Hello, and welcome to McDonald's January 23, 2015 Investor Conference Call. At the request of McDonald's Corporation, this conference is being recorded. Following today's presentation there will be a question-and-answer session for investors. [Operator Instructions] I would now like to turn the conference over to Mr. Chris Stent, Vice President of Investor Relations for McDonald's Corporation. Mr. Stent, you may begin.

Hello, everyone, and thank you for joining us. With me on the call are President and Chief Executive Officer, Don Thompson; and Chief Financial Officer, Pete Bensen. In addition, McDonald's USA President, Mike Andres will join us for Q&A. Today's conference call is being webcast live and recorded for replay by phone, webcast, and podcast. Before I turn it over to Don, I want to remind everyone that the forward-looking statements in our earnings release and 8-K filing also apply to our comments. Both documents are available on www.investor.McDonald's.com, as are our reconciliations of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures. And now, I'd like to turn it over to Don. Don?

Thank you, Chris, and good morning everyone. 2014 was a difficult year, during which performance fell short of our expectations. But it was also a building year. As we entered 2014, we were well aware of the obstacles that we faced in terms of growing comparable sales and margins amid ongoing broad-based challenges and cost pressures throughout our P&L. Now, while some of the challenges were anticipated, others were not, like the supplier issue in Asia Pacific and Middle East Africa, and the volatile operating environment in Russia and the Ukraine. And we experienced shortfalls in our internal plans, particularly in key markets such as the U.S. In response to these shortfalls, we took a number of important steps to lay the foundation for our turnaround. We're acting with a sense of urgency as these steps are critical to addressing current performance and to advancing our longer term strategies. Specifically, we renewed our focus on our customers with the evolution of our strategic plan. We brought in new talent in several major markets around the world to provide innovative thinking and fresh perspectives. We announced the changes that we are making to the U.S. organization to put decision-making and accountability closer to the customer. We redefined menu choice and personalization with the introduction of the Create Your Taste platform in Australia and the U.S. We focused on the service experience through an increased emphasis on operations excellence and the initiation of our global digital strategy. And we did more to bolster trust in brand McDonald's, because we know that when our customers feel good about us and about eating at McDonald's they visit us more often. Now, let's turn to 2014 results. In constant currencies, operating income was down 15% for the fourth quarter and 8% for the year. Earnings…

Thanks, Don, and hi, everyone. 2014 was a challenging year for McDonald's' all around the world. Our results were impacted on a variety of fronts and across each of our geographic segments. Today, I'll like to spend a few minutes putting our 2014 performance into perspective, providing details on some key fourth quarter numbers and outlining the critical components of our 2015 financial plan. I'll begin by reviewing our results for the quarter and full year, highlighting the three factors that had a notable impact on performance in each of our major geographic segments. First, the underperformance of our U.S. business; throughout 2014, our results reflect the impact of ongoing broad-based challenges, including operating in an increasingly competitive marketplace and the sluggish industry growth. For the year, the segment's operating income declined $257 million or 7% partly due to negative comparable sales and guest counts, which contributed to margin decline. U.S. results were also impacted by higher G&A spending and other operating expenses associated with positioning the U.S. business for the future, including the segment's revamped marketing approach and development of the new brand love campaign. We expect to encourage additional U.S. restructuring cost in the first quarter. The second thing that we can item that affected our global result was the APMEA supplier issue. The total impact from loss sales and expenses associated with our customer recovery efforts was approximately $110 million or $0.09 per share for the quarter and $290 million or $0.23 per share for the full year. The markets most affected by this issue include China, Japan and Hong Kong. Prior to the supplier issue, these markets collectively represented about 10% of global system-wide sale and 5% of global operating income. In APMEA, our results were also pressured by ongoing performance issues in Japan. With the…

Thanks, Pete. I'll now open the call for analyst and investor questions. [Operator Instructions] To give as many people as possible the opportunity to ask questions, please limit yourself to one question. We'll come back to you for follow-up questions as time allows. The first question is from Joe Buckley of Bank of America Merrill Lynch.

Thank you. I'm going to cheat right away and ask two, but that's down from three, so I'm actually complying. A lot of the discussion of plans for the U.S., and it seems more long-term than near-term. The near-term sales results notwithstanding the slight improvement in the month of December have been so weak. I guess I'm curious what the plan is to change the trajectory of sales. And then the related question I guess is on Create Your Taste, I think when we visited the restaurant with you in your mini-meeting in December that was the sixth restaurant with Create Your Taste, now you're talking about 2000. What is making you accelerate this from a financial standpoint? How confident are you that it works? What are the economics in Create Your Taste, I guess is the basic question?

Hey, Joe, thanks for the question, questions in this case. Couple of things, what I'll do is I'll respond a little bit to the Create Your Taste piece and then I'm going to ask Mike to speak a little bit to some of those initiatives and actions that are actually in the near-term because I think that was really your question. Relative to Create Your Taste, please keep this in mind, we have been modeling out looking at Create Your Taste, Build Your Burger now for over three years. We started this in the innovation center. We moved it to a test restaurant in Romeoville. As you know, Joe, when we look at something we look at all aspects of the implementation, from not only the production side and the service side, to crew interactions, to consumer relevance. And so, we've been doing quite a bit in the prior years. Then we've had this in a restaurant in test in the California area, in the SoCal area. We had it in test for about another year plus. Also keep in mind that we've had similar initiatives in markets outside of the U.S., markets like France on the service side of this, we've been looking at some of the digital application pieces of this in markets like Sweden. So, all of these things have come together into what we today call Create Your Taste. So as we move forward now, this is not about just having had one restaurant, this is about having three plus four-odd years of looking at a concept and various pieces of that concept coming together. Create Your Taste is not just about the food from a customization and personalization perspective, it's also about the digital engagement and interaction of customers via kiosk or mobile ordering. It's also about a change relative to the interaction with our restaurant employees and how they engage and embrace the customers. It's also about the physical changes within the restaurant as well as how we present our foods, so that you can understand and see the freshness of the produce and the quality of our proteins. And so this is a much broader piece than simply about the food itself. It is about the overall experience. And so, hopefully that answers that question. I'll ask Mike to speak a little bit about some of the things taking place in the U.S. because there are quite a few relative to the near-term.

Hi, Joe. As you mentioned, we're looking at our business clearly from a near-term and a longer term perspective. In the near-term, this is a market share game; it's always going to be a market share game. So we trust and we expect to see a more customized approach from our owner operators in terms of owner operator-driven business plan locally, it's based on the customer insights and the unique competitive sets in the marketplace. And these plans are going to be multilayered in nature. You'll see disruptive value. You'll see new product news. You'll see service initiatives. And then our regional management in our new structure is empowered to commit the resources to make these plans come to life. I don't think we underestimated the power of ownership by owner operators of their own plan to execute on it and get results that we expect to get from those marketplaces. We're also looking at our marketing approach and making sure that we're leveraging the power of the three layers of marketing. Clearly, we've got our local co-ops. We've got our national, and we also have local store marketing. And we're looking at a revamped marketing approach that better coordinates the specific roles and deliverables of our co-op marketing plans using more sophisticated analytics and data to understand the best way to approach. Certainly, our national messaging comes on top of it to help build our brand. We have unique relationship with our customers and the recent advertising is rekindling that relationship in a way that we've been used to over the years, and we've enjoyed. And then, the local market aspect of it is that it's been our heritage, owner operators at McDonald's being the hub of their local communities, very important to our turnaround plan as well as…

Okay. Next question is from Karen Holthouse of Goldman Sachs.

Hi, thank you for taking the question. So we've seen pretty meaningful pressure on margins in the fourth quarter this year and even if the commodity outlook into '15 is fairly muted, we are starting to see sort of on a more macro level, some signs of QSR wages re-inflating. Is that something you're also seeing in your system and assuming that is a factor in 2015 how should we think about company's philosophy of accepting that pressure versus passing it on and then on the franchise side really their ability to accept that pressure versus need to pass it on?

Hey, Karen, it's Pete. As we've talked a lot over these last couple of years, margins are such a top line game for us. So, very critical in the margin area that the plans and initiatives that Mike talked about, especially in the U.S. start to gain momentum and get that traction back on the top line. Having said that, we are in a relatively low inflation environment, so pricing as I noted in my commentary, pricing will still be probably below our average if you assume the low inflationary environment continues. At the same time, multiple states are increasing minimum wages. We've got National Healthcare impacting 2015 for the first time. That's going to hit the McOpCo margin for about 20 basis points. So I think the margin in the U.S. will continue to be a little bit pressured by the combination of less price flexibility and few of these costs, but long-term as the sales get back on track and start to grow, that is what will allow us to start to see the margin leverage. And the same dynamics are impacting franchisees restaurants as well. As they start to grow guest counts and cash flow, they will start to offset some of these pressures.

Next question is from David Palmer of RBC.

Thanks, good morning. Could you talk a little bit more about Europe; my greatest area of curiosity lies with really the heart of Europe, France has been getting softer in recent months, at least I believe so. Germany has been soft for a while. It doesn't look like in those markets you're playing your B game. You've done a lot of good things there. Are consumer perceptions of McDonald's in fast food changing in Europe or is this purely an economic issue and what are the steps you're taking to restore growth? Thanks.

Thanks for the question, David. There are some positives and then there are some challengers relative to our business in Europe. Some of the positives are in 2015 we'll see -- if you look globally around the system first, you'll see some good high-yield growth. There are some parts of the Europe where we will see a little bit of high-yield growth, i.e., Germany we will see a bit projected in '15 and in U.K. we will see a bit. France is a more difficult market. France is actually projected to have some high-yield decline. We have been gaining our market share in both France and the U.K. despite some of the difficult broader business or macro environments. Germany, we've lost some share, and we talked about Germany as a priority market. What I will tell you is that as a priority market there were a number of changes that Germany has implemented. Some of those I spoke to relative to the actual team that we have there, our marketing leadership there; actually our agency, we changed out the agency in Germany. We're seeing a collaboration with the franchisees that is much stronger. So we're making some positive moves in our marketing plans, our menu plans. And we're seeing some changes relative to how we're addressing the consumers in those markets. So I'm feeling as -- I mentioned Germany had a -- it seems to be we're seeing some recovery in Germany. We're cautious as we say it, because there are some challenges across Europe as we all know right now relative to the Euro itself. But we are seeing some positive things there. But I would tell you it's broadly economic in many of the markets with the exception of Germany where we have some things to do in terms of our own internal plans, but for many of the other markets we're gaining share or we're at a point where our businesses are continuing to compete on par with our competition there. So it will be primarily an economic piece relative to Europe.

Next question; Jeff Farmer of Wells Fargo.

Thanks. Just following up on an earlier question, what level of same-store sales growth do you guys need in both the U.S. and Europe segments to hold on to restaurant level margins in '15? And you touched on it, but do you have any opportunities in the shorter term to control some of your potential cost on -- you mentioned labor, but some of the other cost on the restaurant level line?

Jeff, historically we've talked about a 2% to 3% -- I'm sorry, 2% to 3% comp needed to maintain margins in the U.S., and again that's been modeled in what we called a normal year. So when you have normal commodity inflation, normal price elasticity and ability to raise prices normal wage inflation et cetera. So a lot of those variables are a little bit out of whack for 2015. So the prices I already addressed we don't see getting to our historical levels. Wages will probably grow a little faster than normal, especially if you throw in the healthcare impact of that. So again as we think about it, especially in this first half of the year U.S. margin will continue to be a little bit under pressure.

Next question is from David Tarantino of Robert W. Baird.

Hi, good morning. A couple of questions, Pete, around financial strategies; and I guess first as you get into the re-franchising program that you mentioned, are you finding opportunities to potentially go deeper and I guess the big picture question is could you take the system to a much higher franchise percentage overtime, say into the 90s or even approaching a 100% of that even practical or are you thinking about it differently. And then maybe a second part of the financial question would be, are there ways to go deeper on some of the G&A cuts. I know you're reallocating a $100 million but are there other opportunities that you're seeing that might be able to sort of limit the increases that you'll see this year and into next year.

Thanks, David. First, on the re-franchising, we started out with our guidance we said at least 1500 restaurants. And we feel comfortable in being able to accomplish that over the next three years. I'll tell you the dialog with the area-of-the-world Presidents has increased around the re-franchising and the benefit that, that can bring to the overall business. So we're not committing to a new target by any means but we also said that after that three year period franchising will continue to be something that we look at and go after. So a 100% we will never be but certainly the ability to continue to increase that franchise percentage overtime is something that we will look at. Yes. On the G&A side, I think we've been fairly consistent since we announced our plans for the savings that we believe there are significant growth opportunities available in this McDonald's Experience of The Future. And in fact since we first started talking about it, we've gotten a little bit more aggressive in our plans to go after that in 2015. So, for the short-term you heard us say we don't think we can cut our way to growth in the G&A area and we recognized these are fairly amount of resources we are reinvesting, but we believe that it's right for the long-term benefit of the business as Mike said to, we kind of change the customer experience in the McDonald's restaurants, and as we think about reallocating kind of growth resources by cutting over 800 million of capital allocated to new restaurant openings and redirecting it towards the McDonald's Experience of The Future, we think that's an appropriate and prudent thing to do in this environment.

Next question is from John Glass of Morgan Stanley.

John, you there?

Yes. Can you hear me okay?

Yes. We can hear you now.

Okay, thanks. Could you just clarify if the reduction in CapEx is a one-year reduction or you view this as the new run rate, and what happens to this windfall, is it upside to $18 billion to $20 million return, or you're just making up for the shortfall in the cash flow of the business in the last year or so? And then Mike, can you just talk about the pricing; I think you said in menu item reductions where are you in that process, is it hurting sales, have you find it actually as sales neutral, the same thing for the pricing adjustment, I think you talked about maybe lowering or adjusting prices, is it possible to actually see menu pricing going negative as a result of that?

All right, John. I will take the first half and Mike will take the second half. So the cut down to 2 billion, that's not a formative run rate. I mean in these markets that we described, you heard us talk about the growth opportunities that exist in these markets is a, I'd call it a relatively shorter term re-adjustment as we face the realities of the business environment we are operating in. And so, think about it as this is 2015 only and as we move throughout the year and regain that momentum that Don talked about, we'll start to realize where the capital will go in 2015, but keeping that balance between investing in the Experience of the Future and the appropriate level of new restaurant openings, and think about all of this in our $18 billion to $20 billion target.

John, one of the things, and I know there has been a couple of questions around this. We firmly believe based upon the strength of our business and the reach of our business, as you all know we touch about 70 million customers a day. One of the things that we've not leveraged strongly has been the whole digital engagement aspect. So as we embarked upon the digital strategy, we knew we were embarking upon something that was going to require us to make substantial investments to get it up to par, to be able to have mobile ordering and mobile payment to be able to have promotional offerings that really, really were relevant to customers today across all age ranges. And so, we've made substantial investments there. Our focus now is to focus on that in-restaurant experience of our existing base. So we can improve upon on this, whether that's digital engagement, the physical assets themselves, the way the restaurants look, the placement of kiosk in the restaurants, our food offerings in the restaurants, that is where we're making substantial investments. This is not that much different. When we decided that we were going to focus on McCafé at one point, pull back some of the new store capital at that time and reinvested it back in existing restaurants. And so, we are doing something very similar as we look at the digital strategy, the in-restaurant experience, and the Create Your Taste and food experiences in the restaurant. And so, as we look at this we will continue to look at our expenditures both internally and externally, but we will also be mindful where we have opportunities in some of the markets to grow as those markets return to the level of growth and the level of, I'd say, stability that we think is going to be needed for us to be able to continue on new development strategies in some of those markets. Mike, if you would, a little bit on the menu.

Yes. So, John, the menu rationalization that is being rolled out as we speak, we are expecting to see the same results that we saw in the test markets which included, obviously it would be a throughput improvement because we're making it easier to order for our customers, plus complexity in the kitchen so the time to get that out the kitchen and through the windows increases. So we're seeing an improved sales result against the control markets and our test to expect to see that happen in the rest of the country. I did not speak specifically about pricing but did speak about value and that the markets are clearly more targeted in terms of the efforts around value and competitive threats within the marketplaces. So we're seeing more aggressive disruptive value offers in the marketplaces. As a matter of fact we are moving to a strategy of more flexibility for the local markets to price dollar menu and more which is complementing their other value messages so the level of aggressive and the tactics can be more reflective of the customer expectations, the specific competitor activity and the economic realities of niche market.

Next question; Keith Siegner of the UBS.

Thanks, and I want to ask a question about Japan and I realize that it's a relatively small percentage of the overall operating profits but it's having a material impact on results and we've talked about the strategic rationale for this in the past and Pete what you told us is keeping that ownership percentage was important because it let you influence that business and help to improve it. We've had years of negative same-store sales including unit closures. You just mentioned that you expect this to continue for the foreseeable future. Is the plan in -- or do we, since you're there to help influence it do we need like a wholesale restating of the brand at this point? Where do we go with Japan? Thanks.

Keith, I think that's a fair question. If you think of us the unforeseen event over the last let's say six months, it's had a significant impact on the consumer perception of the brand in Japan and frankly there were some concerns about the consumer perception of the brand before these incidents and so to your point I think there is an opportunity here and talking with the APMEA leadership and the Japan leadership the recognition that there's kind of a clean sheet of paper approach to take a look at what we're doing with our brand positioning there and how we connect with the consumer so we can improve the trends in our business there overtime.

Next question is from Will Slabaugh of Stephens.

Yeah, thanks guys, I wondered if you can talk a little bit more about the simplification of the menu and I know you've mentioned that it's happening right now, wondered if you could talk about how much further you'd be willing to go assuming you do see some improvement here and if you think there will be much more room to take more off of the menu? And then if you can sort of contrast that with any potential new menu items that you may introduce and where they may fall in terms of premium versus value?

Thanks, Will. I think this menu rationalization process is clearly ongoing as we look forward we had a quite a number of products over the last 18 months or so. So we're rationalizing that looking at clearly what the customers are ordering what they expect to see. I think moving forward, one of the things that we're seeing with Create your Taste obviously that offers unlimited variety to our guest they can use whatever they like, so it takes some of the pressure off of lot of the other menu items that we would have on showing on the menu at any given time. In terms of the overall menu pipeline and what we're looking at today, obviously food is a high priority for me personally. I think that's the foundation of where we're taking the business looking forward and what the expectations of the consumer are. So we're seeing this localization of what more locally relevant products that are being drawn or pulled from the marketplace as they get into the customer insights. We're looking at building our culinary talent to support our talented U.S. chefs. We're including our supplier team of chefs. We got some outside consultants who will bring a fresh and forward thinking perspective on our menu vision. We've got looking at educating America on our food, so this conversation about Our Food, Your Question, giving them facts. We've seen 20 million hits on YouTube, 4.1 billion on Media Impression, so that's resonating with our consumers and it's about the quality story. We have to make sure that our quality aligns with the consumers' definition of quality moving forward. So we're going to be very aggressive in that area looking at -- we're working with our own operators to revise our product vision for a very different future, as led by the consumer from the provenance to the label ingredients, to the processes we use to bring the food from farm to table. We've opportunities to clean up our ingredient list and enhance the taste. And as you mentioned, a lot of innovation going on, including Create Your Taste, we're evolving on menu in response to a lot of the consumer trends. We are launching new products at a national level this year, and we're complementing that on differentiated products at a local level. That's a mission allowing the marketplaces to address the specific and the regional taste that exists out there today, so, a lot of new products news to see in the coming year, and news on our food, in general.

Next question; Matt DiFrisco of Buckingham Research. Q – Katherine Heng: Hi, this is Katherine for Matt. Can you talk about your comparable GAAP between your December same-store sales to the QSR; overall QSR sandwich category? And also the second part of the question is regarding your Create Your Taste. Can you comment on this any incremental traffic that you're seeing with the customization? Is it adding another level of complexity to the operations; any effect on the speed of service. Thank you.

Regarding the comp GAAP, clearly, that is an important metric for us to follow and certainly with high awareness of that in our market places today. So we're seeing that -- we're confronted with some inflationary pressures at the – they're well-documented. And I think we kind of lost our focus on the customer relative the values are the comp competition became more aggressive. So we're seeing that gap start to improve the less negative of course that gap varies by market place. We have markets that actually have a positive comp GAAP. So obviously we're learning from the things that are happening in those markets. But as I mentioned our plans and our tactics in each market, they've got multiple layers, which include proactive and reactive targeted tactics against specific competitor activity.

Specifically that the GAAP for December was 4.1, negative 4.1.

Relative to Create Your Taste, clearly, we're seeing positive results. We have Australia at a point that, by year end they will implement nearly 900 restaurants on the platform. And again it's a much more integrated platform. It encompasses service, it encompasses multiple order points so the kiosk applications, mobile applications those things as well as being able still approach the business in a traditional sense from through the front counter or through drive-through. We are looking at all aspects of how we bring this new food offering and customer choice and customization to all the customers who want to experience McDonald's. So we're seeing some positives in the market, clearly otherwise we would not be implementing this. I'd tell you that from a service perspective no matter what you implement throughout the years in the McDonald's system initially what you're going to see is a slight service increase or decrease, I would say, in terms of the effectiveness of us being able to serve any initial month or two. And then that should come right back and we should be able to be even more efficient. That is the same thing that we're seeing with Create Your Taste thus far. So thus far we're very positive on create your taste. But we're also mindful that we need to do this the right way. So we're not rushing to try to implement to the U.S. over one or two year period. We're looking at the application to make sure that they give the impact that we want from a guest count, a sale and an average check perspective, which is also a huge aspect, as well as the halo around the freshness of our food and all of our problems. So, we're excited about what we see thus far. But we're also cautious about how we continue to implement this across the year.

All right. Next question is from Sara Senatore of Sanford Bernstein. Q – Sara Senatore: Thank you very much. Two follow ups; the first is on Create Your Taste and what you're seeing in Australia. I think one of the differences is certainly for example, is France, we have had some nice success with some of these initiatives. Is that the dine-in traffic or the dine-in is a much stronger portion in the U.S. So I guess the first question is are these kinds of initiatives last relevant in the U.S. because just to mix of your business so much they goes to the drive-through or even carryout. And then, the second question I wanted to ask is a follow-up on the -- you're trying about improving the quality halo and the providence. When I look at the competitive set, you know what I'd call traditional QSRs, there are some that are doing quite well without any of that –- with I think just sort of a core competency around speed and service. Mike, be you could talk about diagnosing that while some of your very direct competitors seems to be doing well even in the absence of fitting in with some of these trends about quality and provenance and the sort of the fast casual direction. Thanks.

Okay, I'll take both parts. On the first part, relative to Create Your Taste in different dynamics or better experience of the future in difference dynamics because what France is doing is not an implementation of Create Your Taste at this point. They have implemented multiple order points and now you can place an order through the kiosk, front counter, table counter, web ordering etcetera, mobile ordering. And when you look at the table service in France, yes, there is a strongest queue to end store versus drive-through. However, I will tell you this, what we do is look at things like that and we will tailor those based upon the markets that we're implementing it. We already know that in the U.S. with the restaurant today implementing Create Your Taste that we're seeing very positive results. Therefore what we're doing is pulling customers who have a little bit more time and want experience the restaurant inside to come inside the restaurant. We make tremendous investments in terms of re-imaging and actually we have more customers that are seeing those investments in this environment and would be offering a Create Your Taste. So they will be modeled for the various markets around the world based upon what is going to appeal the customer the most. France will not be implementing Create Your Taste that the same taste, to say, Australia has. Australia is at a different point with regard to -- say we're bordering them. France has been. We'll take -- We will learn from all of those things as we bring this forward. But nonetheless Create Your Taste; table service in France, kiosk applications across Europe, all of those things have been successful for and really the experience of the future aspect holds them all together. And so you…

We're out of time. So I'll turn it over to Don, who has a few closing comments.

Let me just make a couple of comments because they came up a couple of times about our franchisee and thoughts about -- someone mentioned something relative to implementation of franchisees and they thought about it. I have to tell you in the last couple of years as we've said have been difficult, but as a global system, all of our system has experienced quite a bit and endured many unforeseen changes in the local market. But at the same time, we've charted and began to implement a stronger pathway for future growth. I couldn't be more proud of the franchisees we have around the world. They own and operate 81% of our restaurants, and without them we would not have been able to endure those things which we have over the last couple of years. Well, there was geopolitical issues, some food-related issues, our franchisees along with the employees and suppliers have done a tremendous job, and it's that strength that is going to propel us forward, if that unmentioned strength if you would, we don't often talk about when we talk about the financials, but it's one of the things that made McDonald's special and it is one of the things that will fuel our growth as we move forward. I want to thank all of you for joining us on the call today. 2015, as we say, will be a year of regaining momentum. We're making progress as we move even closer to our customers and as we change to be relevant and more progressive, modern service, genuine hospitality, personal engagement, more relevant customized menus, and a brand that people can trust, truly trust, this is the McDonald's Experience of the Future. It is the path that we are forging, and I would tell you that the future is already on its way. Our confidence in our brand and the competitive advantages and strips of our system are truly a reflection of our ability to learn from our past, but to also be purposeful and agile in the present and to strategically plan and evolve with changing customers perceptions, attitudes, and desires as we move into the future. Thank all of you for attending and participating on the call today, and have a great day.