Molson Coors Beverage Company

Good day and welcome to the Molson Coors Third Quarter 2019 Earnings Conference Call. Participants can find related slides on the Investor Relations page of the Molson Coors website. Our speakers today are Gavin Hattersley, President and Chief Executive Officer, Tracey Joubert, Chief Financial Officer. With that, I'll hand it over to Mark Schwartzberg, Vice President of Investor Relations. Please go ahead.

Thank you, Steve, and hello, everyone. Following prepared remarks from Gavin and Tracey, we will take your questions. Please limit yourself to one question. If you have more than one question, please ask your most pressing question first and then re-enter the queue to follow up. We expect you will have various questions on the revitalization plan we announced this morning. To the extent that you have technical questions on the quarter, we ask that you pick them up with me in the days and weeks that follow. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Important factors that could cause actual results to differ materially from the expectations and projections contained in such statements are disclosed in the company's filings with the SEC. The company does not undertake to update forward-looking statements, whether as a result of new information, future events, or otherwise. Gap reconciliations for any non-US GAAP measures are included in our news release or otherwise available on the company's website. at MoltenCoors.com. Also, unless otherwise indicated, all financial results the company discusses are versus the comparable prior year period and in U.S. dollars. With that, over to you, Gavin.

Thank you, Mark, and hello, everyone. Welcome, everybody. I'd like to first frame the revitalization plan we included in the slides we filed with the SEC and announced to our employees early this morning, and which I will review in more depth after Tracey's remarks. We are one of the world's leading brewers and own a tremendous portfolio of brands, but we're over indexed in declining segments. Our core brands have seen years of volume losses and our marketing spend and innovation capabilities haven't kept up with the competition. Our business is at an inflection point. We can continue down the path we've been on for several years, or we can make the significant and difficult changes necessary to get back on track. Our revitalization plan is designed to streamline the company, to move faster, and to free up resources to invest in our brands and our capabilities. And through it, we will create a brighter future for Molson Coors. The plan aims to revitalize Molson Coors, achieving consistent top-line growth by enabling us to invest in iconic brands, as well as opportunities to grow in the above premium space, to expand beyond beer without having to sacrifice support for larger brands in the company's portfolio, and to create new digital competencies for commercial functions, system capabilities for the supply chain, and new capabilities for employees. To make this possible, we plan to unlock resources by eliminating duplication, shedding what's not working, and restructuring the organization to better succeed in today's competitive, fast-paced environment. And I will review this plan with you shortly. But first, over to you, Tracey, for Q3 results.