“We expect 2022 adjusted diluted EPS growth to be weighted toward the second half of the year.”

In context

“ned investment areas include digital consumer engagement, smoke-free product research, development and regulatory preparations and marketplace activities in support of our smoke-free products. The external environment remains dynamic, however, and we're monitoring various factors such as the economy, including the impact of increased inflation; the impact of current and potential future COVID-19 variants and mitigation strategies; tobacco consumer dynamics, including tobacco usage occasions and available disposable income; and regulatory and legislative developments. Taking these factors into consideration, we expect to deliver 2022 full year adjusted diluted EPS in a range of $4.79 to $4.93. This range represents an adjusted diluted EPS growth rate of 4% to 7% from a $4.61 base in 2021. We expect 2022 adjusted diluted EPS growth to be weighted toward the second half of the year. Our guidance includes anticipated inflationary increases in master settlement agreement expenses and direct materials expenses and our current expectation that we will not have access to the IQOS system in 2022. I'll now turn it over to Sal to provide more detail on the business environment and our results. Sal Mancuso: Thanks, Billy. I'd like to begin with an update on consumer disposable income, mobility and retail store traffic. We believe rising gas prices, inflation and the reduction of COVID-19 relief programs led to a decrease in disposable income on a sequential and year-over-year basis. In addition, increased consumer mobility versus the prior year, offer consumers more options for their discretionary spending and led to fewer tobacco usage occasions. At retail, fourth quarter t”