Jon Tower: Great, thanks. And then, just curious, your business has obviously got very strong demand from a traffic standpoint, and I know you’ve had some success earlier in terms of expanding some of the early dine options during the weekdays. I think since COVID added about an extra hour or so to that during the weekdays, if I’m not mistaken. So, curious, do you feel like there’s more opportunity, perhaps extend that further? I think it’s mostly 3:00 p.m. to 6:00 now. Could you push it further to 2:30 or 2:00 or is that just something that kind of not contemplated today to meet that demand?
Jerry Morgan: Yes. Thanks, Jon. I think it really is open to a 5:30 or 6:00. So if they open at 2:30, 2:45, but most of the stores are opening at 3:00 so as soon as they open, that early dine kicks in. I think that’s where we’ll stay for now. I don’t see us getting any earlier than that, but might be a few out there.
Jon Tower: Great. Thanks for the time.
Jerry Morgan: Thank you.
Operator: Your next question comes from a line of Jake Bartlett from Truist Securities. Your line is open.
Jake Bartlett: Great. Thanks for taking the question. Mine is about development. And first, maybe a clarification. You said today that you expect to open or you continue to expect to open 30 company-owned stores across three brands. My reading of the last earnings call is that it was 30 with Texas Roadhouse and Bubba’s, but then three Jaggers. But just to confirm, is there any change in the company-owned development outlook in 2024?
Jerry Morgan: Jake, I don’t think there’s any change at this time. We’re definitely after the massive amount of openings we had in the last four months of 2024. We are trying to strategically spread that out a little bit. But as of right now, we are focused on that number between the three.
Michael Bailen: Yes, and I would just – Jake, this is Michael. It does say approximately 30, so we just put all of those into there. The Jaggers timing, whether we get three open, we will see. And those could be later in the year, but we just felt it was cleaner to give you all that number all in one.
Jake Bartlett: Got it. And you also mentioned that you expect the cadence to be more balanced over the year. Maybe if you can dig into that a little bit, maybe comments on the development environment, the headwinds we’ve been hearing about and seeing for three or four years now. Are you starting to see signs that that’s easing and that’s what gives you more confidence in a kind of evenly spaced development in 2024?
Chris Monroe: Yes. Jake, it’s Chris. I think we are seeing that smoothing out a little bit. And Jerry oversees our development team himself, and so that’s something he may want to speak to. But I will say that a lot of the jurisdictional issues, the permitting issues, things that you’ve been hearing from us and others are largely behind us. There are still occasional problems in the supply chain, but for the most part, we’re getting work done, although at a higher cost. And so that’s definitely seems to be with us as we go. But we do feel good about the way that we’ve got this. We’re calling this cadence that we’ve built, and we feel very good about that as it’s flowing through. I don’t know if you have anything you wanted to add, Jerry?
Jerry Morgan: Yes, thanks, Chris. Just a matter of a lot of work been put into this timeline and building in the – that what the times that it takes to get all of these set up and then we can make the decision. So I think there’s been a lot of work and effort. It’s looking really good right now for 2024 and 2025, and we really want to keep that cadence going forward. It takes a lot of pressure off of our crew to get the most of the openings in the first three quarters versus jamming everything into the fourth quarter. So we’ve been working really hard on that and we’re going to try to keep that cadence going forward.
Jake Bartlett: Great. And then last little kind of nitpicky modeling question. If I look back at the extra operating week in 2019, the fourth quarter of 2019, it was about a 60 basis points benefit to restaurant margins. Is that where we’re getting the 4% impact for the year when math we could tell you 2% for an extra week. But is that about right, 60 basis points boost in the restaurant margins. And that’s really where the outsized earnings from that week comes from.
Michael Bailen: Hey, Jake, it’s Michael. I don’t have the numbers right in front of me for this call, but certainly you are getting margin expansion as part of the reason why you’re getting 4% – an estimated 4% benefit for approximately 2% increase in store week. So that’s probably as much as I can give you on that. Some of the benefit does come outside of restaurant margin as well, but there is a benefit – there surely is a benefit in there from that high volume extra week.
Jake Bartlett: Great. I appreciate it. Thank you.
Operator: This concludes our question-and-answer session for today. I would like to turn the call back to Jerry Morgan.
Jerry Morgan: Thank you and all for being on our call tonight. And to Roadie Nation, YeeHaw [ph] to an incredible year. Thank you each and every one of you. Let’s go.
Operator: This concludes today’s conference call. Thank you for attending. You may now disconnect.
