John Meloun: Yes, Alex. So we will double-click on that in the Investor Day. We debated whether or not this was the right forum to dive into that. And just — it’s too much data to try and do in a five-minute kind of Q&A session. But to think about it, we’ve talked about 40% cash-on-cash returns at certain levels of AUVs. We are seeing a lot of our brands produce more than that from an AUV perspective, and we continue to keep climbing. The scale brands for sure as we talked on the call, north of $575,000 roughly on a weighted average AUV. So their cash-on-cash returns are much higher than the ad design model, which we’ve largely spoke about. You have brands in the, we’ll call it, not at scale, BFT, Rumble. Those are already coming out opening at $500,000-plus AUVs in year one.
So you could actually expect to see the cash returns better there. We do have brands in the unscaled like STRIDE, Row House, AKT. They’re different model, and I talked to into in the call in relation to how those studios can operate at lower AUVs, we get generate similar margins if they go to more of an owner-operator model versus a semi-absentee model. So definitely, we’ll provide a lot more detail on that in the Investor Day and get more clarity to you guys so you could see it more at a brand level, how we think about the business and how they’re performing. So I would say, stay tuned on that, but we’re excited to kind of delve into that in about a month.
Alexander Perry: Perfect. And then I guess, just my follow-up question, is a two-parter. How much visibility is there in the unit growth outlook for this year? Is that sort of based on leases that have already been signed. So you have a high degree of confidence there? And then maybe one more for you, John. Just the $7.2 million add-back of write-down of brand assets, can you just give us a little more color what that is, that would be really helpful. Thanks.
John Meloun: Yes. I’ll start with the $7.2 million. In Q2, the original Rumble founder studios, those were as part of our agreement when we purchased that business, they would be exiting at a certain point. That happened in Q2. We did assume those studios. So the ones in a lot of the major markets, we have those. So we will be looking to get those refranchised over time. So that was one of the — that was what the $7.2 million reflects. In essence, when we bought the brand, the intangibles were assigned to the franchise agreements because that’s what was outstanding. Now that we own the studios, the franchise agreements are no longer outstanding. Therefore, you would not hold them onto your balance sheet from an accounting perspective. And apologies, what was the first question?
Alexander Perry: Just the visibility into the growth outlook for this year?
John Meloun: Yes, so really strong. I mean we’ve always talked about the fact that lease signings is the greatest early indicator of how many studios you’re going to have open. We consistently signed and have been consistently signing lease agreements from the beginning of this year. We knew how many we signed kind of going into — in Q3 and Q4, so how many were coming into this year. So for our perspective, the visibility and so the openings is very strong. We usually have about a good six to nine month forward-looking view. So we can almost tell you not only what’s going to happen in Q3 and Q4, but we pretty much have a good idea in Q1 of next year already. So the guidance around city openings, we said at the beginning of the year, it’s been unchanged.
