Ian Borden: Well, let me start with that one. So let me start, I think, with 2023. And as you touched on, I think we started the year with an op margin guidance of about 45%. We’ve updated that now to say about 46%. We’re really pleased with our performance in the first half of the year where we were about 47% from an op margin standpoint. And I think that connects to what we’ve talked about pretty consistently, which is we do believe that over time, as we continue to drive top line growth that we can continue to get leverage in our op margin line. I think we saw that in the first half. As we head into the second half, I think there are a couple of things that kind of are specific to the guidance for the full year. Firstly, I think it’s the inflationary pressures and margin pressures, we certainly believe will continue.
I just talked about kind of the moderation of the top line as we kind of work through the rest of the year. Also expect, as I touched on in my opening remarks that our G&A spend for the year will be more back half than front half weighted. So that’s a factor. And the other call out and I kind of touched on this again in my opening remarks was we do expect, and this is in the guidance, that we will have a onetime property gain in the fourth quarter. I think as we look forward, again, I would just reiterate that we certainly believe as we’re continuing to being able to drive that top line growth that we can continue to gain leverage in the op margin line. And I think it’s something we’ll certainly talk about further in the Analyst Day at the end of the year.
Mike Cieplak: Our next question is from David Palmer with Evercore.
David Palmer: I would love to hear more detail about the IOM trends and insights from those countries. Where are you seeing relative strength and weakness and what do you ascribe those trends to? I mean, I asked partly because we’re still dealing with post-COVID dynamics in some of those markets that are perhaps greater than the US with some back to travel, back to work in center cities. But I’d also be interested to hear about macro headwinds you’re already seeing in the business. You mentioned the value menu launches in Germany and UK. So wondering if you were doing those as proactive launches or perhaps reactionary?
Chris Kempczinski: Well, as you saw in the results, overall, our IOM business put up very strong performance. So we’re very pleased with that and it’s a credit to the team and how they’re executing against that. Also, as you probably know, our IOM, particularly our European markets are facing even more significant inflationary pressures, UK in particular than in the US. And the teams there have done a really nice job of putting in the pricing that they need to, to ensure that we’re protecting margins — franchisee margins, but at the same time that we are maintaining our affordability and value for money leadership in those markets. And our measures there continue to hold up quite well. I think the other thing that’s going well for us is just the execution that we’re seeing in our IOM markets.
They continue to make progress on service times. Customer satisfaction scores are continuing to increase. So there’s been really strong performance from an operations standpoint over in Europe. Where you do see — and every country has obviously got a little bit of a different nuance. But certainly, the unrest that I mentioned in my opening comments in France has put some challenge from a macro standpoint on that business. We’ve also had a number of restaurants that have actually been impacted through some of the protests there that we’ve had to take offline, and they’re going to need to go and get rebuilt. So there is pressure that we’ve seen from a macro standpoint in France. In the UK, UK is dealing with probably the worse — we’re close to the worst consumer sentiment in Europe, and that’s putting some pressure on the business.
