“We do still believe that longer term, there's leverage to be gained both in operating margin and specifically on the G&A side that should help that operating margin longer term, not in 2022, but longer term that should help improve that operating margin going forward.”

In context

“US this year for the first time in several years, but it's certainly not an access to capital, as you mentioned. It really is just a timing thing. And we are finding that openings are taking a little bit longer between some supply chain challenges and some permitting just timeframes. I think there's a backload making just getting through all the government processes take a little longer. On operating margin, we upped that guidance a little bit right after the Russia announcement. It really is a function primarily of selling our Russia business. The Russia business, as you know, was primarily company-owned and actually had an operating margin below our global average. So, by taking them out now actually helped improve the operating margin. So, it is just a function of mix in the near-term. We do still believe that longer term, there's leverage to be gained both in operating margin and specifically on the G&A side that should help that operating margin longer term, not in 2022, but longer term that should help improve that operating margin going forward. Mike Cieplak: Our next question is from Jared Garber with Goldman Sachs. Jared Garber: Hi. Thanks for taking the question. Just sort of two for me. I'm curious on daypart, if you're seeing any shift in daypart usage across the US system. I know you talked about some maybe some easing on the lower income side of the consumer, but wondering if you're seeing anything specific to any of the dayparts, whether that's breakfast, lunch, diner or late night that you'd like to call out. And then I also wanted to know if you could help quantify or provide some incremental color on the gains that you're seeing either on average check or frequency from the loyalty program now that we've effectively launched one year past the launch in the -- or last one year since the launch in the US. Thanks. Chris K”