McDonald's to exit Russia, expects $1.2-1.4B charge to write off investment

MCDONALDS CORP

Initiated process to sell entire Russian portfolio to local buyer; restaurants will be 'de-Arched' and no longer use McDonald's branding.
Expects non-cash impairment charge of approximately $1.2-1.4B to write off net investment in Russia and record foreign currency translation losses.
Reaffirms 2022 outlook; expects operating margin in 40% range (mid-40% adjusted), ~1,300 net additions, capex $2.1-2.3B.
McDonald's will seek to ensure 62,000 Russian employees are paid until transaction closes and have future employment with buyer.
Ukraine restaurants remain closed; company continues to pay salaries and support relief efforts.

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