Operator

Hello, and welcome to the Annual Meeting of Shareholders of Choice Hotels International, Inc. Please note that today's meeting is being recorded. [Operator Instructions]

It is now my pleasure to turn today's meeting over to Jeff Lobb, Senior Vice President, General Counsel and Secretary of Choice Hotels International, Inc. Mr. Lobb, the floor is yours.

Jeffrey Lobb
Senior VP, General Counsel & Secretary

Thank you. Good morning, everyone. Welcome to Choice Hotels International's 2026 Annual Shareholders Meeting. I'm Jeff Lobb, the company's General Counsel and Secretary. I'm pleased to welcome everybody who's called in to join us this morning. As we've done in the past, at the conclusion of our formal portion of the meeting, we'll have a short Q&A session with Dom Dragisich, our newly appointed Interim CEO. Shareholders who've signed in using their control number can submit questions through the meeting portal, and we will endeavor to answer appropriate questions as time permits.

I am now calling this meeting to order. The Choice Hotels' Board of Directors set March 23, 2026, as the record date for this meeting. The only holders of shares of our common stock at the close of business on that record date were entitled to notice of and to vote at this meeting. On the record date, there were 45,757,096 shares of our common stock outstanding and entitled to vote. I'd like to welcome the members of our Board of Directors that are present this morning at our meeting, and that includes our esteemed Chairman, Stewart Bainum, Jr.

I'd also like to welcome Pam Masterson