Hi, good morning. Mike Tamas from Oppenheimer. We're very pleased to welcome back Denny's to our 24th Annual Consumer Conference. Joining us today from the company is CEO Kelli Valade and CFO Robert Verostek. Denny's is an outperformer in stock here at Oppenheimer, and we have an $11 price target. Kelli's going to take us through a presentation, then we'll come back for some Q&A. So thank you both for being here, and I'll turn it over to Kelli. Great, Michael, thank you. Thank you for the introduction. I'm excited to be with you today to talk about Denny's, an iconic highly franchised and enduring brand that is over 70 years young and in the midst of a transformation, and Keke's, our daytime eatery concept just beginning its exciting growth opportunity. So before I start, I'd like to remind you that I will be discussing forward-looking statements and non-GAAP financial measures. Please refer to our SEC filings for a discussion of risk factors and quarterly financial releases for an explanation of our non-GAAP reconciliations to the comparable GAAP measures listed on this slide. So with that, I'll get started. I'll first begin with a recap of our recently reported Q1 consolidated results. We delivered operating revenue of $110 million. Denny's system-wide same restaurant sales were up 7.1% on a two-year basis. Despite a decline of 1.3% versus prior year, both our sales and traffic comparisons during the quarter outperformed both casual dining and family dining segments. In the face of a challenging environment, Denny's franchisees continued to open five new restaurants in Q1. Three company-owned Keke's Cafes opened in Q1 also, with a fourth opened after the end of the quarter. I will talk more about Keke's in a moment. We delivered $0.11 of adjusted net income per share and $18.4 million in adjusted EBITDA on the quarter. This robust business model generates strong cash flow, which we use to both invest in our business, including new Keke's development and cafes, and support our longstanding practice of returning capital to shareholders through share repurchases. We maintain a strong balance sheet with a relatively low debt leverage ratio. While we operate two concepts, the Denny's brand is our namesake and our flagship restaurants. The pandemic in 2020 materially disrupted what had been a streak of nine consecutive years of positive same restaurant sales growth. We were pleased to return to that trend with 2023 sales results that actually exceeded the performance for eight of those nine years prior to the pandemic. Our off-premise business remained strong, representing 21% of our total sales in our most recent quarter. Our off-premise sales have been over 19%, in fact, since Q1 2020, compared to 12% prior to the pandemic, and continue to represent a competitive strength and opportunity to steal shares from others who have been scaling back in this area. In addition to growth in Denny's off-premise sales, our two virtual concepts continue to perform extremely well. Burger Den, in over 1,200 locations, focused on an extended lineup of great burgers and Meltdown, which is in over 1,100 locations, highlights unique equities we bring to market in melts and sandwiches. These virtual concepts are highly incremental and leverage our operating capacity at dinner and late night, especially on weekdays. As a result, we're positioned incredibly well to capture share and leverage this strength as others focus only on their dine-in business. Our current areas of focus at Denny's are clear. We will continue to innovate and dominate breakfast. We'll do that with a focus on unparalleled value while capturing share with our off-premise business. The recent launch of our spring core menu is already delivering for us through both pricing and positive product mix changes. This menu, rather, features our Signature Slam platform and a new highly craveable Liège waffle. We're thrilled with the performance of these products as they are exceeding sales expectations and getting fantastic feedback from our operators and guests. Our approach to simplify and minimize customizations is making a difference with the create-your-own categories down as a percentage of mix on the menu and signature curated plates increasing. As we've mentioned before, this helps with order accuracy, makes service lives easier, and speeds up ticket times without any impact to the guest, as they are always welcome to customize any order. We've also continued to highlight our most profitable and popular items on the menu, delivering improved margins. Delivering compelling value leadership is also critical for Denny's. Our guests choose us because we offer an incredible experience at a great price for the foods they love, from familiar breakfast favorites to late-night cravings. Price and value remain front and center for many guests as they think about where to spend their dollars today. In the first quarter, we responded by offering our original Grand Slam at the incredible starting price of $5.99, and guests responded favorably. Total value mix in the first quarter was about 19% up from the 17% mix we saw the quarter prior. Additionally, our year-over-year share of wallet increased against family dining and casual dining from Q4 to Q1 across all income cohorts, proving our value messaging is resonating with all of our guests. For this second quarter, we are again leading into value, now featuring our reprised All-Day Diner Deals menu, which is a lineup of six entrees with an impressive starting price of $5.99. We're pleased with the results we're seeing so far, and we're optimistic about the potential impact of this platform. And because we know that guests also crave our many premium items, we continue to elevate our barbell strategy by merchandising dishes like the Very Stuffed French Toast in restaurants. Even with a price-conscious consumer, our check has remained whole with minimum to no check erosion. We consider this a success, and we'll continue to leverage our effective barbell strategy to offset costs and improve the model for our franchisees. The strength of our off-premise business is meaningful both in terms of sales and the ability to attract new guests at different dayparts. The proof points for us are clear. Denny's off-premise guests skew younger than dine-in. Approximately 70% of our Gen Z and millennial guests utilize our off-premise channels compared to the same groups utilizing dine-in at approximately 40%. This simply means that this part of our business, though, yes, lower margin, is highly incremental, and it's delighting different guests. For that reason, off-premise channels continue to be a strategic opportunity to grow new guests and transactions through our unique virtual brands and through Denny's on Demand. Because of these results, we're also bullish now about this area and plan to expand Banda Burrito, our third virtual concept, to an additional 200+ locations over the next couple of months. These will be in California because we saw the unique opportunity to offer this in ways to offset the impact of AB 1228 and just provide this new option for guests and franchisees. When we offered it to our franchisees, California operators were quick to sign up given the perfect timing and the fit of the Banda offerings. Once we expand fully into the California market, we'll look to roll nationally, most likely starting in early Q4. We believe ongoing product innovations coupled with compelling everyday value and making that promise and a commitment to convenient off-premise options will continue to provide sales-driving tailwinds. The Denny's brand has approximately 1,400 domestic restaurants, with over 55% of those located in four key states: California, Texas, Florida, and Arizona. Through our last refranchising effort that wrapped up at the end of 2019, we added 78 domestic development agreements. Approximately 50 remain, and we'll serve to expand our domestic footprint in due course. International franchisees operate nearly 170 locations in 14 countries and U.S. territories, and this number also continues to grow. Prior to the pandemic, we introduced development agent agreements with our largest franchisees in Canada and in the Philippines, which added over 50 locations to our international development pipeline. We have a robust development pipeline totaling approximately 200 future locations that will drive the long-term expansion of Denny's global footprint well into the future. Denny's is 96% franchised, which is with 200 great franchise partners. Some are single-unit operators, some are scaled, and operate multiple concepts. All contribute to the success of Denny's by taking care of our guests every day. We appreciate our franchisees' passion for providing an outstanding guest experience and their engagement with our collaborative advisory councils that help to guide the brand's direction with marketing, operations, development, technology, and supply chain. Our franchisees are critical to the success of Denny's, and many will contribute to the success of our second concept, Keke's Breakfast Cafe. Keke's is a daytime eatery concept we acquired in July of 2022. We have established a strong management team at that brand that has been preparing this concept for accelerated growth. As of Q1, Keke's was comprised of 61 restaurants, 50 of which are operated by 19 energetic franchisees. The concept operates from 7:00 A.M. until 2:30 P.M. each day and delivers annual sales volumes that are similar to a Denny's while catering to a different guest than a Denny's. One of the first things we did with this brand was to conduct brand ethos work, which helped us define the unique position of Keke's in the market, and it informed decisions on interior elements, prototype designs, enhanced product offerings, and overall menu design. With those fresh insights in hand, we updated the interior decor with a brighter, more welcoming environment, as showcased here in our Hendersonville, Tennessee location. It's a beautiful building. The enhanced interior, Mornings from Scratch tagline, and refreshed menu deliver on our core differentiators of an elevated culinary experience featuring delicious, abundant entrees prepared from scratch daily and using the highest quality ingredients. You'll see this delivered in an energetic, fun atmosphere where the customer experience is best in class. We now measure guest sentiment and satisfaction through Guest XM for Keke's, and we're blown away by the continued stellar results. Specifically, the Keke's brand has a Google rating of 4.7 and overall net sentiment and intent to return scores that far exceed other family dining or full-service benchmarks. Truly a reason to be optimistic. While Keke's growth has been contained to Florida, we made the first step outside of that state with a company cafe opening in the Nashville market at the start of this year. We're thrilled with the warm welcome we received from that community. They continue to embrace Keke's as evidenced by sales volumes that are ahead of our expectations and on pace to deliver approximately $2 million in annualized sales. We believe this pace is also ahead of the average sales volumes we've seen in Florida cafes, and it validates our optimism for this brand and for the Keke's team. It also shows that our discipline and determination, making sure we had the right recipe to begin expanding this concept into new markets, was spot on. Following the opening in the Nashville market toward the start of the year, two additional cafes opened in Jacksonville, Florida, and a second cafe opened in Nashville, all featuring the new design. On our last earnings call, we noted four additional cafes under construction. The team is working feverishly to identify sites for future cafes, help secure property control, navigate permitting, and begin construction efforts against a very strong development pipeline. We guided to 12-16 Keke's openings this year, and we expect that growth to accelerate in 2025 and beyond. We simply can't wait to introduce this fantastic brand to new guests and new markets. Growth for Keke's will come through four sources: existing base of 19 Keke's franchisees, rather, who are excited to grow; new company locations, particularly in the beginning, initially bringing new franchisees into the Keke's brand; then tapping into a base of development-oriented franchisees from the Denny's system, which we believe provides a unique competitive advantage for us. Even as we facilitate the accelerating growth of Keke's, we remain committed to our longstanding practice of returning capital to shareholders through our share repurchases program. Keke's growth will accelerate and actually enhance cash flow generation and the return of capital to shareholders. So I've touched on recent results, some transformative initiatives on the horizon at Denny's, and the exciting growth opportunity at Keke's. I want to remind everyone that we remain grounded in our core strategic priorities captured in our CRAVE framework, rather, which will ultimately drive the decisions we execute for the foreseeable future. For reference, as you see here, CRAVE stands for Creating Leading Tech Solutions, Robust New Restaurant Growth, Assembling Best-in-Class People and Teams, Validating and Optimizing the Business Model, and Elevating Profitable Traffic. I'll comment on a few of these additional initiatives, starting with Creating Leading Tech Solutions. We've completed the installation of our new cloud-based POS platform at over 110 restaurants, with plans to move into general release this year. The key components of this platform are enhanced video display systems, new beverage monitors, server handhelds, and QR pay. Our franchisees have been weighing in with their results, reporting average check increases given the faster table turns, adding beverages and add-ons, reduced waste, and reductions in labor with fewer server hours needed in peak periods. We're encouraged by these results, which help to optimize the operating model and deliver a compelling return on this investment. In the kitchen, we're also focusing on menu innovation, like our new Liège waffle, that allows us to utilize the equipment from our recently completed kitchen modernization rollout and extend the use of ingredients featured on the menu. These efforts yield operational efficiencies while providing new menu options for our guests. Robust new restaurant growth will come from new locations and strategic investments in existing restaurant assets through a highly accretive remodel program. We combine our learnings from our last remodel program while leveraging new design elements that lean into our unique diner positioning. This new design is delivering impressive mid-single-digit% traffic lifts. These impressive results, along with our ability to incentivize and support our franchisees with financing through our loan pool, will help them finance these remodels and improve sales and traffic for the brand. In closing, our thoughtful strategic initiatives and priorities are driving our actions, and our areas of focus are well-timed given the environment and the expectations of our guests and our franchise partners, including continued new menu innovation, bringing craveable items to the guests, continued strength in providing unparalleled value offerings, a consistently strong and growing off-premise business, tech advancements with our new POS rollout, a remodel program set to deliver fantastic traffic results and a great ROI for our franchisees, and accelerating growth from our Keke's brand. We have many reasons to be optimistic about what lies ahead. I truly want to thank you for your interest in Denny's and Keke's, and I look forward to answering some questions before we close out. Thank you. Thanks, Kelli. That was a great overview. You just talked about the CRAVE strategic framework. As you think about the cadence of the different strategies within that framework, what areas do you think will have the most immediate impact over, say, the next 12 months, and which of those are sort of longer-term that might be a multi-year path? So I think it's a great question, Michael. I appreciate that because I think for us, value is where we play. This is a consumer that needs to see us put our best foot forward and meet them where they are. So for us, you'll see us continue to innovate around those compelling value offerings at the same time bringing craveable food. So you'll see us really lean into value at a time when it matters most. And I think that can be absolutely not only imperative, but as part of our strategy driving profitable traffic for us. That combined with the barbell strategy that we've talked about, it's been really effective at making sure, again, people can count on us for value, but also when they come in, there's those premium offerings. I think we've increased our spend with the co-ops, and we've talked about that over the last couple of earnings calls. So increasing the co-op spends with the match provided by Denny's just means more local marketing, but it's also just taking the overall spend for the brands in a positive direction. I think that can be really big. The expansion of Banda Burrito is pretty near term. And so if we stay on track, and we are on track to get that, it is in all those California restaurants as we speak, and then we'll go and look to roll similarly as we have with our other virtual brands the back half of this year. So all very much in the year for the year and in the year. I think when you think about the remodel program with Diner, what we're calling Diner 2.0, and I just referenced the great results we're seeing, that one's going to be a little bit longer term, but nonetheless, fantastic results that we've been able to see from the testing that we've done. And so we're excited about that over multiple years, just continuing to invest in those assets. The technology play is a longer-term play as well to get that into the system. We know we'll reap the benefits and so will our franchisees. So I love the things that we have. They're not in the first inning. These are things that have been vetted for multiple years that are now ready for prime time and ready to get out into the restaurants. Yep. And then sort of staying high level a little bit, can you talk about your conversations with franchisees? I mean, what are those centered around today, and how has that maybe changed from either 6 or 12 months ago? Yeah, I think the conversations certainly. AB 1228 was an example of different conversations. They were different than they were 6 to 12 months ago, and we've been dealing with it as soon as that legislation came through. So those changed the conversation, and yet we still did what we always do, which is how do we help drive profitable traffic, drive the top line, bring great offerings. Again, Banda Burrito had been in test. So when it came time to think about things that we could bring to the market in real time that could benefit, we had that ready to go, and the community was pretty elated about that. I think the rest of it is, again, just about leaning into what we do well and making sure that value is paramount in everything we do. 6-12 months ago, we were just finishing the Bain work and putting that in front of all of our franchisees. They were a huge part of helping us and collaborating with us on the key strategies that I talked about today. So look, it is always it's still a very volatile environment. So there's always a question about what will happen next. Are we going to be ahead of it? But again, I think with the things that we've got in play, we're bringing those solutions to them. Yep. And then just to follow up on the same sort of sales guidance for 2024, it's flat to +3%. In the first quarter, you were down a little over 1%. You talked about trends improving to April. I think the outlook assumes that trends kind of get better as well going forward. So can you unpack what are the main drivers of the improvement that are baked into your assumptions? Thanks. Yeah. I think, again, the drivers are just what I mentioned, over 200 restaurants like right now going with Banda Burrito, the rest of the system happening, everyday value. Again, you'll see us lean into innovation and everyday value, perhaps with a new spin on it coming around the corner. So we've got those levers to pull, whether it's another virtual brand and we've seen what it can do, getting those into the restaurants and, again, having that compelling value that can happen in the near term. And then, again, the spend for those co-ops just started. So we've got the benefit of that in this back half of the year as well. Yeah, that's a great segue because that was actually the next question. Why restart the co-op spend now? And what's it going to really unlock for you that is going to benefit going forward that maybe you haven't had since COVID? Because it's been COVID. Yeah, that's a fantastic question, Michael, and really a great segue into something that we want to continue to talk about. And I'm going to lean into Robert, who was here before the pandemic and when this spend, when this co-op and the match was in place, because in my tenure coming in, it was something we started to talk about again as the pandemic was truly behind us. So, Robert, do you want to kind of give color to the reasoning? Yeah. So, Michael and Kelli, thank you for that. Michael, going back into the co-ops, it really is twofold. One gives us deeper pockets just at the end of the day. It takes a 3% focused national brand fund and really elevates it to 3.5%, 2.5% now, national percent local, in most cases, the way that works. So just deeper pockets as we look to it. And our insight tells us that that local spend, given the state of media today, is really an effective play for us. And it gives franchisees, frankly, who are our best partners, a say in where those dollars are actually spent. They're guided by a kind of a world-class field marketing team that presents them with different opportunities that would be effective within their local markets. And then their oversight committees within each of those co-ops look to effect, pick, select from what the field marketing teams bring. So really kind of three different reasons on why we really think that this will be highly effective here as we move into the back half of the year. And I think value has been a really popular topic among restaurant companies over the last couple of quarters. Seems like everybody's getting more promotional or deeper into discounting. Denny's is a value brand. You talked about value increasing to 19% of sales from 17%. And you talked about the $5.99 all-day diner menu. Do you think the existing strategy is going to allow you to effectively compete, or do you think there's something else you might need to tweak going forward to better compete? Absolutely. So we are constantly we've got concepts always in what we call test and learn, and we've got those concepts in. We knew this summer would be competitive, and we're certainly seeing that. And the conversations that are happening, whether it's in fast food or full-service QSR, they're out there. And so for us, All-Day Diner Deals is what you see us do today, but that doesn't mean that's what you'll see us do for the back half of the year. Again, we'll lean into what we think is the best possible value scenario for our guests, ones that we know can drive, again, sales, profitable traffic. So yeah, you'll see us continue to lean in, and we're watching the activity and just going to play our strategies and play our game well in this area. Yeah. And Michael, with regard to that, it's core to who we are as a brand. You mentioned it earlier. Value is really where we play. We know how to make money with it. Kelli mentioned earlier that we have little to no consequence with regard to our overall GCA when we employ these strategies based on the barbell strategies and how effective they are. So while there is much conversation in the restaurant industry with regard to value, a large part, a lot of those conversations revolve around how long can we do this, how do we make money. It's core to who we are. We know how to do this and can leverage it. Yeah, and that's a great point. If you think about the unit growth guidance for this year, I think at its midpoint, it implies you're going to close somewhere around 60 of the Denny's units. You've had a couple of years of outsized closures now. So can you maybe talk about what are the unit economics like of these units that are closing? If we could just start there, please. Yeah, I'll grab that one, Kelli. With regard to that, Michael, when you look at these closures, the vast, vast majority of these restaurants are million-dollar Denny's restaurants. So when we look at our brand, when we look at the Denny's brand specifically, we often talk about those in quintiles, our best-performing units, to those that may be subpar. That 90%+ of the closures really have fallen into that last quintile. We've seen growth, actually really strong growth in our top quintile, in the second quintile. The third and fourth quintiles have grown from prior to pandemic, but it's that last quintile that has struggled to get back to pre-pandemic. So that's where the vast majority of closures exist. We are working with our franchisees to understand that, to help them with their portfolio design of that. And it's not to say that entire quintile is one that is challenged. There are restaurants within there that are in states that are business-friendly, that can actually do just fine with a lower-volume Denny's. But if there's a quintile five restaurant in California, that may be one that we need to pay attention to. You did make the point that we have had some outsized number of closures, frankly, since the pandemic started. We have, though, on the other side of that coin, opened as many new Denny's last year in the guide to this year would be as many new Denny's as we were opening prior to the pandemic. So we will work to slow that rate of closure down, get Denny's back to that flat to growing 1% or so, and then really leverage that Keke's Cafe growth to launch our overall portfolio build forward. Yeah. And it's a great point about the new units. If you could maybe touch, can you touch on the new unit economics of those new units going in relative to those lower-volume units that you're closing? I think that'd be helpful. Yeah, that's really an interesting point. And thank you for that lead-in question there. The volume of the new Denny's that we are opening are typically double the size of what we are closing now. Our AUVs are $1.9 million, I believe. That's where we finished 2023. So we're closing $1 million units. The new openings are actually exceeding brand average, so they have a two in front of them. So from a royalty perspective, which is really interesting, if we close $60 million units and open $32 million units, we're net even on a royalty spread. So we're not really taking it badly with that trade and really strengthening the core of the entire Denny's system in that trade. Again, not where we want to be long-term. I'm not saying that that's the long-term guidance. Eventually, we need to slow that rate of closure. But as we transition to a healthier brand from a royalty perspective, it may not be as impactful as you kind of think through that. Yeah, and that's a great point. As we think about, you mentioned Keke's as well. I think the biggest opportunities there kind of go hand in hand. It's building that brand scale and proving its concept outside of Florida. I know you're still pretty early there, but what are some of the early learnings that you've had from the openings or through your planning process? Sure. Yeah. We've learned a lot this last 18 months or so as we built out that team. Look for us having two brands now. It was critically important that we separated the two. We have a brand team there led by Dave Schmidt. He's added to his team appropriately. They are still a very lean, small, but mighty team, as we say all the time here, leveraging the back office things like human resources, like accounting, obviously, payroll, and technology. We've learned through this process what was most important to the brand. That brand ethos work kind of gets lost sometimes, but that really helped us to understand. We're trying to play our own game here. We're trying to understand what was unique to Keke's. It helped us to understand what the founders were thinking about when they created the concept. We were able to map out this fantastic brand design. The core development team at Denny's Corporation was able to obviously get those things built with great partnerships with the brand. We're thrilled at what we've seen. The learnings, it takes time. It absolutely takes time. There were a lot of people that said, "Well, get out of Florida, and then we can't wait to see what you can do out of Florida." We couldn't wait to see what we could do out of Florida. And to have the reception we've had so far from something that really didn't have any brand recognition outside of the state of Florida, it's been phenomenal. And again, you heard us talk about performing above our expectations for a 7.5-hour day occasion. This has just been fantastic. So the other learnings for us in doing that brand ethos work were what's important. We learned having mimosas, having sangria, having great beverages that they add to that experience. And that's different than it is just something that you'd see maybe in a family dining restaurant. It's very unique to these daytime cafes, the kind of experience they want to have, and they want it to be fun and lively and energetic. And we're delivering on all that. When we have yet to really tap into some of the other things, even whether it's patios that we know can be highly incremental in terms of traffic and just building the model out or enhancements to the menu that we have coming. We're learning all that as we go. And again, it does take time. We've guided 12-16, as you've heard us say many times, but that's 4-5 times what this brand has ever built. So this is going to be this is going to be a big year, we think. And we're just getting started. The pipeline is really strong and a lot of interest and a lot of calls we take on this Keke's brand. So pretty exciting all the way around. Yep. Just a quick shift over to restaurant margins, even though Denny's is very highly franchised, you do own some company-owned units. How do we think about the opportunity to grow margins from here? What are the biggest factors as you think about the next 12-18+ months? Yeah. So, Michael, with regard to that, I think it'll be really on the backs of encouraging guests back into our restaurants, right? These P&Ls actually leverage really well when we get best guests back into the restaurants. And Kelli described all of the near-term, again, through the off-prem, Banda Burrito, through value, through additional co-op spending. Then you pick up right upon that with these mid-single-digit lifts through Diner 2.0 and the tech stack. Tech stack should actually come with it, some opportunities to shift the operating model slightly, not a dramatic overhaul of that, but with tablets in hand, that should improve the efficiency of our restaurants. So the bulk of a margin improvement story within Denny's will come through growing traffic, right? We're back into a kind of a normalized, a new normalized version of what inflation looks like, commodities still in the 2%-3% range. I actually thought, candidly, there may be a period of deflation post that 2022 where inflation was nearly 20%. I don't see that as readily as I once did. But again, it's normalized into that 2%-3% range. And labor inflation now is in that 4%-5% range after running very, very hot. I think that's the new level there. I think there are a number of states that are on their kind of their [mark] to 15, adding a dollar a year to minimum wage. So I don't think that'll come back down to that pre-pandemic 3% level, but things that are easily dealt with. But margin expansion will come through just leveraging the volumes of those restaurants. We only have a couple of minutes left here, so I want to shift over to the balance sheet and cash deployment. Sure. How you showed in the slide, you're about 3.5 turns levered today. And I think you have a 2.5-3.5 x target. That is lower than other franchise restaurants. What might cause you to reevaluate that, whether you move it higher or potentially even lower? Well, that's a really interesting question, right? So right now, just to level set, our current capital structure, debt structure is an all revolver deal with a 4x max, $400 million capacity within there. It is due in August of 2026, so we go current in August of 2025. Our conservative nature, we won't want to let that happen, so we will be out in front of that with a new debt structure so that doesn't go current. So just kind of lay the framework of where we exist today. So the 2.5-3.5 guide within that construct is pretty, again, being at 3.5x is kind of towards the top end of that. So not a ton of flexibility. So what we've done is generate a lot of cash, right? We've historically talked about EBITDA bringing 50%-60% of every EBITDA dollar down to free cash flow. The vast majority of that was deployed against share repurchases. This year, in the current year, and as we try to get Keke's outside of the state of Florida, including the first two cafes in Nashville, that is company cafe cash. Again, we are going into Nashville. I think it became apparent to us, kind of funny, a little bit funny, but we were advertising for new employees in Texas. Obviously, Texas will be one of the next states that we are going into, which would make sense. 50% of Denny's are in California, Arizona, Texas, Florida. To think that we would have a presence in those states in short order would not be too far of a stretch to the imagination. We will use corporate cash to do that also. So again, driving EBITDA growth, making sure that that Keke's engine is strong, making sure that we grow that mid-single digit within the remodel construct and getting technology into our restaurants because those will be great. But we will still generate a significant amount of cash that we can still deploy against share repurchases. I will tell you that the interesting part of that question is, what would change that? We have built our investor base. The investor base today was built around that conservative approach to a debt platform and the cash generation and the share repurchases. We are always open to listen to our investors and our analysts about what that could look like. We often ask the question of whether share repurchases versus dividends. We are very direct with that. Most of the time, we get an agnostic comment back about it's not as long as you return value, they're fine. So that's an ongoing dialogue we would like to have with our investors to understand if there is a different structure that they would like us to employ. Perfect. That takes us right to the end. So Kelli and Robert, we really appreciate your attending our conference and spending some time with us today. Thank you, Michael. Thanks. Have a good day.