Chris O’Cull: Thanks. Good afternoon guys. Jed, I apologize if I missed it, but can you help us with the cadence of the wash openings for the year? And maybe what volume you are assuming for new washes in year one? And then what maybe €“ or what the full investment you are looking for per wash excluding land, I guess?
Jed Gold: Yes. So, as we think about €“ I mean just Q4, we will start there, 13 greenfields that we opened in Q4 of 2022, really pleased with how the quarter came together and the number of new builds that we are to open. As we think about the approximate 35 over the course of 2023, we did not disclose the cadence, but it will be slightly favored to the second half of the year versus the first half of the year. And then as we think about the overall investment, it’s in line with what we have historically seen, just under $6 million gross CapEx investment and that we are able to do a sale-leaseback $4 million, just over $4 million. We still believe that we are going to be able to get less than a 3-year payback on these greenfields.
We are seeing 50% cash-on-cash return by year two in our greenfields. These continue to perform extremely well. And this is the highest and best use of our capital. And so we are making investments and building these as quickly as we can, but making sure we have a good quality asset that’s going to withstand the test of time. We have got the team in place to operate them to our operating standards. But we €“ as you heard in our prepared remarks, we have got a very robust pipeline, not only for 2023, but we are working towards 2024 and even 2025 at this point.
Chris O’Cull: Can you €“ what are these new washes averaging in terms of UWC membership levels in their €“ maybe their first year, or maybe how quickly do you think they are going to ramp to, let’s say, 4,000 members?
Jed Gold: Yes. Chris, for competitive reasons, we are not going to talk in a lot of detail on that. As inferred on the earlier question, though, we are A, B testing, doing discounts in some of these greenfields opening out of the gates and some where we aren’t doing discounting and trying to isolate those variables as to where a discount helps us reach that kind of targeted UWC member base earlier. Obviously, the faster we can grow that UWC member base in these greenfields, it’s going to help in the long-term returns and what we are targeting.
Chris O’Cull: Okay. Thanks.
Operator: And this concludes our question-and-answer session. I would like to turn the conference back over to John Lai for any closing remarks.
John Lai: Well, thank you, operator and thank you everyone for joining us today. We are really proud of our team and all the great men and women out there in the field. They have done an amazing job this past year, really buckling down and demonstrating who we are and what we are made of. It’s one thing where you have got a whole lot of tailwind to look great, but when you face some headwinds and you are able to demonstrate your resolve, demonstrate who you are by delivering an exceptional experience to our customers. It really kind of speaks volumes to how well positioned we are as a company. As the macro environment improves, we are very confident that our growth trajectory will continue. And for us, it’s going to be up and to the right, and we are just getting started.
