McDonald's Corporation

Hello, and welcome to McDonald's third quarter 2022 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. At that time, investors only may ask a question by pressing star one on their touchtone phone. I would now like to turn the conference over to Mr. Mike C. Plack, Investor Relations Officer for McDonald's Corporation. Mr. C. Plack, you may begin.

Good morning, everyone, and thank you for joining us. With me on the call today are President and Chief Executive Officer Chris Kamchinski and Chief Financial Officer Ian Borden. As a reminder, the forward-looking statements in our earnings release and 8 filing also apply to our comments on the call today. Both of those documents are available on our website, as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following our prepared remarks this morning, we will take your questions. Please limit yourself to one question and then reenter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website. And now I'll turn it over to Chris.

Thanks, Mike, and good morning. I'm proud to report that our Q3 performance demonstrated our broad-based business momentum against an evolving macroeconomic backdrop. McDonald's unmatched scale and operational resilience, powered by our three-legged stool, has enabled us to deliver strong results this quarter. Global comp sales were up nearly 10%, and most of our major markets are growing share, which gives us confidence that we are operating from a position of strength even during difficult times. As the macroeconomic landscape continues to evolve and uncertainties persist, we continue to consider a wider range of scenarios as we look ahead. As I've said before, our base case scenario going forward is that we expect to experience a mild to moderate recession in the U.S. and one that will be potentially a little deeper and longer in Europe. That said, we operate in more than 100 countries around the world in varying economic environments. This has provided our teams valuable experience as McDonald's has proven to be successful in just about any business environment. I remain confident in our Accelerating the Arches strategy as our teams around the world continue to execute at a high level. And thanks to the resilience of the system and our continued investments at scale, we're laser focused on meeting the changing needs of our customers. Before we get into those details, I want to introduce Ian Borden on his first earnings call as our Chief Financial Officer. Ian brings a wealth of experience to this role, having spent the past several years as a member of our global senior leadership team. He first joined our system in Canada in 1994, and from there went on a bit of a McDonald's world tour. Over the past 30 years, he has served as CFO for Asia-Pac, Middle East and Africa region, and CFO for Russia and Eastern Europe. He's also held several leadership roles across our markets and regions, most recently as President of McDonald's International. I'm thrilled for Ian to be stepping into this new role, and I'll now turn it over to him to share more on our Q3 results.