Roger Lipton: Okay. So it obviously is going to take you some time to restructure that portfolio in terms of how many you want to retain for the company, how many you want — you can sell to existing franchisees of other concepts and how many might be convertible conversion candidates, right? So how would you guess that that’s going to affect our — the fourth quarter?
Andrew Wiederhorn: A couple of things. I mean when we look at the 61 store portfolio, we’re very excited to have this brand and grow this brand first and foremost. Second, only about two-thirds of the restaurants are even eligible for conversion. We don’t know whether we get half or two-thirds of them converted and that’s a function of landlord negotiations and things like that. Probably 10 of them will be corporate stores, probably between 20 and 30 will be franchise locations. Those last 10, whether they’re franchise or corporate remains to be seen there. 20 of them are absolutely in franchise markets, where we have existing franchisees. Ten of them are in franchise markets where we don’t have a franchisee and either one of our existing franchisees will step up and take it or a new franchisee will come along?
Or will operate them and convert them as a corporate store. It also depends on, like I said, landlord negotiations and things like that. So it’s a little bit up in the ear, but not that much. We’re pretty certain at 30 of the 40 over the next couple of years. So it’s not an overnight thing. We’re going to operate all 61 of those Smokey Bones well into 2024. And in Q4, we’re going to have a good Q4, and as I answered earlier to Joe Gomes, we expect that we will exceed our 2022 numbers from an adjusted EBITDA and annual basis because of that?
Roger Lipton: So is your hope — is it a realistically hope that the Smokey Bones group of stores, that will not hurt the fourth quarter? Is that reasonable…?
Andrew Wiederhorn: Absolutely. It will help the fourth quarter. It will not hurt the fourth quarter.
Roger Lipton: Okay.
Andrew Wiederhorn: It’s a brand that we anticipate on having $10 million a year in adjusted EBITDA from. So unless there’s some horrific seasonality, which there shouldn’t be in the fourth quarter, we expect it to be helpful to the fourth quarter.
Roger Lipton: Do you expect that $10 million incremental EBITDA will be in effect essentially already in the fourth quarter, in the next 12 months, is it realistic to think that it will?
Andrew Wiederhorn: In the next — yes, from a run rate perspective in the next 12 months, yes. Will we see all of it in Q4 on a pro rata basis? No, because there are certain synergies that take months or a couple of quarters to realize, things like that. But it’s definitely a net positive. It’s all good and we’re — it’s been an easy transition. They have a great team there. This isn’t a big slash and burn type of acquisition. We need those guys running those restaurants or company-owned stores. So we’re very happy to have them on our team.
Roger Lipton: Okay. That’s helpful. As far as the co-branding activity, which you made quite a bit of reference to in recent months, can you give us any — even if it’s only anecdotal descriptions of how locations do when a second brand is added or even if a new location is open with two brands rather than one.
