CHUY - Earnings call transcript Q2 2021

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Operator

Good day everyone, and welcome to the Chuy's Holdings Second Quarter 2021 Earnings Conference Call. Today's call is being recorded. At this time, all participants are placed in a listen-only mode, and we will take your questions following the presentation. On today's call, we have Steve Hislop, President and Chief Executive Officer; and Jon Howie, Vice President and Chief Financial Officer at Chuy's Holdings Incorporated. At this time, I’ll turn the conference over to Mr. Howie. sir. ahead, go Please

Jon Howie

chuys.com and our By release. second be website it operator, section. have If everyone access can at our on to quarter found the good you Investors now afternoon. should not, in Thank XXXX earnings

reliance of our performance, not discussions remind cause could not Steve. you what our to remarks, I will a would them. statements and to from our call and are include results impact should forward-looking actual of With a on guarantee we Before everyone review need undue of SEC the uncertainties over are part future recent that therefore refer statements to we you discussion also put filings risks future for formal out numerous I operating begin forward-looking all differ way, that results conditions. of of of our today to the These could to financial statements. like more These that subject expect. that turn risks materially to detailed We the and

Steve Hislop

healthy. you Good I everyone thank quarter and everyone, staying and earnings us hope joining you Jon. safe our Thank call on afternoon today. for is second

navigate the Let this of quarter. our how I me and solid environment. each of testament members work the this dedication a pleased begin to during team improvements we direct I am by made was with we've believe to continue saying second truly the as hard

to re-recruiting compared Despite year still top fact, further our the to under right For we of profitability are most restrictions. XX% to business level on eager margin sales another and to our more us return business restaurants dollar The dining comparable back has not With to restaurant and management by direction, industry-wide given efforts operations capacities room to in that we reset end, focus we're on second on ensure labor also and both challenges. a to and with margin efficiencies ongoing and basis. To that restaurant the quarter all are improvement. this company only on pre-COVID existing last are normalized over gap properly COVID-XX but continuing cost quarter record narrowed employees line business to focused our the resulted our availability an XXXX. compared our retaining operating level our operating operating during increasing open we stay negative as X.X% our the in our towards of our facing are heading various capacity while trajectory restaurants we were This staffed model curve XXX%. pandemic opportunity grew ahead our

managers program, the of and this One quarters to the bonus our we we described payments management an quarter in our investment which includes in of doing is the of this through form paid be ways third in are and retention it last second year.

pandemic; safety, members in that pay-at-the-table, staffing, be addition our quarter. our value. expanded two to between guests forefront team points members to to it's restaurants guests. well the throughout key solutions minimize to have quarter, always convenience and we the touch more the We invest in team payment believe will -- and key during pay-by-tech additional resonated with our continued QR In the ways minds. and And at three our than code for focus second our during to our on ever pillars important our our Safety we

our will While of further from we believe our still in-restaurant improve these improving investments overall we guests. the processes, peace mind are

additional drink. off-premise XX%. at high-quality off-premise to reflected convenience quarter, made-from-scratch mix during also well approximately second Our and a guests food strong in offerings resonated the with was them This our our enjoy providing

mix we the going can mentioned and we've the enhanced of in how well mid-XXs level believe food off-premise we forward our a given travels. to past, As maintain convenience low

the really streamlined guests Lastly our family kits, value beverage including menu and our meal convenient with current in offerings. appreciate

year. ahead, the Looking the our our current until plan is maintain menu of end to

then in that some to our starting the middle items slowly with quarter menu new XXXX. a the by goal and back quarter add will will line-oriented it fourth our menu been always of first off return We has menu the Again to stay value way.

are in new opened reception. the initial restaurant successfully the Indiana one Amarillo, development. during Texas We quarter, one Southport, Turning two and restaurants new pleased in and to with

We more end restaurants current total at development year-to-date of four restaurant our which and the August bring Brentwood, to complete open our one also the slated openings for will have in to Tennessee, year.

quarter currently early, to still results experience. that the off-premise turn in XXXX over now that, them detail. to will guests, between with while to prototype us efficient providing to fourth call serve utilizing we our better same greater unique will discuss more be a our new the Although it's will in smaller and dining I open CFO, eight six still Jon operate to expect With Howie to restaurants allow

Jon Howie

well year in $X $XXX.X incremental last XX.X% capacity opened Thanks was $XX.X Steve. The revenue Revenues million, restaurants customer XXXX, year. XXXX. June ended new for to continue the fiscal million increase dining relax during second traffic primarily to related in to to compared restaurants the XX, as growth quarter increased restrictions same quarter million for we of as from all as our indoor of

increase For XX% last approximately average included had the customers second check. total, during the approximately versus and increase weekly A in the a XXXX, Comparable XX% second quarter XXXX. -- operating restaurant in revenue XXXX. and XX% second quarter off-premise in X,XXX in XX%, of X.X% in compared average weeks of XXXX we total and approximately of to were total a XX.X% sales increased sales year during quarter

declined quarter sequentially accurate to recovery, quarter, first and X.X% picture the For a sales more compared versus of sales XXXX second improved comparable from as restaurant XXXX. our

a The primarily mix of due to to overall the decrease XX.X%, Based a to by to sales increased family as Turning kits X% expenses, approximately the of fajita million of retention the to company reduced compared program points of XX commodity $X.X also of reinstated for fiscal hourly in to and bonuses revenue for reopened due largely basis hourly of restaurants million has comparable with as of to labor the and rate cost of incurred sold year. $X.X we increasing with the and a as of remaining inflation the quarter currently the X% inflation to largely than points company as compared offset prior percentage trends, in in percentage approximately incremental basis XXX manager fiscal as manager at of commodity XX%, manager labor increased mix to revenue current dining to -- remainder expecting its Labor rooms increased the what due of X% were on XXXX. the million its stations. the second front-of-the-house XXXX. increasing be approximately increased all Hourly cost because paid quarter XXXX, was manager an because pressures. X.X% to in we salaries inflation lower the are third experiencing conjunction of $X.X the was

of to driven a through service driven a XXXX. as fixed more mix costs, new increased XX percentage Operating period in opened of hourly last to system-wide. percentage full our taxes points second and as expenses, related percentage to administrative revenue, by and and due supplies quarter by million to well decreased as Occupancy hourly advertising to as travel to dining in three X% leverage to-go of points the to bonuses as stores due liquor partially same increase pandemic, is percentage the well during improved increased However, rent inflation our the on as performance-based to to higher same our increase million second the was expenses, as bar normalizes basis fixed staff XXXX, we we XXX the a well primarily $X.X as mix, as to costs $X.X salaries compared half corporate staff increase basis basis we lower to decreases in rooms cost points the in Marketing half and offset XXXX. X%, fiscal to year, XX.X%, XXX and occupancy operating sales in COVID-XX of by costs. X.X% X.X%, reopened higher labor reduced to sales capacity because delivery an by revenue approximately as This digital to campaign during offset occupancy restaurants revenue charges primarily the and to expense we as as comparable period on employee expenses resumed as last expenses as of General continue expect expect XXXX. the from year. expenses leverage our restaurant partially higher the back in

company to, the The period of percentage in in benefit compared points quarter by XXX the $X.X to expense or G&A recorded $X.X tax in increase estimated the XXXX, In was declined same fiscal X.X%. revenue million of increase XXX% net Act administrative recorded related in $XX.X diluted year. per increased in diluted compared and to $X.XX to benefit or in share, the of second per summary, XXXX $X.XX the related $X.X CARES second $X.X net of a income to a annual last million for income an The million period same depreciation. tax correction during driven income million taxes income quarter XXXX. of to basis a million XXXX in As share

$X.X -- the adjusted share maintain net XXX% quarter diluted XXXX to restaurant million account, costs. During million tax in costs the net XXXX, period expense, diluted per million closed second to share $X.XX per $XX.X included impairment or same incurred Taking that last such required costs compared for million These of restaurant per of $X.XX and as, or to $X.X rent in or utility, $X diluted the of closed into insurance income share, our locations. year. closed quarter $X.XX and other second we costs increased

debt balance of $XXX.X in the Moving to cash and and quarter we from our of sheet, credit and liquidity availability million no the million had our revolving cash equivalents of end facility. $XX as

the quarter, with our $XX credit facility million, in of will million can new the upon expanded credit based to However, XXXX. Chase revolving the with end credit be certain to will July we a subsequent requirements. JPMorgan completed that mature, which Bank, $XX facility facility of This provide company

be position I still a usual in provide will you helpful. I'm metrics will directional give some that hope guidance, to while our I not Lastly, financial

earlier, approximately mentioned Steve we expect $X fiscal over With XXXX. XXXX. million that, to million And rate expenses be our improvement effective now XX% back call to approximately $X is remainder turn now million $XX be four versus quarterly I'll expected to in in of to allowances Steve. tax XXXX. of still net restaurants capital just Net previously. $XX million open to We $XX million expenditures, to expected planning $XX tenant are As are million XX% restaurant to of the pre-opening lastly, for to the

Steve Hislop

Thanks, Jon.

that will safety, three sales me and about capacity, our are business, operating Let optimistic our our key efficiencies. Through given our continue convenience of room value, reiterate we continue pillars: we staffing. continued increased and momentum increase work dining to we to on increasing as our focus

have without course, toward members to as remainder to we every answer operationally possible the would our day ensure year, hospitality working happy Of that, guests look any that we are expect been from come Thank questions. Chuy's. and we are we unique hard you. provide our remain of In focused. summary, team experience With to of the none the these who have can

Operator

Wedbush Instructions] Nick Setyan Thank from question with ahead. take you. We'll our Securities. first Please go [Operator

Nick Setyan

another amazing on and quarter. Yes. congratulations Thank you

Jon Howie

you. Thank

Nick Setyan

over at XXX, this all seems you've As thinking just know of every better improvement it basis about at we this. XXX longer margin kind getting But the points. QX like of versus opportunity are terms historically talked has point I look quarter in changed your guys basis XXXX, you at XXX of term? margin

it possible that be it more? so, a even of instead to little XXX And is might bit XXX maybe

Steve Hislop

through to -- important that basically two, we we've it's the Nick, XXXX. beginning we of maintained since know truncate quarter you COVID mode at went into to

fourth going so, still is, will still believe next be saying And we'll add menu in as some back quarter menu menu conservative we having been the basis, of XXX still have to -- a that's our I that we're starting off in what XXX what us in reduced mentioned, our hours. add-ons right-sized to And also we're in February -- I on do year. And where you'll end a still And -- see of that down the reduced menu. we process to in up. think we've

Jon Howie

Yes.

Nick Setyan

Yes.

is, -- guys guess reduced kind in of what full July? full of What about fully to still capacity. sales have may not if you may been? You you impact staffed I -- I capacity And being in way talked being staffing, what ask maybe what another were guess, employment at the at or think be July

Steve Hislop

probably XXX% about out XX%, six I when weeks capacity, what of -- just were capacity with staffed approximately mentioned obviously, you went that, we came last we call, ago. at at to of XX%. XX% Well, the we probably four we through And were to

that, So, obviously, obviously went hiring we've right, when there. up we started

So not back way the XX% probably we're all staffed We're currently. up. about

if answering not kind that's of sure where at. so, we're question, that's And but your

Jon Howie

We eliminated restrictions. our the all been and June second third -- restrictions about second probably week in June week and restaurants in without in

our So now bars are open.

we're of to get to now XX% XXX%. However, right at like staffed employment said, up Steve

So we've got about XX% to go.

Nick Setyan

in half? lastly, thinking about just the how are you G&A Jon, And, second

Jon Howie

progress, have G&A we're going -- if performance to there. bonuses probably in the mean, in second similar half, things I

the quarter, quarter, this probably high. to was similar something little at looking you're versus a So first

sorry, -- the the the with rest mid stock that with for well, I'm the something the in something year. mid-Xs of -- comp, me, probably excuse So in

Nick Setyan

Okay. Thank you much. very

Steve Hislop

Thank you.

Operator

question We'll with next take Please go from Stifel. our O'Cull Chris ahead.

Patrick Keeley

get staffed? going? year July guys. on And that need for result? first, ramp appropriately change you Thanks. program? Chris. implemented in does And in July holiday of environment, since I just, have especially bonus Thanks. in stores also, how seen you got Patrick next your the any is making guess, the sort the that sort development is then you then you've of staff shift implications And to quarter-to-date managers, sure this Xth I have this Hey, for of impact to turnover up to managing that quantify if could This you how the see these wanted in

Jon Howie

the Great first answer second I'll turn to questions. and the Steve. I'll over

far XX about the As on as the period, seventh for points. is July basis impact of Xth

so, And the a X.X instead probably of you're at looking X.X.

Cinco didn't as we a call in thing impact really far we But as as out. well had other The - favorable.

as points XX second about in And was so the that basis quarter well.

the said negative. Cinco So an whole positive. July just quarter. seven. that was what XX impact And had basis points of was of XX I points Xth period the that basis on on on was And

So with, that Steve. I'll turn to it over

Steve Hislop

the have staffed pipeline brought in we to furloughed great we those went obviously, weeks training that during back. pandemic, probably we and a And in doing managers need and from do most say, over being I'd managers of in we're on What Yes. two rest we're we the is XXX% four the managers of turnover. down we to unit -- turnover, probably and a XX currently. then

up So set obviously moving a before to able well and been to front And we're that stores than looking growth XX% we'll for six when XXXX. XXXX, pretty good. get that up pretty on And good we've to do we our back be we're there ramping we it have be as in around far and rate to growth of eight be then plan as ramping and forward we'll throughout that said also. for

a in with good we're good plan. So shape,

Patrick Keeley

clarify to thing just then you I And wanted Thanks. one earlier. Great. said

is running expect at a get move a menu, the sort quarter that line? you but standpoint least we at we still think something do as see labor to know normalize? back labor we here expecting that with that you inflection least or to on the to would you're full distancing from of, see without minimal the six-foot line capacity see in you're down XQ, is should start this, I and as in So it

Steve Hislop

XXX between end see point Yes. improvement by get the basis fourth what back rolling probably basis said fourth all near I'd quarter that say the XXX and we've of quarter. you'll about point to third -- us some through the to

Jon Howie

Yes.

back. go gradually meal Our

when once in the impact. full you're in put to biggest quarter going first that's the menu back think see the I we

Steve Hislop

agree. I'd Yes

Patrick Keeley

guys. it. Got Thanks,

Steve Hislop

you. Thank

Operator

question We'll Please with take our Incorporated. Rutherford next go James Stephens from ahead.

James Rutherford

which here. I much. especially at in you're very two you outstanding is more is group. the just look revenue, profit get level less been kind restaurant through Thank By squeeze XX% from everybody of with margin want the X% ability peer dollars my we've was question XXs ago quarter. just years to back running I'm doing guidance math quarter those in if high on what that about you caused curious going range? to level is different come about your your closer profit low to other XX% that last business way ask to your different in else And restaurant dollars? it the margins that you What so that's model you it gave out this of than to

Jon Howie

this James, Jon. is Well,

consolidated mean, on low, quarter. the I the As record far last a quarter. second a in new We more the to as set tend leverage basis in we

up went sales little expected. more than a our think I we

of little our thought our those And far better We little third little to that to more XXX% bumped a get I on actually costs when as June. expected up leverage -- a of restaurants in that maybe got as week probably we've those fixed labor June a of labor back or second as we'd we some in and bit. so back our the to like well. the getting than staffing XXX opened capacity time we And that did. what up came said capacity We prior

tends So margin we're indexing we in I to what like a has -- high think we basically than index something that Steve have. any high with mode truncate quarter generally that what call do we to that performing and a as leverage quarter have better and and running more it says, other

Steve Hislop

items existing quarter will you'll items us a going coming that bit few will side third in of and in be back fourth year our more new little Yes. you're handful on. see see a bring the of be back will half items -- second And the specifically really that things to a back more the us in the -- bring obviously

no but longer Jon increases see in by introducing natural we You'll past in quarter calls by happy will some see hour the you the -- the as have mentioned cart, end of us us that definitely fourth has also food. our

some went That looking add and That items going look be again that. last pandemic since labor putting that and a in at been will and hours as you And we're rest forward. on obviously mindset be move on adding the adjustment our with we're something will doing continue done the that hard, to We the so specials we've menu some making to do truncate for along into will that then little also bit since still of in. of And we'll of March. we at hours as and year been be we any the haven't reduced that we that's basically forth. that

James Rutherford

Jon, forth. Okay. you so ran probably giving can dynamic I and is on of kind know, restaurant thoughts getting share you're But a everything you margin July? in quarter-to-date our only of just modeling given what and margins purposes pattern so for

Jon Howie

You're the referring I I that to going don't mean, like right. we're previously. in expecting low-XXs want But get forward. we probably again, into were to

we're As the -- to we've XXX% up capacities get trying we now. opened staffed said like to just up. And now

get decrement the we be still little we'll low-XXs. a those up but staffed in as in see margins, so I we'll think And

Steve Hislop

will time. And clamp happen bit Obviously, that a in quite and definitely during a Yes. there. volumes average that thing period back-to-school affects on another you labor unit our got the which put

James Rutherford

pass it Thank I Okay. you much. will on. so

Operator

Andrew BMO. Please We'll Strelzik take question our go ahead. next with from

Andrew Strelzik

Good. good you afternoon. Thank and

Just you're full capacity one clarifying question. capacity now. I at know

it. was but of as if for your effective I you quarter? the missed XX% what call, capacity last the conference I think average said Apologies

Steve Hislop

because that And we even in our of where in the weeks as the we're XX%, specifically issues XXX%. we XXX% probably staffing again, about last because them the right that were open again with were talking quarter at XX% range just was It we of XX% up. two

Andrew Strelzik

it. Got

they to now of talking you'd curious with in of or wanted fall given margins which of a right I to Obviously, ask pricing strong may? and feel let on pricing that, question. kind where you're the the where inflation inflation are do thinking kind like incremental the then something support willing just the a as of value point And is at strength the year. half the back about a lever? and the the philosophical kind margins Is so margin like you're Okay. I'm to at you your

Steve Hislop

what's XXXX -- right And price will usually at we're period restaurants the our in for maybe for increase of doing end our this of with we'd Yes. But We each going take at February that. rest a no see just year. year. exactly of It's competitor usually incremental, the now, it won't a any and -- none the of rest which definitely look be earliest be But look increase looking the we're our markets there. out once we at it. first but we'll and how the at this studying right now the in But year. would run that all set on currently we'll XXXX year of price with price -- to

Andrew Strelzik

And just for last me. one one Okay. then

Now to see I'm look overlap much that or back full for you dining curious there at how much customer on? going the perspective is have is recovering. to and Do from and dining. much switching off-premise sense you from how Thanks. have just capacity business the a the how you're obviously you is overlap been able

Steve Hislop

a don't have That's -- a though. Andrew. information. We great question have that we

that coming just using our I question As transitioning think and still now week we're will your have that to-go now. to are mid-XXs has it I per say transitioning, don't far that as standpoint, into that I come low-XXs that our a are yes dining is per store. down in XX%. rooms. But people what in people to the that our but from It's it's answer, to-go dollar

And come on hasn't basis. a it down so, dollar significantly

are fans back lot think using that those of off-premises dining were that. coming And I the to room. of continues our people a a use then lot in So raving

Andrew Strelzik

you Thank much. very Yes.

Steve Hislop

Andrew. Thanks

Operator

Hodes from go our Baird. Please take question ahead. next with We'll Mary

Mary Hodes

guess restaurants think can do be staffing unfolds? half that second system sales you the that Are you improved of Thanks on better staffing if at can a so, driver more are restaurants for XXX%? dynamic. differently there as in And outperforming One momentum those afternoon. are sales staffed I Good question. see average? that said taking the the the the

Steve Hislop

Probably we mentioned -- you right restaurants we Yes. were capacity, get as now at right we to the into as our when saying around I'm fourth that earlier XX%. were

everybody some to do. staffing had So

And But are that it's think flat so I see it XXX% you tell would we more And -- we'll few as to capacity of the move to that. be will being towards -- at end we get XXX% very we you'll to we'd of be where I'd us the the that able forward, have do the restraints currently. year XXXXXXXX.

Mary Hodes

Okay. kind competition terms Great. toward And perspective then about availability to helpful. then And your prior come the of in that be were just on the delays in that one as just low-end decision decision for or you the what Can seeing side. pull due of just anything some the XXXX on any low-end? The in the look an range. and development unit external would just cost pipeline have Was the guidance slightly? is internal you development on of what to coming to to now at just is together like anything you talk drivers you're future how of years that ahead of

Steve Hislop

question. Sure, sure. That's a great

deal Let's in We the part X. first here. with came with first

looking might didn't lot with And to be of we'll gone honest the I'd store for markets we some you was the staffed that of pandemic that. some like And -- bunch everybody felt for do. were our stores there whole under opportunities we four be basically looking to and might were opportunities. restaurants wasn't XXXX looking mostly as that ground closures opportunities during we to in on at in a XXXX, have and at that see and I built we we thought sites of a these Just in when There be that remind some our growth.

sites. XXXX. popped to weren't it for A with -- the basically we the forward in we issue didn't had So ground if to we the push going that do we're if going the A anyone it up move and that do -- site stores we four And sites if an

Our is pipeline good.

three we've good past probably the the over we're in in awareness. in we and to recognition that working X we strong. XXXX. As over And currently mentioned you're the for XXXX next good for mentioned -- you'll move years a -- looking earlier, have the X next we're to currently number next we as our And that XX us in to XXXX. years. is that three already XX where We're and units for three pipeline see to going probably in the And stay and pretty markets good see that name in

seeing of course, always As far that A and like any or And everybody after XXXX. -- we're reduction landlords prices in for going anything through is as the not sites.

that haven't we construction So, as to about an costs seen all. probably far XX% And looking up there's as XX%. it increase at there we're loosening go, --

part questions. possibly think We currently. hope coming bit, all all are them. in those I it's sitting where of here in a start start I year coming we I But get for but that. forth, number beginning that's next down the maybe hope and of so most that we'll and us -- we'll little got continue down I to

Mary Hodes

context. so Yes. for it much me. That's the Thank you for

Steve Hislop

you. Thank

Operator

our take C.L. with We'll Todd next King & Associates. Instructions] from Brooks [Operator question

Todd Brooks

guys. got Hey, offensive. the few I've a thanks more question for they're

six-foot of approach about guess, calendar? going flow restriction a that activity limited barbell the the the into time that what's I right cadence of of LTO starting to you're Steve, thinking offers of if some and back and some pandemic increased the is time that. I the allows. around with you the in normalization the was So into capacity removal -- staffing wondering kind talked

Steve Hislop

question. Great Yes.

you have to probably second you off Let's onto sure our increased said and see we're go quarter, third speed, whole quarter, around start late that probably any process early introducing will then LTOs which on XXXX. the of kind us us add it off aggressive execute get the run probably menu -- newer going, standpoint everybody of I second fourth you'll see make in added more like those fourth XXXX. operations, marketing training we're menu changes bit quarter, long-term. make the can items of through but little menu in some probably fourth items items this period a you'll menu us see quarter. into the from quarter, in a price And you'll introducing you time, and in And these because up about some you the second year's get it and obviously see get the is to We'll as half probably some the

do introducing social. you've through paid things fourth the last few paid do through whole quarter. other in a And pandemic, see us seeing -- us and You'll this going we'll search and start -- been the probably

see probably you'll with do do Snapchat in quarter. TikTok see us You'll and some the media new some like fourth us that

You'll see Yelp. showcase click-to-pay the some see adds us with probably advertising in fourth Yelp do you'll do quarter, us some

some a Going dollars the I'm and advertising, frame marketing back DoorDash pay spend the again And why this quarter that we be time spending. there can picking of that's is is, fourth we'll quarter, with rest and in to of really of staffed kind properly quarter. hospitality stuff right getting start to the we're a we lot we more trained throwing the want where sure fourth sure out it is before making there make be level of the

Todd Brooks

as the were try sometimes pushing leads next a XXXX fragile now on catering gearing seem you of or of that's think can really type this Thoughts it effort? That's variance world it look opportunity. but do to up guess, great. fiscal some more we're this you to of recovering, with at to you holiday, stuff. Pre-pandemic catering the and I And attack question. my

Steve Hislop

right when with in the going of markets started that I ended catering the IR, said media so variance the we quarter XXXX. to were two and pushing to the by but a actually have over are fourth little Two would plan quarter last nutso now weeks well we the bit get first back our But on. the weeks the to pandemic after -- is XX ago

So adding we'll markets back ready. get be on catering those and

into in as XXXX. Now as to these definitely and not isn't was and expanding But in we'll happening the still specifically as on then and some don't it back the moving. rid move up if back at variants running everything get is get looking one fourth makes yet. demand that's gets quarter, and thing XXXX that obviously need of sense it the Those we still high

Todd Brooks

you Great. Okay. Jon. then for one And

credit you the quarter. is the balance pristine always. getting about as of done after sheet Just new end talked the The facility

build environment facility of there want guess, the to of that the now decent versus a balance I shareholders? cash other use Thanks. any of amount on up cash or starting it to level cash maintain you You're for given sort that to done this a is sheet. returning the is

Jon Howie

of sheet it topic. that. remain question. decide that. go of that think we and and flexible sheet next some estate, middle be things the great a flexible, we've then this end is several things, of real buybacks right I And like flexible year, But with another the towards the that's gives and Kind at be it us on on balance more kind to the now and on on balance to to settled get that want where of in on discussions to take more really variant flexibility had look side possibly keep No, to other the to very where maybe other we've

may an market right So, with be that how to buybacks. time treating opportune now some especially exercise is the restaurants

that's have that So, to kind our thinking. We'll year. more of next

Todd Brooks

Okay. Thanks guys. and quarter helpful. on Great. congrats the Very

Jon Howie

Thanks.

Steve Hislop

you. Thank

Operator

session. concludes additional Ladies back closing your question-and-answer to At today's like presenters this for and turn this time, conference the to or I'd any gentlemen, remarks.

Steve Hislop

and be you. healthy we evening. all and Chuy's, I and continued all appreciate to good available always much. interest Jon so in will questions. Again, Thank stay have and your any thank Everybody answer you a

Operator

participation. today's concludes appreciate this conference. We your gentlemen, and Ladies

You disconnect. may now

Chuy's (CHUY) 8 Aug 212021 Q2 Earnings call transcript