And that’s ready to go. It’s just a matter of rollout. And so those would be two things that I can talk about right now, and I’m sure that I will have many more things that I’ll be able to share with you as we progress throughout the year.
Alex Sturnieks: Thanks for answering my question. Appreciate it.
Jeff Uttz: Thanks, Alex.
Operator: Thank you. The next question comes from JP Wollam from ROTH Capital Partners. Please proceed with your questions, JP.
JP Wollam: Great. Thanks everyone for taking my questions. First, if we could just start maybe — a lot of new openings, call it, the last six months or so. Can you maybe just talk about — in terms of openings, are there any differences you’ve seen with kind of the latest cohort of openings? I know we’ve really talked a lot about the development. But maybe just kind of on customer reception and anything new you’re seeing or any new trends you’re seeing when these units open?
Hajime Jimmy Uba: [Foreign Language] [Interpreted] So over the last six months, we’ve been fortunate, very fortunate to be able to say that pretty much all the openings have in fact been really great. I’d say rather than noticing an anything new, what it’s really been is just a confirmation that our strategy was correct. In past earnings calls, we’ve discussed how we’ve taken a non-continuous growth approach across the United States. Fort Lee was our first New Jersey location, our first East Coast location. And on the strength of that, we’ve really filled out that market when we’re talking about Philadelphia, New York, Boston, DC. The entire Northeast has been great to us. And so that’s been — it’s just really great to be indicated and see that strategy pan out.
And obviously, with our other markets, such as Bellevue, having not been built in yet, that makes us that much more excited about the Pacific Northwest once we start to build out those markets. And in past calls, we mentioned Aventura being slow to recover from the pandemic and not really performing to the expectations we have prior to its opening. But subsequently, we’ve opened two more units, one in Bylan, which is in Orlando, and one in Tampa and both of them are doing spectacular. So it’s really — it’s great to see that the issue is not with Florida as a market, but really just that one specific site. We think Florida is a huge growth opportunity for us.
JP Wollam: Great. Yes, that’s very helpful. And then maybe one follow-up, if I could turn to Jeff. I just kind of want to ask, with the guidance of the 14.5% G&A as a percent of revenue, could you maybe just help give us a sense of kind of from where you started when you first joined Kura and kind of where that guidance is, how are you feeling about your ability to either kind of optimize some of the costs or take some costs out of the business? And how do you feel, as we go forward, whether there’s even more opportunity or whether you’ve really kind of pushed as far as you could on that regard?
Jeff Uttz: There is more opportunity. Absolutely. So we — it was 80 bps from fiscal ’22 to fiscal ’23 for our year — full year G&A leverage. And I’m very proud of that. That exceeded my expectations and my goals for the company when I came in. And leveraging G&A was in the top 3 things that Jimmy asked me to work on. And I’m very happy with what we’ve done. This year, we’re projecting more, as you can see based on our guidance. It was a lot in the first year. I’m really proud of our team. I’m proud of all the department heads really stepped up and did what they could to either push back hires and reduce expenses, do what they could become more efficient. And that’s what I’ve asked everybody to do and they’ve answered the bell.
And we’re going to continue to see that this year. One slight headwind on G&A that we have this year is this will be our first year of 404(b) compliance. So making sure we’re fully ready for that is increasing our public company cost a little bit. But even with that, we’re going to have future leverage this year, as you can see by our guidance. And then in fiscal ’25 and beyond, we’re going to continue to see leverage. And at some point, I don’t know, still with the company, we get it down into the single digits at some point. And I know we will. I have no time line on that, but we’re working on it.
JP Wollam: Got it. That makes sense. Thank you and best of luck on forward.
Jeff Uttz: You’re welcome. Thank you.
Hajime Jimmy Uba: Thanks, JP.
Operator: Thank you. And ladies and gentlemen, we have reached the end of the question-and-answer session. This does conclude today’s conference. Thank you very much for joining us, and you may now disconnect your lines.
