Starbucks Corporation

Good afternoon. My name is Diego, and I will be your conference operator today. I would like to welcome everyone to Starbook's fourth quarter and full fiscal year 2024 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two on your telephone keypad. I will now turn the conference call over to Tiffany Willis, Senior Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

Thank you, Diego, and good afternoon, everyone, and thank you for joining us today to discuss Starbucks' fourth quarter and full fiscal year 2024 results. Today's discussion will be led by Brian Nickel, Chairman and Chief Executive Officer, and Rachel Ruggieri, Executive Vice President and Chief Financial Officer. This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statement should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information. That result in fourth quarter fiscal year 2024 is comparative period includes several items related to strategic actions, including restructuring and impairment charges and other items. These items are excluded from our non-gap results. All numbers referenced on today's call are on a non-gap basis unless otherwise noted or there is no non-gap adjustment related to the metric. As part of our non-GAAP results, revenue operating margin and EPS metrics on today's call are measured in constant currency, whereby current period results are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates for the current period, excluding related hedging activities. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release on our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, December 13, 2024. Also, for your calendar planning purposes, please note that our first quarter fiscal year 2025 earnings conference call has been tentatively scheduled for Tuesday, January 28th, 2025. With that, I now have the privilege of turning it over to Brian.

Thank you, Tiffany, and good afternoon, and thank you for joining today. Starbucks is one of the world's great companies and most iconic brands. It really is a privilege to take on this role. and I'm excited to be here and optimistic about the future. Since joining Starbucks last month, I've spent my time digging into the business, listening to partners and connecting with customers. These experiences and my learnings have helped me form a clear understanding of where we are and what we need to do differently moving forward. Everything I have seen and heard tells me we have significant strengths to build on. The brand is strong and enduring. We have deep coffee expertise and we have a fantastic team of Green Apron partners. I look forward to sharing more about my plan to get back to Starbucks with you shortly. But first, I'd like to turn it over to Rachel for a more detailed overview of our final Q4 and full fiscal year 2024 financial results. Rachel?