Tim Mullany: And one more thing to add, which is nothing notable. So we have been very successful thus far in the fourth quarter of shedding our evolving markets that have been a drag on restaurant level margin. In Q4, it was a 330-basis-point anchor on restaurant level margin. As we look forward into FY 2023 guidance, you will note that we are forecasting that to reduced 225-basis-point impact. So meaningful progress.
Dennis Geiger: Thank you, guys.
Operator: Your next question is from the line of Brian Mullan with Deutsche Bank. Your line is open.
Brian Mullan: Hey. Thank you. Just a question on the balance sheet, capital allocation, as you navigate this refranchising initiative, is there a leverage target that you are trying to get to our comfortable operating at during this transition period that investors should be aware and I am just asking because release mentioned possibly repurchasing up to $50 million of stock, but there’s also mentioned is paying down debt. So just wondering if you could speak to the strategy of the playbook as fiscal 2023 progresses?
Darin Harris: Yeah. Brian, we would — our target and objective here is to get to a targeted 5.5 leverage ratio. So we will be actively looking to work our way down to that target.
Brian Mullan: Thank you.
Darin Harris: Yeah.
Operator: Your next question is from Andrew Charles with Cowen. Your line is open.
Andrew Charles: Great. Thanks. Two questions for you. One quick one, one a little bit longer quick. First one is quick, what’s the tax rate that’s embedded in 2023 guidance? And then my real question is that, I recognize the guidance excludes the impact of Del Taco refranchising just given uncertain cadence of how this process unfolds recognizing you are approaching this in a very thorough manner. Is there a way to think about the impact this will have on next year’s EBITDA and EPS, as you will naturally deleverage on store level EBITDA, would you expect EPS accretion from G&A reduction and potentially using this cash proceeds for purchases, obviously, it give some cash inflows. You mentioned obviously want to stay around 5.5 — or getting to 5.5 times net debt-to-EBITDA, but just your thoughts on kind of the way there should unfold from an impact EPS and EBITDA?
Tim Mullany: Sure. The first question effective tax rate. We are assuming somewhere around at 27.5
Andrew Charles: Yeah.
Tim Mullany: in our modeling at this point. Relative to refranchising we are going to take a very methodical patient approach to this. We understand the sensitivity of EPS dilution and we are very focused on mitigating impact any impact associated with that. So as we go through this, like I said, very methodical, we are going to be evaluated in G&A efficiencies that we can achieve to ensure that we reduce that as much as possible. But a big point of this is also signing meaningful development agreements that we wouldn’t otherwise be able to achieve without refranchising. So this is really a key critical components of fueling our unit level growth for the business. And relative to the proceeds, yes, this is the — that’s one of the things we are certainly focused on in the process is, utilizing proceeds for share repurchases, as well as deleveraging to achieve that 5.5 times target.
