高營業利潤率的能力充滿信心，因為我們能夠繼續推動強勁的營收成長。我認為我們有信心，當我們努力解決我們所擁有的負擔能力機會時，這將有助於銷售成長回到我們想要的方向。隨著時間的推移，這肯定有助於繼續提高槓桿率和營業利潤率。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自 Cowen 的 Andrew Charles。

Chris, looking to learn more about how this national value platform will be different from years past. So if I think, historically, back in 2018, for instance, the $1 $2 $3 was launched. It looked like it was a negative traffic year for the U.S. business just in that regional approach to value had been more successful the brand despite what you said about competitors that are pursuing more national value. So I'm curious what you think is going to make this time different that will lead national value to be more successful, if you can put about the constructs of what that will look like going forward.

克里斯希望進一步了解這個國家價值平台與過去幾年有何不同。因此，如果我回顧歷史，例如在 2018 年，就推出了 1 美元、2 美元和 3 美元的貨幣。看起來，對於美國業務來說，這是流量負成長的一年，因為儘管你說過競爭對手追求的是更多的全國價值，但區域性的價值方法對品牌來說更為成功。所以我很好奇，您認為這次將有何不同，將使國家價值取得更大的成功，如果您能提出一些未來發展的構想的話。

Sure. Well, state the obvious. It's up to the U.S. team in partnership with our owner/operators to define what is a national value proposition look like in the U.S. As you know, with $1 $2 $3, it took a minute for that program to gain traction, but it then drove very strong results. I think, certainly, if you look at the U.S. performance over the last many years under the $1 $2 $3, I think we're now -- we were in year 6 or 7 of the $1 $2 $3, that was a very successful platform for us in driving performance across the U.S. business.

當然。好吧，這是顯而易見的。這取決於美國團隊與我們的所有者/運營商合作定義什麼是美國的國家價值主張。我認為，如果你看看過去幾年美國在 1 美元、2 美元和 3 美元利率下的表現，我想我們現在——我們正處於 1 美元、2 美元和 3 美元利率下的第 6 年或第 7 年，這為我們推動整個美國業務的業績創造了一個非常成功的平台。

The point about how quickly does it actually impact transactions and turn that around, it goes back to how quickly you can drive awareness with the consumer on that. And the faster that you can drive awareness, the faster you can start to see that driving incrementality on the business.

它實際上能多快地影響交易並扭轉這種局面，關鍵在於你能多快提高消費者對此的認識。而且，你越快提高知名度，你就能越快看到業務的推動增量。

So I think, first, it's getting the platform defined, making sure that it's compelling with customers. And then making sure that you support it properly to drive the awareness that you need to ultimately impact transactions on the business.

因此我認為，首先要定義平台，確保它對客戶具有吸引力。然後確保您對其進行適當的支持，以增強您最終需要影響業務交易的意識。

Our next question is from Greg Francfort with Guggenheim.

我們的下一個問題來自古根漢的格雷格‧弗蘭克福特 (Greg Francfort)。

My question is just on the International business. And I'm curious what you're seeing, I don't know if it's maybe from a protest standpoint or if the business has continued to weaken there into the second quarter in the same way that it's done in the U.S. business and what you might be doing from a support perspective through the ideal royalty rate or anything like that?

我的問題只是有關國際業務。我很好奇您看到了什麼，我不知道這是否可能是從抗議的角度考慮，或者第二季度的業務是否像美國業務一樣繼續走弱，以及您可能從支持的角度通過理想的版稅率或類似的東西做了什麼？

Sure. I think if you look at the impact of some of the boycotts in a few of our markets, I wouldn't say things are getting any worse there. And then, I think, in some cases you might be able to look and say perhaps it's getting slightly better in some places.

當然。我認為，如果你看看我們一些市場中一些抵制活動的影響，我不會說那裡的情況變得更糟。然後，我認為，在某些情況下，您可能會發現有些地方的情況可能會稍微好一點。

So no big change on that. I think it's also just worth -- it's interesting to note that in many of those markets, our delivery business is holding up quite well, which is kind of an interesting dynamic there.

因此這方面沒有什麼大的變化。我認為這也是值得的——值得注意的是，在許多市場中，我們的配送業務表現相當良好，這是一種有趣的動態。

So maybe marginally better in some markets. But as I referenced on an earlier call, we're not expecting to see any meaningful improvement in the impacts on that until the war is over, and we continue to have that outlook on what the Middle East conflict is going to do to our trends. Ian, I'll pass it over to you.

因此在某些市場可能略有改善。但正如我在之前的電話中提到的，我們預計在戰爭結束之前，不會看到任何有意義的改善，而且我們仍然對中東衝突將對我們的趨勢產生的影響持這種看法。伊恩，我會把它交給你的。

Yes. Maybe just one kind of build on the headwinds. I mean, I think what I said upfront, that the macro headwinds that we were seeing were more significant across a number of our large international markets and that's continued into the start of quarter 2.

是的。也許只是一種逆風而行的做法。我的意思是，我認為我之前說過，我們看到的宏觀逆風在我們許多大型國際市場上更加顯著，而且這種情況一直持續到第二季​​初。

I think on support for kind of the IDL, look, I mean, you've heard me talk about this before. I mean, I think when there are external factors that are kind of beyond the control of our franchisees that are impacting the business and those franchisees are doing everything right and continue to do everything right for the McDonald's business, providing support in situations that warrant it, is kind of part of what I'll call our fundamental business model.

我認為對 IDL 的支持，看，我的意思是，你之前聽過我談論過這個。我的意思是，我認為當有一些外部因素超出我們的特許經營商的控制範圍而對業務產生影響時，那些特許經營商正在做著正確的事情並將繼續為麥當勞的業務做著正確的事情，在需要的情況下提供支持，這就是我們的基本商業模式的一部分。

I mean if and when we make decisions to provide support, it's always targeted and temporary. It's always designed to go to our franchisees who are most in need. I think we've talked previously that we have provided some support for some markets that have been impacted in the region. Obviously, we're continuing to look at the facts and circumstances and continue to work incredibly closely with our DL partners.

我的意思是，如果我們決定提供支持，那麼它總是有針對性的和暫時的。它的設計初衷是為了幫助最需要幫助的加盟主。我想我們之前已經談過，我們為該地區一些受到影響的市場提供了一些支持。顯然，我們將繼續關注事實和情況，並繼續與我們的 DL 合作夥伴密切合作。

I would just say that the level of support that's been provided so far has not gotten to what I'll call a significant level. But obviously, we're continuing to stay close and work very close with our DL partners in the region.

我只想說，迄今為止提供的支持程度尚未達到我所說的顯著水準。但顯然，我們將繼續與該地區的 DL 合作夥伴保持密切合作。

Our next question is from Brian Mullan with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan。

Just a question on CosMc's. I wonder if you could just talk about what some of the early learnings are in your tests in both Illinois and Texas.

這只是關於 CosMc 的一個問題。我想知道您是否可以談談您在伊利諾伊州和德克薩斯州的測試中的一些早期成果。

And then related to that, can you just talk about how you might plan to approach it from here in terms of how you evaluate the stores, what that decision process looks like if you ever wanted to ultimately build more of them next year or beyond. Any color would be great.

然後與此相關，您能否談談您計劃從現在開始如何處理這個問題，就您如何評估這些商店而言，如果您最終想在明年或以後建造更多的商店，那麼那個決策過程是什麼樣的。任何顏色都可以。

Sure, Well I'm going to disappoint you, Brian, in telling that there's not a lot to report. I think what we're still seeing is there's a lot of interest in CosMc's that's sort of curiosity driven. And as a result of that, it's tough to get a sense of sort of what are the true kind of underlying performance expectations.

當然，布萊恩，我要讓你失望了，因為沒有什麼好報告的。我認為我們仍然看到人們對 CosMc 有很大的興趣，這種興趣是出於好奇心。因此，我們很難了解真正的潛在績效期望是什麼。

As we've referenced in our Investor Day, what we're looking at for the ultimate success on this business is we've got to have a business that's driving comparable or stronger ROIC to a traditional McDonald's. There'd be no reason to be putting any capital against CosMc's unless it was neutral to accretive to building a traditional McDonald's. That's going to then be a function of what we see around both the absolute unit volumes in that concept, the margins associated with that and our ability to build these smaller-footprint restaurants at a lower cost than what we're expecting.

正如我們在投資者日中提到的，我們期望這項業務的最終成功是，我們必須擁有與傳統麥當勞相當或更強勁的投資回報率 (ROIC) 的業務。除非對打造傳統麥當勞有利，否則沒有理由對 CosMc 進行任何資本重組。這將取決於我們所看到的這個概念的絕對單位數量、與之相關的利潤率以及我們以低於預期的成本建造這些規模較小的餐廳的能力。

So all of those things are things that we're going to be assessing in our test market. As I've referenced previously, we have 10 -- we plan on opening 10 restaurants. And it will be a function of unit volumes. It will be a function of margins and it will be a function of what the capital that we need to spend to get these things built. All of that will drive our overall assessment of what the ROIC potential is.

所以，所有這些都是我們要在測試市場中評估的事情。正如我之前提到的，我們有 10 家——我們計劃開設 10 家餐廳。它將是單位體積的函數。它將取決於利潤，也將取決於我們建造這些東西所需花費的資本。所有這些都將推動我們對 ROIC 潛力的整體評估。

We have time for one more question from Jeff Bernstein with Barclays.

我們還有時間回答巴克萊銀行的傑夫伯恩斯坦提出的最後一個問題。

Great. Just following up on the U.S. comps. I know you guys have mentioned the lower-income households and the weakness seen there and maybe some trading into food at home. Just wondering if you can maybe compare that to past slowdowns. I feel like the message has always been the benefit of the quick-service segment. Maybe you lose some on the low end, but importantly, you inherit some who trade down from above, like you said, if everyone is looking for value.

偉大的。只是跟進美國的情況。我知道你們提到了低收入家庭和那裡出現的疲軟情況，以及可能的一些家庭食品交易。只是想知道是否可以將其與過去的經濟放緩進行比較。我感覺這個訊息一直是速食業的利益所在。也許你會在低端市場失去一些份額，但重要的是，如果每個人都在尋找價值，那麼你就會繼承一些從上而下交易的份額，就像你說的。

And when that is a context, I think you mentioned that the system franchisees like the buy-in is there for the incremental value push. I just want to make sure I heard that right, whether there's any sentiment from the biennial in terms of franchisee sentiment, especially with the most recent fundamental easing.

當處於這種背景下時，我認為您提到過，系統特許經營商喜歡買入，以推動增量價值。我只是想確保我聽到的是正確的，兩年一度的特許經營商情緒是否有所變化，特別是在最近的基本面放鬆的情況下。

Sure. Well, so I think it's tough to go back and compare the data today versus our last time that there was an economic slowdown. I think the dynamic that you described is what we do typically see in the business. I think, as you also know, Jeff, that our business over-indexes with lower income consumer. So there's that consideration.

當然。嗯，所以我認為回過頭來將今天的數據與上次經濟放緩時的數據進行比較是很困難的。我認為您所描述的動態正是我們在業務中通常看到的。傑夫，我想你也知道，我們的業務過度依賴低收入消費者。所以有這個考慮。

But I would just go back to we recognize that we're in an environment where the consumer is being price discriminating. And again, that's not just something that's low income. I think all consumers are looking for good value for good affordability. And so we're focused on that action.

但我只是想回想一下，我們意識到我們處在一個消費者有價格歧視的環境中。再說一遍，這不只是低收入的問題。我認為所有消費者都在尋求物有所值且價格合理的產品。因此我們專注於此行動。

In terms of franchisee buy-in, that's a process that we work through in every single market to get alignment with our franchisees on what a national value program would look like, or if it's about launching a new menu item, what that timing of that would look like. So that's work that the U.S. team is doing. In a system that has 2,000 franchisees in the U.S., I think it's -- there are going to be different people in different places on that. And that getting to alignment ultimately comes through conversation.

在特許經營商認同方面，這是我們在每個市場都要經歷的過程，以便與我們的特許經營商就國家價值計劃的樣子達成一致，或者如果是關於推出新菜單項，那麼推出的時間是什麼樣的。這就是美國團隊正在做的工作。我認為，在一個擁有 2,000 個美國特許經營商的系統中，不同地方會有不同的人負責。而最終達成共識是透過對話來實現的。

And we -- like I said, we've been doing this for 70 years. We know how to get it done. But it just -- it comes through a lot of conversations with U.S. franchisees as it would in any other market.

而且正如我所說，我們已經這樣做了 70 年。我們知道如何完成它。但它只是——它是透過與美國特許經營商進行大量對話而實現的，就像在任何其他市場一樣。

Jeff, maybe just 2 quick hooks to what Chris said. I think across markets, I think what our leadership teams are spending time on talking to the business, talking to our franchisees about is what I'll call making sure we've got a street-fighting mentality in the current context. I mean, clearly, the macro is more difficult. Clearly, everybody is fighting for fewer consumers or consumers that are certainly visiting less frequently. And we've got to make sure we've got that street-fighting mentality to win irregardless of the context around us.

傑夫，也許只需快速引用一下克里斯說的話。我認為在各個市場，我們的領導團隊都在花時間與企業、與特許經營商進行交流，我稱之為確保我們在當前環境下擁有街頭鬥爭心態。我的意思是，顯然宏觀更加困難。顯然，每個人都在爭奪更少的消費者或訪問頻率較低的消費者。我們必須確保我們有那種街頭鬥爭的心態，無論周圍環境如何，我們都能取得勝利。

And as I think we've talked a lot today about our position -- our system is positioned with the strength and capability. There's no reason why we shouldn't have the most compelling value and affordability positioning from the focus of a consumer.

我認為我們今天已經多次談論了我們的立場——我們的系統具有實力和能力。我們沒有理由不從消費者的角度來定位最具吸引力的價值和可負擔性。

Ultimately, we're going to measure our progress through are we taking share. And I think we are, Chris and I and certainly the leadership teams, are laser-focused on that and that's the opportunity ahead, and we're very focused on that.

最終，我們將透過我們的份額來衡量我們的進步。我認為，克里斯和我，當然還有領導團隊，都高度關注這一點，這是未來的機遇，我們非常關注這一點。

Okay. That concludes our call today. Thank you, Chris. Thanks, Ian. Thank you, everyone, for joining. Have a great day.

好的。今天的通話到此結束。謝謝你，克里斯。謝謝，伊恩。感謝大家的加入。祝你有美好的一天。

This concludes McDonald's Corporation Investor Conference Call. You may now disconnect.

麥當勞公司投資者電話會議到此結束。您現在可以斷開連線。