Wingstop Inc. (NASDAQ:WING) Q3 2023 Earnings Call Transcript

Michael Skipworth: Sure Jake. There’s, two factors really in the increase in our guidance from the prior quarter and it’s — one is the investment in consulting fees that were in quarter three of $1.3 million. And then the balance relates to increase in our accrual for our short-term incentive-based compensation based on the performance in the business. And so in total for 2023, we have about $5.2 million of non-recurring consulting fee investments that will lap. And then obviously the short-term incentive will reset going into next year. So I would think about G&A, as a percent of system sales. And we’ll have more detail in 2024, but something that’s consistent with what we see in 2023 for next year.

Jake Bartlett: Okay. Great. When I had a question about the GLP-1, potential impact going forward, I know it’s really difficult to quantify. But just I’m wondering, how you’re thinking about it whether you’ve done work to your exposure. If there’ any markets where you’re seeing an impact? And then, I guess, if you think there would be an impact any kind of way you think you could react to that?

Michael Skipworth: Sure. Clearly, we’re not seeing an impact on our business today, which is supported by the strong results that we delivered for Q3. Jake, I think there’s, still a lot of questions out there around GLP-1 that remain to be answered. Affordability, the level of widespread, sustainable adoption I think are still relatively unknown. But as we think about our target guests in that group occasion where we win, we think we’re well positioned. And so we’re going to remain focused on our long-term growth strategies that we’re executing against and just continue to advance our strategies forward.

Jake Bartlett: Great. I appreciate it.

Operator: This concludes our question-and-answer session. And the conference has also now concluded. Thank you for attending today’s presentation. You may now disconnect.