Jon Howie: Yes. We continue to strive to contract about 40% to 45% of our total commodity basket. Right now, the biggest driver, I think, on most inflationary commodity baskets out there is beef. We’re contracted through the first quarter and a little past that at pricing that’s a little more than what we are paying now, but not extravagant. So we’re very pleased with that. So overall, from a commodity standpoint, it’s really too early to tell, but I think it’s going to be more normalized inflation next year with, obviously, the inflation in the beef cost and offset by some other things.
Todd Brooks: And then last one for me, and I’ll jump back in queue. Thanks for the updated guidance. Just trying to get a sense of the $1.85 to $1.90 guidance. What does that kind of imply for either same-store sales assumption or traffic assumptions in the fourth quarter for Chuy’s?
Jon Howie: Well, I mean, given the uncertainty environment out there of what’s going on, and we have some bigger matchups, if you will, in the fourth quarter because we are rolling over the implementation of Uber in the fourth quarter, which that was approximately 200 to 300 basis points as we spelled out in our release there. So that’s going to be a higher matchup going forward in the fourth quarter. So I think the sales will remain solid from here, but from on a comp basis, it will be a little flattish to up.
Operator: Our next question comes from Brian Vaccaro of Raymond James.
Brian Vaccaro: Could you just go back to the sales. Could you provide a little more perspective on the cadence that you saw through the quarter? And any update you can provide on what you’re seeing quarter-to-date?
Jon Howie: Sure. So the quarter was — it started out at about two — it was 2%. I’m sorry, Steve.
Steve Hislop: Yes, it’s all right. July was 2.3%, August was around 3.1%, and September was about 0.8% as far as our sales cadence throughout the quarter.
Jon Howie: And what we’re seeing here in October is flattish, slightly down in October in overall comp.
Steve Hislop: And a key part of that, as Jon just mentioned, was rolling over the 300 basis point improvement on DSPs that we mentioned in our delivery partners.
Brian Vaccaro: And Steve, just thinking about the pipeline in ’24, I’m curious what you expect the average build-out cost to be and how that might compare to 2023? And Jon, maybe you could talk to also the real estate strategy that you’re employing? Can you just remind us how that’s impacting your plans into ’24.
Steve Hislop: Why don’t you go over the real estate strategy?
Jon Howie: Yes. So we, right now, obviously, as you know, the build-out cost is probably about 40% higher than it was prior to the pandemic. Now we’re also doing development work of the site, land work versus getting the site delivered to curbs in like we were prior to the pandemic. So that’s added some costs as well. So you’re looking at overall cost in probably that $3.5 million to $4 million range. What we are doing to combat this is given that our cash situation gives us a little flexibility in our real estate is buying a lot of our properties since we’ve got to do the land development in any way, buying our properties, doing the land and development. And then in the future, when the cap rates come back down, doing a sales leaseback to recapture some of that cost and increase the overall ROI and get it to those cash-on-cash returns that we’re looking at 30%.
Brian Vaccaro: Okay. That’s great. And can you remind us how many pieces of land do you currently own?
Jon Howie: I think it’s right around 5% to 10% currently. And about half — I think about half of what we’re opening in ’24 are purchases.
Brian Vaccaro: And then just last one for me, if I may. Sorry, did you have a comment?
