The Kraft Heinz Company

Ladies and gentlemen, thank you for standing by, and welcome to the Kraft Heinz Company third quarter results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. So ask the question during the session lead to press star 1-1 on your telephone. I would now like to turn the call over to your host, Anne-Marie Magella, Global Head of Investor Relations. You may begin.

Thank you, and hello, everyone. This is Anne-Marie Magella, Head of Global Investor Relations at the Kraft Heinz Company, and welcome to our Q&A session, for our third quarter 2022 business update. During today's call, we may make forward-looking statements regarding our expectations for the future, including related to our business plans and expectations, strategy, efforts and investments, and related timing and expected impacts. These statements are based on how we see things today, and actual results may differ materially due to risks and uncertainties. Please see the cautionary statement and risk factors contained in today's earnings release, which accompanies this call, as well as our most recent 10-K, 10-Q, and 8-K filings for more information regarding these risks and uncertainties. Additionally, we may refer to non-GAAP financial measures, which exclude certain items from our financial results reported in accordance with GAAP. please refer to today's earnings release and the non-GAAP information available on our website at ir.crivetimescompany.com under News and Events for a discussion of our non-GAAP financial measures and reconciliations to the comparable GAAP financial measures. Before we begin, I'm going to hand it over to our CEO, Miguel Patricio, for some brief opening comments.

Well, thank you, Anne-Marie, and thank you, everyone, for joining us here today. We are excited. We are proud. We delivered another quarter of strong results. And we see consumer demand remaining strong and elasticities, they continue to hold. We see our portfolio of iconic brands. strong and very adequate for the moment that we are living. And we continue investing in these brands and seeing that this investment is paying off. Yet at the same time, we realize, we know, that supply chain remains challenging, particularly with inflation and material shortages. I'm proud of the teams as they continue to anticipate and adapt to these challenges. where we improved capacity and were able to meet demands, we actually gained share. At the same time, we continue to advance our transformation, including modernizing our marketing and transforming our portfolio. As we look ahead, we continue cautiously optimistic. We are providing our consumers with solutions that they value, and we continue to unlock efficiencies, and reinvesting the business, all of which makes us stronger and positions us well for whatever challenges are still to come. With that, we are very happy to take your questions.