麥當勞 (MCD) 2024 Q4 法說會逐字稿

Hello, and welcome to McDonald's fourth-quarter 2024 investor conference call.

您好，歡迎參加麥當勞2024年第四季投資者電話會議。

At the request of McDonald's Corporation, this conference is being recorded.

應麥當勞公司的要求，本次會議正在錄製中。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to Mr. Scott Meader, Interim Treasurer for McDonald's Corporation.

現在，我想將會議交給麥當勞公司的臨時財務主管史考特·米德先生。

Mr. Meader, you may begin.

米德先生，您可以開始啦。

Good morning, everyone, and thank you for joining us.

大家早安，感謝大家的收看。

With me on the call today are Chairman and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden.

今天與我一起參加電話會議的還有董事長兼執行長 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.

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。

Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures on today's call, along with their corresponding GAAP measures.

這兩份文件均可在我們的網站上查閱，今天電話會議上的任何非 GAAP 財務指標與其相應的 GAAP 指標的對帳表也可在我們的網站上查閱。

Following prepared remarks this morning, we will take your questions.

在今天上午準備好發言之後，我們將回答大家的提問。

Please limit yourself to one question and then re-enter the queue for any additional questions.

請將自己限制為一個問題，然後重新進入隊列以詢問其他問題。

Today's conference call is being webcast and is also being recorded for replay via our website.

今天的電話會議正在進行網路直播，並且還將透過我們的網站進行錄製以供重播。

And now, I'll turn it over to Chris.

現在我將把話題交給克里斯。

Thanks, Scott, and good morning, everyone.

謝謝，斯科特，大家早安。

Thank you for joining us today to review our fourth quarter and fiscal year results.

感謝您今天加入我們，回顧我們的第四季和財政年度業績。

Obviously, our performance in 2024 did not meet our expectations, but I'm still immensely proud of our McDonald's system.

顯然，我們在 2024 年的表現沒有達到我們的預期，但我仍然對我們的麥當勞系統感到無比自豪。

It was a busy year, and at times, it felt like McDonald's was a part of almost every major news story, reflecting the reach and visibility of our brand.

那是忙碌的一年，有時感覺麥當勞幾乎出現在每一個重大新聞報道中，反映了我們品牌的影響力和知名度。

Throughout it all, McDonald's people were resilient and responsive.

在這一切中，麥當勞員工堅韌不拔、積極回應。

We stayed focused on our customers, acted swiftly when needed and continue to run our restaurant at a high level.

我們始終關注顧客，在需要時迅速採取行動，並繼續高水準經營我們的餐廳。

To our employees, franchisees, and suppliers, I want to say thank you.

我要對我們的員工、加盟主和供應商說聲謝謝。

In 2024, Global comp sales decreased 0.1% for the full year, with comps up 0.4% in the fourth quarter, including positive comps across our IDL and IOM segments.

2024 年，全球全年同店銷售額下降 0.1%，第四季同店銷售額上漲 0.4%，其中 IDL 和 IOM 部門的同店銷售額均出現正成長。

In the US, comp sales were down 1.4% for Q4 amidst the impact of the E. coli outbreak linked to slivered onions on our Quarter Pounders.

在美國，由於受到與我們四分之一磅漢堡中的洋蔥片有關的大腸桿菌爆發的影響，第四季度的同店銷售額下降了 1.4%。

Ian will provide you with more texture on these results in just a minute.

伊恩將在一分鐘內為您提供有關這些結果的更多細節。

As we transition into 2025, several factors give me confidence that our performance turned to proper form over the next several quarters.

隨著我們進入 2025 年，有幾個因素讓我相信我們的業績將在接下來的幾季恢復正常。

First, we have the right strategy, Accelerating the Arches.

首先，我們有正確的策略，即加速推進。

Our MCD growth pillars still offer significant growth opportunities, and I'm pleased with the 2025 market plans, particularly the balance of value and full margin food innovation.

我們的 MCD 成長支柱仍然提供巨大的成長機會，我對 2025 年的市場計劃感到滿意，特別是價值和全利潤食品創新的平衡。

Second, US food safety issue is now largely behind us, and we expect to have fully recovered by the beginning of Q2.

第二，美國食品安全問題目前已基本解決，我們預計到第二季初將完全恢復。

At McDonald's, we always say that food safety is our number one priority, and this unfortunate incident is an important reminder of that fact.

在麥當勞，我們始終將食品安全放在第一位，這次不幸的事件再次提醒了我們這一事實。

The strength of our brand depends upon the absolute trust of our customers, and I'm pleased by the positive feedback we've received from so many regarding our rapid and transparent handling of this issue.

我們品牌的實力取決於客戶的絕對信任，我很高興看到我們迅速、透明地處理這個問題並得到了許多客戶的正面回饋。

And third, we'll continue to realize incremental benefits as global markets deploy new solutions from each of our three strategic technology platforms: consumer, restaurant and company.

第三，隨著全球市場從我們的三大策略技術平台（消費者、餐廳和公司）部署新的解決方案，我們將繼續實現增量收益。

Later, I'll come back and provide more visibility into our 2025 plans.

稍後我會回來提供有關我們 2025 年計劃的更多詳細資訊。

But for now, let's move on to Ian who will discuss Q4 and full year results.

但現在，讓我們繼續聽聽伊恩對第四季和全年業績的討論。

Thanks, Chris, and good morning, everyone.

謝謝，克里斯，大家早安。

As Chris noted, the QSR industry remained challenged and our performance in 2024 fell short of our expectations.

正如克里斯所說，QSR 產業仍面臨挑戰，我們在 2024 年的表現未能達到預期。

Pressure on spending persists, in particular, with two significant cohorts of our consumer base, low income and families, particularly in Europe.

支出壓力仍然存在，特別是對於我們的消費群體中的兩個重要群體，即低收入者和家庭，尤其是在歐洲。

Still, we're confident that our Accelerating the Arches, which is rooted in customer insights and built on our inherent competitive advantages, is right for our business to win in 2025 and beyond.

儘管如此，我們仍然相信，我們的「加速前進」策略植根於客戶洞察，並建立在我們固有的競爭優勢之上，這對於我們的業務在 2025 年及以後取得成功至關重要。

With respect to our quarter four performance, global comp sales growth was slightly positive.

就我們第四季的業績而言，全球同店銷售額成長略有正面。

In the US, quarter four comp sales were negative, reflecting the impact of the food safety incident.

在美國，第四季的同店銷售額為負值，反映了食品安全事件的影響。

When we met last quarter, we committed to bringing the full resources of McDonald's to bear to reengage the customer, and we did just that.

當我們上個季度開會時，我們承諾充分利用麥當勞的資源來重新吸引顧客，而我們也確實這麼做了。

As Chris mentioned, by the beginning of Q2, we expect to have fully recovered.

正如克里斯所提到的，我們預計到第二季初就會完全恢復。

The immediate actions we took to identify the cause allowed us to quickly shift the focus to regaining our customers' trust and reigniting their brand affinity.

我們立即採取行動找出原因，這使我們能夠迅速將重點轉移到重新贏得客戶的信任並重燃他們的品牌親和力。

Throughout November and December, we saw a sequential improvement in baseline traffic performance, including slightly positive comp guest count growth for the month of December, and had a positive comp guest count gap to most near-end competitors for the fourth quarter.

在整個 11 月和 12 月，我們看到基準流量表現連續改善，包括 12 月的可比較客人數量略有增長，並且在第四季度與大多數近端競爭對手的可比較客人數量之間建立了正向差距。

These results were driven by our marketing efforts to amplify traffic drivers.

這些結果得益於我們為擴大流量驅動所做的行銷努力。

This includes additional investment in our National Value campaign and Always-On digital and media plans to drive momentum.

這包括對我們的國家價值運動和Always-On數位和媒體計劃的額外投資，以推動發展勢頭。

In our International Operated Markets segment, comp sales performance this quarter was slightly positive due to mixed results across the individual markets, including negative comps in the UK.

在我們的國際營運市場部門，本季的同店銷售業績略有上漲，原因是各市場業績好壞參半，其中英國的同店銷售業績為負。

While QSR industry traffic was positive in only two of our big five markets, we had a positive comp guest count gap to most near-end competitors across the majority of our largest markets.

雖然 QSR 產業的客流量在我們五大市場中只有兩個市場呈現正成長，但在我們最大的大多數市場中，我們與大多數近端競爭對手的客流量都有正成長。

During a difficult time for the industry, we have acted with urgency and remain steadfast in continuing to focus on what's within our control, including refining and providing compelling value propositions, introducing exciting menu innovation and leaning into our One McDonald's Way approach to marketing by driving brand strength, building cultural relevance and connecting with our customers and crew in exciting ways.

在行業困難時期，我們採取緊急行動，堅定不移地繼續專注於我們能夠控制的事情，包括改進和提供引人注目的價值主張，推出令人興奮的菜單創新，並通過提升​​品牌實力、建立文化相關性和以令人興奮的方式與我們的客戶和員工建立聯繫，傾向於我們的“一個麥當勞方式”營銷方法。

For example, on our value propositions, Canada has paired Everyday Affordable Price, or EDAP, menus with strong meal bundles through the Canadian McValue menu, which features the $5.79 meal bundle and a $1 coffee EDAP offering, which drove coffee share gains in the quarter.

例如，在我們的價值主張上，加拿大透過加拿大 McValue 菜單將每日平價菜單 (EDAP) 與強大的套餐搭配在一起，該菜單包括 5.79 美元的套餐和 1 美元的咖啡 EDAP 套餐，推動了本季度咖啡份額的增長。

Canada not only provided great value offers but paired them with full margin promotions that connected with our fans through culturally relevant campaigns.

加拿大不僅提供了超值的優惠，還搭配了全額促銷，透過文化相關的活動與我們的粉絲建立聯繫。

One example is the Grinch Meal, which generated nearly 30 million impressions on social media, our highest user-generated content ever in Canada.

其中一個例子是 Grinch Meal，它在社群媒體上獲得了近 3000 萬次展示，這是我們在加拿大有史以來最高的用戶生成內容。

These all helped to drive positive sales and guest count performance in the market, including positive guest count gap to near-end competitors for the entirety of the fourth quarter.

這些都有助於推動市場銷售和客流量的正面表現，包括整個第四季與近端競爭對手的客流量差距保持正值。

And in Germany, we've continued to meet customers where they are, even with a difficult industry backdrop.

在德國，儘管產業形勢艱難，我們仍堅持在客戶所在地與他們會面。

While QSR industry traffic in Germany has continued to contract further since the third quarter, we have continued to drive market share gains by expanding upon the already successful McSmart menu, now offering a range of meal bundle options introduced at the end of September.

儘管德國 QSR 行業的客流量自第三季以來持續萎縮，但我們透過擴展已經很成功的 McSmart 菜單來繼續推動市場份額的成長，現在提供 9 月底推出的一系列套餐選擇。

We are seeing incrementality to the business driven by the extended value meals and by layering on exciting menu news with full margin items such as Der M or the Big Arch, as well as the Big Rosti which has made its annual return.

我們看到，透過擴展超值套餐以及在令人興奮的菜單上添加全利潤菜餚（如 Der M 或 Big Arch）以及每年回歸的 Big Rosti，業務正在不斷增長。

In other markets such as Spain, we have continued to outperform the competition by driving strong execution of our Accelerating the Arches strategy including continuing to focus on value through Menu for You, which is a branded equity that we have been able to capitalize on for over three years; and delivering on digital execution with a month-long Christmas calendar boosting engagement on the app and identified users.

在西班牙等其他市場，我們透過強力執行「加速拱門」策略，持續超越競爭對手，包括繼續透過「為您準備的菜單」關注價值，這是我們三年多來一直能夠利用的品牌資產；並透過為期一個月的聖誕日曆實現數位化執行，提高了應用程式和特定用戶的參與度。

We also saw success from our One McDonald's Way approach to marketing, combining cultural relevance with global reach through Friends TV show themed Adult Happy Meal featuring our core menu items, including six Friends characters and a themed dipping sauce.

我們也看到了「一個麥當勞方式」行銷方法的成功，透過以《老友記》電視節目為主題的成人開心樂園餐，將文化相關性與全球影響力結合起來，其中包含我們的核心菜單項，包括六個《老友記》角色和一種主題蘸醬。

The campaign provided a significant lift to our top line, with a social media reach expanding well beyond just Spain.

這項活動顯著提升了我們的營收，社群媒體的覆蓋範圍也遠遠超出了西班牙。

All of this contributed to the market's strong comp sales and guest count performance in the quarter as well as share gains for both the quarter and the year.

所有這些都促進了本季市場強勁的同店銷售額和客流量表現，以及本季和全年的份額成長。

France, a market that we've talked about all year, started to see signs of improvement with positive comp sales and guest count gaps to near-end competitors for the fourth quarter.

法國是我們全年都在談論的市場，該市場在第四季度開始出現改善的跡象，同店銷售額和客人數量與近端競爭對手的差距不斷縮小。

These results were driven by partnership with Hot Ones, providing three fiery sauces to fans, each one spicier than the next, being one of the most sought-out campaigns over the last few years in the market.

這些成果得益於與 Hot Ones 的合作，為粉絲提供三種辣味醬料，每一種都比另一種更辣，這是過去幾年市場上最受追捧的活動之一。

We've also seen the EUR4 Happy Meal, which has resonated driving an improvement in their brand perceptions around value and affordability and a lift in the happy meal category.

我們也看到了 EUR4 開心樂園餐，該產品引起了強烈共鳴，推動了其品牌在價值和可負擔性方面的認知度提升，並推動了開心樂園餐類別的提升。

We are encouraged by the signs of progress internationally and we'll continue to build upon the actions taken in 2024, so that we have a strong foundation for growth in 2025.

國際上的進步跡象令我們感到鼓舞，我們將繼續在 2024 年採取的行動的基礎上再接再厲，為 2025 年的增長打下堅實的基礎。

In our International Developmental License segment, comp sales for the quarter were over 4%, largely driven by positive results in the Middle East and Japan.

在我們的國際開發授權部門，本季的同店銷售額成長超過 4%，這主要得益於中東和日本的積極業績。

In the Middle East, the positive sales comp largely reflected lapping the impact of the war that began in October of 2023.

在中東，正面的銷售成長很大程度上反映了 2023 年 10 月開始的戰爭的影響。

And in China, we're seeing encouraging signs of stabilization.

在中國，我們看到了令人鼓舞的穩定跡象。

In short, while the global QSR industry remains challenging, we're confident in our competitive strengths across our MCD growth pillars and our strong execution against the value expectations of our customers. our ability to continually evolve to stay ahead of the customer positions us for success in any economic environment.

簡而言之，儘管全球 QSR 產業仍然充滿挑戰，但我們對我們在 MCD 成長支柱中的競爭優勢以及針對客戶價值期望的強大執行力充滿信心。我們不斷發展以保持領先於客戶的能力使我們在任何經濟環境中都能取得成功。

Turning to the P&L.

轉向損益表。

Adjusted earnings per share were $2.83 for the quarter, a 4% decrease compared to the prior year in constant currencies, reflecting the pressure on our top line.

本季調整後每股收益為 2.83 美元，以固定匯率計算較前一年下降 4%，反映出我們的營業收入面臨壓力。

Results also reflect higher other operating expense as well as the comparison to a prior year property sale gain.

結果也反映出其他營運費用的增加以及與去年同期的房地產銷售收益相比有所增加。

For the full year, adjusted operating margin was just over 46%, with top line results generating more than $14.5 billion in restaurant margin dollars for the year, providing evidence of the resiliency of this model.

就全年而言，調整後的營業利潤率略高於 46%，全年營收為餐廳帶來了超過 145 億美元的利潤，證明了這種模式的彈性。

Lastly, before I hand it back over to Chris, I want to touch briefly on our capital expenditures and free cash flow profile.

最後，在我將麥克風交還給克里斯之前，我想先簡單談談我們的資本支出和自由現金流狀況。

Our CapEx for the year was just under $2.8 billion.

我們今年的資本支出略低於 28 億美元。

More than half was invested in new restaurant unit expansion across our US and IOM segments, which enabled us to deliver on our openings target for the year.

其中超過一半的投資用於美國和馬裡蘭州分部新餐廳的擴張，這使我們能夠實現今年的開幕目標。

Our CapEx spend was slightly above the high end of the range we provided for the year as we invested more toward our future year development pipeline, setting us up for success as we continue to increase our pace of openings.

我們的資本支出略高於我們為今年提供的範圍的高端，因為我們對未來幾年的發展管道投入了更多資金，為我們繼續加快開業速度的成功奠定了基礎。

Our free cash flow conversion for the year 81%, below our expected 90% range due to pressure on top line performance and higher capital spend to accelerate new restaurants.

我們今年的自由現金流轉換率為 81%，低於我們預期的 90% 範圍，原因是營收壓力和加速新餐廳開幕所需的更高資本支出。

We have continued to follow our capital allocation priorities for the year.

我們今年繼續遵循資本配置重點。

After investing to support long-term growth of the business, we returned $7.7 billion of cash to shareholders through a combination of dividends and share buybacks.

在投資支持業務的長期成長後，我們透過股息和股票回購的方式向股東返還了 77 億美元現金。

We remain committed to returning all excess free cash flow to shareholders over time.

我們仍致力於隨著時間的推移將所有多餘的自由現金流返還給股東。

I'll talk about our 2025 outlook shortly, but first, let me hand it back over to Chris.

我很快就會談論我們的 2025 年展望，但首先，讓我將其交還給克里斯。

Thanks, Ian.

謝謝，伊恩。

Our ability to stay ahead of customers' changing needs and reimagine the McDonald's experience for tomorrow is the key to achieving our 2025 ambitions.

我們能否始終領先於顧客不斷變化的需求並重新構想未來的麥當勞體驗，這是我們實現 2025 年目標的關鍵。

We're moving forward with agility and urgency, getting back to guest count and winning share from our competitors.

我們正在敏捷而迅速地向前邁進，恢復客人數量並贏得來自競爭對手的市場份額。

Our unwavering focus on the MCD growth pillars will continue to unlock executional excellence and drive growth across our business.

我們始終堅定不移地專注於 MCD 成長支柱，這將繼續釋放卓越的執行力並推動整個業務的成長。

Our marketing efforts are reclaiming leadership in value and affordability through initiatives like Everyday Affordable Price menus and meal bundles.

我們的行銷工作正透過「每日平價菜單」和套餐等措施重新奪回價值和可負擔性方面的領先地位。

In the US, the January launch of the McValue platform provides consistent, compelling value with the choice and flexibility our customers want.

在美國，一月份推出的 McValue 平台提供了一致、引人注目的價值以及客戶所需的選擇和靈活性。

In many of our international markets, we are making further enhancements to our value programs in the first quarter to ensure that we are offering industry-leading value.

在我們的許多國際市場中，我們在第一季進一步加強了我們的價值計劃，以確保我們提供領先業界的價值。

And with good value at the foundation, we will overlay a strong pipeline of creative marketing ideas that will delight our fans and will provide full margin check growth.

憑藉良好的價值基礎，我們將涵蓋強大的創意行銷理念管道，讓我們的粉絲感到高興，並提供全面的利潤成長。

Our core menu remains at the heart of our business.

我們的核心菜單仍然是我們業務的核心。

We're excited about the significant opportunity we see within our chicken portfolio and see the potential to add another point of chicken market share by the end of 2026.

我們對雞肉產品組合中看到的巨大機會感到非常興奮，並看到到 2026 年底雞肉市場份額再增加一個百分點的潛力。

We continue to roll out McCrispy, which is now in over 70 markets and will be available in nearly all markets by the end of 2025.

我們將繼續推出 McCrispy，目前它已覆蓋 70 多個市場，到 2025 年底將在幾乎所有市場上市。

This year, there is incredible energy for the return of Snack Wraps in the US along with a few other markets, and the US will also launch a new chicken strip offering.

今年，零食捲餅在美國以及其他一些市場以驚人的勢頭捲土重來，美國還將推出一款新的雞肉條產品。

We'll continue to pulse in the Chicken Big Mac as a limited time-only offering over time.

我們將繼續在限定時間內推出雞肉巨無霸。

In 2024, the Chicken Big Mac helped generate chicken market share growth in the France and the US markets with positive incrementality.

2024年，雞肉巨無霸助力法國和美國市場的雞肉市佔率正成長。

Deployment of Best Burger continues.

最佳漢堡的部署仍在繼續。

It's currently available in over 80 countries, and we're on track to implement it in nearly all markets by the end of 2026.

它目前已在 80 多個國家/地區推出，我們計劃在 2026 年底前在幾乎所有市場推出它。

And we're excited to capture incremental growth through the Big Arch as we roll it out to more international markets this year.

今年，我們將把 Big Arch 推廣到更多的國際市場，並藉此實現增量成長，對此我們倍感興奮。

Our 4Ds continue to drive growth, and we're actively doubling down on digital and development.

我們的 4D 繼續推動成長，我們正在積極加倍投入數位化和開發。

For digital, we know loyalty customers spend more than their nondigital counterparts.

對於數位領域，我們知道忠誠客戶的消費比非數位領域的客戶更多。

We've made strong progress, and we're on track toward our long-term targets of 250 million 90-day active users and $45 billion in annual system-wide sales by the end of 2027.

我們已經取得了長足的進步，並且預計將實現我們的長期目標：到 2027 年底，實現 2.5 億 90 天活躍用戶和 450 億美元的年系統銷售額。

To date, our 90-day active users total has reached over 170 million across 60 markets, with system-wide sales to loyalty members totaling approximately $30 billion in 2024.

迄今為止，我們的 90 天活躍用戶總數已達到 60 個市場的 1.7 億多，2024 年全系統對忠誠會員的銷售額總計將達到約 300 億美元。

We will also continue to redefine convenience for our customers through Ready on Arrival, with deployment underway in markets across the world.

我們也將繼續透過「Ready on Arrival」為客戶重新定義便利，並正在全球各個市場進行部署。

For development, we delivered on our 2024 restaurant openings target across the globe and we're on track to reach 50,000 restaurants by the end of 2027.

在發展方面，我們實現了 2024 年在全球開設餐廳的目標，並且預計在 2027 年底達到 50,000 家餐廳。

Finally, our close partnership with our world-class franchisees, including the recent renewal of our master franchise agreement with Arcos Dorados will be critical to driving our continued growth.

最後，我們與世界級特許經營商的密切合作，包括最近與 Arcos Dorados 續簽的主特許經營協議，對於推動我們持續成長至關重要。

Let me now turn it back over to Ian for details on our 2025 outlook.

現在，讓我將主題轉回給伊恩，詳細介紹我們 2025 年的展望。

Thanks, Chris.

謝謝，克里斯。

We're confident that our Accelerating the Arches strategy will continue to drive growth in '25 and over the longer term.

我們相信，我們的「加速拱門」策略將繼續推動2025年及更長遠的成長。

But as we discussed, there are varying levels of near-term headwinds across markets.

但正如我們所討論的，各個市場近期面臨的阻力程度各不相同。

Our approach to our 2025 outlook reflects the current environment of softer declining restaurant industry traffic in the US and many of our larger markets.

我們對 2025 年展望的態度反映了當前美國和許多較大市場的餐飲業客流量下滑較為溫和的環境。

That said, as Chris noted, regardless of the operating environment, we remain steadfast on the execution of our Accelerating the Arches strategy and the continued rollout of the actions we began to take in 2024 across the system to drive guest count-led growth and grow market share by outperforming our competitors.

儘管如此，正如克里斯所說，無論營運環境如何，我們始終堅定不移地執行「加速拱門」策略，並繼續在整個系統內推廣我們從 2024 年開始採取的行動，以推動以客人數量為主導的增長，並透過超越競爭對手來增加市場份額。

Our financial targets for 2025 reflect the benefit of these initiatives as well as our expectation of gradual stabilization of the macroeconomic and consumer environment but does not include any impact from potential new tariffs.

我們 2025 年的財務目標反映了這些舉措的好處以及我們對宏觀經濟和消費環境逐步穩定的預期，但不包括潛在新關稅的任何影響。

Should the underlying environment improve under our initial expectations, especially with respect to lower-income consumers, we would expect to benefit disproportionately relative to our competitors.

如果基礎環境按照我們最初的預期有所改善，特別是對於低收入消費者而言，我們預期將獲得比競爭對手更大的利益。

Particularly for 2025, driven by the durability of our business model, we're targeting our full year operating margin percent to be in the mid- to high-40% range and above the 46.3% adjusted operating margin from 2024, primarily due to franchise margin performance.

特別是在 2025 年，在我們商業模式持久性的推動下，我們的目標是全年營業利潤率達到 40% 的中高水平，高於 2024 年 46.3% 的調整後營業利潤率，這主要歸功於特許經營利潤率的表現。

This includes our expectation that our full year company operated margin percent will be slightly higher than the 14.8% we delivered in 2024, driven by top line growth and partly offset by continued cost pressures.

其中包括我們預計全年公司營業利潤率將略高於 2024 年實現的 14.8%，這主要得益於營收成長，且部分抵銷了持續的成本壓力。

With respect to G&A, our systems financial strength enables us to invest in areas that we expect will drive long-term efficiencies for our people and for our stakeholders.

就一般及行政開支而言，我們系統的財務實力使我們能夠投資於那些我們期望為我們的員工和利害關係人帶來長期效率的領域。

Even with the muted top line growth in 2024, we maintain the right long-term investment mindset as we were able to prioritize our run-the-business spend.

即使 2024 年營收成長放緩，我們仍保持正確的長期投資心態，因為我們能夠優先考慮業務營運支出。

We expect 2025 G&A as a percentage of system-wide sales for the full year to be about 2.2%.

我們預計 2025 年 G&A 佔全年全系統銷售額的百分比約為 2.2%。

Our 2025 target reflects continued investments, technology digital and Global Business Services, or GBS.

我們的 2025 年目標體現了持續的投資、技術數位化和全球商業服務 (GBS)。

You heard Chris mention the three strategic technology platforms earlier.

您之前聽到克里斯提到了三個戰略技術平台。

Through the investments in these platforms, we plan to continue to get more efficient in running this over time, and ultimately, free up more resources to continue to drive long-term growth.

透過對這些平台的投資，我們計劃隨著時間的推移繼續提高運作效率，並最終釋放更多資源以繼續推動長期成長。

We still have significant investment years ahead of us before these efficiencies are realized.

要實現這些效率，我們還需要大量的投資。

Below the operating line, we're projecting interest expense this year to increase between 4% and 6% compared to 2024 due to higher average debt balances and interest rates and expect our full year effective tax rate to be between 20% and 22%.

在營業線以下，由於平均債務餘額和利率較高，我們預計今年的利息支出將比 2024 年增加 4% 至 6%，並預計全年有效稅率在 20% 至 22% 之間。

Turning to restaurant development and capital expenditures.

轉向餐廳發展和資本支出。

We expect net restaurant expansion in 2025, along with restaurants we opened in 2024, will contribute slightly over 2% to system-wide sales growth as we continue to accelerate our new unit development.

我們預計，隨著我們繼續加快新店開發，2025 年的餐廳淨擴張以及 2024 年開設的餐廳將為全系統銷售成長貢獻略高於 2% 的份額。

We plan to spend between $3 billion and $3.2 billion this year, with the majority invested in new unit openings across our US and IOM segments.

我們計劃今年投資 30 億至 32 億美元，其中大部分將投資於在美國和 IOM 分部開設新單位。

This increase in CapEx versus the prior year is in line with our expectation of about $300 million to $500 million increases each year through 2027, as we outlined at our December 2023 Investor Day.

與前一年相比，資本支出的增加符合我們在 2023 年 12 月投資者日上概述的預期，即到 2027 年，每年將增加約 3 億至 5 億美元。

Globally, we plan to open approximately 2,200 restaurants this year, with about 1/4 of these openings in our US and IOM segments.

在全球範圍內，我們計劃今年開設約 2,200 家餐廳，其中約四分之一位於美國和馬裡蘭州。

We expect to open more than 1,600 restaurants in our IDL segment, including about 1,000 in China.

我們預計在IDL部門開設超過1,600家餐廳，其中約1,000家在中國。

Overall, we anticipate slightly over 4%-unit growth from the nearly 1,800 net restaurant additions in 2025.

整體而言，我們預計 2025 年餐廳淨新增數量將接近 1,800 家，單位成長率將略高於 4%。

Our capital allocation priorities remain unchanged.

我們的資本配置重點維持不變。

First, to invest in the business to drive growth, including capital expenditures as well as investments in technology, digital and GBS.

首先，投資業務以推動成長，包括資本支出以及對技術、數位和 GBS 的投資。

Second, to prioritize our dividend.

第二，優先考慮我們的紅利。

And third, to repurchase shares with remaining free cash flow over time.

第三，隨著時間的推移，利用剩餘的自由現金流回購股票。

In 2025, we expect our net income to free cash flow conversion to be in the low to mid-80% range as we continue to step up strategic investments to drive sustainable long-term growth of the business.

到 2025 年，我們預計淨收入與自由現金流的轉換率將處於 80% 至 80% 的中低水平，我們將繼續增加策略性投資以推動業務的長期永續成長。

Over longer term, we continue to target free cash flow conversion in the 90% range, reflecting the resiliency of our business model.

從長遠來看，我們將繼續把自由現金流轉換率目標設定在 90% 左右，以反映我們商業模式的彈性。

However, we do expect that the conversion percentage will be below that long-term target during the peaks in an investment cycle.

然而，我們確實預計，在投資週期的高峰期，轉換率將低於該長期目標。

Lastly, with a strong US dollar that may continue to strengthen into 2025, we expect from foreign currency to be a full year headwind to 2025 EPS, totaling in the range of $0.20 to $0.30 based on current exchange rates.

最後，由於美元走強並且可能持續走強至 2025 年，我們預計外幣將對 2025 年每股收益造成全年阻力，按當前匯率計算總計在 0.20 美元至 0.30 美元之間。

As always, this is directional only as rates will likely change as we move through the remainder of the year.

像往常一樣，這只是方向性的，因為隨著今年剩餘時間的推進，利率可能會改變。

The resilience of our business and our overall financial strength have put us in a position to succeed in any environment.

我們業務的彈性和整體財務實力使我們在任何環境下都能取得成功。

And I'm confident that the continued execution of our Accelerating the Arches strategy sets us up to deliver long-term growth for our system and create value for our shareholders.

我相信，繼續執行我們的「加速拱門」策略將使我們能夠實現系統的長期成長並為我們的股東創造價值。

Now, let me turn it back over to Chris.

現在，讓我把話題轉回給克里斯。

Thank you, Ian.

謝謝你，伊恩。

This year, McDonald's will celebrate its 70th anniversary, 70 years of defining what it means to be the leader in our industry.

今年，麥當勞將慶祝成立70週年，70年來，麥當勞始終致力於定義產業領導者的地位。

Through generations of ever-changing global economies, technological booms extraordinary social and political evolution and resounding connection to the center of culture, we've grown stronger year after year by staying true to what we do best, serving delicious food with unmatched value to our customers while feeding and fostering communities around the world.

經過幾代人不斷變化的全球經濟、技術繁榮、非凡的社會和政治演變以及與文化中心的緊密聯繫，我們年復一年地變得更加強大，堅持我們最擅長的領域，為我們的客戶提供美味且價值無與倫比的食物，同時為世界各地的社區提供食物和支持。

McDonald's remains uniquely positioned to do just that.

麥當勞仍具有獨特的優勢來做到這一點。

By staying true to our golden rule of treating everyone with dignity, fairness, and respect, we continue to build connections that strengthen our brand and make positive impacts through our 40,000-plus local businesses around the world.

透過堅守以尊嚴、公平和尊重對待每個人的黃金法則，我們將繼續透過遍布全球的 40,000 多家本地企業建立聯繫，以加強我們的品牌並產生積極影響。

Our unwavering commitment to inclusion requires ongoing focus.

我們對包容性的堅定承諾需要持續的關注。

And while we recently evolved our approach, McDonald's commitment to inclusion is steadfast.

雖然我們最近改變了方法，但麥當勞對包容性的承諾始終堅定不移。

So if I think about the road ahead for 2025.

所以如果我思考 2025 年的前進之路。

I'm reminded out from our founder, Ray Kroc.

這讓我想起了我們的創辦人雷‧克洛克 (Ray Kroc)。

He said that the two most important requirements for major success are: first, being the right place at the right time; and second, doing something about it.

他說，取得重大成功的兩個最重要的條件是：第一，在正確的時間出現在正確的地點；第二，採取行動。

We believe no one is better positioned than McDonald's to seize on the opportunities ahead, face complexities head on and, in the words of Ray, do something about it.

我們相信，沒有人比麥當勞更有能力抓住未來的機遇，面對複雜局面，正如雷所說，採取行動。

We have all the tools we need to focus on what matters most to our communities and customers.

我們擁有所需的所有工具來專注於我們的社區和客戶最關心的問題。

As we look to 2025, we want up.

展望 2025 年，我們志存高遠。

We're playing to win.

我們是為了勝利而戰。

We have the right playbook in Accelerating the Arches.

我們在「加速拱門」行動中擁有正確的劇本。

We have the right advantages, our size, our scale, our brand relevance.

我們擁有正確的優勢、我們的規模、我們的範圍、我們的品牌相關性。

We have the right mindset and a strong legacy of acting on our biggest and boldest ideas.

我們擁有正確的思考方式和強大的傳統，能夠付諸行動，實現我們最偉大、最大膽的想法。

We have the power of our three-legged stool.

我們擁有三條腿的凳子的力量。

Thank you to our remarkable franchisees, suppliers, and employees.

感謝我們優秀的加盟商、供應商和員工。

Your dedication to our McFamily and the communities you serve is unparalleled.

您對我們的麥克家庭以及您所服務的社區的奉獻是無與倫比的。

We are grateful for your passion and so very proud of our partnership.

我們感謝您的熱情，並對我們的合作感到非常自豪。

Together, I look forward to making the Arches shine even brighter in 2025 and beyond.

我期望與大家一起，讓拱門在 2025 年及以後更加光彩奪目。

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 Dennis Geiger with UBS.

我們的第一個問題來自瑞銀的丹尼斯蓋格。

Great.

偉大的。

Morning, guys.

早安，大家。

Thank you.

謝謝。

Wondering if you could talk a little bit more about the early customer response to McValue?

想知道您是否可以再多談談早期客戶對 McValue 的反應？

Sort of any updates to the latest on customer value perceptions in the US?

關於美國客戶價值觀念的最新進展有什麼更新嗎？

And have any thoughts to share sort of on the guest count check and margin impacts from the new platform?

您對新平台對客人數量檢查和利潤的影響有什麼想法可以分享嗎？

Thank you.

謝謝。

Sure, Dennis.

當然，丹尼斯。

So we are -- it's obviously early days still with McValue value, but we're pleased with how it's getting out of the gate.

因此，我們 — — 顯然 McValue 的價值還處於早期階段，但我們對它的起步感到滿意。

One of the things that we're looking at is take rates.

我們正在關注的事情之一是利率。

We look at take rates on the $5 Meal Deal.

讓我們來看看 5 美元套餐的收費率。

We look at take rates on the Buy 1 Add 1 for $1.

我們來看看以 1 美元買 1 加 1 的利率。

And those take rates are very much in line with what our expectations were for that.

這些接受率與我們的預期非常一致。

So we're pleased with how that's getting out of the gate.

我們對這個進展非常滿意。

From a perception standpoint, as we have increased our focus on value in the US, starting last year when we did launch the $5 Meal Deal and then extending into Q1, I've been pleased to see that we're seeing our improvement in getting back to leadership, most recent -- particularly on the most recent visit with value and affordability.

從感知的角度來看，隨著我們在美國更加關注價值，從去年我們推出 5 美元套餐開始，一直延續到第一季度，我很高興地看到我們在重回領導地位方面取得了進步，尤其是在最近的訪問中，我們關注的是價值和可負擔性。

So I think we're seeing the customers giving us credit for the value programs that we have put in place there.

因此我認為我們看到客戶對我們實施的價值計劃給予了讚揚。

So feel good about that.

所以對此感到高興。

And maybe just, Dennis, I'll just build on Chris, because you were asking about check and margins.

也許只是，丹尼斯，我只是在克里斯的基礎上進行討論，因為你問的是支票和利潤。

And so I think just talking specifically about the Buy 1 Add 1 for $1, where I think we're seeing some kind of check in those transactions, and in fact, accretive to our overall check transactions that have a Buy 1 Add 1 in.

因此，我認為只具體談論 1 美元買 1 加 1 的情況，我認為我們在這些交易中看到了某種形式的支票，事實上，買 1 加 1 的交易增加了我們的整體支票交易量。

Good margins, obviously.

顯然，利潤率較高。

And I think just building on what Chris was talking about, I mean, I think consumers really appreciate the flexibility with that offer because it allows them to kind of build an outcome to what they want to get to from a product choice standpoint.

我認為，基於克里斯所說的內容，我認為消費者真的很欣賞這種優惠的靈活性，因為它允許他們從產品選擇的角度建立他們想要獲得的結果。

I think the other thing I would just highlight is breakfast, in particular, we've seen really strong take-up of that offer.

我想強調的另一件事是早餐，特別是我們看到人們對這項優惠的接受度非常高。

And breakfast has been a really strong daypart for the US business through '24.

從現在起，早餐一直是美國業務的一個主要時段。

It's an area where we're taking share.

這是我們正在佔據份額的領域。

And I think if you think ahead a little bit, this will be the 50th anniversary of breakfast in the US this year.

如果你稍微往前想一想，我想今年將會是美國早餐誕生的 50 週年。

And I think there will be some really kind of interesting and exciting things that the US business does over the next little while around breakfast.

我認為美國企業在接下來的早餐時間裡將會做出一些非常有趣和令人興奮的事情。

So more to come on that later.

稍後我們會對此進行更多探討。

Yes.

是的。

Just to maybe add one other thing to what Ian was talking about.

也許我只是想對 Ian 所說的內容補充一點。

If you look at the $5 Meal Deal, even though that's compelling value, it's driving other purchases.

如果你看一下 5 美元的套餐，儘管這個價格很有吸引力，但它也會推動其他購買。

So the average check on $5 Meal Deal for us in the US is north of $10.

因此，在美國，5 美元套餐的平均消費金額超過 10 美元。

So it's doing what we were hoping for when we launched that.

因此，它實現了我們在推出時所希望實現的功能。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

Thanks.

謝謝。

A quick follow-up on that.

對此進行快速跟進。

In the fourth quarter, US comp reflected a negative check, slightly positive traffic.

第四季度，美國公司業績表現不佳，但客流量略有成長。

Could you give us a sense of price versus mix in the quarter and why we saw what we saw there?

您能否向我們介紹本季的價格與產品組合情況，以及我們為什麼會看到這樣的情況？

And my main question is really on IOM.

我的主要問題實際上是關於 IOM 的。

Any color that you can offer there?

您能提供什麼顏色嗎？

A lot of brands, US brands, slowed in the back half of fourth quarter '23.

許多品牌，包括美國品牌，在2023年第四季後半年成長放緩。

Did you see an acceleration through fourth quarter of '24, better exit rate in key IOM markets?

您是否看到了 24 年第四季的加速，主要 IOM 市場的退出率是否有所提高？

And I know you've been doing some tinkering with value relaunches in key IOM markets, any color on that would be helpful.

我知道你們一直在對 IOM 主要市場的價值重新推出進行一些調整，對此的任何具體說明都會有所幫助。

Thank you.

謝謝。

Sure.

當然。

I'll just hit some high-level comments.

我只想談一些高層次的評論。

And then as always, I'll let Ian give the details.

然後像往常一樣，我會讓伊恩提供詳細資訊。

In the US, we were seeing, as you know, in early October, we were seeing strong performance in the US with both good check as well as positive GCs.

在美國，如您所知，在 10 月初，我們看到美國的表現強勁，既有良好的支票，也有積極的 GC。

And then, of course, we had the unfortunate E. coli incident.

然後，當然，我們又遭遇了不幸的大腸桿菌事件。

As you think about how then the quarter started to play out, we kind of hit our nadir in, I'd say, early November and then we saw sequential improvement through the balance of the quarter, which has now continued into Q1.

當您思考該季度的開局時，我們會發現我們在 11 月初達到了最低點，然後我們看到該季度的餘額出現了連續的改善，這種改善一直持續到第一季。

But what you're seeing is you're seeing that we are driving GCs and stealing share on GC standpoint.

但您所看到的是，我們正在推動 GC 並從 GC 的角度搶佔份額。

But not surprisingly, particularly now as we're into Q1, and we're launching a broader McValue platform, GCs are running ahead of check.

但毫不奇怪，特別是現在我們進入第一季度，我們正在推出更廣泛的 McValue 平台，GC 正在領先檢查。

And that's very much consistent with our experience.

這與我們的經驗非常一致。

As you're putting in new value programs, you will see check run ahead of GCs.

當您引入新的價值程序時，您將看到檢查在 GC 之前運行。

I think, Joe -- or run ahead of check.

我認為，喬 — — 或提前檢查。

I think Joe has talked about that in the past.

我認為喬過去曾談論過這個問題。

And then as you get that sort of bedded down and you introduce food news and other things on top of that, you get the one, two punch of check plus GC growth.

然後，當你安頓下來並在此基礎上引入食品新聞和其他東西時，你就會得到檢查和 GC 增長的雙重打擊。

So that's what we're expecting in the US.

這正是我們對美國的期望。

From IOM, you're right to acknowledge that we're seeing improving trends there.

從國際移民組織來看，您正確地承認我們在那裡看到了改善的趨勢。

But it really is almost on a market-by-market basis there.

但這實際上幾乎是基於每個市場而製定的。

So we've talked about for basically about a year, some of the opportunities that we had in France.

所以我們基本上已經談論了大約一年我們在法國的一些機會。

I've been very pleased to see how that French business has continued to improve their performance, and that's continuing into Q1.

我很高興看到法國企業的業績持續改善，並且這種勢頭一直延續到第一季。

So we feel good about France.

所以我們對法國感覺很好。

We feel good about Canada.

我們對加拿大感覺很好。

We continue to outperform in Germany.

我們在德國的表現持續優異。

We continue to outperform in Italy.

我們在義大利的表現持續優異。

Our opportunities in IOM, the two markets that we are spending the most time thinking about right now or the UK in Australia, where one, it's both a challenged market; and two, frankly, we're not performing to our full potential.

我們在 IOM 的機遇，這兩個市場是我們目前花時間思考最多的，或者是英國和澳大利亞，一方面，它們都是充滿挑戰的市場；第二，坦白說，我們沒有發揮出全部潛力。

So I'd say net-net, on balance for being IOM improve.

因此，我認為總體而言，IOM 有所改善。

I think you saw that in the results, but there's still work to do in a few of our specific markets.

我想您已經從結果中看到了這一點，但我們在一些特定市場仍有工作要做。

So David, I'll just maybe double-click on a couple of things because Chris' response was pretty comprehensive.

所以大衛，我可能只會雙擊幾個東西，因為克里斯的回答非常全面。

I think just maybe the reminder in the US, and we talked about this in the Q3 call, was pre-food safety incident, we were seeing almost kind of a mid-single-digit comp sale and comp traffic just below that.

我認為也許美國的提醒，我們在第三季電話會議上談到了這一點，是在食品安全事件發生之前，我們看到的同店銷售額幾乎處於中等個位數，同店客流量也略低於這一水平。

So I think that's -- the reason I highlight that is because we get kind of value-driving momentum and then we start layering in kind of, as we've talked about before, a whole margin food news, like the Chicken Big Mac in that instance, or the great marketing execution, you start driving volume and really profitable transactions and that's where we were at.

所以我認為——我強調這一點的原因是我們獲得了某種價值驅動的勢頭，然後我們開始分層疊加，正如我們之前談到的，整個利潤食品新聞，比如那種情況下的雞肉巨無霸，或者偉大的營銷執行，你開始推動銷量和真正有利可圖的交易，這就是我們所處的境地。

Obviously, the food safety incident had a disruptive impact on the US in the quarter.

顯然，食品安全事件對本季的美國產生了破壞性影響。

And there were a couple of specific things obviously that happened.

顯然發生了一些具體的事情。

First is you had an impact from Quarter Pounder sales, which is a high-margin, high-check driving transaction item.

首先，你受到了 Quarter Pounder 銷售的影響，這是一種高利潤、高額的交易驅動項目。

And then obviously, to kind of regain momentum, regain trust.

然後顯然要重新獲得動力，重新獲得信任。

Obviously, we invested a fair bit in value and affordability and obviously, in digital offers to get consumers back.

顯然，我們在價值和可負擔性方面投入了相當多的資金，顯然，我們也在數位產品方面投入了相當多的資金來吸引消費者。

And so that certainly, I would call it, we're kind of time-bound impacts on check through the quarter that we certainly expect to dissipate as we get kind of momentum where we want it to be through quarter one this year.

因此，我當然會稱之為，我們對整個季度的影響有一定的時間限制，我們當然希望隨著我們獲得動力，這種影響會消散，我們希望它能持續到今年第一季。

On IOM, the only thing I'd add to what Chris said is, I mean, I think we're certainly, as you heard us in our upfront remarks, continuing to operate in uneven conditions.

關於國際移民組織，我唯一想補充的是，正如你在我們前面的評論中聽到的那樣，我認為我們確實在繼續在不平衡的條件下開展工作。

And so we're really pleased, while we're really proud with the progress that we've driven through the actions we've taken, in particular in areas like value and affordability, we're still dealing in a number of markets in our targets where the industry is contracting.

因此，我們真的很高興，同時我們對透過採取的行動所取得的進展感到非常自豪，特別是在價值和可負擔性等領域，但我們仍然在處理目標中的一些行業正在萎縮的市場。

And so I think our momentum is certainly moving in the right direction, as you heard from Chris, but it's still -- certainly, there's an element of headwind that we're continuing to navigate.

因此我認為我們的勢頭肯定朝著正確的方向發展，正如你從克里斯那裡聽到的，但當然仍然存在一些逆風因素，我們仍在繼續應對。

Our next question is from David Tarantino with Baird.

下一個問題來自貝爾德的大衛·塔倫提諾。

Hi.

你好。

Good morning.

早安.

Just a clarification on how you're thinking about the US recovery.

只是想澄清一下您對美國經濟復甦的看法。

I think you mentioned you expected a full recovery from the E. coli incident by the beginning of Q2.

我記得您提到過，預計到第二季初大腸桿菌事件將全面恢復。

I guess one question is what's -- I guess, what does that sort of mean in terms of kind of what the comp momentum you're thinking once you get fully recovered?

我想一個問題是——我想，就您完全康復後所考慮的競爭勢頭而言，這意味著什麼？

And then I guess, what's giving you the line of sight to that?

那我想問一下，是什麼讓您看到這一點的呢？

Yes.

是的。

Thank you, David.

謝謝你，大衛。

So on the US recovery from E. coli, I think right now, what we're seeing is that the E. coli impact is now just localized to the areas that had the biggest impact.

因此，關於美國從大腸桿菌中恢復的情況，我認為現在我們看到的是，大腸桿菌的影響僅限於受影響最大的地區。

So think about that as sort of the Rocky Mountain Range, that was really the epicenter of the issue.

所以，想像一下落磯山脈，那才是真正問題的中心。

And that continues to be down versus where we were heading into that impact.

與我們面臨影響時的情況相比，這一數字仍在下降。

But very much seeing it at this point is just contained to that region, whereas the rest of the US, we don't see an impact on that.

但目前看來，這種影響僅限於該地區，而美國其他地區我們並未看到任何影響。

I think importantly, what it gives us encouragement is we're looking at the trends in those affected areas, and that's what led to our comment around thinking that we'll have it behind us as we begin in Q2.

我認為重要的是，它給我們帶來鼓勵的是，我們正在關注受影響地區的趨勢，這就是我們發表評論的原因，認為我們將在第二季度開始時將其拋在身後。

To your point around what that actually means, it's going to be a function of us executing.

對於您提到的這實際上意味著什麼，這將是我們執行的功能。

So it's not just that we get E. coli behind us, but it goes to -- we've got to make sure that we've got McValue off to a good start, and we've got to make sure that we have strong marketing programs along with food innovation that goes with it.

所以，我們不只是要消滅大腸桿菌，還要確保 McValue 有一個好的開始，還要確保我們有強大的行銷計劃以及與之相配套的食品創新。

I think what you see is that when we do that and we do that well, this business has the potential to be putting up both positive GCs as well as positive check.

我想，您所看到的是，當我們這樣做並且做得很好時，這項業務有可能同時獲得積極的 GC 以及積極的支票。

And ultimately, that drives comp.

最終，這將推動公司的發展。

So that's our expectation.

這就是我們的期望。

That's the plan that we've put in place, which is, if we execute that we get this business, as I described in my comments, back to proper form.

這就是我們制定的計劃，如果我們執行這個計劃，正如我在評論中所描述的那樣，這項業務就會恢復到正常狀態。

And David, maybe just a couple of builds to Chris' comments.

大衛，也許我只是想對克里斯的評論做幾點補充。

I mean, I think you heard us in our upfront remarks talk about the fact that we've recovered trust levels at a national basis back to where they were pre incident level.

我的意思是，我想你們在我們之前的發言中聽到我們談到這樣一個事實，即我們已經在全國範圍內恢復了信任水平，回到了事件發生前的水平。

We still got the isolated impacts that Chris talked about.

我們仍然受到了克里斯所說的孤立影響。

I think, obviously, what we're trying to do is get US business back to the momentum that we were seeing to start Q4.

我認為，顯然我們正在努力讓美國業務恢復到第四季開始時的勢頭。

I mean we're very encouraged by the fact that, as we talked about, we ended the year in December with positive -- slightly positive comp guest counts in the US.

我的意思是，正如我們所說的，我們對這一事實感到非常鼓舞，即我們在 12 月份結束了這一財年，美國的同店客人數量取得了積極的——略微積極的增長。

We know Q4 total basis that we were taking comparable traffic share versus the industry still in the US.

我們知道第四季的整體情況是，我們與美國產業相比，佔據了相當的流量份額。

But we still got, as Chris talked about, just I think a little more to do to get that momentum kind of fully back to where we think it can be as we work through Q1.

但正如克里斯所說的那樣，我認為我們還需要做更多的事情才能讓這種勢頭完全回到我們認為在第一季可以達到的水平。

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。

Thanks.

謝謝。

I just wanted to sort of follow up, I guess, on check a little bit, which is you mentioned digital and loyalty growth is very strong.

我只是想進行一點跟進，正如你提到的數位化和忠誠度成長非常強勁。

Those checks tend to be higher, but ultimately, I guess, same-store sales growth was fairly muted.

這些支票往往較高，但最終，我猜，同店銷售額的成長相當溫和。

As you noted, there are a lot of puts and takes.

正如你所提到的，有很多的得失。

Perhaps breakfast has a negative check impact, too.

早餐或許也會對檢查產生負面影響。

But I guess I'm trying to understand as you think about loyalty growth and digital orders, whether you would expect to see that materialize as an inflection in same-store sales?

但我想我試圖了解，當您考慮忠誠度成長和數位訂單時，您是否希望看到它實現同店銷售額的變化？

Or how you're thinking about it?

或者您對此有何看法？

Because it does seem like we broadly see higher checks, but not necessarily kind of a trajectory change.

因為我們確實普遍看到了更高的支票金額，但不一定是某種軌蹟的改變。

And then just quickly on the UK, that's market that has historically I think, been very strong for McDonald's.

然後簡單說一下英國，我認為從歷史上看，英國市場對麥當勞來說一直非常強大。

So is there anything to note there?

那麼有什麼需要注意的嗎？

Just that it's negative or sort of talking it as a weak point surprised me a little bit.

只是它的負面影響或說它的弱點讓我有點驚訝。

Yes.

是的。

Why don't -- I'll take the UK and then let Ian address the other question that you had, Sara.

為什麼不——我將代表英國發言，然後讓伊恩回答你的另一個問題，莎拉。

So I think in the UK, if you think about that, you're right, it's one that historically has performed quite well for us, been one of our strongest performers.

因此，我認為在英國，如果你考慮一下，你是對的，從歷史上看，它是我們表現相當出色的，是我們表現最強勁的股票之一。

I think what we've seen in the UK, certainly, the consumer there is under pressure.

我認為，從我們在英國看到的情況來看，那裡的消費者確實面臨壓力。

The cost-of-living issue, that exists in the UK, that is putting pressure on the low-income consumers, consistent with what we've seen in the US.

英國存在的生活成本問題給低收入消費者帶來了壓力，這與我們在美國看到的情況一致。

That's also putting pressure on families.

這也給家庭帶來壓力。

We have a very big family business in the UK.

我們在英國有一家很大的家族企業。

That has impacted us.

這對我們產生了影響。

As families are looking to economize, that has an impact on us.

由於家庭都在尋求節約，這對我們產生了影響。

And you have a very strong local competitor there who's been very aggressive from a value standpoint, particularly on breakfast.

你們在當地有一個非常強大的競爭對手，從價值角度來看，他們非常積極進取，特別是在早餐方面。

And so you put all those things together and we're not seeing the UK business perform, certainly at a level that we're used to historically.

所以，把所有這些因素放在一起，我們會發現英國的商業表現顯然沒有達到我們過去所習慣的水平。

I think that said, we understand what needs to go in place, and there's been a lot of work with our local franchisees there to do that.

我認為，我們知道需要採取什麼措施，我們已與當地特許經營商做了很多工作來做到這一點。

It goes to making sure that we have a strong savers platform.

這是為了確保我們擁有強大的儲蓄平台。

It's something that's been in the market for quite a while.

這個產品已經出現在市場上很長一段時間了。

We've introduced a GBP5 Meal Deal, similar to what we have in the US.

我們推出了 5 英鎊的套餐，與美國類似。

And there's also been a focus on the Happy Meal program to reengage that family business.

此外，我們也一直致力於透過開心樂園餐計畫來重振這項家族企業。

I think paired with that, though, is we need to have better marketing in the UK.

但我認為同時我們需要在英國進行更好的行銷。

I think we frankly didn't have the level of marketing execution in the back half of last year that we're used to.

坦白說，我認為去年下半年我們的行銷執行程度不如以往。

And so that time, the big priorities for us as we head into 2025, is we've got to get that marketing to be kicking in so that we do this one-two punch of being competitive on value, which I feel very confident we now have in the UK, but you ought to be able to pair that with strong marketing programs, strong food innovation that can give you that sort of full margin balance.

因此，在邁向 2025 年之際，我們的首要任務是讓行銷發揮作用，以便我們在價值上形成一舉兩得的競爭力，我對我們目前在英國的競爭力非常有信心，但你應該能夠將其與強大的營銷計劃、強大的食品創新結合起來，這樣你才能獲得完全的利潤平衡。

We've run this book.

我們已經出版了這本書。

Many of the things that I'm describing were the same issues that we faced in France.

我所描述的許多事情與我們在法國面臨的問題相同。

The progress and the momentum that we're seeing on the French business now is what gives us confidence that we'll be able to get to the same place in the UK.

我們現在看到的法國業務的進展和勢頭讓我們有信心在英國取得同樣的成績。

But certainly, work to do in the UK.

但可以肯定的是，在英國還有很多工作要做。

Just, Sara, to circle back on your check question, and I'm going to exclude kind of the US, obviously, the food safety kind of specific disruptions, which again are kind of temporary and time on.

薩拉，回到你的檢查問題，我將排除美國食品安全方面的特定幹擾，這些幹擾顯然是暫時的，並且會隨著時間的推移而改變。

I think more broadly, I mean, obviously, you've got a few things going on.

我想得更廣泛一些，我的意思是，顯然，你已經做了一些事情。

I think with check, you've got, obviously, pricing that's continuing to moderate because of the levels of inflation that are coming down.

我認為，從圖表上看，由於通膨水準下降，價格顯然會繼續趨於溫和。

You've got us kind of making what I'll call some structural adjustments on value and affordability to ensure that we're kind of meeting the needs of consumer that's having kind of a reset on check.

我們正在進行所謂的價值和可負擔性方面的結構性調整，以確保我們能夠滿足消費者的需求。

But obviously, I think when you get kind of past those adjustments, I mean, I think there's -- we've got a lot of ability to kind of continue to drive strong check.

但顯然，我認為當你完成這些調整後，我的意思是，我認為——我們有很大的能力繼續保持強勁勢頭。

Obviously, we've got to start doing that by getting the right levels of momentum in the business.

顯然，我們必須透過獲得正確的業務發展勢頭來開始這樣做。

I mean the US and kind of where we were pre-food safety incident is, I think, the best demonstration of that.

我認為美國在食品安全事件發生之前的情況就是最好的證明。

Again, I think about where we were for the first three weeks of October with that kind of strong sales and then strong guest count build, obviously, kind of building on each other as we've had momentum, and then kind of layer in these exciting food or marketing events.

再說一遍，我想想我們在十月份的前三週的情況，當時的銷售業績很強勁，客人數量也很多，顯然，這一切都是建立在我們發展的勢頭之上的，然後我們還舉辦了一系列令人興奮的美食或營銷活動。

France is another example.

法國是另一個例子。

Obviously, as you know, from all the conversations we had on France, throughout '24, again, as we started to see that kind of positive momentum come into effect, and when you look at Q4 where we had the Chicken Big Mac activation, we had this kind of hot sauce, fiery sauce kind of activation, which were strong food events with great marketing execution.

顯然，如你所知，從我們在整個 24 年在法國進行的所有對話來看，我們再次開始看到這種積極勢頭發揮作用，當你看第四季度我們推出了雞肉巨無霸活動，我們有這種辣醬、熱辣醬活動，這些都是強大的食品活動，具有出色的營銷執行力。

Again, we were able to both guest count and check volume.

再次，我們既能夠統計客人數量，又能夠檢查數量。

I think talking about digital specifically, digital certainly, and loyalty, in particular, are going to be really important ways for us to continue to drive check.

我認為，具體談論數位化，當然還有忠誠度，對於我們繼續推動檢查來說，將是非常重要的途徑。

As you know, we've talked a lot about the fact that loyalty drives more visits, and those customers spend more over time.

如您所知，我們已經多次討論過忠誠度會帶來更多訪問量，而這些客戶會隨著時間的推移而消費更多。

And as we are continuing to build new and incremental capabilities and sources of value for consumers, now we're going to be able to get those customers to spend more as they visit us.

隨著我們不斷為消費者建立新的增量能力和價值來源，現在我們將能夠讓那些客戶在訪問我們時花費更多。

So I think digital will be a really important component of how we drive check and frequency as we look forward.

因此我認為數位化將成為我們推動檢查和頻率的一個非常重要的組成部分。

Our next question is from Brian Harbour, Morgan Stanley.

下一個問題來自摩根士丹利的 Brian Harbour。

Yeah.

是的。

Thanks.

謝謝。

Good morning, guys.

大家早安。

A quick one, just could you kind of spell out roughly where we expect unit growth to be in the US versus IOM?

簡單問一下，您能否大致說明一下我們預期美國和 IOM 的單位成長率是多少？

I know you kind of gave it together.

我知道你們已經一起付出了。

But -- and then maybe just a broader question.

但是——這也許只是一個更廣泛的問題。

How has new unit performance been?

新單位的表現怎麼樣？

Obviously, you seem to have leaned into that even more so than you spoke about a little over a year ago, and you talked about kind of pulling forward some of that growth.

顯然，您似乎比一年前談論的更加傾向於這一點，並且您談到瞭如何推動部分成長。

But could you just comment on how you've seen that fare over the last year?

但您能否評論一下過去一年您對該票價的看法？

Yes.

是的。

Morning, Brian, I think on unit growth, we expect as a system, about 2,200 gross openings and about 1/4 of that to be in our wholly owned market.

早上好，布萊恩，我認為就單位增長而言，我們預計作為一個系統，總開業人數約為 2,200 人，其中約 1/4 將在我們全資擁有的市場。

I would say, of the quarter, about 70% of those openings would be in IOM and rest roughly in the US.

我想說，本季度，大約 70% 的職缺將在 IOM，其餘的大約在美國。

I mean, I think as you heard us say, we hit our development plans in '24.

我的意思是，我想正如你所聽到的，我們在24年實現了我們的發展計劃。

And you -- based on what we talked about at Investor Day, that we're kind of stepping up in our wholly owned markets to get to a gross opening rate of 1,000 units a year in '27.

根據我們在投資者日所討論的內容，我們正在加大在我們獨資市場的擴張力度，以在 27 年實現每年 1,000 家門市的總開業率。

So each year is kind of a continual step up, '25 is a big step up over '24.

所以每一年都是持續的進步，25 年比 24 年有了很大的進步。

And we feel confident about our pipelines.

我們對我們的管道充滿信心。

We've done a lot of work, as you've heard us talk about previously to identify where we need to be.

正如您之前聽到我們談論的那樣，我們已經做了很多工作，以確定我們需要達到的目標。

We've done a lot of work to get the resourcing in place to build the pipeline, which obviously, you need to do well in advance of kind of actually opening units, and we feel good about the health of our pipeline.

我們已經做了很多工作來獲得建造管道的資源，顯然，你需要在實際開放單位之前提前做好這些準備，我們對管道的健康狀況感到滿意。

And I think most importantly, obviously, the quality of the openings we're seeing are kind of in line with our expectations.

我認為最重要的是，顯然我們看到的開幕品質符合我們的預期。

We're getting those kind of strong kind of starting year volumes and seeing our first year returns in that low to mid mid-teens area where we expect them to be.

我們的年初交易量非常強勁，第一年的回報率也達到了我們預期的中低水平。

And knowing the vast majority of our new unit openings are freestanding drive-thrus, we know those sites kind of build to the sweet spot over the first couple of years as they kind of established their trading area.

我們知道，我們新開的絕大多數店鋪都是獨立的免下車服務店，這些店鋪在頭幾年就建立了自己的交易區域，並達到了最佳狀態。

So I think we're on pace.

所以我認為我們的進度正常。

We're confident in getting to our 50,000 target by end of '27.

我們有信心在 27 年底實現 50,000 的目標。

And obviously, the wholly owned openings are a really important part of that.

顯然，全資開設門市是其中非常重要的一部分。

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。

Hey.

嘿。

Thank you very much.

非常感謝。

So it sounds like you're optimistic in the US about getting back to prior momentum.

所以聽起來你對於美國恢復先前的勢頭持樂觀態度。

Good to hear about the return to positive comps internationally.

很高興聽到國際業績重回正成長。

Can you help level set how you're thinking about comps on a full year basis in the US and IOM?

您能否協助確定您對美國和 IOM 全年業績的看法？

And then any color on progression through the year?

那麼，這一年有什麼顏色的進展嗎？

What we should expect for 1Q sequential improvement?

我們對第一季的連續改善應抱持怎樣的期望？

Lauren, let me maybe give a bit of context there.

勞倫，讓我來介紹一下背景。

Look, I think if you think about at least maybe pacing and progression through '25, I can comment a bit on that.

看，我認為如果你考慮一下至少在 25 年左右的節奏和進展，我可以對此發表一些評論。

I won't get into kind of specific comp numbers.

我不會談論具體的薪資數字。

But I think it's certainly reasonable to think of Q1 as kind of a low point quarter for the year.

但我認為將第一季視為今年的低谷季度確實是合理的。

I mean there are some very, I think, natural reasons for that.

我的意思是，我認為這裡存在一些非常自然的原因。

I mean we've got a leap year lapping, which is obviously a negative headwind in Q1.

我的意思是我們遇到了閏年重疊，這顯然會對第一季造成不利影響。

I think we've certainly seen a sluggish start to the broader US industry in January in the US.

我認為，我們確實看到 1 月美國整體工業開局疲軟。

And I think if you think about everything that Chris and I have been talking about today, you've got our momentum kind of building on the back of the actions that we've put in place through '24, particularly obviously in regards to value and affordability.

我認為，如果您考慮一下克里斯和我今天所談論的一切，您就會發現我們的勢頭是建立在我們通過 24 年採取的行動的基礎上的，特別是在價值和可負擔性方面。

And some of those actions, I would say, still going into place in a couple of marks through Q1.

我想說，其中一些舉措仍將在第一季的幾個階段中付諸實施。

And I think as we talked about in our opening remarks, I mean, I do think we think the kind of operating conditions get kind of gradually and progressively better as we work through the year.

我認為，正如我們在開場白中談到的那樣，我確實認為，隨著我們全年的工作，營運條件會逐漸改善。

So I think that's a bit of the color I would give you on maybe texture.

所以我認為這就是我想給你提供的關於紋理的一些顏色。

I mean, obviously, I think most importantly, as always, what we're focused on is what we -- is within our control, which is obviously our Accelerating the Arches plan, the fundamentals around that and kind of MCD levers that underpin our strategic plan.

我的意思是，顯然，我認為最重要的是，一如既往，我們關注的是我們能夠控制的事情，這顯然是我們的「加速拱門」計劃、圍繞該計劃的基本原則以及支撐我們戰略計劃的 MCD 槓桿。

And I think we feel confident about the progress we're making, and that we're doing everything we need to do to ensure that we're taking share consistently across all of our top markets despite, I think, some of these more challenging conditions that we continue to navigate.

我認為，我們對所取得的進展充滿信心，我們正在盡一切努力確保我們在所有主要市場中持續佔據份額，儘管我認為我們仍在應對一些更具挑戰性的條件。

Our next question is from John Ivankoe with JPMorgan.

下一個問題來自摩根大通的 John Ivankoe。

Hi.

你好。

Thank you.

謝謝。

We've been talking about Accelerating the Organization, leading into global business services for some time.

我們一直在談論加速組織發展，引領全球商業服務。

And I understand the last couple of years, there was a lot of work done beneath the surface on GBS specifically, and the thought that we would start to see some benefits in '25 and '26.

據我了解，過去幾年，我們在 GBS 方面做了大量的深入研究，並認為我們將在 25 年和 26 年開始看到一些好處。

It doesn't sound like we're going to see leverage in '25 and '26 based on your earlier comments.

根據您先前的評論，我們似乎不會在 25 年和 26 年看到槓桿作用。

So I did just want you to address maybe reasons why we're not seeing some leverage given some of the restructurings that would happen, is kind of the first point.

因此，我確實只是想讓你解決為什麼我們在一些即將發生的重組中沒有看到一些槓桿作用的原因，這是第一點。

And then secondly, if you can talk about some of the qualitative improvement in the business that have come specifically through GBS that we could see potentially benefit the business into 2026.

其次，如果您可以談談透過 GBS 實現的一些業務品質改進，我們可以看到這些改進可能會在 2026 年為業務帶來好處。

Thank you.

謝謝。

John, well, you're right to acknowledge there's been a lot of work going on in getting this GBS organization set up.

約翰，嗯，你說得對，為了建立這個 GBS 組織我們做了很多工作。

I'd say we certainly didn't expect to see us getting any of the benefits of that in '24 or '25 because we're very much in an investment phase.

我想說，我們當然沒有想到會在24年或25年獲得任何好處，因為我們目前處於投資階段。

I don't think we communicated at all that we expected to see any benefit sort of in the early years of this.

我認為我們根本沒有傳達出我們期望在早期看到任何好處的意思。

But the whole reason why we're doing this is, of course, because of the capabilities that we think it's going to bring as it comes more fully online in '26, and then I think probably steady state '27.

但我們這樣做的原因當然是因為我們認為它在 26 年全面上線後將會帶來諸多功能，然後我認為可能在 27 年達到穩定狀態。

And it's the new capabilities paired with, I think, a much more efficient operating platform where you're going to start to see the benefits of that.

我認為，這些新的功能與更有效率的操作平台相結合，您將開始看到它的好處。

So we're very much on track.

所以我們一切都進展順利。

We're pleased with the work there.

我們對那裡的工作很滿意。

As you I'm sure now from other organizations that you cover, setting these things up is a Herculean effort and there's a lot of people involved in getting this done.

我相信，正如您所報道的其他組織一樣，建立這些東西是一項艱鉅的任務，需要很多人參與才能完成。

But I'm pleased with where we're at.

但我對目前的狀況很滿意。

We're very much on track.

我們目前進展順利。

But I don't expect to see in '25 that you're going to be getting any material bits out of this, which is very consistent with how we've built the whole business case on this.

但我預期在 25 年你不會從中獲得任何實質的成果，這與我們在此基礎上建構的整個商業案例非常一致。

Ian, I don't know if you have anything to add.

伊恩，我不知道您是否還有什麼要補充。

Yes, John, just maybe a couple of points of texture.

是的，約翰，可能只是幾點紋理。

I think as Chris touched on, we're kind of in our peak investment years, '25, '26 and into, frankly, part of '27.

我認為，正如克里斯所提到的，我們正處於投資的巔峰時期，即 25 年、26 年，坦白說，還有 27 年的一部分。

As you've heard me talk about before, we've kind of got four key work streams.

正如您之前聽我說過的那樣，我們有四個關鍵工作流程。

We've got finance, people, indirect sourcing and then what we call data and analytics.

我們有資金、人力、間接採購，以及所謂的數據和分析。

We're pleased with the progress.

我們對此進展感到滿意。

But these things take time and effort.

但這些事情需要時間和精力。

We certainly believe when we get past these kind of more significant investment years, we'll see substantive efficiencies being driven.

我們堅信，當我們度過這些更重要的投資年限時，我們將看到實質的效率提升。

And I think maybe just to give you a bit of a kind of a textural example, we put kind of the first deployment of our people system in place in kind of 2024.

我想也許只是為了給你一個具體的例子，我們在 2024 年首次部署了我們的人員系統。

And it just -- it goes to kind of the ways of working, which if you remember, it was really about what accelerating the organization was about.

這只是 — — 這是一種工作方式，如果你還記得的話，這實際上是為了加速組織的發展。

It was about moving us from vertical to kind of horizontal ways of working across the organization.

這是為了讓我們的整個組織的工作方式從垂直方式轉變為水平方式。

And a small example would be, I think, we reduced the kind of time to hire for restaurant managers in Australia, which was one of the first markets to go live with our new people system by 50%.

舉個小例子，我想，我們將招募澳洲餐廳經理的時間減少了 50%，而澳洲是我們新人才系統的首批市場之一。

So there'll be many examples like that just as we get to these kind of common systems and processes.

當我們接觸到這類常見的系統和流程時，就會有很多類似的例子。

And we remain really enthusiastic about the opportunities ahead, but as Chris said, this obviously always takes a bit of time to kind of get to the full benefit.

我們仍然對未來的機會充滿熱情，但正如克里斯所說，這顯然總是需要一些時間才能獲得全部利益。

Yes.

是的。

The only thing I would add to what Ian said is, if you look at G&A as a percent of system-wide sales, we've been able to hold that constant in 2024, even as we're making all of these investments.

我唯一想補充的是，如果將 G&A 視為全系統銷售額的百分比，即使我們進行了所有這些投資，我們也能夠在 2024 年保持這一比例不變。

And we're certainly looking to continue to stay very disciplined on our overall absolute G&A spend, with the potential over time as we bring these on to get further reductions on that as a percent of sales.

我們當然希望繼續嚴格控制整體的絕對 G&A 支出，並且隨著時間的推移，我們有可能進一步降低 G&A 支出佔銷售額的百分比。

So stay tuned, more to come on this.

請關注，更多內容即將發布。

Our next question is from Eric Gonzalez with KeyBanc.

下一個問題來自 KeyBanc 的 Eric Gonzalez。

Thanks.

謝謝。

The second half of '24 was difficult from a capital market perspective.

從資本市場的角度來看，2024年下半年是艱難的。

In the fourth quarter, particularly the E. coli incident in the US and the traffic and check you discussed earlier.

第四季度，特別是美國的大腸桿菌事件和您之前談到的交通和檢查。

I think you said you expect the comp margins to improve year-over-year in '25 driven by top line growth.

我記得您說過，預計受營收成長的推動，25 年同店利潤率將年增。

And beyond that recoveries of E. coli, can you discuss how much of that margin degradation that you saw in the second half of the year you expect to get back, just given the heavier ends on value and value initiatives that you rolled out at the start of the year and what the drivers of that improvement will be for the year for that business.

除了大腸桿菌的恢復之外，您能否討論一下，考慮到您在年初推出的更重的價值目標和價值計劃，您預計下半年利潤率下降會恢復多少，以及今年該業務改善的驅動因素是什麼。

Yes.

是的。

Let me take that one, Eric.

讓我來接手這個，艾瑞克。

Well, look, I mean I think as you've heard me say previously, I think we remain really confident in our ability to kind of drive margin improvement over time as we get that stronger top line growth.

嗯，我的意思是，正如你之前聽我說過的那樣，我認為隨著我們實現更強勁的營收成長，我們仍然對我們推動利潤率提高的能力充滿信心。

So certainly, nothing fundamentally has changed, I think, in that regard.

因此我認為，從這個方面來說，確實沒有根本性的改變。

I mean, obviously, as you highlighted, '24 was clearly a year where we didn't get the strong top line growth that we need to kind of drive margin improvement.

我的意思是，顯然，正如您所強調的那樣，24 年我們顯然沒有實現推動利潤率提高所需的強勁營收成長。

And I think that, combined with kind of some of the inflationary pressure areas, like food and paper and labor, as well as what you highlighted, which is kind of are the mix shifts as we kind of get stronger value and affordability in place, certainly put pressure on margins through the course of the year.

我認為，再加上食品、紙張和勞動力等一些通膨壓力領域，以及您強調的隨著我們獲得更強的價值和可負擔性而發生的組合變化，這肯定會在全年對利潤率造成壓力。

And then as you know, in the US, we had those specific impacts through quarter four, which was obviously, as I talked about earlier, that kind of impacts specifically the Quarter Pounder sales, which is a very strong profitable margin.

然後如你所知，在美國，我們在第四季度受到了這些特定的影響，這顯然是，正如我之前所說的，這種影響特別影響了 Quarter Pounder 的銷售，這是一個非常強勁的利潤率。

And then the investments that we made in kind of customer recovery, which had impact.

我們在客戶恢復方面進行的投資也產生了影響。

So I think the actions that we've taken across the business to get that really strong guest count momentum back in place, combined with, as you always hear us talk about, then adding on kind of the full margin food news and the great marketing execution, are what get us back to growing improvement.

因此，我認為，我們在整個企業範圍內採取的行動，使客人數量重新保持強勁勢頭，再加上我們經常談論的全利潤食品新聞和出色的營銷執行，這些都使我們重新取得了不斷增長的進步。

That's obviously what we're expecting in '25, which is why we've said we expect margins to be slightly up from where they were in '24 on a percentage basis.

這顯然是我們對 25 年的預期，這也是為什麼我們說我們預計利潤率將比 24 年的百分比略有上升。

And I think that's despite obviously the fact that there is kind of continued inflation pressure and more limited pricing ability in the current context.

我認為，儘管當前通膨壓力明顯持續，且定價能力有限，但情況仍然如此。

So I think we feel confident getting momentum back.

因此我認為我們有信心重新獲得動力。

And it's obviously volume ultimately, and then that pairings for that kind of one-two punch that gives us confidence in our ability to grow margin in '25 and then certainly beyond, as we continue to get that strong top line growth.

顯然，最終還是銷量，然後這種一二拳的組合，讓我們對在25年及以後增加利潤的能力充滿信心，因為我們將繼續實現強勁的營收成長。

Our next question is from Andrew Charles with TD Cowen.

下一個問題來自 TD Cowen 的 Andrew Charles。

Great.

偉大的。

Thanks.

謝謝。

Ian, just a good segue from the last question.

伊恩，這是一個很好的從上一個問題開始的過渡。

Based on the McOpCo disclosure, we're estimating about a 4% decline in US McOpCo's 2024 store cash flow.

根據 McOpCo 的揭露，我們估計美國 McOpCo 2024 年門市現金流將下降約 4%。

So I'm curious, if first, that's a fair proxy for the owner operators in the past year?

所以我很好奇，首先，這是不是對過去一年的業主經營者來說一個公平的代表？

And then looking ahead, curious about your confidence in the US store level cash flow growth in 2025, just as the industry does not appear to be backing down on value in '25?

展望未來，我很好奇您對 2025 年美國商店水平現金流增長是否有信心，因為 25 年該行業的價值似乎不會下降？

Thanks.

謝謝。

Yes.

是的。

Well, I won't, Andrew, try and reconcile the numbers.

好吧，安德魯，我不會嘗試去檢查這些數字。

I think the team can do that with you in follow-up just -- and where you're kind of getting your numbers from.

我認為團隊可以在後續跟進中與您一起做到這一點 - 以及您從哪裡獲得這些數字。

But there are a few things, I think, that are kind of moving within margin, including some kind of structural changes, and I think you can give more texture, too.

但我認為，有些事情是在邊緣內移動的，包括一些結構性變化，我認為你也可以提供更多的紋理。

But I think on a broad basis, we feel -- I mean, there's certainly some pressure points in '25 when you think about some of the inflationary headwinds, particularly in some of our European markets where there's a little bit more inflationary pressure on '25 on food and paper, for example, beef prices.

但我認為，從廣泛的角度來看，我們感覺——當你考慮到一些通膨阻力時，25年肯定會存在一些壓力點，特別是在我們的一些歐洲市場，25年食品和紙張的通膨壓力會更大一些，例如牛肉價格。

But I think if we look at our plans in total across the majority of our markets, we certainly feel good that can drive improvement to cash flow.

但我認為，如果我們從整體上審視我們在大多數市場的計劃，我們肯定會感覺良好，這可以推動現金流的改善。

And that will be based on, obviously, driving that strong top line volume and then obviously taking McOpCo margin from a percentage basis up slightly versus where it was in 2024.

顯然，這將基於推動強勁的營業額，然後顯然將 McOpCo 的利潤率從百分比基礎上略微提高至 2024 年的水平。

Yes.

是的。

And the only thing I would add is, certainly, we had a number of things in the US business that we were navigating last year: inflation, investment in value, we had E. coli.

我唯一想補充的是，當然，去年我們在美國業務中遇到了一些問題：通貨膨脹、價值投資，還有大腸桿菌。

All that said, our US franchisees still achieved very strong cash flows north of $0.5 million per unit.

儘管如此，我們的美國特許經營商仍然實現了非常強勁的現金流，每單位現金流超過 50 萬美元。

So those business -- that business continues to perform well.

因此這些業務—這些業務持續表現良好。

Franchisee cash flow continues to be strong.

特許經營商的現金流持續強勁。

And as we get some of those headwinds behind us and hopefully back to stronger momentum, that obviously we work its way through to the bottom line.

隨著我們克服一些阻力，並有望恢復更強勁的勢頭，我們顯然會努力實現盈利。

Our next question is from Jon Tower with Citi.

下一個問題來自花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great.

偉大的。

Thanks for taking the question.

感謝您回答這個問題。

I'm just curious, Chris, you outlined a number of the initiatives that you're going after in '25 with respect to new product news.

我只是很好奇，克里斯，你概述了你在 25 年針對新產品新聞所採取的一些舉措。

And noticeably absent was any commentary on kind of your beverage platform, specifically in the US.

並且明顯缺少對飲料平台的任何評論，特別是在美國。

And I know at your Investor Day in late '23, there was a lot of discussion around McCafe and how large of a platform that is globally and the opportunity there to improve consistency across the globe.

我知道在 2023 年底的投資者日上，大家對 McCafe 進行了大量討論，討論了其全球平台的規模以及提高全球一致性的機會。

So I'm just hoping you could provide some color around where you see that platform going over time?

所以我只是希望您能提供一些關於該平台未來發展的詳細資訊？

And do you see that as a strategic opportunity over the next several years?

您是否認為這是未來幾年的策略機會？

Sure.

當然。

Thanks, John.

謝謝，約翰。

Well, certainly, we are very bullish on the opportunity in beverages, and we think there's a lot of growth potential in beverages, both in coffee, the coffee side, whether it's hot or iced, but also in some of these other beverage areas that you're seeing emerging, like refreshers, like energy drinks, et cetera, et cetera.

當然，我們非常看好飲料領域的機遇，我們認為飲料領域有很大的成長潛力，包括咖啡，無論是熱的還是冰的，還包括一些其他新興飲料領域，例如提神飲料、能量飲料等等。

So a lot of opportunity in beverages.

飲料領域存在著許多機會。

That industry is or that category is growing about 2x the rest of the business with very strong margins.

該行業或該類別的成長速度是其他行業的兩倍左右，而且利潤率非常高。

So excited about that.

我對此感到非常興奮。

As you noted, at Investor Day, we talked about kind of going after it in a couple of different ways.

正如你所說，在投資者日，我們討論了用幾種不同的方式來實現這一目標。

Looking at how do we do that within the restaurant, that work continues.

研究我們如何在餐廳內做到這一點，這項工作仍在繼續。

And then we also talked about a test that we're doing around this CosMc's brand that we put in Texas and looking at a number of stores there.

然後我們還談到了圍繞這個 CosMc 品牌進行的測試，該品牌位於德克薩斯州，我們考察了那裡的一些商店。

I'd say that the learning with CosMc's continues.

我想說的是，與 CosMc 的學習仍在繼續。

So you saw us announced a few months ago we're closing some stores, we're adding some stores.

所以你看到我們幾個月前宣布我們將關閉一些商店，同時增加一些商店。

I think what we're learning there is that there's certainly an opportunity in that space.

我認為，我們所了解到的是，這個領域肯定存在著機會。

The smaller units tend to perform better.

單位越小，表現往往越好。

You want a drive-thru with that.

您想要一個免下車服務嗎？

Some of the things that we're closing were sort of end caps with no drive-thrus.

我們正在關閉的一些設施都是一些沒有免下車通道的端蓋。

So I think we're continuing to learn there.

所以我認為我們會繼續學習。

And as we further refine our plans, I think you'll hear more from us about how much of that opportunity needs to come through new units with something stand-alone like CosMc's, or how much of the potential do we think we can capture by doing more within the existing restaurants.

隨著我們進一步完善計劃，我想您會從我們這裡聽到更多關於有多少機會需要通過像 CosMc 這樣的獨立新部門來實現，或者我們認為通過在現有餐廳內做更多事情可以抓住多少潛力的信息。

And there's a lot of work going to thinking about what we might be able to do to capture that opportunity in the current restaurant.

我們花了很多功夫去思考如何在目前的餐廳中抓住這個機會。

So our focus is still very much on it, but I don't have a whole lot more new news to share on that at this point.

因此我們的重點仍然放在它上面，但目前我還沒有更多新消息可以分享。

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

我們還有時間向巴克萊銀行的傑夫伯恩斯坦再問一個問題。

Great.

偉大的。

Thank you very much.

非常感謝。

A question on the US commentary you have been made on the call.

我有一個問題關於您在電話中對美國的評論。

I think you mentioned at one point seeing sequential improvement in the US comps since the trough with E. coli in November.

我記得您曾提過，自去年 11 月大腸桿菌疫情觸底以來，美國同業表現持續改善。

Yes, I know in response to a different question, you said that you noticed maybe a sluggish start to 2025 for the QSR segment.

是的，我知道在回答另一個問題時，您說您注意到 QSR 領域到 2025 年可能會出現低迷。

So I was wondering, first and foremost, whether you can comment on whether or not that sluggish start is really weather-led or whether you think there's some engine consumer behavior in recent weeks or the past month or 2?

因此，首先我想問的是，您是否可以評論一下這種緩慢的開局是否真的是由天氣原因造成的，或者您是否認為最近幾週或過去一兩個月內存在一些發動機消費者行為？

And I know separately, you mentioned new product news.

另外我知道您提到了新產品新聞。

So I'm just wondering if there's color you can share on the Snack Wrap relaunch timing.

所以我只是想知道您是否可以分享有關 Snack Wrap 重新推出時間的詳細資訊。

And I think you mentioned something about chicken strips, so any color on those two new products that seem like exciting new news would be great.

我覺得您提到了一些關於雞肉條的內容，因此，這兩種新產品的任何顏色看起來都是令人興奮的新消息，都會很棒。

Thank you.

謝謝。

Thanks, Jeff, for the question.

謝謝傑夫提問。

So I think, yes, we were seeing improvement certainly from kind of the trough of where we were with E. coli.

所以我認為，是的，我們看到大腸桿菌的情況確實從最低點有所改善。

I think the important thing to just recognize in the US is broadly both in Q4, but frankly continues into Q1, there is -- the overall market is pretty muted.

我認為，在美國，需要認識到的重要一點是，總體而言，在第四季度，但坦白說，延續到第一季度，整體市場相當低迷。

And a big -- that sort of, I think, more mix can still add that low-income consumer.

而且我認為，這種更多的組合仍然可以吸引低收入消費者。

So if you look at the low-income consumer in the US, and I'm talking industry numbers right now, but that low-income consumer in the US, in Q4, was still down double digits.

因此，如果您看看美國的低收入消費者，我現在正在談論行業數據，但美國的低收入消費者在第四季度仍然下降了兩位數。

And as you know that low-income consumer is overweighted in the industry relative to the US in total.

如你所知，相對於美國整體而言，低收入消費者在整個產業中所佔比重過大。

I think about middle and higher income, a very robust consumer in those areas.

我認為這些地區的中等收入和高收入消費者非常強勁。

So that's the landscape that we're looking to navigate through.

這就是我們想要探索的景觀。

It's so important that we make sure that we have a strong value program, which is the focusing on Q1 and getting McValue launched.

確保我們擁有強大的價值計劃非常重要，該計劃的重點是第一季並推出 McValue。

And then as you alluded to, we do have, I think, some very exciting food news, food innovation coming in the US.

正如您所提到的，我認為我們確實有一些非常令人興奮的食品新聞和美國即將推出的食品創新。

But my US team would kill me if I gave any more information about the when and the exact specifics of how we're going to plan on doing that but certainly expect that to come line later in the year.

但是，如果我透露更多有關我們何時以及如何計劃執行這一計劃的具體信息，我的美國團隊會殺了我，但我們肯定會在今年晚些時候實現這一目標。

Ian, I don't know if you can else to add.

伊恩，我不知道您是否還有什麼要補充。

Well, just I think just double clicking on what Chris already talked about, Jeff, which is sequential improvement.

好吧，我認為只需雙擊克里斯已經談到的內容，傑夫，這就是連續改進。

But -- and I think what we've talked a fair bit about is obviously what we're focused on and what we can control, which is our share performance.

但是——我認為我們已經談論過的顯然是我們關注的重點和我們能夠控制的，那就是我們的股票表現。

Obviously, we can grow share from a trend point.

顯然，從趨勢來看，我們可以增加份額。

But as Chris said, the industry is still seeing a fair bit of headwind, and that's certainly what we we're seeing, an indication of in terms of January.

但正如克里斯所說，該行業仍然面臨相當大的阻力，這正是我們所看到的，從一月份的情況就可以看出這一點。

So even though we may continue -- we expect to continue to grow share, I think the industry itself has certainly had a sluggish start.

因此，儘管我們可能繼續下去——我們預計份額將繼續增長，但我認為該行業本身的起步肯定比較緩慢。

And that's certainly, as Chris said, partly due to that lower income consumer.

正如克里斯所說，這當然部分是由於消費者收入較低。

Although we continue to do well with lower income consumers.

儘管我們在低收入消費者市場中仍然表現良好。

In fact, quarter four was our high point for '24 in terms of share with that particular consumer group even though they are under a fair bit of pressure, as you heard from Chris.

事實上，正如您從克里斯那裡聽到的，儘管他們承受著相當大的壓力，但就該特定消費者群體的份額而言，第四季度是我們 24 年來的最高點。

So that's just a bit of texture maybe to kind of put the context of our comments together.

因此，這只是一點點紋理，也許可以把我們的評論背景放在一起。

Okay.

好的。

That concludes our call.

我們的通話到此結束。

Thank you, Chris.

謝謝你，克里斯。

Thank you, Ian.

謝謝你，伊恩。

Thanks, everyone, for joining.

感謝大家的加入。

Have a great day.

祝你有美好的一天。

This concludes the McDonald's Corporation investor call.

麥當勞公司投資者電話會議到此結束。

You may now disconnect and have a great day.

現在您可以斷開連接並享受美好的一天。