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。 （操作員說明）

I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

現在我想將會議轉交給麥當勞公司投資者關係官 Mike Cieplak 先生。 Cieplak 先生，您可以開始了。

Good morning, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden.

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

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website as are reconciliations of any non-GAAP financial measures mentioned on today's call along with their corresponding GAAP measures.

提醒一下，我們的收益發布和 8-K 文件中的前瞻性陳述也適用於我們今天在電話會議上的評論。這些文件以及今天電話會議中提到的任何非公認會計原則財務指標及其相應的公認會計原則指標的調節表都可以在我們的網站上找到。

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

在今天早上準備好的發言之後，我們將回答你們的問題。 （操作員說明）今天的電話會議正在網路上直播，並透過我們的網站進行錄製以供重播。

And now I'll turn it over to Chris.

現在我將把它交給克里斯。

Thanks, Mike, and good morning, 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。我今天加入你們，受到我們最近的全球大會的啟發，麥當勞齊聚一堂，慶祝我們系統的成功、我們品牌的相關性、我們加速拱門戰略的力量以及我們系統的集體力量都得到了充分展示：我們歡迎麥當勞全球特許經營商、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 年的歷史上，我們第一次在北美以外的地區舉辦了這次兩年一次的聚會，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討論如何透過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.

很明顯，麥當勞在幾乎所有業務領域都繼續保持優勢地位，因為我們專注於高水準的日常執行並為長期持續成長建立強大的平台。

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 年第一季標誌著我們可比銷售額連續第 13 季實現正成長，較過去 4 年成長了 30%。這項成功是透過我們基於消費者洞察的策略計畫奠定了堅實的基礎，並專注於將我們的品牌與文化聯繫起來進行相關的行銷活動。

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核心菜單資產的優勢，並建立業界領先的忠誠度基礎。結合我們現代化的餐廳產業、強大的特許經營商聯盟、敬業的餐廳員工和強大的餐廳單位經濟效益，麥當勞處於有利地位。這項制勝法則繼續推動業績的成長，今天光顧我們餐廳的顧客可以很容易地看到我們致力於為他們提供良好體驗的承諾，這從我們強大的顧客滿意度得分中可見一斑。

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.

當我回顧今年第一季時，很明顯，全球廣泛存在的消費者壓力仍然存在。由於日常支出價格上漲，消費者對自己花的每一美元都更加挑剔，這給快餐業帶來了壓力。

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，第一季度，美國、澳洲、加拿大、德國、日本和英國的產業流量持平甚至下降，幾乎所有主要市場的產業流量都在放緩。在行業宏觀環境困難的背景下，我們知道我們的客戶現在比以往任何時候都更加尋求可靠的日常價值。這一直是我們的承諾：每天以實惠的價格提供美味、感覺良好的時刻。

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.

無論更廣闊的前景如何，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，當雷·克羅克 (Ray Kroc) 開設第一家麥當勞時，情況就是如此，直到今天仍然如此。

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.

隨著消費者壓力的增加，我們做出了敏捷反應，主動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日常超值菜單，包括所有 5 個大型 IOM 市場。這些新產品以不同價格的超值套餐為特色，為我們的客戶提供更小、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 菜單持續保持強勁表現，第一季銷售創紀錄。在西班牙等其他市場，我們的日常超值菜單為每個價位提供便利的套餐，這將繼續推動業績成長。

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一起度過了一段時間，親身體驗了他們在嚴重通貨膨脹造成具有挑戰性的消費者動態的環境中重新關注價值。鑑於這些挑戰，市場能夠在日常價值產品中快速識別機會來實施新的入門級價值平台，這給我留下了深刻的印象，這正在推動客流量重新回到我們的餐廳。

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，我上個季度標記的市場，我們的團隊和特許經營商抓住機會的速度給我留下了深刻的印象。市場現在已經建立了自己的 McSmart 價值菜單，消費者認知度很高，這正在推動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.

很明顯，麥當勞提供物超所值的美味食品，顧客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。在我們做得很好的市場中，業務表現出色。然而，在某些市場，我們顯然仍有機會強化我們的主張。

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.

當我們繼續採用「一個麥當勞」的方法來解決問題時，麥當勞系統的獨特規模和規模使我們能夠相互學習。我們將進一步複製 McSmart 價值菜單結構等成功案例。麥當勞長期以來一直是追求價值的首選目的地，我們必須繼續將消費者的負擔能力放在首位。我們確實編寫了價值手冊，並且致力於維護我們在業界的領導地位。

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在與當地特許經營商密切合作，以平衡菜單定價決策與適當的負擔能力策略，並在需要時更加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，但平均特許經營現金流和相應的利潤率仍然強勁。由於我們餐廳損益表的財務實力，我們有能力投資這些吸引客流量的措施。

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.

儘管面臨這些持續的挑戰，且各細分市場的消費者支出面臨壓力，但我們第一季的全球可比銷售額成長了近 2%。我們持續提高餐廳的客戶體驗標準，並專注於強大的執行力。這推動了整個市場的服務時間的縮短和客戶滿意度的提高。

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，專注於我們控制範圍內的事物具有巨大的力量，可以最大限度地發揮我們戰略計劃的影響：以無與倫比的價值和便利為客戶提供美味的食物。正是這種方法將繼續推動成長。麥當勞最有能力在行業中獲勝，因為當我們將強大的系統整合與完全現代化的莊園、全球知名的品牌、核心菜單上的美味佳餚以及4D 的最高執行水平相結合時，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.

由於消費者支出仍面臨壓力，宏觀阻力持續存在，我們專注於保持競爭優勢並不斷擴大快餐市場份額。

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

接下來，我將把它交給 Ian，並更多地討論我們第一季的結果。

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，在我們美國和 IOM 部門成長的推動下，我們戰略計劃的強有力執行使第一季的全球銷售額增長了近 2%。正如我們之前所說，隨著客戶在經濟狀況緊張的情況下繼續更加謹慎地花錢，我們預計今年的收入成長將放緩。

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、歐洲和拉丁美洲的正銷售額被中東持續戰爭的影響所抵消。我們對我們的系統每天繼續向客戶展示的方式感到自豪，我們將繼續與 DL 合作夥伴密切合作，以支持該地區的當地社區。

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.

正是在這樣的時刻，我再次想起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、感覺良好的時刻的能力，這是我在 30 年來一次又一次看到的與麥當勞。

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「One McDonald's Way」方法，實現卓越創意，將當地文化相關性與全球影響力相結合，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進入了新的全球社群。

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中經久不衰的品牌，但在動漫中，我們被稱為 WcDonald's，這是我們本季為粉絲們帶來的虛構餐廳。透過推出我們的麥樂雞，以及新的蘸醬、主題包裝和行動應用程式購買的獎勵遊戲內容，我們創造了品牌興奮度並提高了麥樂雞類別的銷售量。我們的粉絲對麥當勞品牌和麥當勞世界的熱情迅速在美國的社群媒體上傳播，曝光量超過 60 億次，提及次數近 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，我們美味的漢堡也在許多市場上亮相，我們繼續展示我們在牛肉方面的實力，並採取一致的方法來改善我們粉絲的最愛。目前，我們全球超過 80% 的餐廳都部署了 Best Burger，本季最近在法國推出了 Best Burger，提供更熱、更多汁的漢堡。早期結果令人鼓舞，我們的核心漢堡類別得到提升，客戶對我們的口味和品質評分的滿意度也得到了提高。

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，我們現在已經在全國範圍內全面部署，我們慶祝了 Best Burger 在全國範圍內的推出，並在廣告中以標誌性人物為中心。該活動利用了漢堡包的懷舊情緒，大大提升了巨無霸類別的銷量，並為市場上創紀錄的客戶滿意度做出了貢獻。

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取得的進展凸顯了當我們充分利用我們的系統、規模和規模的力量時，麥當勞可以實現的目標。我們將繼續證明，到 2026 年底，將 Best Burger 推廣到幾乎所有餐廳，微小的改變累積起來就能帶來口味和品質的巨大改進。

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.

當我們希望進一步鞏固我們在牛肉領域的領導地位時，我們來自世界各地的廚師團隊創造了一個更大的飽足漢堡。今年晚些時候，我們將在幾個市場測試這款漢堡，確保它具有普遍吸引力，然後再在全球推廣。

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.

本季我們還在行動應用程式中慶祝了我們的菜單，將我們的核心資產優勢與為客戶提供的令人興奮的全新數位體驗相結合。在我們的主要市場中，數位滲透率正在不斷增長，我們的忠誠度銷售增加和創紀錄的行動應用程式訂單證明了這一點，從而導致忠誠度客戶的頻率更高和支出增加。

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的跨市場經驗，我們的數位份額也在不斷增長。澳洲將麥當勞世界著名薯條作為數位活動的中心，為顧客提供透過數位兌換遊戲碎片來獲勝的機會。在無縫數位體驗的推動下，該活動增加了客戶獲取並提高了市場的忠誠度銷售。

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 Winning Sips 數位體驗的回歸，提高了忠誠度，鼓勵顧客在訂單中添加一杯飲料，並有機會贏取每一杯。透過數位兌換遊戲件，客戶對行動應用程式的參與度不斷提高，我們推動了市場 90 天活躍用戶的創紀錄成長。由於像 Winning Sips 這樣獨特的數位體驗，我們的忠誠度會員在上個季度繼續更頻繁地與英國總忠誠度用戶群中的近 75% 進行互動。

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提供的體驗，都是我們的客戶選擇光顧麥當勞的頻率的重要驅動力。但以合適的價格提供美味的食物同樣重要，尤其是在當今的環境下，世界各地的消費者正在為日常商品和服務支付更多費用。正如克里斯幾分鐘前提到的那樣，強大的價值主張繼續推動本季我們幾個市場的表現。

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，以實惠的價格為客戶提供令人信服的價值，繼續在德國、西班牙和波蘭等市場取得強勁業績，並帶動 QSR 市場份額的成長。在我們保持敏捷性以滿足世界各地客戶的需求的同時，我們將繼續利用我們的規模和規模來產生最大的影響，分享推動一致性和速度的工作。

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。我們的全球營收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，比上年增長約 2%。

Adjusted operating margin for the quarter was nearly 45%.

本季調整後營業利潤率接近 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，但本季的主要業績仍創造了近 35 億美元的餐廳利潤，按固定匯率計算增長了約 4%。隨著我們繼續投資於策略轉型工作和數位化等成長機會，以及克里斯提到的兩年一度的全球大會相關的成本，這部分抵消了較高的一般管理費用。

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

本季調整後的有效稅率為 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和前瞻性投資。我們業務的彈性和整體財務實力使我們處於理想的位置，可以投資於滿足客戶需求並提高我們的員工和業務效率的關鍵領域。這包括新餐廳的開發，因為我們希望加快開業步伐，到2027 年底將我們的餐廳數量增加到50,000 家。 6,000 家餐廳我們正在按照我們的全球計劃穩步前進。

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.

除了餐廳開發之外，我們還投資於數位和技術等領域的長期成長以及我們全球商業服務組織內的轉型工作。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，並最終為整個麥當勞系統釋放速度和創新。

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.

儘管逆風持續存在，但我們仍然憑藉著只有麥當勞系統才能提供的獨特實力和規模而處於有利地位。正如克里斯預先談到的，我們關注的是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。隨著我們的系統按照正確的策略向前發展，以及我們的特許經營商、供應商和公司的財務實力，我仍然相信我們將繼續為我們的系統和股東帶來長期成長。

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

接下來，讓我把它轉回給克里斯。

Thanks, Ian. 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，麥當勞就會回應。憑藉享譽全球的品牌以及在文化和消費者中產生共鳴的營銷方式，我們與戛納國際創意節合作再次被公認為全球最有效的營銷商之一也就不足為奇了。我們正在提升我們的卓越創意，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.

突破性的行銷活動、美味的菜單和個人化的體驗將吸引顧客一次又一次地來到麥當勞，因為他們穿過我們餐廳的實體門和我們行動應用程式的數位門。在這種 QSR 流量壓力的環境下，我們有機會讓已經訪問過的顧客更頻繁地訪問。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定，提高頻率意味著使用我們的數位功能（例如忠誠度）比其他任何人都更了解和服務我們的客戶。憑藉我們的忠誠會員提供的見解，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，鼓勵那些已經喜歡麥當勞的人更多地光顧麥當勞。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實現個人化體驗時，我們就能提高獲利能力。

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.

成功提供個人化體驗取決於我們的餐廳轉型，以提供客戶想要的東西：方便、準確地交付新鮮的熱菜訂單。未來的餐廳體驗已經在世界各地的市場上展開，無論是「到達即到」（Ready on Arrival）、中國數位訂單專用的得來速通道或其他靈活的格式概念。透過建立技術基礎設施來支援我們討論的 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我們的標誌性菜單如何推動品牌發展，但還有另一個組成部分。每一天，我們的麥當勞系統都在努力實現我們為當地社區提供食物和培育的目標。與麥當勞叔叔之家慈善機構的合作，是我們幾十年來致力於推動正面影響的最佳例證。

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，我們慶祝麥當勞叔叔之家慈善機構成立 50 週年，該機構提供基本服務，消除醫療保健障礙，加強家庭並在兒童最需要的時候促進康復。自第一所之家開業以來，該慈善機構的全球足跡已顯著擴大，他們已幫助數千萬家庭度過了最困難的時期。該組織在全球範圍內開展了超過 385 個項目，為全球 90% 的領先兒科醫院的家庭提供支持，並透過每年超過 200 萬個家庭過夜來提供護理服務。

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.

在結束之前，我還想花點時間向 Rick Hernandez 表示感謝，感謝他在董事會任職 28 年期間對麥當勞系統的許多貢獻。當我在下個月的年度股東大會後擔任董事長的額外角色時，我期待著與我們的新任首席獨立董事Miles White 以及整個董事會的其他成員一起工作，在一家團結一致的公司下繼續提供強勁的業績嗓音。

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，該系統以加速拱門為我們的劇本，專注於正確的優先事項，不斷發展以滿足明天的客戶需求，並為未來的成長奠定基礎。

With that, we'll take questions.

接下來，我們將回答問題。

(Operator Instructions)

（操作員說明）

Our first question is from David Tarantino with Baird.

我們的第一個問題來自大衛·塔倫蒂諾和貝爾德。

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.

我的問題是關於比較前景。我想，Ian，您在上次電話會議中提到，您預計今年美國和 IOM 的薪酬將穩定在 3% 至 4% 的範圍內。現在我認為你的評論表明你現在的營運環境比你給出指導時更加嚴峻。

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.

那麼，我想問一下，在您看來，這個範圍在這兩個市場中是否仍然有效？其次，特別是對於美國來說，您認為在當前環境下是否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。讓我開始吧，然後我想克里斯可能會加入進來，以我所說的為基礎。但是，我首先要說的是，正如您所知，我們通常不會提供薪酬指導。我認為，當我們回顧過去時，我們試圖做的是提供一個方向性的視角，以了解我們認為行業歷史範圍在更典型的年份裡是什麼樣子。如您所知，我們談到 24 年，我們認為收入將會放緩。

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，我認為我們可以說的是，顯然 2024 年對於更廣泛的行業來說不會是典型的一年。我這麼說是因為我們確實看到，正如您在我們的前期評論中所聽到的那樣，宏觀阻力比我認為我們今年預期的更為嚴重，並且從第二季度開始，我們將繼續看到這些宏觀阻力。

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，我們的許多大型國際市場和美國——我認為我們預計在美國，從目前我們所看到的比較銷售的角度來看，我們將在本季度開始時大致持平。因此，我認為我們在國際和美國的許多最大市場中看到，行業流量要么持平，要么肯定會看到下降趨勢。我認為因此，我們相信我們可能會低於我們指出的歷史範圍。

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，我們關注的始終是傾聽消費者的需求，確保我們在業務中做出適當的調整以滿足這些需求，當然，始終確保我們能夠做得更好還有誰。

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.

我認為負擔能力顯然是消費者期望提高的一個領域。我的意思是，我認為消費者在當前的宏觀背景下顯然正在處理很多事情。顯然，我認為，他們的全部商品和服務都受到了通貨膨脹的影響。

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，我們在物有所值和負擔能力方面擁有悠久而悠久的領導者歷史。顯然，隨著時間的推移，我們已經多次經歷過這些困難的環境。我這麼說是因為我認為我們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，而且我們業務的財務實力使我們能夠比其他任何人做得更好。我認為這就是我們要確保實現這一目標的目標，並且我們的每個大型市場都已做好準備，以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.

然後轉向在美國的價值，我認為首先要認識到我們的系統、我們的特許經營商在美國提供的巨大價值很重要。如果您專注於數位價值，我們會提供一些很棒的數位產品。我剛剛在等待回答這個問題時打開了我的應用程序，現在我們以 0.29 美元的價格提供巨無霸，當您購買巨無霸時，您可以享受 30% 的 McCrispy 折扣。所以那裡有很多巨大的價值。

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每個人都傳達價值訊息的環境中，我們有機會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信息，我們正在以 50 種不同的方式來實現本地價值。我們現在在美國沒有一個國家價值平台，而我們的競爭對手卻擁有一個國家價值平台。

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系統更加一致，然後我們可以利用我們的媒體規模來提高消費者對此的認識。這就是我所知道的，喬和團隊專注於美國。說是一個巨大的機會。

Our next question is from Brian Harbour with Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩哈伯。

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，考慮到對先前問題的回答，該價值計劃的時間表是什麼，尤其是在美國？您認為我們會在第二季開始看到一些改善嗎？你認為這需要比這更長的時間嗎？從銷售驅動的角度或產品的角度來看，我們還能想到什麼，這將是我們今年考慮的明顯的美國競爭驅動因素？

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。好吧，我認為我們所看到的，如果我轉向法國，作為一個例子，法國，我在上個季度談論了有許多機會的領域，在我準備好的發言中，我指出，法國的體系他們很快地圍繞著一個國家價值計劃聚集在一起，然後對該計劃給予了大力的營銷支持，並在很短的時間內獲得了超過80% 的認知度，這開始推動其業務成果的令人鼓舞的趨勢。

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.

我認為重點不在於當您針對引人注目的價值平台提供強大的行銷支援時，您能多快地看到業務影響，而在於您的系統可以多快地移動和轉向以使其到位。我知道，喬和美國團隊正在與美國特許經營商討論這個問題。我再次認為，我們在地方層級擁有許多巨大的價值，但問題是我們如何在美國圍繞著一個更強大、可競爭的國家價值平台聚集在一起。我認為，這需要多長時間將取決於市場上發生的個人對話。但很明顯，一旦你做到了這一點，企業就可以開始很快做出反應。

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.

也許我要在克里斯所說的內容中添加的唯一內容是，布萊恩，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。我認為我們非常了解我們需要做什麼，以及如何做好這件事。顯然，我們將與業主/營運商一起盡快採取行動，以抓住這一機會。正如克里斯所說，我們已經看到這種做法在全球其他市場中效果非常好。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀集團的丹尼斯蓋革。

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.

想知道您是否可以多談談您對美國消費者的看法，無論是收入群體還是支出模式。

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?

然後，除了負擔能力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其他一些關鍵槓桿？

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，我認為我們在開幕時注意到的一件事是，消費者在如何花錢方面肯定是非常有區別的。我認為，美國過去幾年發生的通貨膨脹肯定創造了這種環境。

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.

雖然低收入消費者可能感覺這種情況更為明顯，但我認為重要的是要認識到所有收入群體都在尋求價值。因此，正如我所說，我們的重點是確保我們為客戶提供強大的價值。這不僅會為低收入帶來好處，也會為中高收入帶來好處。因此，無論您談論的收入群體如何，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.

從其他銷售推動者的角度來看，我對我們在美國的處境感到非常滿意。業務真的很棒。我們看到服務速度有所提升。我們看到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.

所有這些結合在一起正在提高客戶滿意度。我們看到我們在美國的滿意度得分不斷提高，當然，我們全年都會進行菜單創新。這是我們工作的一部分。我不會詳細說明菜單創新將會是什麼以及何時到來，但您當然可以期望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，我們始終必須尋找方法來激發消費者對出色的行銷計劃的興趣。如果我們進行了出色的行銷，您只需使用核心選單即可發展業務。因此，我知道美國團隊以及我們在美國的代理商 Wieden+Kennedy，他們正在繼續尋找我們從行銷角度推動業務發展的下一個重要創意。因此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，也許我會以克里斯所說的為基礎，因為我認為這是非常重要的一點。我的意思是我們的——我們業務的基礎，我們的絕大多數業務都處於非常強大的地位。我的意思是，我認為我們在這個更具挑戰性的宏觀環境中處於有利地位。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力。我認為這會以文化相關的方式與客戶產生共鳴。我們的系統財務實力正處於歷史上最強的時期之一。因此，由於過去幾年我們所做的所有工作，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.

如果您想到我們的配送、得來速和數位化 3D，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。例如，美國業務第一季的交付量創下了歷史新高。抱歉，交付是數位化的，如您所知，我們在這方面取得了很大進展。 而且我們知道我們將繼續推動更廣泛的數位化成長。

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.

所以我認為我們對絕大多數業務感覺非常好。我們只知道消費者正在尋求更多的可負擔性和價值，我們將努力確保我們能夠滿足這些需求。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

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可能需要解決美國的核心菜單定價問題？我特別談到諸如四分之一磅組合定價或巨無霸組合定價之類的事情，即使在特定市場內，整個餐廳群的定價實際上也可能非常不同。顯然，當你談論麥當勞在全國範圍內的定價方向時，媒體會傳達某些商店的最高定價，即使只是某些商店。

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圍繞核心菜單定價進行交流，以便為消費者提供價值感知，甚至可能超出我們在新冠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，讓我首先——我認為重要的是要認識到，如果你看看今天美國的利潤率，特許經營商的餐廳層面的利潤率與2019 年的情況相比，我們剛剛重建了特許經營餐廳層面的利潤率到 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，餐廳的利潤率現在回到了我們現在的水平——2019 年美國的水平，這對我來說，我們確實有能力從未來的價值主張來思考我們要做的事情，我談到了我在對之前問題的回答中談到了這一點。

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，我們需要保持在哪裡，在過去幾年中，我們做了很多工作來建立我們的定價能力以及我們在本地層面上的定價能力。所以我們會去看看我們周圍有哪些有競爭力的產品，它們的定價是多少，以及我們的產品如何與之匹配。然後所有這些都被用來告知特許經營商層面、餐廳層面我們的相對定價是多少。

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.

所以我認為從我們現在的情況來看，從整體菜單的角度來看，我覺得我們的狀況還不錯。是的，會有一些一次性事件引起轟動並被報導。但我們的機會是，我們需要以一種更有說服力的方式，以一種聲音來談論那些對消費者有吸引力的切入點、負擔得起的價格點是什麼，我知道這就是我們美國團隊的重點。

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，我會在克里斯談到的內容的基礎上做一些補充，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的良好表現。我想——我想我們會說這是幾件事。正如克里斯所說，這確保我們以實惠的價格為人們或消費者提供這些入門級產品。它確保我們以實惠的價格提供入門級套餐，並且通常使用消費者了解的產品並且我們擁有強大的資產支援。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，那麼確保我們的早餐也具有令人信服的價值。

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，顯然，從執行的角度來看，我們必須確保我們以合適的價格提供合適的產品，並且正如您聽到克里斯談論的那樣，我們已經獲得了消費者意識重要程度，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，因為我們期待他們正在尋找不同的選擇。

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.

再說一遍，我認為我們正在努力確保抓住每一個機會。正如克里斯所說，在我們做得很好的市場中，我們看到了非常強勁的表現，這就是我們專注於確保我們在每個頂級市場中佔有一席之地的機會。

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。考慮到餐廳和數位化以及核心食品翻新的所有改進，這絕對不會讓我感到驚訝。但事實確實如此——我想令我驚訝的是，至少在美國，與該行業的差距已經縮小了業績差距。我想知道這是否是調查或某些消費趨勢，當你把它切成薄片時，甚至是時段。

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?

關於為什麼差距縮小的原因是什麼，因為它令人驚訝。這是否只是您在某些收入群體中看到的價值分數中的入門價格點機會？美國的機會與其他一些國際五大市場有何不同？

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改善，正如您所指出的，這有多個方面。

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，當我們看到一個機會，然後分解滿意度的驅動因素時，當然，在某些市場中，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任何壓力，或者有什麼因素限制它，那麼它可能會失去一些在負擔能力方面的相對優勢。再說一次，這不是在所有市場，而是在少數市場。

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.

仍然需要注意的是，我們仍然被視為具有優越的價值主張，但一些市場的差距程度已經縮小。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，也許只是為了構建，因為我認為經驗，正如你所指出的，包含了許多不同的因素。我的意思是，我認為我們在頂級市場上持續提高執行速度。我們知道，當我們將能力落實到位時，正如您之前聽到我們談論的那樣，例如在美國實施的“到達準備”，當顧客到達我們的餐廳時，我們會提供更熱、更新鮮的食物，並提供整體更好的服務。我認為克里斯提到的要點是我們在負擔能力方面有機會，我們非常專注於確保我們能夠滿足消費者在當前情況下表達的需求。但我們對體驗的所有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.

我們的下一個問題來自 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，我很欣賞你們商店層面的利潤率回到了 2019 年的水平，但也許你可以談談當前的同比定價水平以及你目前對今年食品和勞動力的通脹預期？

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發生任何變化或彈性變化。

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。好吧，我的猜測是你的問題集中在美國，因為顯然我可以根據你在世界上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部分定價都是結轉定價。這本身並不是新的定價。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.

也就是說，我們確實繼續看到勞動力通膨確實存在。其中大部分來自加州發生的事情。在全國範圍內，您可能會看到我們預計勞動力通膨率將達到高個位數。同樣，這很大程度上來自於加州推出的政策的流失。

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.

然後在食品和紙張通膨方面，我認為這已經下降到了歷史水平。因此，我們從未來的食品和紙張通膨中看到的情況又回到了歷史水平。

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.

也許只是為了建立，埃里克，克里斯所說的，我的意思是，食品和紙張低個位數。因此，我認為今年我們已經看到了某種有利的趨勢，儘管我們仍然受到 23 年通膨的影響，尤其是食品、紙張和勞動力方面的影響，肯定會進入 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/營運商，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 年剩餘時間的任何進一步價格上漲持謹慎和深思熟慮的態度，並繼續努力抓住我們已經在可負擔性方面討論過的機會。到位以滿足消費者的需求。

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

我們的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?

我想先做一個澄清，然後再問一個問題。您提到快餐業的流量持平甚至下降。我想，我一直認為這是一個流量充其量是持平的行業。所以我只是想了解一下，鑑於您通常擁有比我更好的數據，這是否是一個拐點？或者是這樣——流量趨勢更加一致，聽起來像是這樣的？

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?

然後我的問題是你提到的利潤率又回到了原來的水準。我認為加盟商現金流也回到了新冠疫情之前的水平，而不是新冠疫情的高峰。但我想，當您考慮進行價值投資時，您是否會考慮做任何事情來支持特許經營商。我不知道這是否是像數位費用那樣的費用減免，或者我們看到其他一些餐廳在特許經營商進行投資時會減少這些費用，無論是資本投資還是其他營運費用。那麼，如果您確實需要進行價值再投資，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。因此，我之前所說的是，我在我們的許多頂級市場中談論的行業流量是持平的，或者我們看到了下降的趨勢。

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，產業可比流量為負，我們預計全年也將為負。我認為這就是重要的背景，只是為了為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以及您關於我們如何支持特許經營商的問題，您是對的，我們的美國特許經營商和我也可以進入其他市場，但他們處於有利地位。當你觀察特許經營商現金流時，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。我們將看到第一季特許經營商現金流量增加。

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，我們多年前對美國餐廳所做的現代化改造現在都是在超低利率時期完成的。因此，我們的特許經營商帳面上的任何債務的利率都比我們現在在市場上看到的要低得多。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.

如您所知，他們控制定價。我們不會介入補貼定價。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來做這件事。因此，我們面臨的機會是，你如何才能稍微減少我們提供的所有本地價值，坦率地說，我們對此沒有很高的認識，以及你如何圍繞一個領域凝聚並提高認識。

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，我認為有一種明智的方法可以做到這一點，最終可以對特許經營商的損益實現淨中性。但僅利用我們行銷引擎的規模和規模以及我們花費的媒體數量，我認為這將是我們前進的機會。當然，從系統財務健康的角度來看，我們處於這樣做的有利位置。

Our next question is from Lauren Silberman with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Lauren Silberman。

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。您提到您正在以 50 種不同的方式提供價值。鑑於美國各地的成本環境有多麼不同，您能否談談未來的國家價值平台會是什麼樣子？我想價格點的價值可能會很困難。

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?

然後當你看看消費者最尋找什麼類型的價值時，是價格點、較低的進入點還是捆綁交易？您是否看到價值組合上升？

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。也許我會開始，然後我會交給伊恩。但我認為伊恩概括地概述了一個我們認為是我們成功的劇本的結構，那就是你需要有良好的入門價格點。你需要有一份膳食協議。如果你的早餐業務很大，你就需要提供早餐特有的價值。

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.

在世界各地的許多市場，我們都做得非常成功。當然，在美國，我們看到有不同的成本環境。但話又說回來，我們的競爭對手在高成本市場、低成本市場等方面也有同樣的差異。所以——這也存在於其他市場。如果你要去法國，巴黎和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.

因此，這些差異存在於世界各地的許多市場中。我認為我們的系統在歷史上顯示出與我們的特許經營商合作的能力，您如何從投資組合的角度考慮這一點。最終，在這個行業中，如果你正在推動交易，如果你正在推動客人數量，那最終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.

所以我們有能夠做到這一點的歷史。正如我在開場白中提到的，我們已經做到了這一點。我們這樣做已經有 70 多年了。所以我認為我們明白這需要什麼，但它是透過與我們的特許經營者的對話來實現的，以圍繞國家價值主張的樣子達成一致。

Our next question is from Brian Bittner with Oppenheimer.

我們的下一個問題來自奧本海默的布萊恩·比特納。

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?

由於與營業利潤率指導相關，40 多歲的中高範圍仍然是一個非常寬的範圍，伊恩，我完全理解財務模型中有很多變化因素。但我很好奇，在帳面上有四分之一的帳面上，是否有機會收緊這個範圍的預期？當我們展望去年的 47% 時，這是否是今年營運利潤率的良好基本目標？或者我們應該預期會出現與第一季類似的下降？

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。聽著，我的意思是，你擊中了它。顯然這是在我們 24 年正在努力解決的背景下。有很多變數在作用。我認為宏觀背景意味著我們很難根據我們所看到的宏觀逆風的持續時間和深度來預測未來的前景。所以我認為這顯然會影響性能。與往常一樣，我們的營運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，我認為我對我們隨著時間的推移提高營運利潤率槓桿的能力仍然非常有信心，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，這將有助於使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運利潤率。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自安德魯·查爾斯和考恩。

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.

克里斯希望能更多地了解這個國家價值平台與過去幾年有何不同。因此，如果我想，從歷史上看，例如，早在 2018 年，就推出了 1 $2 $3 美元。對於美國企業來說，今年似乎是客流量為負的一年，只是因為區域價值方法使該品牌更加成功，儘管您談到了追求更多國家價值的競爭對手。所以我很好奇，如果你能提出未來的構想，你認為這次會發生什麼變化，讓國家價值觀更成功。

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，說出顯而易見的事。由美國團隊與我們的所有者/運營商合作來定義美國的國家價值主張。強勁的結果。我認為，當然，如果你看看美國過去許多年在 1 $2 $3 下的表現，我認為我們現在 - 我們正處於 1 $2 $3 的第六年或第七年，那是一個非常成功的平台幫助我們推動整個美國業務的業績。

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.

關於它實際上以多快的速度影響交易並扭轉局面，這可以追溯到你能多快地提高消費者對此的認識。您越快地提高認知度，您就能越快開始看到業務增加的推動力。

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.

所以我認為，首先，要定義平台，確保它對客戶有吸引力。然後確保您提供適當的支持，以提高您最終影響業務交易所需的意識。

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。

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?

我的問題只是關於國際業務。我很好奇你所看到的，我不知道這是否是從抗議的角度來看，或者該業務是否繼續疲軟到第二季度，就像美國業務的情況一樣，以及你的情況可能會從支持的角度透過理想的版稅率或類似的東西來做？

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，你可能會看到並說某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.

所以這方面沒有太大的改變。我認為這也是值得的——有趣的是，在許多這樣的市場中，我們的送貨業務保持得很好，這是一個有趣的動態。

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，在某些市場上可能會稍微好一點。但正如我在早些時候的電話會議中提到的那樣，在戰爭結束之前，我們預計不會看到對此的影響有任何有意義的改善，並且我們繼續對中東衝突將對我們的趨勢產生的影響抱持這種看法。伊恩，我會把它交給你。

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。也許只是逆風中的一種建構。我的意思是，我認為我之前說過，我們在許多大型國際市場中看到的宏觀阻力更為顯著，而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.

我認為關於對 IDL 類型的支持，我的意思是，你以前聽過我談論過這個。我的意思是，我認為當存在超出我們特許經營商控制範圍的外部因素影響業務時，這些特許經營商正在做正確的事情，並繼續為麥當勞的業務做正確的事情，在需要的情況下提供支持，是我所說的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，它總是有針對性的和暫時的。它始終旨在提供給最需要幫助的特許經營商。我想我們之前已經說過，我們已經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，並繼續與我們的深度學習合作夥伴密切合作。

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深度學習合作夥伴保持密切聯繫並密切合作。

Our next question is from Brian Mullan with Piper Sandler.

我們的下一個問題來自布萊恩·穆蘭 (Brian Mullan) 和派珀·桑德勒 (Piper Sandler)。

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.

只是一個關於 CosMc 的問題。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獲得的一些早期經驗。

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.

與此相關的是，您能否談談您計劃如何從這裡評估商店，如果您想最終在明年或以後建造更多商店，那麼決策過程會是什麼樣子。任何顏色都會很棒。

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，我會讓你失望的，因為我告訴你沒有太多可報告的內容。我認為我們仍然看到人們對 CosMc 有很多興趣，這是出於好奇心。因此，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所提到的，我們希望這項業務的最終成功是我們必須擁有一家能夠推動與傳統麥當勞相當或更強的投資回報率的業務。沒有理由投入任何資金反對CosMc's，除非它對建立傳統的麥當勞是中性的或有增值作用的。這將取決於我們在該概念中所看到的絕對單位體積、與之相關的利潤率以及我們以低於我們預期的成本建造這些佔地面積較小的餐廳的能力。

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.

因此，所有這些都是我們將在測試市場中評估的事情。正如我之前提到的，我們有 10 家餐廳——我們計劃開設 10 家餐廳。它將是單位體積的函數。這將是利潤率的函數，也是我們建造這些東西所需花費的資本的函數。所有這些都將推動我們對投入資本回報率潛力的整體評估。

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傑夫伯恩斯坦的另一個問題。

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。只是跟進美國的比較。我知道你們提到了低收入家庭和那裡看到的弱點，也許還有一些人在家裡進行食品貿易。只是想知道您是否可以將其與過去的放緩進行比較。我覺得這個訊息一直是快速服務領域的優勢。也許你會在低端失去一些，但重要的是，你繼承了一些從上面向下交易的人，就像你說的，如果每個人都在尋找價值。

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.

當這是一個背景時，我想你提到像買入這樣的系統特許經營商是為了增量價值的推動。我只是想確保我沒聽錯，兩年一次的加盟主情緒是否有任何情緒，特別是最近的基本面寬鬆。

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，所以我認為很難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。我認為你所描述的動態是我們在業務中通常看到的。我認為，傑夫，你也知道，我們的業務對低收入消費者的指數過高。所以有這樣的考量。

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.

但我想回到我們認識到我們所處的環境中消費者存在價格歧視。再說一次，這不只是低收入的事。我認為所有消費者都在尋找物有所值、負擔得起的產品。所以我們專注於此行動。

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.

就特許經營商的認可而言，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外觀達成一致，或者如果是關於推出新的菜單項，那麼該計劃的時機是什麼看起來像。這就是美國團隊正在做的工作。我認為，在美國擁有 2,000 家特許經營商的系統中，不同地方會有不同的人負責這件事。最終透過對話來達成一致。

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.

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

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，也許只是簡單介紹一下克里斯所說的話。我認為在整個市場上，我認為我們的領導團隊花時間與企業交談，與我們的特許經營商交談，我所說的就是確保我們在當前背景下有一種巷戰心態。我的意思是，顯然，宏觀更加困難。顯然，每個人都在爭取更少的消費者或訪問頻率較低的消費者。我們必須確保無論周圍的環境如何，我們都有那種巷戰的心態來贏得勝利。

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就我們的立場談論了很多——我們的系統具有實力和能力。我們沒有理由不以消費者為中心，提供最具吸引力的價值和承受能力的定位。

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，我們將透過我們是否佔據份額來衡量我們的進展。我認為我們，克里斯和我，當然還有領導團隊，都高度關注這一點，這就是未來的機會，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。我們今天的電話會議到此結束。謝謝你，克里斯。謝謝，伊恩。謝謝大家的加入。祝你有美好的一天。

This concludes McDonald's Corporation Investor 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。