The Kraft Heinz Company

Good day and thank you for standing by. Welcome to the Kraft Heinz Company third quarter 2021 results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star one on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star then zero. I would now like to hand the conference over to your host today, Chris Jakubik. Head of Global Investor Relations. Please go ahead.

Thank you, and hello, everyone. This is Chris Jakubik, Head of Global Investor Relations at the Kraft Heinz Company, and welcome to our Q&A session for our third quarter 2021 business update. During our remarks today, we will make some forward-looking statements that are based on how we see things today. Actual results may differ due to risks and uncertainties, and these are discussed in our earnings release and our filings with the SEC. We will also discuss some non-GAAP financial measures today during the call, and these non-GAAP financial measures should not be considered a replacement for and should be read together with GAAP results. And you can find the GAAP to non-GAAP reconciliations within our earnings release and the supplemental materials posted at ir.craftheinscompany.com. Before we begin, I'm going to hand it over to our CEO, Miguel Patricio, for a few quick opening comments. Miguel?

Thank you, Chris, and good morning, everyone. I would just like to start by sharing how encouraging it is for us to see our company leaning into a scale and agility that we have been talking about for some time, addressing short-term challenges at the same time that we are building the long-term advantages. We are today a much stronger company, and we are better positioned to address inflation that we are seeing. We are taking actions now. to protect profitability through 2022. And our actions are not just pricing. We are also implementing price pack architecture, value engineering, and leveraging our scale in procurement. At the same time, our team has continued transforming our business for long-term growth and advantage. Our momentum with the consumer is strong. and our consumer-focused platform-based approach is taking us to new occasions. We continue to invest to improve relevance of our brands. We are making greater, more creative market investments. And at the same time, we are building agility that will deliver the $2 billion of gross efficiencies and looking to unlock more. We are continuing to pay down debt and improve our net leverage And we continue to invest in our most important assets, our people. And as we mentioned in our remarks, we have done all of this while delivering better 2021 results than previously expected, which speaks to the strength of our business. Well, with that, let's take your questions.