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Financials - February 2023

















Bloomin’ Brands Announces 2022 Q4 Financial Results


Q4 Diluted EPS of $0.61 and Adjusted Diluted EPS of $0.68

Provides Full Year 2023 Financial Outlook

Declares Quarterly Cash Dividend of $0.24 per Share, an Increase of 71%

Authorizes New $125 Million Share Repurchase Program


February 16, 2023 07:00 AM Eastern Standard Time


TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2022 (“Q4 2022”) and fiscal year ended December 25, 2022 (“Fiscal Year 2022”) compared to the fourth quarter 2021 (“Q4 2021”) and fiscal year ended December 26, 2021 (“Fiscal Year 2021”).

CEO Comments

“We are pleased with our results in 2022 where we delivered profits and margins well above pre-pandemic levels despite significant inflation,” said David Deno, CEO. “All U.S. brands finished the year with positive comparable restaurant sales and our Brazil business achieved record levels of profits and sales. We are off to a good start to 2023 as we continue to elevate the customer experience and drive innovation across the portfolio while remaining focused on healthy top-line growth.”

View full version at Bloomin' Brands


Meritage Reports 2022 Full-Year Preliminary Results; 2023 Outlook: Transformational Growth Ahead

February 14, 2023 10:16 ET



GRAND RAPIDS, Mich., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU), the nation’s premier franchise restaurant operator, today reported preliminary financial results for the fiscal year ended January 1, 2023.

2022 Full-Year Highlights:

  1. Sales increased 8.5% to a record $626.0 million compared to $577.1 million last year.

  2. Earnings from Operations were $14.0 million compared to $18.1 million last year.

  3. Net Earnings were $9.1 million compared to $18.2 million last year. The 2022 fiscal year included one-time charges of $7.6 million associated with pre-opening, closing and disposition costs versus $4.0 million last year.

  4. Consolidated EBITDA (a non-GAAP measure) was $36.5 million compared to $47.5 million last year.

“Sales increased $48.9 million, driven by new store openings and strategic restaurant price increases aimed at offsetting high commodity and wage inflation experienced throughout the industry last year. Adjusting for one-time expenses, we had a solid year, highlighting the strength and resilience of our Wendy’s restaurants. During the year, we took advantage of store closures in several sub-optimal trade areas inherited from prior acquisitions. These strategic closures benefit and position the Company for stronger earnings growth going forward, as reflected in the earnings outlook for 2023. Our restaurant operations and real estate development teams continued to execute at the highest standards, including a strong development pipeline for new locations,” stated Meritage CEO, Robert E. Schermer, Jr.

Looking ahead to 2023, the Company is forecasting robust earnings growth, driven by new store openings and operating margin improvements throughout the year as cost inflation moderates. In conjunction with our growth plans, we recently signed a purchase agreement on an acquisition projected to close in the second quarter. Today the Company has a record number of new restaurant projects entitled for development and we look forward to opening the newly designed Wendy’s Global Next Gen restaurants. The new building design includes a fully modernized technology architecture with the ability to introduce voice AI and cloud technologies, new data management and restaurant level analytics tools. In addition, our recently opened Taco John’s restaurants are delivering very impressive sales for a newly introduced brand. Company growth plans include developing approximately 15 new Taco John’s locations in 2023.

The Company remains the only publicly traded company associated with the privately held Taco John’s franchise, providing investors with a unique investment means to participate in the Taco John’s national growth story.

View full version at Meritage


Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2022 Results



Feb 14, 2023, 06:00 ET






Global fourth quarter system-wide sales grow nearly 12% and over 13% for 2022 Consolidated comparable sales up nearly 8% in Q4, led by 11% growth at Tim Hortons Canada and Burger King International Digital sales grow over 30% year-over-year to over $13.5 billion in 2022, representing over a third of system-wide sales Restaurant growth accelerates to 1,266 net new units with Popeyes delivering its strongest development year since joining RBI RBI returns nearly $1.3 billion of capital to shareholders in 2022 while investing for growth and reducing net leverage RBI Board of Directors appoints Joshua Kobza to become CEO on March 1, 2023

TORONTO, Feb. 14, 2023 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2022.

José Cil, Chief Executive Officer of RBI commented, "We rounded out an exciting 2022 with another strong quarter, including nearly 8% consolidated comparable sales and 4% net restaurant growth, reflecting the strength of four iconic, global brands.

Tim Hortons Canada capped off an impressive year with comparable sales of 11% in the fourth quarter, benefiting from strong sales momentum as the team executes against its strategic priorities. At Burger King US, we saw sequential improvement in comparable sales in the first quarter of our Reclaim the Flame plan while driving further underlying improvements in operations across the system. On the Burger King International front, we once again delivered double-digit comparable sales with strong digital capabilities helping drive results.

Popeyes delivered its strongest year of restaurant growth since we acquired the brand in 2017, reaching nearly 4,100 restaurants worldwide. Meanwhile Firehouse Subs wrapped up its first full year in the RBI family, making important progress to position the brand to accelerate development and digital growth in the years ahead," continued Cil.

"We are focused on being guest-led in everything we do, setting our franchisees up for long-term success and as a result, setting ourselves, and our shareholders, up for long-term value creation. I'd like to thank our employees, franchisees, and team members for all their hard work and dedication throughout 2022," concluded Cil.

2022 Highlights:

  1. System-wide Sales Growth of 13.4%

  2. Net Restaurant Growth of 4.3%

  3. Diluted EPS of $3.25 versus $2.69 in prior year

  4. Adjusted Diluted EPS of $3.14 versus $2.82 in prior year

  5. Net Income of $1,482 million versus $1,253 million in prior year

  6. Adjusted EBITDA of $2,378 million increased 7.5% organically versus the prior year

  7. Net Cash Provided by Operating Activities of $1,490 million and Free Cash Flow of $1,390 million

RBI Board of Directors Appoints Joshua Kobza as CEO

RBI's Board of Directors announced today in a separate press release that it has appointed Joshua Kobza as the company's CEO effective March 1, 2023, as part of its ongoing succession planning process. Mr. Kobza will undertake his new role reporting to, and working together with, Patrick Doyle, a well-known industry veteran and Executive Chairman of RBI. José Cil will remain with the company for one year as an advisor and assist in the transition.

View full version at Restaurant Brands International



Denny’s Corporation Reports Results for Fourth Quarter and Full Year 2022

February 13, 2023 16:05 ET



SPARTANBURG, S.C., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its fourth quarter and full year ended December 28, 2022 and provided a business update on the Company’s operations.

Kelli Valade, Chief Executive Officer, stated, "We were pleased to deliver Adjusted EBITDA* that was slightly above the high-end of our previously guided range for the fourth quarter given the persistent choppy operating environment. With an evolved leadership structure, the addition of a complementary brand, and refined strategic priorities, we enter 2023 with renewed energy and focus on brand revitalization efforts at Denny’s and plans for accelerated growth at Keke’s."

Fourth Quarter 2022 Highlights

  1. Total operating revenue grew 12.3% to $120.8 million compared to the prior year quarter.

  2. Denny's domestic system-wide same-restaurant sales** grew 2.0% compared to the equivalent fiscal period in 2021, including a 1.7% increase at domestic franchised restaurants and a 6.0% increase at company restaurants.

  3. Opened 13 franchised restaurants, including 5 international locations and 1 Keke's location.

  4. Completed seven remodels, including six franchised restaurants.

  5. Operating income was $17.6 million compared to $62.6 million in the prior year quarter.

  6. Franchise Operating Margin* was $31.6 million, or 47.6% of franchise and license revenue, and Company Restaurant Operating Margin* was $6.8 million, or 12.6% of company restaurant sales.

  7. Net income was $12.8 million, or $0.22 per diluted share.

  8. Adjusted Net Income* and Adjusted Net Income Per Share* were $10.5 million and $0.18, respectively.

  9. Adjusted EBITDA* was $23.4 million.

  10. Cash provided by (used in) operating, investing, and financing activities was $14.5 million, $(2.6) million, and $(12.7) million, respectively.

  11. Adjusted Free Cash Flow* was $14.6 million.

  12. Repurchased $7.8 million of common stock.

Full Year 2022 Highlights

  1. Acquired Keke's on July 20, 2022 for $82.5 million.

  2. Total operating revenue grew 14.6% to $456.4 million compared to the prior year.

  3. Denny's domestic system-wide same-restaurant sales** grew 6.3% compared to the equivalent fiscal period in 2021, including a 6.0% increase at domestic franchised restaurants and a 10.4% increase at company restaurants.

  4. Opened 30 franchised restaurants, including 8 international locations and 2 Keke's locations.

  5. Completed 49 remodels, including 38 franchised restaurants.

  6. Operating income was $60.6 million compared to $104.1 million in the prior year.

  7. Franchise Operating Margin* was $121.3 million, or 47.3% of franchise and license revenue, and Company Restaurant Operating Margin* was $20.3 million, or 10.2% of company restaurant sales.

  8. Net income was $74.7 million, or $1.23 per diluted share.

  9. Adjusted Net Income* and Adjusted Net Income Per Share* were $31.6 million and $0.52, respectively.

  10. Adjusted EBITDA* was $77.5 million.

  11. Cash provided by (used in) operating, investing, and financing activities was $39.5 million, $(86.6) million, and $20.0 million, respectively.

  12. Adjusted Free Cash Flow* was $40.7 million.

  13. Repurchased $64.9 million of common stock.

Fourth Quarter Results

Total operating revenue increased 12.3% to $120.8 million compared to $107.6 million in the prior year quarter.

Franchise and license revenue was $66.5 million compared to $60.2 million in the prior year quarter. This increase was primarily driven by $5.6 million related to the kitchen modernization rollout and $1.5 million of Keke's franchise revenue in the current quarter.

Company restaurant sales were $54.4 million compared to $47.4 million in the prior year quarter. This increase consists of benefits from Denny's price increases and changes in product mix compared to the prior year quarter and $3.5 million of Keke's company restaurant sales in the current quarter.

Franchise Operating Margin* was $31.6 million, or 47.6% of franchise and license revenue, compared to $31.1 million, or 51.6%, in the prior year quarter. The margin rate was impacted by approximately 450 basis points as kitchen modernization equipment was sold to franchisees at cost.

View full version at Denny's


Ark Restaurants Announces Financial Results for the First Quarter of 2023 and Declaration of Quarterly Cash Dividend


February 13, 2023 04:05 PM Eastern Standard Time


NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 31, 2022.

Financial Results

Total revenues for the 13 weeks ended December 31, 2022 were $47,445,000 versus $43,986,000 for the 13 weeks ended January 1, 2022.

The increase in revenues for the 13 weeks ended December 31, 2022 compared to the same period of last year was driven by increased customer traffic and targeted menu price increases in Las Vegas, New York and Washington, D.C. In addition, New York and Washington, D.C. benefited from strong revenues from our event business in the current period as compared to the prior year. These gains were partially offset by decreased revenues in Florida of 9.2%.

The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13 weeks ended December 31, 2022 was $3,018,000 versus $3,946,000 for the 13 weeks ended January 1, 2022. Net income for the 13 weeks ended December 31, 2022 was $1,725,000 (which includes PPP Loan Forgiveness of $272,000), or $0.48 and $0.47 per basic and diluted share, respectively, compared to net income of $2,209,000 or $0.62 and $0.61 per basic and diluted share, respectively, for the 13 weeks ended January 1, 2022.

On February 8, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per share to be paid on March 14, 2023 to shareholders of record at the close of business on February 28, 2023.

As of December 31, 2022, the Company had a cash balance of $19,427,000, a certificate of deposit in the amount of $5,044,000 (including accrued interest) and total outstanding debt of $21,675,000.

View full version at Ark Restaurants







CHIPOTLE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS



Feb 07, 2023, 16:10 ET





FY22 OPERATING INCOME INCREASES 44.2% AND COMPARABLE RESTAURANT SALES INCREASE 8.0% AS MARGINS EXPAND

NEWPORT BEACH, Calif., Feb. 7, 2023 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2022.

Fourth quarter highlights, year over year:

  1. Total revenue increased 11.2% to $2.2 billion

  2. Comparable restaurant sales increased 5.6%

  3. In-restaurant sales increased 17.5%, while digital sales1 represented 37.4% of food and beverage revenue

  4. Operating margin was 13.6%, an increase from 8.1%

  5. Restaurant level operating margin was 24.0%2, an increase of 380 basis points

  6. Diluted earnings per share was $8.02, compared to $4.69. Adjusted diluted earnings per share, which excludes a $0.27 after-tax impact from expenses related to certain legal proceedings, the 2018 performance share COVID-19 related modification, and corporate restructuring, was $8.29, a 48.6% increase from $5.58.2

  7. Opened 100 new restaurants with 90 locations including a Chipotlane

Full year 2022 highlights, year over year:

  1. Total revenue increased 14.4% to $8.6 billion

  2. Comparable restaurant sales increased 8.0%

  3. In-restaurant sales increased 26.4%, while digital sales1 represented 39.4% of food and beverage revenue

  4. Operating margin was 13.4%, an increase from 10.7%

  5. Restaurant level operating margin was 23.9%2, an increase of 130 basis points

  6. Diluted earnings per share was $32.04, a 39.9% increase from $22.90. Adjusted diluted earnings per share, which excludes a $0.74 after-tax impact from expenses related to certain legal proceedings, the 2018 performance share COVID-19 related modification, corporate restructuring, employee separation costs, restaurant asset impairment and closure costs, and certain other costs, partially offset by an unrealized gain on investments, was $32.78, a 29.0% increase from $25.42.2

  7. Opened 236 new restaurants with 202 locations including a Chipotlane

"We delivered strong growth in 2022, expanding average unit volumes and restaurant level margin, while opening the highest number of new restaurants in six years, despite facing a challenging and fluid macro environment," said Brian Niccol, Chairman and CEO, Chipotle. "Our continued focus on recruiting and retaining the best people, delivering Chipotle's operational standards with delicious food prepared fresh daily uniquely positions Chipotle to successfully expand to 7,000 restaurants over the long term."

View full version at Chipotle


Yum! Brands Reports Fourth-Quarter Results and Increases Dividend


Industry Record Full-Year 4,560 Gross Unit Openings

Fourth-Quarter System Sales Growth of 10% excluding Russia Impact







Yum! Brands Reports Fourth-Quarter Results and Increases Dividend

February 08, 2023 07:00 AM Eastern Standard Time


LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the fourth-quarter and year ended December 31, 2022. Fourth-quarter GAAP EPS was $1.29, an increase of 17%. Fourth-quarter EPS excluding Special Items was $1.31, an increase of 29%. Full-year GAAP EPS was $4.57, a decrease of (12)%. Full-year EPS excluding Special Items was $4.51, an increase of 1%. Full-year GAAP Operating Profit growth was 2%. Full-year Core Operating Profit1 growth was 6%, including a 2-point headwind from the removal of Russia profits.

DAVID GIBBS & CHRIS TURNER COMMENTS

David Gibbs, CEO, said “2022 was a landmark year for Yum! as we beat our own industry record for unit development, opening an incredible 4,560 gross new units. Despite a challenging environment, we achieved widespread system sales growth of 8% excluding Russia with $24 billion in digital sales, demonstrating that our iconic brands are more relevant, easy and distinctive than ever. I’m confident that our distinct competitive advantages including our world-class franchisees and the industry’s best talent will drive accelerated growth in the future.”

Chris Turner, CFO, said “Our fiscal 2022 results delivered on our raised long-term growth algorithm with record-setting net new unit growth and 4% same-store sales growth. Despite inflationary pressures and a 2-point negative impact from Russia, we delivered 6% Core Operating Profit growth – a testament to the strength of our enterprise. We remain focused on executing the strategies underlying our Recipe for Good Growth to drive our business forward. I'm also pleased to announce our Board of Directors approved an increased quarterly dividend of $0.605.”

View full version at Yum! Brands




RAVE Restaurant Group, Inc. Reports Second Quarter Results

February 02, 2023 09:00 ET



DALLAS, Feb. 02, 2023 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the second quarter of fiscal 2023 ended December 25, 2022.

Second Quarter Highlights:

  1. The Company recorded net income of $0.3 million for the second quarter of fiscal 2023 compared to net income of $0.5 million for the same period of the prior year.

  2. Income before taxes remained stable at $0.5 million for the second quarters of both fiscal 2023 and fiscal 2022.

  3. Adjusted EBITDA remained stable at $0.6 million for the second quarters of both fiscal 2023 and fiscal 2022.

  4. Total revenue increased by $0.2 million to $2.9 million for the second quarter of fiscal 2023 compared to the same period of the prior year.

  5. The Company used $3.6 million to repurchase shares of its common stock in the second quarter of fiscal 2023.

  6. Pizza Inn domestic comparable store retail sales increased 8.4% in the second quarter of fiscal 2023 compared to the same period of the prior year.

  7. Pie Five domestic comparable store retail sales increased 6.3% in the second quarter of fiscal 2023 compared to the same period of the prior year.

  8. On a fully diluted basis, net income remained stable at $0.02 per share for the second quarters of both fiscal 2023 and fiscal 2022.

  9. Cash and cash equivalents decreased $4.3 million since year end to $3.4 million at December 25, 2022.

  10. Pizza Inn domestic unit count finished at 125.

  11. Pizza Inn international unit count finished at 33.

  12. Pie Five domestic unit count finished at 31.

“Our second quarter results mark 11 consecutive quarters of profitability for RAVE driven by a strong top-line and focused cost controls while investing in the future of our business,” said Chief Executive Officer of RAVE Restaurant Group, Inc., Brandon Solano. “Our second quarter shows continued same-store sales growth at both Pizza Inn and Pie Five, net income and EBITDA stability and strong operating cash performance.”

View full version at RAVE Restaurant Group


Good Times Restaurants Reports Results for the First Fiscal Quarter Ending December 27, 2022


February 02, 2023 04:05 PM Eastern Standard Time


DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the first fiscal quarter ended December 27, 2022.

Key highlights of the Company’s financial results include:

  1. Total Revenues for the quarter increased 1.5% to $33.4 million compared to fiscal 2022 first quarter

  2. Total Restaurant Sales for Bad Daddy’s restaurants were $25.2 million for the quarter

  3. Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 2.4% for the quarter

  4. Total Restaurant Sales for Good Times restaurants were $8.0 million for the quarter

  5. Same Store Sales for company-owned Good Times restaurants increased 3.0% for the quarter

  6. Net Loss Attributable to Common Shareholders was $0.1 million for the quarter

  7. Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $0.7 million

  8. The Company ended the quarter with $6.9 million in cash and no long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “During this first quarter of fiscal 2023, we continued to experience challenges with inflationary pressure, particularly at the Good Times brand where our cost of sales increased significantly compared to last year’s quarter with lesser increases throughout the rest of the P&L. These increases in cost of sales have been primarily driven by increases in beef cost, though we have experienced increased costs of other products including buns and burger toppings. We increased prices by 3.4% at the start of calendar 2023 which will partially offset the increases we have seen in cost of sales and should also temper the impact of the eight percent minimum wage increase in Colorado. Though our mission continues to be in long-term profitability, the extent of the input costs we are seeing, coupled with the longer-term forward outlook on beef prices is driving increased focus on cost savings at the restaurant level. We continue to invest in this brand and are on target with our signage replacement program where we expect to replace all of the signage throughout the system by the end of fiscal 2024.”

View full version at Good Times Restaurants


BRINKER INTERNATIONAL REPORTS SECOND QUARTER OF FISCAL 2023 RESULTS; AND UPDATES FISCAL 2023 GUIDANCE



Feb 01, 2023, 06:45 ET





DALLAS, Feb. 1, 2023 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the second quarter ended December 28, 2022.

Second Quarter Fiscal 2023 Financial Highlights

Our results for the second quarter of fiscal 2023 were driven by a solid increase in company sales and improved restaurant operating margin. Our brand's ability to implement incremental menu pricing and drive positive item mix led to a 9.7% increase in comparable restaurant sales for the second quarter of fiscal 2023. Specifically, Maggiano's experienced strong holiday sales in all channels, including dining room, banquet and to go, exceeding pre-pandemic levels. Restaurant operating margin improved over the first quarter of fiscal 2023 due primarily to the increase in sales and moderating commodity inflation. Commodity inflation for the quarter increased meaningfully year over year and will continue to be a headwind, although at a diminishing rate as we move through the rest of the fiscal year. We increased facility expenditures at our restaurants in the second quarter in alignment with our commitment to improving our guest experience and ensuring our restaurants are in good repair and well maintained.

"Our second quarter performance represents a positive step forward for our new approach," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "Our focus on the Team Member and Guest experience, coupled with a more strategic pricing strategy, has allowed us to grow our top line and sequentially improve our margins. We will build on this solid foundation as we continue to implement our strategic initiatives and move the business forward."

View source version at Brinker







McDONALD'S REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS



Jan 31, 2023, 07:00 ET





  1. Global comparable sales increased over 12% for the quarter, with double-digit growth across all segments

  2. Digital Systemwide sales* in our top six markets were over $7 billion for the quarter, representing more than 35% of their Systemwide sales

  3. Full year comparable sales grew over 10%, and comparable guest counts grew 5%

CHICAGO, Jan. 31, 2023 /PRNewswire/ -- McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2022.

"Our Accelerating the Arches strategy is driving growth and building brand strength, delivering exceptional full year performance in 2022 with over 10% comparable sales growth and 5% comparable guest count growth globally," said McDonald's President and Chief Executive Officer, Chris Kempczinski. "While we expect short-term inflationary pressures to continue in 2023, we remain highly confident in Accelerating the Arches, which now includes a greater emphasis on new restaurant openings. The recently announced Accelerating the Organization initiative will complement this strategy to enable the McDonald's System to be faster, more innovative, and more efficient. We're proud of our continued strong performance, but we're not satisfied. That's the hallmark of McDonald's."

Fourth quarter financial performance:

  1. Global comparable sales increased 12.6%, reflecting strong comparable sales across all segments:

  2. U.S. increased 10.3%

  3. International Operated Markets segment increased 12.6%

  4. International Developmental Licensed Markets segment increased 16.5%

  5. Consolidated revenues decreased 1% (increased 5% in constant currencies).

  6. Systemwide sales increased 5% (13% in constant currencies).

  7. Consolidated operating income increased 8% (16% in constant currencies). Excluding $54 million of prior year charges primarily related to the 2021 sale of McD Tech Labs, consolidated operating income increased 5% (14% in constant currencies).**

  8. Diluted earnings per share was $2.59, an increase of 19% (26% in constant currencies). Excluding the prior year charges described above, diluted earnings per share increased 16% (23% in constant currencies).**

Full year financial performance:

  1. Global comparable sales increased 10.9%, reflecting strong comparable sales across all segments:

  2. U.S. increased 5.9%

  3. International Operated Markets segment increased 13.3%

  4. International Developmental Licensed Markets segment increased 16.0%

  5. Consolidated revenues were flat (increased 6% in constant currencies).

  6. Systemwide sales increased 5% (11% in constant currencies).

  7. Consolidated operating income decreased 10% (3% in constant currencies). 2022 results included $1.3 billion of charges related to the sale of the Company's business in Russia and a gain of $271 million related to the Company's sale of its Dynamic Yield business. Excluding these items along with net gains in 2021, consolidated operating income increased 3% (10% in constant currencies).**

1

  1. Diluted earnings per share was $8.33, a decrease of 17% (12% in constant currencies). Excluding the current year charges and gains described above of $1.04 per share and additional nonoperating expense of $0.73 per share related to the settlement of a tax audit in France, diluted earnings per share was $10.10, an increase of 9% (15% in constant currencies), when also excluding prior year net gains and income tax benefits.**

*Refer to page 5 for a definition of Systemwide sales. **Refer to pages 3 and 4 for additional details on fourth quarter and full year gains and charges for 2022 and 2021.

View full version at McDonald's

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