“There will be some near-term moderation, potentially at restaurant margins as some of the labor costs and commodity costs kick in.”

In context

“ner with Oppenheimer. Brian Bittner : Good morning. Thank you. You had a breakout operating margin performance in 3Q in your consolidated EBITDA margins year-to-date are now above 44%. And so, the question is, how do you want us to think about the EBITDA margin opportunity in a post-2021 world? Is there an opportunity to keep expanding from this elevated EBITDA margin level? I know there's more opportunity to leverage G&A and leverage D&A, but there's also a lot of inflation out there, so any color would be helpful. Kevin Ozan : Yeah. Thanks for the question, Brian. Relating to our operating margins, I think in our investor update last year, we talked about for 21 and 22, we thought operating margins would be pretty much in the mid-to-low 40's. I think that's still our thinking right now. There will be some near-term moderation, potentially at restaurant margins as some of the labor costs and commodity costs kick in. But we also expect to get leverage as sales are improving. We're currently in the midst of working through our 2022 plan, so I don't have exactly specifics, but I think generally that mid to low 40s is the way we've been thinking about it, both for this year and for next year. Operator: Our next question is from David Tarantino with Baird. David Tarantino : Hi, good morning. I was hoping that you would elaborate a little bit more on the loyalty program and what you're seeing there in the early stages, and just in terms of what it's doing to the business currently. And then, also, if you could give some perspective on how you're collecting data and what you're planning to use or to do with the data that you're collecting as you move into the next few years. Thanks. Chris Kempczinski : Sure”