麥當勞 (MCD) 2022 Q1 法說會逐字稿

Hello, and welcome to McDonald's First Quarter 2022 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

您好，歡迎來到麥當勞 2022 年第一季度投資者電話會議。應麥當勞公司的要求，本次會議正在錄製中。 （操作員說明）

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.

我現在想將會議轉交給麥當勞公司的投資者關係官 Mike Cieplak 先生。 Cieplak 先生，您可以開始了。

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, Kevin Ozan.

大家早上好，感謝您加入我們。今天與我通話的是總裁兼首席執行官 Chris Kempczinski；和首席財務官凱文·奧贊。

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

提醒一下，我們收益發布和 8-K 文件中的前瞻性陳述也適用於我們今天對電話會議的評論。這兩個文件都可以在我們的網站上找到，今天電話會議中提到的任何非 GAAP 財務措施的對賬，以及相應的 GAAP 措施也是如此。在今天早上準備好的發言之後，我們將回答您的問題。 （操作員說明）

Today's call is being webcast and is also being recorded for replay via our website. And now I'll turn it over to Chris.

今天的電話正在網絡直播，也正在通過我們的網站進行錄製以供重播。現在我將把它交給克里斯。

Thanks, Mike, and good morning, everyone. A few weeks ago, I had the privilege of welcoming more than 13,000 members of global McDonald's family, franchisees, restaurant teams, suppliers and company employees to our first in-person worldwide convention in 4 years. The sense of optimism and pride in our brand, coupled with excitement for our future, was overwhelming.

謝謝，邁克，大家早上好。幾週前，我有幸歡迎來自全球麥當勞家族、特許經營商、餐廳團隊、供應商和公司員工的 13,000 多名成員參加我們 4 年來首次面對面的全球大會。對我們品牌的樂觀和自豪感，以及對我們未來的興奮，是壓倒性的。

We celebrated how far we've come together and united around how much further we can go together in the years ahead. Through it all, the message has been singular and clear, there has never been a better time to be part of brand McDonald's. This was reaffirmed on our road to convention as our senior leadership team participated in a series of market visits to meet with and hear from restaurant teams in person. I look forward to continuing to visit more teams around the world in the coming months to see how they are bringing our strategy to life in our restaurants.

我們慶祝我們已經走到了一起，並團結在未來幾年我們可以一起走多遠。通過這一切，信息是單一而明確的，現在是成為麥當勞品牌一部分的最佳時機。當我們的高級領導團隊參加了一系列市場訪問，親自與餐廳團隊會面並聽取他們的意見時，這在我們的會議之路上得到了重申。我期待在接下來的幾個月裡繼續訪問世界各地的更多團隊，看看他們如何將我們的戰略融入我們的餐廳。

McDonald's entered 2022 from a position of strength, and I'm proud to share that we built on that momentum in Q1. Though we continue to monitor the latest developments on the pandemic, we've been pleased to see strong recovery in international markets in the first quarter. In fact, in an increasingly complex and unpredictable external environment, the past few years have demonstrated the resiliency of the McDonald's brand and our ability to drive historic growth.

麥當勞從實力地位進入 2022 年，我很自豪地分享我們在第一季度的這一勢頭之上。儘管我們繼續關注疫情的最新發展，但我們很高興看到第一季度國際市場強勁復甦。事實上，在日益複雜和不可預測的外部環境中，過去幾年已經證明了麥當勞品牌的韌性和我們推動歷史性增長的能力。

We believe we're positioned to weather unprecedented macro pressures, like inflation, supply chain issues, labor availability and COVID resurgences. There is power in dialing up our execution and focusing on what's within our control during challenging times to maximize the impact of our strategic plan. Staying on the side of the consumer and executing our plan is and has always been our model for driving growth, regardless of the macro backdrop.

我們相信我們已經準備好應對前所未有的宏觀壓力，例如通貨膨脹、供應鏈問題、勞動力供應和 COVID 死灰復燃。在充滿挑戰的時期，我們有能力提高我們的執行力並專注於我們控制範圍內的事情，以最大限度地發揮我們戰略計劃的影響。無論宏觀背景如何，站在消費者一邊並執行我們的計劃一直是我們推動增長的模式。

Equally as important is our ongoing commitment to invest in our people. It starts with building a culture of care. The more we show restaurant teams we care, the more they show the same care for our customers. By creating the type of environment where people want to work, whether they're looking to develop skills that they can take to future jobs or planning to build a career with us, McDonald's provides a holistic employee value proposition.

同樣重要的是我們持續致力於投資於我們的員工。首先是建立一種關懷文化。我們向餐廳團隊展示我們關心的越多，他們對我們客戶的關心就越多。通過創造人們想要工作的環境類型，無論他們是想培養未來工作所需的技能，還是計劃與我們一起建立職業生涯，麥當勞都提供了一個全面的員工價值主張。

In turn, our people enable us to deliver an unequaled customer experience, backed by the power of our brand. This is our winning formula. It's a formula we will continue to protect, especially as we work to raise our ambition and create the next great chapter of this legendary brand together.

反過來，我們的員工使我們能夠在品牌力量的支持下提供無與倫比的客戶體驗。這是我們的製勝法寶。這是我們將繼續保護的公式，尤其是在我們努力提高雄心並共同創造這個傳奇品牌的下一個偉大篇章時。

Before I turn it over to Kevin, I do want to acknowledge that our hearts and minds are with the Ukrainian people and all who have been impacted by this historic crisis that has brought new elements of uncertainty to communities around the world. Our restaurants in Ukraine and in Russia remain closed.

在我把它交給凱文之前，我確實想承認，我們的心與烏克蘭人民以及所有受到這場歷史性危機影響的人同在，這場危機給世界各地的社區帶來了新的不確定因素。我們在烏克蘭和俄羅斯的餐廳仍然關閉。

In both countries, we have continued to pay employees and provide additional support to them and others in need. But it's clear that this crisis is far from over. With an ever-evolving situation, we are analyzing our options and expect to provide clear direction to investors and other stakeholders no later than the end of the second quarter.

在這兩個國家，我們繼續向員工支付工資，並為他們和其他需要幫助的人提供額外的支持。但很明顯，這場危機遠未結束。隨著形勢的不斷變化，我們正在分析我們的選擇，並希望不遲於第二季度末向投資者和其他利益相關者提供明確的方向。

Now over to Kevin to walk us through our Q1 performance.

現在讓凱文來帶我們了解第一季度的表現。

Thanks, Chris. Global comp sales were up nearly 12% in the first quarter, reflecting strong underlying performance across all segments. In most of our major markets, we sustained QSR traffic share gains by elevating our brand, accelerating digital channels and showcasing our core equities of chicken and beef.

謝謝，克里斯。第一季度全球複合銷售額增長了近 12%，反映了所有細分市場的強勁基礎表現。在我們的大部分主要市場，我們通過提升我們的品牌、加速數字渠道和展示我們的雞肉和牛肉核心股票來維持 QSR 流量份額的增長。

We entered 2022, expecting it to be a year of continued recovery in our international-operated markets as several markets were still experiencing COVID-related stops and starts throughout 2021. In the first quarter, comp sales in our IOM segment increased over 20% and average unit volumes have now surpassed pre-pandemic levels across the segment.

我們進入 2022 年，預計這將是我們國際運營市場持續復甦的一年，因為在整個 2021 年，幾個市場仍在經歷與 COVID 相關的停止和啟動。第一季度，我們 IOM 部門的複合銷售額增長了 20% 以上，並且現在，該細分市場的平均單位銷量已超過大流行前的水平。

The U.K. continues to be one of our strongest performing markets. In the first quarter, performance in the U.K. was fueled by sustained digital momentum and strong menu initiatives, like the national rollout of McPlant and the extremely successful Chicken Big Mac promotion.

英國仍然是我們表現最強勁的市場之一。第一季度，持續的數字化勢頭和強大的菜單舉措推動了英國的業績增長，例如 McPlant 的全國推廣和非常成功的雞肉巨無霸促銷活動。

In Australia, the Welcome to My World convenience campaign showcased how we make consumers' lives easier and helped drive significant share gains in delivery. And the launch of MyMcDonald's Rewards in March has already increased app adoption among consumers.

在澳大利亞，Welcome to My World 便利活動展示了我們如何讓消費者的生活更輕鬆，並幫助推動配送份額的顯著增長。 3 月份推出的 MyMcDonald's Rewards 已經提高了消費者對應用程序的採用率。

Canada also experienced strong digital growth, building on their successful fourth quarter launch of loyalty. Over the past couple of years, consumer mobility was particularly challenged in France and Germany, but we saw great improvement in both markets throughout the quarter. We highlighted our core menu in both markets, with a successful QPC campaign in France and the launch of our new premium beef platform, McDonald's Supreme, in Germany.

在第四季度成功推出忠誠度的基礎上，加拿大也經歷了強勁的數字增長。在過去的幾年裡，法國和德國的消費者流動性尤其受到挑戰，但我們看到這兩個市場在整個季度都有很大改善。我們在兩個市場突出了我們的核心菜單，在法國成功開展了 QPC 活動，並在德國推出了我們新的優質牛肉平台麥當勞 Supreme。

As Chris mentioned, the quarter also brought more macroeconomic challenges, including rising inflationary pressures and supply chain challenges, all of which were elevated by the crisis in Ukraine. All of our restaurants in Ukraine were closed at the end of February. And in early March, we made the decision to suspend operations in Russia. While these markets represented about 2% of system-wide sales in 2021, the closures had a negligible impact on consolidated sales results for the first quarter this year.

正如克里斯所說，本季度也帶來了更多的宏觀經濟挑戰，包括通脹壓力上升和供應鏈挑戰，所有這些都因烏克蘭危機而加劇。我們在烏克蘭的所有餐廳都在 2 月底關閉。 3月初，我們決定暫停在俄羅斯的業務。雖然這些市場在 2021 年約佔全系統銷售額的 2%，但關閉對今年第一季度的綜合銷售業績影響微乎其微。

In the U.S., comp sales were 3.5% for the first quarter. Higher average check, driven by strategic price increases, continued to be a significant growth driver and strong marketing campaigns across loyalty, value bundles and our Crispy Chicken Sandwich delivered incremental sales and continued to drive digital adoption.

在美國，第一季度的複合銷售額為 3.5%。在戰略性價格上漲的推動下，更高的平均支票繼續成為重要的增長動力，並且在忠誠度、價值捆綁和我們的脆皮雞肉三明治方面的強大營銷活動帶來了增量銷售，並繼續推動數字化採用。

Turning to the international developmental license markets. Comp sales were up nearly 15% for the quarter, largely driven by positive comps in Japan and Latin America, partly offset by negative comps in China. In Japan, we focused on off-premise channels as a result of elevated COVID levels, meeting shifting consumer needs and continuing to grow market share.

轉向國際開發許可市場。本季度可比銷售額增長了近 15%，主要受日本和拉丁美洲的正數增長推動，部分被中國的負數抵消。在日本，由於 COVID 水平升高，我們專注於場外渠道，滿足不斷變化的消費者需求並繼續擴大市場份額。

We also delivered strong growth at the dinner daypart, with limited time offerings like the re-hit of the Samurai Mac and the launch of Spicy Chicken Nuggets. And in China, a surge in COVID cases and renewed government restrictions created challenging operating conditions in the quarter, resulting in temporary restaurant closures throughout the country that continue today. While comps were negative for the quarter, we expanded our app engagement with digital-only promotions, including delivery offers and subscription cards.

我們還在晚餐時段實現了強勁的增長，提供限時產品，例如重新推出 Samurai Mac 和推出 Spicy Chicken Nuggets。在中國，COVID 病例激增和政府重新限制措施在本季度創造了具有挑戰性的運營條件，導致全國各地的餐館暫時關閉，這種情況一直持續到今天。雖然本季度的業績為負，但我們通過純數字促銷活動擴大了我們的應用參與度，包括送貨優惠和訂閱卡。

And with that, I'll turn it back to Chris.

有了這個，我會把它轉回給克里斯。

Thanks, Kevin. Back in 2020, we took a hard look at changing customer needs we were seeing emerging through the pandemic. Those insights led us to our Accelerating the Arches strategic plan and a focus on the MCDs, maximizing our marketing, committing to our core menu and doubling down on the 3Ds, digital, delivery and drive-thru.

謝謝，凱文。早在 2020 年，我們就仔細研究了我們在大流行中看到的不斷變化的客戶需求。這些見解使我們制定了加速拱門戰略計劃並專注於 MCD，最大限度地提高我們的營銷，致力於我們的核心菜單並加倍關注 3D、數字、交付和得來速。

The power of the MCDs are when they work together, with the customer at the center. By doubling down on our 3Ds, digital, delivery and drive-thru, we continue to find new ways to reach our customers where they are and make their experience more seamless and personalized.

MCD 的力量在於它們以客戶為中心協同工作。通過在我們的 3D、數字、交付和得來速系統上加倍投入，我們繼續尋找新的方式來接觸我們的客戶，讓他們的體驗更加無縫和個性化。

Digital, in particular, is a tremendous opportunity for us. After all, in a world where the store front of McDonald's restaurant can be the screen of a smartphone, we're building stronger relationships with our customers. Knowing what they like, how they like it, when they want it, it's all a critical piece of our digital strategy, and the results of our efforts speak for themselves.

尤其是數字化，對我們來說是一個巨大的機會。畢竟，在麥當勞餐廳的店面可以成為智能手機屏幕的世界裡，我們正在與客戶建立更牢固的關係。了解他們喜歡什麼、他們喜歡什麼、什麼時候想要，這都是我們數字戰略的關鍵部分，我們努力的結果不言而喻。

In our top 6 markets, digital sales, which include mobile app, kiosks and delivery, made up more than 30% of system-wide sales in the first quarter. This equates to nearly 60% growth over the past year.

在我們的前 6 個市場中，包括移動應用程序、信息亭和交付在內的數字銷售在第一季度佔全系統銷售額的 30% 以上。這相當於過去一年近 60% 的增長。

We did over $2 billion of digital sales in the U.S. alone in the first quarter. One of the biggest drivers of our digital adoption is our global loyalty program, MyMcDonald's Rewards. It's helping us better meet our customers' needs as we build more authentic and personal relationships.

僅在第一季度，我們就在美國實現了超過 20 億美元的數字銷售額。我們採用數字化技術的最大推動力之一是我們的全球忠誠度計劃 MyMcDonald's Rewards。隨著我們建立更真實的個人關係，它幫助我們更好地滿足客戶的需求。

Coming into this year, we had introduced MyMcDonald's Rewards in over 40 markets, including France, the U.S., Germany and Canada. Australia just launched in March, and the U.K. will go live later this year.

進入今年以來，我們在法國、美國、德國和加拿大等 40 多個市場推出了 MyMcDonald's Rewards。澳大利亞剛剛在 3 月推出，英國將於今年晚些時候上線。

Enrollment and participation are exceeding expectations. After just 9 months in the U.S., for instance, there are more than 26 million loyalty members earning rewards. We're also seeing more frequent visits from loyalty customers, many of whom were very loyal to begin with. Some of our largest markets have seen record customer visit frequency, driven by loyalty usage, coupled with app exclusive promotions. Those are the kind of results that make us eager to continue bringing MyMcDonald's Rewards to even more markets.

註冊和參與超出預期。例如，在美國僅僅 9 個月後，就有超過 2600 萬忠誠會員獲得獎勵。我們還看到忠誠度客戶的訪問頻率更高，其中許多人一開始就非常忠誠。在忠誠度使用以及應用程序獨家促銷的推動下，我們的一些最大市場的客戶訪問頻率創下歷史新高。這些結果使我們渴望繼續將 MyMcDonald's Rewards 帶到更多市場。

And as customers return to our dining rooms, kiosk usage is coming back as a key order channel for customers. In Q1, kiosk sales made up more than half of in-restaurant sales in Australia, Germany, France and the U.K. At the same time, McDelivery has become the largest QSR delivery program in the world.

隨著客戶返回我們的餐廳，自助服務終端的使用再次成為客戶的主要訂單渠道。第一季度，在澳大利亞、德國、法國和英國，自助服務亭銷售額佔餐廳銷售額的一半以上。與此同時，McDelivery 已成為全球最大的 QSR 交付項目。

We recently announced a global partnership with Just Eat Takeaway, Europe's largest online restaurant ordering service. This is in addition to the Uber Eats and DoorDash global partnerships we announced last year. These global partnerships support growth of the McDelivery business and allow us to continue expanding our delivery capabilities so our customers can get the food they crave and the convenience they become accustomed to.

我們最近宣布與歐洲最大的在線餐廳訂購服務 Just Eat Takeaway 建立全球合作夥伴關係。這是我們去年宣布的 Uber Eats 和 DoorDash 全球合作夥伴關係的補充。這些全球合作夥伴關係支持 McDelivery 業務的增長，並使我們能夠繼續擴大我們的交付能力，以便我們的客戶能夠獲得他們渴望的食物和他們習慣的便利。

In the U.K., our customers can now order delivery directly on the McDonald's app. We plan to expand that capability to the U.S., Canada and Australia later this year. This will let us better control the delivery experience for our most loyal customers and to learn from the data they share, ultimately about how we create more seamless, memorable and personalized experiences.

在英國，我們的客戶現在可以直接在麥當勞應用程序上訂購外賣。我們計劃在今年晚些時候將該能力擴展到美國、加拿大和澳大利亞。這將使我們能夠更好地控制我們最忠實客戶的交付體驗，並從他們共享的數據中學習，最終了解我們如何創造更加無縫、令人難忘和個性化的體驗。

Finally, the competitive strength of our 25,000-plus drive-thru locations around the world continue to provide unparalleled convenience to our customers as routines are reestablished with further opportunities to innovate. And because of our iconic brand, we're building customer affinity by elevating our creative risk-taking and social media to enhance our already strong connections to customers.

最後，我們在世界各地的 25,000 多個得來速地點的競爭實力繼續為我們的客戶提供無與倫比的便利，因為我們正在重新建立常規並提供更多創新機會。由於我們的標誌性品牌，我們正在通過提升我們的創造性冒險和社交媒體來建立客戶親和力，以加強我們與客戶已經牢固的聯繫。

Fan Truth unlocked this powerful connection. It created a common dialogue, tapping into what our fans already love about us, celebrating the rituals and memories that make our brand so special to them.

Fan Truth 解開了這種強大的聯繫。它創造了一種共同的對話，挖掘我們的粉絲對我們的喜愛，慶祝使我們的品牌對他們如此特別的儀式和記憶。

The U.S. first brought this to life with Famous Orders, which harnessed the simple truth that everyone has their go-to order. This quarter, the menu hacks promotion and our Super Bowl commercial were prime examples of how we can find and identify Fan Truth and transform something people already love, our food, into cultural moments to drive conversation and connection. And because these promotions feature existing core menu items, there's no added complexity to restaurant operations.

美國首先通過 Famous Orders 實現了這一點，它利用了一個簡單的事實，即每個人都有自己的首選訂單。本季度，菜單黑客推廣和我們的超級碗廣告是我們如何找到和識別粉絲真相並將人們已經喜愛的東西（我們的食物）轉化為文化時刻以推動對話和聯繫的主要例子。由於這些促銷活動以現有的核心菜單項為特色，因此不會增加餐廳運營的複雜性。

The concept of Fan Truth is coming to life all over the world. This quarter, China successfully activated the Famous Orders platform with their own local celebrity, featuring the Spicy Chicken Sandwich. And Australia plans to launch their own Famous Order in the second quarter.

Fan Truth 的概念正在世界各地實現。本季度，中國以麻辣雞三明治為特色，成功激活了當地名人的名單平台。澳大利亞計劃在第二季度推出自己的 Famous Order。

Our food is at the heart of customers' relationship with our brand. In fact, our core menu accounts for the large majority of our business and our growth. That's why we continue to be innovative with our classics.

我們的食品是客戶與我們品牌關係的核心。事實上，我們的核心菜單佔了我們業務和增長的大部分。這就是為什麼我們繼續對我們的經典產品進行創新。

This quarter, we featured a new blend of McCafe Ice Coffee in Australia with great results, and we continue to celebrate our core, while keeping things simple through innovative line extensions. In 2021 alone, we ran more than 100 core line extensions across the globe, and these drove significant sales growth.

本季度，我們在澳大利亞推出了一款全新的 McCafe 冰咖啡混合物，取得了很好的效果，我們繼續慶祝我們的核心產品，同時通過創新的產品線擴展保持簡單。僅在 2021 年，我們就在全球範圍內進行了 100 多條核心線路擴展，這些都推動了銷售的顯著增長。

This quarter, the U.K. introduced the Chicken Big Mac as a limited time offer, and it quickly became the market's most successful food promotion ever, selling millions of sandwiches in the first 2 weeks. Australia and Sweden saw meaningful lifts in total Big Mac sold as they feature the Bacon Big Mac as a limited time offer.

本季度，英國推出了限時供應的雞肉巨無霸，並迅速成為市場上有史以來最成功的食品促銷活動，在前 2 週售出了數百萬個三明治。澳大利亞和瑞典的巨無霸總銷量顯著提升，因為它們將培根巨無霸作為限時供應。

These core line extensions offer fresh news on our beloved Big Mac and drive top line growth, reminds customers of why they love our core items like Big Mac. And it reminds us of a simple truth, our menu should only consist of products that deserve to be there, nothing more, nothing less.

這些核心產品線擴展提供了有關我們心愛的巨無霸的最新消息，並推動了收入增長，提醒客戶為什麼他們喜歡我們的核心產品，如巨無霸。它提醒我們一個簡單的事實，我們的菜單應該只包含值得出現的產品，僅此而已。

Of course, we've also introduced new menu innovations to satisfy changing customer taste and preferences, which is exactly what's happening now with McPlant. After a successful pilot in the U.K., beginning in January, we made it available across all restaurants in the U.K. and Ireland. As I've said before, when customers are ready for McPlant, we'll be ready for them.

當然，我們還推出了新的菜單創新，以滿足不斷變化的客戶口味和偏好，這正是 McPlant 現在正在發生的事情。從 1 月份開始，我們在英國進行了成功的試點後，我們在英國和愛爾蘭的所有餐廳都可以使用它。正如我之前所說，當客戶為 McPlant 做好準備時，我們也會為他們做好準備。

We're excited by the progress we've made this past quarter and are even more confident in our future. When we leverage our systems collective ingenuity, curiosity and collaboration and service of getting better together, there is no limit to what we can achieve together.

我們對過去一個季度取得的進展感到興奮，並對我們的未來更有信心。當我們利用我們系統的集體智慧、好奇心和協作以及共同變得更好的服務時，我們可以共同實現的目標是無限的。

Now I'll turn it back to Kevin.

現在我把它轉回給凱文。

Thanks. Our strong performance for the quarter resisted in adjusted earnings per share of $2.28, an increase of over 20% in constant currencies. This excludes about $125 million of costs for employees, landlords and suppliers in Russia and Ukraine, while our restaurants are closed. It also excludes $500 million of nonoperating expense to reserve for a potential settlement related to an international tax matter.

謝謝。我們本季度的強勁表現抵抗了調整後的每股收益 2.28 美元，按固定匯率計算增長了 20% 以上。這不包括在我們的餐廳關閉期間為俄羅斯和烏克蘭的員工、房東和供應商支付的約 1.25 億美元成本。它還不包括為與國際稅務問題相關的潛在解決方案準備的 5 億美元非營業費用。

Adjusted operating margin for the quarter was 43.1%, reflecting improved sales performance, partially offset by higher G&A costs. Total restaurant margin dollars grew by over $450 million in constant currencies or 17% for the quarter, primarily driven by improvement in franchise margins. Our franchise margin in the IOM segment showed significant recovery over the prior year, reflecting strong sales performance across markets.

本季度調整後的營業利潤率為 43.1%，反映了銷售業績的改善，部分被較高的 G&A 成本所抵消。本季度餐廳總利潤增長超過 4.5 億美元或 17%，主要是由於特許經營利潤率的提高。我們在 IOM 部門的特許經營利潤率比上一年顯著恢復，反映了整個市場的強勁銷售業績。

As expected, our company operating margins were hampered by significant commodity and labor inflation. Given macroeconomic conditions, we expect these elevated inflationary pressures to continue throughout this year. G&A for the quarter was up about 20% in constant currencies, due to costs incurred for our worldwide convention earlier this month, higher long-term performance-based compensation and higher depreciation related to investments in restaurant technology. And our adjusted effective tax rate was 21.3% for the quarter.

正如預期的那樣，我們公司的營業利潤率受到大宗商品和勞動力通脹的阻礙。鑑於宏觀經濟狀況，我們預計這些高通脹壓力將持續到今年全年。由於本月早些時候我們的全球會議產生的成本、更高的長期績效薪酬以及與餐飲技術投資相關的更高折舊，本季度的 G&A 以固定匯率計算增長了約 20%。本季度調整後的有效稅率為 21.3%。

Based on current exchange rates, we expect FX to reduce second quarter EPS by about $0.08 to $0.10 and full year EPS by $0.22 to $0.24. As always, this is directional guidance only as rates will likely change as we move through the year.

根據當前匯率，我們預計外匯將使第二季度每股收益減少約 0.08 美元至 0.10 美元，全年每股收益減少 0.22 美元至 0.24 美元。與往常一樣，這只是方向性指導，因為利率可能會隨著我們全年的變化而變化。

And now I'll turn it back to Chris to close.

現在我將把它轉回給克里斯關閉。

At our convention, we featured franchisee after franchisee leaving a legacy in their communities. They're doing more than serving delicious food to busy people, they're employers of choice, favorite destinations for local customers and a local force for good. There are restaurants are places where people can bring their whole selves to work and put their whole hearts into treating their customers well.

在我們的大會上，我們介紹了一個又一個加盟商在他們的社區留下了遺產。他們所做的不僅僅是為忙碌的人們提供美味的食物，他們是首選的雇主，是當地客戶最喜歡的目的地，也是當地的一股力量。有些餐館是人們可以全身心投入工作並全心全意對待顧客的地方。

We know where that magic begins. We have the most valuable brand in the industry because we have the best people in the world. The belief that people come first is so fundamental to who we are as a brand that it's our very first core value. How we treat our people directly shapes how they treat our customers.

我們知道魔法從哪裡開始。我們擁有業內最有價值的品牌，因為我們擁有世界上最優秀的人才。以人為本的信念對於我們作為一個品牌的身份至關重要，這是我們的首要核心價值。我們對待員工的方式直接決定了他們對待客戶的方式。

It's no secret that an industry after industry, including ours, COVID-19 has transformed how people think about life and how they weigh these seemingly endless choices in front of them, including career choices. So at convention, we reaffirmed our commitment to create a McDonald's that is as well-known for its employee experience as it is for our Golden Arches.

眾所周知，包括我們在內的一個又一個行業，COVID-19 已經改變了人們對生活的看法以及他們如何權衡擺在他們面前的這些看似無窮無盡的選擇，包括職業選擇。因此，在大會上，我們重申了我們的承諾，即創建一家以其員工體驗而聞名的麥當勞，就像我們的金拱門一樣。

We've made a lot of progress in the past few years from raising wages at company-owned restaurants in the U.S. to our progress on closing global pay gaps, including gender equity, to the deep bench of talent we have that is allowing us to make strides and increased representation and leadership among women and historically underrepresented groups.

在過去的幾年裡，我們取得了很大的進步，從提高美國公司擁有的餐廳的工資到我們在縮小全球薪酬差距（包括性別平等）方面取得的進展，再到我們擁有的深厚的人才儲備讓我們能夠在婦女和歷來代表性不足的群體中取得長足進步並增加代表性和領導力。

And as we announced last year, we started 2022 by implementing our global brand standards, which were designed to create a culture of physical and psychological safety for both employees and customers in McDonald's restaurants around the world.

正如我們去年宣布的那樣，我們從 2022 年開始實施我們的全球品牌標準，這些標準旨在為全球麥當勞餐廳的員工和顧客營造一種身心安全的文化。

Last week in the U.S., we announced a new initiative called, Thank You Crew, building off the concept we had created to support first responders and teachers throughout the pandemic. Now we're turning the tables to support our restaurant teams who keep the Arches shining.

上週在美國，我們宣布了一項名為Thank You Crew 的新計劃，該計劃建立在我們為在整個大流行期間支持急救人員和教師而創建的概念的基礎上。現在，我們正在扭轉局面，支持我們的餐廳團隊讓拱門閃耀。

We're inviting customers to participate as well, asking them to submit instances for crew and managers who go above and beyond their typical duties. The work of attracting, developing and retaining the best people has always been central to McDonald's success, but has never been harder or more mission-critical than it is today.

我們也邀請客戶參與，要求他們為超出其典型職責的工作人員和經理提交實例。吸引、培養和留住最優秀人才的工作一直是麥當勞成功的核心，但從未像今天這樣更加艱鉅或更關鍵。

Fred Turner used to say that where other see challenges, McDonald's sees opportunities. As we work to raise our ambition and accelerate the Arches, we will continue to shape this opportunity in ways that help people and McDonald's achieve their full potential.

Fred Turner 曾經說過，在別人看到挑戰的地方，麥當勞看到了機遇。隨著我們努力提高我們的雄心並加速拱門，我們將繼續以幫助人們和麥當勞充分發揮潛力的方式塑造這個機會。

And with that, we'll begin Q&A.

有了這個，我們將開始問答。

(Operator Instructions) David Tarantino, your question please.

（操作員說明）大衛塔倫蒂諾，請提問。

My question, Chris, is about the situation in Europe more broadly. And I was wondering if you could comment on what you've seen since the Russia-Ukraine incident began in terms of consumer behavior, not necessarily in those markets, I know you paused operations there. But what the spillover effects might have been in the broader Europe region?

克里斯，我的問題是關於更廣泛的歐洲局勢。我想知道你是否可以評論自俄羅斯 - 烏克蘭事件開始以來你所看到的消費者行為，不一定是在那些市場，我知道你在那裡暫停了業務。但是，在更廣泛的歐洲地區可能會產生什麼樣的溢出效應？

Sure. Thanks, David. I think as you know from our results, the business in the international markets, particularly in Europe, it performed very strongly during Q1. We saw great growth in U.K. and France, Germany, many of our large markets in Europe.

當然。謝謝，大衛。我認為正如您從我們的結果中知道的那樣，國際市場，尤其是歐洲的業務在第一季度表現非常強勁。我們在英國、法國、德國以及我們在歐洲的許多大型市場看到了巨大的增長。

So I would say that, based on Q1 results, we didn't see a significant impact on it. I think what's, obviously, on everybody's mind is around sentiment. And what you're seeing is concern around consumer sentiment, probably most pronounced in Europe, but it's not yet showing up in business performance, but it's certainly something we're keeping an eye on.

所以我想說，根據第一季度的結果，我們沒有看到對它的重大影響。我認為，顯然，每個人的想法都是圍繞情緒。您所看到的是對消費者情緒的擔憂，這可能在歐洲最為明顯，但尚未出現在業務績效中，但這肯定是我們一直在關注的事情。

Our next question is from David Palmer with Evercore.

我們的下一個問題來自 Evercore 的 David Palmer。

I was wondering if you could perhaps characterize the recovery to date in your IOM countries. Perhaps you could speak to the percent back to -- versus pre-COVID levels in traffic or sales? And what is your general feeling about the path back to pre-COVID levels in these markets or any of these, do you anticipate coming back faster than others based on what you're seeing?

我想知道您是否可以描述您的國際移民組織國家迄今為止的複蘇情況。也許您可以談談與 COVID 之前的流量或銷售水平相比的百分比？您對這些市場或其中任何一個市場恢復到 COVID 之前水平的總體感覺如何？根據您所看到的情況，您是否預計會比其他市場恢復得更快？

Yes. Thanks, David. We came into this year expecting that really our -- certainly our large IOM markets, primarily Europe as well as Australia and Canada, would fully recover back to their 2019 levels. And we've seen that through first quarter. So all of those 5 big markets have now surpassed their 2019 sales levels.

是的。謝謝，大衛。今年，我們期待我們的——當然是我們的大型 IOM 市場，主要是歐洲以及澳大利亞和加拿大，將完全恢復到 2019 年的水平。我們已經在第一季度看到了這一點。因此，所有這 5 個大市場現在都超過了 2019 年的銷售水平。

And really, as we've talked before, couple of them like Australia, Canada and U.K. had been doing really well all through the pandemic. And so they were just kind of continuing their strong performance. The 2 markets that were more impacted, I think, from lack of consumer mobility, for France and Germany. And both of those countries had really strong performance in the first quarter this year.

實際上，正如我們之前所說，澳大利亞、加拿大和英國等幾個國家在整個大流行期間都表現得非常好。所以他們只是在繼續他們的強勁表現。我認為，由於缺乏消費者流動性，法國和德國受到的影響更大的兩個市場。這兩個國家在今年第一季度的表現都非常強勁。

So we feel good about all of those markets as well as even the next tier of markets, the Spains, the Italys, et cetera, as far as being recovered at least to 2019 levels. I think to Chris' point on the earlier question, there is a consumer sentiment concern with some of those European markets just because of everything going on between inflation and the Russia-Ukraine crisis, et cetera. But from our business, we've seen really good performance and feel good about that segment.

因此，我們對所有這些市場以及甚至下一級市場（西班牙、意大利等）都感覺良好，至少恢復到 2019 年的水平。我認為克里斯在前面的問題上的觀點是，由於通貨膨脹和俄羅斯-烏克蘭危機等之間發生的一切，一些歐洲市場存在消費者情緒問題。但是從我們的業務來看，我們已經看到了非常好的表現並且對該細分市場感覺良好。

Our next question is from Dennis Geiger with UBS.

我們的下一個問題來自瑞銀的丹尼斯蓋格。

Wondering if you could talk a little bit more about what you're seeing from your customer, maybe in the U.S. and in particular. Have behaviors changed at all of late? And how consumers are using the brand or the menu? And just if you could kind of tie in just how well you think you're positioned currently if the consumer spending environment rolls over, maybe relative to how well you've done in historical periods?

想知道您是否可以多談談您從客戶那裡看到的東西，也許是在美國，尤其是在美國。最近行為是否發生了變化？消費者如何使用品牌或菜單？如果消費者支出環境發生變化，你是否可以將你認為自己目前的定位如何，也許與你在歷史時期的表現有關？

Sure. I'll start with that, and then Kevin can add on. But I think we were happy with how we performed in Q1, and we're also pleased with how we're entering into Q2. So I think, overall, we feel good about the U.S. business performance.

當然。我將從這個開始，然后凱文可以補充。但我認為我們對我們在第一季度的表現感到滿意，我們也對我們進入第二季度的方式感到滿意。所以我認為，總的來說，我們對美國的業務表現感覺良好。

A big thing for us in the U.S., which is driving our growth and our success as digital, which for us has exceeded our expectations. So we feel really good about digital. We feel really good about chicken, and then we're also getting good growth continuing on delivery.

在美國，這對我們來說是一件大事，它推動了我們的增長和數字化的成功，這對我們來說已經超出了我們的預期。所以我們對數字化感覺非常好。我們對雞肉感覺非常好，然後我們在交付時也繼續獲得良好的增長。

To your point about what's changed and what's not changed, I think, I'll start with what hasn't changed, which is delivery despite things kind of reopening, delivery is still growing in a significant part of the business. And that's consistent with what we've seen in other markets elsewhere around the world that have reopened, delivery continues to remain elevated.

對於你所說的改變和沒有改變的觀點，我認為，我將從沒有改變的部分開始，即交付儘管有些事情重新開放，但交付在業務的重要部分仍在增長。這與我們在世界其他地方重新開放的其他市場所看到的一致，交付量繼續保持高位。

Digital also continues to be a growing and highly preferred means for our consumers to be interacting with the brand. I think the only thing that we are keeping an eye on is we've seen average check come down a little bit as perhaps you're seeing those large groups that were going out and ordering in the pandemic, you might seeing that -- be seeing some of that splintering where it's breaking up into 2 transaction, which was maybe previously one transaction.

數字化也繼續成為我們的消費者與品牌互動的一種日益增長且備受青睞的方式。我認為我們唯一要關注的是，我們看到平均支票有所下降，因為也許你看到那些在大流行中外出訂購的大型團體，你可能會看到 - 是看到其中一些分裂成兩筆交易，這可能是以前的一筆交易。

And then we are seeing also that certain parts of the business and in certain geographies, there is a little bit of a trade down that we're seeing that we're just keeping an eye on there. But overall, feel good about the business in the U.S. and confident about performance heading into Q2.

然後我們還看到業務的某些部分和某些地區，有一些交易下跌，我們看到我們只是在關注那裡。但總體而言，對美國的業務感覺良好，並對進入第二季度的業績充滿信心。

Yes. The only other thing I'd say is what's important to us and our business is consumer mobility. And I think consumer mobility is still pretty good. Consumers are definitely worried about inflation. There's no doubt about that. They're concerned about energy and gas prices.

是的。我要說的唯一另一件事是對我們和我們的業務重要的是消費者流動性。而且我認為消費者流動性仍然很好。消費者肯定擔心通貨膨脹。毫無疑問。他們擔心能源和天然氣價格。

But right now -- and we are keeping certainly a close watch on lower-end consumers just to make sure that we're still providing the right value for our lower-end consumers. But one of the things that's probably helpful right now, as you know, is food at home is even -- has been increasing even more than food away from home. So that's probably been a little benefit also.

但是現在——我們肯定會密切關注低端消費者，以確保我們仍然為低端消費者提供正確的價值。但是，正如你所知，現在可能有用的一件事是，家裡的食物甚至比在家外的食物增加得更多。所以這可能也有一點好處。

Our next question is from John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

First, Kevin, I know you talked qualitatively about inflationary pressures, but can you update kind of where you think inflation is running now, both maybe commodities and labor in your key markets?

首先，凱文，我知道你定性地談到了通脹壓力，但你能否更新一下你認為通脹現在在哪裡運行的情況，可能是主要市場的商品和勞動力？

And in the U.S., can you just talk about where your pricing stands now? And is there a reasonable way for us to kind of measure transaction or growth in the business, understanding that traffic may be a hard thing to measure, but can you look to talk to like item counts being up? How should we think about the health of the U.S. consumer in light of the fact that digital is going well, delivery is going on, et cetera, but if you looked at the comp number, you backed out pricing, you might still think transactions might be down year-over-year?

在美國，你能談談你現在的定價嗎？我們是否有一種合理的方法來衡量交易或業務增長，了解流量可能很難衡量，但你能談談喜歡的項目數量嗎？鑑於數字化進展順利，交付正在進行等等，我們應該如何考慮美國消費者的健康狀況，但是如果您查看補償編號，您會取消定價，您可能仍然認為交易可能同比下降？

Sure. Let me give a shot to try and cover a little of all of that, and I'll try not to talk for the next 30 minutes.

當然。讓我試一試，嘗試涵蓋所有這些內容，然後在接下來的 30 分鐘內盡量不說話。

So let me start with inflation. In the U.S., I think, last quarter, I mentioned that we thought commodities were going to be up roughly 8% or so for the U.S. That number is now more like 12% to 14% for the year. So U.S. commodities clearly have risen. That's our current estimate. Obviously, the landscape is changing pretty rapidly. So we'll need to keep a close eye on that, but that certainly increased substantially.

所以讓我從通貨膨脹開始。在美國，我認為，上個季度，我提到我們認為美國的大宗商品價格將上漲大約 8% 左右。這個數字現在更像是今年的 12% 到 14%。因此，美國大宗商品顯然已經上漲。這是我們目前的估計。顯然，情況正在迅速變化。所以我們需要密切關注這一點，但這肯定會大幅增加。

Similarly, in our IOM markets, that number, I think, last quarter was more around 6-or-so percent, that's now doubled and is similar to the U.S. kind of that 12% to 14% range. So the commodity side, food and paper inflation, has definitely increased substantially for various reasons, including the Russia-Ukraine crisis.

同樣，在我們的 IOM 市場中，我認為上個季度這個數字大約是 6% 左右，現在翻了一番，類似於美國的 12% 到 14% 的範圍。因此，由於各種原因，包括俄羅斯-烏克蘭危機，商品方面，食品和紙張的通脹肯定大幅上升。

On the labor side, in the U.S., it's probably over 10% right now. Part of that is because you'll recall that we made adjustments to our wages in our company-owned restaurants midyear last year, so we haven't lapped that. So part of it is due to that and part of it is due to just continued wage inflation.

在勞動力方面，在美國，現在可能超過 10%。部分原因是您會記得去年年中我們對公司擁有的餐廳的工資進行了調整，所以我們沒有對此進行調整。因此，部分原因是由於這一點，部分原因是工資持續上漲。

If I -- on the price -- so let me try and walk through the U.S. to help understand some of the dynamics you were talking about. Right now in the first quarter year-over-year, our pricing is up, and these will all be rough numbers, so take them as round numbers. But our pricing is up roughly 8%. Again, that's first quarter this year over first quarter last year.

如果我——在價格上——那麼讓我試著走遍美國，以幫助了解你所說的一些動態。現在第一季度同比，我們的價格上漲了，這些都是粗略的數字，所以把它們當作整數。但我們的定價大約上漲了 8%。同樣，這是今年第一季度超過去年第一季度。

We are still seeing similar flow-through from the pricing we're taking to our comp. So kind of from a resistant standpoint, we haven't seen any substantial increase in consumer resistance from this pricing. So that flow-through is roughly 70% or so. Again, not an exact science, but roughly 70%.

我們仍然看到我們對我們的comp採取的定價有類似的流動。所以從抵抗的角度來看，我們沒有看到消費者對這個定價的抵抗有任何實質性的增加。所以流通量大約是70%左右。同樣，這不是一門精確的科學，但大約是 70%。

So if you take that 8% pricing, with a roughly 70% flow-through, you're around 5.5% from pricing, let's say, that's hitting comp sales. Chris just mentioned that we're seeing a little bit of trade down in our product mix, and we're seeing a little bit lower items per transaction or smaller order sizes. Those order sizes are still much higher than pre-COVID. But on a year-over-year basis, it is a little bit lower.

因此，如果您採用 8% 的定價，大約 70% 的流通量，那麼您的定價大約是 5.5%，比方說，這會影響銷售。克里斯剛剛提到，我們看到我們的產品組合略有下降，我們看到每筆交易的商品數量有所減少或訂單規模較小。這些訂單規模仍遠高於 COVID 之前。但與去年同期相比，它有點低。

Those 2 impacts gets to our average check increase then of about 4.5%. So pricing gives me about 5.5% by overall is 4.5%, that little bit of trade down, a little bit of lower items is taking me from 5.5% to 4.5%. The last piece is, obviously, guest counts or transactions. Those were roughly down 1% in the first quarter, which then gets you to our comp sales of around 3.5%.

這兩個影響使我們的平均檢查增加了約 4.5%。所以定價給了我大約 5.5%，總體來說是 4.5%，一點點的交易下降，一點點較低的項目讓我從 5.5% 到 4.5%。最後一部分顯然是客人人數或交易。這些在第一季度大約下降了 1%，然後讓您獲得了大約 3.5% 的比較銷售額。

So hopefully, that helps us lay out kind of the different pieces that are going on. I got a lot of changing dynamics, a lot of complex things going on. But roughly, that's the way the business performed first quarter this year.

所以希望這能幫助我們列出正在發生的不同部分。我得到了很多變化的動力，很多複雜的事情正在發生。但大致而言，這就是該業務今年第一季度的表現。

Our next question is from Andrew Charles with Cowen.

我們的下一個問題來自 Andrew Charles 和 Cowen。

Kevin, hopefully, a simple question for you. How should we think about the next few years of CapEx relative to 2022's $2.2 billion to $2.4 billion as U.S. reimaging winds down, but restaurant development is ramping up?

凱文，希望對你有一個簡單的問題。隨著美國經濟重塑的結束，我們應該如何看待未來幾年的資本支出相對於 2022 年的 22 億美元至 24 億美元，但餐飲業的發展正在加速？

And within that as well, I know China is an asset-light market for you guys. If you could just comment on the 800 stores you previously planned to open there? Is that still on track? Or is the COVID flareup you're seeing there weighing on that?

在這方面，我知道中國對你們來說是一個輕資產市場。如果您可以評論一下您之前計劃在那裡開設的 800 家商店？這還在軌道上嗎？還是您在那裡看到的 COVID 突然爆發對此產生了影響？

Yes. So let me start with the CapEx. The CapEx, to your point, we've said for this year, it's $2.2 billion to $2.4 billion. I think we expect a relatively similar range for the next few years. The make up of that $2.2 billion to $2.4 billion will be different to your point because -- we are -- we will be substantially complete with our remodeling in the U.S. at the end of this year. So more of the CapEx from a percentage standpoint and dollar standpoint will be on new units versus remodels, but the overall envelope will probably be relatively similar at this year in that $ 2.2 billion to $2.4 billion range.

是的。那麼讓我從資本支出開始。就您而言，我們今年已經說過，資本支出為 22 億至 24 億美元。我認為我們預計未來幾年的範圍相對相似。這 22 億到 24 億美元的構成將與您的觀點不同，因為 - 我們是 - 我們將在今年年底在美國基本完成改造。因此，從百分比和美元的角度來看，更多的資本支出將集中在新單位與改造上，但今年的總體範圍可能在 22 億美元至 24 億美元的範圍內相對相似。

Regarding China, as you mentioned, we've indicated that right now, we expect roughly 800 store openings this year. They opened about 250 or so in the first quarter. That's still on track, but we are keeping a close eye on that because of everything that's going on in China, as you mentioned, and we have 2.

關於中國，正如您提到的，我們已經表示，目前我們預計今年將開設大約 800 家門店。他們在第一季度開了大約 250 家左右。這仍在進行中，但我們正在密切關注這一點，因為正如你所提到的，中國正在發生的一切，我們有 2 個。

There's been major lockdowns in some large cities certainly over the last couple of months that even continue today. That could impact openings this year, one, either from not being able to open, or 2, from just our reevaluation of the timing of some openings. But right now, we're still on plan with those 800, but we are keeping a close eye on everything going on in China.

在過去的幾個月裡，一些大城市肯定出現了大規模的封鎖，甚至今天仍在繼續。這可能會影響今年的開業，一是因為無法開業，二是因為我們重新評估了一些開業的時間。但現在，我們仍在計劃這 800 人，但我們正在密切關注中國發生的一切。

Our next question is from Eric Gonzalez with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Gonzalez。

I think you mentioned you'd provide an update on your plans for Russia and Ukraine by the end of the second quarter. But maybe if you could tell us what options might be on the table at this point? And then -- so we're all on the same page, perhaps you could think -- help us think through the model implications for this year, assuming those stores remain closed for the full year?

我認為您提到您將在第二季度末提供有關俄羅斯和烏克蘭計劃的最新信息。但也許你能告訴我們此時可能有哪些選擇？然後 - 所以我們都在同一個頁面上，也許你會想 - 幫助我們思考今年的模型影響，假設這些商店全年關閉？

Sure. I'll start, and then Kevin can maybe talk modeling. But I think it's probably, as you would imagine, best that we not get into the variety of different options that we're looking at. considerations for our people over there, lots of different constituencies. So I think it's probably best that we not go through that at this point.

當然。我會開始，然后凱文可能會談論建模。但我認為，正如你想像的那樣，我們最好不要涉足我們正在研究的各種不同的選擇。為我們那裡的人民考慮，許多不同的選區。所以我認為我們最好不要在這一點上進行。

But we will be providing -- as I said in my opening comments, we will be providing clarity on that by no later than the end of the second quarter. I would tell you that we are being exhaustive. So my guess is that there probably isn't a scenario that you could come up with on your own that we're not looking at. But I'll just leave it at that and let Kevin answer any of the modeling questions.

但我們將提供——正如我在開場評論中所說，我們將在不遲於第二季度末提供澄清。我會告訴你，我們正在詳盡無遺。所以我的猜測是，您可能無法自己想出我們沒有看到的場景。但我就這樣吧，讓凱文回答任何建模問題。

Yes. I mean just from near-term modeling, I think, we've talked about kind of a -- right now, we continue to pay our employees, our landlords some supply chain costs, and that run rate is roughly $50 million is probably a little bit higher than that right now, partly because the Russian ruble has strengthened. So it could be $55 million or so.

是的。我的意思是，僅從近期建模來看，我認為，我們已經討論過一種——現在，我們繼續向我們的員工、我們的房東支付一些供應鏈成本，而運行率大約為 5000 萬美元可能是目前略高於這一水平，部分原因是俄羅斯盧布走強。所以它可能是5500萬美元左右。

But that's kind of a monthly run rate right now for keeping the infrastructure going, to Chris's point, and what we've said is by us making a decision by the end of the second quarter, something will likely happen after that, that will either change infrastructure one way or the other of changing kind of the way we think about this going forward.

但在克里斯看來，這是目前保持基礎設施運行的月度運行率，我們所說的是我們在第二季度末做出決定，在那之後可能會發生一些事情，要么以一種或另一種方式改變基礎設施，改變我們對未來發展的看法。

So from a modeling perspective, second quarter, I think, it's fair to use what we've said related to kind of the ongoing costs. Going forward, after second quarter, we'll certainly depend on where we end up and what option and what our -- what we announced by the end of the second quarter. I think we have talked about, obviously, the impact or the relevant size of the -- both Russia and Ukraine from a sales, operating income, et cetera, perspective.

因此，從建模的角度來看，第二季度，我認為使用我們所說的與持續成本相關的內容是公平的。展望未來，在第二季度之後，我們當然將取決於我們最終的目標以及我們的選擇以及我們在第二季度末宣布的內容。我認為我們顯然已經從銷售、營業收入等角度討論了俄羅斯和烏克蘭的影響或相關規模。

Our next question is from Lauren Silberman with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Lauren Silberman。

I wanted to ask with regards to the worldwide convention. So performance is really strong over the last couple of years. Franchisee is also facing a lot of challenges. Can you talk about some uncertainty in the consumer environment? So can you just talk about sentiment among franchisees at the convention, biggest takeaways or learnings from your conversations, priorities, concerns, anything to share?

我想問一下關於世界大會的問題。因此，過去幾年的表現非常強勁。加盟商也面臨很多挑戰。您能談談消費環境中的一些不確定性嗎？那麼，您能否在大會上談談加盟商之間的情緒、最大的收穫或從您的對話中學到的東西、優先事項、關注點，以及任何要分享的東西？

Sure. Well, the -- we're actually in field right now getting detailed feedback from the 14,000 participants that we had. But I would say, anecdotally, what I heard back from people was just a tremendous excitement of being back together again. And when you haven't seen some of these people in 4 years, which is true for many of our franchisees who typically use convention as a way to connect with their colleagues around the world, just a lot of excitement to be back together.

當然。嗯，我們現在實際上正在現場從我們擁有的 14,000 名參與者那裡獲得詳細的反饋。但我想說的是，有趣的是，我從人們那裡聽到的只是再次重聚的巨大興奮。當您在 4 年內沒有見到其中一些人時，對於我們的許多特許經營商來說都是如此，他們通常使用會議作為與世界各地同事聯繫的一種方式，再次聚在一起會非常興奮。

And also talk about what we've been through and also where we're headed to. And I think there was a nice balance of looking back, but also making sure that we're being forward-facing on that. I did hear many people talk about this being one of the best conventions that they've attended or can remember attending. Now part of that maybe it's been 4 years since the last one.

還要談談我們經歷過的事情以及我們要去的地方。而且我認為在回顧過去和確保我們在這方面保持前瞻性之間取得了很好的平衡。我確實聽到很多人談論這是他們參加過或記得參加過的最好的會議之一。現在其中的一部分可能距離上一次已經有 4 年了。

But there was, I think, a sense amongst franchisees when they consider all the things that have gone on in the world, boy, it feels really good to be part of McDonald's. And that goes to my comment about there's never been a better time to be part of McDonald's. All you have to do is look at sort of what everyone else has gone through and compare our relative position on that. And I think you come away that sentiment.

但是，我認為，當特許經營商考慮到世界上發生的所有事情時，他們有一種感覺，男孩，成為麥當勞的一員感覺真好。這就是我的評論，現在是加入麥當勞的最佳時機。你所要做的就是看看其他人都經歷了什麼，然後比較我們在這方面的相對位置。我認為你會擺脫這種情緒。

We did share as finally a number of things that we are looking at, particularly around restaurant operations. This includes everything from automated order taking, which many of our international franchisees have not seen, our U.S. franchisees have had more visibility on that, a lot of interest and attention in that, as you would imagine.

我們確實分享了我們正在關注的一些事情，特別是在餐廳運營方面。這包括自動接單等一切，我們的許多國際特許經營商都沒有見過，我們的美國特許經營商對此有更多的了解，對此有很大的興趣和關注，正如您想像的那樣。

We also showed them some different ways that we're thinking about dual lane drive-thru and perhaps adding a second percent window at a dual lane drive-thru. That was also interesting for people and other ways for us to bring automation into kitchen operations. So that was kind of everything that was going on at convention, but just a lot of connecting and socializing as well.

我們還向他們展示了一些不同的方式，我們正在考慮雙車道得來速，並可能在雙車道得來速中增加第二個百分比的窗口。這對人們和我們將自動化帶入廚房操作的其他方式也很有趣。所以這就是大會上發生的一切，但也只是很多聯繫和社交。

Our next question is from Jeff Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeff Bernstein。

Great. Just a question on the U.S. loyalty rollout. I think you mentioned 26 million members, which seems like a pretty quick ramp. And I know you mentioned it being above plan. That number is kind of similar to some of the other industry leaders in the U.S. business.

偉大的。只是關於美國忠誠度推廣的問題。我認為您提到了 2600 萬會員，這似乎是一個相當快的增長。我知道你提到它超出了計劃。這個數字與美國企業的其他一些行業領導者有點相似。

I'm just wondering maybe you can give some color maybe on the average check learnings for those or the traffic implications. And where you think that maybe can go? Obviously, I'm assuming you know maybe your total unique customer base or initiatives you're using to push that number. So any color you could give would be great.

我只是想知道，也許您可以為這些或交通影響的平均檢查學習提供一些顏色。你認為這可能會去哪裡？顯然，我假設您可能知道您的全部獨特客戶群或您用來推動該數字的計劃。所以你能給出的任何顏色都會很棒。

Sure. So I'd start with the fact that we've always viewed loyalty for us as a frequency play. In the U.S., we see roughly 80% of the population in a given year that visit our restaurant at least one time. So we don't have a big reach opportunity at McDonald's. Our opportunity is always about driving frequency.

當然。所以我要從我們一直將忠誠度視為一種頻率遊戲這一事實開始。在美國，我們看到大約 80% 的人口在某一年至少光顧一次我們的餐廳。所以我們在麥當勞沒有很大的接觸機會。我們的機會總是與駕駛頻率有關。

And one of the things that we've been encouraged by what we've seen with loyalty so far is it has proven to be an effective way for us to drive frequency among our users. In terms of where we are, our view is we're still early innings on this. We have low levels of penetration versus our total market size opportunity here. And for us, the focus then is continuing to drive overall enrollment, but also to be driving engagement.

到目前為止，我們所看到的忠誠度令我們感到鼓舞的一件事是，事實證明，它已被證明是我們在用戶中提高頻率的一種有效方式。就我們所處的位置而言，我們認為我們仍處於早期階段。與我們的總市場規模機會相比，我們的滲透率較低。對我們來說，重點是繼續推動整體入學率，同時也推動參與度。

And one of the things that we're spending time on as we get more facts under our belt here is what is the right metric that's most predictive of future performance? So is it absolute members? Is it monthly? Is it 90 days? We're doing a lot of analysis on that to just get tighter as we've had a year's worth of data under our belt. And we'll, at some point, I'm sure, once we've got some conclusive findings on that, come back and share that with all of you. But early innings would be the headline.

隨著我們在這裡獲得更多事實，我們花時間做的一件事是最能預測未來表現的正確指標是什麼？那麼它是絕對成員嗎？是每月嗎？是90天嗎？由於我們已經掌握了一年的數據，因此我們正在對此進行大量分析以變得更加嚴格。我們會在某個時候，我敢肯定，一旦我們對此有了一些結論性的發現，就會回來與大家分享。但早局將成為頭條新聞。

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 wanted to go back to the sort of differences among U.S. consumers maybe that you're seeing. I know you mentioned maybe a bit of trade down, but at the same time, people seem willing to still pay for the added convenience of delivery. And my sense is the fees, in fact, broadly speaking, are going up, not down for the industry.

我想回到你所看到的美國消費者之間的差異。我知道你提到了可能會降低交易量，但與此同時，人們似乎仍然願意為增加的送貨便利性付費。而我的感覺是，事實上，從廣義上講，這個行業的收費是在上升，而不是下降。

So could you just -- is it a different customer that is using the -- being a little more (inaudible) with your menu versus the one who's continuing to pay for delivery? And broadly, as you look at -- across countries, is there a difference in delivery penetration based on availability of drive-thru in the sense that maybe the convenience premium is higher if there's not as much access through drive-thrus?

那麼，您是否可以 - 與繼續支付送貨費用的客戶相比，使用您的菜單的客戶是否更多（聽不清）？從廣義上講，正如您所看到的那樣，在不同國家/地區，交付滲透率是否會因得來速服務的可用性而有所不同，因為如果通過得來速服務的訪問量不高，那麼便利溢價可能會更高？

Yes. I think the headline is that the overall U.S. consumer from our vantage point is in good shape. And consumer balance sheets in the U.S., broadly speaking, again, at the average, are strong, which gives us the optimism as I talked about earlier as we head into Q2.

是的。我認為標題是從我們的角度來看，整體美國消費者狀況良好。從廣義上講，美國的消費者資產負債表再次平均強勁，這讓我們感到樂觀，正如我之前在進入第二季度時所說的那樣。

Now you deaverage, which is what you always have to do in these situations. And I think you do start to see that the lower income consumer, particularly around gas prices and the pressure that, that puts on pocket book, the pressure around rents, that there probably is an increased value sensitivity with that lower income consumer.

現在你去平均了，這是你在這些情況下總是要做的。而且我認為你確實開始看到低收入消費者，特別是在汽油價格和壓力，這給錢包帶來的壓力，租金壓力，可能對低收入消費者的價值敏感度增加。

We don't have the detailed type of data that you would love to have that would allow us to slice and dice it. So we're having to use ZIP codes and other things as proxies for that. But I think it's probably fair to say that the lower income consumer is probably feeling more pressure than the average consumer or certainly the wealthier consumer. And that's why for us, we need to make sure that we continue to have value be an important part of our proposition.

我們沒有您希望擁有的詳細數據類型，可以讓我們對其進行切片和切塊。所以我們不得不使用郵政編碼和其他東西作為代理。但我認為可以公平地說，低收入消費者可能比普通消費者或更富有的消費者感受到更大的壓力。這就是為什麼對我們來說，我們需要確保我們繼續將價值作為我們主張的重要組成部分。

It always is one of the things that defines McDonald's is making sure that we stay strong on value. We're pleased right now because as we look at our value scores relative to our competition, consumers are still giving us a lot of credit for being a good value. But we just need to make sure, as we're working through some of the inflation that Kevin talked to earlier, that we don't lose track of -- we still need to be providing good value to consumers.

定義麥當勞的一件事始終是確保我們保持強大的價值。我們現在很高興，因為當我們查看我們相對於競爭對手的價值得分時，消費者仍然因為我們物有所值而給予我們很多讚譽。但我們只需要確保，當我們正在應對凱文之前談到的一些通貨膨脹時，我們不會忘記——我們仍然需要為消費者提供良好的價值。

And -- there's a lot of different ways for us to do that. Joe and the team are spending a lot of time with U.S. franchisees on how to think through that and navigate it. But we've always got to stay competitive on value. When we lose sight of that, there's a long history of that being where we've kind of gotten off track. So I can promise you, we're not losing sight of it. But broadly, the U.S. consumer from our vantage point is still in good shape.

而且——我們有很多不同的方法可以做到這一點。喬和他的團隊花費大量時間與美國特許經營商討論如何思考和駕馭它。但我們始終必須在價值上保持競爭力。當我們忽視這一點時，我們已經偏離軌道的歷史由來已久。所以我可以向你保證，我們不會忽視它。但總的來說，從我們的角度來看，美國消費者的狀況仍然良好。

The only thing I'd add to your point about, are there different delivery dynamics around the world? In general, our delivery percentage is a little higher in Europe than it is here in the U.S. U.K. is one of our strongest kind of delivery markets. I think there's multiple factors for that.

我唯一要補充的是，世界各地的交付動態是否不同？總的來說，我們在歐洲的交付百分比略高於美國。英國是我們最強大的交付市場之一。我認為這有多種因素。

Obviously, drive-thrus are a little bit lower percentage in Europe than they are in the U.S. So some of it's that population density, urban versus rural, et cetera, all of that comes into play. But in general, our delivery percentages are a little bit higher in Europe than they are in the U.S.

顯然，得來速在歐洲的比例比在美國要低一些。所以其中一些是人口密度、城市與農村等等，所有這些都在起作用。但總的來說，我們在歐洲的交付百分比略高於在美國。

Our next question is from John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的 John Ivankoe。

The question is on the U.S., and I was hoping you could give a little bit more color on traffic by daypart. If you're actually seeing maybe some positive results in lunch and dinner, maybe offset by negative results in breakfast and late night?

問題是關於美國的，我希望你能在白天的流量上多一點顏色。如果您實際上在午餐和晚餐中看到了一些積極的結果，可能會被早餐和深夜的負面結果所抵消？

And if I can kind of continue with that comment, do you have an opportunity of increasing store hours relative to where you were in 2019? And do you have an opportunity to maybe maximize some of the square footage that resides within the dining rooms that I would assume are below average utilization?

如果我可以繼續發表評論，那麼相對於 2019 年的情況，您是否有機會增加商店營業時間？你有沒有機會最大化我認為低於平均利用率的餐廳內的一些平方英尺？

Sure. Well, without getting too much into decomposing our comp into various dayparts, I would tell you that whether you look at it on a Q1 basis, or you look at it on a 3-year basis, we've actually seen -- from a comp sales standpoint, we've seen breakfast and dinner be standout performers for us. Lunch has been a little bit more modest from a performance standpoint.

當然。好吧，不用過多地將我們的組合分解為不同的時段，我會告訴你，無論你是在第一季度的基礎上看，還是在 3 年的基礎上看，我們實際上已經看到了——從從比較銷售的角度來看，我們已經看到早餐和晚餐對我們來說表現出色。從性能的角度來看，午餐有點溫和。

So we feel really good about what we've seen again, at breakfast and dinner. Late night traded off, as you would have imagined for a variety of reasons. Some of it was related to operating hours there, et cetera. But those 2 elements are strong. As we think about what lunch is going to look like going forward, it's certainly the biggest part of our daypart mix. We're still seeing growth in that. It's just not at the same levels that we're seeing in those other 2 dayparts.

所以我們對我們在早餐和晚餐時再次看到的東西感覺非常好。正如您出於各種原因所想像的那樣，深夜交易。其中一些與那裡的營業時間等有關。但是這兩個元素很強大。當我們考慮未來的午餐會是什麼樣子時，它肯定是我們白天組合中最大的部分。我們仍然看到這方面的增長。這與我們在其他 2 天中看到的水平不同。

Kevin, I don't know if you want to add?

凱文，不知道你要不要加？

The only thing I'd say related to your operating hours point in stores reopening, et cetera. Right now, roughly 95% of the restaurants in the U.S. are fully operational, meaning that they're open for both dine-in and drive-thru, et cetera. And the rest, we expect to be pretty fully operational in the next few months or so.

我要說的唯一一件事與您在商店重新開業等方面的營業時間點有關。目前，美國大約 95% 的餐廳都在全面運營，這意味著它們可以堂食和得來速等。其餘的，我們預計將在未來幾個月左右完全投入運營。

We generally do see some sales lift when dining rooms first reopen. It's not dramatic, I'll say, but obviously, just moving some of the sales from drive-thru to dine-in helps from a capacity and pressure stamp throughput pressure, et cetera.

當餐廳首次重新開放時，我們通常確實會看到一些銷售增長。我會說，這並不引人注目，但很明顯，只是將一些銷售從得來速轉移到就餐有助於解決容量和壓力印章吞吐量壓力等問題。

There still is -- to your point, I think, the store hours are probably down a little bit, specifically late night and overnight hours are down a little bit from where they were pre-pandemic. And part of that's because just -- not McDonald's traffic, but just traffic outside is down in those same hours.

還有——就你的觀點而言，我認為，商店營業時間可能會有所下降，特別是深夜和通宵營業時間比大流行前有所下降。部分原因是——不是麥當勞的流量，而是外面的流量在同一時間下降。

So there is potential at some point to -- if traffic comes back at some of those hours us to be able to gain some more of our traffic also during those late night and overnight hours.

因此，在某些時候，如果流量在某些時間恢復，我們就有可能在深夜和通宵時間獲得更多流量。

The only thing I would add, which may be is the question behind the question. I don't know, but I'm just -- I'll throw this out there. I said in the last earnings call that our whole mentality is we're in a share-taking mode. And we saw that play out in Q1, and it's played out not just on the quarter, but it's played out over the last several quarters. And it's played out from both a comp sales standpoint as well as from a guest count standpoint within QSR.

我唯一要補充的是，這可能是問題背後的問題。我不知道，但我只是——我會把這個扔出去。我在上一次財報電話會議上說過，我們的整個心態是我們處於分享模式。我們在第一季度看到了這種情況，它不僅在本季度出現，而且在過去幾個季度都出現了。並且從比較銷售的角度以及從 QSR 內的客人數量的角度來看，它都發揮了作用。

So the relative mix within our own is interesting, but it's also about how is our performance compared to our QSR peers. And our mindset is about stealing share, and that's what we're seeing in the numbers, both on sales and on traffic.

因此，我們內部的相對組合很有趣，但這也與我們的表現與 QSR 同行相比如何。我們的心態是竊取份額，這就是我們在銷售和流量方面看到的數字。

Our next question is from Nicole Miller Regan with Piper Sandler.

我們的下一個問題來自 Nicole Miller Regan 和 Piper Sandler。

And perfect timing because I wanted to ask something that really coincides with that. So I wanted to reconcile or validate that you're taking share traffics down. So you're not losing share to legacy QSR peers. Are people going to convenience stores? Is your customer taking a break at home and eating there? And if so, what are the tools or messages you used to get them back from those places?

和完美的時機，因為我想問一些真正與之相符的事情。因此，我想協調或確認您正在減少共享流量。因此，您不會失去傳統 QSR 同行的份額。人們會去便利店嗎？您的客戶是否在家休息並在那裡吃飯？如果是這樣，您使用什麼工具或信息將他們從這些地方取回？

Yes. So if you broaden it out to IEO, which is a larger definition, we are seeing a little bit of traffic share loss in the U.S. I mean it's a -- less than a decimal point type of share loss there. I think it's maybe 0.3 or something like that, that we've lost versus IEO. That's in the U.S. only.

是的。因此，如果您將其擴大到 IEO，這是一個更大的定義，我們會看到美國的流量份額損失一點點。我的意思是，那裡的份額損失小於小數點類型。我認為這可能是 0.3 或類似的東西，我們在與 IEO 的比賽中輸了。那隻是在美國。

If you look at it globally, we're actually taking share globally against even the IEO market. And as you know, in IEO, in the U.S., there's just so much noise around who was open, who was closed. It's difficult when you're comparing share change versus 2021 or you're comparing share change over a 3-year time period, given all the noise in the number, It's a little bit challenging to actually make a conclusion off of that. But we're looking at performance both on IEO and QSR and feeling good about what we're seeing.

如果你在全球範圍內看，我們實際上是在全球範圍內與 IEO 市場競爭。如你所知，在美國的 IEO 中，關於誰是開放的，誰是關閉的，有太多的噪音。當您比較份額變化與 2021 年或比較 3 年時間段內的份額變化時，這很困難，考慮到數字中的所有噪音，要真正得出結論有點困難。但我們正在關注 IEO 和 QSR 的表現，並對我們所看到的感覺良好。

Our next question is from Chris Carril with RBC.

我們的下一個問題來自 RBC 的 Chris Carril。

Kevin, so just following up on your commentary earlier around cost inflation and pricing. Can you provide any further thoughts on your consolidated operating margin guidance?

凱文，所以只是跟進你之前關於成本通脹和定價的評論。您能否就您的綜合營業利潤率指導提供任何進一步的想法？

I believe the guidance hasn't changed from the low to mid-40% range previously provided. So curious if you could expand on that a little bit more in the context of the current operating backdrop.

我相信該指導並沒有從之前提供的低到中 40% 範圍內發生變化。很好奇您是否可以在當前運營背景的背景下對此進行更多擴展。

Yes. I think for this year, we still feel pretty good about that low to mid-40% range. We won't get the leverage, obviously, that we all would hope for going forward. So I think there's opportunity to get leverage on that post these large inflationary pressures, which is why we're still remaining with that low to mid-40 range.

是的。我認為今年，我們仍然對 40% 的中低範圍感覺很好。顯然，我們不會獲得我們都希望前進的影響力。因此，我認為有機會在這些巨大的通脹壓力之後獲得槓桿作用，這就是為什麼我們仍然保持在 40 的低到中等範圍的原因。

I think last quarter, someone asked why it wasn't higher than that. And I think the near-term inflationary pressures are keeping that at the low to mid-40% range for this year. I think post-2022, again, obviously, depending on what happens with all these inflationary pressures, but if those get back down to a, I'll call it, a low to a reasonable level, we believe there's opportunity to gain leverage on that operating margin line going forward.

我想上個季度，有人問為什麼它沒有比這更高。我認為近期的通脹壓力使今年的通脹壓力保持在 40% 的中低水平。我認為 2022 年後，顯然，這取決於所有這些通脹壓力會發生什麼，但如果這些壓力回落到一個，我會稱之為低到合理水平，我們相信有機會獲得槓桿作用未來的營業利潤率線。

Our next question is Brian Mullan with Deutsche Bank.

我們的下一個問題是德意志銀行的布賴恩穆蘭。

A question on the U.S. business kind of back to the share gain mentality. You've called out chicken as an area of focus for the business this year. Just wondering if you could give a sense of the opportunity, however you see it. And how much share do you have today or -- versus what did you have in '19? And then from here, is this a multiyear runway you see to take share in the menu side?

關於美國企業的問題有點回到了分享收益的心態。您已將雞肉列為今年業務的重點領域。只是想知道您是否可以感覺到機會，無論您如何看待它。你今天有多少份額，或者 - 與你在 19 年的份額相比？然後從這裡開始，您認為這是一個多年的跑道，可以在菜單方面分享嗎？

Sure. So if you think about burger and chicken as being our 2 sandwich areas, we've taken share in the U.S. in both of those. Beef is, obviously -- or burger is, obviously, the most significant or a sizable part of our business there. And if you think about where we're at there, we own little over 1/3 of the market from a share standpoint in the U.S. on beef, and we've picked up about a share point there versus where we were in 2019.

當然。因此，如果您將漢堡和雞肉視為我們的兩個三明治區，那麼我們在這兩個領域都在美國占有一席之地。牛肉顯然是——或者漢堡顯然是我們在那裡的業務中最重要或最重要的部分。如果你想想我們在哪裡，從美國牛肉市場份額的角度來看，我們擁有略高於 1/3 的市場份額，與 2019 年相比，我們在美國的份額已經上升了大約 1/3。

If you think about chicken, which is not for us as sizable, but still an important part of the business, we've picked up about 0.5 point of share there, if you look at where we were prior to the launch of the Crispy Chicken Sandwich. So seeing good share performance in both of those areas.

如果你想想雞肉，它對我們來說規模不大，但仍然是業務的重要組成部分，如果你看看我們在推出脆皮雞之前的情況，我們在那裡獲得了大約 0.5 個百分點的份額三明治。因此，在這兩個領域都看到了良好的股票表現。

And our thing is with our Accelerating the Arches strategy, we're focused on chicken, coffee and burgers. It's those 3 areas, and we maniacally track share on all 3 of those categories across all of our markets.

我們的事情是我們的加速拱門戰略，我們專注於雞肉、咖啡和漢堡。就是這 3 個領域，我們瘋狂地跟踪所有市場中所有 3 個類別的份額。

Our next question is from Jon Tower with Citi.

我們的下一個問題來自花旗的 Jon Tower。

A quick clarification, then a question. Kevin, in terms of the ongoing impact of Russia and Ukraine, it looks like that was put into the other operating income expense line. Should we expect those costs to remain there in the future, that's clarification?

快速澄清，然後是一個問題。凱文，就俄羅斯和烏克蘭的持續影響而言，看起來這已被納入其他營業收入支出項目。我們是否應該期望這些成本在未來仍然存在，這是澄清嗎？

And then the question side is more about the U.S. piece of the business. And I think, Chris, in an answer to a previous question, you kind of hit on this. But I just want to make sure I get further clarification. In terms of the way the brand has been positioned historically, I think, in the U.S., it's been much more focused on traffic growth in an absolute sense versus just relative in part by ensuring that check growth never really took off, especially on the pricing side, that seems to have shifted around or coming out of COVID. So is that something you expect to persist into the future? And is it right to think about the business more on a relative share gain basis on the traffic front in the future versus absolute traffic?

然後問題方面更多的是關於美國的業務。而且我認為，克里斯，在回答之前的問題時，你有點明白這一點。但我只是想確保我得到進一步的澄清。就品牌在歷史上的定位方式而言，我認為，在美國，通過確保支票增長從未真正起飛，特別是在定價方面，它更關注絕對意義上的流量增長，而不是部分相對的流量增長一方面，這似乎已經轉移或擺脫了 COVID。那麼，這是您期望在未來持續存在的東西嗎？在未來的流量前沿與絕對流量相比，更多地從相對份額增益的基礎上考慮業務是否正確？

Yes. I'll give my own thought, and then Kevin can chime in. But I think for the last -- since COVID hit basically at the beginning of 2020, we've -- in all of the various calls with you and I think probably across the entire industry, we've all struggled to figure out what is the right way to think about traffic. And probably our historic approach, which is guest counts, we -- we've recognized that there are shortfalls with that, which is why Kevin came up with his other category, which was called, stuff, and just selling more stuff or said another way, just more units.

是的。我會給出自己的想法，然后凱文可以插話。但我認為最後一次——自從 COVID 基本上在 2020 年初爆發以來，我們已經——在與你的所有各種電話中，我想可能在整個行業中，我們都在努力找出思考流量的正確方法。可能是我們的歷史方法，即客人數量，我們 - 我們已經認識到存在不足，這就是為什麼凱文想出了他的另一個類別，稱為東西，只是賣更多的東西或說另一個方式，只是更多的單位。

I would say on all of that, it's still unclear to us what is the right way for us to be assessing. We're still seeing a lot of changing consumer behavior, whether it's through digital, whether it's through delivery and how all of that sort of levels out and then you get a clean read of what the go-forward means. I don't think we're there yet at this point.

我想說的是，我們仍然不清楚我們評估的正確方法是什麼。我們仍然看到消費者行為發生了很多變化，無論是通過數字方式，還是通過交付，以及所有這些都是如何達到的，然後你就會清楚地了解前進的意義。我不認為我們現在還在那裡。

But we certainly look at our relative performance versus our competitors on that. And so long as we're beating our competitors, we feel good about it. And we worry may be a little bit less about what the absolutes are, and it's more about are we stealing share.

但我們當然會考慮我們與競爭對手的相對錶現。只要我們擊敗了競爭對手，我們就會感覺良好。我們對絕對值的擔憂可能會少一點，而更多的是關於我們是否在竊取份額。

And then your question, Jon, about the Russia cost. We put those included in other operating. I think we have a separate line in the detail. I think we call it impairment and other charges maybe. I think in our mind, it was the easiest way to specifically call those specific costs out, So everyone understands what costs we are incurring related to those operations while the restaurants are closed. So our intent is to do the same going forward just to be able to show all the costs we're incurring related to effectively operations that aren't occurring.

然後你的問題，喬恩，關於俄羅斯的成本。我們把那些包含在其他操作中。我認為我們有一個單獨的細節。我想我們可能稱之為減值和其他費用。我認為，在我們看來，這是最簡單的方法來明確列出這些具體成本，所以每個人都知道我們在餐廳關閉時與這些運營相關的成本是多少。因此，我們的意圖是在未來做同樣的事情，以便能夠顯示我們所產生的與沒有發生的有效操作相關的所有成本。

Nearing the hour, Mark, we'll take one more. Jared Garber with Goldman Sachs.

快點了，馬克，我們再吃一個。高盛的賈里德·加伯。

I wanted to swing back to commentary on digital and maybe taking a longer-term view. Obviously, the digital business has been a key driver in the last couple of years, especially since the launch of MyMcDonald's. Can you maybe, Chris, walk us through kind of your thoughts longer term on how digital evolves? And maybe what the next evolution is? And how you think about automation and increased technology integration in the restaurants?

我想回到對數字的評論上，也許從長遠來看。顯然，數字業務在過去幾年中一直是關鍵驅動力，尤其是自 MyMcDonald's 推出以來。克里斯，你能不能讓我們談談你對數字化發展的長期看法？也許下一個進化是什麼？您如何看待餐廳的自動化和技術整合？

Sure. Well, I'd start with, I think, digital changes everything. So today, I don't know 90% plus of the customers -- 90% of the customers coming into my restaurant, I don't know who they are. I don't know there prior purchase. I don't know what their buying pattern is. I don't know are they a deal seeker. Are they someone who always orders the same thing? Do they like to try new things?

當然。好吧，我認為，我首先要數字化改變一切。所以今天，我不認識 90% 以上的顧客—— 90% 進入我餐廳的顧客，我不知道他們是誰。不知道之前有沒有買過。我不知道他們的購買模式是什麼。我不知道他們是不是一個交易尋求者。他們是總是點同樣東西的人嗎？他們喜歡嘗試新事物嗎？

So as I get better and better visibility into that customer, I can actually track and identify their preferences over time. It starts with, I'm going to be able to give them a better experience. I'm going to be able to give them faster speed of service. I'm going to be able to give them a cleaner app, a cleaner menu board. And I'm going to be able to give them deals, offers, programs that are more personalized to what they're looking for. It's not going to necessarily be a one-size-fits-all type of thing, it's going to be much more bespoke to what each customer is looking for.

因此，隨著我越來越深入地了解該客戶，我實際上可以隨著時間的推移跟踪和識別他們的偏好。首先，我將能夠為他們提供更好的體驗。我將能夠為他們提供更快的服務速度。我將能夠給他們一個更乾淨的應用程序，一個更乾淨的菜單板。我將能夠為他們提供更個性化的交易、優惠和計劃，以滿足他們的需求。它不一定是一種千篇一律的東西，它會更符合每個客戶的需求。

And digital allows us to do a level of personalization at scale at McDonald's that is almost impossible for us to do through sort of more of our analog type of approach. As you start to then get much more of this data about buying behaviors, purchases, you can get it integrated into restaurant operations, and it gives you opportunity to do automation. It gives you speed of service opportunity, positioning that has labor benefits.

數字化使我們能夠在麥當勞進行大規模的個性化，這對於我們來說幾乎不可能通過更多的模擬類型的方法來實現。當您開始獲得更多有關購買行為和購買的數據時，您可以將其集成到餐廳運營中，並為您提供實現自動化的機會。它為您提供服務機會的速度，具有勞動力優勢的定位。

So it can change, I think, just the entire unit economic profile for the better of what a restaurant looks like. We're still very early on this. So I don't want -- I want to caution against anybody out going out there and running and building a new model off of this. But if you go 10 years out, that's where we're headed to because I think we all recognize those of us who are in the business day to day, there is tremendous opportunity there if we can make further inroads.

因此，我認為，它可以改變整個單位的經濟狀況，以改善餐廳的外觀。我們在這方面還很早。所以我不想——我想警告任何人不要走出去並以此為基礎運行並建立一個新模型。但如果你再過 10 年，這就是我們要去的地方，因為我認為我們都認可我們這些每天都在做生意的人，如果我們能取得更大的進展，那裡就有巨大的機會。

Thank you, Chris and Kevin. Thanks, everyone, who joined the call today. Have a great day.

謝謝你，克里斯和凱文。謝謝大家，今天加入了電話會議。祝你有美好的一天。