“And so I think that's kind of the third broad kind of trend that we think about when we talk about moderation. So if I spoke specifically to the US, I think we're obviously looking at kind of a one year comparable but also kind of comparing back to 2019, I think that moderation is probably more pronounced in the back half of the second half than the front half.”

In context

“ing that gradual kind of decline. And I think in the majority of our international markets, we started to see, I think, as we head into the back half of the year, the gradual decline begin there as well. And so I think as inflation begins to come down, I would certainly expect our pricing levels to also start to come down. So that's the second factor. And I think then the third factor would just be, as Chris touched on previously, I mean, I think there are a number of our top markets where we know the macroeconomic conditions are challenging. We know there continues to be a lot of pressure on consumers. We know consumer sentiment continues to be impacted. And so we do expect the broader sector to kind of begin to kind of decline in those markets as we go through the back half of the year. And so I think that's kind of the third broad kind of trend that we think about when we talk about moderation. So if I spoke specifically to the US, I think we're obviously looking at kind of a one year comparable but also kind of comparing back to 2019, I think that moderation is probably more pronounced in the back half of the second half than the front half. But I think if you step back and you think -- you look at the quarter two results, we had positive traffic across each of the three operating segments. We are laser focused on what we certainly feel is the most important metric, which is that we are continuing to gain market share in the majority of our top markets. We know we continue to outperform the competitive set and that's certainly what we're laser focused on. We feel really confident about how our Accelerating the Arches strategy continues to resonate across all the markets we do business with and the strength of our underlying momentum. Mike Cieplak: Our next question is from Jeff Bernstein with Barclays. Jeff Bernstein: Just looking at the guidance that you provided. I think you mentioned that operating margins, you're now expe”