Starbucks Corporation (NASDAQ:SBUX) Q3 2024 Earnings Conference Call July 30, 2024 5:00 PM ET

Company Participants

Tiffany Willis - VP of IR
Laxman Narasimhan - CEO
Rachel Ruggeri - EVP and CFO

Conference Call Participants

Brian Harbour - Morgan Stanley
Sara Senatore - Bank of America
Jeffrey Bernstein - Barclays
Peter Saleh - BTIG
Jon Tower - Citi
David Tarantino - Baird
Sharon Zackfia - William Blair
John Ivankoe - JPMorgan
Christine Cho - Goldman Sachs
David Palmer - Evercore ISI

Operator

Good afternoon. My name is Diego and I will be your conference operator today. I would like to welcome everyone to the Starbucks Third Quarter Fiscal Year 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I will now turn the conference call over to Tiffany Willis, Senior Vice President of Investor Relations. Ms. Willis, you may now begin your conference.

Tiffany Willis

Thank you, Diego. Good afternoon and thank you everyone for joining us today to discuss Starbucks third quarter fiscal year 2024 results. Today's discussion will be led by Laxman Narasimhan, Chief Executive Officer; and Rachel Ruggeri, Executive Vice President and Chief Financial Officer.

This conference call will include forward-looking statements, which are subject to various risks and uncertainties that can cause our actual results to differ materially from these statements. Any such statement should be considered in conjunction with cautionary statements in our earnings release and risk factors discussed in our filings with the SEC, including our latest annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update any of these forward-looking statements or information.

GAAP results in third quarter fiscal year 2024's comparative period includes several items related to strategic actions, including restructuring and impairment charges and other items. These items are excluded from our non-GAAP results. All numbers referenced on today's call are on a non-GAAP basis, unless otherwise noted or there is no non-GAAP adjustment related to the metric. As part of our non-GAAP results, revenue, operating margin and EPS growth metrics on today's call are measured in constant currency, whereby current period results are converted into United States dollars using the average monthly exchange rates from the comparative period rather than the actual exchange rates for the current period, excluding related hedging activities.

For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find reconciliations of those non-GAAP measures to their corresponding GAAP measures. This conference call is being webcast and an archive of the webcast will be available on our website through Friday, September 13, 2024.