Good day everyone, and welcome to the Chuy's Holdings fourth quarter, 2023 earnings conference call. Today's call is being recorded. At this time, all participants have been placed in listen-only mode, and the lines will be open for questions following the prepared remarks. On today's call, we have Steve Hislop, President and Chief Executive Officer, and Jon Howie, Vice President and Chief Financial Officer of Chuy's Holdings, Incorporated. At this time, I will now turn the conference over to Mr. Howie. Please go ahead, sir. Thank you, operator, and good afternoon. By now, everyone should have access to our fourth quarter 2023 earnings release. If not, it can be found on our website at Chuy's.com in the Investors section. Before we begin our formal remarks, I need to remind everyone that part of our discussions today will include forward-looking statements. These forward-looking statements are not a guarantee of future performance, and therefore you should not put undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We refer all of you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition. Looking ahead, we plan to release our first quarter 2024 earnings on Thursday, May 9, 2024, after the market close. With that out of the way, I'd like to turn the call over to Chuy's President and CEO, Steve. Thank you, Jon. Good afternoon, everyone, and thank you for joining us on the call today. I am proud of what Chuy's accomplished during 2023. We grew revenues almost 9.3%, driven by comparable restaurant sales of approximately 3.3%. Our team's ability to effectively execute on our four-wall operations resulted in a 200 basis point expansion of restaurant-level margins to over 20%, representing our best result in over a decade, excluding the COVID impact of 2021, and among the best in the industry. And finally, we returned approximately $28.9 million to our shareholders through share repurchases, enabled by the ongoing strength of our operating model. As we look ahead, we will continue to do what we do best, to provide our guests with fresh, made-from-scratch food and drinks at an incredible value. Despite weather issues across the country that has impacted the restaurant industry in January, we believe the initiatives we've put in place to drive long-term, sustainable top-line growth and profitability has positioned us well to weather these near-term challenges. With that, let me provide some update on our growth drivers, starting with menu innovation. As we mentioned on our last call, we introduced our first barbell approach to the CKO platform during the fourth quarter, and we were very pleased with how well it was received by our guests. In fact, this was our second most successful Chuy's Knockouts campaign to date. Following this success, we were thrilled to introduce to our guests the next CKO iteration in late January, with Shrimp and Crab Enchiladas with lobster bisque sauce as a higher-priced CKO menu item, along with Macho Nachos and the Cheesy Pig Burrito. Again, early feedback continues to be positive as our CKOs are resonating well with both new and returning guests. Alongside our exciting CKO offering, we recently added several new menu items to our permanent menu, including reintroducing the appetizer plate and adding the Burrito Bowls. If you recall, Burrito Bowls were part of our CKO platform during the second and third quarter of 2023, and this menu addition is a reflection of how well our Burrito Bowls performed last year and the high demand from our guests to bring them back to a permanent menu. Chuy's Knockouts is not only a platform that we created to introduce our guests to exciting new menu innovations, but also a tool to help us optimize our regular menu to further drive traffic to our restaurants. We also delivered another strong off-premise performance during the quarter, mixing at approximately 31%, with our delivery channel continuing to perform well at mixing at approximately 12%, a 160 basis point increase from last year. In terms of catering, we continue to roll out the ezCater platform to our restaurants and are on track to complete this rollout by the end of the first quarter. Our catering channel is currently mixing at approximately 4.8% for the quarter. Going forward, we continue to believe our off-premise channel will be at least 25% of our sales, with catering contributing between 4% and 6% of total sales. While the fourth quarter is typically our highest mixing quarter for catering, we are encouraged by the growth we continue to see in the channel and believe we can achieve our long-term catering targets over the next 24 months. In terms of marketing initiatives, we believe our current approach to marketing has been effective in communicating our defining differences from our made-from-scratch food and drink offered at an incredible value, to our unique CKO offerings and the unique overall experience at every Chuy's restaurant. To that end, we will continue to put heavy emphasis on digital media and optimize our campaigns through the use of Google, TikTok, Instagram, and Facebook, including organic influencer content, YouTube video advertising, and promotional advertising with DoorDash and Uber. In addition, we will include some spot on program, programmatic, connected TV targeting live sports events during March Madness. Lastly, let me update you on our development plan. During the fourth quarter, we successfully opened one new restaurant in Terrell, Texas, bringing our total restaurant count to 101 as of the end of fiscal 2023, with four new restaurants opened during this year. As we look into 2024, we continue to have a robust pipeline with a goal to open between 6-8 new restaurants, focused primarily in core markets where our concept is already proven with high AUVs and brand awareness.... We expect to open two restaurants in the first half of the year, including our first location of the year in New Braunfels, Texas, which opened this week. With that, I'll now turn the call over to our CFO, Jon Howie, to discuss our fourth quarter results in greater detail. Thanks, Steve. Revenues for the fourth quarter increased 11.8% to $116.3 million, compared to $104.1 million in the same quarter last year. As a reminder, our fourth quarter of 2023 included 14 weeks, compared to 13 weeks in fiscal 2022, with the extra operating week contributing about $8.7 million of revenue. In addition to the extra operating week, the increase was driven by growth in our comparable restaurant sales, as well as additional 62 operating weeks from new restaurants opened subsequent to the fourth quarter of 2022. In total, we had approximately 1,403 operating weeks during the fourth quarter of 2023, and off-premise sales were approximately 31% of total revenue, as compared to 29% a year ago. Comparable restaurant sales in the fourth quarter increased 0.3% versus last year on a 13-week comparable basis, primarily driven by a 3.4% increase in average check, partially offset by a 3.1% decrease in average weekly customers. Effective pricing for the quarter was approximately 3%. Turning to expenses, cost of sales as a percentage of revenue decreased 240 basis points to 25.1%, driven by overall commodity deflation of approximately 8% compared to last year, as well as leverage on our menu prices taken subsequent to the fourth quarter of last year. Looking into 2024, we currently expect commodity inflation in the low single digits for the year. Labor costs as a percentage of revenue increased 30 basis points to 30.8%, primarily due to hourly labor inflation of approximately 4% at comparable restaurants, as well as incremental improvement in our hourly labor staffing levels. This was partially offset by a menu price increase taken subsequent to the fourth quarter of last year. We are currently expecting labor inflation of mid-single digits for fiscal 2024. Operating costs as a percentage of revenue increased 10 basis points to 16.7%, driven by higher delivery service charges from an increase in delivery sales, an increase in restaurant repair and maintenance, and higher insurance costs, partially offset by lower utility costs as compared to last year. General and administrative expenses increased to $8.1 million in the fourth quarter from $6.5 million in the same period last year, driven mainly by higher performance-based bonuses and management salaries. As a percentage of revenue, G&A increased to 6.9% from 6.2% during the same period last year. In summary, net income for the fourth quarter of 2023 was $5.5 million, or $0.31 per diluted share, compared to $2.5 million or $0.14 per diluted share in the same period last year. During the fourth quarter of 2023, we incurred $3.1 million, or $0.14 per diluted share in impairment, closed restaurant and other costs, compared to $3.2 million or $0.14 per diluted share in the same period last year. Taking that into account, Adjusted Net Income for the fourth quarter of 2023 was $7.9 million or $0.45 per diluted share, compared to $5 million or $0.27 per diluted share in the same period last year. Moving to our liquidity and balance sheet. As of the end of the quarter, we had $67.8 million in cash and cash equivalents, no debt outstanding, and $25 million available under our revolving credit facility. We also purchased 167,535 shares of our common stock during the quarter, for a total of approximately $5.9 million. For the full year of 2023, we purchased a total of 789,963 shares of our common stock, for a total of approximately $28.9 million. As of December 31, 2023, we had $21.1 million remaining under our $50 million repurchase program, which will expire on December 31, 2024. With that, we will now provide you with the following outlook for 2024. We are currently expecting adjusted EPS of $1.82-$1.87 for 2024, as compared to adjusted EPS of $1.87 after adjusting out the 53rd week of 2023. This is based in part on the following annual assumptions: G&A expenses of $30-$31 million, 6-8 new restaurants, net capital expenditures of approximately $41 million-$46 million, restaurant pre-opening expenses of approximately $2.7 million-$3.2 million, effective annual tax rate of approximately 13%-14%, and annual weighted diluted shares outstanding of about 17.4 million dollars. With that, I'll turn the call back over to Steve. Thanks, Jon. We believe our results demonstrate that our focus on our four-wall operational excellence continues to resonate well with our guests. Combined with thoughtful capital allocation and excellent pipeline of unit growth, we are well positioned to capitalize on our positive momentum and the long-term growth opportunities ahead of us, with a goal to maximize shareholder value in 2024 and beyond. In closing, I'd like to thank every Chuy's team member for their hard work and dedication to earning the dollar every single day, without whom none of these accomplishes would have been possible. With that, we're happy to answer any questions. Operator, please open the line for questions. Thank you, sir. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press Star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star and then two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. The first question that we have comes from David Tarantino from Baird. Please go ahead, sir. Hi, good afternoon. I've got a couple of questions. I'll start with a question on kind of what you're seeing from a comp perspective in the first quarter. I know, Steve, you mentioned some challenges, you know, and I know we've seen that elsewhere. But if you could maybe give us an update on how you're running in the first quarter, and then I have a follow-up related to that. Yeah, and obviously, period one, we're up against an enormous match-up, but we also had a little bit of weather that probably cost us about a full 1% of sales. But we started off the year in a little tough situation in that 6%-7% down, approximately, right around there. And not like that. It's better than that rolling into the second period. Got it. And then, I guess, you know, the real question I had is just on the guidance for the year, came in a bit below what we were expecting, and I just wanted to maybe unpack some of the factors that are weighing on the earnings performance for this year. And then, in particular, Jon, if you could maybe give some perspective on what sales or same-store sales assumption is embedded in your earnings guidance. Sure. Like Steve said, I mean, the first period was rather challenging around that 7%, and the second period, you know, we're about half to three-fourths of that. So when you're looking at the sales down, we've got a lot to make up to get up to, you know, flat. So right now, based upon that and kind of what we're expecting, especially the rollover of Uber that we've been talking about, that comprised about three hundred and fifty basis points last year of total sales. And so we're gonna start rolling over that full implementation by the end of this quarter. And so we're looking at kind of flat to up 1% for the year in total same-store sales. Now, obviously with, our pricing in that of approximately 3%, just shy of 3%, we're gonna have, you know, about 2% negative traffic in that, 1%-2% negative traffic in that. So with that being said, some of the changes, if I go through, and get a walk forward from the EPS this year to next year, the big items in that is obviously $0.10 on that extra week. That immediately takes it down from $1.97 to $1.87, right? We won't have that extra week in this year. Also, we were getting fully staffed by the end of last year, as far as our staffing is concerned, and so that's now rolled-- that extra cost is rolling over into the current year. And so we'll have not only inflation of 4%-5% in labor, but now fully staffed. So that's going to attribute to you know anywhere from probably 30-60 basis points of the loss of margin there. And then if you flow through kind of the changes look at the 53 impact that we talked about the new store openings. We're trying to ramp up the new store openings versus 4 last year. So your added cost in openings and pre-opening costs as well as the inefficiencies is going to be a larger portion of that as well as the decrease in investment balance. We were getting a sizable amount in interest income as well, so we expect that to be down about $0.06 or $0.07 in and of itself with a decreased balance. And the new store openings is probably another $0.06-$0.07. So those are the big, big items. Yep, that's very helpful. Thanks, Jon. Mm-hmm. Thank you, sir. The next question we have comes from Andy Barish of Jefferies. Please go ahead. Hey, good evening, guys. Jon, can you address just the occupancy cost? That number really stepped down from, you know, kind of what's been 7% for a while. Is that just sort of getting out of and releasing some leases now and things like that, from cleaning up the system over the last few years? Are you talking the fourth quarter, Andy? I am, yeah. Well, that is a lot of that, Andy, is the extra week in the quarter. Okay. That's totally leveraging that occupancy. Okay. No, no fundamental change, that's still somewhere in the 6.5%-7% range going forward? Yes. Okay. And then, just secondly, any updates? I mean, it hasn't been a lot of data points, but obviously, you know, the development strategy, you know, has been fine-tuned and honed with eSites. And, you know, anything we should be thinking about, you know, as you kind of think about, you know, sort of first-year volumes with these stores in your core markets? And then I think New Braunfels is still the Austin area, so, you know, I haven't thought about it in a while, but, you know, any impact or sales transfer that you're expecting from Austin openings? And I think you have one more maybe this year as well. Yeah, Andy, when we looked at that, though, we looked at and, and with the e Site to make sure and kind of look at it, that would look at anything that has under 5% cannibalization. And actually, any ones that we did in the last couple of years has been much better than that on the expectation. New Braunfels is on South Austin—you know, it's halfway between here and San Antonio, as going down south. Yeah. So we don't accept—that's in between, you know, our Selma store, which is in the San Antonio, and our San Marcos store. It's about 18 miles from either one of them. So it's gonna be very, very minimal, and we're pretty excited about it. And we're real excited, obviously, what we think we're gonna do there. Obviously, is when you're looking at where we're gonna be opening stores, definitely this year and over the next 3-4 years, you know, we're opening them, as we mentioned, in roughly 5 states that we have good AUVs, strong, strong AUVs, that are a lot higher than our a system wide AUV, which is currently at $4.5 million. You'll probably see a pickup of $10 million-$15 million in the the five states we're-- I mean, 10%-15% in the states that we're looking at. So we feel real comfortable about our our growth over the next 3 to 4 to 5 years. Got it. Good to hear. And then one, one final, just on ezCater and catering, is that primarily the lunch day part? That's kind of where I've seen ezCater, but I may-- I, I may be not fully aware of how you're using it. Yeah, I think that's, that's right, Andy. We expect a larger percentage of that coming from lunch. As you know, we've got about 72 stores on that right now. We're hoping to get the rest of them by the end of Q1. Just to give you an indication, last year we did about $2.5 million in that platform, just shy of under about $1,000 a week per store. And so, you know, we're looking to get that up and running in the first quarter. Yeah, and we're excited about that actually, as people continue to go back to their offices. Great. Thanks, guys. Thanks, Andy. Thank you, sir. The next question we have comes from Brian Vaccaro from Raymond James. Please go ahead. Hi, thanks, and good evening, guys. Just on the quarter to date, and it might be a tough ask, but as you parse through the weather impact, do you think you've seen a change in your underlying demand trends or any changes in behavior or order patterns that you've noted in recent months compared to the prior couple of quarters? Not really, Brian. I mean, we continue to see kind of lower attachment rates in the bar area. We are seeing a little higher attachments in the appetizers, and that's really due to what we're doing during the happy hour timeframe with our chips and dips kind of program. So we are seeing that come back a little bit, but that is a discounted program, and so the dollars are slightly better, but the attachment rates are definitely better. We're still seeing, you know, the similar mix over the last, even through COVID and back to even, pre-COVID, with, you know, a 40-60 mix at lunch to dinner, and those are staying very, very consistent. Really, the to-go, as we said earlier, the off-premise is still staying fairly consistent from a percentage. Okay. Okay, and, and Jon, I think you made a comment on, on February. You said a decline of around half of the down 7 in January. So I just wanted to make sure I understood that. Yeah, so- Were we down mid-threes, or? Yeah. Yeah. Yeah. Yep. That's, again- Okay The key, the key number there for us is rolling over that, the implementation of, Uber. Uber. Right. Right. Understood. Okay, and then, Jon, on margins, I want to just ask on the commodity side, you know, the deflation that you saw in the fourth quarter, I think was much more significant than you kind of expected. Could you just provide some color on what drove that favorability? Yeah, a lot of it was continuing, just one second here. It's continuing in... Let me pull it up here. Yeah, the big items, if I look at it, was continuing chicken and produce, were the big items, and dairy and cheese. Those things came down a lot more than we were expecting. Okay. And I think you said low single digits for the year in 2024. Is there any year-on-year lumpiness or differentials we should be mindful of thinking about the quarters or relatively stable through the year? Yeah, if we're looking at that, I mean, I would say it's relatively flat, gonna be flat in the first quarter, and then start like growing with our highest quarter, probably in the third and fourth quarters. Okay, thank you. I'll pass it along. Mm-hmm. Thank you. Thank you, sir. Ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then one now. The next question we have comes from Aisling, Aisling Grueninger. Hi, good afternoon, guys. Please go ahead, sir. Hi, good afternoon, guys. You mentioned in the last earnings call that you were going to increase ad spend during the 4Q time period. I'm just wondering if you saw an increase in traffic or any other measurable points from the ad spend that would just influence your decision on how much you're gonna spend going into 2024? Yeah, we didn't so much increase the ad spend. We just reallocated it a little bit because our normal cash spend, percentage-wise on marketing is roughly in that 1.45-1.5% range, and we're anticipating that throughout 2024. But we did reallocate it a lot. And as you know, as I mentioned in the call, it will mostly be a lot of social with Google, YouTube, programmatic TV, and Yelp and so forth, and what I mentioned earlier. But it'll be just a reallocation for what we really were excited about in 2023, and do more of that and less of the things we weren't excited about. But we'll still stay on those major channels, and the spend will be very consistent from a year ago. That's, that's great. You mentioned, I know at ICR, that you were confident in your ability to return to 10% unit growth in 2025. Just what have you seen or has your real estate team done so far this year to support this goal and just the confidence in reaching that? Yeah, we're very confident as far as what we're doing on the ground with our, you know, with our master broker system, and so we got that. But probably our pipeline is as good with sites over the next couple of years than it's ever been. So we're pretty excited about that, though the thing we're not excited about is the cost. You know, they're up 35%-40%. They've moderated, but they have not started coming down yet. Also, the developers aren't doing any more of the site costs, which is $1 million on top of that development cost. So that's the thing that we're working the hardest with our people on. Also, on a daily basis, going in to make sure we're value engineering everything we're doing inside our four walls and going bid. But that's the disappointment thing, when you're looking at your cash on cash, you got to be looking at that dollars and 40% increase. Thank you. That's very helpful. I'll pass it back. Thank you. Thank you, ma'am. The next question we have comes from Nick Setyan from Wedbush Securities. Please go ahead. Hey, thanks, gents. So just kind of the margin, I guess, trajectory, you know, given the sort of the comp context you already gave us. You know, it sounds like COGS, you know, 10-20 bits of leverage, maybe slightly more, you know, labor, maybe 70-80 bits of deleverage and operating the deleverage as well. Is that kind of the right way to think about the various buckets? Yeah, I think the only thing I would add is we're looking at probably flat from a cost of sales standpoint, as far as, you know, being kind of that low single digits, which we're thinking 2%-3%, and so basically, our pricing would cover that. So probably not much leverage there, but the other items that you said, as far as operating expenses, deleveraging, and the labor deleveraging, yes. Okay. And then, you know, I mean, understanding sort of the period one, period two challenges, you know, we do have to kind of come over to Uber, Lyft. Maybe just walk us through some of the other, you know, comp drivers for the rest of the year. Yeah, the comp drivers for us is, again, what I've already mentioned, the marketing and, and it's, you know, the one thing that we're pushing on everything that we have out there is our value within our menu. I mean, I know you've been out there seeing a lot of our competitors that are going back to the 2019 ways of doing all their promotions and their price offs, and, and obviously, they haven't done that for 3 years. So when they pop back in the market, you know, in the third, fourth quarter of last year, you know, people are trying that out. We don't, we don't think we need to do that, obviously, because you can eat in our menu all day long for $20. So we're pretty excited about really pushing our value message again. And then also the increases in what we're doing with our CKOs and keeping things new and fresh. And as I mentioned earlier, that we had a little bit of, you know, we added a few different items back on the menu, whether it be the Burrito Bowls and so forth. And the key for everything that we do is we're turtles in what we approach. And what we want to do right now is this: this is when we want to tuck inside our four walls and execute. Execute every single day, every single shift, every single hour. And that's the thing that we believe while everybody's out there looking for a silver bullet, we believe that's what's really going to drive demand into our restaurants, short and long term. On that, Nick, I might add, you know, we look at the sentiment scores that we get from Black Box, and you don't necessarily compare it with others, but we compare it with ourselves and make sure those are increasing. We've seen a significant betterment of those sentiment scores over the last six months. So I think, you know, those will turn into sales as we continue to increase in those sentiment scores towards the back half of the year. Perfect. Thank you very much. Thanks, Nick. Thank you. The next question we have comes from Chris O'Cull from Stifel. Please go ahead. Thanks for taking the question, guys. Good afternoon. Good afternoon. Hey, Steve, just given the recent traffic performance, I'm just curious if the company debated whether to spend more on advertising this year and maybe even use more paid media in markets where you have good density, and it could help maybe improve top-of-mind awareness. Yeah, Chris, we're looking at that currently, and that's always been—we're very nimble on that approach within our marketing budgets, and we'll look at that continuing. And as you know, the one thing about, you know, a lot of digital is you can pivot on a dime. So we're constantly looking at that, and we'll continue to look at that as we're going on right now. Would you consider things like broadcast, like TV in certain markets? In certain ones, but right now, as you heard me talk about programmatic TV currently, right now we're doing a lot on ESPN and a lot of stuff around sports, especially as we were mentioning to you on the call about looking at it more so in as we get into March Madness and so forth. But we're definitely looking probably more on the programmatic side of it, probably not major media. Okay. And then, Jon, can you describe the visibility you have into that low single-digit commodity inflation for this year? Sure. So I mean, the biggest component would be, our beef. Our beef, we've got locked in through the third quarter of this year, as far as fajita beef. Those are at, you know, increased prices, as well as, our ground beef, we only have locked in through the Q1. We expect when we start buying that after Q1, that'll be elevated, compared to, you know, the prices of this year. And so those are the two big drivers, as well as, you know, some of the, maybe the chicken coming back a little bit as well since it was down so much last year. Okay, great. Thanks, guys. Mm-hmm. Thanks, Chris. Thank you. Ladies and gentlemen, just a final reminder, if you would like to ask a question, please press Star and then one now. The next question we have comes from Todd Brooks of The Benchmark Company. Please go ahead. Hey, thanks for squeezing me in. I only have a couple left here. One, I was just wondering, can we get an update on the stores that were kind of mothballed during the start of the pandemic? How many of those are you still kind of carrying? And the cost that we saw for just the underperforming, discontinued performance in the quarter, is that against those stores fully, or are you looking at anything in the base that you impaired? And do we need to think about any closures against the openings planned for this year? Well, I mean, as you know, the impairment is a fundamental kind of exercise from an accounting standpoint. So that particular impairment was one of our stores in Denver area. We don't plan on, you know, closing anyone anytime soon. But that is, you know, a challenged store, so we'll continue to look at that store. As far as the ones that we mothballed, we've gotten rid of most of them. I think we're still working on three of them, and we're pretty close to getting those out of here. And so then that will just go back to. I think there's, like, three of them that are currently on subleases, that there's a little differential in the sublease. But other than that, we almost have them all done. Great. And then, Steve, just a question. I know we're working our way back to the 10% unit growth. In the past, you've talked about that being related to what you're seeing in kind of traffic trends and the strength of your customer. With what you're seeing now, is this the right time to accelerate from kind of the 6%-8% this year, or do you need to see a pickup in the consumer? Or just with the challenges in getting the real estate you want in your markets and the fact that you're doing infills, are you comfortable with the 10% growth in 2025? Yeah, I'm comfortable for this year in that 6-8 range, 'cause I've—as I mentioned to you before, or I mentioned earlier, it's just the initial cost of getting into these, and while we're retooling our building even again, it's at 40%, it's huge. And then put the site cost on top of that. So that's the big thing. Hopefully, we'll see some, you know, reasonableness happen throughout 2024 on that, that gets it where it makes sense, from a capital side to get to that 10% growth. But right now, for this year, I'm comfortable in that 6-8 range. Okay, great. Thank you both. Thanks, Todd. Thank you, sir. The last question we have comes from Andrew Wolf of CL King & Associates. Please go ahead. Okay, thank you. I just have a couple follow-ups. First is on development. You know, I mean, recently you've talked about targeting, you know, a 30% Cash-on-Cash Return, but you're still... You know, I mean, you called out how expensive it is to build the buildings. And I think-- and you've kind of talked about at, you know, buying the land and doing an eventual sale-leaseback. But could you just unpack for me, is, one, is that 30% Cash-on-Cash Return, which is a strong return, still realistic, or is it, is that gonna change? And if you're gonna keep it, is it predicated on doing an eventual sale-leaseback, just based on, you know, market rates to build, build out a restaurant? Well, there's a lot to unpack there. So yes, I mean, our ultimate target is 30% cash-on-cash return with the cost the way they are, and that's why we're trying to do a lot of value engineering that we spoke of. We've actually hired two additional architects to kind of go through our whole current building and our prototype and all the layers that we have in it and suggest different ways to build it, different ways to design it, different layers and different alternative materials on the layers that we have in the restaurants... as well as even looking at the equipment package that we have. So we're doing a soup to nuts, if you will, of kind of value engineering right now. Now, initially, we're getting some fairly good results. Obviously, we don't have one of the new ones in the ground, but some of the plans coming back, we're liking. But currently, I would say those targeted cash-on-cash returns are more in the way of about 25% versus 30, but our ultimate target is 30%. And those, it really, we look at the purchase in when we're doing the pro forma. So if it makes sense, and if we can do a purchase, looking at that sale-leaseback and seeing what we get back from the sale-leaseback to actually boost those returns on cash-on-cash return. But all that goes into the decision of whether to buy or to lease, and then ultimately, this value engineering. Currently, to date, we have about seven properties that we own. There's about two or three other properties that we're looking at right now to buy. The development in the current year, we do not have any properties that we have purchased. They will fall into 2025. But hopefully, I answered all of your questions there. Yeah, very much. I really appreciate the detail. Mm-hmm. Thank you. Can I just ask another follow-up, but just on the Uber Eats comparisons? So it sounds like it's 350 bips this quarter as a headwind, and I guess you got another quarter or two of that. And then it must ease in the fourth quarter, which is sort of the other way of asking, how much was it, how much was the Uber Eats headwind in the quarter you just reported, the fourth quarter, last year's fourth quarter, 2023? Well, yeah, if you look at it, so basically, Uber Eats was about 2.1% of our sales in the fourth quarter of 2022, when we implemented it. And, that grew, kept growing, in the first quarter. It was about 2.8% of sales, until eventually, for all of 2023, it was about 3.5%. So you're, you're looking at, you know, 300-400 basis points, that we're rolling over, which is a little challenging. Okay, got it. All right, thank you. Mm-hmm. Thank you, sir. Ladies and gentlemen, we have reached the end of the question and answer session, and I would like to turn the call back to Steve Hislop for closing remarks. Please go ahead, sir. Thank you. Thank you so much. Jon and I appreciate your continued interest in Chuy's, and are available to answer any and all questions. Again, thank you, and have a good evening. Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.