“We said this and I think we are consistent with that in the sense that we thought our McOpCo margin in the US business would be kind of roughly in line in terms of '23 with where we were at quarter four 2022.”

In context

“k the US business is the perfect example of that. While certainly as you work through these kind of rapid and accelerated periods of inflation, there's pressure from a percentage basis and we've clearly seen that in the US business. I mean, I think, that the example would be that the strength of our momentum in the US actually means that our owner operator cash flow is up year-over-year obviously in a continued challenging environment. And that's what we're focused on is how do we drive sustainable margin dollar cash flow growth for ourselves and for our franchisees. I think from a percentage basis, you're right. I mean, I think we continue to see pressure, obviously, from food and paper inflation, labor inflation. I think our -- where we talked about earlier in the year remains in place. We said this and I think we are consistent with that in the sense that we thought our McOpCo margin in the US business would be kind of roughly in line in terms of '23 with where we were at quarter four 2022. But we have a lot of confidence that as we continue to drive that strong top line momentum as we go forward that will continue to be able to drive both margin dollars and over time, margin percentage growth within the business. Chris Kempczinski: And I would just add, as I mentioned in my opening comments, I've been to a number of markets. I've had a chance to talk to franchisees in a number of markets. And I've been very impressed and pleased with how they're thinking about working through the current scenario right now, which is they're playing the long game. And they recognize the importance of us continuing to make sure we have leadership in value and affordability as they also think about how do they rebuild margins back to kind of where we were during this pre-inflationary spike. An”