“As we look to 2024 with elevated absolute prices and muted consumer confidence, we believe that consumers will continue to be more discriminating with their dollars, but we expect our focus on our MCD’s will continue to drive growth across our business.”

In context

“$0.07 per share. For the full year, adjusted operating margin was just over 47%, reflecting higher restaurant margin dollars across all segments. Despite the significant P&L pressures that we've discussed throughout the year, top line results generated $14 billion of restaurant margin for the year, an increase of about 10% in constant currency. Lastly, before I hand it back over to Chris, I want to touch briefly on our capital expenditures and free cash flow profile. Our CapEx spend for the year was approximately $2.4 billion, with more than half invested in new unit development across our US and IOM segments. After reinvesting in the business our free cash flow conversion was in the 90% range for the year. Now with that, let me turn it back over to Chris. Chris Kempczinski: Thanks, Ian. As we look to 2024 with elevated absolute prices and muted consumer confidence, we believe that consumers will continue to be more discriminating with their dollars, but we expect our focus on our MCD’s will continue to drive growth across our business. And from a historical perspective we know our resilience is rooted in our ability to adopt in any environment. McDonald's is one of the world’s most recognized and most bellowed brands, providing delicious meals at an affordable price and showing up when and where customers need us. By building a One McDonald's way of approach marketing and creative excellence, we will continue to scale the best ideas globally through common tools and processes that help us maximize return on investment and that shine a light on what people love about McDonald's. We're creating an environment that embraces bold creative and we're remaining connected to culture by tapping into the moments, memories, rituals, and behaviors that people have with our brand. And McDonald's position on value is a competitive ad”